Vanke Enterprise (02202) achieved revenue of about 70.169 billion yuan in the first half of the year and delivered 23,000 houses on schedule and with good quality

According to the Zhitong Finance App, Vanke Enterprise (02202) announced its 2026 interim results, with revenue of about 70.169 billion yuan, gross profit of about 1,632 billion yuan, and the company's shareholders should account for about 14.951 billion yuan. By business type, of revenue, revenue from real estate development and related asset management business was 48.70 billion yuan, accounting for 69.4%; revenue from property services was 18.46 billion yuan, accounting for 26.3%.

During the reporting period, the main reasons for the loss in performance were as follows: (1) The settlement scale of real estate development projects declined significantly, and gross margin remained low. (2) In line with changes in the industry, market and business environment, asset impairment was added. (3) Under cost accounting, after deducting depreciation and amortization, some operating businesses and some non-main business financial investment losses.

During the reporting period, with strong support from all parties and major shareholders, the group steadily promoted insurance reform and made phased progress in ensuring stable production and operation and mitigating debt risks. The company's development business completed the delivery of 23,000 homes on schedule and quality, and continued to improve delivery reputation through the “Urban Development Delivery” campaign; insisted on active sales to achieve sales volume of 35.80 billion yuan; took multiple measures to revitalize existing projects, adding and optimizing production capacity of 15.58 billion yuan; launched a city-focused strategy, formulated development strategies for the company's coverage of cities, and gradually promoted the concentration of resources in core cities. The operating quality of the business service business is progressing steadily, with full-caliber revenue of 28.85 billion yuan, an increase of 1.6% over the previous year. In addition, the company continued to reduce all kinds of expenses. Under a comparable scale, it achieved a continuous decline in expenses over the past 8 quarters, and management expenses fell 13% year over year.

On the financing side, the company received support from various financial institutions, and overall stock financing remained stable. Additional financing and refinancing of 4.08 billion yuan (excluding shareholder loans) were added within the consolidated statement for the first half of the year, and the comprehensive financing cost of stock financing was 2.86%. In terms of shareholder loans, since this year, Shenzhen Railway Group, the majority shareholder, has provided a total of about 4.52 billion yuan in shareholder loans to the company, and the loan interest rate and collateral ratio are superior to market practice. As of the disclosure date of this report, the company has completed risk mitigation through partial payment and supporting rollover, involving a total principal amount of about $181 billion; since 2025, the company has successfully completed principal repayment or risk management of about 48.5 billion yuan of maturing public bonds.