China Vanke (02202) released its 2025 audited results, reporting a net loss of RMB 91.81 billion, deepening from the prior year’s RMB 48.70 billion loss. Loss attributable to shareholders reached RMB 88.56 billion, versus a RMB 49.48 billion deficit in 2024.
\n\nRevenue fell 32.00% year on year to RMB 233.43 billion, while gross profit slumped 95.48% to RMB 1.26 billion. The net profit margin turned to –39.34% from –14.19% a year earlier. Basic loss per share expanded to RMB 7.45.
\n\nThe company’s net debt ratio surged to 123.48%, compared with 80.60% at the end of 2024. Cash and cash equivalents stood at RMB 61.52 billion, against interest-bearing liabilities of RMB 358.48 billion. Net assets attributable to shareholders fell 42.32% to RMB 116.91 billion, or RMB 9.80 per share.
\n\nDeloitte Touche Tohmatsu issued an unqualified opinion containing a “material uncertainty related to going concern”, citing concentrated debt maturities and ongoing liquidity pressure. The board acknowledged the issue and said it is negotiating refinancing, asset revitalisation and further support from Shenzhen Metro Group (SZMC).
\n\nBusiness performance reflected industry headwinds: contracted sales dropped 45.5% to RMB 134.06 billion; property development and related operations contributed RMB 190.65 billion in revenue, with a –2.28% gross margin before taxes and surcharges; property services revenue grew 7.22% to RMB 35.52 billion.
\n\nOperational highlights included delivery of 117,000 housing units, completion of asset disposals worth RMB 11.30 billion across 31 projects, and revitalisation of inventory resources valued at RMB 33.85 billion. SZMC has extended shareholder loans totalling RMB 33.52 billion to date.
\n\nNo dividend, bonus share or capitalisation issue is proposed for 2025 due to accumulated losses. The company plans to keep risk mitigation and debt optimisation as its 2026 focus, alongside selective project investments, operating efficiency improvements and technology-based initiatives.
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