Vanke A achieved revenue of 233.4 billion yuan, maintaining steady operations and promoting transformation; technology empowers to forge a new chapter

In China’s real estate industry in 2025, the sector is still undergoing a deep adjustment while searching for a path to stabilize and rebound. Vanke A (000002.SZ), an industry leader, released its 2025 annual report on the evening of March 31. During the reporting period, the company achieved operating revenue of RMB 233.4 billion and sales proceeds of RMB 134.06 billion. Although ongoing pressure continues due to industry-cycle factors and others, relying on support from all parties, the company holds the operating bottom line, makes every effort to ensure project delivery, stabilize sales, optimize structure, and strengthen technology. It also relies on product competitiveness, a diversified business “foundation,” and innovation capabilities to keep the fundamentals stable, laying the groundwork for risk resolution and long-term recovery.

Ensuring project delivery and asset revitalization side by side

Dual-engine drive expected to help resolve risks

In 2025, Vanke treated ensuring project delivery as both a commitment to people’s well-being and an operating bottom line. The company delivered 117,000 homes on time with quality assurance throughout the year, including 17,000 homes delivered 30 days ahead of schedule. Across 73 batches, deliveries were achieved with zero waiting time. Thirty-seven projects became benchmarks for quality delivery. By driving sales conversion with delivery reputation, the company formed a virtuous cycle.

At the same time, the company’s enhanced operating capabilities achieved phased results. In 2025, 18 new projects achieved first opening. The investment cash realization rate was 84%. Among them, first openings and sell-through rates for projects such as Shanghai Gaofu Yunjing, Chengdu Du Hui Jia Di, Harbin Lanyu, and Wenzhou Pu Shi Yun Zhou all exceeded 80%. The “near-zero carbon community” of Shanghai Ideal Place was selected as one of the first-batch “good community” case studies by the Ministry of Housing and Urban-Rural Development. The company maintained strong sell-through capacity during the market downcycle.

On the asset optimization front, Vanke used inventory revitalization and bulk transactions to address financial pressure. It is understood that the company revitalized asset value of RMB 33.8 billion for the year, securing 23 new projects. It also completed bulk transactions for 31 projects, with an amount reaching RMB 11.3 billion, and orderly advanced the exit of non-core businesses related to ice and snow. In addition, the company actively advanced measures such as refinancing and debt extensions, providing cash flow and financial space for risk resolution.

Diversified business synergy boosts momentum

Improved resilience in operations

Facing cyclical fluctuations in the development business, the operating services business that Vanke had laid out years ago demonstrated strong resilience, becoming a stabilizer of performance and a core support for transformation. In 2025, the operating services business recorded revenue of RMB 58.01 billion on a full-scope basis, with each segment maintaining a leading position in the industry.

According to materials, Vanke’s “Vanke Boyu” achieved industry-leading performance in scale, efficiency, and registered-inventory volume, and achieved breakthroughs in a light-asset development model. The company has more than 100,000 rooms under light-asset entrusted management. “Wanwu Cloud” generated revenue of RMB 37.36 billion; the “Diecheng” project, whose processes were reengineered, increased to 300; and it expanded 52 energy management service projects externally. Meanwhile, Wanwei Logistics’ revenue grew steadily. Its cold-chain revenue increased by more than 25% year over year. The company’s leasable warehousing area exceeded 10 million square meters, and both the occupancy rates for high-standard warehousing and cold-chain warehousing rose steadily. In addition, Yinli’s overall occupancy rate reached 94.5%. It has established good cooperation with more than 12,700 brand merchants. China International Capital Yinli Consumption REIT’s annualized cash distribution rate was 4.18%, showing steady performance, with clear asset operation and capitalization pathways.

Overall, the coordinated development of Vanke’s diversified businesses effectively offsets the cyclical volatility of its operating performance. While contributing stable cash flows, these businesses further build a new property-enterprise profitability structure driven by a “development + operations” dual-engine model. This also strengthens Vanke’s multi-tier service capabilities suited to the new stage of the real estate sector.

Technology empowers the entire chain

Multi-dimensional push to start a new journey

At present, AI and digital technologies are becoming the core lever for property developers to improve quality and efficiency and to address industry pain points. In 2025, Vanke will integrate technology into the full lifecycle of housing design, development, operation, and services, and implement multiple industry-first applications across intelligent construction, smart services, and urban logistics.

In the intelligent construction sector, Vanke’s independently developed blueprint drawing foundation model has become an industry-level application. It serves nearly 100 industry partners and is also working with the National Archives to cooperate on an architectural drawing large language model. An AI digital engineering management platform covers 97% of projects under construction, with more than 280,000 intelligent inspections throughout the year. The “Dougong” BIM software completed 108 project asset-visualization sandboxes, improving data analytics and decision-making efficiency. In the property services and logistics fields, Wanwu Cloud’s AI platform “smart butler” usage exceeded 2 million times, and AI automated work orders exceeded 200,000. The company also completed a global first robot autonomous train-riding delivery project in cooperation with Shenzhen Metro (ShenZhen Metro), delivering 40 production robots. The project was test-run on 61 stations across 8 lines in Shenzhen, opening up new city-logistics scenarios.

2025 is a critical year for Vanke to tackle tough challenges, move forward through risk resolution, and ensure continuity. By holding the operating fundamentals steady during industry adjustments, fulfilling its people’s-well-being commitments on delivery, coordinating the development of diversified businesses, steadily advancing asset optimization, and accelerating the rollout of technology applications, Vanke has built the confidence to get through the cycle. Looking ahead, in 2026 Vanke is expected to focus on two major themes: risk resolution and development. It will continue to improve product and service capabilities, innovate business models, and return steadily to a sustainable operations track under the new real estate model, providing an example for high-quality development across the industry.

A massive amount of information and precise analysis—available on the Sina Finance APP