Vanke Co., Ltd. 2025 Annual Report Summary Vanke Co., Ltd 2025 Annual Report Summary Stock Codes: 000002, 299903 Stock Abbreviations: Vanke A, Vanke H Announcement No.: 'Wan' 2026-028
- Important Reminder The summary of this annual report is excerpted from the full text of the 2025 Annual Report (hereinafter referred to as "this report"), which is simultaneously published on Ju Chao Information Network (www.cninfo.com.cn). To gain a comprehensive understanding of the company's operating results, financial status, and future development plans, Investors should carefully read the full annual report. The company's board of directors, directors, and senior management guarantee the contents of the 2025 annual report (hereinafter referred to as "this report"). It is truthful, accurate, and complete, without false records, misleading statements, or material omissions, and bears individual and joint legal responsibilities Responsibility. This report has been reviewed and approved at the 31st meeting of the 20th Board of Directors of the Company (hereinafter referred to as "this meeting"). Shen Independent Director Xiang Yang was unable to attend the meeting in person due to official reasons, so Zhang Yichen was authorized to attend and exercise the authority on his behalf Voting rights, and the other directors attended the meeting in person. The financial statements for this report have been audited and issued by Deloitte Huayong LLP (Special General Partnership) without reservation See the audit report (with the section on significant uncertainties in continuing operations). The company's board of directors has already provided a detailed explanation of the relevant matters, Investors are advised to read carefully. Chairman Huang Liping, Executive Vice President and Chief Financial Officer Han Huihua declares: We guarantee the truthfulness of the financial statements in this report, Accurate and complete. 2025 Annual Dividend Plan: In 2025, the company will not distribute dividends, bonus shares, or conduct capital sharing Accumulated capital increases. The company's 2025 dividend distribution plan still needs to be submitted to the annual shareholders' meeting for review and approval. Because of the 2025 fiscal year Operating losses: As of the end of the reporting period, the parent company had unoffset losses. If the company's operations fail to improve, resulting in uncovered losses Continuing to exist will affect the company's ability to distribute cash dividends to shareholders in the future. The forward-looking statements regarding future plans, development strategies, and other aspects of this report do not constitute a substantive commitment by the Group to investors, Investors are advised to maintain sufficient risk awareness, understand the differences between plans, forecasts, and commitments, and be mindful of investment risks. 1
Vanke Co., Ltd. 2025 Annual Report Summary 2. To shareholders 2025 will be an extraordinary year. The real estate industry is at a critical stage of building a new development model and rebalancing the supply-demand structure Section. Vanke is affected by multiple factors, including some high-priced land prices entering settlement cycles, new inventory write-down provisions, and credit impairment Operating results fell far short of shareholder expectations, and losses further expanded compared to 2024. In response, the company's management would like to address you Shareholders sincerely apologize. The company's losses are influenced not only by external factors but also by past operational mistakes and other internal factors. Target The annual core goals of risk resolution and operational improvement that are closely related to shareholders and all sectors of society are closely monitored. The company's management continuously optimizes and reduces management Efficiency improvement and rigorous compliance construction, but the burden created by the previous "high debt, high turnover, high leverage" development model must be resolved And the problem will still take time. In 2025, the company will focus on three types of work: first, fully ensuring the delivery of houses; Second, optimize the debt-to-asset structure and resolve risks; Third, enhance operational capabilities and restore development resilience.