Vanke A achieved revenue of 233.4 billion yuan, maintaining steady operations and promoting transformation; technology empowers to forge a new chapter

In China’s real estate industry in 2025, the sector is still in a deep adjustment phase, seeking a path to stabilize and rebound. On the evening of March 31, industry leader Vanke A (000002.SZ) released its 2025 annual report. During the reporting period, the company achieved revenue of RMB 233.4 billion and sales value of RMB 134.06 billion. Despite ongoing pressure brought by factors such as the industry cycle, supported by all parties, the company holds the operating bottom line, works with full effort to ensure project delivery, stabilize sales, optimize structure, and strengthen technology. It also relies on product competitiveness, a diversified business “base,” and innovation capabilities to fully maintain stable fundamentals, laying the groundwork for risk resolution and long-term recovery.

Delivering Projects and Unlocking Assets—Pursuing Both at Once

Dual-Engine Drive May Help Resolve Risks

In 2025, Vanke treated delivering projects as a responsibility to the people and an operating bottom line. It delivered 117,000 homes on schedule with guaranteed quality throughout the year, including 17,000 units delivered 30 days ahead of schedule. Across 73 batches, delivery achieved zero waiting, and 37 projects became benchmarks for quality delivery. By leveraging delivery reputation to drive sales conversion, it formed a virtuous cycle.

At the same time, improvements in the company’s operating capability delivered phased results. In 2025, 18 new projects achieved their first sales opening, with investment realization at 84%. Among them, projects such as Shanghai GaoFu YunJing, Chengdu DuHui JiaDi, Harbin LanYue, and Wenzhou PuShi YunZhou all saw first-opening sell-through rates exceeding 80%. The near-zero carbon community “Ideal Land” in Shanghai was selected as one of the first batch of “good community” case studies by the Ministry of Housing and Urban-Rural Development. Even in a market downturn cycle, it maintained strong sell-through capacity.

In terms of asset optimization, Vanke used stock revitalization and bulk transactions to ease financial pressure. It is understood that throughout the year, the company revitalized asset value of RMB 33.8 billion, obtaining 23 new projects. It also completed bulk transactions for 31 projects, with an amount of RMB 11.3 billion, and orderly advanced the exit of non-core businesses related to ice and snow. In addition, the company actively advanced measures such as refinancing and debt extensions, providing cash flow and financial room for risk resolution.

Diversified Business Collaboration Gains Momentum

Improving the Resilience of Operating Services

Facing cycle fluctuations in the development business, the operating services business Vanke laid out years ago has demonstrated strong resilience, becoming a stabilizer for performance and a core support for transformation. In 2025, operating services business revenue, across all-accounting scopes, reached RMB 58.01 billion, with all segments maintaining leading positions in the industry.

According to materials, Vanke BoYu maintained the industry’s No. 1 position in scale, efficiency, and the number of properties under management, and achieved breakthroughs in a light-asset development model—over 100,000 rooms under light-asset entrusted management; Vanke WanWu Cloud achieved revenue of RMB 37.36 billion, with the “DieCheng” projects that completed process reform increasing to 300, and it expanded 52 energy management service projects externally; while Vanke WeiWei Logistics maintained steady revenue growth. Among them, cold-chain revenue grew by more than 25% year over year. Its leasable warehouse storage area exceeded 10 million square meters, and both the occupancy rates for high-standard and cold-chain warehousing rose steadily. In addition, YinLi’s overall occupancy rate reached 94.5%. It has established good cooperation with more than 12,700 brand owners. The annualized cash distribution yield of CICC YinLi Consumption REIT is 4.18%, showing steady performance. Its asset operation and capitalization path are clear.

Overall, the coordinated development of Vanke’s diversified businesses effectively offsets cyclical fluctuations in operations. While these businesses contribute stable cash flows, they further build a new real-estate enterprise profit structure driven by “development + operations” dual engines. This also strengthens Vanke’s multi-layer service capabilities tailored to a new stage of real estate development.

Technology Empowers the Entire Chain

Start a New Journey with Multi-Dimensional Efforts

At present, AI and digital technologies are becoming key tools for real estate companies to improve quality and efficiency, and to address industry pain points. In 2025, Vanke integrated technology into the full lifecycle of housing design, development, operations, and services, rolling out multiple industry-first applications in areas such as intelligent construction, smart services, and urban logistics.

In the intelligent construction area, Vanke’s independently developed blueprint large model became an industry-level application, serving nearly 100 industry partners, and it also carried out a cooperation with the National Archives on a building blueprint large language model. The AI digital engineering management platform covers 97% of projects under construction, with more than 280,000 intelligent inspections throughout the year. The “Dougong” BIM software completed 108 project asset-visualization sandboxes, improving data analysis and decision-making efficiency. In the property services and logistics sectors, WanWu Cloud’s AI platform “smart butler” had over 2 million usage instances, and AI automatic work orders exceeded 200,000. The company also completed a global first robot autonomous subway-delivery project in cooperation with Shenzhen Metro Group, delivering 40 production robots. It entered pilot operation across 8 metro lines and 61 stations in Shenzhen, opening up new scenarios for urban logistics.

2025 is a critical year for Vanke to overcome difficulties and move forward while mitigating risks. However, during industry adjustments, it has kept its operational fundamentals, honored its people-focused commitments to project delivery, promoted coordinated development across diversified businesses, advanced asset optimization steadily, and accelerated the rollout of technology applications—together forming the confidence for it to get through the cycle. Looking ahead, in 2026 Vanke is expected to focus on two major themes: mitigating risks and developing the business. It will continue to enhance product and service quality, innovate business models, and steadily return to a sustainable operating track under the new real-estate model, providing an example for the high-quality development of the industry.

(Editor: Dong Pingping )

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