万科A：当期业绩亏损，追求现金确保经营安全

Investment Rating - The report maintains a "Neutral" rating for the company due to pressures from inventory reduction, impairment, and asset disposal [2]. Core Views - The company reported a significant decline in both revenue and net profit for the first half of 2024, with revenue at 142.78 billion RMB, down 28.9% year-on-year, and a net loss of 9.85 billion RMB, a decrease of 199.8% year-on-year [1][2]. - The decline in performance is attributed to several factors, including a significant drop in the scale and gross margin of property development projects, impairment provisions, and losses from non-core financial investments [1]. - The company remains a leader in the industry in terms of development scale, completing property deliveries of 74,000 units and achieving sales of 127.33 billion RMB, despite a 37% year-on-year decline [1]. - The company is actively pursuing cash flow through large asset and equity transactions, achieving a signed transaction amount of 20.4 billion RMB in the first seven months of 2024 [1]. - The company has successfully utilized financial support policies to transform its financing model, with a total of 61.2 billion RMB in new financing and refinancing in the first half of 2024 [1]. Summary by Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 142.78 billion RMB, a decrease of 28.9% year-on-year, and a net loss attributable to shareholders of 9.85 billion RMB, a decline of 199.8% year-on-year [1]. - The gross margin for development business fell to 6.8%, down 13.5 percentage points year-on-year, with development revenue at 111.68 billion RMB, down 34.6% year-on-year [1]. Asset Management - The company completed resource revitalization and optimization worth 45.5 billion RMB, achieving cash inflow from revitalization and investment receivables of 8.1 billion RMB [1]. - The company has made progress in innovative asset trading tools, including the issuance of 3.26 billion RMB in commercial infrastructure REITs [1]. Financing Activities - The company secured a total of 61.2 billion RMB in new financing and refinancing in the first half of 2024, with a comprehensive financing cost of 3.66% [1]. - The company has also completed the repayment of 7.3 billion RMB in domestic public bonds and approximately 10.4 billion RMB in overseas public bonds [1].