久期财经讯，12月30日，穆迪下调万科企业股份有限公司(China Vanke Co.,Ltd.，简称"万科企业"， 02202.HK)及其子公司万科地产(香港)有限公司(Vanke Real Estate (Hong Kong) Company Limited，简 称"万科香港")的多项评级，具体调整如下： 1. 万科企业的公司家族评级(CFR)从"Caa2"下调至"Ca"; 2. 万科香港中期票据(MTN)计划的有支持高级无抵押评级从"(P)Caa3"级下调至"(P)C"; 3. 万科香港发行债券的有支持高级无抵押评级从"Caa3"下调至"C"。 上述MTN计划和高级无抵押债券由万科企业、万科香港和债券受托人之间签订的股权购买承诺及维好 协议提供支持。 穆迪同时维持了上述主体的负面评级展望。 穆迪助理副总裁兼分析师Daniel Zhou表示："本次评级下调并维持负面展望，反映出万科企业在发生债 券逾期支付事件后流动性承压，同时穆迪认为该公司债权人的回收前景难言乐观。" 评级理据 万科企业的流动性已出现明显承压，这体现在其未能在一笔境内债券原有的5个工作日宽限期内偿付20 亿元人民币本金及相关利息。尽管多数 ...

Market Overview - In 2025, the A-share market experienced a structural "small bull" market, with 4,110 out of 5,176 stocks showing positive growth, and 523 stocks rising over 100% [1] - However, 40 stocks fell over 30%, with 7 stocks declining more than 40% [1] Worst Performing Stocks - The largest decline was seen in Shijing Technology, which dropped 50.99% in 2025, primarily due to a significant decrease in completed orders after entering the photovoltaic sector [3] - Kangle Weishi ranked second with a decline of 49.97%, continuing to face losses since 2013, with a net profit loss of 2.29 billion yuan in the first three quarters of 2025 [3][4] - Longda Meishi experienced a 48.11% drop, affected by a prolonged downturn in the pig cycle and intensified competition in the prepared food sector [3] Financial Performance - Kangle Weishi reported a revenue of 1.2763 million yuan in the first three quarters of 2025, a year-on-year increase of 106.53%, but still faced a net profit loss of 2.29 billion yuan [4] - The food and beverage sector saw a 9.69% decline in 2025, marking its fifth consecutive year of losses, with a cumulative drop of over 50% since the peak in 2021 [8][10] Industry Trends - The pharmaceutical and biotechnology sector showed signs of recovery in 2025, with an 11.94% increase, ending a four-year downtrend [10] - The food and beverage sector is expected to benefit from macro policies aimed at boosting domestic demand, with potential recovery in the white liquor and pre-processed food segments [10][11]

Group 1: Company Announcements - Zhongwei Company plans to acquire 64.69% equity of Hangzhou Zhonggui through a combination of share issuance and cash payment, aiming to enhance its capabilities in CMP equipment and solutions [1] - Lixun Precision intends to repurchase shares worth between 1 billion to 2 billion RMB for employee stock ownership plans or equity incentives, with a maximum repurchase price of 86.96 RMB per share [2] - ZaiJing Pharmaceutical has reached a global strategic cooperation and licensing agreement with AbbVie for the development and commercialization of ZG006, receiving an upfront payment of 100 million USD [3] - Tianci Materials expects a net profit increase of 127% to 231% for 2025, driven by significant growth in lithium-ion battery material sales [4] - Meike Home plans to acquire 100% equity of Shenzhen Wande Technology through share issuance and cash payment, with stock resuming trading on January 5, 2026 [6][7] - ST KeliDa is planning a change in control, with stock suspension starting January 5, 2026, due to the transfer of 100% equity of its controlling shareholder [8] - Xinzhou Bang intends to invest approximately 260 million USD in a lithium-ion battery materials project in Saudi Arabia, enhancing its global capacity and supply chain [9] Group 2: Financial Performance - Kid's King anticipates a net profit increase of 51.72% to 82.06% for 2025 [9] - Guangku Technology expects a net profit growth of 152% to 172% for 2025 [9] Group 3: Mergers and Acquisitions - Xidi Micro plans to acquire 100% equity of Chengxin Micro for 310 million RMB [9] - Haili Biological's subsidiary intends to acquire 51% equity of seven dental chain companies for 61.2 million RMB [9]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司 ） （股份代號：2202） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則 第 13.10B 條 作出。兹 載 列 該 公 告如下， 僅供 參 閱。 萬科企業股份有限公司 董事會 中國，深圳，2025年12月3 1日 於 本 公 告日 期，本 公 司 董 事 會 成 員 包 括：執 行 董 事 郁 亮 先 生 及 王 蘊 女 士；非 執 行 董 事 黃 力 平 先 生、胡 國 斌 先 生 及 雷 江 松 先 生；以 及 獨 立 非 執 行 董 事 廖 子 彬 先 生、林 明 彥 先 生、沈 向 洋 博 士 及 張 懿 宸 先 生。 * 僅供識別 债券代码 债券简称 148380.SZ 23 万科 01 149358.SZ 21 万科 02 149478.SZ 21 万科 04 14 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司 ） （股份代號：2202） 海外監管公告 万科企业股份有限公司 2021 年面向合格投资者公开发行住房租赁专项公司债券 (第一期)(品种二)停牌公告 证券代码:000002、299903、149358 证券简称:万科 A、万科 H 代、21万科 02 公告编号:〈万〉2025-169 本公司及董事会全体成员保证公告内容的真实、准确和完整,对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 本公告乃根據香港聯合交易所有限公司證券上市規則 第 13.10B 條 作出。兹 載 列 該 公 告如下， 僅供 參 閱。 萬科企業股份有限公司 董事會 中國，深圳，2025年12月3 1日 於 本 公 告日 期，本 公 司 董 事 會 成 員 包 括：執 行 董 事 郁 亮 先 生 及 王 蘊 女 士；非 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司 ） （股份代號：2202） * 僅供識別 万科企业股份有限公司 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則 第 13.10B 條 作出。兹 載 列 該 公 告如下， 僅供 參 閱。 萬科企業股份有限公司 董事會 中國，深圳，2025年12月3 1日 於 本 公 告日 期，本 公 司 董 事 會 成 員 包 括：執 行 董 事 郁 亮 先 生 及 王 蘊 女 士；非 執 行 董 事 黃 力 平 先 生、胡 國 斌 先 生 及 雷 江 松 先 生；以 及 獨 立 非 執 行 董 事 廖 子 彬 先 生、林 明 彥 先 生、沈 向 洋 博 士 及 張 懿 宸 先 生。 为满足经营需要，万科企业股份有限公司（以下简称"公司"或"万科"） 之控股子公司前期已向金融机构融资，公司或公司之控 ...

1. Report's Industry Investment Rating - Not provided in the content 2. Core View of the Report - In 2025, credit bond coupon value returned, and the expansion of ETFs brought a structural market. Credit risk events occurred sporadically, and the policy focus was on debt resolution and risk prevention. The net financing scale of credit bonds increased by nearly one trillion, and yields rose across the board [4][8]. 3. Summary According to the Table of Contents I. Annual Summary: Credit Bond Coupon Value Returned, and ETF Expansion Brought a Structural Market - Throughout 2025, the credit bond market was affected by various factors such as capital prices, policies, and market sentiment. The credit spread showed a trend of widening, narrowing, and then fluctuating. Overall, the 1y AA+ medium - and short - term note yield was reported at 1.78%, with the credit spread narrowing by 34BP to 23BP; the 3y AA+ medium - and short - term note yield rose by 6BP to 1.97%, with the credit spread narrowing by 21BP to 28BP; the 5y AA+ medium - and short - term note yield rose by 14BP to 2.18%, with the credit spread narrowing by 21BP to 37BP; the 10y AA+ medium - and short - term note yield rose by 30BP to 2.65%, with the credit spread widening by 2BP to 63BP [4][8][9]. II. Annual Major Events: Credit Risk Events Occurred Sporadically, and the Policy Focus was on Debt Resolution and Risk Prevention (1) Urban Investment: Debt Resolution and Arrears Clearance Accelerated, and Credit Risk Sentiment Decreased - **Hot Events**: In 2025, debt resolution continued, and two trillion in replacement bonds were issued, with Jiangsu issuing 251.1 billion yuan. The clearance of arrears accelerated, using both fiscal and financial means. The number of non - standard credit risk events in urban investment decreased significantly, and Inner Mongolia exited the list of key provinces, while Jilin met the exit criteria [21][22][28]. - **Regulatory Policies**: The central government supported the improvement and implementation of a package of debt - resolution plans. It required the implementation of debt replacement policies, regarded non - increase of implicit debt as an "iron - clad discipline", accelerated the stripping of the government financing function of local financing platforms, and promoted market - oriented transformation, as well as the clearance of local government arrears to enterprises [2][33]. (2) Real Estate: Vanke's Bond Extension at the End of the Year Slightly Exceeded Market Expectations, and Policies Continuously Promoted the Market to Stabilize and Recover - **Hot Events**: In 2025, Shenzhen Metro Group provided over 20 billion yuan in loans to Vanke to help it pay the principal and interest of its bonds in the public market. However, due to limited remaining credit, Vanke faced liquidity pressure and announced bond extensions at the end of the year. Only the motion to extend the grace period was passed in the bondholder meetings [39][40]. - **Regulatory Policies**: In 2025, real estate policies focused on demand, supply, and real - estate enterprise financing, aiming to promote market stability and build a new development model. On the demand side, it was necessary to release the potential of rigid and improved housing demand; on the supply side, high - quality urban renewal and the construction of "good houses" were emphasized; on the enterprise side, the reasonable financing needs of real - estate enterprises were supported, and the risk of debt default was prevented [44][46][47]. (3) Finance: AVIC Industry Finance, Tianan Property Insurance, and Jiutai Rural Commercial Bank Attracted Attention, and Active Measures were Taken to Prevent Financial Risks - **Hot Events**: The Ministry of Finance issued 500 billion yuan in special treasury bonds to support large banks in replenishing core tier - one capital. AVIC Industry Finance announced voluntary delisting, and the off - market bond payment plan was not approved. Tianan Property Insurance and Tianan Life Insurance defaulted on their bonds, and Jiutai Rural Commercial Bank's secondary capital bonds were significantly discounted [3][50][58]. - **Regulatory Policies**: In 2025, the central government adhered to preventing and resolving key financial risks and strictly adhered to the bottom - line of preventing systemic financial risks. It also issued high - quality development management measures for industries such as trust companies, asset management companies, commercial banks, and insurance companies to standardize their development [3][59][60]. (4) Others: The Science and Technology Bond and Credit Bond ETF Markets Developed Rapidly, and the Bond "South - Bound Connect" was Planned to be Extended to Non - Bank Institutions - **Bond Market "Science and Technology Board"**: Policies required the construction of a "science and technology board" in the bond market to support the issuance of science and technology innovation bonds. In 2025, the net financing of science and technology innovation bonds increased by nearly one trillion yuan year - on - year [65]. - **Credit Bond ETF**: In 2025, 8 benchmark - making credit bond ETFs and 24 science and technology innovation bond ETFs were listed, and the market scale expanded rapidly, reaching over 45 billion yuan by the end of the year [70]. - **Bond "South - Bound Connect"**: The scope of domestic investors in the Bond "South - Bound Connect" was planned to be expanded to non - bank institutions, and Hong Kong market bonds attracted market attention [72]. III. Review of the Primary and Secondary Markets of Credit Bonds: The Net Financing Scale Increased by Nearly One Trillion, and Yields Rose Across the Board (1) Primary Market: Industrial Bonds and Financial Bonds were the Main Supply Sources, and Urban Investment Bonds Continued to Shrink - In 2025, the net financing of credit bonds increased by 953.8 billion yuan year - on - year. Industrial bonds, supported by new science and technology bond policies, were the main supply source. The issuance of financial bonds accelerated in the third quarter due to the strong performance of the equity market, while the net supply of urban investment bonds continued to shrink [73]. (2) Secondary Market: Yields Generally Rose, Credit Spreads Narrowed Significantly at the Short - to - Medium End and Slightly Widened at the Long End - In 2025, the yields of credit bonds generally rose, especially at the medium - to - long end. The credit spreads showed a differentiated trend, narrowing significantly at the short - to - medium end and slightly widening at the long end. Non - financial bonds performed better than financial bonds [83].

Core Viewpoint - Vanke Enterprise Co., Ltd. has announced the suspension of its bond "21 Vanke 02" starting January 5, 2026, to protect the interests of bond investors amid market conditions [1] Group 1: Bond Details - The bond "21 Vanke 02" has a remaining balance of 1.1 billion yuan, with an issuance date of January 22, 2021, and a maturity date of January 22, 2028 [1] - The bond features a 7-year term with options for redemption, interest rate adjustment, and investor repurchase [1] - Vanke has decided not to exercise its redemption option and will maintain the coupon rate at 3.98% for the remaining two years [1] Group 2: Bondholder Meeting - A bondholder meeting is scheduled from January 16 to January 19, 2026, to discuss adjustments to the principal and interest payment arrangements [2] - Only bondholders who have exercised their repurchase option will be allowed to participate in the voting [2] - Three proposals will be reviewed, including waiving procedural requirements, adjusting the repayment date, and extending the grace period for repayment [2] Group 3: Proposed Adjustments - The proposed adjustment for the repayment date of the repurchased bonds is set to January 22, 2027, with interest payments continuing at 3.98% [3] - A grace period of 30 trading days is proposed for the repayment of the repurchased bonds, during which no default will be considered [3] - Vanke will provide additional credit enhancement measures if the proposals are approved, and bondholders can opt out of these enhancements [3] Group 4: Additional Context - Vanke is facing pressure from two other domestic bonds that have not received the necessary approval for extension, despite some proposals being passed [4] - The company is committed to ongoing communication and collaboration with stakeholders to find solutions for its bond obligations [4]

Core Viewpoint - Vanke A announced the suspension of trading for its bond "21 Vanke 02" starting January 5, 2026, to protect the interests of bond investors during the upcoming bondholders' meeting [1] Group 1 - The company plans to hold the first bondholders' meeting for the public issuance of housing rental special corporate bonds (Phase 1) [1] - The suspension is in accordance with the Shenzhen Stock Exchange's revised rules for corporate bond listings [1] - The decision aims to ensure the protection of bond investors' interests [1]

Group 1 - Vanke A announced that "21 Vanke 02" will be suspended from trading starting January 5, 2026 [1]