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China Vanke (000002) investor relations material
China Vanke Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for Q1 2026 was RMB 28.93 billion, down 23.9% year-over-year, with net loss attributable to shareholders at RMB 5.95 billion, narrowing 4.7% from the prior year.
Gross margin improved by 3.0 percentage points to 9.1% year-over-year.
Real estate development revenue fell 36.1% year-over-year, while operating services revenue grew 1.7%.
Cash and cash equivalents at period end were RMB 60.49 billion; interest-bearing debt totaled RMB 356.05 billion.
Financial highlights
Operating cash flow improved to negative RMB 2.16 billion from negative RMB 5.79 billion year-over-year.
Basic and diluted EPS were both -0.4989, a 5.3% improvement year-over-year.
Weighted average ROE was -5.23%, down 2.10 percentage points year-over-year.
Total assets at quarter end were RMB 997.41 billion, down 2.27% from year-end 2025.
Outlook and guidance
Management highlights ongoing market challenges and policy support, with a focus on stabilizing the real estate market and restoring confidence.
Plans to continue asset disposals and optimize asset structure.
- 2025 saw a deepened net loss, negative cash flow, and rising leverage amid ongoing liquidity risks.000002
H2 202515 Apr 2026 - H1 2024 net loss of CNY 9.85B on sharply lower revenue, but debt and costs declined.000002
H1 202422 Jan 2026 - Net loss of RMB 28.0 billion and revenue down 27% reflect severe market and liquidity pressures.000002
Q3 202516 Dec 2025 - Revenue down 26%, net loss RMB 11.95bn, net debt ratio up to 90.4% in H1 2025.000002
H1 202516 Dec 2025 - 2024 saw a ¥49.48 billion net loss on sharply lower revenue and rising debt risk.000002
H2 202416 Dec 2025 - Revenue dropped 38.3% and net loss widened to RMB 6.25 billion amid market headwinds.000002
Q1 202516 Dec 2025 - Q3 saw a sharp net loss and revenue decline, but debt repayment and cash flow improved.000002
Q3 202416 Dec 2025
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