Shenzhen Metro Group’s first half-year revenue reached 6.481 billion yuan, but its net loss attributable to the parent company expanded to 4.932 billion yuan. With a significant decline in real estate development income and the drag from Vanke’s losses, the operational pressure on the Shenzhen Metro Group has further manifested. At the same time, the shareholder loan balance from Shenzhen Metro to Vanke has reached 34 billion yuan.
Shenzhen Metro Group Co., Ltd. (referred to as “Shenzhen Metro Group”) recently released its 2026 semi-annual report. Data shows that the company’s operating income in the first half of the year was 64.81 billion yuan, down 11.03% year-on-year; the net loss attributable to the parent company’s shareholders was 49.32 billion yuan, a 46.75% increase from the previous year.
As of the end of June, Shenzhen Metro Group’s total liabilities amounted to 538.625 billion yuan.
According to the financial report, in the first half of the year, Shenzhen Metro Group’s revenue from metro and railway operation and management design business was 5.865 billion yuan, a 4.9% increase year-on-year. However, the cost reached 6.995 billion yuan, resulting in a gap of about 1.13 billion yuan between revenue and cost. Revenue from station-city integration development was only 519 million yuan, a drastic drop of 68.05%, accounting for 8.01% of total revenue.
Under business pressure, Shenzhen Metro Group continues to provide financial support to Vanke. The semi-annual report shows that Shenzhen Metro has provided approximately 4.52 billion yuan in shareholder loans to Vanke this year. As of the end of June, Vanke’s outstanding loan balance to Shenzhen Metro has reached 34.096 billion yuan, with 29.321 billion yuan being pledged loans. In July, Shenzhen Metro provided an additional 927 million yuan loan to Vanke.
On the other hand, while Shenzhen Metro Group continues to provide financial support, Vanke itself remains deeply mired in losses and debt pressure. The semi-annual report released on August 27 showed that Vanke’s operating income in the first half of the year was 701.7 billion yuan, down 33.4% year-on-year; the net loss attributable to the parent company was 149.5 billion yuan, a 25.2% increase from the previous year.
It is worth noting that Vanke is still in a difficult situation, with contract sales amounting to only 35.8 billion yuan in the first half of the year, a 48.2% decrease year-on-year, with a 45.6% decrease in sales area; the settlement gross profit margin for real estate development business was only 5.1%.
As of the end of June, Vanke’s interest-bearing debt amounted to 3,512.6 billion yuan, with interest-bearing debt due within one year at 1,788.6 billion yuan, while monetary funds were only 590.5 billion yuan, resulting in a short-term funding gap of over 110 billion yuan. The company’s net debt ratio has risen to 135.4%, and some bonds have been extended to ease repayment pressure.