VANKE(SZ:000002) Xin Lang Cai Jing·2026-01-09 06:54Core 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 industry, but also left behind challenges and risks that need to be addressed [1][3][10]. Group 1: Career Overview - Yu Liang joined Vanke in 1990 and quickly rose through the ranks, becoming general manager in 2001 and later chairman in 2017 [4][7]. - Under his leadership, Vanke achieved significant milestones, including becoming the first real estate company in China to surpass 100 billion yuan in sales by 2010 [4][15]. - He implemented major reforms such as the "180 Plan" to streamline operations and the "Partnership System" to align employee and shareholder interests, which contributed to rapid sales growth [5][15]. Group 2: Challenges Faced - Despite the successes, Vanke faced significant challenges, including management and financial risks that accumulated during periods of rapid growth [6][18]. - The company struggled with strategic missteps, particularly in focusing on first- and second-tier cities while missing opportunities in third- and fourth-tier markets, allowing competitors like Evergrande and Country Garden to gain ground [18][19]. - Vanke's financial performance began to decline, with a notable drop in net profit by 45.7% in 2021, and a projected loss of 494.78 billion yuan in 2024 [19][20]. Group 3: Future Outlook - With Yu Liang's departure, Vanke faces the challenge of navigating its current financial difficulties and strategic misalignments while seeking new leadership to guide the company forward [10][21]. - The ongoing support from major shareholder Shenzhen Metro Group, which has provided 30.796 billion yuan in loans, may help alleviate short-term liquidity issues but does not resolve the underlying debt problems [19][20].