订立合资事项可使本集团拓展其物业开发业务。透过合资事项架构，本集团可有效分散开发风险，并利 用其他合资股东的互补资源、经验及专长，提升项目执行效率及长期回报。 智通财经APP讯，LHN(01730)发布公告，本公司的间接全资附属公司WPS (TPY) Pte. Ltd.(WPSTPY)已 与Macritchie Developments Pte. Ltd. (MAC)、KSH Blazar Pte. Ltd.(KSHB)、CP-Tagore Pte. Ltd.(CP)、 Soon Hock Fortune Pte. Ltd.(SHF)、Petrus Capital Holdings Pte. Ltd.(PCH)、Tay Lian Xie Tarol(TAY)、Chin Hong Oon(CHO)(WPSTPY、MAC、KSHB、CP、SHF、PCH、TAY及CHO各称"合资股东"，统称"合资 股东")及Thomson Gem Pte. Ltd.(合资公司)订立一份日期为2025年10月22日的合资协议(协议)，合资公司 将配发及发行新股份，而合资股东将认购合资公司的新股份(合资事项)。除MAC为本集团的现有合 ...

Summary of China Vanke's Earnings Call Company Overview - **Company**: China Vanke (000002.SZ, 2202.HK) - **Industry**: Real Estate Development Key Financial Highlights 1. **1H25 Financial Performance**: - Reported net losses of Rmb11.9 billion, aligning with the lower end of the estimated loss range of Rmb10 billion to Rmb12 billion [1][2][12] - Revenue decreased by 26% year-over-year to Rmb104 billion, with property development revenue down 32% year-over-year to Rmb84 billion [12] - Gross margin improved to 10% in 2Q25, a 9 percentage point increase quarter-over-quarter, marking the highest level since 4Q23 [1][7] 2. **Impairment Charges**: - Total impairment charges amounted to Rmb5.4 billion, significantly impacting net margins, which declined to -8% [1][7][8] - The company anticipates continued impairment recognition, with expected charges of Rmb3 billion in 2H25 [2] 3. **Liquidity Situation**: - Secured over Rmb49 billion in financing year-to-date, including Rmb25 billion from external sources and Rmb24 billion in shareholder loans [4][6] - Debt structure improved slightly, with short-term maturities reduced to 43% of total debt [6] 4. **Future Projections**: - Revised net loss forecasts for 2025E-27E to Rmb18.4 billion, Rmb9.9 billion, and Rmb9.7 billion respectively [2] - Contract sales estimate for 2025E maintained at Rmb139 billion, reflecting a 44% year-over-year decline [10] Market Position and Valuation 1. **Valuation Metrics**: - Vanke A and H shares are trading at discounts of 2% and 29% to end-2025E NAV, respectively [3] - Target prices remain unchanged at Rmb6.0 for Vanke A and HK$4.7 for Vanke H, indicating potential downsides of 9% and 8.5% [3][19] 2. **Market Performance**: - Property sales in the first seven months of 2025 fell by 44% year-over-year, underperforming the average market decline of 18% [10] Strategic Outlook 1. **Land Acquisition**: - Acquired 6 projects in 1H25 with a total land consideration of Rmb2.5 billion, accounting for 4% of total contract sales [9] - Reliance on third-party projects increased, with attributable interests in new projects down to 53% [9] 2. **Risks and Challenges**: - Continued liquidity challenges and reliance on shareholder support are critical for navigating upcoming bond maturities [6][21] - The company faces significant pressure from inventory impairments and a challenging market environment, limiting visibility for recovery [21] 3. **Upside Risks**: - Potential government funding support and successful asset disposals could improve liquidity and operational performance [15][23] Conclusion - China Vanke's financial performance in 1H25 reflects ongoing challenges in the real estate market, with significant net losses and liquidity concerns. The company is navigating a difficult landscape with a focus on restructuring its debt and managing impairments while seeking to stabilize its operations through strategic financing and asset management.