[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 万科 A（000002）公司半年报 2024 年 09 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | |-------------------------------------------------------------|-------------|-------| | 股票数据 | | | | 0 [ 9 Table_StockInfo 月 02 日收盘价（元） ] | 6.42 | | | 52 周股价波动（元） | 6.18-14.33 | | | 总股本 / 流通 A 股（百万股） | 11931/9717 | | | 总市值 / 流通市值（百万元） | 80652/80603 | | | 相关研究 | | | | [Table_ReportInfo] 《融资净增结构改善，高管增持维护信心》 | | | | 2024.07.12 | | | | 《聚焦主业发展，负债结构稳健》 | 2024.05.27 | | | 《坚定经营信心，积极应对阶段挑战》 | ...

开 源 证 券 证 券 研 究 报 告 公司信息更新报告 隐证券 房地产/房地产开发 公 司 研 究 万科 A（000002.SZ） 2024 年 09 月 02 日 销售维持前三，结算毛利承压，融资动作持续落地 ——公司信息更新报告 投资评级：增持（维持） 日期 2024/8/30 | --- | --- | |-------------------------|------------| | | | | 当前股价 ( 元 ) | 6.76 | | 一年最高最低 ( 元 ) | 14.33/6.18 | | 总市值 ( 亿元 ) | 806.52 | | 流通市值 ( 亿元 ) | 656.86 | | 总股本 ( 亿股 ) | 119.31 | | 流通股本 ( 亿股 ) | 97.17 | | 近 3 个月换手率 (%) | 102.6 | 股价走势图 万科A 沪深300 -64% -48% -32% -16% 0% 16% 2023-09 2024-01 2024-05 数据来源：聚源 相关研究报告 《销售维持前三，拿地收缩，出售持 有资产换取现金流—公司信息更新报 告》-2024.7.4 《全额偿还 ...

Investment Rating - The report adjusts the investment rating to "Accumulate" from "Buy" [3] Core Views - The company faces performance adjustment pressure with a significant decline in revenue and net profit, primarily due to reduced settlement scale and gross margin in development business, impairment provisions, and losses from non-core financial investments [1][2] - The company is actively working to revitalize existing resources and improve cash flow, achieving a positive operating cash flow of 4.2 billion yuan in Q2 2024 [1] - Financial recovery is supported by favorable financial policies, with new financing and refinancing totaling 61.2 billion yuan in H1 2024, while debt repayment remains on schedule [1][2] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 142.78 billion yuan, down 28.9% year-on-year, and a net profit loss of 9.85 billion yuan, down 199.8% year-on-year [1] - The settlement revenue was 111.68 billion yuan, a decrease of 34.6% year-on-year, with a gross margin of 6.8%, down 13.5 percentage points [1] Sales and Land Acquisition - The company sold 9.395 million square meters, a decrease of 27.6% year-on-year, with sales amounting to 127.33 billion yuan, down 37.6% year-on-year [1] - The company acquired 3 new projects with a total planned construction area of 246,000 square meters and a total land price of 1.02 billion yuan, indicating a land acquisition intensity of 0.8% [1] Financial Stability - The company achieved new financing and refinancing of 61.2 billion yuan in H1 2024, with a total debt repayment of 52.4 billion yuan [1] - As of H1 2024, the company had interest-bearing liabilities of 331.27 billion yuan, with a net debt ratio of 62.0% [1][2] Asset Transactions - The company completed bulk asset transactions worth 20.4 billion yuan by the end of July, enhancing its liquidity during a challenging market environment [2] - The establishment of a REITs platform has improved the company's liquidity and asset management capabilities [2]

Investment Rating - The investment rating for the company is adjusted to "Accumulate" [3] Core Views - The company reported a significant loss in H1 2024, with revenue of 142.78 billion yuan, down 28.93% year-on-year, and a net loss attributable to shareholders of 9.85 billion yuan, a decrease of 199.82% [1] - The decline in performance is attributed to lower settlement scale and gross margin in development business, impairment provisions, losses from non-core financial investments, and asset disposals at prices below book value [1] - The company aims to focus on operational safety and risk mitigation, emphasizing "ensuring housing delivery, ensuring payment, and transitioning to high-quality development" [1] - Sales performance remains strong, with the company maintaining leading positions in multiple cities despite a decrease in sales area and amount [1] - Cash flow remains under pressure, with a net cash outflow from operations of 5.18 billion yuan in H1 2024, and a net debt ratio of 62.0% [1] Financial Summary - For H1 2024, the company achieved a gross margin of 8.12%, down 10.75 percentage points from the same period in 2023, with development and property management gross margins at 7.25% and 13.65%, respectively [1] - The company’s total assets were reported at 1,504.85 billion yuan, with total liabilities of 1,101.92 billion yuan, resulting in a debt-to-asset ratio of 72.94% [3][7] - The projected revenue for 2024 is 330.67 billion yuan, reflecting a 29.00% decline, with a forecasted net profit attributable to shareholders of -8.81 billion yuan [2][7]

Investment Rating - The report maintains a "Neutral" rating for the company due to pressures from inventory reduction, impairment, and asset disposal [2]. Core Views - The company reported a significant decline in both revenue and net profit for the first half of 2024, with revenue at 142.78 billion RMB, down 28.9% year-on-year, and a net loss of 9.85 billion RMB, a decrease of 199.8% year-on-year [1][2]. - The decline in performance is attributed to several factors, including a significant drop in the scale and gross margin of property development projects, impairment provisions, and losses from non-core financial investments [1]. - The company remains a leader in the industry in terms of development scale, completing property deliveries of 74,000 units and achieving sales of 127.33 billion RMB, despite a 37% year-on-year decline [1]. - The company is actively pursuing cash flow through large asset and equity transactions, achieving a signed transaction amount of 20.4 billion RMB in the first seven months of 2024 [1]. - The company has successfully utilized financial support policies to transform its financing model, with a total of 61.2 billion RMB in new financing and refinancing in the first half of 2024 [1]. Summary by Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 142.78 billion RMB, a decrease of 28.9% year-on-year, and a net loss attributable to shareholders of 9.85 billion RMB, a decline of 199.8% year-on-year [1]. - The gross margin for development business fell to 6.8%, down 13.5 percentage points year-on-year, with development revenue at 111.68 billion RMB, down 34.6% year-on-year [1]. Asset Management - The company completed resource revitalization and optimization worth 45.5 billion RMB, achieving cash inflow from revitalization and investment receivables of 8.1 billion RMB [1]. - The company has made progress in innovative asset trading tools, including the issuance of 3.26 billion RMB in commercial infrastructure REITs [1]. Financing Activities - The company secured a total of 61.2 billion RMB in new financing and refinancing in the first half of 2024, with a comprehensive financing cost of 3.66% [1]. - The company has also completed the repayment of 7.3 billion RMB in domestic public bonds and approximately 10.4 billion RMB in overseas public bonds [1].

Investment Rating - The report maintains a "Neutral" rating for the company due to pressures from inventory reduction, impairment, and asset disposal [3]. Core Views - The company reported a significant decline in both revenue and net profit for the first half of 2024, with revenue of 142.78 billion RMB, down 28.9% year-on-year, and a net loss attributable to shareholders of 9.85 billion RMB, a decrease of 199.8% [2]. - The decline in performance is attributed to several factors, including a significant drop in the scale and gross margin of property development projects, impairment provisions, losses from non-core financial investments, and asset disposal losses [2]. - The company remains a leader in the industry in terms of development scale, completing the delivery of 74,000 units and achieving sales of 127.33 billion RMB, despite a 37% year-on-year decline in sales [2]. - The company is actively pursuing large asset and equity transactions to improve cash flow, with a signed amount of 20.4 billion RMB in bulk transactions from January to July 2024 [2]. - The company has successfully utilized financial support policies to transform its financing model, with a total of 61.2 billion RMB in new financing and refinancing in the first half of 2024 [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 142.78 billion RMB, a decrease of 28.9% year-on-year, and a net loss of 9.85 billion RMB, compared to a profit in the previous year [2][3]. - The gross margin for development business fell to 6.8%, down 13.5 percentage points year-on-year [2]. - The company has revised its profit forecasts for 2024-2026, expecting net profits of -7.92 billion RMB, 440 million RMB, and 2.4 billion RMB respectively [3]. Asset Management - The company completed resource revitalization and optimization worth 45.5 billion RMB, achieving cash inflows of 8.1 billion RMB from revitalization and receivables [2]. - The company has made progress in innovative asset trading tools, including the issuance of 3.26 billion RMB in commercial infrastructure REITs [2]. Financing Activities - The company secured a total of 61.2 billion RMB in new financing and refinancing in the first half of 2024, with a comprehensive financing cost of 3.66% [2]. - The company has also completed the repayment of 7.3 billion RMB in domestic public bonds and approximately 10.4 billion RMB in overseas public bonds [2].

Investment Rating - The report maintains a **Buy** rating for the company, with a target price of **11.53 CNY**, unchanged from the previous rating [2] - The current price is **6.76 CNY**, indicating a significant upside potential [2] Core Views - The company's performance in H1 2024 was in line with expectations, with revenue of **142.78 billion CNY**, down **28.9% YoY**, and a net loss of **9.85 billion CNY**, down **199.8% YoY** [7] - Despite challenges, the company is supported by multiple state-owned enterprises in Shenzhen through various means such as bulk transactions, REITs subscriptions, and project collaborations [7] - The company is focusing on three main strategies: **ensuring housing delivery, ensuring payment obligations, and transitioning to high-quality development** [7] - The company is actively reducing inventory and optimizing its land reserves, with a total inventory value of **620.4 billion CNY**, down **11.6%** from the end of 2023 [7] Financial Performance - Revenue for 2024E is projected at **343.83 billion CNY**, down **26.2% YoY**, with net profit attributable to shareholders at **8.86 billion CNY**, down **27.2% YoY** [6] - The company's ROE is expected to decline to **3.4%** in 2024E, down from **9.3%** in 2022A [6] - The company's net debt ratio stands at **60.30%**, with a current P/B ratio of **0.3** [4] Operational Highlights - The company's new construction starts in H1 2024 were **4.12 million square meters**, achieving only **38.4%** of the annual plan, compared to **71.5%** in the same period last year [7] - Completed construction area in H1 2024 was **8.60 million square meters**, achieving **39.0%** of the annual plan, slightly below the **40.0%** achieved in the same period last year [7] - The company added only **3 new land parcels** in H1 2024, with an average land price of **3,944 CNY per square meter** [7] Industry Context - The company operates in the **real estate/finance** sector, facing challenges such as declining settlement scale and gross margins, as well as significant impairment losses [6][7] - The company is focusing on **inventory reduction** and **resource optimization**, including converting commercial properties to residential use and resource swaps [7] Valuation Metrics - The company's current P/E ratio is **3.55**, with a projected P/E of **9.10** for 2024E [6] - The company's P/B ratio is **0.33**, with a target P/B of **0.53** based on the target price [7]

Financial Performance and Results - Revenue for the first half of 2024 was RMB 142.78 billion, a decrease of 28.93% year-over-year[9] - Net profit attributable to shareholders was a loss of RMB 9.85 billion, a decrease of 199.82% year-over-year[9] - Operating cash flow was negative RMB 5.18 billion, a decrease of 377.63% year-over-year[9] - Total assets decreased by 5.45% to RMB 1.42 trillion compared to the beginning of the year[9] - Net debt ratio increased by 7.38 percentage points to 62.04%[10] - The company achieved operating revenue of 142.78 billion yuan, down 28.9% YoY, with a net loss attributable to shareholders of 9.85 billion yuan, a 199.8% YoY decrease[20] - The company's basic earnings per share were -0.83 yuan, a 198.6% YoY decrease[20] - Total revenue for the first half of 2024 decreased to 142.78 billion RMB, a decline of 28.9% compared to 200.89 billion RMB in the same period of 2023[133] - Net loss for the first half of 2024 was 8.52 billion RMB, compared to a net profit of 15.17 billion RMB in the first half of 2023[133] - Total comprehensive loss for the first half of 2024 was 8.12 billion RMB, compared to a comprehensive income of 17.67 billion RMB in the first half of 2023[134] - Interest expenses for the first half of 2024 increased to 3.14 billion RMB, up from 3.05 billion RMB in the same period of 2023[133] - Asset impairment losses for the first half of 2024 were 2.01 billion RMB, compared to no impairment losses in the same period of 2023[133] - Total operating revenue for the first half of 2024 was RMB 1,138,296,663.69, a decrease of 32.3% compared to RMB 1,681,236,183.01 in the same period of 2023[136] - Net profit for the first half of 2024 was RMB 6,206,541,138.75, a decrease of 61.9% compared to RMB 16,283,640,246.27 in the same period of 2023[136] - Cash flow from operating activities was negative RMB 5,176,325,811.10 in the first half of 2024, compared to positive RMB 1,864,499,635.13 in the same period of 2023[138] - Cash flow from investing activities was positive RMB 4,975,520,783.46 in the first half of 2024, compared to negative RMB 293,419,231.45 in the same period of 2023[138] - Cash flow from financing activities was negative RMB 6,858,569,321.45 in the first half of 2024, compared to negative RMB 16,440,283,211.88 in the same period of 2023[140] - Total cash and cash equivalents at the end of the first half of 2024 were RMB 89,986,161,022.77, a decrease of 7.2% compared to RMB 96,942,577,448.50 at the beginning of the period[140] - Interest expenses for the first half of 2024 were RMB 4,195,335,369.59, a decrease of 13.6% compared to RMB 4,855,158,954.63 in the same period of 2023[136] - Investment income for the first half of 2024 was RMB 8,271,234,777.03, a decrease of 48.5% compared to RMB 16,050,364,777.19 in the same period of 2023[136] - Cash received from sales of goods and services was RMB 103,845,517,758.89 in the first half of 2024, a decrease of 35.5% compared to RMB 160,959,767,625.25 in the same period of 2023[138] - Cash paid for goods and services was RMB 69,446,220,711.83 in the first half of 2024, a decrease of 37.0% compared to RMB 110,197,500,448.18 in the same period of 2023[138] - Operating cash flow for the first half of 2024 was negative at -18.52 billion RMB, compared to a positive 1.65 billion RMB in the same period of 2023[142] - Investment cash flow for the first half of 2024 was positive at 1.82 billion RMB, a significant increase from 660.63 million RMB in the same period of 2023[142] - Financing cash flow for the first half of 2024 was positive at 5.42 billion RMB, compared to a negative -8.66 billion RMB in the same period of 2023[143] - Cash and cash equivalents decreased by 11.28 billion RMB in the first half of 2024, compared to a decrease of 6.36 billion RMB in the same period of 2023[143] - Total comprehensive income for the first half of 2024 was negative at -9.47 billion RMB, with a minority interest impact of 1.35 billion RMB[144] - Shareholders' equity decreased by 17.88 billion RMB in the first half of 2024, primarily due to a reduction in retained earnings and minority interest[144] - The company received 45.16 billion RMB from borrowings in the first half of 2024, compared to 28.64 billion RMB in the same period of 2023[143] - The company repaid 35.57 billion RMB of debt in the first half of 2024, compared to 41.73 billion RMB in the same period of 2023[143] - The company's cash and cash equivalents balance at the end of June 2024 was 7.12 billion RMB, down from 18.40 billion RMB at the beginning of the period[143] - The company's total equity at the end of June 2024 was 385.06 billion RMB, down from 402.93 billion RMB at the beginning of the period[144] - Shareholder equity at the end of the period increased to RMB 402.64 billion, up from RMB 405.64 billion at the beginning of the period[147] - Comprehensive income for the period amounted to RMB 17.67 billion, driven by a net profit of RMB 11.79 billion[147] - Capital contributions from shareholders totaled RMB 9.02 billion, including RMB 3.46 billion from new share issuances[147] - Dividends distributed to shareholders amounted to RMB 13.23 billion, reflecting a significant return of capital[147] - Retained earnings increased to RMB 99.81 billion, up from RMB 98.01 billion at the beginning of the period[147] - Minority interest decreased to RMB 153.32 billion, down from RMB 162.31 billion at the beginning of the period[147] - Total comprehensive income for the year reached RMB 21.83 billion, with net profit contributing RMB 13.04 billion[148] - Shareholder equity at year-end stood at RMB 402.93 billion, slightly down from RMB 405.64 billion at the beginning of the year[148] - Dividends paid during the year totaled RMB 16.89 billion, reflecting a strong commitment to shareholder returns[148] - Retained earnings at year-end were RMB 93.62 billion, down from RMB 98.01 billion at the beginning of the year[148] - Shareholder equity increased by RMB 11.68 billion to RMB 171.66 billion as of June 2023, driven by a RMB 3.46 billion capital injection and RMB 16.28 billion in comprehensive income[151] - Total comprehensive income for the first half of 2023 reached RMB 15.43 billion, contributing significantly to the growth in undistributed profits[152] - The company added 48 new subsidiaries and reduced 69 subsidiaries during the reporting period, reflecting ongoing portfolio optimization[153] - Capital reserves increased by RMB 3.16 billion, primarily due to a RMB 300 million increase in share capital and additional capital injections[151] - Undistributed profits grew by RMB 8.22 billion to RMB 17.11 billion, despite RMB 8.06 billion in profit distributions to shareholders[151] Business Operations and Strategy - The company's subsidiaries include Vanke Property, Wanwu Liangxing, Wanwu Cloud City, and Wanrui Technology, focusing on community, commercial, and urban space services, as well as AIoT and BPaaS solutions[5] - The company's logistics platform is managed by Vanke Logistics Development Co., Ltd[5] - The company operates in multiple regions including Southern, Shanghai, Beijing, Southwest, Northwest, Central China, and Northeast regions[5] - The company's long-term rental apartment brand is called "Po Yu," managed by Zhuhai Po Yu Apartment Management Co., Ltd[5] - The company delivered 74,000 units across 169 projects in the first half of 2024, with sales amounting to RMB 127.33 billion[13] - The rental housing business expanded to 183,000 units, with an occupancy rate of 95.2% and a GOP margin close to 90%[13] - The company completed RMB 20.4 billion in bulk asset and equity transactions in the first seven months of 2024[13] - New financing and refinancing totaled RMB 61.2 billion in the first half of 2024, with a comprehensive cost of 3.66%[13] - The company repaid RMB 7.3 billion in domestic bonds and approximately RMB 10.4 billion in offshore bonds as of the report date[14] - Sales area decreased by 27.6% to 9.395 million square meters, and sales amount decreased by 37.6% to 127.33 billion yuan[25] - Sales amount ranked first in 14 cities, second in 14 cities, and third in 9 cities[25] - Completed delivery of 74,000 units, including 62,000 units of residential properties[33] - Settlement area decreased by 29.2% to 8.794 million square meters, and settlement income decreased by 34.6% to 111.68 billion yuan[27] - Gross profit margin of real estate development business was 6.8%[27] - Newly started and resumed construction area was 4.117 million square meters, completing 38.4% of the annual plan[30] - Completed construction area was 8.596 million square meters, completing 39.0% of the annual plan[30] - Acquired 3 new projects with a total planned construction area of 246,000 square meters and a total land price of 1.02 billion yuan[30] - Total construction area of projects under construction and planning is approximately 82.135 million square meters[30] - Launched "拾系", "映象系", and "锦系" product lines, with "映象系" projects in 5 cities and "锦系" projects in 4 cities[34] - Vanke's property management subsidiary, Wanwu Cloud, achieved revenue of 17.63 billion yuan, a year-on-year increase of 9.5%, with community space living consumption services contributing 10.15 billion yuan, accounting for 57.6% of total revenue[38] - Wanwu Cloud's commercial and urban space integrated services revenue reached 6.08 billion yuan, a 7.0% year-on-year increase, while AIoT and BPaaS solution services revenue grew 5.9% to 1.40 billion yuan[38] - Wanwu Cloud secured 221 new residential service projects with a total saturated revenue of 1.276 billion yuan, achieving a 74% bid-winning rate for projects within its "Butterfly City" strategy[39] - Wanwu Cloud's commercial services generated 252 million yuan in diversified business revenue, a 62.1% year-on-year increase, and signed new contracts worth 123 million yuan with a leading domestic AI company[39] - Vanke's leasing housing business, "Po Yu," achieved revenue of 1.73 billion yuan, a 5.3% year-on-year increase, with a total of 242,000 rental units under management and 183,000 units in operation[40] - Po Yu's occupancy rate reached 95.2%, with a GOP margin of nearly 90% and a 13.3% year-on-year reduction in single-unit operating costs[40] - Vanke's EPC and construction agency business generated revenue of 3.80 billion yuan in the first half of 2024, with 85 projects under management covering a total construction area of 14.73 million square meters[36] - Vanke's "Future City Ideal Unit" model was successfully implemented in projects such as Shanghai Jiading Ideal Land, featuring technologies like light storage, direct and flexible energy systems, and a carbon management platform[35] - Po Yu launched 1.5 million new rental units in the first half of 2024, with 1.2 million units (80.6%) located in first-tier cities, and added 3,300 newly opened units[40] - Po Yu's customer satisfaction rate increased to 94.5%, with 4.61 million registered users on its online platform, a 63.4% year-on-year increase, and 1.23 million followers on its official WeChat account[41] - The group's commercial property development and operation business achieved revenue of 4.59 billion yuan, a year-on-year increase of 6.7%, with a rental rate of 94.2% for projects managed by Yinli[42] - Yinli managed commercial projects generated revenue of 2.71 billion yuan, with a rental rate of 94.2%, remaining stable year-on-year[42] - The Shanghai Xuhui Vanke Plaza Phase III project achieved a signing rate of 92%, an opening rate of 88%, and a regional first-store rate of 40%, becoming the top-ranked shopping mall in the city[42] - The Shanghai Sanlin Yinxianghui project attracted over 280,000 visitors in its first 7 days of operation[42] - The logistics business (including non-consolidated projects) achieved operating income of 1.94 billion yuan, with cold chain revenue (excluding supply chain business) increasing by 8.4% year-on-year to 880 million yuan[44] - The cumulative leasable area of logistics projects reached 10.439 million square meters, with a stable rental rate of 85% for high-standard warehouses and 74% for cold chain facilities[44] - The company plans to deliver 188,000 units in 2024 and focus on core businesses such as comprehensive residential development, property services, and rental housing, while exiting non-core investments[58] - The company aims to reduce administrative expenses by 15% year-on-year in 2024 through organizational streamlining and cost-cutting measures[59] Financial Reporting and Compliance - The company's 2024 semi-annual report has been reviewed by KPMG Huazhen LLP and complies with Chinese Accounting Standards[2] - The company will not distribute cash dividends, issue bonus shares, or convert capital reserve into share capital for the 2024 semi-annual period[2] - The report includes forward-looking statements regarding future plans and development strategies, which do not constitute substantive commitments to investors[2] - The company's H-shares are listed on the Hong Kong Stock Exchange with stock codes 02202 and 299903[7] - The company's A-shares are listed on the Shenzhen Stock Exchange with stock code 000002[7] - The company's financial report is available on the official websites of the Shenzhen Stock Exchange and the Hong Kong Stock Exchange[7] - The company's semi-annual financial report for 2024 was reviewed but not audited, with KPMG Huazhen LLP issuing a review report[81] - No major litigation or arbitration cases were reported during the reporting period[83] - The company and its largest shareholder, Shenzhen Metro Group, maintained good integrity without any significant breaches during the reporting period[84] - The company completed the sale of a commercial land use right in Shenzhen for RMB 2.235 billion through a public bidding process, with the transaction involving a related party[85][86] - The company's board of directors approved the asset sale and related-party transaction, with related directors abstaining from voting[86] - No significant related-party transactions related to daily operations, joint investments, or financial dealings with related financial companies were reported during the period[87][88] - No major guarantees, trusteeships, contracts, or leasing activities were reported during the reporting period[91][92] - The total approved external guarantee amount during the reporting period is 8,105.08 million RMB, with an actual guarantee amount of 7,294.57 million RMB[93] - The total approved external guarantee amount at the end of the reporting period is 47,908.09 million RMB, with an actual guarantee balance of 18,341.69 million RMB[93] - The total approved guarantee amount for subsidiaries during the reporting period is 60,000.00 million RMB, with an actual guarantee amount of 60,000.00 million RMB[94] - The total approved guarantee amount for subsidiaries at the end of the reporting period is 2,909,000.00 million RMB, with an actual guarantee balance of 2,239,000.00 million RMB[94] - A subsidiary provided a guarantee of 100,000 million HKD with an actual guarantee amount of 24,845.21 million HKD[94] - A subsidiary provided a guarantee of 524,000 million HKD with an actual guarantee amount of 212,557.85 million HKD[94] - A subsidiary provided a guarantee of 205,000.00 million RMB with an actual guarantee amount of 205,000.00 million RMB[94] - A subsidiary provided a guarantee of 44,000.00 million RMB with an actual guarantee amount of 44,000.00 million RMB[94] - A subsidiary provided a guarantee of 140,000.00 million RMB with an actual guarantee amount of 140,000.00 million RMB[94] - A subsidiary provided a guarantee of 130,000.00 million RMB with an actual guarantee amount of 76,600.00 million RMB[94] - The total amount of guarantees approved during the reporting period is 2,947,636.65 million yuan, with actual guarantees issued amounting to 2,573,377.90 million yuan[96] - The total actual guarantee balance at the end of the reporting period is 5,249,828.08 million yuan, accounting for

昨晚有点不好意思哈，稍微喝多了点，再加上最近调睡眠生物钟，双buff叠困意，坐电脑前的时候眼睛都睁不开了，大脑大 概只有5-10%的功率，强撑着写完一段请假的话，倒头就睡。真的是脸一靠在枕头上就昏古七啦，再醒来就是凌晨4点。 我这人不嗜酒，但就还挺喜欢偶尔和好朋友好哥们一起喝的晕乎乎的感觉，喝高兴了嘛，有平时没有的一种畅快和松弛。 如果不是每晚公众号要上钟，我一年下来且要喝醉不少次，所以说为你们服务也间接的鞭策着我过更自律更健康的生活 虽然少写了一天，但也没耽误啥事，因为a股又平平无奇的浪费了一天。 5900亿成交量，又跌回下水沟了，市场中位数-0.22%，北向资金净抛售21亿，各项数据都很典，前段时间的感觉又回来 了。其实今天全球大环境挺好的，95%以上的市场指数都在上涨，但这也没能阻止a股又习惯性的尾盘拉垮。 整体萎靡的市场也有少许概念板块的亮点，比如商业航天、教培、光纤、智能电网都有局部行情。 商业航天是因为千帆星座（中国版星链）向天上发射了首批18颗卫星，这个项目背后的运营方是上海国资控股的科技公 司，a轮融了67亿，虽然星链在这个领域已经拥有巨大的先发优势，但卫星通讯背后往往有政治博弈和军事诉求，所 ...

[Table_Page] 公告点评|房地产 证券研究报告 [Table_Title] 万 科 A(000002.SZ)/ 万科企业 (02202.HK) 内外部影响半年度首次亏损,管理层增持体现长期信心 [Table_Summary] 核心观点: ⚫ 内外部因素影响半年度首次亏损,短期业绩仍承压。根据公司半年度 业绩预告,万科 24H1 预计归母净亏损 70-90 亿元(23H1 盈利 99 亿 元),扣非归母净亏损 50-65 亿元(23H1 盈利 87 亿元),拿地力度下 降、高价地结算叠加整体市场下行,公司结算规模收缩、毛利率下降、 资产减值、投资及资产处置亏损,上市以来首次出现半年度亏损。 ⚫ 首要任务转向负债管理,公司当前现金流安全。根据业绩预告,24H1 公司实现大宗交易回款 93.4 亿元,印力发行 REITs 规模 32.6 亿元, 积极的资产处置为利润表来带了亏损压力,但较大程度上保障了公司 现金流安全。根据 Wind 及公司融资公告统计,预计 24H2 公开债到期 约 96 亿元,偿付资金已经基本筹措到位,现金流安全性较高。盘活资 产、改善负债结构是公司当前最为重要的任务,未来将聚焦开发、 ...