提 要
中国房地产业是改革开放以来发展最快的欧亿·体育（中国）有限公司之一，并且也将是未来二三十年中
发展最快的欧亿·体育（中国）有限公司之一。回顾历史，从来没有一个欧亿·体育（中国）有限公司像房地产业这样与国家的经济建
设、老百姓的生活方式息息相关；也从来没有一个市场像房地产市场这样竞争惨烈。

近十年以来，老牌房地产公司多半已垂垂老矣，步履蹒跚；近五年前，整个欧亿·体育（中国）有限公司每年
增长 30％以上，但房地产类上市公司的净资产收益率的平均值却一路下滑。一些房
地产企业至今还在摸索中不断地付出高额的代价，还在不断重复上演“今日辉煌，明
日灭亡”的悲剧。

作为中国最早的上市公司之一，1988 年到 2005 年 18 年间，万科股价增值 115
倍；1991 年到 2005 年，万科主营业务复合增长率 28%，净利润复合增长率 31%，在
中国第一批上市公司中，万科是唯一一家连续十几年保持盈利、增长的公司。在它身
上浓缩着许多房地产企业的成功历史，这是中国房地产企业从“计划型”向“市场型”
转轨中最成功的一个“典型标杆”。今天，万科已成为欧亿·体育（中国）有限公司领跑者，并在全国范围内
树立了中国房地产欧亿·体育（中国）有限公司的第一品牌形象。

为了揭密万科的成功，本文从财务报表分析、宏观及微观因素分析三个方面对万
科进行深层次的剖析，并从中得出几点启示，希望能从万科成功的经验、教训中，找
出一套可供后来者借鉴的“成功法则”。

关键词：万科 财务分析 宏观/微观因素分析 启示
ABSTRACT
The Chinese real estate industry is one of the quickest development
industries since reformation and opening up, and also will be one of the
quickest development industries in the coming 23 decades. Look back history,
there are never industries like the real estate industry that is so vitally related
to the national economy construction and the common people’s life style. And
never a market like real estate industry competes so fiercely. In the past ten
years, most old-brand real estate companies are defeated by competitors. And
in the past five years, the whole industry increases 30% annually above, but
the average return on net Assets of listed company fall all the way. Some real
estate enterprises still pay high price during their development.
As one of the earliest list companies, WANKE’ stock price increased
11500% from 1988 to 2005. The main business compound growth rate was
28% from 1991 to 2005. The net profits compound growth rate was 31%.
WANKE is the unique company that keeps continuous earning and growth in
the first list companies. On its body condenses the successful history of many
real estate enterprises. It is the most successful typical model mark of Chinese
real estate enterprises which turn from the plan type to the market type. Today,
WANKE has become the leader of Chinese real estate industry, and set up the
first brand image of Chinese real estate industry.
In order to reveal WANKE’s success, we focus on finical data,
macroscopic factors and microcosmic factors to deep analysis, and get some
inspiration. We hope that we can find the success rule from WANKE’s
experiences and lessons.
Keywords: WANKE, financial analysis, macroscopic/microcosmic factors
analysis, apocalypse