Steady breakthrough, united effort to mitigate risks: Vanke's 2025 revenue reaches 233.4 billion yuan, building a solid foundation for delivery and operations through practical action.

At present, the real estate market is still in a deep adjustment cycle. Under the overall industry pressure, enterprise operations and risk resolution have become the core issues.

On March 31, Vanke officially released its annual operating report, delivering a report that seeks to maintain stability amid a complex environment. With the coordinated support from its controlling shareholder and all sectors, Vanke proactively responded to multiple daunting challenges, using pragmatic measures to maintain the stability of its underlying operations. For the full year, it achieved operating revenue of RMB 233.4 billion, completed the on-time, quality delivery of 117,000 housing units, and cumulatively realized sales proceeds of RMB 134.06 billion.

As an important support for Vanke to withstand industry fluctuations, the operating services business maintained steady performance in overall revenue.

Among them, Vanke’s Po Yu (泊寓) led the industry in terms of scale, operational efficiency, and the number of inventory properties under management. All things cloud (万物云) maintained an industry-leading position in service scale and comprehensive capabilities. Weivey Logistics’ cold-chain business scale and occupancy rate ranked among the top-tier in the industry. The overall occupancy rate of Vanke’s commercial projects under Yinyi (印力) reached 94.5%, and each segment demonstrated corresponding operational resilience.

In 2026, Vanke will focus on two major core directions—risk containment and development—while continuing to push forward the implementation of key work.

Building on brand strength, addressing risks through multiple measures

Industry insiders believe that the combined pressure from industry adjustment and historical legacy issues still pose significant challenges to Vanke’s operations at this stage. However, from the perspective of long-term development, Vanke’s brand and products still have market recognition. The first-mover advantage in its operating services business has not been weakened either, enabling it to adapt to residents’ diversified housing and consumption needs in the new stage of the industry.

In 2025, Vanke’s comprehensive residential community new products gained market recognition. As a property developer that began transitioning its business earlier, the company also keeps up with the trend of technological innovation, and continuously optimizes product and service quality through technology applications.

Delivering homes on schedule is the core manifestation of a real estate developer fulfilling social responsibility.

In 2025, Vanke overcame numerous challenges and delivered 117,000 homes on time with assured quality, including 17,000 units delivered 30 days ahead of schedule within the year. With the country’s “combined package”保交房 policies being continuously implemented and support from all sides, over the past year, Vanke improved the level of refined management through methods such as smart construction sites and whole-cycle quality control. It brought smart technologies like 360 cameras and drone inspection rounds to construction sites so that homeowners can “monitor online.”

It is reported that, throughout the year, Vanke carried out more than 1,500 “See My Home” activities, inviting more than 28,000 customer households to visit construction sites in person, and rolled out “delivery and obtaining certificates on the spot” services. It improved community supporting facilities and operations, and created a community ecosystem with warmth.

With a series of implemented measures, Vanke achieved “delivery with zero waiting” and “delivery and obtaining certificates on the spot” across 73 batches throughout the year. Thirty-seven projects became benchmarks for quality delivery. Twenty-one projects implemented an “excited delivery” (兴交付) model. Some benchmark projects even formed a virtuous cycle of “driving sales through delivery,” helping to improve the pace of sales de-stocking.

At the same time, Vanke used inventory revitalization and bulk asset transactions as key levers to continuously optimize its structure of assets and liabilities and resolve financial risks. On one hand, it flexibly leveraged policy tools to advance resource swaps. Over the full year, it revitalized inventory with value of RMB 33.85 billion, acquired 23 new projects through revitalization, and planned a total gross floor area of 1.869 million square meters.

On the other hand, it completed bulk asset transactions for 31 projects with transaction amounts of RMB 11.3 billion. It orderly advanced the settlement and delivery of the exit of its ice-and-snow business, and actively engaged with financial institutions to implement optimization measures such as refinancing and debt extensions.

Business segments move steadily, and operating efficiency and quality continue to improve

In 2025, Vanke achieved phased results in enhancing core operating capabilities, and all business segments ran steadily.

In terms of the development business, the company cumulatively signed sales of RMB 134.06 billion for the full year. The investment realization rate for 18 new projects was 84%. In cities including Shanghai, Chengdu, Harbin, and Wenzhou, the initial phase sales absorption rates for project openings exceeded 80%. Shanghai Ideal Land (上海理想之地) near-zero-carbon community was selected as one of the first batch of excellent community cases by the Ministry of Housing and Urban-Rural Development.

The operating services business has now achieved support from multiple points.

All things cloud achieved revenue of RMB 37.36 billion. The transformed process-based “Diecheng” (蝶城) expanded to 300 units. It added 52 energy management service projects, with scale and comprehensive service capabilities leading the industry. Po Yu (泊寓) manages more than 270,000 long-term rental apartments, with an overall occupancy rate exceeding 95%. It also manages 105,000 units of leased properties under light-asset entrusted management, with scale, efficiency, and the number of managed units continuing to rank first in the industry.

Weivey Logistics’ revenue increased steadily. Its cold-chain revenue grew by more than 25% year over year. The company’s overall leasable warehousing area exceeded 10 million square meters. The occupancy rates of high-standard warehouses and cold-chain warehouses held steady and rose. Yinyi’s overall occupancy rate reached 94.5%. It has more than 12,700 partner brands. China Gold Yinyi Consumption REIT’s annualized cash flow distribution rate was 4.18%, with stable performance.

Vanke stated that, at the critical stage of tackling difficulties and making all-out efforts to contain risks, it received strong support and help from all parties, providing solid backing for the company to dispose of risks prudently, stabilize the fundamentals of its operations, and restore market confidence.

Looking ahead to 2026, Vanke will focus on two themes: risk containment and development. It will firmly advance city and business focus, continuously improve product and service capabilities, explore innovation in business models, strengthen technological enablement, and steadily drive continuous improvement in corporate operations.

(Edited by: Dong Pingping)

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