8月22日，万科发布2025年中报。中报显示，今年上半年，万科实现营业收入1053亿元，销售收入近700 亿元，高质量交付超过4.5万套房屋，销售回款率超过100%。 销售方面，在行业整体承压背景下，万科仍然保持稳定。今年上半年，万科仍保持了多地项目首开去化 率超九成的成绩，同时盘活回款近60亿元，自2023年以来累计盘活货值约785亿元。 经营业务方面，上半年万科经营服务业务全口径收入284亿元，经营效益保持行业前列。自身努力的同 时，万科也获得大股东及各方的大力支持，截至目前，万科已如期完成243.9亿公开债偿还，2027年之 前已无境外公开债到期。 在随后的投资者交流会上，万科管理层表示，能取得这一成绩，首先离不开金融机构的支持。"除了经 营和交易创造的现金流之外，我们将继续积极争取与金融机构的合作与支持，稳定存量融资规模，继续 争取增量流动性机会，以时间换空间。" 积极盘活资源 今年上半年，万科多地项目热销，其中成都、温州、天津等盘活项目首开去化率超90%，广州理想花地 获广州主城区销售套数和金额双领先。上半年，万科交付房屋超4.5万套，超50个项目实现"交付即交 证"，并持续提升施工透明度，主动邀请 ...

Core Viewpoint - Vanke is expected to report a net loss of 10 billion to 12 billion yuan for the first half of 2025, indicating a worsening financial situation compared to the previous year's loss of approximately 9.85 billion yuan [1][3]. Financial Performance - For the first half of 2025, Vanke's sales revenue reached 69.1 billion yuan, with over 45,000 housing units completed on schedule, and a sales collection rate exceeding 100% [3]. - The company reported a significant decline in the scale of real estate project settlements and maintained a low gross profit margin [3]. Loss Drivers - The primary reasons for the anticipated losses include a notable decrease in the scale of real estate project settlements, increased asset impairment provisions due to heightened business risk exposure, and some large asset and equity transactions being priced below book value [3]. Operational Stability - Despite the losses, Vanke maintained stable operations, achieving a signed amount of 6.43 billion yuan in large transactions and generating 5.75 billion yuan through asset revitalization [3]. - The company has revitalized 64 projects since the beginning of 2023, with a total saleable value of approximately 78.5 billion yuan, resulting in over 20 billion yuan in new sales [3]. Debt Management - Vanke is progressing with debt repayment, having received support from various financial institutions, and all public debts were repaid on time in the first half of 2025, with no foreign public debts maturing before 2027 [3]. Strategic Developments - Vanke is advancing its integration with its major shareholder, Shenzhen Metro Group, to leverage both parties' resources and create a new urban service ecosystem with diverse scenarios and business types [3]. - Following a strategic partnership in the long-term rental apartment sector, Vanke and Shenzhen Metro have launched a pilot project for autonomous delivery via subway, enhancing delivery efficiency through technology [4].