从年报看债务安全性：万科企业股份有限公司

Performance Overview - Vanke's operating revenue decreased by 7.56% to CNY 465.74 billion in 2023, with a gross margin decline of 4.32 percentage points to 15.23%[5] - The net profit attributable to shareholders dropped by 46.39% to CNY 12.16 billion, while the net profit after excluding non-recurring items fell by 50.62% to CNY 9.79 billion[5] - The weighted average return on equity decreased by 4.57 percentage points to 4.91%[5] Debt Analysis - Vanke's total interest-bearing debt reached CNY 320.05 billion, accounting for 21.3% of total assets, with short-term debt at CNY 62.42 billion (19.5%) and long-term debt at CNY 257.63 billion (80.5%)[4] - The net debt ratio increased by 11.05 percentage points to 54.66%, indicating a growing leverage concern[5] - Interest expenses rose by 18.44% to CNY 14.26 billion despite only a 1.89% increase in interest-bearing debt[7] Sales and Inventory - Vanke's sales volume decreased by 9.8% to CNY 37.61 billion in 2023, following a 33.6% drop in 2022[9] - The total inventory value declined from CNY 1,075.62 billion in 2021 to CNY 701.70 billion in 2023, with a significant drop in construction and planned development products[14] Cost Control Measures - Vanke's management voluntarily waived bonuses, resulting in a 76.4% reduction in total compensation for senior executives to CNY 7.66 million[17] - The company reported a 16.8% decrease in employee compensation and benefits to CNY 16.99 billion[18] Future Outlook - Vanke plans to reduce interest-bearing debt by CNY 100 billion over the next two years and is exploring new financing tools[8] - The company aims to enhance cash flow through asset sales, targeting over CNY 30 billion in returns from large transactions[28]