万科A：2025年亏损885.56亿元

Core Viewpoint - Vanke A is projected to incur a significant loss of 88.556 billion yuan in 2025, indicating a severe decline in financial performance compared to the previous year [2][3]. Financial Performance - In 2025, Vanke A is expected to achieve an operating revenue of 233.433 billion yuan, representing a year-on-year decrease of 31.98% [3]. - The net profit attributable to shareholders is forecasted to be -88.556 billion yuan, worsening from a loss of 49.478 billion yuan in the previous year [3]. Debt Management - As of the report date, the company has completed the repayment of 33.21 billion yuan in public debt, but risks remain due to ongoing challenges in operational development [3]. - The company is facing increased liquidity pressure due to the concentrated repayment of public debts, which has not been fully resolved [3]. - Starting from November 2025, the company has initiated extension negotiations for two medium-term notes ("22 Vanke MTN004" and "22 Vanke MTN005") and one corporate bond ("H1 Vanke 02"), with the extension proposal already approved by bondholders [3].