万科- 2025 年上半年业绩如预期令人失望

August 22, 2025 02:47 PM GMT China Vanke Company Ltd. | Asia Pacific M Update 1H25 Results Disappointed as Expected Reaction to earnings Strengthens our thesis Meaningful shortfall Meaningful revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Outlook remains weak: While Vanke may still fulfill its public debt repayment with the help of unpledged loans from SZ Metro, we maintain our cautio ...