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]

149358.SZ 21 万科 02 149478.SZ 21 万科 04 149568.SZ 21 万科 06 149815.SZ 22 万科 02 149931.SZ 22 万科 04 149976.SZ 22 万科 06 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 12 月 30 日 债券代码 债券简称 148380.SZ 23 万科 01 "22 万科 MTN005"存续期内的本息兑付日之宽限期由 5 个工作日延长至 30 个交易日，延长宽限期后，其偿付顺序不劣于发行人所有初始到期顺序晚于 "22 万科 MTN005"的债券。发行人接受本次持有人会议的表决结果，后续发 行人将与各方坦诚沟通协商，研究完善举措，继续寻求本期债券解决方案，维护 各方长远共同利益。 2 声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》，以及《万科企业股份有限公司 2020 年面向合格投资者公开发行住房 租赁专项公司债券债券持有人会议规则》《万科企业股份有限公司 2 ...

vanke 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。 (本页无正文,为《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》 之盖章页） 万科企业股份有限公司 二〇二五年十二月三十一 日 2 因公司拟于近期召开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)(以下简 称"21万科 02")2026年第一次债券持有人会议,为保护债券投资 者利益,根据《深圳证券交易所公司债券上市规则(2023年修订)》 等相关规定,经公司申请,"21万科 02"自 2026年1月5日开市起 停牌。 停牌期间,公司将严格按照法律法规的规定履行信息披露义务, 待有关事项确定后,公司将及时公告并申请公司债券复牌。敬请广大 债券 ...

| 股票简称：万科 | A | | 股票代码：000002 | | --- | --- | --- | --- | | 万科 | H | 代 | 299903 | | 债券简称：21 | 万科 | 02 | 债券代码：149358 | 关于召开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） 2026 年第一次债券持有人会议的通知 特别提示： 1、债权登记日：2026 年 1 月 14 日。 2、会议表决时间：2026 年 1 月 16 日 9:00-2026 年 1 月 19 日 17:00。 3、会议召开背景：为稳妥推进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）（以下简称"本期 债券"或"21 万科 02"）本息兑付工作，特召开持有人会议对本期债券本息兑 付安排调整相关事项进行审议。 4、因"21 万科 02"部分债券持有人已行使回售选择权，导致该部分债券 持有人对发行人享有的给付请求权与未行使回售选择权的其他债券持有人不同。 因此，本次持有人会议仅由具有相同请求权的债券持有人就不涉及其他债券持 有人 ...