On July 10, Gelunhui reported that China Vanke issued a profit warning last night, predicting a loss of 7 to 9 billion yuan in the first half of the year, compared to a net profit of 9.87 billion yuan in the same period last year. In addition, the company's core management personnel plan to raise funds of 200 million yuan to voluntarily increase their holdings of China Vanke A shares within 6 months. Bank of America Securities released a report that maintained China Vanke's "underperformance" rating and lowered its target price from HKD 6.6 to HKD 5.4. The report pointed out that although part of the reason for China Vanke's higher-than-expected losses in the first half of the year was due to asset impairment, the sale of assets to improve liquidity shows poor profitability prospects. The bank also worries about the mid-term liquidity prospect, noting that China Vanke's refinancing activities in the first half of the year were better than expected, but unless operating cash flow can significantly rebound or new financing sources can be obtained, China Vanke may ultimately exhaust its high-quality assets available for new bank loans, leading to uncertainty in its future refinancing needs. Finally, the bank believes that the scale of the company's management's shareholding plan is limited.