Core Viewpoint - The integration of Shenzhen Metro Group and Vanke is expected to create synergies, but recent financial results indicate significant challenges for both companies, particularly in revenue and profitability [2][18]. Financial Performance - Shenzhen Metro Group reported a 21.67% year-on-year decline in revenue for the first half of the year, with a net loss of approximately 3.36 billion yuan [2][16]. - The station-city integration business, which was once a major revenue contributor, saw a staggering 63% drop in revenue, falling below 30% of total revenue for the first time [2][14]. - Vanke's revenue for the first half of the year was 105.32 billion yuan, down 26.23% year-on-year, with a net loss of about 11.95 billion yuan [16]. Management Changes - Xin Jie was appointed as the chairman of Vanke in January 2025, leading to a significant management overhaul with ten executives from Shenzhen state-owned enterprises taking key positions [9][10]. - Xin Jie has a deep understanding of the "rail + property" model, having worked his way up within Shenzhen Metro Group [5][6]. Strategic Initiatives - Since the partnership, Shenzhen Metro Group and Vanke have initiated collaborations in the long-term rental apartment sector and other innovative projects, although their short-term impact on financial performance is limited [13][17]. - The companies are pursuing a "Shenzhen Metro provides land, Vanke operates" model, with plans to launch 4,300 housing units this year, but the success of these projects remains uncertain [14][18]. Challenges Ahead - The decline in the station-city integration business reflects broader challenges in the real estate sector, with its revenue share dropping from 58.53% in 2023 to 22.3% in the first half of 2025 [14]. - Both companies face significant capital expenditure pressures due to ongoing infrastructure projects, which could exacerbate their financial difficulties [14][18]. - The reliance of Vanke on financial support from Shenzhen Metro Group raises concerns about the latter's risk management capabilities [18].

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 股市与楼市的反差意味着什么？ ——房地产行业周度观点更新 报告要点 [Tablary] 1、长周期视角，股市和楼市都反应基本面因素，在大趋势上显著正相关。2、短周期视角，股 市和楼市主要定价估值因子，二者可以有显著反差，意味着风险偏好大不同。3、中周期视角， 股市和楼市的反差裂口终将收敛，但收敛的方式将如何演绎，一方面取决于后续宏观经济基本 盘的走势，尤其是就业和通胀预期，另一方面取决于产业政策能否更加有力，尤其是能否定向 深度降息以抹平租售比和房贷利率的倒挂，实现真正止跌回稳。 分析师及联系人 [Table_Author] SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 刘义 侯兆熔 [Table_Title 股市与楼市的反差意味着什么？ 2] ——房地产行业周度观点更新 核心观点 止跌回稳的政策目标一定程度上对市场预期曾经有所提振，但 4 月以来边际下行压力再次加 大，产业政策宽松概率逐步提高，后续只是节奏问题。周期位置角度，行业量价快速下行阶段 可能已经过去，核心区和好房子具备结构 ...

在很多人眼里，房地产依然是中国经济的"压舱石"。然而，最近一连串新闻却在提醒我们：曾经的优等生房企、曾经的豪宅神话，如今都在经历寒冬。 一、连万科都走上了"卖卖卖"的道路 8月20日，北京万科发布公告，计划出售翠湖国际项目8号楼的办公产品1至5层以及负一层仓储，总价约1.2亿元。要知道，这可是位于中关村的写字楼项 目，位置不差，项目一度被视为万科在北京的产业园代表作。 然而，这已经是北京万科今年拟出售的第五个项目。去年起，万科就在全国范围内不断抛售商业资产。进入2025年，这一动作愈发频繁。 看到这里，很多人可能会想到王健林的"卖万达"模式。过去几年，王健林几乎是"一月一卖"，先是一个月出手一座万达广场，后来干脆加快节奏，一个月 卖两座。可即便如此，万达的财务状况依旧没有明显好转。 今天的万科，也走上了类似的道路。要知道，在专家和业内人士眼中，万科一直是房地产行业的优等生，是稳健经营的代表。如今却不得不频频出售资产 来维持现金流。这种现象本身，就说明所谓"房地产市场止跌企稳"的说法，多少带着自我安慰的意味。 如果真的已经企稳，为何连"优等生"都要靠卖楼维持生存？ 二、香港豪宅的"腰斩"神话 更让人唏嘘的，是香 ...

8月22日晚间，万科（000002.SZ）披露2025年半年报。上半年，万科营收约1053亿元，实现销售金额 691.1亿元，回款率超过100%。报告期内，万科积极推进存量盘活，回款57.5亿元，近三年累计盘活项 目64个，涉及可售货值约785亿元。 近一年来，在行业深度调整与流动性挑战双重考验之下，万科正通过全力销售回款、盘活存量资产、强 化经营服务业务及与大股东协同创新等多重举措，稳步化解风险，并探索新发展模式。 上半年，万科合并报表范围内新增融资和再融资249亿元（不含股东借款）。截至目前，公司已顺利完 成243.9亿元公开债务偿还，2027年前已无境外公开债到期。 万科管理层表示，公司存量融资规模保持稳定，同时充分利用各类政策机会，继续争取增量流动性机 会，补充了资金来源。截至目前，大股东累计向公司提供了近240亿元的股东借款，真金白银帮助公司 缓解流动性压力。公司自身依然在继续努力。新组建的经营管理班子，统筹各类资源要素，协调动员各 方力量，积极化解经营困难和债务风险，稳定了大家的信心。 以产品力突围 上半年，在各方及大股东强有力支持下，万科全力保障队伍稳定、财务稳定和生产经营稳定，按期保质 完成超 ...

8月22日，万科发布2025年中报。中报显示，今年上半年，万科实现营业收入1053亿元，销售收入近700 亿元，高质量交付超过4.5万套房屋，销售回款率超过100%。 销售方面，在行业整体承压背景下，万科仍然保持稳定。今年上半年，万科仍保持了多地项目首开去化 率超九成的成绩，同时盘活回款近60亿元，自2023年以来累计盘活货值约785亿元。 经营业务方面，上半年万科经营服务业务全口径收入284亿元，经营效益保持行业前列。自身努力的同 时，万科也获得大股东及各方的大力支持，截至目前，万科已如期完成243.9亿公开债偿还，2027年之 前已无境外公开债到期。 在随后的投资者交流会上，万科管理层表示，能取得这一成绩，首先离不开金融机构的支持。"除了经 营和交易创造的现金流之外，我们将继续积极争取与金融机构的合作与支持，稳定存量融资规模，继续 争取增量流动性机会，以时间换空间。" 积极盘活资源 今年上半年，万科多地项目热销，其中成都、温州、天津等盘活项目首开去化率超90%，广州理想花地 获广州主城区销售套数和金额双领先。上半年，万科交付房屋超4.5万套，超50个项目实现"交付即交 证"，并持续提升施工透明度，主动邀请 ...

Core Viewpoint - Vanke reported a significant decline in revenue and net profit for the first half of 2025, with a revenue of 105.32 billion yuan, down 26.2% year-on-year, and a net loss of 11.947 billion yuan, a decrease of 21.3% year-on-year. Despite these challenges, the company made progress in debt resolution and aims to improve management and reduce losses moving forward [1][6]. Financial Performance - The core real estate development business generated 84.44 billion yuan in revenue, a decrease of 31.57%, which was the main factor for the overall revenue decline [2]. - Property services showed resilience, contributing 17.09 billion yuan in revenue, an increase of 6.82%, accounting for 16.2% of total revenue [3]. - The company recorded a total sales area of 5.389 million square meters and a sales amount of 69.11 billion yuan, both down over 40% year-on-year, primarily due to limited new supply [6]. Impairment and Losses - Vanke recognized impairment provisions totaling 5.449 billion yuan, which reduced net profit by approximately 4.478 billion yuan. Even excluding these impairments, the company still reported a net loss of about 7.42 billion yuan [8]. - Inventory impairment provisions reached 5.114 billion yuan, mainly affecting projects in Shenzhen, Guangzhou, and Chongqing. As of June 30, 2025, Vanke's inventory amounted to 462.5 billion yuan, with completed development products (existing homes) accounting for 25.3% [8]. Debt and Cash Flow - As of June 30, 2025, Vanke faced significant debt pressure, with short-term borrowings and other payables totaling 155.367 billion yuan and cash and cash equivalents of 69.348 billion yuan. The net cash flow from operating activities was negative 3.039 billion yuan [11]. - The company has 27.9 billion yuan in domestic debt, with 86.81% maturing within one year, indicating a repayment peak in December 2025 [11]. Support from Major Shareholder - Shenzhen Metro Group, Vanke's major shareholder, provided crucial financial support through multiple loans totaling nearly 24 billion yuan to help repay public market debts [13][14]. - Vanke has also engaged in asset disposal strategies, including selling 72.96 million A-shares to raise 479 million yuan and completing 13 bulk transactions worth 6.43 billion yuan, which helped alleviate cash flow pressures [15]. Strategic Adjustments - Vanke is implementing a "3+3" strategic exit channel focusing on commercial, apartment, and logistics REITs, while exploring new transaction paths in collaboration with government asset revitalization [17]. - The management structure has been adjusted with the integration of Shenzhen state-owned enterprise executives, marking a shift towards a state-owned management model [18]. Future Development - Vanke aims to enhance collaboration with Shenzhen Metro Group to create a new urban service ecosystem, leveraging both parties' resources for diversified urban services [19]. - Recent initiatives include a rental operation agreement for long-term apartments and a pilot project for autonomous delivery using robots in metro stations, showcasing innovative logistics solutions [20].

8月22日晚，万科发布2025年度半年报，实现营收1053亿，销售收入近700亿，高质量交付超4.5万套， 销售回款率超100%，多地项目开盘去化率超九成，完成大宗交易签约金额超60亿，盘活存量资源回款 近60亿，2023年以来累计盘活可售货值近800亿。同时，上半年万科经营服务业务全口径收入284亿，经 营效益保持行业前列。 据介绍，在自身努力的同时，万科也获得大股东及各方的大力支持，截至目前，万科已如期完成243.9 亿公开债偿还，2027年之前已无境外公开债到期。 化险稳步推进的同时，万科多举措强化降本增效。上半年开发业务通过精益管控、全民营销等方式，实 现管理费用和营销费用的双下降。经营服务业务则通过精细化管理、科技赋能等，进一步挖掘经营潜 力，截至上半年，万物云、长租公寓、商业业务和万纬物流均实现行政开支等费用的下降。 域，泊寓运营已实现全面自动化，通过全流程SaaS化提高效率，项目前台GOP利润率长期保持在89%以 上。 改革化险稳步推进的基础上，万科也积极加强与大股东深铁集团的融合发展，因地制宜打造新质生产 力。4月，泊寓已与深圳地铁置业集团签署深铁项目租赁运营合作框架协议，进一步深化在住房租赁 ...

Core Insights - Vanke achieved a revenue of 105.32 billion yuan in the first half of 2025, with over 45,000 housing units delivered and a sales revenue of 69.11 billion yuan, reflecting a sales collection rate exceeding 100% [1] - The company adopted a strategy focused on revitalizing existing resources while making precise investments, resulting in nearly 10 billion yuan in new capacity and approximately 6 billion yuan in revitalized cash flow [1] - Vanke's operational services segment reported a revenue of about 28.42 billion yuan, maintaining a leading position in the industry [1] Group 1: Business Performance - Vanke delivered over 45,000 housing units in the first half of the year, with more than 50 projects achieving "delivery upon certificate" [1] - The company has revitalized approximately 78.5 billion yuan in inventory since 2023, achieving over 20 billion yuan in new sales [1] - The new project investment realization rate reached 85% since 2022, with all new projects included in full-cycle post-investment management [1] Group 2: Operational Services - The operational services segment, Wanwu Cloud, generated approximately 18.2 billion yuan in revenue, showcasing strong market expansion capabilities [2] - Vanke's long-term rental apartment business expanded its management scale, operating over 270,000 units and serving over 6,200 corporate clients [2] - The commercial business maintained a rental rate exceeding 93%, with key performance indicators such as foot traffic and sales showing steady growth [2] Group 3: Financial Stability - Vanke completed 24.39 billion yuan in public debt repayment on schedule, with no foreign public debt due before 2027 [2] - The company successfully addressed maturing debts in the first half of the year, ensuring all public debts were repaid on time [2] - Management expressed confidence in navigating challenges with support from policies, financial institutions, and major shareholders [2][3] Group 4: Cost Management - Vanke implemented measures to enhance efficiency and reduce costs, achieving a decline in management and marketing expenses through lean management and comprehensive marketing strategies [3] - The operational services segment also saw a reduction in administrative expenses through refined management and technological empowerment [3] - The company maintained stability in its workforce, finances, and operations through effective sales collection and revitalization of existing resources [3]

#万科上半年净亏119.5亿#【#万科上半年营收1053.2亿#，新增计提存货跌价准备51.1亿元】8月22日， 万科企业股份有限公司（000002.SZ）发布2025年半年报，报告期内，万科实现营业收入1053.2亿元， 同比下降26.2%；归属于上市公司股东的净亏损为119.5亿元，较去年上半年98亿元的净亏损有所增加。 基于当前业绩情况，万科明确，2025年半年度不派发现金红利、不送红股，不进行公积金转增股本。 资产负债方面，截至报告期末，万科的净负债率为90.4%，较2024年底提高9.8个百分点；资产负债率为 73.1%，较2024年底降低0.6个百分点。（澎湃，泽塔） 对于业绩亏损，万科在公告中解释，主要系房地产开发项目结算规模显著下降，毛利率仍处低位，叠加 行业、市场和经营环境变化，新增资产减值计提，以及部分大宗资产交易和股权交易价格低于账面值。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 A股证券代码：000002、299903 A股证券简称：万科A、万科H代 公告编号：〈万〉2025-117 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。除另有界定外，本半年度报告摘要所用词汇与半 年度报告全文所界定释义相同。 本报告已经公司第二十届董事会第二十二次会议审议通过。所有董事均亲自出席了本次董事会会议。 本报告未经审计之财务报告乃按照中国会计准则编制，德勤华永会计师事务所 （特殊普通合伙 ）根据 《中国注册会计师审阅准则第2101号一财务报表审阅》执行了审阅工作并出具了审阅报告。 注2：计算基本每股收益、稀释每股收益和加权平均净资产收益率采用的总股数为本公司发行在外普通 股的加权平均数，包含已回购股份的影响 （三）公司股东数量及持股情况 董事长辛杰，执行副总裁、财务负责人韩慧华声明：保证本报告中财务报告的真实、准确和完整。 公司2025年半年度不派发现金红利，不送红股，不以公积金转增股本。 本报告涉及的未来计划、发展战略等前瞻性陈述，不构成本 ...