China Vanke (000002) Q1 2026 earnings summary

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.