（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。 ...

公司获得各类金融机构支持，上半年合并报表范围内新增融资和再融资249亿元(不含股东借款)。第一 大股东深铁集团也积极为公司提供流动性支持，截至目前已累计向公司提供238.8亿元的股东借款，且 借款利率和抵质押率均优于市场惯例水平。截至本报告披露日，公司顺利完成243.9亿元公开债务偿 还，2027年之前已无境外公开债到期。 万科企业(02202)发布截至2025年6月30日止六个月的未经审计业绩，收入1053.23亿元(人民币，下同);毛 利53.8亿元。 公告称，在各方及大股东强有力的支持下，集团全力保障队伍稳定、财务稳定和生产经营稳定，上半年 按期保质完成了超4.5万套房的交付，通过"城市兴交付"主题行动持续升级交付服务品质;实现销售金额 691.1亿元，回款率超过100%;持续开展大宗交易，完成13个项目交易，签约金额64.3亿元;积极推进存量 盘活，实现回款57.5亿元，近三年累计盘活项目64个，涉及可售货值约785亿元;经营服务类业务上半年 全口径收入284.2亿元，同比增长0.6%，经营效益保持在行业细分领域前列。 当前公司在经营上仍面临阶段性压力，尽管如此，集团相信，在各方支持下，依托万科优秀的 ...

当前公司在经营上仍面临阶段性压力，尽管如此，集团相信，在各方支持下，依托万科优秀的人才队伍 和品牌、突出的产品研发和迭代能力，以及在多个赛道上领先的经营服务能力，公司一定能走出低谷、 迎来转机。公司将全力以赴推进经营改善，通过战略聚焦、经营提振、管理提升、科技赋能、融合发展 等措施，推动业务佈局优化和结构调整，促进开发业务回归良性循环，经营服务业务稳步增长，加快构 建适应房地产新模式的核心能力，持续为客户提供"好房子""好服务""好社区"，推动公司重归健康发展 的轨道。 公告称，在各方及大股东强有力的支持下，集团全力保障队伍稳定、财务稳定和生产经营稳定，上半年 按期保质完成了超4.5万套房的交付，通过"城市兴交付"主题行动持续升级交付服务品质;实现销售金额 691.1亿元，回款率超过100%;持续开展大宗交易，完成13个项目交易，签约金额64.3亿元;积极推进存量 盘活，实现回款57.5亿元，近三年累计盘活项目64个，涉及可售货值约785亿元;经营服务类业务上半年 全口径收入284.2亿元，同比增长0.6%，经营效益保持在行业细分领域前列。 公司获得各类金融机构支持，上半年合并报表范围内新增融资和再融资249 ...

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]

上半年预计亏损100亿-120亿。 "公司对业绩亏损深表歉意。"万科在公告中表示，接下来，将全力以赴推进经营改善，通过战略聚焦、 经营提振、管理提升、科技赋能、融合发展等措施，推动业务布局优化和结构调整，促进开发业务回归 良性循环，经营服务业务稳步增长，加快构建适应房地产新模式的核心能力，持续为客户提供"好房 子""好服务""好社区"，推动公司重归健康发展的轨道。 万科表示，上半年公司保持生产经营稳定，按期保质完成了超4.5万套房的交付；实现销售金额691.1亿 元，回款率超过100%，多地项目开盘去化率超80%；实现大宗交易签约金额64.3亿元。 同时，万科通过存量盘活回款57.5亿元，并以盘活模式新增获取项目3个，2023年以来，万科已累计盘 活项目64个，涉及可售货值约785亿元。上半年，万科还在武汉、郑州、成都等多个城市补充了项目资 源。 据披露，万科上半年合并报表范围内新增融资和再融资249亿元；同时还有来自大股东深铁集团的借 款，至今已有超218亿元。目前，万科已完成164.9亿元公开债务偿还，2027年之前已无境外公开债到 期。 万科（000002.SZ）的亏损还在继续。 7月14日晚，万科发布 ...

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]