3 6 Ke·2025-09-03 03:03Core Viewpoint - Vanke is undergoing significant organizational changes, transitioning from a three-tier management structure to a two-tier structure, driven by the need to adapt to the current market environment and improve operational efficiency [1][11][19]. Group 1: Organizational Changes - Vanke has shifted from a three-tier management structure to a two-tier structure, eliminating regional companies and establishing 16 city companies directly managed by headquarters [11][12]. - The recent leadership changes include the resignation of key executives, with new appointments predominantly coming from Shenzhen's state-owned enterprises [3][5][7]. - The restructuring involves the establishment of 13 functional centers at the headquarters, consolidating various operational roles previously held by regional offices [9][10]. Group 2: Financial Performance - In the first half of the year, Vanke reported a revenue of approximately 105.32 billion yuan, a year-on-year decrease of 26.2%, and a net loss of 10.86 billion yuan [19]. - The financial struggles of Vanke have also impacted its major shareholder, Shenzhen Metro Group, which reported a loss of 33.46 billion yuan in 2024, exceeding the profit of the previous five years combined [18]. - Vanke's performance in the Beijing region showed a significant decline, with revenue dropping by 42.81% year-on-year, highlighting the challenges faced in key markets [13]. Group 3: Strategic Direction - The company aims to enhance its internal "self-sustaining" capabilities by focusing on high-turnover residential projects and diversifying into stable cash flow businesses such as long-term rentals and property services [19]. - Vanke is exploring light-asset models in logistics and construction to mitigate historical operational risks and achieve profitability [19]. - The restructuring is seen as a necessary step to revitalize Vanke's business and restore its status as a leading player in the real estate sector [16][17].