万科发布2025年度业绩预告，保质交付11.7万套房屋

Core Viewpoint - Vanke Enterprise Co., Ltd. is expected to report a significant net loss of approximately 82 billion yuan for the year 2025, with a net loss of about 80 billion yuan after excluding non-recurring gains and losses [1][2]. Financial Performance - The net profit attributable to shareholders is projected to be a loss of approximately 82 billion yuan, compared to a loss of 4.95 billion yuan in the previous year [2]. - The net profit after excluding non-recurring gains and losses is expected to be a loss of about 80 billion yuan, compared to a loss of 4.54 billion yuan in the previous year [2]. - The basic earnings per share are anticipated to be a loss of approximately 6.89 yuan per share, compared to a loss of 4.17 yuan per share in the previous year [2]. Operational Highlights - In 2025, Vanke plans to deliver 117,000 housing units, maintaining stable revenue from its operational services [2][3]. - The company has completed nearly 70% of the required delivery volume over the past two years, indicating that the peak delivery pressure has passed, which will significantly reduce future delivery pressures [2][3]. Reasons for Expected Loss - The expected loss is attributed to several factors: 1. A significant decrease in the settlement scale of real estate development projects, with low gross profit margins due to high land acquisition costs [3]. 2. Increased business risk exposure leading to additional provisions for credit impairment and asset impairment [3]. 3. Overall losses in some operational businesses after deducting depreciation and amortization, along with losses from non-core financial investments [3]. 4. Some large asset transactions and equity transactions being priced below book value [3]. Support from Major Shareholder - Shenzhen Metro Group has provided various forms of support to help Vanke maintain stable operations, including over 30 billion yuan in shareholder loans with favorable conditions compared to market levels [3]. - The collaboration between Shenzhen Metro and Vanke has been strengthened in areas such as housing leasing [3]. Business Performance in Service Sector - Vanke's operational service business has shown steady performance, achieving revenue of 43.57 billion yuan by the third quarter of 2025, maintaining stability year-on-year [3]. - The long-term rental business remains the industry leader in scale, efficiency, and insurance coverage, with a management scale exceeding 200,000 units and a stable occupancy rate of 94% [3].