Zhong Guo Jing Ying Bao·2025-10-30 22:50Core Viewpoint - Vanke reported a revenue of 161.39 billion yuan and a net loss of 28.02 billion yuan for the first three quarters of 2025, indicating ongoing operational pressures [2] Operational Performance - Vanke completed the delivery of 74,000 housing units, achieving sales of 100.46 billion yuan - The company executed bulk transactions for 19 projects, with a total signed amount of 6.86 billion yuan - Vanke has actively explored ways to revitalize its existing assets, successfully optimizing and adding capacity worth 17.84 billion yuan - The ice and snow business has signed an agreement with China Travel Group, with the delivery process currently underway - The total revenue from Vanke's operational services reached 43.57 billion yuan, reflecting a year-on-year growth of 1.1% [2] Financing Activities - Vanke secured 26.5 billion yuan in new financing and refinancing during the first three quarters - The average cost of new domestic financing was 3.44%, a decrease of 6 basis points compared to the full year of 2024 - The largest shareholder, Shenzhen Metro Group, has provided a total of 29.13 billion yuan in shareholder loans to Vanke, with favorable interest and collateral rates compared to market norms - As of October 30, Vanke has repaid 28.89 billion yuan of public debt [2][3] Shareholder Support - On the evening of the quarterly report, Vanke announced that Shenzhen Metro Group would provide up to 2.2 billion yuan in loans to repay bond principal and interest - The interest rate for this shareholder loan is lower than the rates from financial institutions, demonstrating strong support from the major shareholder - The related party transaction does not harm the interests of the company or minority investors and is not expected to negatively impact the company's financial status or operational results [3]