Vanke’s 2025 annual operating revenue was 2334.3 billion yuan, with a net loss attributable to shareholders of 885.6 billion yuan.

Viewpoint Network News: On March 31, Vanke Co., Ltd. did not release its 2025 annual report.

The annual report shows that in 2025, Vanke achieved operating revenue of 233.43 billion yuan, with a net loss attributable to shareholders of listed companies of 88.56 billion yuan, down 32.0% and 79.0% respectively year-on-year; basic loss per share was 7.45 yuan, a decrease of 78.4% compared to the previous year.

In terms of business segments, among operating revenue, revenue from real estate development and related asset management was 190.65 billion yuan, accounting for 81.7%; revenue from property services was 35.52 billion yuan, accounting for 15.2%. Before taxes and surcharges, the gross profit margin for real estate development and related asset management was 8.6%, down 0.9 percentage points from 2024 (the group uses the cost method for operating assets; after accounting for depreciation and amortization, the gross profit margin was 11.8%, up 0.7 percentage points); among these, the settlement gross profit margin for development business was 8.1%. After taxes and surcharges, the operating profit margin for real estate development and related asset management was 3.8%, up 0.3 percentage points from 2024; the operating profit margin for development business was 2.8%. The group’s property services gross profit margin was 12.3%, down 0.9 percentage points from 2024.

In 2025, Vanke achieved sales area of 10.25 million square meters, with sales amounting to 134.06 billion yuan, down 43.4% and 45.5% respectively year-on-year.

During the reporting period, Vanke’s existing homes sold 22.1 billion yuan at the beginning of the year, pre-sale homes sold 24.1 billion yuan at the beginning of the year, and cars (parking spaces), commercial, and office sales totaled 17.5 billion yuan, with 220 projects achieving sales tailing.

As of the end of the reporting period, Vanke had 10.97M square meters of sold resources not yet completed or settled within the consolidated scope, a decrease of 31.1% from the end of last year; the total contract amount was approximately 113.59 billion yuan, down 48.6% from the previous year.

In 2025, a total of 234 projects were delivered, with 494 batches, totaling 117k housing units delivered.

Regarding investment and construction, Vanke’s planned construction area for development projects started or resumed was approximately 117k square meters, down 42.1% year-on-year, completing 88.5% of the initial plan; the completed planned construction area was about 5.92M square meters, down 45.6%, completing 91.3% of the initial plan.

During the reporting period, Vanke acquired 23 new projects in total, with a planned total construction area of 12.92M square meters, of which 1.87M square meters were equity-controlled; the total land cost was about 6.69 billion yuan, with an average land price of 6,357 yuan per square meter.

As of the end of the reporting period, Vanke’s projects under construction had a total planned construction area of about 1.05M square meters, with an equity-controlled planned construction area of about 26.92M square meters; planned projects had a total planned construction area of about 17.68M square meters, with an equity-controlled planned construction area of about 28.63M square meters. Additionally, the company participated in a batch of old city renovation projects, with a total planned construction area of approximately 18.25M square meters under current planning conditions.

In 2025, Vanke managed 76 agency projects, with a construction area of 14.86 million square meters, mainly distributed in Shenzhen, Nanjing, Wuhan, Hefei, Shijiazhuang, Wuxi, and other cities.

During the reporting period, Vanke’s commercial development and operation business achieved operating revenue of 7.93 billion yuan (including non-consolidated income). As of the end of the reporting period, Inly managed commercial projects had an overall occupancy rate of 94.5%.

As of the end of the reporting period, Vanke had opened a total of 178 commercial projects (excluding light asset management projects), with a construction area of 10.78 million square meters; planned and under-construction commercial buildings totaled 1.45 million square meters.

During the reporting period, logistics and warehousing business achieved operating revenue of 4.28 billion yuan, an increase of 8.0% year-on-year. Among these, cold chain revenue was 2.31 billion yuan, up 25.5%; high-standard warehouse revenue was 1.97 billion yuan.

Vanke Logistics has 147 operational projects, with a leasable area of 10.45 million square meters, including 8.44 million square meters of high-standard warehouses and 2.01 million square meters of cold chain facilities.

In the industrial office sector, in 2025, Vanke signed new contracts for 550k square meters, with several projects introducing tenants in hotel, medical, and other operational formats. As of the end of the reporting period, the company had projects in 21 cities nationwide, with 62 operational projects; the number of service tenants exceeded 7,000, including 156 Fortune 500 companies, 132 China Top 500 companies, and 177 industry unicorns, with a major client retention rate of about 70%.

Vanke operates a total of 31 hotels, located in key cities such as Beijing, Shenzhen, Guangzhou, Chengdu, as well as popular tourist destinations like Yangshuo and Lijiang, forming two main self-operated brands: the high-end business-oriented “Zhan Yun” and the city-centric “You Xiong.”

During the reporting period, Vanke expanded its light asset output model with the opening of the Yangzhou You Xiong Hotel.

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