Vanke reports Q3 net loss, increased impairments despite normal bond payments

For the period from January 1 to September 30, 2025, Vanke reported a net loss attributable to shareholders of CNY 28,015,835,700, with a non-recurring item-adjusted net loss of CNY 26,486,137,200. This financial performance marks a significant decline. Despite the losses, all outstanding Vanke bonds are currently reported to be making normal interest and principal payments, with no delays or defaults.

In the third quarter of 2025, Vanke recorded total impairment provisions or increases due to changes in consolidation scope of CNY 9,367,945,200, while reversals or write-offs of impairment provisions amounted to CNY 1,708,263,700. As of September 30, 2025, the total balance of Vanke's asset impairment provisions reached CNY 53,914,891,300, an increase of CNY 7,659,681,500 compared to the beginning of the reporting period.

CITIC Securities, as the trustee for Vanke's corporate bonds, issued this report in accordance with regulatory requirements and trustee agreements. The trustee confirmed the issuer’s bond repayment status and will continue to monitor Vanke's financial health and its ability to meet bond obligations, while reminding investors to make independent judgments regarding these matters.