万科企业股份有限公司 关于按照《香港上市规则》公布 2025 年 11 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〉2025-149 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 11 月 30 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 二〇二五年十二月二日 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11月30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 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及 ...

Core Viewpoint - Vanke is facing significant liquidity pressure and potential default risks, leading to concerns about its impact on major partner banks, despite analysts suggesting limited systemic risk to the banking sector [1][10]. Group 1: Debt and Financial Position - Vanke will hold a creditor meeting on December 10 to discuss the extension of a 2 billion yuan medium-term note, "22 Vanke MTN004," amid ongoing concerns about its debt issues [1]. - As of mid-2025, Vanke's interest-bearing debt reached 364.2 billion yuan, with over 260 billion yuan in bank loans, indicating a high concentration of borrowing from large financial institutions [1][10]. - The company's short-term debt pressure is significant, with 42.7% of its interest-bearing debt, amounting to 151.3 billion yuan, due within one year, while cash reserves have decreased by 25.5% to 65.68 billion yuan [2][10]. Group 2: Financing Channels and Costs - Vanke's financing structure includes 264.19 billion yuan in bank loans, 43.6 billion yuan in bonds, and 56.47 billion yuan in other borrowings, with a total interest-bearing debt of 364.26 billion yuan [2][4]. - The financing costs for bank loans range from 2.05% to SORA, while bonds have a cost range of 2.90% to 4.11% [4]. - Since 2023, Vanke has shifted its financing model from credit loans to secured loans, with 40 loan guarantee announcements made to meet operational needs [6]. Group 3: Impact on Banks and Market Sentiment - Concerns about Vanke's potential default have raised questions about which banks might be affected, with major lenders including Industrial and Commercial Bank of China, China Merchants Bank, and Bank of China [5][10]. - Despite the risks, analysts believe the overall impact on the banking system is manageable, as Vanke's bank loans account for only 1.9% of total loans to real estate companies [10][12]. - Recent market reactions have shown significant volatility in Vanke's bonds, with several experiencing sharp declines, indicating a shift towards pricing based on high default probability [11][12].

Core Viewpoint - Vanke is facing significant liquidity challenges, prompting the company to seek a 12-month extension on its bond repayment, marking its first attempt to extend a bond maturity in its history [4][9][19]. Debt Extension - Vanke plans to extend the maturity of its 20 billion yuan bond "22 Vanke MTN004" from December 15, 2025, to December 15, 2026, while maintaining the current interest rate [4][9][19]. - The bond extension is seen as a signal of Vanke's increasing debt pressure, with the outcome of the bondholder meeting on December 10 being critical for the company's short-term fate [9][23]. Share Pledges and Financial Support - Vanke's major shareholder, Shenzhen Metro Group, has provided approximately 308 billion yuan in loans to Vanke this year, with a recent loan of up to 16.66 billion yuan aimed at repaying bond principal and interest [6][21]. - A new framework agreement requires Vanke to provide collateral for future loans, indicating a tightening of financial support from its major shareholder [7][22]. Asset Disposal and Financial Performance - Vanke has sold all its shares in Beike, ending an eight-year partnership, as part of its strategy to improve cash flow and reduce debt [13][25]. - The company reported a revenue of 1613.88 billion yuan for the first three quarters of the year, a 26.61% decrease year-on-year, with a net loss of 280.16 billion yuan [14][27]. Market Position and Strategy - Despite the challenges, Vanke continues to cautiously acquire land, recently securing residential land in Hangzhou and Wuhan, while maintaining a focus on core business operations [29][30]. - The company is expected to face a debt peak in the coming years, with over 120 billion yuan in domestic debt due in 2026 [11][25].

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 本月底法定/註冊股本總額： RMB 11,930,709,471 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 公司名稱: 萬科企業股份有限公司 呈交日期: 2025年12月2日 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 | | | 2,206,51 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：HB投资笔记 12月1日，万众期待的万科展期方案出炉。和之前网传10%、10%、80%方案完全不同，原定于12月15日 到期的20亿元中期票据"22万科MTN004"的展期方案简单粗暴：本金及利息展期一年，票面利率维持3% 不变。 万科的"金身"终于还是破了，而且破得比所有人预想的都要难看。 对的，展期首付比例为零。 这是一个极具破坏意义的信号。从2021年开始，在房地产债展期的漫长历史中，有一个不成文的惯例， 即在首次展期时，通常都会拿出一笔"诚意金"，或多或少，兑付10%甚至20%的本金，最差也要兑付利 息，以换取投资人的谅解和时间。 这不仅仅是诚意问题，更是偿债能力的试金石。从过去三年的地产债违约历史来看，展期债的最终偿债 来源，大头往往就是这首次展期时的兑付款。对于绝大多数债权人而言，那笔首付可能是他们唯一能落 袋为安的真金白银。 万科此次"一分钱不付"，直接击穿了市场的心理底线。 这意味着什么？意味着这家曾经被视为行业标杆、被无数金融机构奉为"优等生"的企业，其流动性枯竭 程度远超外界想象。在没有股东的支持的情况下，连2 ...

港股万科企业尾盘拉升涨超3%，现报3.66港元。 来源：滚动播报 ...

Core Viewpoint - The company is facing severe operational challenges and has announced a one-year extension for the repayment of its "22 Vanke MTN004" bond due to various influencing factors [1] Group 1: Bond Extension Details - The original repayment date for the "22 Vanke MTN004" bond, with a principal amount of 2 billion and an annual interest rate of 3%, was set for December 15, 2025 [1] - The new repayment date has been extended to December 15, 2026, with interest accrued before the extension to be paid on the same date without compound interest [1][4] - The bondholders' meeting to discuss the extension will take place on December 10, 2025, with a final version of the proposal to be disclosed by December 5, 2025 [1][4] Group 2: Market Reactions and Comparisons - Many bondholders have shown a high acceptance of the extension plan but expressed dissatisfaction regarding the arrangement for unpaid and new interest, with some demanding at least the current interest to be paid [2] - The comparison with the "18 Ocean Group 01" bond extension highlights a significant difference in repayment structure, where Ocean Group offered a combination of principal installments and a one-time interest payment, contrasting with Vanke's all-extension approach [3][4] Group 3: Industry Implications - The handling of Vanke's debt situation is critical for the real estate industry, as improper management could negatively impact market sentiment and the capital market [5] - The one-year extension is seen as a positive signal, indicating Vanke's capability to manage its debt, which may provide psychological support to the market [6] - Continuous efforts in debt resolution and operational improvement are necessary for Vanke to navigate the upcoming peak repayment period and the complex market environment [6]

Core Viewpoint - Vanke's bond prices have significantly declined, raising concerns about its debt issues despite a preliminary extension plan for its bonds [2][4][6] Group 1: Bond Performance - As of December 2, several Vanke bonds experienced substantial declines, with "21 Vanke 06" dropping over 30% and "21 Vanke 02" falling over 19% [2][3] - The decline in bond prices has led to temporary trading suspensions for multiple bonds due to significant volatility [2] Group 2: Debt Extension Plan - Vanke is set to hold a creditors' meeting on December 10 to discuss the extension of a 2 billion yuan medium-term note originally due on December 15, 2025, to December 15, 2026 [4][5] - The preliminary extension plan maintains a 3.00% interest rate during the extension period, but the proposal is still under negotiation and not finalized [4][6] - Industry insiders believe the proposed one-year extension is weaker than a previously rumored eight-month plan that included staggered principal payments [6] Group 3: Debt Pressure and Liquidity - Vanke's short-term debt pressure remains significant, with 42.7% of its interest-bearing debt (approximately 151.3 billion yuan) maturing within a year, while cash reserves have decreased by 25.5% to 65.68 billion yuan [6] - The company's cash-to-short-term debt ratio has dropped to 0.43, indicating a tightening liquidity situation [6] Group 4: Future Funding Gaps - Goldman Sachs estimates that Vanke will face a funding gap of approximately 30 billion yuan in 2026, contingent on support from banks or major shareholders [7][9] - The company is likely to face a bond maturity wave of about 11.4 billion yuan between December 2025 and May 2026, with projected negative operating cash flow [9]

Core Viewpoint - Vanke Group is facing significant liquidity challenges, prompting a proposal to extend the maturity of its 2 billion yuan bond by one year, from December 15, 2025, to December 15, 2026, while maintaining a 3% simple interest rate [1][3]. Group 1: Bond Extension Proposal - The bond, originally due for full repayment, is now proposed to be extended, requiring repayment of principal, accrued interest, and interest during the extension period at maturity [1]. - The proposal is subject to approval by a creditors' meeting, as it constitutes a special resolution requiring a high percentage of creditor votes [3]. Group 2: Financial Support and Debt Pressure - Vanke is heavily reliant on financial support from its major shareholder, Shenzhen State-owned Assets, having drawn 30.8 billion yuan since February 2025 to repay 30.5 billion yuan in public debt [5]. - The company faces additional debt repayment pressures in the near future, indicating a likelihood of seeking further extensions for upcoming debts [3][5]. Group 3: Potential Debt Restructuring - Possible debt restructuring options include debt-to-equity swaps, principal reductions, or significant extensions with installment repayments, each carrying different implications for creditors [7]. - The situation reflects a broader trend of financial distress spreading from private real estate firms to mixed-ownership enterprises, raising concerns about the stability of state-owned enterprises [7]. Group 4: Industry Context and Challenges - The real estate market is undergoing deep adjustments due to multiple factors, including slowing economic growth, declining homebuyer sentiment, and tightened financing channels [9]. - Vanke's predicament may signal a shift away from high-leverage, high-turnover business models, necessitating exploration of new development paths and improved debt structures [9]. Group 5: Credit System Reflection - The challenges faced by Vanke highlight the need for reflection on the industry's credit system, as downgrades in credit ratings could exacerbate financing difficulties, creating a vicious cycle of credit deterioration and operational decline [11]. - Maintaining credit stability and preventing risk spillover into the financial system is crucial for policymakers, who must balance risk prevention with market vitality [11].

Group 1 - Vanke's debt restructuring plan has been revealed, but it has not alleviated concerns regarding its debt issues, leading to a decline in its bond prices [1][3] - As of December 2, Vanke's bonds have seen significant drops, with "21 Vanke 06" down over 30% and "21 Vanke 02" down over 19% [1][2] - The company's stock has shown some recovery, with Vanke A (000002.SZ) up 0.19% and Vanke Enterprises (02202.HK) up 1.13% [1] Group 2 - The preliminary extension plan for Vanke's "22 Vanke MTN004" involves a 12-month extension, moving the maturity date to December 15, 2026, while maintaining a 3.00% interest rate [3][4] - The current proposal is considered weaker than previously rumored plans, which included an 8-month extension with staggered principal payments [4] Group 3 - Vanke's short-term debt pressure remains significant, with 42.7% of its interest-bearing debt due within a year, amounting to 151.3 billion yuan, while cash reserves have decreased by 25.5% to 65.68 billion yuan [5] - The company has relied on two main channels for debt repayment: support from shareholders and operational cash flow, both of which are under pressure [5] Group 4 - Even if the extension is successful, Vanke will face new debt maturity pressures, with a projected funding gap of approximately 30 billion yuan in 2026 [6][7] - Since 2022, over 20 developers have had their debt restructuring plans approved, with cumulative restructuring exceeding 1.2 trillion yuan by October 2025 [7] Group 5 - Vanke is expected to face a bond maturity wave of about 11.4 billion yuan between December 2025 and May 2026, with negative operating cash flow predicted [8] - The company's liquidity issues raise concerns about its financial commitments being unsustainable, increasing the risk of default or restructuring [8]