万科全年亏损近500亿，新管理层规划未来

Core Viewpoint - Vanke reported a significant loss of nearly 50 billion yuan in 2024, marking its first annual loss since its listing in 1991, with a new management team outlining future plans to stabilize and recover the business [2][4][15]. Financial Performance - In 2024, Vanke achieved operating revenue of 343.18 billion yuan, a year-on-year decrease of 26.3%, and a net profit loss attributable to shareholders of 49.48 billion yuan, a decline of 506.8% [2][4]. - The basic loss per share was 4.17 yuan, down 504.2% from the previous year, with a diluted return on equity of -24.4%, a drop of 29.26 percentage points from 2023 [5][4]. - The revenue from real estate development and related asset management was 301.03 billion yuan, accounting for 87.7% of total revenue, while property services contributed 33.13 billion yuan, or 9.7% [6]. Loss Drivers - The primary reasons for the losses included a significant decline in the settlement scale and gross margin of development projects, with a total provision for inventory impairment of 8.14 billion yuan and credit impairment of 26.4 billion yuan [7][4]. - The company faced additional losses from non-core financial investments and asset disposals at prices below book value [7][4]. Debt Pressure - As of the end of 2024, Vanke's net debt ratio was 80.6%, an increase of 25.9 percentage points from the previous year, with total interest-bearing liabilities amounting to 361.28 billion yuan [11]. - The proportion of short-term debt rose sharply from 19.5% to 43.8% within a year, indicating increased short-term repayment pressure [11]. - Vanke's cash holdings of 88.16 billion yuan were insufficient to cover short-term debts, with a coverage ratio of only 55.7% [11]. Management Changes - Following a major management overhaul in January 2024, Vanke appointed several new executives from state-owned enterprises to strengthen its leadership [16][17]. - The management expressed confidence that the real estate market has passed its most challenging phase and is expected to stabilize [17]. Future Strategy - Vanke plans to focus on its core business and key urban layouts, accelerate asset disposals, and optimize operations, targeting positive cash flow from operations [17][18]. - The company aims to leverage its diverse asset pool and explore various financing strategies to enhance liquidity and maximize asset value [14][18].