Core Viewpoint - The financial assistance provided by Shenzhen Metro Group (深铁) to Vanke (万科) is substantial, yet Vanke continues to face significant challenges despite this support [2][3][6]. Financial Assistance and Management - Shenzhen Metro has provided Vanke with 26 billion yuan in loans for 2025, along with ongoing credit guarantees and asset acquisitions, positioning itself as a supportive major shareholder [2]. - An investor suggested that Shenzhen Metro should engage in market value management for Vanke, given the low price-to-book ratio and the high premium paid during the initial acquisition [3]. - Despite the financial support, Shenzhen Metro's ability to manage Vanke's market value is limited due to its own financial constraints [3][6]. Business Performance - Shenzhen Metro's subway operations generated 5.592 billion yuan in revenue in the first half of the year, a 16.34% increase year-on-year, but incurred costs of 6.86 billion yuan, leading to a gross loss [4]. - The real estate development segment, which historically supported the subway operations, saw a 63% decline in revenue to 1.625 billion yuan, dropping its contribution to total revenue below 30% for the first time [4][6]. - Overall, Shenzhen Metro reported a net loss of 3.3 billion yuan in the first half of the year, primarily due to the underperformance of its real estate segment and losses from Vanke [6]. Cash Flow and Financing - Cash flow from sales decreased by 13% year-on-year, indicating a decline in overall cash inflow despite increased subway ridership [5]. - Shenzhen Metro's fixed asset investment reached 44.282 billion yuan, a 34% increase, reflecting ongoing commitments to subway construction [6]. - The company received 7.6 billion yuan in government subsidies in 2023 and 9.8 billion yuan in 2024, which significantly bolstered its capital reserves [7][9]. Debt and Financial Structure - Shenzhen Metro's total liabilities amounted to approximately 479.62 billion yuan, with non-current liabilities at 355.04 billion yuan [10]. - The company increased its external borrowing to 20.3 billion yuan in the first half of the year, a significant rise compared to the previous year [11]. - Concerns have been raised regarding the sustainability of Shenzhen Metro's financial support for Vanke, as the company holds 27.18% of Vanke's shares, and further increases could trigger mandatory takeover obligations [11][12]. Long-term Outlook - Despite current challenges, Vanke remains a long-term investment for Shenzhen Metro, with the potential for recovery as the real estate market stabilizes [15].

Group 1 - The transportation and media sectors saw the highest net inflow of main funds, with amounts of 700 million and 545 million respectively [1] - The overall main funds in the Shanghai and Shenzhen markets experienced a net outflow of 43.142 billion [1] - Among the 22 sectors with net outflows, the computer and machinery equipment sectors had the largest outflows, amounting to 9.032 billion and 7.374 billion respectively [1] Group 2 - Three stocks received net inflows exceeding 1 billion, with O-film Technology leading at 2.027 billion, followed by Luxshare Precision at 1.118 billion and Ganfeng Lithium at 1.578 billion [2] - Ganfeng Lithium announced that its energy storage cells have achieved large-scale production and established long-term stable supply partnerships with several leading companies [2] - A total of 44 stocks experienced net outflows exceeding 300 million, with Sanzi Gaoke, Dongfang Caifu, and Sanhua Intelligent Control each seeing outflows over 1 billion [2] Group 3 - At the end of the trading day, the main funds in the Shanghai and Shenzhen markets had a net outflow of 3.105 billion [3] - The home appliance, media, and real estate sectors saw net inflows exceeding 200 million at the close [3] - Six stocks had net outflows exceeding 1 billion at the close, with Dongfang Caifu and Guiding Compass seeing outflows over 200 million [3]

Group 1: Market Performance - The overall residential market in Beijing recorded 3,764 transactions from September 8 to September 14, with a total sales amount of 31.46 billion yuan [1] - Zhonghai Lijinfu achieved a net signing amount of 2.13 billion yuan, becoming the top new home sales project in the city [1] - In the new housing market, 57 out of 70 cities saw a decline in new home prices, while 9 cities experienced an increase, with Shanghai, Hangzhou, and Yichang leading with a 0.4% rise [3] Group 2: New Projects - Longhu Chinhang in Shunyi has obtained a pre-sale permit, with a total of 551 units planned and a selling price range of 40,200 to 45,700 yuan per square meter [2] - The project consists of 17 buildings with a total of 524 households, featuring apartments with sizes ranging from 97 to 165 square meters [2] Group 3: Company Updates - China Merchants Shekou announced the resignation of Chairman Jiang Tiefeng due to work relocation, with Zhu Wenkai appointed as the new chairman [4] - Vanke Group has completed an organizational restructuring, which includes a new structure for its headquarters, regional companies, and business divisions [5] Group 4: Policy Changes - The State Administration of Foreign Exchange has introduced measures to facilitate foreign individuals in purchasing property in China, allowing them to make foreign exchange payments before obtaining the necessary purchase documentation [6]

2025 中期報告 重要提示 本報告分別以中英文兩種文字編製，在對本報告（除按國際財務報告準則編製的中期財務報告除外）的理解 發生歧義時，以中文文本為準，按照國際財務報告準則編製的中期財務報告以英文文本為準。 1. 本公司董事會及董事、高級管理人員保證2025年半年度報告（以下簡稱「本報告」）的真實、準確、完 整，不存在虛假記載、誤導性陳述或者重大遺漏，並承擔個別和連帶的法律責任。 2. 本報告已經公司第二十屆董事會第二十二次會議審議通過。所有董事均親自出席了本次董事會會 議。 3. 按照國際會計準則第34號中期財務報告（「國際會計準則第34號」）編製的中期財務報告未經審計，惟 已由德勤‧關黃陳方會計師事務所根據香港會計師公會頒佈的《香港審閱工作準則第2410號－獨立 核數師對中期財務信息的審閱》的要求進行審閱。 4. 董事長辛傑先生，執行副總裁、財務負責人韓慧華女士聲明：保證本報告中財務報告的真實、準確 和完整。 5. 公司2025年半年度不派發現金紅利，不送紅股，不以公積金轉增股本。 6. 本報告中貨幣幣種未做說明均指人民幣。 7. 本報告涉及的未來計劃、發展戰略等前瞻性陳述，不構成本集團對投資者的實質承 ...

Group 1 - The core viewpoint of the article highlights a significant rally in the A-share market for real estate stocks, with notable gains for companies such as Shahe Co., which hit the daily limit, and others like Binhai Group and Electronic City rising over 5% [1] - The Shanghai municipal government has announced an optimization adjustment to the pilot property tax policy, providing tax incentives for eligible high-level talents and urgently needed talents in key industries when purchasing new homes in the city [1] - The policy also extends benefits to individuals who have held a residence permit in Shanghai for over three years and are working and living in the city, aiming to stimulate the housing market [1]

Core Viewpoint - Vanke A's stock price has shown fluctuations, with a recent increase of 2.07% on September 19, 2023, closing at 6.91 CNY per share, while the company faces a decline in revenue and profit for the first half of 2025 [1][2]. Financial Performance - For the first half of 2025, Vanke A reported a revenue of 105.32 billion CNY, a year-on-year decrease of 26.23%, and a net profit attributable to shareholders of -11.95 billion CNY, down 21.25% year-on-year [2]. - Year-to-date, Vanke A's stock price has decreased by 4.82%, with a slight decline of 0.43% over the last five trading days, but a 5.34% increase over the last 20 days and an 8.14% increase over the last 60 days [1]. Shareholder Information - As of July 31, 2025, Vanke A had 522,000 shareholders, a decrease of 2.52% from the previous period, with an average of 18,615 shares held per shareholder, an increase of 2.59% [2]. - The company has cumulatively distributed dividends of 103.03 billion CNY since its listing, with 8.06 billion CNY distributed over the last three years [3]. Major Shareholders - As of June 30, 2025, the top ten circulating shareholders of Vanke A include Hong Kong Central Clearing Limited, holding 155 million shares (a decrease of 7.72 million shares), and several ETFs such as Huatai-PB CSI 300 ETF and Southern CSI Real Estate ETF, which have increased their holdings [3].

Core Viewpoint - Vanke has initiated its largest organizational restructuring in recent years, transitioning from a three-tier management system to a two-tier system, which includes 16 regional companies directly managed by headquarters [1][4][6]. Company Restructuring - The restructuring eliminates the original development and operation headquarters, moving from a "5+2+2" structure to 16 regional companies, thus breaking a nearly 20-year-old three-tier management system [1][4]. - The new structure consists of three main components: the group headquarters, regional companies, and business units, enhancing operational efficiency and responsiveness to market changes [4][6]. Management Team Changes - The restructuring is accompanied by a reshuffle of the core management team, with deep-rooted executives from the Shenzhen Metro Group maintaining key positions, ensuring strategic decision-making remains centralized [8][9]. - New appointments include Han Huihua as the financial head and Bu Lingqiu as the financial supervisor, establishing a dual-core financial management system [8]. Industry Context - Vanke's restructuring is part of a broader trend among leading real estate companies, with 14 out of 65 monitored firms making 19 adjustments this year, indicating a shift towards a two-tier management model [10][11]. - The adjustments reflect a transition from aggressive expansion to a focus on existing assets, aiming to improve cash flow management and investment decision-making [11].

Core Viewpoint - Vanke has completed a significant organizational restructuring aimed at flattening its management structure and enhancing control from the headquarters [1][3] Group Structure Adjustment - The new organizational structure categorizes Vanke into three main divisions: "Group Headquarters," "Regional Companies," and "Business Units" [1] - The previous "Development and Operations Headquarters" has been dissolved, and its functions have been integrated into the headquarters, resulting in a direct management approach over 16 regional companies [1] - The company has shifted from a three-tier structure ("Group-Region-City") to a more streamlined two-tier system ("Headquarters-City") [1] Management Team Changes - Key executives such as Chairman Xin Jie and other senior management positions remain unchanged, while new roles have been assigned to various executives in line with the restructuring [3] - The restructuring focuses on "capacity aggregation," "risk system prevention," and "organizational efficiency," aiming to enhance business and risk management while reducing management layers [3] Industry Context - The trend of optimizing organizational structures among real estate companies has become common, with major firms like Poly Developments and China Resources Land also making similar adjustments [4] - The adjustments are primarily driven by the need to improve profitability in a challenging market environment, characterized by declining revenues and increased losses [4] - Vanke reported a revenue of 105.32 billion yuan for the first half of the year, a 26.2% decrease year-on-year, with a net loss of 11.95 billion yuan, indicating ongoing financial challenges [4]

Group 1 - Vanke has completed a significant organizational restructuring, establishing 16 regional companies across the country, replacing the previous five regional platforms, indicating a shift to a strong group secondary management system [1][2] - The new structure includes a headquarters divided into a board office, a group office/party work department, and 11 centers, along with eight newly established business divisions covering various sectors such as property, commercial and hotel, office, long-term rental apartments, overseas, food, logistics, and financial consulting [1][2] - The restructuring aims to reduce management levels and shorten decision-making chains, enhancing operational efficiency and market responsiveness in a challenging industry environment [2][4] Group 2 - Shenzhen Metro Group has provided Vanke with a loan of up to 2.064 billion yuan, marking the ninth loan support this year, totaling 25.941 billion yuan, reflecting the strong financial backing from its largest shareholder [3] - The continuous financial support from Shenzhen Metro is seen as a response to Vanke's restructuring efforts, with the new board chairman emphasizing the importance of collaboration between the two teams to tackle risks and challenges [3] - The trend of real estate companies adjusting their organizational structures is evident, with many firms adopting a "headquarters-city company" two-tier management model, directly managing city companies to enhance performance [4][5]

Group 1 - The revenue from the transfer of state-owned land use rights in the first eight months of the year reached 1.93 trillion yuan, reflecting a 4.7% year-on-year decline, indicating pressure on local finances amid adjustments in the land market [1] - The central government budget revenue increased by 0.6% year-on-year, while local government budget revenue decreased by 1.6%, highlighting the need for the government to seek new sources of revenue growth [1] Group 2 - The urbanization rate in China has surpassed 67%, with over 70% of urban development occurring within existing space, prompting the release of guidelines for optimizing urban stock space [2] - The guidelines aim to activate spatial potential and integrate policy resources, aligning with the shift towards high-quality economic development and enhancing urban competitiveness [2] Group 3 - *ST Nanguo (Nanguo Real Estate) plans to transfer real estate assets and liabilities to a related party for 1 yuan, involving 17 equity assets and 133.57 billion yuan in debt, aiming to divest from loss-making real estate operations [3] - This move represents a typical self-rescue transformation in the industry, potentially leading to similar actions by other companies facing challenges [3] Group 4 - Country Garden is negotiating a new repayment plan with investors, with seven bonds set to be suspended from trading starting September 19, 2025, as part of efforts to alleviate financial pressure and optimize debt structure [4] - The new plan, if implemented, could help ease short-term repayment pressures and support ongoing operations [4] Group 5 - Vanke announced a significant organizational restructuring, shifting from a three-tier management model to a two-tier model, resulting in the dissolution of regional companies and the establishment of 16 city companies directly managed by the headquarters [5] - This strategic move aims to enhance operational efficiency and adaptability in response to increasing market competition and industry concentration [5]