25 August 2025 | 8:06AM CST China Vanke (000002.SZ, 2202.HK) 1H25 below expectation: Early signs of liquidity improvement but not yet sustainable; retain Sell China Vanke (A/H) reported 1H25 net losses of Rmb11.9bn (lower range of Rmb10bn-12bn net loss estimated by profit warning), as above-expectation revenue and gross margin (+9pp qoq to 10% in 2Q25, the highest level since 4Q23) were offset by further impairment charges (total Rmb5.4bn on inventory and AR) alongside higher SG&A, taxation and MI payout. T ...