Core Viewpoint - Vanke acknowledges facing operational difficulties in 2024 but expresses confidence in overcoming these challenges due to supportive policies and strong operational performance [1][2] Financial Performance - In 2024, Vanke achieved revenue exceeding 340 billion, with comprehensive residential business sales surpassing 240 billion, maintaining a sales collection rate of 100% and delivering over 180,000 high-quality homes [1] - In Q1 2025, Vanke reported nearly 38 billion in revenue and around 35 billion in sales, with a collection rate exceeding 100% [2] - Vanke's debt management includes 948 billion in new financing and refinancing in 2024, with a comprehensive cost of 3.54% [2] Debt Management - Vanke completed the repayment of approximately 197 billion in domestic and foreign public bonds in 2024, with over 160 billion repaid since 2025 [2] - As of 2025, Vanke has 14 bonds maturing within a year, totaling approximately 285.4 billion [2] Business Development - Vanke has developed a systematic approach to revitalizing existing resources, generating over 200 billion in new sales from revitalized sellable assets worth over 700 billion [3] - The property management segment generated over 36 billion in revenue, with a year-on-year growth of 8.9% [3] Property Management and Rental Business - Vanke's rental housing management scale reached 262,000 units, with a rental rate of 95.6% and a customer satisfaction rate exceeding 95% [4] - The company has successfully revitalized over 14,600 units through a "sale to rent" strategy [4] Commercial and Logistics Performance - Vanke's commercial segment opened over 10 million square meters of retail space, with a 94% presence in first and second-tier cities [5] - The logistics and warehousing segment achieved 39.7 billion in revenue, with a high-standard warehouse occupancy rate of 87% [6]

Core Viewpoint - Vanke expresses confidence in the real estate market's recovery, supported by policy guidance and financial backing, while actively managing its debt and enhancing operational efficiency [12][14][17]. Financial Performance - In Q1 2025, Vanke achieved nearly 38 billion in revenue and approximately 35 billion in sales, with a repayment rate exceeding 100% [9]. - The company has repaid over 16 billion in public debt this year and completed the repayment of approximately 197 billion in domestic and foreign public bonds in 2024 [3][4]. - Vanke's cash holdings reached 75.5 billion, with total interest-bearing liabilities at 365.87 billion and a debt-to-asset ratio of 73.5% [4]. Market Outlook - Vanke's management believes the real estate market will stabilize and recover due to supportive policies and improved market confidence [12][16]. - The company has identified four key factors influencing market trends: improved land supply in key cities, a rebound in demand, accelerated inventory clearance, and diversification in new housing products [17]. Business Strategy - Vanke has established a positive cycle of "activation - product upgrade - hot sales - reinvestment," with over 70 billion in available saleable value activated and new sales exceeding 20 billion [12][18]. - The company plans to focus on enhancing operational quality and service levels in its core business areas [12]. Leadership and Governance - Vanke's management team has faced challenges but remains committed to overcoming them, with strong support from major shareholders like Shenzhen Metro Group [10][14]. - Founder Wang Shi emphasized the importance of timely intervention and board restructuring to ensure Vanke's stability and future success [18].

Core Points - The articles outline the corporate governance structure and operational guidelines of Vanke Co., Ltd, emphasizing the protection of the rights of shareholders, employees, and creditors [3][4][5] - The company was established in November 1988 and is registered in Shenzhen, with a registered capital of RMB 11,930,709,471 [4][5] - The company operates under the principles of fairness and equality in share issuance, ensuring that all shares of the same category have equal rights [7][8] Chapter Summaries Chapter 1: General Principles - The chapter establishes the legal framework for the company, referencing various laws and regulations to ensure compliance and governance [3][4] - It defines the company's purpose and operational scope, focusing on real estate development and related business activities [6][13] Chapter 2: Business Objectives and Scope - The company's business objectives include promoting economic development and maximizing stakeholder value through sustainable practices [13][14] - The operational scope includes real estate development, industrial ventures, and import-export activities [14] Chapter 3: Shares - The company issues shares in the form of stocks, adhering to principles of fairness and equality [15][16] - The total number of shares issued is 11,930,709,471, with a breakdown of domestic and H shares [21] Chapter 4: Shareholders and Shareholder Meetings - Shareholders have rights to dividends, voting, and participation in company decisions, with specific procedures for shareholder meetings outlined [34][35] - The chapter details the rights and obligations of shareholders, including the process for proposing and voting on resolutions [36][37] Chapter 5: Board of Directors - The board is responsible for the overall governance of the company, including the appointment of senior management and oversight of company operations [38][39] - Independent directors play a crucial role in ensuring accountability and transparency within the board [40] Chapter 6: Management and Senior Executives - The chapter outlines the qualifications and responsibilities of senior management, emphasizing their duty to act in the best interests of the company and its shareholders [41][42] Chapter 7: Financial, Accounting, and Auditing - The company is required to maintain a robust financial accounting system and undergo regular audits to ensure financial integrity [43][44] Chapter 8: Notifications, Announcements, and Investor Relations - The company must adhere to strict guidelines for communication with shareholders and the public, ensuring transparency and timely disclosure of information [45][46] Chapter 9: Mergers, Divisions, Capital Increases, Reductions, Dissolution, and Liquidation - Procedures for corporate restructuring, including mergers and capital adjustments, are defined to protect shareholder interests [47][48] Chapter 10: Amendments to the Articles - The process for amending the articles of association is outlined, requiring shareholder approval for significant changes [49][50] Chapter 11: Supplementary Provisions - Additional provisions cover various operational aspects of the company, ensuring compliance with relevant laws and regulations [51][52]

Core Points - The article outlines the rules and regulations governing the board of directors of Vanke Enterprise Co., Ltd, emphasizing the importance of clear responsibilities and operational procedures for effective decision-making [1][2][3] Group 1: Board Composition and Responsibilities - The board consists of eleven directors, including one chairman and up to two vice-chairmen, with at least one-third being independent directors, including one accounting professional [2][3] - The board is required to establish specialized committees such as the audit committee, investment and decision-making committee, and remuneration and nomination committee, with independent directors holding a majority in the remuneration and nomination committee [2][3][6] - The board has the authority to make significant decisions regarding mergers, acquisitions, and other major corporate actions, as well as appointing and dismissing senior management [4][5][6] Group 2: Meeting Procedures - The board must hold at least four regular meetings annually, with the chairman responsible for convening and presiding over these meetings [8][9] - Special meetings can be called under specific circumstances, and proposals for meetings must be submitted in writing [9][10] - A quorum for meetings requires the presence of more than half of the directors, and decisions are made based on majority votes [26][35] Group 3: Voting and Decision-Making - Voting at board meetings is conducted on a one-vote-per-person basis, with decisions requiring a majority of the attending directors [35][36] - Directors must avoid conflicts of interest during voting, and any director with a conflict must abstain from voting on related matters [39][40] - Meeting records must be kept, detailing attendance, agenda items, and voting outcomes, and these records are to be maintained for ten years [42][15]

Core Viewpoint - The management of Vanke expresses strong confidence in the future, believing that the real estate market will return to a stable and healthy development track under policy guidance and support [4][10]. Group 1: Management Confidence and Strategy - Vanke's management acknowledges the difficulties faced in 2024 but emphasizes their commitment to addressing risks and challenges through enhanced management capabilities [4]. - The management team has successfully delivered over 26,000 housing units from January to May, indicating stable operational performance [4]. - Vanke's management has received recognition and support from local governments and partners, boosting their confidence in navigating the market [4]. Group 2: Debt Management and Financial Strategy - Vanke is confident in its ability to address debt challenges with support from various stakeholders and internal efforts [6]. - The company plans to enhance cash flow through accelerated sales, dynamic control of development pace, and balancing income and expenditure [7]. - Vanke aims to revitalize its existing resources and improve product quality, creating a positive cycle of resource activation, product upgrades, and sales [7]. Group 3: Business Development and Market Position - Vanke's operating service business has established a leading position in several sectors, achieving revenue of 28.7 billion yuan in the first five months of 2025, a 7.8% increase year-on-year [8]. - The company will focus on enhancing customer loyalty, improving service efficiency, and establishing high-quality asset exit channels [8]. - Vanke plans to leverage its multi-business layout to promote synergy and develop diverse scenarios and composite business models [8]. Group 4: Market Outlook - Vanke believes that the real estate market will stabilize due to improved land supply structures and increased availability of high-quality residential land [10]. - The management sees a solid foundation for demand recovery, supported by policy measures and ongoing adjustments to restrictive measures [10]. - The trend towards diversified and quality new housing supply is expected to counterbalance the impact of the second-hand market [11].

Core Viewpoint - The company expresses confidence in the recovery of the real estate market, supported by policy guidance and financial backing, and aims to optimize its business layout and structure adjustments to promote a healthy development cycle [1][3][5]. Group 1: Financial Performance - In the previous year, the company achieved revenue exceeding 340 billion yuan, with comprehensive residential business sales surpassing 240 billion yuan and a sales collection rate of 100%, delivering over 180,000 high-quality homes [3]. - The company has successfully completed the repayment of 16.5 billion yuan in public debt and has no overseas public debt for the year [1][6]. - The company reported a cumulative activation of sellable assets exceeding 70 billion yuan, resulting in new sales exceeding 20 billion yuan [3]. Group 2: Business Strategy - The company has resumed land acquisition, successfully obtaining two plots in Zhengzhou and Wuhan for a total cost of 999.7 million yuan [1][6]. - The management emphasizes a systematic approach to activating existing resources and upgrading product offerings, creating a positive cycle of "activation—product upgrade—hot sales—reinvestment" [3]. - The company plans to focus on its advantageous business areas, enhance operational quality, and leverage new productive forces to maintain its industry-leading position [3][4]. Group 3: Future Outlook - The company anticipates continued support from policies and financial institutions, which will help stabilize the real estate market and enhance operational stability [5]. - The company aims to maintain positive operating cash flow through accelerated sales collection and dynamic management of development pace [6]. - The company is exploring market-based strategies such as asset securitization to realize asset value and supplement liquidity as needed [6][7].

万科企业股份有限公司 股东会议事规则 （于 2025 年 6 月 27 日经 2024 年度股东大会审议通过） 第一章 总 则 第一条 为进一步明确股东会的职责权限，规范其运作程序，充分发挥股 东会的作用，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》、《万科企业 股份有限公司章程》（以下简称"《公司章程》"）及有关规定，制定本规则。 第二条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相 关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第二章 股东会的一般规定 第三条 股东会是公司的权力机构，依法行使下列职权： （十）审议公司在一年内购买、出售重大资产或者向他人提供担保的金额超 过公司最近一期经审计资产总额百分之三十的事项； （十一）审议公司及控股子公司的对外担保总额达到或超过最近一期经审计 1 （一）选举和更换非由职工代表担任的董事，决定有关董事的报酬事项； （二）审议批准董事会的报告； （三）审议批 ...

万科企业股份有限公司 章 程 A+H （于 2025 年 6 月 27 日经 2024 年度股东大会审议通过） 目 录 第三章 股份 第四章 股东和股东会 第五章 董事会 第七章 董事和高级管理人员资格和义务 第八章 财务、会计和审计 第一章 总则 第二章 经营宗旨和范围 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四节 购买公司股份的财务资助 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案和通知 第六节 股东会的召开 第七节 股东会表决及决议 第八节 类别股东表决的特别程序 第一节 董事 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 经理及其他高级管理人员 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第九章 通知、公告及投资者关系管理 2 第一节 通知 第二节 公告 第三节 投资者关系管理 第十章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十一章 修改章程 第十二章 附则 第一章 总则 第一条 为维护公司、股东、职工和债权 ...

万科企业股份有限公司 董事会议事规则 （于 2025 年 6 月 27 日经 2024 年度股东大会审议通过） 第一章 总 则 第一条 为了进一步明确董事会的职责权限，规范董事会内部机构及运作 程序，充分发挥董事会的经营决策中心作用，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《万科企业股份有限公司章程》（以下简称"《公司章程》"）及有关规定，制 定本规则。 第二章 董事会的组成机构 第二条 董事会由十一名董事组成，设董事长一人，可以设副董事长一至 二人。董事为自然人，无需持有公司股份。公司全体董事根据法律、行政法规、 部门规章和《公司章程》的规定对公司负有忠实义务和勤勉业务。 第三条 公司董事会成员中应当有 1/3 以上独立董事，其中至少一名会计 专业人士。 董事会设职工代表担任的董事 1 名，担任董事的职工代表须为在公司连续工 作满三年以上的职工，经职工代表大会民主选举产生后直接进入董事会。 第四条 非职工代表董事由股东会选举或更换；职工代表担任的董事由公 司职工代表大会选举或更换。 董事每届任期三年，任期从股东会通过之日起或职工代表大会 ...

法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 11F/12F., Taiping Finance Tower, 6001 Yitian Road, Futian District, Shenzhen, P.R. China 电话：(0755) 8826 5288 邮政编码：518038 网址：https://www.sundiallawfirm.com 广东信达律师事务所 关于万科企业股份有限公司 2024 年度股东大会的 法律意见书 信达会字[2025]第 207 号 广东信达律师事务所（以下简称"信达"）接受万科企业股份有限公司（以 下简称"贵公司"）的委托，指派律师参加了贵公司 2024 年度股东大会（以下 简称"本次股东大会"），并进行了必要的验证工作。 信达律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）等中国（为本法律意见书之目的，"中国"不 包括香港特别行政区、澳门特别行政区及台湾地区）法律法规以及《万科企业股 份有限公司章程 A+H》（以下简称"《 ...