China Vanke Co., Ltd. reported a net loss attributable to shareholders of RMB14.95 billion for the six months ended 30 June 2026, widening 25.15% from the same period in 2025. Revenue dropped 33.38% year-on-year to RMB70.17 billion, driven by a 45.9% fall in property development income to RMB40.06 billion.

Gross profit decreased 69.66% to RMB1.63 billion, while operating profit turned negative at RMB-0.21 billion. Selling and marketing expenses fell 44.96% to RMB1.74 billion, reflecting ongoing cost-cut initiatives, yet total administrative expenses still reached RMB3.43 billion.

Cash Flow and Liquidity • Net cash from operations: RMB0.49 billion. • Cash and cash equivalents: RMB53.08 billion at period-end, down from RMB61.52 billion at year-end 2025. • Net gearing ratio rose to 135.4% (Dec-2025: 123.5%). • Interest-bearing liabilities stood at RMB351.26 billion, with 50.9% due within 12 months. Average financing cost was 2.86%.

Balance Sheet Movements • Total equity attributable to shareholders declined 12.59% to RMB102.18 billion, cutting net asset value per share to RMB8.56. • Inventory fell 7.4% to RMB345.96 billion; completed unsold properties totalled RMB106.84 billion. • Additional inventory impairment of RMB3.94 billion was booked, lifting the provision balance to RMB28.51 billion.

Operational Highlights • Contracted sales: RMB35.80 billion (-48.2% YoY) on 2.93 million sq m. • Delivered 23,000 housing units across 88 projects with an acceptance rate near 90%. • Property-management arm Onewo recorded RMB19.19 billion revenue (+5.6% YoY) and continued to expand “Onewo Town” coverage to 708 clusters. • Rental housing platform Port Apartment managed 220,000 units, reaching a 94.3% occupancy rate. • Commercial operations opened 179 projects with a 92.8% overall occupancy, posting 5.3% same-store sales growth. • Logistics subsidiary VX Logistic Properties added revenue of RMB2.19 billion (+6.9% YoY) and operated 149 projects with 10.53 million sq m of leasable area.

Capital Measures and Risk Mitigation • Shenzhen Metro Group, the largest shareholder, provided RMB4.52 billion in shareholder loans year-to-date; outstanding shareholder loans total RMB34.10 billion at 30 June 2026. • Ten public bonds totalling RMB18.10 billion have been partially repaid or extended; since 2025, resolutions have been reached on RMB48.50 billion of maturing public bonds. • Three additional bond-extension plans were approved in July 2026, extending principal repayments by one year.

Governance and Leadership Changes • On 31 July 2026, Xu Enli was elected Board Chairman; Huang Yu was reappointed President. • The new 21st Board session comprises 12 directors, including four independent non-executive directors.

No interim dividend was declared for H1 2026.