On April 29, the Shenzhen Iron & Steel Group, a state-owned enterprise under the Shenzhen State-owned Assets Supervision and Administration Commission, released a statement announcing that in fiscal year 2025, the group achieved a total revenue of 21.22 billion yuan. Among that, revenue from subway, railway operation and management design accounted for 64.03% of the total. Their consolidated financial statements for the year reported a loss of 37.197 billion yuan, representing 12.34% of the net assets at the end of the previous year, exceeding 10%.
According to the announcement, the losses incurred by the Shenzhen Iron & Steel Group in 2025 were primarily due to the poor performance of its joint venture company, Vanke Corporation Limited (referred to as “Vanke Corporation”), resulting in the confirmation of investment losses in Vanke Corporation’s long-term equity investment and provision for impairment losses. As of December 31, 2025, the Shenzhen Iron & Steel Group had made a provision for impairment of long-term equity investments amounting to 13.218 billion yuan.
The announcement also revealed that as of December 31, 2025, the Shenzhen Iron & Steel Group held 3,242,810,791 A-shares of Vanke Corporation, accounting for 27.18% of Vanke Corporation’s total shares, making it the largest shareholder of the company.
On April 29, Vanke Corporation released its first-quarter financial report for 2026, reporting a net loss of 5.95 billion yuan for the period, with operating income declining by nearly 24% year-on-year. The summary of the 2025 annual report showed that Vanke Corporation incurred a net loss of 88.56 billion yuan attributable to shareholders of the listed company, marking the largest loss since its listing. The company has accumulated losses of over 138 billion yuan in the past two years.
Furthermore, based on the performance reports previously released by the Shenzhen Iron & Steel Group, the company recorded a net loss of 33.46 billion yuan in 2024, and when combined with the losses in 2025, the group has incurred a total loss of 60.6 billion yuan over the two years.
Additionally, on the same day, the Shenzhen Metro Group issued an announcement regarding a change in the chairman position. According to the relevant procedures, Xin Jie is no longer the chairman of the company. As of the announcement date, the position of chairman remains vacant and has not been filled.