2025.10. 30 本文字数：1434，阅读时长大约3分钟 作者 | 第一财经 郑娜 万科经营上的压力暂时还没有明显减轻。 10月30日，万科（000002.SZ）发布的三季报显示，第三季度实现营业收入560.7亿元，同比下降27.3%；归 母净利润为-160.7亿元，同比下降98.61%，单季度亏损额度超过上半年整体亏损。 亏损持续扩大的原因是开发业务结算规模下滑、毛利率仍处低位、新增计提存货跌价准备以及部分资产交易和股 权处置的交易价格低于账面值等。其中，包括存货跌价准备在内的各类减值准备合计94亿元，使得归母净利润减 少了约83亿元。 整体来看，前三季度，万科累计营业收入为1613.9亿元，同比下降26.6%；归母净利润约为-280.2亿元，同比 下降83%，降幅较上半年持续扩大；报告期内，房地产开发业务的税前毛利率为7.8%，税后毛利率为2.0%。 在房地产开发销售方面，前三季度，万科累计实现合同销售面积775.1万平方米，合同销售金额1004.6亿元，同 比分别下降 41.8%和 44.6%。 部分新开项目仍获得了较为良好的表现，持续推动库存去化。前三季度，万科有11个首开项目均兑现投资承诺， ...

Major Events - Vanke A's largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 2.2 billion yuan to the company for repaying bond principal and interest, with a term of no more than 3 years and an interest rate reduced by 66 basis points from the 1-year LPR [4] - *ST Chuangxing's chairman, Liu Peng, has been arrested for suspected criminal activities, but the company's operations remain normal under the management of the executive team [5] - Shannon Chip's chairman, Huang Zewei, has been elected following the resignation of the previous chairman, Fan Yongwu [6][7] - China Coal Energy has invested 1 billion yuan in a state-owned strategic emerging industry fund, which has a total size of 51 billion yuan, aimed at expanding its industrial cooperation ecosystem [8] - Da'an Gene's board has authorized management to sell part of its stock assets, with a limit of 1% through centralized bidding and 2% through block trading [9] - Kaineng Health plans to acquire several subsidiaries of Yuaneng Group to strengthen its investment in the cell industry, aiming to create a second growth curve [10] - David Medical's subsidiary has received a medical device registration certificate for a disposable lung nodule positioning puncture needle [11] Performance Overview - Saisir reported a Q3 net profit of 2.371 billion yuan, a year-on-year decrease of 1.74%, with a revenue of 48.133 billion yuan, up 15.75% [12][13] - Upwind New Materials achieved a Q3 net profit of 30.6473 million yuan, a year-on-year increase of 49.66% [14] - Youzu Network's Q3 net profit surged by 4466.74% to 26.1999 million yuan [15] - Zhongji Xuchuang's Q3 net profit increased by 124.98% to 3.137 billion yuan [16] - SAIC Motor's Q3 net profit reached 2.083 billion yuan, up 644.88% [17] - China Life's Q3 net profit was 126.873 billion yuan, a year-on-year increase of 91.5% [18] - Pingtan Development's Q3 net profit grew by 1970.63% to 16.1449 million yuan [19] - Huatai Securities reported a Q3 net profit of 5.183 billion yuan, down 28.11% [20] - Yanzhou Coal's Q3 net profit decreased by 36.60% to 2.288 billion yuan [21] - Dongwu Securities' Q3 net profit increased by 50.56% to 1.003 billion yuan [22] - Dongxing Securities' Q3 net profit surged by 112.67% to 780 million yuan [23] -招商证券's Q3 net profit increased by 53.45% to 3.686 billion yuan [24] - Agricultural Bank's Q3 net profit was 81.349 billion yuan, up 3.66% [25] - Industrial and Commercial Bank's Q3 net profit reached 101.805 billion yuan, a year-on-year increase of 3.29% [26] - Shenghe Resources reported a Q3 net profit growth of 748.07% [28] -引力传媒's Q3 net profit increased by 167.91% to 442.85 million yuan [29] - China Duty Free's Q3 net profit decreased by 28.94% to 452 million yuan [30] - Luzhou Laojiao's Q3 net profit decreased by 13.07% to 3.099 billion yuan [31] - Everbright Securities' Q3 net profit increased by 65.88% to 999.5 million yuan [32] - Gujing Gongjiu's Q3 net profit decreased by 74.56% to 299 million yuan [33] - Longi Green Energy reported a Q3 net loss of 834 million yuan [34] - New Hope's Q3 net profit decreased by 99.63% to 512.55 million yuan [35] - Wealth Trend's Q3 net profit increased by 76.93% to 77.1855 million yuan [36] - Hunan Silver's Q3 net profit increased by 47.51% to 96.3611 million yuan [37] - Spring Airlines' Q3 net profit decreased by 6.17% to 1.167 billion yuan [38] - Litong Electronics' Q3 net profit surged by 1432.90% to 165 million yuan [39] - Baosteel's Q3 net profit increased by 130.31% to 3.081 billion yuan [40] - Juxing Technology's Q3 net profit increased by 18.96% to 882 million yuan [42] - Wanda Film's Q3 net profit increased by 319.92% [43] - COSCO Shipping's Q3 net profit decreased by 29% [44] - China Petroleum's Q3 net profit was 42.29 billion yuan, down 3.9% [45] - JA Solar reported a Q3 net loss of 3.553 billion yuan [46] - BOE Technology's Q3 net profit increased by 32.07% to 1.355 billion yuan [47] - BYD's Q3 net profit decreased by 32.60% to 7.823 billion yuan [48] - Guotai Junan's Q3 net profit increased by 40.60% to 6.337 billion yuan [50] - Jianghuai Automobile reported a Q3 net loss of 661 million yuan [51] - Zhezhong Co.'s Q3 net profit increased by 5282.88% to 206 million yuan [52] - Yonghui Supermarket reported a Q3 net loss of 469 million yuan [53] Shareholding Changes - Ruisheng Intelligent's shareholder plans to reduce its stake by up to 3% [54] Share Buybacks - SF Holding has adjusted its share buyback plan to a total amount of not less than 1.5 billion yuan and not more than 3 billion yuan [55][56] - Changying Precision has raised its share buyback price limit to 50 yuan per share [57] Major Contracts - Trina Solar signed a sales contract for over 1 GWh of energy storage products with a European customer [58]

科技创新推动业务转型 10月30日，万科发布2025年三季度报告。公司第三季度营业收入为560.65亿元，同比下降27.30%；净利 润亏损为160.69亿元；前三季度净利润亏损为280.16亿元，亏损幅度同比扩大。 对于亏损原因，万科表示主要是开发业务结算规模下滑、毛利率仍处低位、新增计提存货跌价准备以及 部分资产交易和股权处置的交易价格低于账面值等。 尽管面临诸多挑战和压力，但在各方支持和自身努力下，万科前三季度实现营收1613.9亿，高质量交付 超7.4万套。万科表示，在各方及大股东强有力的支持下，集团全力保障队伍稳定、财务稳定和生产经 营稳定，改革化险工作稳步推进。但从未来趋势看，公司销售持续下滑，整体经营形势依然十分严峻， 资金紧张局面进一步加剧，债务偿还面临较大压力。 交付与去化发力破局 从行业大环境来看，全国新房销售和房地产开发投资仍面临压力。国家统计局数据显示，今年1-9月， 全国新建商品房销售金额和房地产开发投资金额同比分别下降7.9%和13.9%。克而瑞数据显示，1-9月百 强房企销售操盘金额同比下降11.8%。 在此背景下，万科销售端同样面临挑战。三季度单季，万科实现合同销售面积236. ...

10月30日，万科A（000002）公告称，公司第一大股东深圳市地铁集团有限公司（以下简称"深铁集 团"）向公司提供不超过22亿元借款，用于偿还公司在公开市场发行的债券本金与利息。 根据公告，深铁集团已累计向公司提供借款269.3亿元（不含本次借款）。其中，自公司于2025年6月27 日召开2024年度股东大会以来，深铁集团已分批次向公司提供以下款项及相关安排：新增借款62.49亿 元、展期借款8.9亿元、新增借款8.69亿元并提供资产抵质押、新增借款11.89亿元（2025年8月5日董事 会审议通过的借款金额是不超过16.81亿元），新增借款20.64亿元、新增借款9.89亿元以及公司就已有 的15.51亿元借款提供万物云股权质押作为担保。其中，62.49亿元借款和8.9亿元借款已获得深圳证券交 易所同意在确认关联交易是否达到需提交公司股东会审议金额时，豁免累计计算。 自2月10日以来，万科A已10次向公司第一大股东深铁集团借钱。 10月30日，万科发布三季报，2025年前三季度，万科整体经营仍然承压。报告期内，公司实现营业收入 1613.9亿元，同比下降26.61%；净利润亏损280.2亿元。第三季度单季 ...

在房地产开发销售方面，前三季度，万科累计实现合同销售面积775.1万平方米，合同销售金额1004.6亿 元，同比分别下降 41.8%和 44.6%。 部分新开项目仍获得了较为良好的表现，持续推动库存去化。前三季度，万科有11个首开项目均兑现投 资承诺，平均销售去化率近7成，报告期内首开的广州万科檐屿城项目，首开销售套数为广州市前三。 万科经营上的压力暂时还没有明显减轻。 10月30日，万科（000002.SZ）发布的三季报显示，第三季度实现营业收入560.7亿元，同比下降 27.3%；归母净利润为-160.7亿元，同比下降98.61%，单季度亏损额度超过上半年整体亏损。 亏损持续扩大的原因是开发业务结算规模下滑、毛利率仍处低位、新增计提存货跌价准备以及部分资产 交易和股权处置的交易价格低于账面值等。其中，包括存货跌价准备在内的各类减值准备合计94亿元， 使得归母净利润减少了约83亿元。 整体来看，前三季度，万科累计营业收入为1613.9亿元，同比下降26.6%；归母净利润约为-280.2亿元， 同比下降83%，降幅较上半年持续扩大；报告期内，房地产开发业务的税前毛利率为7.8%，税后毛利率 为2.0%。 在备 ...

智通财经APP讯，万科企业(02202)公布，经协商，公司第一大股东深圳市地铁集团有限公司向公司提供 不超过22亿元借款。 ...

万科企业(02202)公布，经协商，公司第一大股东深圳市地铁集团有限公司向公司提供不超过22亿元借 款。 ...

前三季度，万科在多地实现项目"开盘即热销"，同时通过系统性盘活存量资源，为发展注入新动能，累 计盘活优化和新增产能达178.4亿元。就在刚刚过去的国庆中秋假期，万科实现认购金额47.7亿元，目标 完成率137%，16家地区公司均完成认购目标，万科广州、贵阳等多个项目销售金额居当地榜首。10 月，上海高福云境项目首开，其中25套1.3-1.7亿房源全部售罄，销售额一举超过全上海该总价段的成交 总额。 北京商报讯（记者 王寅浩 李晗）10月30日，万科发布三季度业绩报告。报告显示，前三季度万科实现 营收1613.9亿元，销售收入1004.6亿元，高质量交付超7.4万套，经营服务业务三季度实现收入435.7亿 元，经营服务效益持续保持行业前列。 ...

Group 1 - The main shareholder, Shenzhen Metro Group, plans to provide Vanke A with a loan of up to 2.2 billion yuan for repaying the principal and interest of bonds issued in the public market [3] - The loan term will not exceed 3 years, with an interest rate set at the one-year Loan Prime Rate (LPR) minus 66 basis points as of the day before the loan is drawn [3] - This transaction is classified as a related party transaction and has been approved by the company's board of directors [3]

响应科技创新推动产业创新，万科全力运用科技提升产品服务。在智能建造领域，万科首创的图纸大模 型及相关产品已成为行业级应用，已服务内外部项目超1000个，为近百家行业伙伴提供线上审图服务， 国家档案馆与万科合作的"建筑图纸大语言模型"已完成立项。同时，万科全面推进"AI数字工程管理平 台"在各建设项目中应用，通过无人机和360摄像头采集施工现场数据，依托计算机视觉算法，精准识别 工程建设进度，助力项目交付，已累计完成智能巡检超32万次。 目前，轨道物流与机器人配送项目已完成第二阶段的试跑测试，同时，根据测试结果启动了硬件改良与 升级工作。根据计划，项目将于今年第四季度逐步完成40台量产机器人的批量生产与交付，并在深圳地 铁的25个关键站点开展试运行。除继续服务7-Eleven地铁门店外，项目还将积极推进与餐饮、茶饮等品 牌合作进行地铁配送业务的开展。 业内人士指出，科技创新能够催生新产业（300832）、新模式、新动能，是发展新质生产力的核心要 素。目前，万科在智能建造与数字化转型等领域的探索已见成效，相关应用和实践不仅为行业提供了可 落地、可复用的技术解决方案，更推动了传统住宅开发的科技化转型。随着AI、物联 ...