On the evening of January 30, China Vanke Co., Ltd. (000002.SZ, 02202.HK) issued a profit warning, projecting a net loss attributable to shareholders of 8.2 billion yuan for 2025, compared to a loss of 49.478 billion yuan in the same period last year. The adjusted net loss, excluding non-recurring items, is forecasted at 80 billion yuan, a significant increase from the previous year's loss of 45.394 billion yuan. Both profit indicators show a substantial expansion in losses.

This development signifies that Vanke has recorded substantial losses for two consecutive years, with cumulative net losses exceeding 130 billion yuan. This figure represents the majority of the total net profits the company earned over the past decade.

Vanke attributed the increased losses to several key factors: a notable decline in the scale of real estate development project settlements, with gross profit margins remaining low; additional provisions for credit and asset impairments due to heightened business risk exposure; overall losses in certain operational businesses after deducting depreciation and amortization, coupled with losses from some non-core financial investments; and finally, transaction prices for certain bulk asset and equity sales that fell below their book values.

According to Wind data, Vanke's projected loss of 82 billion yuan is set to become the largest annual loss ever recorded in the history of China's A-share market. This loss amount significantly surpasses the 64-billion-yuan loss previously set by Hainan Airlines Holding Co., Ltd. (600221.SH) in 2020, making Vanke the listed company with the highest single-year loss since the inception of the A-share market in 1990.

While grappling with severe performance pressure, Vanke is simultaneously making all-out efforts to resolve its liquidity crisis. Since November 2025, the company has been advancing the extension of three public bonds. After several rounds of negotiations, the extensions for "21 Vanke 02," "22 Vanke MTN004," and "22 Vanke MTN005" have all been approved, involving a total amount of 6.8 billion yuan. To facilitate these extensions, Shenzhen Metro will also provide Vanke with a loan of up to 2.36 billion yuan, bearing an interest rate of 2.34%, specifically intended for repaying the principal and interest of these bonds.

On the personnel front, on January 8, Yu Liang, often regarded as the "soul" of Vanke, resigned from all his positions at the company upon reaching retirement age. His departure, which was not accompanied by a public acknowledgment from the company, sparked controversy. Subsequently, on January 28, media reports suggested that Yu Liang had been out of contact for approximately half a month.