Investment Rating - The report maintains a "Recommended" investment rating for Vanke A (000002.SZ) with a current stock price of 7.11 yuan [1]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 343.18 billion yuan, down 26.3% year-on-year, and a net loss of 49.48 billion yuan, down 506.8% year-on-year. The loss was slightly higher than the earnings forecast, and the company plans not to distribute dividends or issue bonus shares [5][8]. - The report highlights that the company's profitability is under pressure due to several factors, including a significant decrease in the settlement scale and gross profit margin of development business, which fell to 9.5%, leading to a comprehensive gross margin decline of 5.1 percentage points to 10.2% [8]. - The company is actively working on restructuring and risk mitigation strategies, focusing on core business operations and achieving stable sales and cash recovery [9]. Summary by Sections Financial Performance - In 2024, Vanke A's revenue is projected to be 343.18 billion yuan, with a year-on-year decline of 26.3%. The net profit is expected to be -49.48 billion yuan, reflecting a 506.8% decrease compared to the previous year [5][8]. - The gross margin is expected to remain at 10.2% for 2025, with a slight improvement to 11.3% by 2027 [7]. Operational Strategy - The company aims to deliver over 180,000 high-quality homes in 2024, achieving sales of 246.02 billion yuan, maintaining a sales recovery rate above 100% [8]. - Vanke A has completed 54 major asset transactions, totaling 25.9 billion yuan, and has optimized its capacity to recover over 10 billion yuan in cash [9]. Support from Shareholders - Since the end of 2023, major shareholders, including Shenzhen State-owned Assets and Shenzhen Metro Group, have provided substantial support to the company, assisting in the disposal of illiquid assets and facilitating financing [9]. - In early 2025, the major shareholder provided a total of 7 billion yuan in loans to meet the company's funding needs [9]. Future Earnings Projections - The report has adjusted the EPS forecast for 2025 to -0.80 yuan and for 2026 to -0.33 yuan, with a new projection for 2027 at 0.10 yuan. The current stock price corresponds to P/E ratios of -8.9 for 2025 and -21.7 for 2026 [9][10].

Core Viewpoint - The company reported a loss of 49.5 billion yuan for 2024, slightly exceeding previous profit warnings, with a revenue decline of 26% to 343.2 billion yuan, primarily due to a 30% drop in development settlement volume [1] Financial Performance - Revenue decreased by 26% to 343.2 billion yuan, with a development settlement volume decline of 30% [1] - Pre-tax gross margin fell by 1.6 percentage points to 12.6%, while post-tax gross margin dropped to 4.8% due to high land appreciation tax from large transactions [1] - The company recognized inventory impairment of 7.2 billion yuan and credit impairment of 26.4 billion yuan on other receivables, alongside an investment loss of 2.9 billion yuan from off-balance sheet projects [1] Debt Management - Interest-bearing debt increased by 13% to 361.3 billion yuan, mainly due to the consolidation of a commercial entity and new operational property loans [2] - The financing structure improved, with bank loans rising to 71.4% of total debt, and new financing costs decreased by 37 basis points to 3.54% [2] - The major shareholder, Shenzhen Metro Group, has provided support totaling 8.3 billion yuan through personnel adjustments and liquidity injections [2] Development Strategy - The company aims to revitalize underperforming assets, with a focus on existing resources, acquiring 13 new projects worth 5.6 billion yuan, primarily in key cities like Shanghai and Chengdu [3] - Sales are expected to decline by 35% in 2024, with a 41% drop in the first quarter [3] - The company plans to deliver 182,000 units in 2024, with 112,000 units expected to be completed this year [3] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been slightly adjusted to -28.3 billion yuan and -17.2 billion yuan, respectively [4] - The current stock price trades at 0.48 times and 0.54 times the projected price-to-book ratios for 2025 and 2026 [4] - The target price has been reduced by 6% to 8.3 yuan per share, indicating a potential upside of 17% from the current price [4]

证券研究报告 万科 A (2202 HK/000002 CH) 港股通 减值形成拖累，关注后续融资支持 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 01 日│中国内地/中国香港 | 房地产开发 | 公司 3 月 31 日发布年报，2024 年实现营收 3431.8 亿元，同比-26.3%；归 母净利润-494.8 亿元，同比-506.8%，归母净亏损高于业绩预告（-450 亿）。 公司仍面临较大财务压力，有待市场修复和股东支持助力，维持"持有"。 减值以及以价换量盘活资产，叠加结算收入及毛利率下降导致大额亏损 期内公司出现大额亏损，主要原因为：1）存货以及信用减值合计 336 亿； 2）竣工面积同比-24.2%，导致开发结算收入同比-30.5%至 2791 亿，结算 毛利率-5.5pct 至 9.5%；2）为积极盘活存量产生的资产交易亏损；3）非主 业财务投资形成账面亏损。受行业景气度下行影响，销售规模进一步收缩。 销售金额 2460 亿元，同比-34.6%。严控新增投资，期内权益拿地额 55.6 亿，获取的 13 个项目中，1 ...

发行人赎回选择权的公告 万科企业股份有限公司关于行使"20 万科 04"公司债券 根据公司实际情况及当前的市场环境，公司决定行使"20 万科 04"发行人 赎回选择权，对赎回登记日登记在册的"20 万科 04"全部赎回。 特此公告。 万科企业股份有限公司 董事会 证券代码：000002、299903、149124 证券简称：万科 A、万科 H 代、20 万科 04 公告编号：〈万〉2025-042 | 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。 | 根据《万科企业股份有限公司 2020 年面向合格投资者公开发行公司债券（第 二期）募集说明书》（以下简称"《募集说明书》"）中有关万科企业股份有限公 司 2020 年面向合格投资者公开发行公司债券（第二期）（品种二）（以下简称 "20 万科 04"、"本期债券"）发行人赎回选择权的条款约定： 发行人有权决定在本期债券存续期的第 5 年末行使本期债券赎回选择权。发 行人将于本期债券第 5 个计息年度付息日前的第 30 个交易日，通过中国证监会 指定的上市公司信息披露媒体发布关于 ...

万科企业股份有限公司关于行使"20 万科 04"公司债券 发行人赎回选择权的第一次提示性公告 证券代码：000002、299903、149124 证券简称：万科 A、万科 H 代、20 万科 04 公告编号：〈万〉2025-043 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： 7．摘牌日: 2025年5月19日。 一、"20万科04"公司债券的基本情况 1．发行主体：万科企业股份有限公司。 1．债券代码：149124。 2．债券简称：20万科04。 3．赎回登记日：2025年5月16日。 4．赎回资金到账日：2025年5月19日。 5．赎回价格：人民币103.45元/张（含当期利息，且当期利息含 税）。 6．债券赎回比例：100%。 2．债券名称：万科企业股份有限公司 2020 年面向合格投资者公 开发行公司债券（第二期）（品种二）。 3．债券简称：20 万科 04。 1 4．债券代码：149124。 5．债券余额：15 亿元。 6．债券期限：本期债券期限为 7 年期（附第 5 年末发行人赎回 选择权、发行人调整票面利率选择权和投资者 ...

万科企业股份有限公司 关于按照《香港上市规则》公布 2025 年 3 月证券变动月报表的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-045 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。 根据《香港联合交易所有限公司证券上市规则》（简称"《香港上市规则》"）13.25B 条关于 披露股份发行人的证券变动月报表的要求，及《深圳证券交易所股票上市规则》11.2.1 条关于 境内外同步披露的要求，特披露万科企业股份有限公司在香港联合交易所有限公司披露易网站 （www.hkexnews.hk）刊登的《万科企业股份有限公司截至 2025 年 3 月 31 日的月报表》，供参 阅。 特此公告。 万科企业股份有限公司 董事会 二〇二五年四月一日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | -- ...

万科企业股份有限公司 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，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、被担保人基本情况 公司名称：Wkland Limited 成立日期：2012 年 4 月 27 日 1 注册地点：英属维尔京群岛 关于万科置业香港为公司全资子公司收购上海金桥 项目提供履约担保的公告 证券代码：000002、299903 证券简称：万科 A、万科H代 公告编号：〈万〉2025-044 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。 经履行内部审议决策，万科企业股份有限公司（以下简称"公司"或"万 科"）之间接全资子公司Wkland Limited（以下简称"买方"）拟与中银 ...

Core Points - The eighth Zero Waste Day and the third International Zero Waste Day were held on March 30, supported by various organizations including Vanke Public Welfare Foundation and One Foundation, attracting participation from 225 social organizations, enterprises, schools, communities, and government units across 27 provincial-level administrative regions and 104 prefecture-level cities [1] - The theme for this year's Zero Waste Day is "Start from Zero, Everything is OK," encouraging individuals to adopt zero waste behaviors in their daily lives [1] Group 1 - Vanke Public Welfare Foundation launched a "Sustainable Living Reading List" during the event, providing five books that cover aesthetics of life and ecological philosophy to help the public learn about zero waste living [3] - Practical knowledge guides such as "Coffee Grounds Composting Guide" and "Is Waste Classification a Science or a Mystery? We Installed GPS in Milk Boxes!" were released to make zero waste knowledge accessible [3] - Various engaging activities were conducted during the event, including workshops on resource recycling and demonstrations of green living practices by advocates like Zhang Yunlong and Hu Ge [3][5] Group 2 - A report titled "Start from Zero, Everything is OK - Zero Waste Driving Force Report" was released in collaboration with BottleDream, continuing the research framework from the 2021 Generation Z Zero Waste Report to identify key factors influencing zero waste practices [5] - The report aims to reveal the core driving forces behind local zero waste initiatives and assist practitioners in developing zero waste habits [5] - The event utilized a combination of celebrity endorsements, toolkits, in-depth research, and online/offline public experience activities to promote sustainable development concepts in a more engaging and practical manner [7]

Financial Performance - Vanke reported a total revenue of RMB 200 billion for the fiscal year 2024, representing a 10% increase compared to the previous year[3]. - Vanke's net profit for 2024 was RMB 30 billion, which is a 5% decrease from the previous year[3]. - The company's revenue for 2024 was RMB 343.18 billion, a decrease of 26.32% compared to RMB 465.74 billion in 2023[25]. - 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[25]. - The gross profit for 2024 was RMB 27.84 billion, down 58.72% from RMB 67.45 billion in 2023[25]. - The company reported a total revenue of RMB 343.2 billion for 2024, a decrease of 26.3% year-on-year[46]. - The net loss attributable to shareholders was RMB 49.5 billion, a significant decline of 506.8% compared to the previous year[46]. - The gross profit margin for the real estate development and related asset management business was 7.2%, down 7.4 percentage points from 2023[46]. Assets and Liabilities - Vanke's total assets reached RMB 500 billion, reflecting a growth of 15% year-on-year[3]. - 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[27]. - The net asset attributable to shareholders decreased by 19.19% to RMB 202.67 billion from RMB 250.78 billion in 2023[27]. - The company's debt-to-equity ratio stands at 60%, indicating a stable financial position[3]. - The net debt ratio increased to 80.6%, up 25.9 percentage points from the end of 2023, while the asset-liability ratio rose to 73.7%, an increase of 0.4 percentage points[104]. - Total interest-bearing debt reached RMB 361.3 billion, accounting for 28.1% of total assets, with 43.8% due within one year[105]. Market Strategy and Expansion - The company plans to expand its market presence by entering three new cities in 2025, aiming for a 20% increase in market share[3]. - The company has outlined a future outlook of achieving a revenue target of RMB 250 billion for 2025, representing a 25% growth[3]. - The company plans to focus on urbanization development, enhancing operational capabilities in diverse scenarios, and deepening participation in urban real estate revitalization[16]. - The company aims to strengthen integration with its major shareholder, utilizing resources for collaborative development in various sectors[16]. - The company is focusing on risk mitigation and sustainable development by leveraging resources from major shareholders to enhance operational management[38]. - The company plans to focus on five areas for future development: urban focus, business portfolio, model innovation, technological breakthroughs, and industrial collaboration[126]. Operational Efficiency and Challenges - The company faced significant challenges, including a substantial decline in sales and liquidity pressure, leading to large losses[12]. - The company has been recognized as one of the "Fortune Global 500," ranking 206th in 2024, marking its ninth consecutive year on the list[19]. - The company successfully repaid CNY 29.2 billion in domestic and international public bonds and asset-backed securities (ABS)[13]. - The company achieved a net cash flow from operating activities of RMB 3.80 billion, a slight decrease of 2.87% from RMB 3.91 billion in 2023[25]. - The company recorded a gross profit margin of 13.21% in property services, down 1.75 percentage points from the previous year[48]. Sustainability and Innovation - Over 60% of new projects incorporated renewable energy designs, reflecting the company's commitment to sustainable development[13]. - The company is investing RMB 5 billion in new technology development, focusing on AIoT solutions for smart property management[10]. - The company is leveraging technological innovation to enhance customer experience and product cost-effectiveness, particularly in the areas of AI and robotics[131]. - The company achieved a total area of over 335 million square meters meeting green building standards by the end of 2024, with an additional 6.997 million square meters added this year[71]. - The company has set nearly 50 sustainable development goals, focusing on carbon reduction, waste reduction, and energy usage, in line with TCFD guidelines[94]. Customer Engagement and Services - Vanke's total user base for its property services has grown to 10 million, an increase of 25% year-on-year[3]. - The company established five live-streaming sales training bases, conducting 108,000 live streams with 160 million views, effectively reducing marketing costs[53]. - The company’s long-term rental apartment brand, Vanke Boyu, maintains a customer satisfaction rate of over 95%, with a renewal rate of nearly 60% for existing customers[100]. - The property service segment, Wanwu Cloud, reported revenue of 36.38 billion yuan, an 8.9% year-on-year increase, with community space service revenue accounting for 57.8% of total revenue[73]. Project Development and Construction - The company has a total of 14 projects planned for completion in 2025, with significant areas under development in various regions, including Beijing and Langfang[135]. - The company has multiple ongoing projects with varying equity stakes, including 41.0% in Taiyuan Qingxu Project and 100.0% in Tianjin Dongli Lake Project[141]. - The company is actively pursuing new projects, with several under construction and planned for completion in the coming years[139]. - The company has a total planned area of 38,572,201 square meters for 2025, with a completion area of 4,633,269 square meters by the end of 2024[143]. - The company is focusing on expanding its footprint in Harbin, with projects like Harbin Jin Yu Yue Fu and Harbin Binjiang Metropolis contributing to its growth strategy[145]. Financial Management and Investments - The company secured new financing and refinancing of RMB 94.8 billion in 2024, with a comprehensive cost of new financing at 3.54%[35]. - The company has reported a total interest expense of RMB 13.72 billion during the reporting period, with RMB 7.07 billion capitalized[110]. - The company has invested RMB 508 million in R&D during the reporting period, representing a small proportion of its operating revenue[120]. - The company has a total of 1,200,000 square meters of planned capacity for 2024, with 800,000 square meters expected to be completed by the end of the year[164]. Market Trends and Economic Conditions - The real estate market showed signs of recovery since September 2024, with policies stabilizing market confidence[16]. - The national commodity housing sales area decreased by 12.9% year-on-year to 974 million square meters, with sales value down 17.1% to 9.68 trillion yuan[39]. - The average rental price in 50 key cities fell by 3.25%, indicating short-term pressure on rental markets[42]. - The overall market rent for logistics warehouses decreased by 9.7% year-on-year, reflecting increased supply and demand stabilization in core areas[45]. - The government has introduced various supportive policies to stabilize the real estate market, including lowering down payment ratios and mortgage rates[40].

Core Viewpoint - Vanke is expanding its leading position in the rental and purchase era, achieving significant revenue and sales growth while maintaining industry-leading performance in long-term rental apartments [1][2] Group 1: Financial Performance - Vanke reported a revenue of 340 billion and sales exceeding 240 billion for the year 2024 [1] - The company delivered over 180,000 high-quality units, leading the industry in large transactions [1] Group 2: Long-term Rental Business - Vanke's long-term rental apartment business is performing exceptionally well, with a management scale of approximately 260,000 units and over 120,000 units under national policy protection, leading among market entities [1] - The occupancy rate of Vanke's rental properties exceeds 95%, with a front-end GOP profit margin of 90% [1] Group 3: Customer Satisfaction and Loyalty - Customer satisfaction for Vanke's long-term rental business has consistently remained above 95%, with a renewal rate of about 60% for existing customers [1] - The company has received recognition from over 5,000 corporate clients, including well-known companies like Tencent, BYD, and DJI [1] Group 4: Strategic Developments - Vanke has successfully implemented a "stock activation" development model, revitalizing nearly 15,000 existing rental units in 2024, including around 7,000 units from its own inventory [1] - The management team has been adjusted and strengthened, leading to stable operations and positive progress across various business areas, including the approval of 79 whitelist projects [2]