Investment Rating - The report adjusts the investment rating to "Accumulate" from "Buy" [3] Core Views - The company faces performance adjustment pressure with a significant decline in revenue and net profit, primarily due to reduced settlement scale and gross margin in development business, impairment provisions, and losses from non-core financial investments [1][2] - The company is actively working to revitalize existing resources and improve cash flow, achieving a positive operating cash flow of 4.2 billion yuan in Q2 2024 [1] - Financial recovery is supported by favorable financial policies, with new financing and refinancing totaling 61.2 billion yuan in H1 2024, while debt repayment remains on schedule [1][2] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 142.78 billion yuan, down 28.9% year-on-year, and a net profit loss of 9.85 billion yuan, down 199.8% year-on-year [1] - The settlement revenue was 111.68 billion yuan, a decrease of 34.6% year-on-year, with a gross margin of 6.8%, down 13.5 percentage points [1] Sales and Land Acquisition - The company sold 9.395 million square meters, a decrease of 27.6% year-on-year, with sales amounting to 127.33 billion yuan, down 37.6% year-on-year [1] - The company acquired 3 new projects with a total planned construction area of 246,000 square meters and a total land price of 1.02 billion yuan, indicating a land acquisition intensity of 0.8% [1] Financial Stability - The company achieved new financing and refinancing of 61.2 billion yuan in H1 2024, with a total debt repayment of 52.4 billion yuan [1] - As of H1 2024, the company had interest-bearing liabilities of 331.27 billion yuan, with a net debt ratio of 62.0% [1][2] Asset Transactions - The company completed bulk asset transactions worth 20.4 billion yuan by the end of July, enhancing its liquidity during a challenging market environment [2] - The establishment of a REITs platform has improved the company's liquidity and asset management capabilities [2]

Investment Rating - The investment rating for the company is adjusted to "Accumulate" [3] Core Views - The company reported a significant loss in H1 2024, with revenue of 142.78 billion yuan, down 28.93% year-on-year, and a net loss attributable to shareholders of 9.85 billion yuan, a decrease of 199.82% [1] - The decline in performance is attributed to lower settlement scale and gross margin in development business, impairment provisions, losses from non-core financial investments, and asset disposals at prices below book value [1] - The company aims to focus on operational safety and risk mitigation, emphasizing "ensuring housing delivery, ensuring payment, and transitioning to high-quality development" [1] - Sales performance remains strong, with the company maintaining leading positions in multiple cities despite a decrease in sales area and amount [1] - Cash flow remains under pressure, with a net cash outflow from operations of 5.18 billion yuan in H1 2024, and a net debt ratio of 62.0% [1] Financial Summary - For H1 2024, the company achieved a gross margin of 8.12%, down 10.75 percentage points from the same period in 2023, with development and property management gross margins at 7.25% and 13.65%, respectively [1] - The company’s total assets were reported at 1,504.85 billion yuan, with total liabilities of 1,101.92 billion yuan, resulting in a debt-to-asset ratio of 72.94% [3][7] - The projected revenue for 2024 is 330.67 billion yuan, reflecting a 29.00% decline, with a forecasted net profit attributable to shareholders of -8.81 billion yuan [2][7]

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Investment Rating - The report maintains a "Neutral" rating for the company due to pressures from inventory reduction, impairment, and asset disposal [2]. Core Views - The company reported a significant decline in both revenue and net profit for the first half of 2024, with revenue at 142.78 billion RMB, down 28.9% year-on-year, and a net loss of 9.85 billion RMB, a decrease of 199.8% year-on-year [1][2]. - The decline in performance is attributed to several factors, including a significant drop in the scale and gross margin of property development projects, impairment provisions, and losses from non-core financial investments [1]. - The company remains a leader in the industry in terms of development scale, completing property deliveries of 74,000 units and achieving sales of 127.33 billion RMB, despite a 37% year-on-year decline [1]. - The company is actively pursuing cash flow through large asset and equity transactions, achieving a signed transaction amount of 20.4 billion RMB in the first seven months of 2024 [1]. - The company has successfully utilized financial support policies to transform its financing model, with a total of 61.2 billion RMB in new financing and refinancing in the first half of 2024 [1]. Summary by Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 142.78 billion RMB, a decrease of 28.9% year-on-year, and a net loss attributable to shareholders of 9.85 billion RMB, a decline of 199.8% year-on-year [1]. - The gross margin for development business fell to 6.8%, down 13.5 percentage points year-on-year, with development revenue at 111.68 billion RMB, down 34.6% year-on-year [1]. Asset Management - The company completed resource revitalization and optimization worth 45.5 billion RMB, achieving cash inflow from revitalization and investment receivables of 8.1 billion RMB [1]. - The company has made progress in innovative asset trading tools, including the issuance of 3.26 billion RMB in commercial infrastructure REITs [1]. Financing Activities - The company secured a total of 61.2 billion RMB in new financing and refinancing in the first half of 2024, with a comprehensive financing cost of 3.66% [1]. - The company has also completed the repayment of 7.3 billion RMB in domestic public bonds and approximately 10.4 billion RMB in overseas public bonds [1].

Investment Rating - The report maintains a "Neutral" rating for the company due to pressures from inventory reduction, impairment, and asset disposal [3]. Core Views - The company reported a significant decline in both revenue and net profit for the first half of 2024, with revenue of 142.78 billion RMB, down 28.9% year-on-year, and a net loss attributable to shareholders of 9.85 billion RMB, a decrease of 199.8% [2]. - The decline in performance is attributed to several factors, including a significant drop in the scale and gross margin of property development projects, impairment provisions, losses from non-core financial investments, and asset disposal losses [2]. - The company remains a leader in the industry in terms of development scale, completing the delivery of 74,000 units and achieving sales of 127.33 billion RMB, despite a 37% year-on-year decline in sales [2]. - The company is actively pursuing large asset and equity transactions to improve cash flow, with a signed amount of 20.4 billion RMB in bulk transactions from January to July 2024 [2]. - The company has successfully utilized financial support policies to transform its financing model, with a total of 61.2 billion RMB in new financing and refinancing in the first half of 2024 [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 142.78 billion RMB, a decrease of 28.9% year-on-year, and a net loss of 9.85 billion RMB, compared to a profit in the previous year [2][3]. - The gross margin for development business fell to 6.8%, down 13.5 percentage points year-on-year [2]. - The company has revised its profit forecasts for 2024-2026, expecting net profits of -7.92 billion RMB, 440 million RMB, and 2.4 billion RMB respectively [3]. Asset Management - The company completed resource revitalization and optimization worth 45.5 billion RMB, achieving cash inflows of 8.1 billion RMB from revitalization and receivables [2]. - The company has made progress in innovative asset trading tools, including the issuance of 3.26 billion RMB in commercial infrastructure REITs [2]. Financing Activities - The company secured a total of 61.2 billion RMB in new financing and refinancing in the first half of 2024, with a comprehensive financing cost of 3.66% [2]. - The company has also completed the repayment of 7.3 billion RMB in domestic public bonds and approximately 10.4 billion RMB in overseas public bonds [2].

Investment Rating - The report maintains a **Buy** rating for the company, with a target price of **11.53 CNY**, unchanged from the previous rating [2] - The current price is **6.76 CNY**, indicating a significant upside potential [2] Core Views - The company's performance in H1 2024 was in line with expectations, with revenue of **142.78 billion CNY**, down **28.9% YoY**, and a net loss of **9.85 billion CNY**, down **199.8% YoY** [7] - Despite challenges, the company is supported by multiple state-owned enterprises in Shenzhen through various means such as bulk transactions, REITs subscriptions, and project collaborations [7] - The company is focusing on three main strategies: **ensuring housing delivery, ensuring payment obligations, and transitioning to high-quality development** [7] - The company is actively reducing inventory and optimizing its land reserves, with a total inventory value of **620.4 billion CNY**, down **11.6%** from the end of 2023 [7] Financial Performance - Revenue for 2024E is projected at **343.83 billion CNY**, down **26.2% YoY**, with net profit attributable to shareholders at **8.86 billion CNY**, down **27.2% YoY** [6] - The company's ROE is expected to decline to **3.4%** in 2024E, down from **9.3%** in 2022A [6] - The company's net debt ratio stands at **60.30%**, with a current P/B ratio of **0.3** [4] Operational Highlights - The company's new construction starts in H1 2024 were **4.12 million square meters**, achieving only **38.4%** of the annual plan, compared to **71.5%** in the same period last year [7] - Completed construction area in H1 2024 was **8.60 million square meters**, achieving **39.0%** of the annual plan, slightly below the **40.0%** achieved in the same period last year [7] - The company added only **3 new land parcels** in H1 2024, with an average land price of **3,944 CNY per square meter** [7] Industry Context - The company operates in the **real estate/finance** sector, facing challenges such as declining settlement scale and gross margins, as well as significant impairment losses [6][7] - The company is focusing on **inventory reduction** and **resource optimization**, including converting commercial properties to residential use and resource swaps [7] Valuation Metrics - The company's current P/E ratio is **3.55**, with a projected P/E of **9.10** for 2024E [6] - The company's P/B ratio is **0.33**, with a target P/B of **0.53** based on the target price [7]

证券代码：000002 证券简称：万科 A 万科企业股份有限公司投资者关系活动记录表 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 活动参与人 员 投资者： 网络直播，面向所有投资者，参与人员约 16.3 万人 次 公司人员： 董事会主席郁亮，总裁祝九胜，联席总裁、开发经营 本部首席合伙人张海，联席总裁、物业事业集团首席 合伙人朱保全，执行副总裁、财务负责人韩慧华，执 行副总裁、首席运营官刘肖，董事会秘书朱旭 时间 2024 年 8 月 30 日星期五晚上 19:00—20:45 地点 直播观看地址： 1. 万科官网： 中文界面： https://www.vanke.com/investor/data?typeid=62&newsid=8110 英文界面： https://www.vanke.com/en/investor/data?typeid=62&newsid=8111 编号：2024-004 | | 2. 微信"易选房"小程序 | | --- | --- | | | 3. 全景网： | | | 中 ...

Financial Performance - China Vanke Co., Ltd. reported unaudited interim results for the six months ending June 30, 2024[1]. - The company reported a revenue of RMB 142.78 billion for the first half of 2024, a decrease of 28.93% compared to RMB 200.89 billion in the same period of 2023[12]. - The gross profit for the first half of 2024 was RMB 9.65 billion, down 74.52% from RMB 37.89 billion in the previous year[12]. - The company incurred a loss attributable to shareholders of RMB 9.85 billion in the first half of 2024, representing a decline of 199.82% compared to a profit of RMB 9.87 billion in the same period of 2023[12]. - The company's total revenue for the first half of 2024 was RMB 142.78 billion, a decrease of 28.93% year-on-year[23]. - The real estate development and related asset management revenue was RMB 123.40 billion, down 33.07% year-on-year, accounting for 86.4% of total revenue[23]. - The property services revenue increased by 13.98% year-on-year to RMB 15.99 billion, with a gross margin of 13.65%[24]. - The net asset return rate (diluted) for the first half of 2024 was -4.08%, a decrease of 8.04 percentage points from 3.96% in the same period of 2023[12]. - The company reported a net loss attributable to shareholders of RMB 9.85 billion, a significant increase of 199.8% year-on-year[23]. - The company reported a total comprehensive income for the period of RMB (8,118,635,000), down from RMB 17,669,121,000 in the previous year, reflecting a decrease of approximately 146%[127]. Dividends and Shareholder Returns - The company will not distribute cash dividends or bonus shares for the 2024 interim period[2]. - The company did not declare cash dividends or bonus shares for the first half of 2024[26]. - The company did not declare a dividend for the previous fiscal year, which was RMB 8,063,000 thousand or RMB 0.68 per share[168]. Operational Highlights - The company delivered 74,000 housing units across 169 projects in the first half of 2024, maintaining its position among the top tier in the industry[15]. - The company achieved a total transaction amount of RMB 20.4 billion in bulk asset transactions from January to July 2024, covering various asset types including commercial and long-term rental apartments[15]. - The rental housing business expanded its operational scale, adding 15,000 new units, with 80.6% located in first-tier cities, and maintaining a rental rate of 95.2%[15]. - The company launched 3 new projects in the first half of the year, with a total planned construction area of 246,000 square meters and a total land cost of RMB 1.02 billion[31]. - The company completed a construction area of approximately 8.596 million square meters in the first half of the year, achieving 39.0% of the annual plan[31]. - The company has improved community amenities in 48 major projects, resulting in an increase of approximately 14,000 households, representing a 16% rise in occupancy rates[35]. Financing and Debt Management - The company secured new financing and refinancing totaling RMB 61.2 billion in the first half of 2024, with an average cost of 3.66% for new financing[16]. - The net debt ratio as of the reporting period was 62.0%, with total interest-bearing debt amounting to RMB 331.27 billion, accounting for 23.3% of total assets[48]. - The average cost of newly added domestic financing in the first half of 2024 was 3.60%, with a weighted average debt maturity of 5.3 years for interest-bearing debt[50]. - The group achieved a net cash outflow from operating activities of RMB 5.18 billion during the reporting period, with cash and cash equivalents totaling RMB 92.4 billion as of the end of the reporting period[51]. - The company reported a total guarantee amount of RMB 60,000 million for its wholly-owned subsidiary as of June 1, 2024[93]. Market Conditions and Industry Trends - The average rental price in 50 key cities fell by 0.9% in the first half of the year, indicating a downward trend in the rental market[20]. - The total sales area of commercial housing in China decreased by 19.0% year-on-year to 480 million square meters, with sales revenue down 25.0% to RMB 4.7 trillion[17]. - The new construction area for residential properties dropped by 23.7% year-on-year to 380 million square meters, reflecting a continued decline in development investment[17]. - The average premium rate for residential land sales was 4.4%, down 2.3 percentage points year-on-year, indicating reduced competition in the land market[17]. Strategic Initiatives and Future Plans - The company plans to continue implementing its comprehensive plan focused on "ensuring housing delivery, ensuring payments, and transitioning to high-quality development" to navigate the challenging market environment[16]. - The company is focusing on strategic initiatives to enhance market expansion and product development in the upcoming periods[132]. - The company aims to reduce annual management expenses by 15% in 2024 through cost-cutting measures[58]. - The company plans to deliver 188,000 units throughout the year, focusing on high-quality delivery[56]. Sustainability and ESG Efforts - The company has established nearly 50 sustainability goals, focusing on emissions reduction, waste reduction, energy use, and climate change[70]. - The company achieved a cumulative area of 331 million square meters meeting green building standards by the end of June 2024, with 61.5% of new projects incorporating renewable energy designs[70]. - The company received multiple ESG ratings, including AA from the Shenzhen Stock Exchange and A+ from the Hang Seng ESG Index, and was recognized as the best ESG in the mainland real estate sector by Institutional Investor magazine[70]. - Vanke's green operations focus on energy and water resource efficiency, aiming to reduce resource waste across all project phases[72]. Corporate Governance and Shareholder Relations - The company maintains its independence in operations, finance, and governance, ensuring no interference from its controlling shareholder[74][75][76][77][78]. - The company will not utilize its shareholder position to infringe upon the legitimate rights and interests of minority shareholders[81]. - The company has not experienced any major litigation or arbitration matters during the reporting period[83]. - The company has not engaged in any significant non-operating related party debt transactions during the reporting period[88]. Asset Management and Transactions - The company has announced a public listing for the transfer of land use rights and related assets, with a total area of 19,227.53 square meters and a planned construction area not exceeding 167,000 square meters[85]. - The company conducted 49,000 live broadcasts and registered 149,000 customer inquiries as part of its marketing innovation efforts[27]. - The company reported a total contract costs of RMB 5,354,454 thousand, slightly up from RMB 5,281,137 thousand year-over-year[153].

公告编号：2024-089 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 第二十届董事会第九次会议决议公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 万科企业股份有限公司（以下简称"公司"）第二十届董事会第九次会议的通知于 2024 年 8 月 15 日以电子邮件的方式送达各位董事。会议于 2024 年 8 月 30 日在深圳以现场和通 讯会议相结合方式举行，会议应到董事 11 名，亲自出席董事 11 名。董事会主席郁亮主持会 议，公司监事、高级管理人员列席了会议。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。 二、董事会会议审议情况 （二）审议通过《关于 2024 年半年度不派息、不进行公积金转增股本的议案》 公司 2024 年半年度不派发现金红利，不送红股，不进行资本公积金转增股本。 表决结果：赞成 11 票，反对 0 票，弃权 0 票。 （三）审议通过《关于计提和核销 2024 年半年度减值准备的议案》 （一）审议通过《2024 年半年 ...

万科企业股份有限公司 第十一届监事会第六次会议决议公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2024-090 （三）审议通过《关于计提和核销2024年半年度减值准备的议案》 经审核，监事会认为董事会编制和审议公司2024年半年度报告及其摘要的程序符合法律、 行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的实际情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 特此公告。 本公司及监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。 万科企业股份有限公司 监事会 二〇二四年八月三十日 万科企业股份有限公司（以下简称"公司"） 第十一届监事会第六次会议的通知于 2024年8月16日以电子邮件的方式送达各位监事。会议于2024年8月30日在深圳举行，会议应 到监事3名，亲自出席监事3名。监事会主席解冻主持会议。本次会议的召开符合《中华人民 共和国公司法》等法律法规及《万科企业股份有限公司章程》的规定。 会议分别以3票同意、0票反对、0票弃权通过以下决议： （一）审议通过《2024年半年度报告、摘要、财务报告和 ...