VANKE(SZ:000002) Bei Ke Cai Jing·2026-01-09 05:29Core Viewpoint - Yu Liang's retirement marks the end of a 35-year career at Vanke, during which he played a crucial role in transforming the company from a billion-yuan enterprise to a leading player in the real estate industry, but the company now faces significant challenges and uncertainties ahead [1][8]. Group 1: Career and Contributions - Yu Liang joined Vanke in 1990 and quickly rose through the ranks, becoming the general manager in 2001, just seven years after joining [2]. - He was instrumental in Vanke's "Thousand Billion Plan," achieving a sales milestone of over 100 billion yuan within six years, making Vanke the first company in China's real estate history to surpass 100 billion yuan in sales by 2010 [2][3]. - Under his leadership, Vanke's sales surged, reaching 3,647.7 billion yuan in 2016 and 5,299 billion yuan in 2017, with a peak of 7,041.5 billion yuan in 2020 [3]. Group 2: Strategic Decisions and Challenges - Despite the rapid growth, Vanke faced issues related to organizational structure and management, leading to the implementation of the "180 Plan" to streamline operations [3]. - Yu Liang introduced the "Partner System" in 2014 to align employee and shareholder interests, which contributed to Vanke's strong performance during a high-demand period in the real estate market [3]. - However, strategic missteps, such as focusing on first- and second-tier cities and missing opportunities in third- and fourth-tier markets, allowed competitors like Country Garden and Evergrande to gain market share [6]. Group 3: Recent Developments and Future Outlook - Vanke's performance began to decline in 2021, with a reported revenue of 452.8 billion yuan, a mere 8% increase, while net profit dropped by 45.7% to 22.52 billion yuan [6]. - The company is currently facing a severe financial crisis, with a projected loss of 49.48 billion yuan in 2024, prompting support from major shareholder Shenzhen Metro Group [7][8]. - As Yu Liang retires, Vanke must navigate its ongoing challenges and strategize for a new chapter in its corporate history [9].