Xin Lang Cai Jing·2025-12-28 02:45Core Insights - 2013 marked a peak for Vanke, with total sales reaching 170.9 billion yuan, setting a record for real estate companies globally [1][11] - The management's compensation also peaked in 2013, with CEO Yu Liang earning 14.31 million yuan and Chairman Wang Shi earning 15.9 million yuan [1][4] - Following a four-month stock price decline in early 2014, Vanke's stock began a four-year upward trend, peaking at 31.92 yuan in January 2018 [1][11] Group 1: Management and Performance - In 2013, Vanke's management team was seen as capable of running the company effectively even in the absence of direct oversight, as evidenced by their record sales during a period of significant market growth [3][15] - The company had no actual controlling shareholder, with the largest stakeholder, China Resources, holding only about 15% of shares, leading to potential conflicts of interest [3][15] - The introduction of the "Partnership Plan" in 2014 allowed management to use part of their bonuses to purchase Vanke stock, which reportedly generated a floating profit of nearly 5 billion yuan by mid-2016 [5][19] Group 2: Control Battles and Changes - The "Baowan Battle" began in 2015, with Baoneng Group rapidly increasing its stake from 5% to 24.26%, becoming the largest shareholder and leading to a significant control struggle [7][20] - By 2017, Vanke's sales revenue reached 530 billion yuan, and the control battle concluded with Shenzhen Metro becoming the largest shareholder, pledging not to interfere with management decisions [8][21] - Following the board reshuffle in 2017, management salaries increased significantly, with Yu Liang earning 11.89 million yuan and the new board secretary earning 8.49 million yuan, among the highest in the A-share market [8][21] Group 3: Decline and Financial Struggles - By 2021, Vanke's net profit plummeted by 45% to 22.5 billion yuan, leading to drastic salary cuts for management, with Yu Liang's salary dropping to 1.44 million yuan [9][22] - In 2023, the company faced another significant decline, with net profit falling by 46% to 12.1 billion yuan, and management salaries further reduced [10][24] - The company reported a shocking loss of 49.4 billion yuan in 2024, prompting management to take drastic salary measures, with Yu Liang and the new president earning only 33,000 yuan each for the year [10][24]