《大行》大和一举降万科(02202.HK)评级至“跑输大市” 目标价下调至4.7元

阿斯达克财经
Sep 29, 2025

大和研报指出,万科企业(02202.HK) 在2025年上半年录得净亏损116亿元人民币(下同),预计万科在今年下半年将持续亏损,估计全年净亏损约250亿元。大和表示,万科今年上半年净债务按半年增长6%至2,900亿元(按年增22%),所持现金按半年下降16%,至740亿元(按年降20%)。这导致净负债率按半年上升9.2个百分点至90%,创历史新高,短期债务现金覆盖率在2025年上半年降至0.48...

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