克而瑞地产研究·2025-08-25 10:09Core Viewpoint - Vanke's financial performance is under significant pressure, with a notable decline in sales and increasing losses, despite efforts to improve liquidity through shareholder loans and inventory management [2][3][22]. Sales Performance - In the first half of 2025, Vanke achieved a contract sales amount of 69.11 billion yuan, with a contract sales area of 5.389 million square meters, representing year-on-year declines of 45.7% and 42.6% respectively, the highest drop among the top 10 real estate companies [2][6][9]. - The company has increased efforts to liquidate old inventory, achieving sales of 17.6 billion yuan from completed properties and 18.3 billion yuan from pre-sold properties [6][9]. Financial Results - Vanke's revenue for the first half of 2025 was 105.32 billion yuan, a year-on-year decrease of 26.2%, with a net profit loss of 11.947 billion yuan, an increase of 21.3% compared to the previous year [3][18]. - The gross profit margin was 6.59%, showing a slight increase, but still remains low, with significant losses from joint ventures and inventory depreciation [3][18]. Debt and Liquidity - As of August 22, 2025, Vanke's major shareholder has provided a total of 23.88 billion yuan in loans, helping to improve the company's debt structure [3][22][23]. - The company's total interest-bearing debt was 364.26 billion yuan, with a cash-to-short-term debt ratio of 0.48, indicating ongoing liquidity pressure [3][27]. Diversification Efforts - Vanke's diversified business segments contributed significantly to revenue, with non-real estate related income reaching approximately 27.3 billion yuan, a year-on-year increase of 21.3%, accounting for 26% of total revenue [4][31]. - The company has been actively expanding its property management and logistics services, with notable growth in revenue from these sectors [31][32].