记者注意到，10月13日上午万科网站"集团管理团队"一栏，集团董事长的名单还未及时更新，依然是辛 杰，似乎折射出此次万科董事长更迭背后非比寻常的紧迫性。就在这几日，网传一则炸裂性消息，被称 作"救火队长"的万科董事长（已是前任）辛杰已经失联20多天，至今未能回到万科总部。对此传闻，万 科及深铁集团方面均未作出回应。按照2025年修订的《上市公司信息披露管理办法》，"董事长无法履 行职责"被明确列为需要立即披露的重大事件。（中国房地产报） ...

Core Viewpoint - Vanke's stock price experienced a significant decline following the announcement of a major personnel change, with the company facing challenges related to leadership and financial performance [1][4]. Group 1: Stock Performance - On October 13, Vanke's stock in Hong Kong opened down 4.61% and fell over 6% at one point, closing at 4.96 HKD per share, a decline of 4.8% [1][2]. - The A-share of Vanke also opened lower, with a drop of 3.11%, closing at 6.54 CNY per share [1][2]. - As of October 13, Vanke A's total market capitalization was 780.27 billion CNY, having shrunk over 20% in the past year [6]. Group 2: Leadership Changes - Vanke announced that its chairman, Xin Jie, submitted a resignation letter on October 12, effective immediately, citing personal reasons [4]. - Xin Jie will no longer hold any position within the company, and the board emphasized that his resignation would not affect the company's daily operations or board functions [4]. - Huang Liping was elected as the new chairman, who is familiar with the company and is expected to ensure continuity and stability [4]. Group 3: Financial Concerns - During Xin Jie's tenure, Vanke faced significant financial challenges, with a reported loss of 11.95 billion CNY in the first half of 2025 [5]. - The company underwent structural changes, including the cancellation of regional levels and leadership changes in core departments [5]. - The market is concerned about the continuation of financial support from the major shareholder, Shenzhen Metro Group, which has faced its first loss in ten years, amounting to 33.4 billion CNY in 2024 [5].

Core Points - Vanke Enterprises announced the resignation of Chairman Xin Jie due to personal reasons, effective October 12, 2025 [1] - The company's board elected Huang Liping as the new chairman, with a term lasting until the end of the current board's tenure [1]

Core Viewpoint - Vanke Enterprises Co., Ltd. announced the resignation of Chairman Xin Jie and the election of Huang Liping as the new chairman, which has drawn significant market attention due to the short tenure of Xin Jie lasting only 259 days [1][3]. Group 1: Leadership Changes - Xin Jie served as the chairman of Vanke from January 27, 2025, and was also the largest shareholder's representative from Shenzhen Metro Group. His unexpected early departure before the planned retirement in 2026 surprised the market [3]. - Huang Liping, the new chairman, also comes from the "Shenzhen Metro system," suggesting that the support strategy from Shenzhen state-owned assets for Vanke will likely continue [4]. Group 2: Financial Performance and Challenges - During Xin Jie's tenure, Vanke faced severe operational challenges, with a reported 26.32% year-on-year decline in revenue for 2024, resulting in significant losses [3]. - To address the crisis, Xin Jie led management restructuring efforts, including the elimination of regional company levels and direct project management from headquarters, as well as the establishment of multiple functional centers to enhance risk control and strategic operational focus [3]. - Since 2025, Shenzhen Metro Group has provided Vanke with nine loans totaling nearly 26 billion yuan to alleviate liquidity pressures, particularly for repaying public market bond principal and interest [3]. Group 3: Current Financial Status - As of June 30, 2025, Vanke's total short-term interest-bearing liabilities exceeded 155 billion yuan, while cash and cash equivalents stood at 69.3 billion yuan, indicating significant financial pressure [4].

Core Points - Vanke Enterprises Co., Ltd. announced the resignation of Chairman Xin Jie due to personal reasons, effective October 12, 2025 [1] - Huang Liping has been elected as the new Chairman of the Board, with a term lasting until the end of the current board's tenure [1] Group 1 - Xin Jie, born in 1966, has held various significant positions, including Chairman of Shenzhen Metro Group and Vanke Group Chairman, but has been in charge of Vanke for less than a year [2] - The company aims to strengthen its management to mitigate risks and protect the interests of homebuyers, creditors, and investors, leveraging resources from its major shareholder, Shenzhen Metro Group [2] - Huang Liping, born in 1968, is currently a board member and has extensive experience in engineering and management, including roles at Shenzhen Metro Group [1][2]

Core Points - Vanke's chairman, Xin Jie, resigned for personal reasons and will no longer hold any position in the company [1] - Huang Liping has been elected as the new chairman and legal representative of Vanke [1] - Xin Jie was seen as a "firefighter" brought in to stabilize the company amid management changes [2] Management Changes - Xin Jie submitted his resignation on October 12, 2025, and it became effective immediately [1] - Huang Liping, born in 1968, has been a board member since June 2021 and is currently the general manager of Shenzhen Metro Group [1][4] - The board confirmed that Xin Jie's resignation will not affect the board's legal number of members or its normal operations [2] Financial Performance - During Xin Jie's tenure, Vanke engaged in multiple financing plans and asset disposals, with Shenzhen Metro Group providing loans totaling approximately 26 billion yuan for debt repayment [3] - Vanke reported a net loss of 10.86 billion yuan for the first half of 2025, a year-on-year decline of 27.5% [4] - The company's net debt ratio increased to 90.4%, up 9.8 percentage points from the end of 2024 [4] Future Outlook - Vanke aims to continue its reform and risk management efforts, with confidence in overcoming challenges through support from policies, financial institutions, and state-owned shareholders [5]

Core Viewpoint - Vanke has undergone a leadership change with the resignation of Chairman Xin Jie and the appointment of Huang Liping as the new chairman, marking a significant transition during a critical transformation phase for the company [1][3][4]. Group 1: Leadership Changes - Xin Jie resigned from his position as non-executive director and chairman of Vanke due to personal reasons, having served for less than a year [1][3]. - Huang Liping, who has been with Vanke's board and is familiar with the company's operations, has been elected as the new chairman, ensuring a smooth leadership transition [4][5]. Group 2: Company Performance and Support - Vanke has made significant progress in its reform efforts, achieving stability in its workforce, finances, and operations amid multiple challenges [5]. - The company reported a revenue of 105.3 billion yuan in the first half of 2023, with sales revenue from comprehensive residential business nearing 70 billion yuan and a sales collection rate of 100% [5]. - Vanke has received substantial financial support from its major shareholder, Shenzhen Metro Group, which has provided nearly 26 billion yuan in loans this year to help repay bond principal and interest [5].

Core Viewpoint - Vanke is facing significant challenges on its path to recovery, highlighted by a sudden leadership change and ongoing financial difficulties [6]. Group 1: Leadership Change - On October 13, Vanke announced the election of Huang Liping as the new chairman, following the resignation of Xin Jie due to personal reasons [2]. - Xin Jie had been absent for over 20 days prior to his resignation, raising concerns about the company's stability and future strategic direction [2][3]. - Huang Liping, the new chairman, has a strong background in urban rail transit and large infrastructure projects, which may benefit Vanke's strategic alignment with its major shareholder, Shenzhen Metro Group [4][5]. Group 2: Financial Challenges - As of mid-2025, Vanke's total liabilities reached 873 billion yuan, with a net debt ratio of 90.38%, indicating severe financial strain [5]. - The company reported a significant decline in sales, with a 44% year-on-year drop in sales revenue for the first nine months of the year, totaling 100.29 billion yuan [5]. - Vanke is projected to incur a loss of nearly 50 billion yuan in 2024, with an additional loss of 11.947 billion yuan in the first half of 2025 [5]. Group 3: Shareholder Dynamics - Shenzhen Metro Group has provided Vanke with a total of 25.941 billion yuan in low-interest loans since becoming the largest shareholder [5]. - Despite supporting Vanke, Shenzhen Metro Group itself reported a loss of 33.6 billion yuan in the first half of 2025, with total liabilities reaching 479.62 billion yuan [5].

Core Viewpoint - The recent disappearance of Mr. Xin Jie, the chairman of both Shenzhen Metro Group and Vanke Group, raises concerns about the future of Vanke, which is already facing severe financial difficulties due to significant losses and debt issues [1][17]. Group 1: Company Background and Leadership Changes - Mr. Xin Jie took over as chairman of Vanke in January 2025, during a time when the company was experiencing a massive loss of 450 billion yuan [7]. - Under Xin's leadership, Vanke's management underwent significant changes, with many long-term employees being marginalized as personnel from Shenzhen Metro Group were brought in [13]. - The restructuring included three rounds of management adjustments in the first half of 2025, aimed at consolidating power and streamlining operations [13]. Group 2: Financial Situation - Vanke's financial health has deteriorated sharply, with a reported loss of nearly 500 billion yuan in 2024 and a further loss of 119.5 billion yuan in the first half of 2025 [9][15]. - As of June 2025, Vanke's short-term borrowings reached 231.46 billion yuan, with total interest-bearing liabilities amounting to 1,578.59 billion yuan [15]. - Shenzhen Metro Group has provided Vanke with a total of 259.41 billion yuan in loans, often at below-market interest rates, to alleviate liquidity pressures [11]. Group 3: Impact of Leadership on Operations - Xin Jie’s strategy involved continuous financial support from Shenzhen Metro Group, which has significantly drained the latter's resources [3][9]. - Despite the management changes and financial injections, Vanke's revenue fell by 26.23% year-on-year in the first half of 2025, indicating that the crisis remains unresolved [15].

10月13日，万科企业股份有限公司（000002.SZ）发布公告，董事会于2025年10月12日收到本公司董事 长辛杰提交的书面辞职报告。辛杰因个人原因申请辞任本公司非执行董事及董事长职务，辞任后将不再 担任本公司任何职务。 辛杰曾先后任职深圳圣廷苑酒店有限公司、深圳市长城投资控股股份有限公司、深圳市天健（集团）股 份有限公司，后任深圳市地铁集团党委书记、董事长，万科董事长。2017年，深圳地铁集团成为万科第 一大股东。 ※ 编辑：洪珊珊 ※ 校对：林维曦 ※ 审核：陈文强 陈祥旺 辛杰（资料图） 同时，第二十届董事会第二十四次会议选举黄力平担任董事长，任期自董事会审议通过之日起至本公司 第二十届董事会任期届满之日止。 公开信息显示，辛杰，1966年出生，1988年获沈阳工业大学工学学士学位；2005年获香港理工大学工商 管理硕士学位；正高级工程师、高级经济师。 ...