房产巨头“暴雷”，一年亏损494亿，董事长上任不到一年就辞职

Core Viewpoint - The real estate industry is facing significant challenges, with Vanke, once considered a top performer, now reflecting the deep-seated issues within the sector, evidenced by its substantial losses and declining revenues [2][4]. Financial Performance - In 2024, Vanke reported a total revenue of 343.2 billion yuan, a year-on-year decline of 26%, with its core real estate revenue dropping to 84.4 billion yuan, down 31.57% [2]. - The company experienced a net loss of 49.478 billion yuan, marking a staggering year-on-year decline of 506.8%, a first in its over 30-year history [2][4]. - For the first half of 2025, Vanke's revenue further decreased to 105.33 billion yuan, continuing the trend with a 26% decline [5]. Debt and Cash Flow Issues - Vanke's total liabilities reached 872.9 billion yuan, with interest-bearing debt at 364.2 billion yuan, including 157.859 billion yuan due within a year [5]. - The company's cash reserves stood at only 69.3 billion yuan, resulting in a cash-to-short-term debt ratio of 0.55, insufficient to cover even half of its short-term obligations [7]. - Operating cash flow for the first half of 2025 was negative 3.039 billion yuan, a 142% year-on-year decline, indicating ongoing cash consumption [7]. Asset Management and Strategic Adjustments - Vanke raised 4.09 billion yuan through asset disposals, primarily of non-core assets, with a strategic focus on reinvesting in key projects like the Shenzhen Metro [9]. - The asset sales, while providing immediate liquidity, reduced long-term cash flow sources, highlighting the company's precarious position [9]. Leadership Changes - The abrupt resignation of Chairman Xin Jie after only eight months in office raised questions about the company's direction amid its financial struggles [11]. - Xin Jie was brought in to address Vanke's pressing issues, including significant short-term debt and a low cash-to-debt ratio, but ultimately left due to the complexity of the challenges [13][15]. Support from Major Shareholders - Major shareholder Shenzhen Metro Group has provided support totaling 28.176 billion yuan over two years, but this assistance is primarily in the form of interest-bearing loans, not unconditional aid [18][21]. - The support from Shenzhen Metro is seen as a protective measure for its own investments rather than a comprehensive solution to Vanke's operational challenges [19]. Industry Context - Vanke's struggles reflect broader issues within the real estate sector, where confidence is low among buyers and lenders, exacerbating the challenges faced by companies [23]. - The need for Vanke to find sustainable paths to profitability is critical, as the industry grapples with a lack of demand and financial stability [25].