Vanke A: Expected net loss of 10 to 12 billion yuan in the first half of 2025.

Vanke Group A announced that it is expected to incur a net loss of 10-12 billion yuan attributable to shareholders of the listed company from January 1, 2025 to June 30, 2025. After deducting non-recurring gains and losses, the net loss is expected to be 9.5-11.5 billion yuan, with a basic loss per share of 0.8433-1.01 yuan. The performance loss is mainly due to the decrease in settlement scale of real estate development projects, low gross profit margin, provision for impairment of newly added assets, and some bulk asset transactions and equity transactions at prices lower than book value. In the first half of the year, the company achieved sales revenue of 69.11 billion yuan, with a repayment rate of over 100%. The bulk transaction contract amount was 6.43 billion yuan, and 5.75 billion yuan was recovered through active turnover of existing inventory. The company also acquired 3 new projects, while maintaining growth in operating service businesses.