Financial Performance - In 2024, the company achieved operating revenue of RMB 343.18 billion and delivered over 180,000 high-quality housing units, resulting in a sales amount of RMB 246.02 billion[9]. - The company's revenue for 2024 was RMB 343.18 billion, a decrease of 26.32% compared to RMB 465.74 billion in 2023[22]. - The net profit attributable to shareholders for 2024 was a loss of RMB 49.48 billion, representing a decline of 506.81% from a profit of RMB 12.16 billion in 2023[22]. - The gross profit for 2024 was RMB 27.84 billion, down 58.72% from RMB 67.45 billion in 2023[22]. - The company reported a total operating income of CNY 29.44 billion, a year-on-year decrease of 30.37%[59]. - The company reported a net loss of RMB 48.7 billion, a year-on-year decrease of 338.1%[99]. Challenges and Risks - The company faced significant challenges, including a sharp decline in sales and substantial losses, leading to liquidity pressure[9]. - The company has acknowledged the need for deep reflection and effective rectification regarding operational management and corporate governance issues[9]. - The company is actively working on risk mitigation strategies to protect the interests of homebuyers, creditors, and investors[10]. - The company faced significant liquidity pressure with upcoming public debt repayments in 2025, necessitating a focus on risk mitigation and sustainable development[34]. - The company has been addressing long-standing issues related to high debt and rapid expansion, which have impacted its operational stability[9]. Sustainable Development - Over 60% of new projects incorporated renewable energy designs, reflecting the company's commitment to sustainable development[10]. - The company is focusing on five key areas for development: urban focus, business portfolio, model innovation, technological breakthroughs, and industrial collaboration[13]. - The company is committed to providing quality products and services while synchronizing its development with urban growth and customer needs[16]. - The company emphasizes sustainable development, setting nearly 50 sustainability goals, including carbon reduction and waste reduction initiatives[90]. - The group has achieved over 8.8 million square meters of green building certification, with 111 projects receiving green three-star certification[82]. Operational Strategies - The company is focusing on enhancing management capabilities and transforming financing models to ensure stable operations and sustainable development[10]. - The company plans to leverage resources from major shareholders to further concentrate on its core business[10]. - The company is implementing a cost reduction and efficiency improvement strategy to optimize its operations and reduce debt[13]. - The company aims to enhance its operational capabilities in urban property renovation and revitalization, leveraging new technologies and materials[13]. - The company plans to enhance its capital structure while mitigating debt risks through various measures, including the development of REITs and rental housing funds[127]. Market Expansion and Development Projects - The company is actively expanding into logistics, rental housing, commercial development, and hotel services to meet sustainable development goals[16]. - The company has a total planned construction area of 4,000,000 square meters for 2025, with significant projects in Beijing and surrounding areas[132]. - The company is focusing on market expansion with multiple projects in different regions, including Shijiazhuang and Taiyuan, to enhance its portfolio and market presence[136]. - The company is expanding its presence in Weifang with the Weifang Vanke City project, which has a total area of 126,507 square meters and a building area of 306,940 square meters, with a 99.0% equity stake[136]. - The company is actively pursuing new strategies for growth, including the development of new residential projects across various cities to meet market demand[136]. Financial Management - The total financing and refinancing obtained by the company in 2024 amounted to RMB 94.8 billion, with a comprehensive financing cost of 3.54%[32]. - The company's current assets decreased by 20.24% to RMB 917.51 billion compared to RMB 1,150.28 billion at the end of 2023[24]. - The net asset attributable to shareholders decreased by 19.19% to RMB 202.67 billion from RMB 250.78 billion in 2023[24]. - The total interest-bearing debt amounted to RMB 361.28 billion, accounting for 28.1% of total assets[102]. - The company achieved an operating cash inflow of RMB 3.8 billion, marking 16 consecutive years of positive cash flow[108]. Community Engagement and Services - The group conducted 1,387 community-building activities, engaging over 36,000 homeowners in site visits to enhance transparency and trust[60]. - The property service segment, Wanwu Cloud, achieved revenue of 36.38 billion yuan, a year-on-year increase of 8.9%, with community space residential service revenue accounting for 57.8%[70]. - The rental housing business, "Boyu," generated revenue of 3.702 billion yuan, a year-on-year growth of 7%, managing a total of 262,400 long-term rental apartments[73]. - The company has established partnerships with over 12,000 brands, with digital membership reaching 41.19 million and monthly active members increasing by 17.2% year-on-year[79]. - The group has successfully opened eight commercial projects in 2024, including Shanghai Xuhui Vanke Plaza with an opening rate of 88%[77]. Technological Innovation - The company launched its self-developed intelligent building BIM software "Dou Gong" platform, completing 169 three-dimensional visualization modeling projects throughout the year[90]. - The AI review product has been widely applied in the industry, serving over 90 peer companies and government units, with more than 1,200 projects and over 850,000 drawings reviewed[90]. - The company has developed the "Wanyitu Cloud" platform, managing over 750,000 drawings online across 91 ongoing projects by year-end[91]. - The company is focusing on developing new technologies in construction to enhance efficiency and reduce costs[152]. - The company is exploring new technologies and product developments to improve project efficiency and sustainability[167].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report According to Wind data, among the bonds traded at a discount, '25 Henan Road and Bridge MTN002' had a relatively large deviation in valuation price. Among the bonds with rising net prices, '21 Vanke 02' had a leading deviation in valuation price. Among the secondary perpetual bonds with rising net prices, '23 Dalian Bank Perpetual Bond 01' had a relatively large deviation in valuation price. Among the commercial financial bonds with rising net prices, '25 China Zheshang Bank Small and Micro Enterprise Bond 01BC' had a leading deviation in valuation price. Among the bonds with a trading yield higher than 10%, real estate bonds ranked at the top. The changes in credit bond valuation yields were mainly distributed in the (0,5] range. The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 2 - 3 year - term varieties having the highest proportion of discount trading. The trading terms of secondary perpetual bonds were mainly distributed between 4 and 5 years, with the varieties within 1 year having the highest proportion of discount trading. By industry, the bonds in the pharmaceutical and biological industry had the largest average deviation in valuation price [2]. 3. Summary by Relevant Catalogs 3.1 Discounted Bond Trading - The report tracked the trading of significantly discounted bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, industry, and trading volume. For example, '25 Henan Road and Bridge MTN002' had a remaining term of 2.89 years, a valuation price deviation of - 0.27%, a valuation net price of 99.74 yuan, and a trading volume of 39.52 million yuan [4]. 3.2 Bonds with Rising Net Prices - The report tracked the trading of bonds with significant positive deviations in net prices, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, industry, and trading volume. For example, '21 Vanke 02' had a remaining term of 0.79 years, a valuation price deviation of 1.11%, a valuation net price of 90.78 yuan, and a trading volume of 9.01 million yuan [5]. 3.3 Secondary Perpetual Bond Trading - The report tracked the trading of secondary perpetual bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, bank category, and trading volume. For example, '23 Dalian Bank Perpetual Bond 01' had a remaining term of 2.78 years, a valuation price deviation of 0.11%, a valuation net price of 104.40 yuan, and a trading volume of 198.16 million yuan [6]. 3.4 Commercial Financial Bond Trading - The report tracked the trading of commercial financial bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, bank category, and trading volume. For example, '25 China Zheshang Bank Small and Micro Enterprise Bond 01BC' had a remaining term of 2.99 years, a valuation price deviation of 0.01%, a valuation net price of 100.01 yuan, and a trading volume of 1.75021 billion yuan [7]. 3.5 Bonds with a Trading Yield Higher than 10% - The report tracked the trading of high - yield bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, industry, and trading volume. For example, '21 Vanke 02' had a remaining term of 0.79 years, a valuation price deviation of 1.11%, a valuation net price of 90.78 yuan, a valuation yield of 17.14%, and a trading volume of 9.01 million yuan [8]. 3.6 Distribution of Credit Bond Valuation Deviations The changes in credit bond valuation yields were mainly distributed in the (0,5] range [2]. 3.7 Distribution of Non - financial Credit Bond Trading Terms The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 2 - 3 year - term varieties having the highest proportion of discount trading [2]. 3.8 Distribution of Secondary Perpetual Bond Trading Terms The trading terms of secondary perpetual bonds were mainly distributed between 4 and 5 years, with the varieties within 1 year having the highest proportion of discount trading [2]. 3.9 Distribution of Discounted Trading Proportions and Trading Volumes by Industry By industry, the bonds in the pharmaceutical and biological industry had the largest average deviation in valuation price [2].

核心观点： 表内负债总量规模上行，负债结构有一定优化。截至24 年末公司账面有息负债3613 亿元，同比增长 13%，其中银行贷款、应付债券及其他借款占比分别为71%、17%、12%，负债结构在优化，但是公开 债偿债压力依然存在。万科2024 年全年完成292 亿元境内外公开债偿付，资产处置及加速回款保信用依 然是万科25 年的主基调。 盈利预测与投资建议。预计25-26 年归母净利润-83 亿元/6 亿元,给予24 年末归母权益0.45 倍合理估值， 对应A 股合理价值7.64 元/股，考虑AH 股折溢价后对应港股5.96 港元/股，均维持"增持"评级。 风险提示。基本面及政策改善不及预期，供给侧出清扰动市场情绪，公司销售融资现金流改善不及预 期，大宗交易处置不及预期等。 收入下降业绩亏损，减值等因素大幅拖累盈利能力。根据公司年报，万科24 年实现营业收入3432 亿 元，同比下降26%，净亏损487 亿元，归母净亏损495 亿元（23 年盈利122 亿元），结算规模及毛利率 下降、大宗资产处置亏损以及年末资产减值的进一步上升使得公司24 年业绩出现较大幅度的亏损。由 于公司面临亏损及现金流压力，24 年依 ...

Core Viewpoint - Vanke's rental apartment brand, Vanke Boyu, has announced a franchise recruitment strategy, which has sparked discussions in the business community about its potential success and readiness for such a model [1][2]. Summary by Sections Franchise Models - Vanke Boyu's franchise model consists of two types: project franchise for investors with quality properties, offering a menu of operational services, and capital franchise for those seeking stable returns without direct involvement in operations [2][3]. Market Context - The franchise model is not new in the long-term rental apartment sector, having been adopted by various entrepreneurial brands since 2014. Vanke's move to open franchises is seen as a significant shift for a real estate company, which traditionally relied on self-operated models [3][4]. Growth Strategy - The franchise approach may represent a second growth curve for Vanke Boyu, as the company faces increasing competition and market pressures. The shift from heavy asset ownership to a lighter asset operation aligns with Vanke's broader strategy to adapt to changing market conditions [4][6]. Performance Metrics - In 2023, Vanke Boyu reported a revenue of 3.702 billion yuan, a 7% increase year-on-year, and expanded its housing stock by 40,600 units, with 11,100 newly opened units. This performance contrasts with Vanke's overall financial struggles, indicating that Boyu is a bright spot within the company [5][6]. Competitive Landscape - The rental market is becoming increasingly competitive, with various entities entering the space, including state-owned enterprises and financial institutions. Vanke Boyu's franchise model aims to enhance its market position amid these challenges [7][11]. Franchisee Considerations - Potential franchisees are concerned about the profitability of joining Vanke Boyu. The brand's ability to command a premium and the level of operational autonomy granted to franchisees are critical factors influencing their decision [8][10]. Market Dynamics - The rental market is experiencing downward pressure due to economic factors, leading to a need for companies to adapt their strategies. Vanke Boyu's franchise model is seen as a way to navigate these challenges and maintain a competitive edge [11][14]. Operational Efficiency - The success of the franchise model will depend on Vanke Boyu's ability to establish a transparent profit-sharing mechanism and control operational costs effectively. This includes leveraging economies of scale in procurement and supply chain management [12][13]. Future Outlook - The long-term success of Vanke Boyu's franchise strategy will hinge on its ability to adapt to market cycles and maintain stable occupancy rates through corporate partnerships, which can provide a buffer against market volatility [14].

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Investment Rating - The investment rating for the real estate industry is "Positive" and maintained [15]. Core Viewpoints - The policy goal of stabilizing the market is significantly more proactive, and market expectations have improved. Although there is a seasonal decline in volume and price, resilience remains. A trend reversal will take time, but the sharp decline in volume has likely ended, bringing housing prices closer to equilibrium. The most challenging period for the industry may be passing, with structural highlights in core regions and quality properties. The current stock positions for quality real estate stocks are not far from their bottom, and the importance of real estate in the economic internal circulation cannot be overlooked. Attention should be paid to quality real estate companies with core assets, local leaders benefiting from debt reduction, and central state-owned enterprises with stable cash flows [8][12]. Market Performance - This week, the Yangtze River Real Estate Index decreased by 0.86%, with an excess return of +0.51% relative to the CSI 300, ranking 19th out of 32 industries. Year-to-date, the index is down 3.72%, with an excess return of -1.85% relative to the CSI 300, ranking 25th out of 32 [9][19]. Policy Updates - Nanjing has fully lifted housing transfer restrictions, while Guangzhou has clarified its construction plans for commodity and affordable housing for 2025. Nanjing's recent meeting emphasized support for young homebuyers and the acceleration of housing supply to meet demand [10][21]. Sales Data - New home registrations in sample cities have shown a year-on-year decline, while second-hand home transactions remain high. The new home transaction area in 37 cities increased by 1.3% year-on-year, while second-hand homes in 19 cities saw a 35.5% increase [11][23]. Economic Impact of Export Pressure - The pressure on exports has two transmission paths affecting the real estate cycle: one through economic factors like employment and income, and the other through more proactive domestic demand policies in response to external risks. The strength of economic versus policy effects depends on policy goals and intensity. Historical data supports this, indicating that the current real estate industry still faces adjustment pressure, with policies focused on risk prevention, making it difficult to expect a trend of simultaneous volume and price increases [3][12].

Investment Rating - The report maintains an "Accumulate" rating for Vanke A (000002.SZ) [10] Core Insights - In the face of industry challenges, the company is actively engaging in self-rescue efforts, optimizing inventory, and disposing of assets. It is also seeking support from various financial institutions for new financing and operational property loans. Support from major shareholders, including state-owned enterprises, is crucial for the company’s financing efforts. The primary focus remains on maintaining the balance of the cash flow amid liquidity pressures, with the company's inherent value still being relatively prominent [2][8]. Summary by Sections Financial Performance - For 2024, the company reported revenue of 343.2 billion (-26.3%) and a net loss attributable to shareholders of 49.5 billion (compared to a profit of 12.2 billion last year). The adjusted net loss was 45.4 billion (previously a profit of 9.8 billion), with a comprehensive gross margin of 10.2% (-5.1 percentage points). No dividends will be distributed for 2024 [6][8]. Operational Strategy - The company is focusing on asset disposal and inventory management to navigate through the current industry downturn. In 2024, the total sales amounted to 246 billion (-34.6%), with both sales volume and price declining by 26.6% and 10.9%, respectively. The company acquired 13 projects with a total investment of approximately 9.1 billion (-89.0%) [8][18]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 0.6 billion, 0.8 billion, and 1.0 billion for the years 2025 to 2027, corresponding to P/E ratios of 134, 109, and 82 times, respectively [8].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The report highlights the importance of stabilizing the real estate market in response to the ongoing trade war, emphasizing the need for domestic demand expansion [2][3]. - It notes a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 23% week-on-week and 26% year-on-year in April [4][7]. - The report indicates that the government is implementing policies to stabilize the market, including the cancellation of housing transfer restrictions in Nanjing and the expansion of housing fund withdrawal policies [32][33]. Industry Data Summary New Housing Transaction Volume - New housing sales in 34 key cities totaled 3.093 million square meters last week, a week-on-week decrease of 23.4% [4]. - Year-on-year, new housing sales in April are down 26%, with first and second-tier cities seeing a 21% decline and third and fourth-tier cities experiencing a 49% drop [7][8]. Second-Hand Housing Transaction Volume - Second-hand housing sales in 13 key cities fell by 26.2% week-on-week, with April sales down 15% year-on-year [13]. - Cumulative sales for the year to date show a 26.5% increase compared to the previous year [13]. New Housing Inventory - In 15 key cities, 710,000 square meters of new housing were launched last week, with a sales-to-launch ratio of 2.08, indicating a continued trend of inventory reduction [21]. - The total available residential area in these cities is 88.71 million square meters, reflecting a 0.9% decrease week-on-week [21]. Policy and News Tracking - The report discusses macroeconomic policies, including the imposition of tariffs on U.S. imports and the rise in manufacturing PMI to 50.5%, indicating a recovery in manufacturing activity [32][33]. - It highlights local government initiatives, such as Nanjing's cancellation of housing transfer restrictions and the expansion of housing fund policies in various cities [32][33]. - The report also notes the active land market in core cities, with significant land sales and project launches reported in the first quarter of 2025 [32][33].

Core Viewpoint - Vanke reported a significant loss of nearly 50 billion yuan in 2024, marking its first annual loss since its listing in 1991, with a new management team outlining future plans to stabilize and recover the business [2][4][15]. Financial Performance - In 2024, Vanke achieved operating revenue of 343.18 billion yuan, a year-on-year decrease of 26.3%, and a net profit loss attributable to shareholders of 49.48 billion yuan, a decline of 506.8% [2][4]. - The basic loss per share was 4.17 yuan, down 504.2% from the previous year, with a diluted return on equity of -24.4%, a drop of 29.26 percentage points from 2023 [5][4]. - The revenue from real estate development and related asset management was 301.03 billion yuan, accounting for 87.7% of total revenue, while property services contributed 33.13 billion yuan, or 9.7% [6]. Loss Drivers - The primary reasons for the losses included a significant decline in the settlement scale and gross margin of development projects, with a total provision for inventory impairment of 8.14 billion yuan and credit impairment of 26.4 billion yuan [7][4]. - The company faced additional losses from non-core financial investments and asset disposals at prices below book value [7][4]. Debt Pressure - As of the end of 2024, Vanke's net debt ratio was 80.6%, an increase of 25.9 percentage points from the previous year, with total interest-bearing liabilities amounting to 361.28 billion yuan [11]. - The proportion of short-term debt rose sharply from 19.5% to 43.8% within a year, indicating increased short-term repayment pressure [11]. - Vanke's cash holdings of 88.16 billion yuan were insufficient to cover short-term debts, with a coverage ratio of only 55.7% [11]. Management Changes - Following a major management overhaul in January 2024, Vanke appointed several new executives from state-owned enterprises to strengthen its leadership [16][17]. - The management expressed confidence that the real estate market has passed its most challenging phase and is expected to stabilize [17]. Future Strategy - Vanke plans to focus on its core business and key urban layouts, accelerate asset disposals, and optimize operations, targeting positive cash flow from operations [17][18]. - The company aims to leverage its diverse asset pool and explore various financing strategies to enhance liquidity and maximize asset value [14][18].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The overall delivery capacity of major real estate companies in China is expected to decrease in 2024 compared to 2023, with nearly 60% of companies experiencing a decline of over 30% in delivery scale, and a median decline of 38% [14] - The central government has increased loan support for "white list" projects to enhance delivery capabilities, with over 5 trillion yuan approved for loans, aiming to deliver 3.73 million housing units by the end of 2024 [13] - The focus of real estate companies is shifting from product design to quality delivery and customer experience, indicating a trend towards a more integrated delivery and service system [17][21] Summary by Sections Delivery Capacity Rankings - The report lists the top 30 real estate companies in China based on their delivery capacity for 2024, with Green City China, China Overseas Property, and China Resources Land leading the rankings [2] Delivery Scale and Performance - The delivery scale of major real estate companies is shrinking, with significant reductions in the number of units delivered compared to previous years, reflecting ongoing market challenges [14][15] - Specific companies such as Country Garden and Sunac China are highlighted for their delivery volumes, with Country Garden delivering approximately 380,000 units [15] Product and Service Integration - The report emphasizes the importance of integrating delivery with service, moving from merely delivering products to enhancing the overall living experience for residents [21][23] - Companies are increasingly focusing on creating community engagement and personalized services to improve customer satisfaction post-delivery [21] Quality of Delivery - The report identifies a trend towards enhancing the quality of both indoor and outdoor delivery, with a focus on functional upgrades and aesthetic improvements [19][20] - Projects that have previously won awards for their product quality are noted for their strong delivery performance, setting benchmarks for high-quality delivery in the industry [22][23]