万科企业股份有限公司关于行使"22 万科 03"公司债券 赎回选择权的第三次提示性公告 证券代码：000002、299903、149930 证券简称：万科 A、万科 H 代、22 万科 03 公告编号：〈万〉2025-072 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。 重要提示： 1．债券代码：149930。 2．债券简称：22万科03。 3．赎回登记日：2025年6月5日。 2．债券名称：万科企业股份有限公司 2022 年面向专业投资者公 开发行公司债券（第二期）（品种一）。 3．债券简称：22 万科 03。 1 4．赎回资金到账日：2025年6月6日。 5．赎回价格：人民币102.90元/张（含当期利息，且当期利息含 税）。 6．债券赎回比例：100%。 7．摘牌日: 2025年6月6日。 一、"22万科03"公司债券的基本情况 1．发行主体：万科企业股份有限公司。 4．债券代码：149930。 5．债券余额：3.50 亿元。 6．债券期限：本期债券期限为 5 年期，附第 3 年末发行人赎回 选择权、调整票面利率选择权、投资者回售选择权。 ...

Core Viewpoint - The "2025 Real Estate Listed Companies Evaluation Research" report highlights a significant decline in the performance of listed real estate companies in China, with key metrics such as total assets, revenue, and profitability showing negative trends, indicating a challenging market environment for the industry [1][19][40]. Evaluation Results - The evaluation covers eight major aspects with 20 secondary indicators and 44 tertiary indicators, making it one of the most important professional assessments of listed real estate companies in China [1]. - The report indicates that the average total asset scale of listed real estate companies in 2024 was 1334.04 billion, with a year-on-year decline of 6.66% [19][27]. - The average revenue from real estate development for listed companies was 228.49 billion, down 11.42% year-on-year, reflecting a significant contraction in the market [19][27]. Financial Performance - The average net profit for listed real estate companies was -1.37 billion, marking a 114.35% year-on-year decline, with the net profit margin turning negative for the first time [19][23][27]. - The average net asset return rate decreased to 0.24%, down 1.18 percentage points from the previous year, indicating reduced profitability [19][23][27]. Market Trends - The report notes that the real estate market in 2024 continued to experience a downward trend, with new residential sales area and sales amount both showing negative growth, returning to levels seen in 2009 and 2015-2016, respectively [24][40]. - The average earnings per share for listed real estate companies saw a significant drop, reflecting a lack of confidence among buyers due to economic pressures [23][24]. Debt and Financing - The average net debt ratio for listed real estate companies rose to 83.99%, an increase of 7.24 percentage points from the previous year, indicating growing leverage and financial strain [19][27]. - The total financing amount for the top 30 listed real estate companies was 3934.61 billion, a year-on-year increase of 2.02%, suggesting ongoing efforts to manage debt [27][29]. Operational Efficiency - The average inventory turnover rate for listed companies was 0.36, down from the previous year, reflecting challenges in sales and inventory management [36]. - Approximately 80% of listed real estate companies reported a decline in inventory, with an average decrease of 9.75%, indicating a contraction in operational scale [36][40]. Social Responsibility - The average tax amount paid by listed real estate companies was 9.32 billion, down approximately 23.92% year-on-year, reflecting the industry's overall revenue decline [37]. - All top 10 listed real estate companies published their social responsibility reports for 2024, indicating a commitment to ESG practices amid market challenges [37].

Core Viewpoint - The total inventory value of 50 typical listed companies reached 7.98 trillion yuan, a significant decrease of 15% compared to the end of last year [1]. Group 1: Inventory and Land Reserve Data - As of the end of 2024, the total land reserve value of the top 100 real estate companies amounted to 25.23 trillion yuan, down 13% year-on-year [15]. - The total land reserve area of the top 100 companies was 1.582 billion square meters, a decrease of 12% compared to the previous year [15]. - The threshold for the top 100 companies in terms of total land reserve value was 20.58 billion yuan, a decline of 16% [16]. Group 2: Company Performance and Trends - 96% of the top 100 real estate companies experienced a decline in land reserve value, with 15% of companies seeing a drop of over 20% [19]. - Vanke's total land reserve value decreased by over 340 billion yuan, a drop of approximately 25% [20]. - The inventory turnover cycle for the top 100 companies reached a historical high of 6.93 years, indicating increased pressure on inventory liquidation [25]. Group 3: Market Conditions and Challenges - The sales of new commercial housing in 2024 totaled 96,750 billion yuan, a decline of 17.1%, reflecting weak market demand [25]. - 94% of the 50 typical listed companies recognized inventory impairment losses totaling 167.7 billion yuan in 2024, marking a 26% increase from previous years [32]. - The proportion of completed inventory reached a record high, accounting for 27% of the total inventory value, indicating a shift towards liquidating completed projects [30]. Group 4: Strategic Focus and Policy Directions - The industry is transitioning from a "scale-oriented" approach to a "product-oriented" strategy, with companies focusing on core first and second-tier cities for new investments [35]. - Companies like Poly Development and China Resources Land are emphasizing inventory liquidation and optimizing land use to reduce capital occupation [36]. - The 2025 policy focus is expected to revolve around ensuring housing delivery, land reserve optimization, and urban renewal initiatives [37].

每经记者｜刘颂辉 每经编辑｜陈梦妤 "大连4月新房价格上涨可能是短期反弹，受地方政策、市场热度或季节性因素影响，但整体市场仍处于调整阶段。"5月22日，58安居客研究院院长张波通过 微信向《每日经济新闻》记者表示。 5月19日，国家统计局发布4月份商品住宅销售价格变动情况，70个大中城市中，大连新房价格环比上升0.5%，与上海涨幅相同，并列第一。 同策研究院联席院长宋红卫在接受每经记者微信采访时分析，从上涨幅度来看，大连市场并没有出现明显拉涨，主要原因在于前期新房市场下行调整较大， 现在相当于价格有所回调。 "从项目层面来看，优质项目的入市对市场价格形成一定支撑和带动。"宋红卫认为，在此之前，大连的新房市场存在较大的去化压力，但是从去年开始，包 括第四代住宅在内的高品质项目在市场逐步落地，认购量得到提升，市场认可度高，有效地迎合了市场的改善型需求群体。 新房价格涨幅与上海齐平 回顾今年前4个月，大连新房价格在1月份、2月份连续实现环比涨幅0.2%、0.3%，3月份有所下跌，之后再次出现环比正增长。 中指研究院数据显示，1～4月，大连房地产企业销售额TOP10企业商品房签约金额合计约46.97亿元，TOP10企 ...

Group 1 - Several joint-stock banks have lowered deposit rates, with the highest reduction being 25 basis points for fixed-term deposits, and some banks seeing reductions of up to 40 basis points for specific terms [3] - In April 2025, the average price of second-hand residential properties in 100 cities was 13,892 yuan per square meter, reflecting a month-on-month decline of 0.69% and a year-on-year decline of 7.23%, with first-tier cities showing a more stable market [12] - The National Financial Supervision Administration and eight other departments have issued measures to support small and micro enterprises in financing, including facilitating their listing on the New Third Board [9] Group 2 - The Ministry of Foreign Affairs of China expressed strong opposition to unilateral sanctions imposed by European countries on Chinese enterprises, emphasizing the need to protect the legitimate rights and interests of Chinese companies [8] - The Chinese economy has shown resilience, with international media describing its performance as "better than expected," particularly in maintaining stable foreign trade despite high tariff barriers [7] - The approval of 130 domestic online games in May 2025 indicates a continued recovery in the gaming industry, with notable titles included in the list [10]

Group 1: Beijing Real Estate Market - In the first four months of 2025, Beijing's new housing sales area increased by 5.8% year-on-year, with a total sales area of 321.2 million square meters [1] - The new construction area for residential properties grew by 20% to 3.753 million square meters, while residential sales area decreased by 2.3% to 2.06 million square meters [1] - The total funds received by real estate developers in Beijing reached 133.18 billion yuan, marking a 13.9% increase year-on-year [1] Group 2: Tianjin Land Auction - Tianjin successfully sold two land parcels for a total of 2.339 billion yuan, with one parcel in the Binhai Ocean High-tech Zone sold for 264 million yuan at a premium rate of approximately 8.91% [2] - The auction reflects the resilience of land value in Tianjin's core areas and highlights the increasing market differentiation [2] - Future real estate companies need to balance high-end product capabilities with cost efficiency, while policies should focus on regional development balance to avoid systemic risks [2] Group 3: Wuhan Land Auction - Wuhan sold four residential land parcels for a total of 984 million yuan, with a total land area of 104,400 square meters and a planned building area of 255,100 square meters [3] - The auction continued the trend of differentiation in the land market, with strong competition for core urban areas and weaker demand for peripheral areas [3] - Companies with financial strength are more likely to acquire high-value resources, impacting product positioning and market competition [3] Group 4: Sanxiang Holdings and LianTou Real Estate - Sanxiang Holdings received a termination notice from LianTou Real Estate regarding a share transfer agreement, indicating potential adjustments in pledge terms [4] - The termination may raise market concerns about the progress of restructuring if the cooperation is indeed terminated [4] Group 5: Vanke and Shenzhen Metro Group - Vanke signed a borrowing contract with Shenzhen Metro Group for up to 4.2 billion yuan and received the funds [5] - The agreement includes a pledge of up to 6 billion yuan worth of Vanke's stock as collateral, with a 70% pledge rate [5] - The high pledge rate indicates ongoing liquidity support for Vanke, but frequent pledging of core assets may raise concerns about control stability [5]

Market Overview - The U.S. stock market experienced a significant decline, with all three major indices posting their largest drop in a month. The Dow Jones fell by 1.91%, the Nasdaq decreased by 1.41%, and the S&P 500 dropped by 1.61% [3] - Major technology stocks also saw declines, with Tesla and Apple each dropping over 2%, while Microsoft, Amazon, and Nvidia fell more than 1%. In contrast, Google saw an increase of nearly 3% [3] Economic Indicators - The yield on the 30-year Treasury bond rose to 5.09%, while the yield on the benchmark 10-year Treasury increased by 11.5 basis points to 4.59%. The 2-year Treasury yield also rose by 4.7 basis points to 4.01%, indicating a close relationship with interest rate expectations [3] Policy Measures - A joint announcement from several Chinese financial regulatory bodies outlined 23 measures to support financing for small and micro enterprises, focusing on increasing financing supply, reducing costs, and improving efficiency [4] - The Shanghai government released a special action plan to boost consumption, emphasizing the integration of advanced technologies like AI and big data into consumer sectors [5] Corporate Actions - Guokai Micro announced plans to acquire assets through a combination of stock issuance and cash payment, focusing on semiconductor wafer foundry and customized chip manufacturing, which is expected to constitute a major asset restructuring [7] - Vanke A signed a borrowing agreement with Shenzhen Metro Group for up to 4.2 billion yuan, using up to 6 billion yuan worth of stock as collateral [8] - Myp Medical is planning to acquire at least 51% of Easy Medical, which is expected to constitute a major asset restructuring [10] - Hongming Co. is planning to purchase 83% of Shenzhen Chisu Automation Equipment for an estimated 151 million yuan, which will also constitute a major asset restructuring [12]

Group 1 - The State Financial Supervision Administration and seven other departments issued measures to support financing for small and micro enterprises, emphasizing the establishment of a coordination mechanism for financing support [1] - The measures include conducting extensive visits to small and micro enterprises to assess their operational status and financing needs, facilitating direct access to bank credit [1] - There is a focus on addressing the operational difficulties faced by small and micro enterprises and encouraging support for key sectors such as foreign trade, private enterprises, technology, and consumption [1] Group 2 - In May 2025, a total of 130 domestic online games were approved by the National Press and Publication Administration [2] Group 3 - The State Council announced the removal of Wang Jianjun from the position of Vice Chairman of the China Securities Regulatory Commission [3] Group 4 - The Shanghai Municipal Government issued a plan to boost consumption, which includes measures to promote reasonable income growth and improve wage distribution mechanisms [4] - The plan aims to enhance the minimum wage adjustment mechanism and support the development of the rural economy and new business models [4] Group 5 - Shanghai is accelerating the introduction of childcare subsidies and maternity social security subsidies as part of its efforts to build a family-friendly society [5] - The city plans to explore increasing parental leave and spouse's paternity leave while enhancing the quality of public kindergartens [5] Group 6 - The Ministry of Foreign Affairs stated that China has the capability and confidence to handle external risks, including tariff wars, as evidenced by a 2.4% year-on-year increase in total goods import and export in the first four months of the year [6] - Exports grew by 7.5%, indicating strong international competitiveness despite high tariff barriers [6] Group 7 - The Ministry of Foreign Affairs expressed strong opposition to the EU's unilateral sanctions against Chinese companies, emphasizing the need for fair trade practices [8] - The ministry highlighted that normal business interactions between Chinese and Russian companies should not be disrupted by these sanctions [8] Group 8 - The Dalian Commodity Exchange announced trading arrangements for the Dragon Boat Festival period, with a market closure from May 31 to June 2, 2025, and a return to normal trading on June 3 [9] Group 9 - Heng Rui Pharmaceutical set the issuance price for its H-shares at HKD 44.05 per share [11] - Xinyuan Technology plans to issue H-shares and list on the Hong Kong Stock Exchange [11] - The company Guokai Microelectronics is planning a major asset restructuring, leading to a suspension of its stock from May 22 [11]

Key Points - Vanke A has signed a supplementary agreement with Shenzhen Metro Group for a loan of up to 4.2 billion yuan, with a pledge of up to 6 billion yuan in shares of its subsidiary, Wanwu Cloud [3] - Heng Rui Pharmaceutical has set the final price for its H-share issuance at 44.05 HKD per share, with plans to list on the Hong Kong Stock Exchange on May 23, 2025 [4] - Wan Dong Medical has elected Ma Chibing as the new chairman after Hu Ziqiang resigned from the position [5] - Tianqi Mould has confirmed that there are no undisclosed significant matters amid ongoing major asset restructuring [6] - Zhejiang Rongtai plans to invest 20 million yuan to establish a wholly-owned subsidiary focused on intelligent robotics [7] - ST Mingcheng intends to publicly transfer 45% of its subsidiary, Time Media, which will no longer be included in the consolidated financial statements [8] - Shanghai Xiba plans to purchase patent assets for 2 million yuan and 500,000 yuan, and establish subsidiaries to promote the commercialization of new technologies [9] - Jushen Co. has received a total of 95.7 million yuan in dividends from its six wholly-owned subsidiaries [10] - ST Asia Pacific has confirmed no undisclosed significant matters or ongoing major plans [11] - Tianrong Tianyu's controlling shareholder's agreement will not be renewed after its expiration [12] - Wangzi New Materials has stated that its energy storage capacitor business is minimal and will not significantly impact its performance [13] - Nanjing Port has clarified that its foreign trade container business does not have direct routes to the U.S. [14] - Jinlongyu has indicated that its solid-state battery business has not yet formed stable long-term revenue [15] - Tianzhihang's subsidiary plans to raise capital by introducing investors [16] - State Grid Information plans to acquire 100% of Yili Technology for 1.853 billion yuan, enhancing its revenue and profit [17] - ST Nongsang will remove its delisting risk warning starting May 23 [18] - Yipin Hong has stated that its innovative drug AR882 has not yet been launched and will not significantly impact recent performance [19] - Huanrui Century has announced a performance compensation plan requiring original shareholders to compensate 116 million shares [20] - Huaren Health plans to acquire stakes in three pharmaceutical chain companies for a total of 3.282 billion yuan [21][22] - Hongming Co. is planning to acquire 83% of Shenzhen Chisu for 1.51 billion yuan [23] - Aishida intends to acquire an additional 7% stake in its subsidiary Qianjiang Robot for 13.09 million yuan [24] - Dasheng Intelligent has signed a contract worth 11.5 million yuan for a high-efficiency machine room project [25] - Jinggu Co. has received a notice to supply wheels for a major global automaker, with expected sales of approximately 158 million USD over ten years [26] - Pingzhi Information has signed a framework agreement with China Mobile for antenna products worth up to 13.01 million yuan [27] - Shanghai Laishi's controlling shareholder plans to increase its stake by 250 million to 500 million yuan [28] - Qixia Construction's shareholder plans to reduce its stake by up to 3% [29] - Sichuan Gold's major shareholders plan to reduce their stakes by up to 5.5% [30] - Qingyun Technology's shareholders plan to reduce their stakes by up to 4.5% [31] - Rhein Biological's directors plan to reduce their stakes by up to 0.14% [32] - Qingmu Technology's shareholder plans to reduce its stake by up to 3% [33] - Sanrenxing's employee shareholding platform plans to reduce its stake by up to 3% [34][35] - Juzhi Technology's director plans to reduce his stake by up to 40,000 shares [36] - Jingwang Electronics' major shareholders plan to reduce their stakes by up to 2.99% [37] - Jujiao Co. plans to reduce its stake by up to 2.6% [38] - Xiyu Tourism's major shareholder plans to reduce its stake by up to 3% [39]

2、金固股份：收到全球龙头车企美国产乘用车车轮产品定点通知。 一、增持、股权转让、回购 1、上海莱士：控股股东海盈康拟2.5亿元-5亿元增持公司股份。 2、科德教育：公司控股股东签署了《股份转让协议》，十堰市国资委将成为公司实际控制人。 3、纳芯微：股东询价转让定价为163.15元/股。 4、盛弘股份：本次询价转让的价格为27.76元/股。 5、震有科技：拟注销105.54万股回购股份。 6、中复神鹰：鹰游集团拟向海南鹰游转让22.22%公司股份，转让价格21.02元/股。 二、对外投资、日常经营 1、万科A：与深圳地铁集团签署《不超过人民币42亿元借款合同》，并收到42亿元借款。同时约定以 不超60亿元万物云股票作为与深铁集团借款合同质押物。 晚间公告 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 3、龙旗科技：筹划发行H股股票并在香港联合交易所有限公司上市。 4、浙江荣泰：拟在浙江嘉兴投资设立全资子公司浙江荣泰智能机器人有限公司，投资金额2000万。 5、英维克：拟投资不低于10亿元建设精密温控节能设备研发中心及生产基地项目。 6、恒瑞医药：H股发行价格确定为每股44. ...