Core Viewpoint - Vanke A has received support from various financial institutions this year and is working to reduce financing costs [1] Group 1: Financing and Cost Reduction - The company reported a total of 26.5 billion yuan in new financing and refinancing within the consolidated financial statement scope for the first three quarters of 2025 [1] - The comprehensive cost of new financing in the domestic market is 3.44%, which represents a decrease of 6 basis points compared to the comprehensive cost for new financing in the entire year of 2024 [1]

Core Insights - The real estate market in 2025 reflects a significant transformation, with a shift from scale pursuit to product refinement, emphasizing higher usable space and innovative housing designs [1][2] - The concept of "good housing" has been integrated into government policies, marking 2025 as a pivotal year for its implementation [3] - The industry faces challenges, as evidenced by major companies like Vanke and Wanda navigating debt issues and market pressures [10][11][19] Group 1: Industry Trends - The term "卷" (competition) has become central in the real estate sector, indicating a fundamental shift in competitive logic from scale and speed to product quality [2] - "Good housing" has been defined by four core dimensions: safety, comfort, sustainability, and intelligence, with policies supporting its development [3] - The introduction of the "fourth generation housing" concept aims to integrate nature into urban living, promoting designs that enhance green spaces [4] Group 2: Sales and Policy Developments - The promotion of "current housing sales" has gained momentum, with a notable increase in the proportion of current housing sales reaching 32% in 2025, up from 27% in 2024 [5][6] - The relaxation of purchase restrictions in first-tier cities has been a key policy measure to stabilize the market, enhancing buyer confidence [7][8][9] - The revitalization of idle land through special bonds has been initiated, with over 5,000 parcels of land targeted for recovery, totaling over 2.6 billion square meters [6] Group 3: Company-Specific Challenges - Vanke is undergoing a debt restructuring process, facing significant liquidity pressures, with attempts to negotiate debt extensions [11][12][14] - Wanda has experienced financial difficulties, including a temporary restriction on high consumption due to borrowing disputes, highlighting the broader challenges faced by major firms [16][17][19] - The struggles of these leading companies illustrate the dual challenges of debt resolution and business model transformation within the industry [19][20]

证券日报网讯 1月5日，万科A在互动平台回答投资者提问时表示，公司借助各类支持性政策，通过存量 资源盘活的方式推动难点项目解题，优化产能结构。前述项目是通过资源置换方式推进的存量资源盘 活，关于资源盘活方面的更多信息请参考公司的定期报告和近期的分析师交流会纪要。 （编辑 任世碧） ...

证券日报网讯1月5日，万科A在互动平台回答投资者提问时表示，公司一直以来把保交房作为首要任 务，2025年前三季度按期保质完成7.4万套房的交付，通过"城市兴交付"行动持续提升交付服务品质。 公司将继续协调各方资源，推动在建项目按照计划推进施工交付。当前所在城市项目公司独立运营，债 券方面的相关情况对项目公司日常开发产生影响较小，预售资金受到政府监管，公司会全力完成交付任 务。 ...

Group 1 - The core viewpoint of the article highlights Vanke A's operational performance in the long-term rental apartment sector, specifically its "Boyu" business, which is set to manage 280,000 rental apartments by the end of September 2025, with 204,000 already operational and an occupancy rate of 94.3% [1] - For the period from January to September 2025, the company's rental housing business (including non-consolidated projects) achieved operating revenue of 2.74 billion yuan, reflecting a year-on-year growth of 4.4% [1] - The "Boyu" business faced historical burdens from its early exploration of the "Wancun" business in Shenzhen, which may lead to losses in certain buildings as some leases enter a rent adjustment cycle in 2025 [1]

（文章来源：证券日报） 证券日报网讯 1月5日，万科A在互动平台回答投资者提问时表示，公司根据集团总体安排等要求，适时 推进非主业优化及退出。如达到披露要求，公司会根据上市规则履行披露义务。 ...

证券日报网讯 1月5日，万科A在互动平台回答投资者提问时表示，深圳地铁为公司的第一大股东，其长 期以来一直支持万科。深圳地铁的投资决策由其自身决定，公司无法代为回答。 （文章来源：证券日报） ...

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 12 月 31 日的月报表》，供参阅。 万科企业股份有限公司 关于按照《香港上市规则》公布 2025 年 12 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〉2025-170 特此公告。 万科企业股份有限公司 董事会 二〇二六年一月五日 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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 萬科企業股份有限公司 呈交日期: 2026年1月5日 第 1 頁 共 10 頁 v 1.1.1 F ...

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12月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02202 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,206,512,938 | RMB | | 1 | RMB | | 2,206,512,938 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,206,512,938 | RMB | | 1 | RMB | | 2,206,512,938 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | ...

Core Viewpoint - Vanke is facing a severe liquidity crisis, highlighted by multiple instances of debt defaults and significant financial strain, which reflects broader challenges in the Chinese real estate sector [1][4][6] Financial Situation - As of September 2025, Vanke's total interest-bearing debt reached 362.9 billion RMB, the highest in its history, with 42.7% maturing within one year [2] - The company's cash reserves stood at 65.68 billion RMB, resulting in a cash-to-short-term debt ratio of only 0.48, indicating a critical liquidity mismatch [2] - In 2025 Q3, Vanke reported a revenue of 56.065 billion RMB, a year-on-year decline of 27.3%, and a net loss of 16.069 billion RMB for the quarter, with total losses for the first three quarters amounting to 28.016 billion RMB [2] Debt Defaults and Credit Ratings - Vanke's two medium-term notes totaling 5.7 billion RMB faced substantial default due to a failure to reach consensus on extension proposals, leading to downgrades by S&P and Fitch to selective and restricted default ratings, respectively [1][4] - The company is currently in a grace period for these notes, but the overall repayment situation remains highly uncertain [4] Shareholder Support and Financing - Shenzhen Metro Group, Vanke's largest shareholder, has provided significant financial support, agreeing to a loan framework of up to 22 billion RMB to help repay debts [3] - As of November 20, 2025, Vanke had drawn 21.376 billion RMB from this loan agreement [3] Asset Management and Operational Challenges - Vanke is actively disposing of non-core assets to generate cash, including the completion of a deal with China Travel Group and the expansion of its rental business [5] - Despite these efforts, the cash flow generated from these operations is insufficient to cover the substantial debt obligations [5] Industry Context - Vanke's struggles exemplify the broader challenges faced by the Chinese real estate industry, characterized by high leverage and tightening financing conditions amid declining sales [6] - The company's ability to navigate this crisis through asset sales, debt restructuring, or strategic investments will be critical not only for its survival but also for setting a precedent for the industry [6]