新董事长黄力平发声：深铁集团将继续帮助万科化解风险 黄力平表示，要凝心聚力，有序化解风险。在房地产新旧发展模式的转换过程中，要消化过 去"三高"阶段形成的负担，必然有一个阵痛期。公司发展面临严峻挑战，经营业绩也会持续 承压。对此，需要凝聚众人智慧和力量，需要各方相向而行、共同应对，保持坚定的信心和 足够的耐心。作为大股东，深铁集团将与各方一起，不懈努力，帮助万科有序化解风险，摆 脱困境，继续按照市场化、法治化的原则，支持万科健康发展。 对于万科未来工作，黄力平表示，将从三方面着手。一方面，万科将坚持战略聚焦，按照 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《"十五 五"规划建议》）中"推动房地产高质量发展"的工作要求，在稳定住宅开发业务的基础上，推 动业务布局优化和结构调整，从城市聚焦、业务组合、发展模式、产品定位、科技赋能等五 个方面综合施策；另一方面，万科将坚持规范运作，健全"治理规范、内控有效、阳光透 明"的管理机制，将"强化管控"与"保持活力"有机结合，主动开展组织优化工作，压缩管理层 级，缩短管理链条，整合事业部资源，持续构建更加规范、高效的治理机制。 【导读】10月接任 ...

Core Viewpoint - The company emphasizes its commitment to developing in sync with urban growth and customer needs, aiming to enhance its capabilities in diverse development and operational services while focusing on building quality homes, creating good communities, and providing excellent services [1] Group 1 - The company plans to strengthen its core competitiveness to adapt to the new model of real estate development [1] - The company aims to return to the essence of urban development [1] - The company is focused on continuous improvement in service capabilities across various scenarios [1]

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]