China Vanke (02202) announced its 2025 financial results, achieving an operating revenue of approximately 233.433 billion yuan. The company reported a net loss attributable to shareholders of about 88.556 billion yuan. By business segment, revenue from real estate development and related asset operations amounted to 190.65 billion yuan, accounting for 81.7% of the total. Revenue from property services reached 35.52 billion yuan, representing 15.2% of the total.
The primary reasons for the net loss during the reporting period were as follows: (1) A significant decline in the scale of settlements for real estate development projects, with gross profit margins remaining low. The profits from development business settlements mainly corresponded to projects sold in 2023 and 2024, as well as inventory of completed and near-completed properties cleared in 2025. These projects had high land acquisition costs, and both their sales performance and gross margins were below investment expectations, leading to a substantial reduction in total settled gross profit. (2) Additional provisions for credit impairments and asset impairments were made due to increased business risk exposure. (3) Overall losses in certain operating businesses after deducting depreciation and amortization, alongside losses from some non-core financial investments. (4) Transaction prices for some bulk asset and equity deals were below their book values.
In 2025, the company delivered 117,000 homes on schedule and meeting quality standards, of which 17,000 units were delivered 30 days ahead of schedule. Throughout the year, 73 batches of deliveries achieved "zero waiting time for handover" and "immediate property registration upon delivery." Thirty-seven projects were recognized as high-quality delivery benchmarks, and 21 projects implemented the "Xing Delivery" model, building a positive reputation. Some benchmark projects established a virtuous cycle where successful deliveries boosted sales, leading to improved sales velocity.
The company continued its efforts to adjust its asset-liability structure and mitigate risks. Focusing on revitalizing existing resources and executing bulk asset transactions, it fully utilized available policy tools and innovatively advanced resource swaps, revitalizing inventory worth 33.85 billion yuan for the year. It completed bulk asset transactions for 31 projects, totaling 11.3 billion yuan, and made orderly progress in exiting and transferring its snow and ice business. Simultaneously, the company actively sought support from financial institutions, implementing refinancing, maturity extensions, and other financing optimization measures to advance various risk mitigation tasks. It will continue strengthening communication and coordination with financial institutions, partners, and local governments to gain understanding and support through concrete actions.
Notable progress was made in enhancing operational capabilities. In 2025, the development business achieved cumulative sales of 134.06 billion yuan, with 18 new projects launching sales, achieving an investment fulfillment rate of 84%. The property services segment completed efficiency upgrades in over 300 "Butterfly City" projects and expanded externally into 52 energy management service projects. Commercial projects such as the Shanghai Qianwan Impression City MEGA opened successfully, establishing city-level benchmarks. Businesses including long-term rental apartments, high-standard warehouses, and cold chain logistics maintained their industry leadership. The improved operational capabilities across all business segments have laid a solid foundation for the company's stable development.
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