Core Viewpoint - The recent notification from the financial regulatory authorities and the People's Bank of China regarding the management of operational property loans is a significant positive development for leading real estate companies, allowing them to use commercial properties as collateral to improve liquidity and avoid asset fire sales [1][2]. Group 1: Company Challenges - Vanke faced liquidity issues and debt repayment concerns despite reporting a revenue of 89.42 billion yuan and a net profit of 3.75 billion yuan in its Q3 financial report [1]. - Fitch Ratings downgraded Vanke's long-term foreign currency issuer default rating from "BBB+" to "BBB," reflecting market concerns over its financial stability [1]. - Wanda's owner, Wang Jianlin, sold four Wanda Plazas due to ongoing debt issues, indicating the financial strain on major real estate firms [1][2]. Group 2: Policy Support for Real Estate Companies - The recent notification opened four key avenues for financing, allowing real estate companies to use operational properties as collateral, extend loan terms from 10 to 15 years, and increase the loan-to-value ratio from 60% to 70% [2]. - The total new financing scale for listed real estate companies with significant operational property holdings is expected to exceed 500 billion yuan, providing much-needed liquidity for firms like Vanke and Wanda in 2024 [2][3]. Group 3: Market Implications - The management's proactive measures to address liquidity issues are seen as crucial for restoring market confidence in the real estate sector, which has been plagued by debt crises and stalled projects [2][5]. - The financial support for real estate companies is essential for ensuring the completion of ongoing projects and reviving consumer confidence in the housing market [3][5]. - The central bank's commitment to providing financial support signals a potential recovery for the real estate market, with expectations of improved conditions in 2024 [5].

Financial Performance - Operating revenue for the first nine months of 2023 was RMB 290.31 billion, a decrease of 14.03% compared to RMB 337.67 billion in the same period of 2022[4] - Profit attributable to shareholders for the first nine months of 2023 was RMB 13.62 billion, down 20.31% from RMB 17.09 billion in the same period of 2022[4] - Basic and diluted earnings per share for the first nine months of 2023 were both RMB 1.16, a decrease of 21.37% from RMB 1.47 in the same period of 2022[4] - In Q3 2023, the company achieved operating revenue of RMB 89.42 billion, a year-on-year decrease of 31.6%, and net profit attributable to shareholders of RMB 3.75 billion, down 22.5%[11] - For the first nine months of 2023, cumulative operating revenue was RMB 290.31 billion, a decline of 14.0%, with net profit attributable to shareholders at RMB 13.62 billion, down 20.3%[11] - The gross profit for the same period was RMB 51.02 billion, compared to RMB 66.27 billion in 2022, indicating a decline of 23%[20] - Operating profit for the nine months was RMB 39.26 billion, down from RMB 52.70 billion, a decrease of 25%[20] - The net profit attributable to shareholders for the period was RMB 13.62 billion, compared to RMB 17.09 billion in 2022, reflecting a decrease of 20%[20] Cash Flow and Financial Position - Net cash flow from operating activities improved significantly to RMB 235.32 million, compared to a negative cash flow of RMB 4.18 billion in the same period of 2022, representing a 105.64% increase[4] - Operating cash generated for the first nine months of 2023 was RMB 27,612,762 thousand, compared to RMB 27,373,577 thousand in the same period of 2022, reflecting a slight increase[24] - Net cash generated from operating activities was RMB 235,324 thousand, a significant improvement from a net cash outflow of RMB (4,175,709) thousand in 2022[24] - Cash and cash equivalents decreased by RMB 33,180,264 thousand in the first nine months of 2023, compared to a decrease of RMB 24,903,349 thousand in the same period of 2022[24] - Cash and cash equivalents as of September 30, 2023, stood at RMB 101,244,406 thousand, down from RMB 115,805,110 thousand at the end of the same period in 2022[24] - Total tax payments decreased to RMB (27,377,438) thousand in 2023 from RMB (31,549,286) thousand in 2022, indicating a reduction in tax liabilities[24] - Cash used in financing activities increased significantly to RMB (31,334,051) thousand in 2023 from RMB (10,463,739) thousand in 2022, reflecting higher dividend and interest payments[24] - The impact of foreign exchange fluctuations resulted in a cash flow increase of RMB 131,646 thousand in 2023, compared to an increase of RMB 889,908 thousand in 2022[24] - Cash flow from other investment activities improved to RMB 2,742,306 thousand in 2023 from a cash outflow of RMB (3,972,684) thousand in 2022, indicating a positive shift in investment returns[24] - The company’s cash flow management strategies appear to be yielding positive results, as evidenced by the improved net cash from operating and investing activities[24] Assets and Equity - Total assets as of September 30, 2023, were RMB 1,646.72 billion, a decrease of 6.32% from RMB 1,757.84 billion at the end of 2022[4] - Total equity attributable to shareholders increased by 3.94% to RMB 252.91 billion as of September 30, 2023, compared to RMB 243.33 billion at the end of 2022[4] - As of September 30, 2023, total assets less current liabilities amounted to RMB 706.25 billion, an increase from RMB 680.04 billion at the end of 2022[22] Business Segments - The real estate development business recorded a settlement area of 5.898 million square meters in Q3 2023, a decrease of 38.0%, contributing RMB 73.36 billion to revenue, down 37.3%[11] - The logistics and warehousing business generated operating revenue of RMB 2.98 billion in the first nine months of 2023, an increase of 14.8%[15] - The rental housing business achieved operating revenue of RMB 2.53 billion in the first nine months of 2023, growing by 9.4%[16] - The rental housing business expanded by adding 4,761 new units in Q3 2023, with an occupancy rate of 94.4% as of September 30, 2023[17] - The group's commercial development and operations achieved revenue of RMB 6.58 billion for the first nine months, a year-on-year increase of 5.2%[18] - The revenue from commercial projects managed by the Yinyi Group was RMB 4.18 billion, reflecting a year-on-year growth of 3.4%[18] - The overall occupancy rate of commercial projects managed by Yinyi was 95.0% during the reporting period[18] - In Q3, the commercial business (including Yinyi) expanded by 2 new projects with a total construction area of 87,000 square meters and opened 3 new projects with a total area of 349,000 square meters[18] Shareholder Information - The total number of shareholders at the end of the reporting period was 556,919, with the largest shareholder holding 27.18% of the shares[6] - As of September 30, 2023, the total number of shares outstanding is 11,930,709,471, including 9,724,196,533 A-shares and 2,206,512,938 H-shares[9] Investment and Financial Strategy - Other financial assets decreased by 50.12% to RMB 2.56 billion due to partial investment disposals[5] - Short-term borrowings were reduced by 41.83% to RMB 28.01 billion as part of financing structure optimization[5] - The weighted average return on net assets was 5.45%, down from 7.12% in the previous year, a decrease of 1.67 percentage points[4] - The company has a total of 2,955.2 million square meters of sold but uncompleted resources, with a total contract amount of approximately RMB 461.73 billion[13] - The average gross profit margin for the real estate development business was 18.5% before tax, and 14.6% after tax for the first nine months of 2023[11]

Financial Performance - As of June 30, 2023, the company's total revenue was RMB 200.89 billion, a decrease of 2.91% compared to RMB 206.92 billion in the same period of 2022[11]. - The net profit attributable to shareholders for the first half of 2023 was RMB 9.87 billion, down 19.43% from RMB 12.25 billion in the first half of 2022[11]. - The company's gross profit for the first half of 2023 was RMB 37.89 billion, reflecting a decline of 10.49% year-on-year[11]. - The company achieved a total operating revenue of RMB 200.89 billion in the first half of 2023, a decrease of 2.91% year-on-year[20]. - Net profit attributable to shareholders was RMB 9.87 billion, down 19.4% compared to the previous year[20]. - The basic earnings per share were RMB 0.84, reflecting a decline of 20.0% year-on-year[20]. - The gross profit margin for real estate development and related asset management was 19.3%, down 1.5 percentage points from the same period in 2022[21]. - The real estate development business generated revenue of RMB 170.84 billion, a decrease of 4.5% year-on-year[14]. - The property services segment reported a revenue increase of 11.9%, with property service revenue growing by 12.2%[14]. - The company achieved a net cash flow from operating activities of RMB 1.86 billion in the first half of 2023, marking the 14th consecutive year of positive cash flow[14]. Debt and Financial Structure - The net debt ratio stood at 49.5%, indicating a low position within the industry, with cash and cash equivalents amounting to RMB 122.18 billion, covering short-term debt 2.7 times[14]. - The company plans to continue optimizing its debt structure and reducing financing costs, with a weighted average debt maturity of 5.0 years[14]. - Total interest-bearing debt amounts to RMB 321.36 billion, accounting for 19.1% of total assets, with RMB 45.7 billion due within one year[44][46]. - The average financing cost for newly added domestic financing in the first half of 2023 is 3.73%[46]. - The group achieved a net cash inflow from operating activities of RMB 1.86 billion during the reporting period[47]. - The group provided guarantees for customer mortgage loans totaling approximately RMB 226.15 billion, with no significant losses incurred from these guarantees[50]. - The company has committed to maintaining operational independence, ensuring that it has its own assets, personnel, and market-facing capabilities[74]. Business Operations and Strategy - The company operates various business units including logistics, long-term rental apartments, and overseas business units[3]. - The logistics and warehousing sector showed stable growth in cold chain logistics, supported by government policies and demand from the catering and fresh e-commerce industries[17]. - The company is focusing on expanding its service offerings to include high-end rental apartments and large rental communities[18]. - The company has initiated several urban renewal projects, with a total planned construction area of approximately 3.83 million square meters[29]. - The company maintains a focus on high-quality investments, identifying structural opportunities through an investment map[28]. - The company has established nearly 50 sustainability goals, focusing on emissions reduction, waste reduction, energy use, and climate change[66]. - The company aims to improve ESG value and sustainable development capabilities across various business segments[53]. Shareholder and Corporate Governance - The company reported no cash dividends or bonus shares for the first half of 2023[1]. - The company did not declare any cash dividends or bonus shares for the reporting period[20]. - The company has established a commitment to regulate related party transactions to protect the rights of minority shareholders[77]. - The company has committed that the raised funds will not be used for new residential development projects in the domestic market[99]. - The company has no significant penalties or rectification situations during the reporting period[79]. - The company did not implement any equity incentive plans or employee stock ownership plans during the reporting period[63]. Market and Investor Relations - The company held its annual general meeting on June 30, 2023, with 50.32% of the voting shares present[61]. - The company engaged with various institutional investors through multiple teleconferences and meetings throughout 2023, enhancing communication on operational strategies and market outlook[93][94]. - The company successfully issued 300,000,000 new H-shares at a price of HKD 13.05 per share, raising approximately HKD 39.15 billion, which is about RMB 34.64 billion after costs[99]. - The company has actively participated in investor activities, including meetings with over 50 different investors during the reporting period[94]. Sustainability and ESG Initiatives - The company has achieved a cumulative area of 316 million square meters that meet green building evaluation standards as of June 30, 2023[67]. - The company aims to promote green leasing by integrating ESG initiatives into leasing contracts with merchants[68]. - The company has implemented a "zero waste" management approach in its self-operated hotels[68]. - The company has introduced green and low-carbon standards in procurement, promoting suppliers to obtain green low-carbon certification, aiming to create a green supply chain[69]. Financial Reporting and Compliance - The interim financial report for the first half of 2023 was reviewed by KPMG and is prepared in accordance with International Accounting Standard 34[1]. - The report confirms the accuracy and completeness of the financial statements by the chairman and the CFO[1]. - The report does not include any significant omissions or misleading statements[1]. - The company’s financial report is prepared in Renminbi (RMB) unless otherwise specified[1]. - The company’s mid-term financial report was not audited, but reviewed by KPMG[79].

[0 -> 12] 尊敬的各位投资者和媒体朋友们,大家上午好,我是董事会秘书朱旭,欢迎各位出席万科2023年度的中期的业绩推荐会。 [12 -> 26] 这次我们依然采用现场直播的方式进行,大家可以通过万科的官网,万科的逆选房微信小程序和全景网参加我们的直播并与我们交流互动。 [26 -> 33] 在业绩交流正式开始之前,请允许我介绍出席本次业绩推荐会的管理层。 [58 -> 81] 本次业绩推荐的PPT标题是《岁寒之松柏,长风会有时》,分别取之《伦宇和李白的行路难》,寓意是像松柏一样坚定的应对寒冬,必然能迎来长风破浪的广阔未来。 [82 -> 94] 那么,我们这次PPT的介绍分为了四个部分,业绩概览,上半年的主要工作,ESG亮点,以及下半年的工作重点。下面我逐一为大家进行汇报。 [94 -> 101] 那么在业绩概览这个部分,我们来到PPT的第二页。 [101 -> 114] 在上半年,其实市场的景气度短暂有所回升,然后又快速地下滑,行业的形势依然非常严峻,公司坚持开发、经营、服务并重的发展战略。 [114 -> 124] 开发业务虽然受到市场影响,规模利毛利有所下降,但是经营服务业务依然保持良好的发展态 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2202） 截至2023年6月30日止六個月之未經審計業績公告 萬科企業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬公司截至2023年6月30 日止六個月之未經審計業績。本公告列載本公司2023年中期報告全文，並符合香港聯合交易所有限 公司（「香港聯交所」）證券上市規則中有關中期業績初步公告附載資料之相關要求。 本公司2023年中期報告的印刷版本將於2023年9月寄發予本公司H股股東，並可於其時在香港聯交所 網站(www.hkexnews.hk)及本公司網站(www.vanke.com)閱覽。 本業績公告的中英文版本可在本公司網站(www.vanke.com)及香港聯交所網站(www.hkexnews.hk)查 閱，在對中英文版本理解上發生歧義時，除財務報告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2202） 2023年第一季度報告 萬科企業股份有限公司（以下簡稱「公司」或「萬科」）董事會（「董事會」）謹此宣佈本公司及附屬公司（統 稱「本集團」）截至2023年3月31日止三個月期間按照國際財務報告準則編製的未經審核季度報告（「本 季度報告」或「本報告」）。本公告乃按照香港法例第571章《證券及期貨條例》第XIVA部內幕消息條文 及《香港聯合交易所有限公司證券上市規則》第13.09條及第13.10B條的要求做出。 1. 重要提示 1.1 本公司董事會、監事會及董事（「董事」）、監事、高級管理人員保證本報告內容的真實、準確、 完整，不存在虛假記載、誤導性陳述或者重大遺漏，並承擔個別和連帶的法律責任。 1.2 公司第十九屆董事會第三十次會議（「本次會議」）審議並通過了本報告。本公司 ...

萬科企業股份有限公司 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號: 2202） ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2202） 2022年度業績公告 萬科企業股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公司截至2022年12月 31日止年度之經審核業績。本公告列載本公司2022年度報告全文，並符合《香港聯合交易所有限公司 證券上市規則》中有關年度業績初步公告附載資料之要求。本公司2022年度報告的印刷版本將於2023 年4月寄發予本公司H股股東，並可於其時在香港聯合交易所有限公司網站(www.hkexnews.hk)及本公 司網站(www.vanke.com)閱覽。 本業績公告的中英文版本可在本公司網站(www.vanke.com)及香港聯合交易所有限公司網站 (www.hkexnews.hk)查閱，在對中英文版本理解上發生歧義時，正文部分請以中文為準，惟按照國際 財務報 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2202） 2022 年第三季度報告 萬科企業股份有限公司（「本公司」或「公司」或「萬科」）董事會（「董事會」）謹此宣佈本公司及附屬公司 （統稱「本集團」）截至2022年9月30日止三個月及九個月期間按照國際財務報告準則編製的未經審核季 度報告（「本季度報告」或「本報告」）。本公告乃根據香港法例第571章《證券及期貨條例》第XIVA部內 幕消息條文及《香港聯合交易所有限公司證券上市規則》第13.09條及第13.10B條的要求做出。 §1 重要提示 1.1 本公司董事會、監事會及董事（「董事」）、監事、高級管理人員保證本報告所載內容的真實、準 確、完整，不存在虛假記載、誤導性陳述或者重大遺漏，並承擔個別及連帶的法律責任。 1.2 公司第十九屆董事會第二十一次會議（「本次會議」）審議並 ...

vanke 萬科企業股份有限公司 (於中華人民共和國註冊成立的股份有限公司) (股份代號: 2202) 中期報告 2022 # 1 重要提示： 1、 本公司董事會（「董事會」）、監事會及董事、監事、高級管理人員保證2022年中期報告（「本報告」或 「中期報告」）所載資料不存在虛假記載、誤導性陳述或者重大遺漏，並對其內容的真實性、準確性和 完整性承擔個別及連帶責任。 2、 本報告已經本公司於2022年8月30日召開的第十九屆董事會第十九次會議（「本次會議」）審議通過。 獨立非執行董事吳嘉寧先生因公務原因未能親自出席本次會議，授權另一位獨立非執行董事劉姝威 女士代為出席會議並行使表決權。其他所有董事均親自出席了本次會議。 3、 公司2022年中期不派發股息、不送紅股，不進行權益儲備轉增股本。 4、 按照國際會計準則第34號中期財務報告（「國際會計準則第34號」）編製的中期財務報告未經審計，惟 已由畢馬威會計師事務所根據香港會計師公會頒佈的《香港審閱工作準則第2410號－獨立核數師對 中期財務信息的審閱》的要求進行審閱。 5、 董事會主席郁亮先生及執行副總裁、財務負責人韓慧華女士聲明：保證本報告中財務報告的真實、 ...