YOUNG财经 漾财经·2025-07-25 12:20Core Viewpoint - Vanke is undergoing significant organizational restructuring, including the elimination of regional companies and a shift towards a more centralized management model, in response to ongoing financial pressures and anticipated losses in the upcoming financial period [2][3][10]. Organizational Restructuring - Vanke will cancel all regional companies and merge city companies into a total company model, centralizing functions such as procurement and human resources back to the group [2][5]. - This restructuring follows multiple adjustments since 2024, including a previous reduction from seven to five regional companies [3][6]. - The new management structure will transition from a three-tier to a 2.5-tier control system, indicating a move towards greater efficiency [5][7]. Financial Performance - Vanke anticipates a net loss of between 100 billion to 120 billion yuan for the first half of 2025, marking a continuation of financial struggles [3][10]. - The company reported a loss of 98.5 billion yuan in the same period last year, indicating a worsening financial situation [10]. - The projected loss is attributed to a significant decline in project settlement scale and low gross margins, alongside increased asset impairment provisions [11][12]. Support from Stakeholders - Since February, Shenzhen Metro Group has provided Vanke with a total of 211 billion yuan in shareholder loans to help repay public market debts [4][15]. - Vanke has also engaged in asset disposals and secured additional financing, including a recent sale of shares that raised 4.79 billion yuan [15][17]. Industry Context - Vanke's restructuring is reflective of broader trends in the real estate industry, where many companies are consolidating regional and city operations to adapt to market changes [8][9]. - Other firms, such as China Jinmao and China Merchants Shekou, have also streamlined their organizational structures, indicating a shift towards direct management of city companies [8][9]. Future Outlook - Vanke's management emphasizes the need for time to resolve financial risks and improve operational efficiency, with ongoing efforts to enhance cash flow and stabilize financial conditions [16][17]. - The company's ability to navigate these challenges will not only impact its own future but also influence the overall direction of the real estate sector [18].