（编辑 任世碧） 证券日报网讯 万科Ａ9月11日在互动平台回答投资者提问时表示，公司坚持与城市同步发展、与客户同 步发展，未来将持续提升多元场景的开发经营服务能力，回归城市本源，建设"好房子"、营造"好社 区"、提供"好服务"，进一步夯实适应房地产发展新模式的核心竞争力。 ...

Core Viewpoint - Vanke Enterprise reported strong financial performance for the first half of 2025, with significant revenue and sales figures, while also facing operational challenges that the company aims to overcome through strategic initiatives [1][2] Financial Performance - The company achieved a revenue of 105.32 billion yuan and a gross profit of 5.38 billion yuan for the six months ending June 30, 2025 [1] - Sales amounted to 69.11 billion yuan, with a repayment rate exceeding 100% [1] - The company completed the delivery of over 45,000 housing units and engaged in bulk transactions totaling 6.43 billion yuan across 13 projects [1] - The total income from operational services reached 28.42 billion yuan, reflecting a year-on-year growth of 0.6% [1] Financing and Support - Vanke secured new financing and refinancing of 24.9 billion yuan in the first half of the year, excluding shareholder loans [1] - The largest shareholder, Shenzhen Metro Group, provided liquidity support amounting to 23.88 billion yuan, with favorable loan rates and collateral conditions [1] - The company successfully repaid 24.39 billion yuan in public debt, with no foreign public debt maturing before 2027 [1] Operational Challenges and Strategic Focus - The company acknowledges ongoing operational pressures but is optimistic about recovery due to strong support from stakeholders and its talented workforce [2] - Vanke plans to enhance business operations through strategic focus, management improvements, and technological empowerment [2] - The company aims to optimize its business layout and structure, ensuring a return to a healthy development trajectory while providing quality housing and services [2]

Group 1 - Company reported unaudited revenue of 105.32 billion yuan and gross profit of 5.38 billion yuan for the six months ending June 30, 2025 [1] - The company completed the delivery of over 45,000 housing units and achieved a sales amount of 69.11 billion yuan with a collection rate exceeding 100% [1] - The company actively engaged in bulk transactions, completing 13 project transactions with a signed amount of 6.43 billion yuan [1] Group 2 - The company faced operational pressures but remains optimistic about recovery supported by strong backing from stakeholders and its talented workforce [2] - The company plans to enhance operational improvement through strategic focus, management enhancement, and technology empowerment [2] - The goal is to optimize business layout and structure, ensuring a return to healthy development while providing quality housing and services [2]

Core Viewpoint - Vanke (000002.SZ) continues to experience losses, with a projected net profit loss of 10 billion to 12 billion yuan for the first half of 2025, compared to a loss of 9.852 billion yuan in the same period last year [1] Group 1: Financial Performance - The net profit loss excluding non-recurring gains and losses is expected to be between 9.5 billion and 11.5 billion yuan, compared to a loss of 7.613 billion yuan in the previous year [1] - Basic earnings per share are projected to be a loss of 0.8433 to 1.0120 yuan, compared to a loss of 0.8309 yuan per share in the same period last year [1] - The company achieved sales of 69.11 billion yuan in the first half of the year, with a repayment rate exceeding 100% and a project opening absorption rate over 80% in multiple locations [2] Group 2: Operational Challenges - The decline in profit is attributed to a significant decrease in the settlement scale of real estate development projects and low gross profit margins [1] - The company has increased asset impairment provisions due to heightened business risk exposure and some large asset transactions and equity transaction prices falling below book value [1] Group 3: Strategic Initiatives - Vanke aims to improve operations through strategic focus, operational enhancement, management improvement, technological empowerment, and integrated development [1] - The company has completed the delivery of over 45,000 housing units and has revitalized projects worth approximately 57.5 billion yuan, with a total of 64 projects revitalized since the beginning of 2023, involving a saleable value of about 785 billion yuan [2] - Vanke has raised and refinanced 24.9 billion yuan in the first half of the year and has repaid 16.49 billion yuan in public debt, with no foreign public debt due before 2027 [2]

Core Viewpoint - Vanke is expected to report a significant net profit loss of 10 billion to 12 billion yuan for the first half of 2025, continuing its trend of losses from the previous year [2] Group 1: Financial Performance - The net profit loss attributable to shareholders is projected to be between 10 billion and 12 billion yuan, compared to a loss of 9.852 billion yuan in the same period last year [2] - The net profit loss after excluding non-recurring gains and losses is expected to be between 9.5 billion and 11.5 billion yuan, compared to a loss of 7.613 billion yuan in the previous year [2] - The basic earnings per share are projected to be a loss of 0.8433 to 1.0120 yuan, compared to a loss of 0.8309 yuan in the same period last year [2] Group 2: Reasons for Loss - The company cites a significant decrease in the scale of real estate project settlements and low gross profit margins as primary reasons for the losses [2] - Increased asset impairment provisions were made due to heightened business risk exposure in light of industry and market changes [2] - Some large asset and equity transaction prices fell below their book values, contributing to the losses [2] Group 3: Operational Highlights - Despite the losses, the company successfully delivered over 45,000 housing units and achieved sales of 69.11 billion yuan, with a repayment rate exceeding 100% [3] - The company signed large transactions worth 6.43 billion yuan and revitalized 64 projects, involving a total saleable value of approximately 78.5 billion yuan [3] - Vanke has raised and refinanced 24.9 billion yuan in the first half of the year and has completed 16.49 billion yuan in public debt repayment, with no foreign public debt due before 2027 [3]

Core Viewpoint - Vanke expects a significant net profit loss for the first half of 2025, primarily due to decreased project settlement scale, increased asset impairment provisions, and lower transaction prices for major assets [2][3]. Financial Performance - The projected net profit loss for the period is between 10 billion to 12 billion yuan, with a loss of 9.5 billion to 11.5 billion yuan after excluding non-recurring items [2]. - Basic earnings per share are expected to be a loss of 0.8433 to 1.01 yuan [2]. - The company achieved sales of 69.11 billion yuan with a repayment rate exceeding 100% [2]. Operational Highlights - Vanke delivered over 45,000 housing units on schedule and completed significant transactions, including 6.43 billion yuan in bulk trading [2]. - The company has revitalized 64 projects since the beginning of 2023, with a total saleable value of approximately 78.5 billion yuan [2]. Strategic Initiatives - Vanke is focusing on operational improvement through strategic focus, management enhancement, and technology empowerment to optimize business layout and structure [3]. - The company has seen strong sales in new projects across multiple cities, with some projects achieving over 80% sales rates [3]. Business Segments - The long-term rental apartment business leads the industry in scale and efficiency, with an occupancy rate exceeding 93% and a gross operating profit margin close to 90% [3]. - Vanke's commercial business is experiencing steady growth in foot traffic and sales, providing services to well-known institutional owners [3]. Asset Management and Development - The company is accelerating the establishment of asset exit channels, including asset securitization, and has made progress with the Pre-REIT fund [4]. - Vanke is enhancing collaboration with its major shareholder, Shenzhen Metro Group, to leverage resources and create a new urban service ecosystem [4].

Performance Forecast - The company expects a net loss for the first half of 2025, with projected losses ranging from 1,000 million to 1,200 million yuan, compared to a loss of 985.25 million yuan in the same period last year [1] - The expected net loss after deducting non-recurring gains and losses is projected to be between 950 million and 1,150 million yuan, compared to a loss of 761.30 million yuan in the previous year [1] - Basic earnings per share are anticipated to be a loss between 0.8433 yuan and 1.0120 yuan, compared to a loss of 0.8309 yuan per share last year [1] Reasons for Loss - The significant decline in the scale of real estate project settlements and low gross profit margins are primary reasons for the expected losses [1] - Increased asset impairment provisions due to heightened business risk exposure in response to changes in the industry, market, and operational environment [1] - Some major asset and equity transactions are expected to be priced below their book values [1] Operational Highlights - The company successfully delivered over 45,000 housing units during the reporting period [1] - Sales amounted to 69.11 billion yuan, with a collection rate exceeding 100% [1] - The company has revitalized 64 projects since the beginning of 2023, involving a saleable value of approximately 78.5 billion yuan [1] - The overall performance of operational service businesses remains strong, maintaining a leading position in industry segments [1] Financial Management - The company received support from various financial institutions, accelerating debt risk resolution [1] - New financing and refinancing amounted to 24.9 billion yuan (excluding shareholder loans) during the reporting period [1] - The company successfully repaid 16.49 billion yuan in public debt, with no foreign public debt maturing before 2027 [1]