Leading in multiple tracks such as property management, long-term rental, and logistics, Vanke (02202) today saw its stock price leading the top-tier real estate companies.

Yesterday, China Vanke Co., Ltd. (02202) released its annual report for 2024, with revenue exceeding 340 billion, achieving significant results in streamlining and strengthening the company. It had the largest volume of bulk transactions in the industry, and the largest sales area in the development business, with over 180,000 high-quality deliveries. At the same time, Vanke's operational service business maintained steady growth, leading in property management, long-term rentals, and logistics, and pioneering in multiple areas with REITs, accelerating the release of business value. This morning, China Vanke Co., Ltd. stock rose over 2% at the opening, outperforming other top real estate companies. In 2024, Vanke's comprehensive residential sales exceeded 240 billion, with high-quality deliveries receiving professional recognition, and several projects winning national-level "Guangsha Award". It made positive progress in the application of construction technology, pioneering large models in the industry to promote the construction of high-quality homes. The development of new-generation integrated residential products continued to improve, with an average sales rate of 80% for new projects. Additionally, Vanke achieved breakthroughs in revitalizing existing stock in 2024, recovering over 10 billion through inventory activation. Meanwhile, in 2024, Vanke's operational service business continued to grow, with revenue proportionally increasing and contributing positive profits. Under the trend of renting and purchasing, Vanke's long-term rental apartments led in scale, efficiency, and quality assurance, ranking first in the industry in all three key indicators. Vanke's long-term apartments had a cumulative management scale of around 260,000 units, with over 120,000 units included in guaranteed rental housing, ranking first in the market. Leveraging digital operational advantages, Vanke maintained industry-leading efficiency in large-scale operations, with a rental rate exceeding 95% and a front-end GOP profit margin of 90%. Behind its scale and efficiency leadership was customer satisfaction, as after a decade of operation, Vanke's long-term rental business had a loyal customer base, with a customer satisfaction rate of over 95% and a renewal rate of about 60%, while also gaining recognition from over 5,000 corporate clients for service quality. Property services identified opportunities in existing stock, achieving revenue of over 36 billion in 2024 through deepening in Butterfly City. ONEWO's market expansion efficiency remained at the forefront of the industry, with over 400 new residential service projects acquired during the year, generating additional revenue exceeding 2 billion and actively using technology to enhance efficiency, with the independently developed Feige platform achieving intelligent work order generation and optimal route planning, providing precise services to over 30,000 frontline workers. Commercial business achieved revenue of nearly 9 billion, with an opening area of over 10 million square meters; logistics and warehousing business achieved revenue of around 4 billion, leading in business scale and maintaining a high occupancy rate. In addition, Vanke also achieved breakthroughs in multiple REITs and Pre-REITs tracks, becoming one of the few companies in the industry to achieve breakthroughs in multiple formats and levels of real estate funds, establishing asset securitization capabilities in line with the industry's future development model. A capital markets expert believes that in the second half of the real estate market, the importance of operational businesses for real estate companies is becoming increasingly prominent, and those who can be the first to open up asset securitization channels represented by REITs will be able to better grasp market opportunities. Vanke's operational business, after years of cultivation, has led in several businesses and achieved breakthroughs in REITs, and is expected to further unlock value in the future.