Core Viewpoint - Vanke Enterprise Co., Ltd. is expected to report a significant net loss of approximately 82 billion yuan for the year 2025, with a net loss of about 80 billion yuan after excluding non-recurring gains and losses [1][2]. Financial Performance - The net profit attributable to shareholders is projected to be a loss of approximately 82 billion yuan, compared to a loss of 4.95 billion yuan in the previous year [2]. - The net profit after excluding non-recurring gains and losses is expected to be a loss of about 80 billion yuan, compared to a loss of 4.54 billion yuan in the previous year [2]. - The basic earnings per share are anticipated to be a loss of approximately 6.89 yuan per share, compared to a loss of 4.17 yuan per share in the previous year [2]. Operational Highlights - In 2025, Vanke plans to deliver 117,000 housing units, maintaining stable revenue from its operational services [2][3]. - The company has completed nearly 70% of the required delivery volume over the past two years, indicating that the peak delivery pressure has passed, which will significantly reduce future delivery pressures [2][3]. Reasons for Expected Loss - The expected loss is attributed to several factors: 1. A significant decrease in the settlement scale of real estate development projects, with low gross profit margins due to high land acquisition costs [3]. 2. Increased business risk exposure leading to additional provisions for credit impairment and asset impairment [3]. 3. Overall losses in some operational businesses after deducting depreciation and amortization, along with losses from non-core financial investments [3]. 4. Some large asset transactions and equity transactions being priced below book value [3]. Support from Major Shareholder - Shenzhen Metro Group has provided various forms of support to help Vanke maintain stable operations, including over 30 billion yuan in shareholder loans with favorable conditions compared to market levels [3]. - The collaboration between Shenzhen Metro and Vanke has been strengthened in areas such as housing leasing [3]. Business Performance in Service Sector - Vanke's operational service business has shown steady performance, achieving revenue of 43.57 billion yuan by the third quarter of 2025, maintaining stability year-on-year [3]. - The long-term rental business remains the industry leader in scale, efficiency, and insurance coverage, with a management scale exceeding 200,000 units and a stable occupancy rate of 94% [3].

Group 1 - The nomination of Kevin Warsh as the next Federal Reserve Chairman by President Trump has sparked hawkish expectations, leading to a significant sell-off in the global precious metals market, with silver dropping over 35% and gold nearly 13% [3][5] - The Federal Reserve's policy framework may see a notable shift if Warsh assumes leadership, as Deutsche Bank suggests a unique combination of "rate cuts and balance sheet reduction" could emerge under his guidance [3] - The U.S. Treasury Department reported a projected decline in national fiscal revenue for 2025, with total revenue expected to be 21.6 trillion yuan, a decrease of 1.7% year-on-year [4] Group 2 - The World Trade Organization ruled that U.S. clean energy subsidy measures violate WTO rules in the dispute initiated by China regarding the Inflation Reduction Act [4] - The China-UK economic relationship is set to deepen with the signing of four economic cooperation documents, focusing on "Export to China" initiatives and service trade agreements [4] - The Panama Supreme Court ruled that the contract for the operation of ports along the Panama Canal held by CK Hutchison is invalid, prompting a response from the Chinese government to protect its legitimate rights [4] Group 3 - The China Securities Regulatory Commission (CSRC) is working to enhance the attractiveness and flexibility of refinancing systems to support the capital market's stable growth [6] - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.96% and significant sell-offs in gold stocks [6] - The CSRC is revising the registration management measures for listed companies to clarify the types of strategic investors and enforce a minimum holding requirement of 5% [6] Group 4 - The regulatory body has issued new guidelines for fund sales and marketing practices, prohibiting collaborations with unqualified internet influencers and requiring the removal of misleading features from fund platforms [7] - The Hong Kong Securities and Futures Commission is addressing issues related to the surge in IPO applications expected in 2025, highlighting deficiencies in the preparation of listing documents [8] - The Shanghai Stock Exchange is monitoring stocks with abnormal fluctuations and has reported several cases of suspected violations to the CSRC [8]

Core Viewpoint - Vanke, once a leading player in the real estate sector, is projected to incur a loss of 82 billion yuan in 2025, significantly larger than the nearly 50 billion yuan loss from the previous year, highlighting a severe downturn in the industry [1][3]. Group 1: Financial Performance - The projected loss of 82 billion yuan is equivalent to the total market value of a medium-sized real estate company, indicating the scale of the financial distress [1]. - Vanke's losses are attributed to two main factors: the continued settlement of high-priced land acquired before 2023 and the necessity to recognize substantial asset impairments due to market decline [3][4]. Group 2: Industry Implications - The financial results suggest a systemic downturn in the real estate industry, raising questions about whether this represents a broader industry crisis or merely the beginning of the elimination of weaker firms [4]. - The report indicates that the previous land price advantages have turned into historical burdens, emphasizing the need for a shift in investment logic from sales figures to assessing the true value of assets and operational cash flow [4]. Group 3: Operational Insights - Despite the significant losses, Vanke successfully delivered 117,000 housing units and maintained stable performance in its service operations, indicating that operational issues are not the core problem [4]. - The current market conditions teach that survival will favor companies that adapt to new rules rather than those that were previously the largest [4].

Core Viewpoint - Vanke is forecasting a net profit loss of approximately 82 billion yuan for 2025, compared to a loss of about 49.48 billion yuan in the previous year, primarily due to a significant decline in the settlement scale of real estate development projects and low gross margins [1] Group 1: Financial Performance - The expected loss for 2025 is attributed to several factors, including a notable decrease in the settlement profit from real estate development projects, which are linked to high land acquisition costs from previous years [1] - Vanke has increased provisions for credit impairment and asset impairment due to heightened business risk exposure [1] - The company is also facing losses from operational activities after accounting for depreciation and amortization, as well as financial investment losses from non-core businesses [1] Group 2: Support and Operational Stability - Despite facing multiple challenges, Vanke has managed to stabilize its operations with significant support from its major shareholder, Shenzhen Metro Group, which has provided over 30 billion yuan in shareholder loans under favorable conditions [2][3] - In 2025, Vanke successfully delivered 117,000 homes, maintaining steady revenue from operational services and actively working to reduce costs and improve efficiency in its development business [3] - The company has completed about 70% of its delivery targets for the past two years, indicating that the peak delivery pressure has passed, which is expected to alleviate future delivery challenges [3] Group 3: Strategic Initiatives - Vanke is committed to improving its operations through strategic focus, standardized operations, and technological empowerment, aiming to optimize its business layout and structure [3] - The company emphasizes collective efforts to systematically mitigate risks and navigate out of its current difficulties, striving for a quicker recovery from its low point [3]

Core Viewpoint - Vanke Enterprises Co., Ltd. is expected to report a net profit loss of approximately 82 billion yuan for the year 2025, a significant increase from the previous year's loss of 49.48 billion yuan, primarily due to declining project settlement scales and increased business risks [2][4]. Financial Performance - The projected net profit attributable to shareholders is a loss of approximately 82 billion yuan compared to a loss of 49.48 billion yuan in the same period last year [4]. - The net profit after excluding non-recurring gains and losses is expected to be a loss of about 80 billion yuan, up from a loss of 45.39 billion yuan in the previous year [4]. - The basic earnings per share are projected to be a loss of approximately 6.89 yuan per share, compared to a loss of 4.17 yuan per share in the prior year [4]. Company Background and Debt Situation - Vanke was established in 1984 and has been listed in the Fortune Global 500 for nine consecutive years since 2016, ranking 206th in 2024 [6]. - The company is currently facing a debt crisis, having received a loan of up to 2.36 billion yuan from its largest shareholder, Shenzhen Metro Group, to repay public bond principal and interest [6]. - As of the end of Q3 2025, Vanke has repaid 28.89 billion yuan of public debt, with significant contributions from loans provided by Shenzhen Metro Group, totaling over 30 billion yuan within the year [6]. - On January 8, 2025, Vanke announced the resignation of Yu Liang from his positions as director and executive vice president due to retirement [6].

Core Viewpoint - Vanke is expected to report a net loss of approximately 82 billion yuan for the year 2025, with the loss amount further expanding compared to the previous year [1] Group 1: Financial Performance - The significant decline in the scale of real estate project settlements has led to a substantial decrease in gross profit, with the gross profit margin remaining low [1] - The company has delivered 117,000 homes in 2025, completing about 70% of the required deliveries for the past two years, indicating that the peak delivery period has passed and subsequent delivery pressure will significantly decrease [2] - Vanke's operating service business achieved revenue of 43.57 billion yuan by the third quarter of 2025, maintaining stability year-on-year [2] Group 2: Challenges and Strategic Responses - The loss is attributed to several factors, including increased business risk exposure, additional provisions for credit impairment and asset impairment, and losses from certain operational and financial investments [1] - Vanke is facing liquidity pressure, with its major shareholder, Shenzhen Metro Group, providing over 30 billion yuan in shareholder loans to support the company [2] - The company plans to focus on operational improvements through strategic focus, standardized operations, and technological empowerment to optimize business layout and structure [2]

证券日报网讯1月30日，万科A在互动平台回答投资者提问时表示，股价波动受诸多因素影响，当前监 管对于停牌有明确的规定，可以查阅相关规则。 ...

（文章来源：证券日报） 证券日报网讯 1月30日，万科A在互动平台回答投资者提问时表示，关于公司的业绩情况，请以公司公 告为准。 ...

万科方面表示，将全力以赴推进经营改善，通过战略聚焦、规范运作和科技赋能等措施，推动业务布局 优化和结构调整，提升多场景的开发和经营能力，上下凝心聚力，有序地化解风险，摆脱困境，推动公 司早日走出低谷。 封面图片来源：孔泽思 对于2025年业绩亏损的原因，万科在公告中表示，一是房地产开发项目结算规模显著下降，毛利率仍处 低位。2025年房地产开发业务结算利润主要对应2023年、2024年销售的项目及2025年消化的现房和准现 房库存，这些项目的地价获取成本较高，导致报告期结算毛利总额大幅减少；二是因业务风险敞口升 高，新增计提了信用减值和资产减值；三是部分经营性业务扣除折旧摊销后整体亏损，以及部分非主业 财务投资亏损；四是部分大宗资产交易和股权交易价格低于账面值。 过去一年，万科面临多重艰巨挑战，在大股东和各方的大力支持下，万科全力以赴、攻坚克难，实现了 殊为不易的生产经营稳定。 尽管各方大力支持，企业也全力行动，但受多重因素影响，万科经营业绩仍高度承压，历史包袱十分沉 重。 2025年，大股东深圳地铁集团竭尽所能提供了多种形式支持，帮助万科维持生产经营稳定。根据公开信 息，深铁累计向万科提供了超300亿元的股 ...

（股份代號：2202） 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） 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.* vanke 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。茲載列該公告如下，僅供參 閱。 万科企业股份有限公司 关于公司债券停牌的公告 萬科企業股份有限公司 董事會 | 证券代码:000002 | 证券简称:万科 A | | --- | --- | | 证券代码:299903 | 证券简称:万科 H 代 | | 证券代码:149478 | 证券简称:21 万科 04 | | 证券代码:149568 | 证券简称:21万科 06 | | 证券代码:149815 | 证券简称:22万科 02 | | 证券代码:149931 | 证券简称:22万科 04 | | 证券代码:149976 | 证券简称:22万科 06 | | 证券代码:148 ...