Real estate performance has promoted the stock industry.

After the collective review in 20021year, Vanke management began to reflect on itself again.

March 3 1 day, Vanke A(000002. SZ) released the "report card" of 202 1 and held a performance conference simultaneously. At the beginning of the performance conference, Chairman Yu Liang "apologized" to the shareholders of 520,000 Vanke for the fact that the net profit of returning to the mother fell by more than 40%, and admitted that the performance in 20021year was not good, which disappointed the shareholders.

Compared with previous years, the annual report of Vanke 202 1 can be said to be "both unexpected and reasonable". The annual report shows that in 20021year, Vanke's revenue was 452.798 billion yuan, up 8.04% year-on-year; The net profit attributable to shareholders of listed companies was 22.52 billion yuan, a year-on-year decrease of 45.7%.

Surprisingly, Vanke's rebound today is not strong under the recent overall situation of the real estate sector.

Suspected of "performing a bath"

For the decline in net profit, Vanke said that there are three reasons, the main reason is the decline in gross profit margin, followed by the decline in investment income, and then the provision for impairment. In 20021year, Vanke's gross profit margin was 2 1.8%, down 7.4 percentage points year-on-year. In fact, in the past two years, the decline of gross profit margin in the real estate industry has become an industry. The ranking of gross profit margin of the top 50 real estate enterprises in the first half of 2002/kloc-0 released by Beijing News shows that the average gross profit margin is 22.4 1%, while it is 28. 1% in the first half of 2020.

Yu Liang also added two other reasons that affect the net profit at the performance meeting. First, there are problems of large dispersion and imbalance in management methods; Second, the new track has a high tuition fee.

Although it seems that the reason is very good, Vanke's revenue is growing, but its net profit is almost halved, which also makes investors directly question whether Vanke is "taking a performance bath".

The so-called performance bath means that listed companies deliberately depress the company's performance and postpone part of their profits to the next release period for centralized reflection, so as to achieve the purpose of greatly increasing the performance in the next release period.

"Tickets for the performance bath should not be too expensive. The personal income of management, including Yu Liang, has also fallen sharply due to the decline in performance. If the price paid by Vanke cadres and employees is more than two orders of magnitude, there is no need to take a performance bath at such an expensive price. It is even more impossible. " Zhu Jiusheng, president of Vanke, said bluntly. "We disclose our performance in the open market, and every step we do must stand the test and inspection of the market."

According to Vanke's annual report, Yu Liang voluntarily gave up all the bonuses in 20021year, and the total pre-tax salaries of eight directors, supervisors and senior executives who worked for Vanke also decreased by 50% year-on-year.

Zhu Jiusheng added, "We prefer to use a bath to describe Vanke's performance, and use cold water to curb our impulsive body and make our body healthier and clearer." At the meeting, Yu Liang mentioned the requirements for Vanke's development in 2022, that is, "stabilizing and rebounding".

Yu Liang pointed out that frequent warm policies, huge market base, business development and sales scale are still in the first camp in the industry, all of which give Vanke confidence to complete the task of stopping falling, stabilizing and steadily improving. Zhang Hai, the chief partner of Vanke Development and Operation Headquarters, stressed that the gross profit margin of development will be maintained at 20% this year as a guarantee for the stabilization of net profit.

Optimistic about operating business

It's not hard to see that Yu Liang is still optimistic about these tracks, even though it admits that the exploration of many tracks in business has cost more than expected and even affected the past performance. In Yu Liang's view, in the future, there will be huge room for the development of commercial services and great contribution to Vanke.

From the business sector, Vanke's income, its real estate development and related asset management business income is 429.93 billion yuan, and the income contribution ratio is 95%; Property service income was 654.38+09.83 billion yuan, accounting for 4.4%. However, in terms of splitting, businesses including property (Everything Cloud), logistics and warehousing (Wan Wei Logistics), rental housing (parking) and commercial development and operation (Indian Power) have all improved in terms of growth rate, revenue performance and operational efficiency.

Among them, in 20021year, the revenue of Wanwuyun exceeded 20 billion yuan for the first time, reaching 24.04 billion yuan, up 32. 1% year-on-year. Vanke said that the business has been driven by a single traditional residential service and expanded into a "troika" for community, commercial enterprises and urban space services.

At the performance conference, when asked how to measure the success of commercial services, Yu Liang said that whether it can be listed independently is the criterion. As for why he wanted to list his own business services independently, Yu Liang bluntly said, "When children grow up, they eat more, and their families don't have enough to eat, so they need to develop independently. If it is still within Vanke, there will be no opportunity for independent financing. Parents should encourage their children to grow up. "

After all, in 20 18, Yu Liang was still threatening that everything would never go public. By 20 19, the tone has changed to be listed as a city service provider. In 2020, Yu Liang changed his mind again, saying that everything will definitely go public, but the time has not yet been determined. When the time came to 202 1, 1 1, Wanwuyun officially opened the road of listing Hong Kong stocks.

"All the clouds got the' path belt' on the 30th." Baoquan Zhu, chief partner of Vanke Property Group, said at the meeting, "It is more appropriate to go public now, and the valuation given by investors will be more rational."

Yan Yuejin, a real estate analyst, told the media that the scale of the real estate industry has been basically stable, and the current exploration direction of housing enterprises tends to be diversified. It is necessary to rationally choose the track, which determines the differentiation pattern of future housing enterprises to a certain extent. After all, the second growth curve is a new profit growth point for housing enterprises in the future.