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通告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部份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） 2025年第一次臨時股東會通告 1 (3) 授權本公司董事會並可由董事會轉授權其他獲授權人士於彼等認為必要時行使一切權力及進行 相關其他行動及事宜，以及簽立彼等認為或會對執行貸款框架協議項下擬進行的交易屬必要或 權宜的其他文件或協議。」 除另有界定者外，本通告所用詞彙與本公司日期為2025年11月4日的通函所界定者具有相同涵義。 將在臨時股東會上審議及批准的事項 本公司股東將在臨時股東會上審議及酌情批准下列決議案： 普通決議案 「動議 (1) 批准、確認及追認本公司與深圳地鐵集團所訂立的貸款框架協議及其項下擬進行的交易； (2) 批准、確認及追認貸款框架協議項下擬進行的交易的建議年度上限；及 茲通告萬科企業股份有限公司（「本公司」）將於2025年11月20日（星期四)下 ...

万科企业股份有限公司 境内同步披露公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-142 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》规定，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）披露了《持续关 连交易-贷款框架协议》《2025 年第一次临时股东会通告》。 根据《深圳证券交易所股票上市规则》11.2.1 关于上市公司境内外同步披露 的要求，特将有关公告同步披露如下，供参阅。 特此公告。 万科企业股份有限公司 董事会 二〇二五年十一月四日 此乃要件 請即處理 閣下對本通函任何方面或應採取的行動如有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或另行轉讓名下萬科企業股份有限公司的全部股份，應立即將本通函及隨附的代表委任表格 交予買主或承讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他代理，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有 ...

万科企业股份有限公司 关于召开 2025 年第一次临时股东会的通知 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-141 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。 特别提示： 1、现场会议时间：2025 年 11 月 20 日（星期四）15:30 起。 2、现场会议地点：深圳市盐田区大梅沙环梅路 33 号万科中心。 3、会议的股权登记日：2025 年 11 月 17 日（星期一）。 4、表决方式：万科企业股份有限公司（以下简称"公司"或"本公司"） 2025 年第一次临时股东会（以下简称"临时股东会"或"股东会"）采取现场 投票和网络投票相结合的方式。 内资股（A 股）股东可以通过深圳证券交易所（以下简称"深交所"）交易 系统和互联网投票系统（http://wltp.cninfo.com.cn）进行投票，但其中的合格境 外机构投资者（QFII）、证券公司客户信用交易担保证券账户、证券金融公司转 融通担保证券账户、约定购回式交易专用证券账户等集合类账户持有人，仅能通 过互联网投票系统投票，不能通过深交所交易系 ...

Group 1 - The company plans to hold its first extraordinary general meeting of shareholders on November 20, 2025, at 15:30 [2] - The agenda for the meeting includes the proposal regarding a framework agreement for shareholder loans provided by Shenzhen Metro Group, with the company providing guarantees [2]

Group 1 - Yang Guofu's spicy hot pot has faced criticism for pricing green bean sprouts at 28.8 yuan per kilogram, significantly higher than Sam's Club's price of 8.25 yuan per kilogram [2][3] - The price of vegetables in hot pot restaurants generally exceeds 25 yuan per kilogram, with some premium items reaching up to 100 yuan per kilogram [2] - The company stated that pricing varies by location due to local cost considerations, such as rent and labor [2] Group 2 - Nanjing University of Science and Technology's recruitment for a security position requires a master's degree, which has sparked public discussion [3] - The role involves handling security incidents, internal disputes, and conducting safety education [3] Group 3 - Vanke has signed a loan framework agreement with its major shareholder, Shenzhen Metro Group, for a maximum loan of 22 billion yuan [6] - Vanke reported a third-quarter revenue of 56.07 billion yuan, a year-on-year decline of 27.3%, and a net loss of 16.07 billion yuan, an increase of 98% year-on-year [6] - Since February 10, Vanke has borrowed from Shenzhen Metro Group ten times [6] Group 4 - Starbucks has announced a joint venture with Boyu Capital to operate its retail business in China, with Boyu holding up to 60% of the joint venture [6] - The new venture aims to expand Starbucks' presence in China from 8,000 to 20,000 stores [6] Group 5 - Shanghai Disneyland announced plans to build a fourth themed hotel, which will include new shopping and dining facilities [6] - The park recently welcomed its 100 millionth visitor since opening [6] Group 6 - The founder of Quan Guo Fund, Wang Guobin, has passed away, leading to a management change within the company [7] - Quan Guo Fund was established in 2022 and is a national public fund management company [7] Group 7 - Zhou Dasheng, a jewelry company, has closed 560 stores in the past year, with a significant reduction in franchise locations [8] - The company reported a total of 4,675 stores as of September 30, 2025, down from the previous year [8] Group 8 - China Mobile announced a transfer of 41.98 million shares to China National Petroleum Corporation, reducing its stake from 69.05% to 68.85% [9] - The transfer aims to enhance strategic collaboration between the two companies in information technology and smart energy [9] Group 9 - Amazon has signed a $38 billion agreement with OpenAI to provide cloud computing infrastructure for AI operations [17] - The partnership will support OpenAI's rapid model iterations and enhance user experience for applications like ChatGPT [17] Group 10 - Micron Technology reported a revenue of 2.366 billion yuan for the first three quarters of 2025, a year-on-year increase of 73.18% [18] - The company has consistently achieved quarter-on-quarter revenue growth for nine consecutive quarters [18]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][10]. Core Views - The company is actively managing inventory and disposing of assets to recover cash amidst industry challenges. It has secured new financing and refinancing of 26.5 billion yuan in the first three quarters. Shareholder support from Shenzhen Metro Group has provided liquidity assistance, totaling 29.13 billion yuan in loans, with favorable terms compared to market standards. The primary focus is on maintaining cash flow balance to navigate liquidity pressures, indicating the company's enduring value despite current challenges [2][7][13]. Summary by Sections Financial Performance - In the first three quarters, the company reported revenue of 161.4 billion yuan, a decrease of 26.6%, and a net loss attributable to shareholders of 28 billion yuan, compared to a loss of 17.9 billion yuan in the same period last year. The gross margin was 9.6%, reflecting a slight increase of 0.1 percentage points [7][12]. Sales and Inventory Management - The company experienced a significant decline in sales, with total sales amounting to 100.46 billion yuan, down 44.6%, and sales area decreasing by 41.8%. The average selling price per square meter was 12,961 yuan, a drop of 4.8%. The company is accelerating inventory turnover, achieving sales of 20.2 billion yuan from completed properties and 20.6 billion yuan from near-completed properties [12][13]. Operational Resilience - Despite the downturn, the company's operational income showed resilience, with total income of 43.57 billion yuan, an increase of 1.1%. The property service segment added annualized revenue of 1.68 billion yuan, while logistics and long-term rental apartments also reported growth [12][13]. Investment Outlook - The company is focused on asset management and cash recovery strategies, with a total of 26.5 billion yuan in new financing secured. The support from Shenzhen Metro Group is crucial for maintaining liquidity. The projected net losses for 2025-2027 are -42 billion, -19.2 billion, and -6.9 billion yuan, respectively, reinforcing the "Accumulate" rating [2][12][13].

Core Viewpoint - Vanke has signed a framework agreement with its largest shareholder, Shenzhen Metro Group, for a shareholder loan of up to 22 billion yuan, aimed at repaying public market bond principal and interest [1][2]. Group 1: Loan Details - The total amount of the loan principal and interest is expected to not exceed 236.91 billion yuan, with the loan period effective until the 2025 annual shareholders' meeting [2]. - The loan will cover three types of borrowings: credit loans without collateral prior to the agreement, loans with collateral that could not be implemented, and new loans after the agreement [2]. - The initial loan term cannot exceed three years, but it can be extended with the consent of Shenzhen Metro Group [2]. Group 2: Collateral and Guarantees - Vanke or its subsidiaries must provide legal operating real estate, fixed assets, inventory, construction projects, or stocks as collateral for the loan [3]. - The collateral-to-loan ratio for operating real estate, fixed assets, inventory, and stocks is set at 60%-70%, while for non-listed company equity, it is 50%-60% [3]. - If Vanke fails to provide collateral for the actual loans, Shenzhen Metro Group has the right to demand immediate repayment of the loans [3]. Group 3: Financial Support and Performance - Shenzhen Metro Group holds a 27.18% stake in Vanke and has provided financial support ten times this year, totaling 29.13 billion yuan since 2025 [4][5]. - As of the end of September, Vanke reported cash of 65.68 billion yuan against interest-bearing liabilities of 362.93 billion yuan, resulting in a debt ratio of 73.5% [4]. - Vanke's revenue for the third quarter was 56.065 billion yuan, a year-on-year decrease of 27.3%, with a net loss of 16.069 billion yuan [6].

Summary of Key Points Core Viewpoint - Vanke A experienced a block trade on November 3, with a transaction volume of 320,000 shares and a transaction amount of 2.0032 million yuan, at a price of 6.26 yuan, which represents a discount of 0.63% compared to the closing price of the day [2] Group 1: Block Trade Details - The block trade involved a total volume of 320,000 shares and a total transaction amount of 2.0032 million yuan [2] - The transaction price was 6.26 yuan, reflecting a discount of 0.63% relative to the closing price of the day [2] - Both the buyer and seller were from the same brokerage, Everbright Securities Co., Ltd., Ningbo Liuting Street Securities Business Department [2] Group 2: Recent Trading Activity - Over the past three months, Vanke A has recorded three block trades, with a cumulative transaction amount of 11.2362 million yuan [2] - On the same day, Vanke A's closing price was 6.30 yuan, showing an increase of 0.48% [2] - The stock had a turnover rate of 0.71% and a total trading volume of 434 million yuan, with a net outflow of main funds amounting to 38.684 million yuan [2] Group 3: Financing and Market Performance - In the last five days, Vanke A's stock has decreased by 0.32%, with a total net outflow of funds amounting to 194 million yuan [2] - The latest margin financing balance for Vanke A is 3.358 billion yuan, which has decreased by 141 million yuan over the past five days, representing a decline of 4.02% [2]

借款本金余额与经营性房地产、固定资产、存货、在建工程、股票等担保物评估价值的比率（抵/质押 率）为60%-70%，与非上市公司股权质押评估价值的比率（质押率）为50%—60%。如万科未能就借款 额度下实际发生的借款提供抵/质押担保，深铁集团有权要求万科立即偿还借款额度下已实际发生但未 提供抵/质押担保的借款本息。 结合万科公告中披露的信息，至2025年度股东大会召开（预期不迟于2026年6月30日），万科剩余可提 款金额为22.9亿元。 截至目前，深铁集团持有万科27.18%股权，根据《深圳证券交易所股票上市规则》等相关规定，深铁 集团构成万科的关联方，本次关联交易事项构成公司关联交易。 公告显示，万科的增信措施包括：为担保借款的偿还，万科或其下属子公司应提供其拥有的合法经营性 房地产、固定资产、存货、在建工程或股票、非上市公司股权等作为担保物。如万科提供作为担保物的 资产或其附属资产存在瑕疵、商业争议、纠纷或其他权利限制的，万科应尽最大努力消除相关影响促使 相关资产纳入可担保范围或排除出借人实现担保权利时面临的障碍，否则深铁集团有权要求万科在限期 内提供新的担保物或提前偿还部分借款。 11月2日，万科企业股 ...

Core Viewpoint - Vanke's dollar bonds have significantly declined due to Shenzhen Metro's requirement for collateral on previously unsecured loans, indicating a tightening of financial support conditions from Shenzhen Metro [1][3][4]. Group 1: Loan Conditions and Changes - Shenzhen Metro has requested Vanke to provide collateral for unsecured loans amounting to 20.373 billion RMB, ensuring the borrower's debt is secured [3][6]. - Vanke plans to apply for a loan limit of up to 22 billion RMB from Shenzhen Metro, which will be a one-time credit limit, meaning any repaid principal cannot be reused for new borrowing [1][6]. - As of October 30, Shenzhen Metro has provided a total of 29.13 billion RMB in loans to Vanke, with approximately 70% of these loans being unsecured [4][6]. Group 2: Impact on Vanke's Financial Position - Following the news, Vanke's dollar bonds maturing in November 2029 with a coupon rate of 3.5% fell by 8.5 cents to 51.3 cents, marking the largest single-day drop since issuance in November 2019 [4]. - The dollar bonds maturing in November 2027 with a coupon rate of 3.975% dropped by 11 cents to 59.5 cents [4]. - The tightening of financial support from Shenzhen Metro has raised concerns among investors regarding Vanke's liquidity issues, especially as the company expands its capital in the third quarter [4][6]. Group 3: Future Outlook and Analyst Opinions - Analysts believe that Shenzhen Metro will continue to support Vanke but will impose stricter controls on the scale of each loan, requiring collateral or pledges for future loans [7]. - The shift in Shenzhen Metro's financial support strategy is evident, as previous loans provided since April did not require asset pledges, which has now changed [6][7].