香港交易及结算所有限公司及香港联合交易所有限公司对本公告的内容概不负责，对其准确性 或完整性亦不发表任何声明，并明确表示，概不对因本公告全部或任何部分内容而产生或因依 赖该等内容而引致的任何损失承担任何责任。 CHINA VANKE CO., LTD. * 万科企业股份有限公司 （於中华人民共和国注册成立的股份有限公司） （股份代号：2202） 二零一六年度业绩公告 万科企业股份有限公司（「 本公司」）董事会（「 董事会」）欣然宣布本公司及其附属 公司截至2016年12月31日止年度之经审核业绩。本公告列载本公司2016年度报告 全文，并符合香港联合交易所有限公司证券上市规则中有关年度业绩初步公告附 载资料之要求。本公司2016年度报告的印刷版本将於2017年4月寄发予本公司H股 股东，并可於其时在香港联合交易所有限公司网站(www.hkexnews.hk)及本公司网 站（ www.vanke.com）阅览。 本业绩公告的中英文版本可在本公司网站（ www.vanke.com）及香港联合交易所有 限公司网站（ www.hkexnews.hk）查阅，在对中英文版本理解上发生歧义时，正文 部分请以中文为准，惟按照国际财务报告准则编制的财务报告部分以英文为准。 承董事会命 万科企业股份有限公司 公司秘书 朱旭 中国，深圳，2017年3月26日 於本公布日期，本公司董事会成员包括：执行董事王石先生、郁亮先生及王文金 先生；非执行董事乔世波先生、孙建一先生、魏斌先生及陈鹰先生；以及独立非 执行董事张利平先生、华生先生、罗君美女士及海闻先生。 * 仅供识别 二零一六年度报告 Annual Report 2016 1 重要提示： 万科企业股份有限公司董事会、监事会及 董事、监事、高级管理人员保证本报告所 载资料不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准 确性和完整性承担个别及连带责任。 王石主席、郁亮董事、王文金董事、张利 平独立董事、华生独立董事、罗君美独立 董事亲自出席本次董事会会议。乔世波董 事、陈鹰董事因公务原因未能亲自出席本 次会议，授权罗君美独立董事代为出席会 议并行使表决权；孙建一董事因公务原因 未能亲自出席本次会议，授权郁亮董事代 为出席会议并行使表决权；魏斌董事因公 务原因未能亲自出席本次会议，授权王文 金董事代为出席会议并行使表决权；海闻 独立董事因公务原因未能亲自出席本次会 议，授权华生独立董事代为出席会议并行 使表决权。 公司2016年度分红派息预案：以分红派 息股权登记日股份数为基数，每10股派 送人民币7.9元（含税）现金股息。 本报告中金额货币币种未做特别说明均指 人民币。 董事会主席王石，董事、总裁郁亮，执行 副总裁、财务负责人孙嘉声明：保证年度 报告中财务报告的真实、完整。 本报告涉及未来计划等前瞻性陈述，不构 成本集团对投资者的实质承诺，请投资者 注意投资风险。 本报告分别以中英文两种文字编制，在对 本报告（除按国际财务报告准则编制的财 务报告外）的理解发生歧义时，以中文文 本为准，按照国际财务报告准则编制的财 务报告以英文文本为准。 Important Notice: The Board of Directors, the Supervisory Committee and the Directors, members of the Supervisory Committee and senior management of China Vanke Co., Ltd. (the “Company”) warrant that in respect of the information contained in this report, there are no misrepresentations or misleading statements, or material omission, and individually and collectively accept full responsibility for the authenticity, accuracy and completeness of the information contained in this report. Chairman Wang Shi, Director Yu Liang, Director Wang Wenjin, Independent Director Zhang Liping, Independent Director Hua Sheng, Independent Director Elizabeth Law attended the board meeting in person. Director Qiao Shibo and Director Chen Ying were not able to attend the board meeting in person due to business engagements and had authorized Independent Director Elizabeth Law to represent him and vote on behalf of him at the board meeting. Director Sun Jianyi was not able to attend the board meeting in person due to business engagements and had authorized Director Yu Liang to represent him and vote on behalf of him at the board meeting. Director Wei Bin was not able to attend the board meeting in person due to business engagements and had authorized Director Wang Wenjin to represent him and vote on behalf of him Independent. Director Hai Wen was not able to attend the board meeting in person due to business engagements and had authorized Independent Director Hua Sheng to represent him and vote on behalf of him. The Company’s proposal on dividend distribution for the year 2016: Based on the number of shares on the record date for dividend distribution, a cash dividend of RMB7.9 (including tax) will be distributed for every 10 existing shares held. Unless otherwise specified, the currency referred to in this report is Renminbi. Chairman Wang Shi, Director and President Yu Liang, and Executive Vice President and Supervisor of Finance Sun Jia declare that the financial report contained in the annual report is warranted to be true and complete. This report contains forward-looking statements in relation to subjects such as future plans, which do not constitute any specific undertakings to investors by the Company. Investors should beware of investment risks. This report has been prepared in Chinese and English respectively. In case of discrepancy, the Chinese version shall prevail, except for the financial report prepared in accordance with International Financial Reporting Standards, of which the English version shall prevail. 目录 Contents 2 万科企业股份有限公司 China Vanke Co., Ltd. 致股东 To Shareholders 5 公司简介 Corporate Information 8 会计资料和财务指标摘要 Accounting and Financial Highlights 11 董事会报告 Directors’ Report 13 重要事项 Significant Events 142 股本变动及股东情况 Change in Share Capital and Information on Shareholders 165 董事、监事、高级管理人员及员工情况 Directors, Members of Supervisory Committee, Senior Management and Employees 187 公司治理报告暨企业管治报告 Corporate Governance Report 207 监事会报告 Report of Supervisory Committee 232 公司债券情况 Information on Corporate Bonds 238 财务报告 Financial Report 246 备查文件目录 Contents of Documents Available for Inspection 396 释义 Definition 二零一六年度报告 Annual Report 2016 3 释义项 释义内容 Term Meaning 本公司、公司 万科企业股份有限公司 The Company China Vanke Co., Ltd. 万科、集团、本集团 万科企业股份有限公司及其附属公司 Vanke, the Group China Vanke Co., Ltd. and its subsidiaries 万科物业 万科物业发展有限公司 Vanke Service Vanke Service Co., Ltd. 中国证监会 中国证券监督管理委员会 CSRC China Securities Regulatory Commission 深交所 深圳证券交易所 SZSE Shenzhen Stock Exchange 联交所 香港联合交易所有限公司 SEHK The Stock Exchange of Hong Kong Limited 香港交易所 香港交易及结算所有限公司 HKEx Hong Kong Exchanges and Clearing Limited 地铁集团 深圳市地铁集团有限公司 SZMC Shenzhen Metro Group Co., Ltd. 华润股份 华润股份有限公司 CRC China Resources Co., Limited 中润贸易 中润国内贸易有限公司 China Resources Trade China Resources Trade Co., Ltd. 恒大地产 恒大地产集团有限公司 Evergrande Real Estate Evergrande Real Estate Group Limited 印力集团 印力集团控股有限公司 SCPG SCPG Holdings Co., Limited 成都万科 成都万科房地产有限公司 Chengdu Vanke Chengdu Vanke Real Estate Co., Ltd. 成都华润 华润置地（成都）有限公司 Chengdu China Resources China Resources Land (Chengdu) Co., Ltd. 成都润万 成都润万置业有限公司 Chengdu Runwan Chengdu Runwan Property Co., Ltd. 释义 Definition 4 万科企业股份有限公司 China Vanke Co., Ltd. 天网行动 本集团为了打造精工品质，对采购的材料、部品及设备进行不 定期抽检的安排 Skynet Action the Group’ arrangement of conducting random check on purchased materials, parts and equipment in order to maintain its high level of quality 钜盛华 深圳市钜盛华股份有限公司 Jushenghua Shenzhen Jushenghua Co., Ltd. 《公司法》 《中华人民共和国公司法》 Company Law Company Law of the People’s Republic of China 《证券法》 《中华人民共和国证券法》 Securities Law Securities Law of the People’s Republic of China 《上市规则》 《深圳证券交易所股票上市规则》 Listing Rules Rules Governing the Listing of Stocks on the Shenzhen Stock Exchange 《规范运作指引》 《深圳证券交易所上市公司规范运作指引》 Guidelines for Standardized Operation Guidelines of the Shenzhen Stock Exchange for Standardized Operation 《联交所证券上市规则》 《香港联合交易所有限公司证券上市规则》 Hong Kong Listing Rules Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited 《公司章程》 《万科企业股份有限公司章程》 Articles of Association Articles of Association of China Vanke Co., Ltd. 报告期 2016年1月1日至2016年12月31日 Reporting Period 1 January 2016 to 31 December 2016 14城市 公司长期观察的14个城市包括北京、上海、深圳、广州、天 津、渖阳、杭州、南京、成都、武汉、东莞、佛山、无锡、苏 州 14 Cities 14 cities which are under the Company’s long term observation, including Beijing, Shanghai, Shenzhen, Guangzhou, Tianjin, Shenyang, Hangzhou, Nanjing, Chengdu, Wuhan, Dongguan, Foshan, Wuxi, Suzhou 元 如无特殊说明指人民币元 RMB Renminbi, unless otherwise specified 1 致股东 I To Shareholders 二零一六年度报告 Annual Report 2016 5 对 於 中 国 房 地 产 企 业 而 言， 如 何 面 对 2016年的市场繁荣，并非一个轻松的话 题。有时候，幸福与忧虑的边界并非那麽 清晰。这一年中国房地产市场的总销售规 模创造了历史新纪录，但这真的只是一件 值得庆幸的事情吗 必须看到，在主要城市房屋市场再度升温 的同时，土地市场的表现更为激进，面 粉贵过面包不再是个案，而已经成了普遍 现象。这足以令开发企业进退维谷，陷入 焦虑之中。买高价地，意味着承担未来的 经营风险；不买，则可能现在就被挤出市 场。 所以，当2016年10月，国家对部分热点 城市出台针对性的调控政策时，我们有充 分的理由感到欣慰，这一次调控是及时 的，也是完全必要的。让过热的市场适度 降温，对稳健经营、有志於长期发展的企 业来说，无疑是一个利好。 房子是用来住的，这是一个简明的常识， 我们没有理由不懂得。但另一个方面，从 绝大多数发达国家的历史经验来看，房屋 也很难完全避免成为一种投资标的。尤其 在不动产价格一次又一次上涨的过程中， 作为市场参与者的我们很容易在诱惑中迷 失。如果仅仅是持有资产就可以轻松赚 钱，我们还能否坚持，靠努力去创造真实 价值 一直以来，万科坚持「为普通人盖好房 子，盖有人用的房子」。我们始终认为， 房屋应该回归居住属性，房地产应该回归 实业属性。面对市场的又一次亢奋，我们 更应该不忘初心。 For property developers in China, the market boom in 2016 was not something to be taken lightly. Sometimes, there is not a fine line between content and disquiet. The total sales volume in China’s real estate market reached record high during the year. However, is this really something worth celebrating One should pay attention to the fact that the heating up of property markets in major cities is not as drastic as that in land transactions. Property prices overtaken by land premium has become a common phenomenon rather than a rare case. This puts developers in a dilemma of acquiring expensive land lots to bear operational risk in the future or being forced out of the market due to lack of land bank. It is for the aforementioned reasons we welcomed the State’s introduction of specific austerity measures in certain overheated cities in October 2016. We believe this round of austerity measures was timely and absolutely necessary. Allowing overheated market to moderately cool down would undoubtedly benefit healthy enterprises that are keen on long-term development. “Housing is for accommodation” is a simple common sense that we all should understand. However, learning from lessons of most developed countries, it is almost unavoidable for housing to be treated as an object of investment. Particularly following waves after waves of real estate price upsurge, we, as market participants, would easily lose our track of objective in front of temptation. If people could easily make money by holding assets, would we still be able to persist with our dedication to create true value All along, China Vanke has been insisting on “building quality housing for ordinary people, developing premises for accommodation”. We firmly believe that property development should be back to its basics of offering houses for accommodation. In the face of yet another state of market euphoria, it is imperative for us to remember our initial motive for entering the industry. 1 致股东 I To Shareholders 6 万科企业股份有限公司 China Vanke Co., Ltd. We must always bear in mind that no matter whatever changes in the external environment, providing customers with better products and services is an utmost important mission for Vanke as an enterprise. According to neutral forecast and based on actual urbanization rate measured by population with household registration, our country has room for further urbanization by over 20 percentage points. With the implementation of the new urbanization strategy, nearly 200 million of new-generation rural migrants will shed the “temporary migrant” status of their parents, and become permanent urban residents. Most of these new urban residents will concentrate in developed conurbation with better employment opportunities. Therefore, in areas with influx of population, shortage of housing will continue in the short term. Our offering of “Good Houses, Good Services, Good Neighbourhood” still have promising market potential. It is our obligation to provide new urban residents with quality housing and ancillary services. However, faced with rising land costs, how are we going to supply the market with affordable residence for new urban residents We certainly understand that this is not a task that can be accomplished by a single enterprise; however, this should not be an excuse for our inactivity. We still have ample opportunities to make capable c o n t r i b u t i o n t o t h e a f o r e s a i d s c e n a r i o . T h e “Railway+Property” development model is the first direction we should strive to adhere to. As demonstrated by the development process of densely populated metropolises such as Tokyo and Hong Kong, the transit-oriented urban development model (TOD) with an emphasis on public transportation can effectively link up surrounding towns and megalopolises, to increase the effective supply of housing in core conurbations, and to reduce living costs. According to estimates by relevant authorities, by 2020, the total mileage of urban rail transit in China is expected to nearly double the level in 2015. This will provide a large number of new urban households with opportunities for settling down through home purchase at prices affordable by their income levels. 我们必须时刻牢记，无论外部的环境如何 变化，为客户提供更好的产品和服务，才 是我们作为企业最重要的使命。 按照中性预测，以在城市实现定居的实际 城镇化率衡量，我国还有超过二十个百 分点的城镇化空间。随着新型城镇化战略 的实施，近两亿农村新生代人口将摆脱上 一辈「候鸟式迁徙」的状态，成为永久市 民。这些新市民绝大部分将集中在就业 机会较多的发达城市圈。因此在人口流入 地，住房短缺的现象短期内并不会消失。 我们的「三好住宅」，依然有着广阔的市 场空间。 为新市民提供有品质的住房和配套服务， 我们责无旁贷。但问题在於，面对日益高 企的地价，如何向市场提供新市民支付得 起的住房我们当然知道，这不是一家企 业能够独力完成的任务，但这一点，却也 并非我们选择不作为的理由。 我们依然有很多机会，为此做出力所能及 的贡献。「轨道+物业」开发模式，是我们 首先应该想到的努力方向。东京、香港 等人口稠密大都市的发展过程表明，以城 市轨道交通为骨干的公共交通优先模式 (TOD)能够高效衔接周边城镇、周边城市 群，能增加核心都市圈住房有效供应、 降低其居住成本。据有关部门估计，到 2020年，我国城市轨道交通总里程有望 较2015年增加近一倍，这将为大量新市 民家庭提供符合其收入水准的购房定居机 会。 1 致股东 I To Shareholders 二零一六年度报告 Annual Report 2016 7 Second, by actively participating in the development of rental housing market, we can supply more affordable housing to new urban residents. Rental housing is the major tool for metropolis to resolve the housing issue of new urban residents. Take the example of conurbations such as New York, Tokyo and London; the proportion of rental housing is 56%, 54% and 50%, respectively. In 2016, the State Council promulgated the “Opinions on Accelerating the Cultivation and Development of Rental Housing Market” and the “Proposal for Pushing Forward the Household Registration of 100 Million Non-registered Residents in Urban Areas”, with a key emphasis on the importance of rental housing in resolving housing issue of urban residents. As an important player of the real estate industry, we should definitely respond proactively to the State policies. In addition to housing itself, we should also notice that, with changing consumer attitude of the younger generation and the emergence of the internet era, there exists an enormous demand for urban ancillary services which has yet to be fulfilled. Emerging real estate and services in areas of elderly service, logistics, education, resort, and new-start business are just in their infant stage. The aggregate volume of the aforementioned emerging businesses is equivalent to creating another real estate sector. As evidenced by the experience of developed countries, when the economies become mature, the pivotal position and economic contribution of the real estate industry in a broad sense will not be lessened due to abundant supply; on the contrary, it will be further strengthened by the emergence of various derivative services. We continue to see a promising prospect. Our abilities to capture the aforementioned opportunities depend on our expertise and our ability to minimise resource consumption, in order to create maximum real value for the society. We are grateful to be in an era of ample opportunities, and are honoured to be able to embrace a brand new future together with our shareholders. 其次，积极参与房屋租赁市场的发展，也 可为新市民提供更多可承受的住房。租 赁是国际大都市新市民解决居住问题的主 要方式。如纽约、东京、伦敦都市圈，租 房居住的占比分别为56%、54%和50%。 2016年国务院相继出台的《关於加快培育 和发展住房租赁市场的若干意见》和《推 动1亿非户籍人口在城市落户方案》中， 高度强调了租赁在解决城镇居民住房问题 当中的重要意义。作为房地产行业的重要 一员，我们当然应该积极回应。 除了住房本身，我们还应该看到，随着年 轻一代消费观念转变和互联网时代的来 临，大量新出现的城市配套需求尚待得到 满足。养老、物流、教育、度假、创业等 新兴不动产及服务领域，才刚刚起步。上 述新兴业态合计，相当於新打造一个房地 产行业。发达国家经验表明，经济进入成 熟阶段後，广义房地产业的枢纽地位、以 及对经济发展的贡献，不仅不会因供应逐 渐充足而削弱，反而会因各类衍生服务而 得到进一步强化。 我们依然面对广阔的未来。而能否抓住这 些机会，则取决於我们的专业能力，取 决於我们能否以尽可能少的资源消耗，为 社会创造尽可能多的真实价值。我们很欣 慰，身处这样一个充满机遇的年代，也很 荣幸能与广大股东一起，共同面对全新的 未来。 2 公司简介 II Corporate Information 8 万科企业股份有限公司 China Vanke Co., Ltd. 1、 中文名称：万科企业股份有限公司 英文名称：CHINA VANKE CO., LTD. 2、 注册地址：中国深圳市盐田区大梅沙 环梅路33号万科中心 邮递区号：518083 办公地址：中国深圳市盐田区大梅沙 环梅路33号万科中心 香港主要营业地点：香港花园道1号 中银大厦55楼 国际互联网网址：www.vanke.com 电子信箱：IR@vanke.com 3、 法定代表人：王石 4、 授权代表：王文金、朱旭 替代授权代表：陆治中 5、 董事会秘书、公司秘书：朱旭 电子信箱：IR@vanke.com 股证事务授权代表：梁洁 电子信箱：IR@vanke.com 联系地址：中国深圳市盐田区大梅沙 环梅路33号万科中心 电话：0755-25606666 传真：0755-25531696 助理公司秘书：陆治中 电子邮件：peterluk@vanke.com 联系地址：香港花园道1号 中银大厦55楼 电话：00852-23098888 传真：00852-23288097 1. Company Name (Chinese): 万科企业股份有限公司 Company Name (English): CHINA VANKE CO., LTD. 2. Registered address: Vanke Center, No. 33 Huanmei Road, Dameisha, Yantian District, Shenzhen, the People’s Republic of China Postal code: 518083 Office address: Vanke Center, No. 33 Huanmei Road, Dameisha, Yantian District, Shenzhen, the People’s Republic of China Principal place of business in Hong Kong: 55/F, Bank of China Tower, 1 Garden Road, Hong Kong Website address: www.vanke.com E-mail address: IR@vanke.com 3. Legal representative: Wang Shi 4. Authorised representatives: Wang Wenjin and Zhu Xu Alternate authorised representative: Luk Chi Chung Peter 5. Secretary to the Board and the company secretary: Zhu Xu E-mail address: IR@vanke.com Securities Affairs Representative: Liang Jie E-mail address: IR@vanke.com Contact address: Vanke Center, No. 33 Huanmei Road, Dameisha, Yantian District, Shenzhen, the People’s Republic of China Telephone number: 0755-25606666 Fax number: 0755-25531696 Assistant company secretary: Luk Chi Chung Peter E-mail address: peterluk@vanke.com Contact Address: 55/F, Bank of China Tower, 1 Garden Road, Hong Kong Telephone number: 00852-23098888 Fax number: 00852-23288097 2 公司简介 II Corporate Information 二零一六年度报告 Annual Report 2016 9 6. Stock exchange on which the Company’s A shares are listed: SZSE Stock short name of A shares: Vanke A Stock code of A shares: 000002 Stock exchange on which the Company’s H shares are listed: Stock short name of H shares: China Vanke, Vanke Hnote Stock code of H shares: 2202, 299903note Note: The stock short name and stock code are only applied to the Company’s H shares traded by through domestic securities companies’ trading system by the original B shareholders of the Company after the listing of the Company’s H shares on SEHK H share registrar: Computershare Hong Kong Investor Services Limited Contact address: Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong 7. Media for disclosure of information: “China Securities Journal”, “Securities Times”, “Shanghai Securities News”, “Securities Daily”, CNINFO Network and an English media in Hong Kong Website address for publication of the annual report: A shares: www.cninfo.com.cn H shares: www.hkexnews.hk Place for annual report collection: The Office of the Company’s Board of Directors 8. First registration date of the Company: 30 May 1984 Location: Shenzhen Date of change in registration: 22 October 2014 Location: Shenzhen 9. Corporate legal person business registration no.: 440301102900139 10. Taxation registration code: Local taxation registration code: 440300192181490 State taxation registration code: 440300192181490 6、 A股股票上市地：深交所 A股股票简称：万科A A股股票代码：000002 H股股票上市地：联交所 H股股票简称：万科企业、万科H代注 H股股票代码：2202、299903注 注： 该简称和代码仅供本公司原B股股 东自本公司H股在联交所上市後通 过境内证券公司交易系统交易本公 司的H股使用 H股股份过户登记处：香港中央证券 登记有限公司 联系地址：香港湾仔 皇后大道东183号 合和中心17楼 1712-1716室 7、 信息披露媒体名称：《中国证券 报》、《证券时报》、《上海证券报》、 《证券日报》、巨潮网以及香港一家 英文媒体 登载年度报告的国际互联网网址 A股：www.cninfo.com.cn H股：www.hkexnews.hk 年度报告备置地点：公司董事会办公室 8. 公司首次注册登记日期：1984年5月 30日 地点：深圳 变更登记日期：2014年10月22日 地点：深圳 9. 企业法人营业执照注册号： 440301102900139 10. 税务登记号码： 地税登字440300192181490号 国税登字440300192181490号 2 公司简介 II Corporate Information 10 万科企业股份有限公司 China Vanke Co., Ltd. 11. Organisation code: 19218149-0 12. Certified public accountants engaged by the Company: Domestic: KPMG Huazhen (Limited Liability Partnership) Address: 8/F, KPMG Tower, Oriental Plaza, 1 East Chang An Avenue, Beijing Signing CPA: Fong Kwin, Chen Yongyi Overseas: KPMG Address: 8th Floor, Prince’s Building, 10 Chater Road, Central, Hong Kong 13. Legal advisor engaged by the Company Domestic: Guangdong Shujin Law Firm Address: 12th floor, Taiping Finance Tower, 6001 Yitian Road, Futian District, Shenzhen Overseas: Paul Hastings Address: 21 to 22 F, Bank of China Tower, 1 Garden Road, Hong Kong 11. 组织机构代码：19218149-0 12. 公司聘请的会计师事务所 境内：毕马威华振会计师事务所 （特殊普通合夥） 地址：北京市东长安街1号 东方广场毕马威大楼8层 签字会计师：房炅，陈泳意 境外：毕马威会计师事务所 地址：香港中环遮打道10号 太子大厦8楼 13. 公司聘请的律师事务所 境内：广东信达律师事务所 地址：深圳市福田区 益田路6001号 太平金融大厦12楼 境外：普衡律师事务所 地址：香港花园道1号 中银大厦21~22楼 3 会计资料和财务指标摘要 III Accounting and Financial Highlights 二零一六年度报告 Annual Report 2016 11 3.1 本年度主要会计资料和财务 指标 单位：人民币千元 Unit: RMB’000 2016年 2015年 本年比上年增减 2014年 2016 2015 Fluctuation 2014 收入 Revenue 228,916,100 184,317,543 24.20% 137,994,043 毛利 Gross Profit 58,313,785 45,691,945 27.62% 34,634,908 年度利润 Profit for the year 28,350,255 25,949,438 9.25% 19,287,524 本公司股东应占的年度利润 Net profit attributable to equity shareholders of the company 21,022,606 18,119,406 16.02% 15,745,454 经营活动产生的现金流量净额 Net cash generated from operating activities 39,566,129 16,046,018 146.58% 41,724,820 基本每股收益 Basic earnings per share 1.90 1.64 16.03% 1.43 稀释每股收益 Diluted earnings per share 1.90 1.64 16.03% 1.43 全面摊薄净资产收益率 Net return on equity on a fully diluted basis 18.53% 18.09% 上升0.44个百分点 Increased by 0.44 pp 17.86% 加权平均净资产收益率 Net return on equity on weighted average basis 19.68% 19.14% 上升0.54个百分点 Increased by 0.54 pp 19.17% 2016年末 2015年末 本年末 比上年末增减 2014年末 31 December 2016 31 December 2015 Fluctuation 31 December 2014 流动资产 Current assets 721,470,635 547,220,793 31.84% 465,036,865 流动负债 Current liabilities 579,998,486 420,061,827 38.07% 345,654,030 本公司股东应占权益总额 Total equity attributable to equity shareholders 113,444,766 100,183,518 13.24% 88,164,570 股本 Share capital 11,039,152 11,051,612 -0.11% 11,037,507 归属於上市公司股东的 每股净资产 Net assets per share attributable to equity shareholders of the company 10.28 9.08 13.22% 7.99 3.1 Key accounting information and financial indicators for the year 3 会计资料和财务指标摘要 III Accounting and Financial Highlights 12 万科企业股份有限公司 China Vanke Co., Ltd. 3.2 Quarterly Key Financial Indicators 3.3 Difference arising from accounting standards of the PRC and the international standards 3.2 分季度主要财务指标 单位：人民币千元 Unit: RMB’000 第一季度 第二季度 第三季度 第四季度 The first quarter The Second quarter The Third quarter The Fourth quarter 收入 Revenue 13,709,845 57,038,990 40,280,646 117,886,619 本公司股东应占 净利润 Net profit attributable to equity shareholders of the company 833,233 4,518,077 2,911,071 12,760,225 经营活动产生的 现金流量净额 Net cash generated from operating activities (10,726,129) 36,523,342 17,188,682 (3,419,766) 3.3 境内外会计准则差异 单位：人民币千元 Unit: RMB’000 归属於上市公司股东的净利润 归属於上市公司股东的所有者权益 Net profit attributable to the shareholders Owners’ equity attributable to the shareholders of the company 2016年 2015年 2016年12月31日 2015年12月31日 2016 2015 31 December 2016 31 December 2015 按国际财务报告准则 According to IFRSs 21,022,606 18,119,406 113,444,766 100,183,518 按境内会计准则 According to the PRC accounting standards 21,022,606 18,119,406 113,444,766 100,183,518 按国际财务报告准则 调整的分项及合计： Breakdown and total reconciled according with IFRSs 按国际财务报告准则 According to the IFRSs �C �C �C �C 差异说明 Differences 无差异 Nil 4 董事会报告 IV Directors’ Report 二零一六年度报告 Annual Report 2016 13 4.1 经营情况讨论与分析 2016年内外部风起云涌，是万科32 年发展历史上极为不寻常的一年。 从行业形势看，全国商品住宅销售规 模创历史新高，大型房地产开发企业 的市场份额进一步提升。繁荣背後有 隐忧，热点城市地价大幅上涨，「面 粉贵过面包」屡见不鲜，正在透支行 业长期增长潜力。第四季度中央重申 要综合运用金融、土地、财税、投 资、立法等手段，加强房地产长效机 制建设，让住房回归居住功能，各地 调控政策密集出台，热点城市楼市开 始降温，对整个行业的发展影响深 远。从公司自身看，始於2015年7月 的股权事件，令公司的经营管理短期 内面临前所未有的不确定性。部分股 东一度提议罢免全体董事、非职工代 表监事，公司股价大幅波动，部分客 户、供应商、合作夥伴、金融机构以 及广大投资者也产生了诸多疑惑。 4.1 Discussion and Analysis of Operation 2016 was a turbulent and uncommon year in the Company’s 32-year development history. Looking at the industry situation, the national scale of sales of commodity housing experienced a record high and the market shares of large real estate enterprises further increased. Behind all this prosperity, there were worries about the significant growth in land prices of popular cities. It was not uncommon that the cost per sq.m. would be higher than the expected selling price, eroding the long-term growth potential of the industry. In the fourth quarter, the central government reaffirmed the integrated use of various means such as finance, land, taxation, investment and legislation to improve the construction of long-term mechanism for real estate and restore the function of housing as residence. After the intensive implementation of policies of curbing, the market of popular cities began to cool down, bringing far-reaching implications to the development of the industry. Looking at the Company itself, the shareholding issue began in July 2015 created unprecedented uncertainties to the Company’s operation and management in the short term. Certain shareholders had proposed the removal of all the directors and non-employee representative supervisors. The share price of the Company fluctuated substantially and it also resulted in distrust among certain customers, suppliers, partners, financial institutions and investors. ……