万科企业股份有限公司 关于深铁集团向公司提供不超过 15.52 亿元借款暨关联交易的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-066 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 一、关联交易概述 1、万科企业股份有限公司（以下简称"公司"或"万科"）第一大股东深 圳市地铁集团有限公司（以下简称"深铁集团"）拟向公司提供借款（以下简称 "股东借款"），借款金额不超过15.52亿元。 2、截至目前，深铁集团持有公司27.18%股权，深铁集团构成公司的关联方。 根据《深圳证券交易所股票上市规则》等相关规定，本次借款构成公司应披露的 关联交易。同时，本次借款已获得深圳证券交易所同意豁免提交公司股东大会审 议。 3、公司第二十届董事会第十七次会议于2025年5月14日审议通过了《关于深 铁集团向公司提供不超过15.52亿元借款的议案》，关联董事辛杰、黄力平、雷江 松对关联交易事项回避表决。本次交易已经公司第二十届董事会独立董事专门会 议第八次会议审议通过。 4、本次关联交易不构成《上市公司重大资产重组管理办法 ...

万科企业股份有限公司 关于担保进展情况的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 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，公司继续通过信用保证、股权质押分别为相 应的融资提供担保。 公司 2023 年度股东大会审议通过了《关于提请股东大会授权公司及控股子 公司对外提供担保的议案》，同意在授权有效期内提供的新增担保总额须不超过 人民币 1,500 亿元，有效期为自 2023 年度股东大会决议之日起至 2024 年度股东 大会决议之日止。董事会在取得股东大会授权之同时，已进一步转授权公司执行 副总裁对于单笔对外担保金额低于人民币 125 亿元进行决策。 本次担保事项在上述担保额度范围内, 公司执行副总裁已在上述授权范围 内决策同意本次担保事项，具体情况如下： 一、已有担保事项进展情况 （一）担保事项概述 公司之控股子公司云南浙万置业有限公司（以下简称"云南浙万"）前期通过 保险资金不动产债权投资计划形式向新华资产管理股份有限公司（以下简称"新 华资产"）融资，公司为该笔融资提供连带责任保证担保， ...

公告编号：〈万〉2025-065 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 一、董事会会议召开情况 万科企业股份有限公司（以下简称"公司"或"万科"）第二十届董事会第 十七次会议的通知于 2025 年 5 月 11 日以电子邮件的方式送达各位董事。公司全 体董事以通讯表决方式参与本次会议，公司于 2025 年 5 月 14 日（含当日）前收 到全体董事的表决意见。本次会议的召开符合《中华人民共和国公司法》等法律 法规和《万科企业股份有限公司章程》的规定。 董事会审议通过《关于深铁集团向公司提供不超过 15.52 亿元借款的议案》 万科企业股份有限公司 第二十届董事会第十七次会议决议公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 二、董事会会议审议情况 万科企业股份有限公司 董事会 二〇二五年五月十四日 1 表决结果：赞成 7 票，反对 0 票，弃权 0 票。关联董事辛杰、黄力平和雷江 松回避表决。 具体内容请参见公司于同日在巨潮资讯网（http://www.cninfo.com.cn）发布 的《关于深铁集团向公司提供不超过 15 ...

万科A公告，公司第一大股东深铁集团将向公司提供不超过15.52亿元的借款，用于偿还公开市场发行债 券的本金与利息。借款期限为36个月，利率为年化2.34%，低于1年期LPR。此次借款无需提交股东大会 审议，已获公司董事会及独立董事会议通过。 ...

Core Insights - Vanke Property is leading the transformation of property services from traditional models to "transparency, precision, and personalization" through technology and innovation [1] Group 1: Digital Service Report - The "Digital Service Report" is an industry-first initiative that visualizes 18 core service data points, including public revenue flow and complaint handling, allowing homeowners to access this information via the "Live Here" app [2] - The introduction of the Digital Service Report has improved transparency in public revenue usage and increased response efficiency for complaints, establishing a trust bridge between property management and homeowners [2] Group 2: Smart Selection Service and Balance Platform - The "Smart Selection Service" model allows homeowners to customize services from 12 modular options, breaking away from traditional package services and ensuring that service offerings meet actual community needs [3] - The "Balance Platform" system enhances community governance by providing transparency, ease of participation, and intelligent decision-making, significantly improving the efficiency of managing public affairs [3] Group 3: Industry Outlook - The essence of smart services is to empower human needs through technology, with Vanke Property creating a governance system that combines digital tools, innovative customization, and transparent collaboration [4] - Vanke Property aims to expand the coverage of the Digital Service Report and Smart Selection Service in Nanjing, continuously optimizing the Balance Platform to facilitate efficient collaboration among property management, homeowners, and homeowners' committees [4]

Core Viewpoint - Vanke has successfully repaid a $423 million offshore bond, but faces significant debt repayment challenges ahead, particularly in 2025, with a total of 215.9 billion yuan in bonds and medium-term notes maturing, which is nearly 50% of its outstanding bonds [1][2][4]. Group 1: Debt Repayment Status - Vanke completed the repayment of a $423 million offshore bond with a 3.15% interest rate on May 12, 2025, leaving a current balance of zero [1]. - In the first quarter, Vanke repaid 9.89 billion yuan in public debt, but still has a substantial repayment task ahead for 2025 [1]. - As of the end of 2024, Vanke's interest-bearing liabilities totaled 361.28 billion yuan, a 12.9% increase from the beginning of the year, with short-term debt accounting for 43.8% [1]. Group 2: Financial Support from Major Shareholder - The major shareholder, Shenzhen Metro Group, has provided Vanke with three loans totaling 10.3 billion yuan since 2025, specifically for repaying bonds [2][3]. - The loans have favorable terms, including a low interest rate of 2.34% and flexible repayment arrangements, which help alleviate Vanke's debt pressure [2][3]. - Shenzhen Metro Group has increased its support for Vanke, including management involvement and financial backing through various means such as bulk transactions and REITs [3][4]. Group 3: Strategic Measures and Future Outlook - Vanke is implementing multiple strategies to accelerate cash flow, achieving nearly 38 billion yuan in revenue and over 35 billion yuan in sales in the first quarter, with a collection rate exceeding 100% [1]. - The company is focused on restoring market confidence and managing debt risks, with Shenzhen Metro Group's commitment to using market-oriented and legal methods to support Vanke's recovery [4].

Group 1: Bond Performance Insights - The "24 铁道 MTN006B" bond shows a significant valuation price deviation of -0.35% with a net price of 108.70 and a yield of 2.12%[4] - The "21 万科02" bond has a positive deviation of 0.75% with a net price of 96.31 and a yield of 9.50%[5] - The "24 齐商银行永续债 01" bond has a slight positive deviation of 0.07% with a net price of 99.63 and a yield of 3.40%[6] Group 2: Market Trends - The majority of non-financial credit bonds have a transaction maturity concentrated in the 2 to 3-year range, with 3 to 4-year bonds showing the highest discount transaction ratio[2] - Real estate bonds rank high among those with transaction yields exceeding 10%[8] - The construction materials sector exhibits the largest average valuation price deviation among industries[2] Group 3: Risk Considerations - There is a risk of statistical data bias or omission, which may lead to discrepancies in reported bond performance[3] - Bonds with significant valuation price deviations may face credit risk due to changes in issuer qualifications[18]

Core Viewpoint - Vanke is facing significant debt repayment challenges in 2025, despite successfully completing a foreign debt repayment and a substantial domestic debt repayment in the first quarter of the year [2][3]. Debt Situation - As of the end of 2024, Vanke's interest-bearing liabilities amount to 361.28 billion yuan, a 12.9% increase from the beginning of the year, with short-term debt making up 158.28 billion yuan, or 43.8% of the total [2]. - Vanke has 88.16 billion yuan in cash, which is an 11.7% decrease from the start of the year, resulting in a cash-to-short-term debt ratio of 0.56 [2]. - In 2025, Vanke will face a peak in debt repayments, with 21.59 billion yuan of company bonds and medium-term notes maturing, accounting for nearly 50% of the outstanding bond balance [2]. Support from Major Shareholder - Vanke has received support from its major shareholder, Shenzhen Metro Group, which has provided three loans totaling 10.3 billion yuan since 2025, specifically for repaying Vanke's publicly issued bonds [3]. - The loans from Shenzhen Metro have favorable terms, including a low interest rate of 2.34% and flexible repayment arrangements [3][4]. - The latest loan of 3.3 billion yuan does not require collateral and allows for potential extensions, indicating increased support from Shenzhen Metro [4]. Management and Strategic Support - Shenzhen Metro has been actively involved in supporting Vanke through various means, including large transactions and REITs subscriptions, and has accelerated its management involvement in Vanke [4][5]. - The primary goal of Shenzhen Metro's management takeover is to mitigate Vanke's debt risks and restore market confidence [4]. - Vanke has expressed confidence in its recovery trajectory, supported by its major shareholder's commitment to using market-oriented and legal methods for ongoing support [5][6].

智通财经APP获悉，5月13日, 由北京中指信息技术研究院中国房地产TOP10研究组研究承办的"2025中国房地产上市公司研究成 果发布会暨第二十三届产城融合投融资大会"隆重召开。据中指研究院发布的2025中国房地产上市公司TOP10研究报告，2024 年，房地产上市公司收入转而下滑，净利润持续下滑，流动性压力仍在，股东回报下滑。未来新房市场将缓慢复苏，行业将加速 出清、重整，聚焦核心城市，保持投资强度和具有不动产运营与服务能力的房地产上市公司将释放更高的企业价值。 2025年一季度，新房市场延修复整态势。4.25政治局会议强调，以城中村改造为核心抓手，首提"加大高品质住房供给"，优化存 量房收购政策，"加快构建房地产发展新模式"重要性凸显。在当前内外部环境下，为应对外部的不确定性，此前部署的各项支持 政策有望加快落实。随着房地产供需两端政策落位，叠加"好房子"项目供给增加，预计核心城市市场将继续修复。在此背景下， 投资者将更加关注企业可持续运营能力，保持稳健运营、聚焦核心城市，保持投资强度、具备不动产运营能力的企业更易获得投 资者的青睐。 2024年房地产上市公司总资产、净资产均值及增长率 企业研究：htt ...

| 债券代码 | 债券简称 | | | --- | --- | --- | | 149124.SZ | 万科 20 | 04 | | 149142.SZ | 20 万科 | 06 | | 149297.SZ | 20 万科 | 08 | | 149358.SZ | 万科 21 | 02 | | 149478.SZ | 21 万科 | 04 | | 149568.SZ | 21 万科 | 06 | | 149815.SZ | 万科 22 | 02 | | 149930.SZ | 22 万科 | 03 | | 149931.SZ | 22 万科 | 04 | | 149975.SZ | 万科 22 | 05 | | 149976.SZ | 22 万科 | 06 | | 148099.SZ | 22 万科 | 07 | | 148380.SZ | 万科 23 | 01 | 中信证券股份有限公司 关于万科企业股份有限公司公司债券 临时受托管理事务报告 受托管理人 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 签署日期：2025 年 5 月 8 日 声明 本报告依据《公司债券发行与交易管理办法》《公司债券 ...