China Vanke (02202) achieved revenue of approximately 70.169 billion yuan in the first half of the year, delivering 23,000 sets of housing as promised.

CHINA VANKE (02202) announced its mid-year results for 2026, with revenue of approximately 70.169 billion yuan, gross profit of about 1.632 billion yuan, and a net profit attributable to shareholders of approximately 14.951 billion yuan. By business type, revenue from real estate development and related asset management was 48.7 billion yuan, accounting for 69.4%; revenue from property services was 18.46 billion yuan, accounting for 26.3%. The main reasons for the performance loss during the reporting period are as follows: (1) the settlement size of real estate development projects has significantly decreased, and the gross profit margin remains low. (2) In response to changes in the industry, market, and operating environment, additional asset impairments have been recognized. (3) Under cost accounting, after deducting depreciation and amortization, some operating businesses and certain non-core financial investments incurred losses. During the reporting period, with strong support from various parties and major shareholders, the group steadily advanced its reform and risk management efforts, achieving phased progress in stabilizing production and operations and resolving debt risks. The company's development business completed the delivery of 23,000 housing units on time and with quality, continuously enhancing delivery reputation through the "Urban Prosperity Delivery" initiative; it actively pursued sales, achieving a sales amount of 35.8 billion yuan; it adopted multiple measures to activate existing projects, with a cumulative addition and optimization of capacity reaching 15.58 billion yuan; it launched an urban focus strategy, formulating development strategies classified by covered cities and gradually concentrating resources in core cities. The operational quality of service businesses steadily improved, with total revenue of 28.85 billion yuan, a year-on-year increase of 1.6%. In addition, the company continuously reduced various expense expenditures, with comparable figures showing a consistent decline in expenses over the past eight quarters, and management expenses decreased by 13% year-on-year. On the financing side, the company has received support from various financial institutions, maintaining overall stability in existing financing. In the first half of the year, new financing and refinancing within the consolidated financial statement scope totaled 4.08 billion yuan (excluding shareholder loans), with a comprehensive financing cost of existing financing at 2.86%. Regarding shareholder loans, since the beginning of this year, major shareholder Shenzhen Metro Group has cumulatively provided approximately 4.52 billion yuan in shareholder loans to the company, with both the loan interest rate and collateral rate better than market norms. As of the reporting date, the company has completed risk mitigation for ten public bonds through partial redemption and supporting extensions, involving a total principal of approximately 18.1 billion yuan; since 2025, the company has cumulatively and steadily completed the principal repayment or risk mitigation work for approximately 48.5 billion yuan of maturing public bonds.