Company Insights - CIFI Construction Management has established a presence in over 80 cities [1] - Greentown Management expanded its new entrusted construction projects with a management fee of 5 billion RMB in the first half of the year [1] - Ningxia Zhongfang Construction Management has entered Xining for the first time, signing a high-end residential project on Hailake Road [1] Project Highlights - Happiness Anji has delivered the Shenyang Sujiatun relief project with a total area of 720,000 square meters, where state-owned/government projects account for 51% and re-entrusted projects account for 25% [1] - The company reported a nearly 60% increase in cash collection, a 160% surge in sales, and a simultaneous improvement in profit margins [1] - A project in Suzhou's Wuzhong District aims to transform an old commercial building into a low-density mountain residence, covering an area of approximately 54,000 square meters [2] - A project in Dalian's Jinpu New District will develop high-quality residential products in a prime location, with a total construction area of about 85,000 square meters [2] Financial Performance - Greentown Management's newly expanded entrusted construction projects have a total contracted building area of 19.89 million square meters, representing a year-on-year growth of approximately 13.9% [3] - The estimated management fee for these new projects is 5 billion RMB [3] - The total contracted sales area for the non-self-invested properties managed under the "He Sheng" brand is approximately 41,231 square meters, with a contracted sales amount of about 3.736 billion RMB [3] Typical Projects - A project in Taizhou's Luqiao District has a total volume of 184,195 cubic meters, with a winning bid amount of 806 million RMB [6] - A housing project in Qingtian County has a total volume of 295,126 cubic meters, with a winning bid amount of 984 million RMB [6]

Group 1 - The real estate industry is transitioning to a new development model, with the construction management business becoming a strategic focus for companies as a key aspect of asset-light transformation [1][2] - The construction management market is expanding, with leading companies accelerating their strategic layouts; for instance, Greentown Management ranked first in new signed area with 1,989 thousand square meters in the first half of 2025 [1] - In the second quarter, Longfor Group's Longfor Intelligent Manufacturing segment achieved a new signed area of 606 thousand square meters, indicating significant growth in construction management scale [1] Group 2 - The newly planned construction area for construction management companies increased by 17.6% year-on-year in the first half of 2025, highlighting rapid growth among late entrants in the sector [2] - "Delivery capability" has become a key industry term, with companies focusing on high-quality project delivery and participating in relief projects to ensure timely completion [2] - Greentown Management led in delivery with 25,600 units, ensuring homeowners could move in the same year through efficient project management [3] Group 3 - The emphasis on asset-light strategies and the push for high-quality delivery in construction management positions it as a significant growth area in the real estate sector, especially for companies with multi-business collaboration and refined management capabilities [3]

| 六 克面瑞 · 研究中心 | | | | --- | --- | --- | | | 司司居地产企业 | | | | 代建品牌传播力TOP20 | | | 排名 | 企业简称 | 得分 | | 1 | 绿城管理 | 93. 85 | | 2 | 金地管理 | 93. 23 | | 3 | 一旭辉建管 | 92. 37 (1)) | | | 蓝城集团 | 91 48 | | 5 | 润地管理 | 91. 34 | | 6 | 而今管理 | 89. 50 | | 7 | 龙湖龙智造 | 89. 26 | | 8 | 招商建管 | 89. 21 | 1、上半年新增拓展增长超预期，超800万平方米企业共5家 ◎ 文/ 克而瑞研究中心 PART1 榜单发布 2、新拓规模TOP5集中度近五成，整体延续"集中度高企、内部分化"格局 3、TOP10新拓规模同比增三成，聚焦二线成为共识 4、品牌传播聚焦"好房子"，代建企业不断完善和构建产品线 | 9 | 蓝绿双城 | 88. 94 | | --- | --- | --- | | 10 | 新城建管 | 88. 39 | | 11-11 | 建发更新建设 | 87.99 | ...

Core Points - A residential land plot in Suzhou was sold at a base price of approximately 757 million yuan [1] - The land covers an area of 26,368.2 square meters with a total planned construction area of 36,915.48 square meters [1] - The plot has a floor area ratio of 1.4, a green space ratio of at least 30%, and a maximum building height of 60 meters [1] - The winning bid was made by a consortium of Greentown Construction Management Co., Ltd. and Suzhou Xinhigh Urban Development Co., Ltd. [1]

Industry Overview - The construction agency industry has transitioned from a "blue ocean" to a "red ocean," leading to slowed growth, intensified competition, and differentiation among companies in 2024 [1][2] - The new construction area reached a record high of 215 million square meters in 2024, doubling from 2020, but the year-on-year growth rate decreased to 13%, a drop of 14 percentage points from 2023 [2] - The difficulty in acquiring new projects is increasing, with a mere 5% year-on-year growth in new construction area in Q1 2025 [2] Challenges Facing the Industry - The macroeconomic environment continues to impact market confidence and expectations, with a sluggish real estate market reducing the willingness of clients to develop, thus affecting demand for construction agencies [3] - Over 100 real estate companies have entered the construction agency sector, significantly increasing competition and making it harder for agencies to expand [3] - Policy uncertainties following the implementation of favorable regulations, such as land transaction stagnation and reduced willingness to start new projects, are also challenges [3] Key Players and Their Strengths - **Greentown Management**: Leads in scale with a strong standardized system supporting product reputation and brand premium. It has a significant presence in first- and second-tier cities, with 44% of its total construction area located there [8][9] - **Blue City Group**: Differentiates itself through ecological empowerment, particularly in affordable housing and government public construction. It has signed contracts for over 136 million square meters of construction area, maintaining a balanced business development [15][17] - **Gemdale Management**: Focuses on management-driven growth with a robust project management system and a diverse client base. It has signed management areas of 38.31 million square meters, a 33% year-on-year increase [18][19] - **Runze Management**: Operates under China Resources Land, focusing on public construction and maintaining a leading position in government projects. It achieved a revenue of 1.18 billion yuan in 2024, with a managed area of 7.607 million square meters [22][23] Strategic Insights - The industry is shifting from a focus on rapid monetization to co-creating long-term value with clients. Construction agencies must build core competencies and explore niche markets to create competitive advantages [24][25] - The emphasis is on providing high-quality services and establishing long-term partnerships with clients, moving away from mere scale expansion [24][25] - The future of the construction agency industry will favor companies that adhere to "long-termism" and possess "core competitiveness," enabling them to navigate the challenges of a competitive landscape [25]

Core Viewpoint - The future of the construction agency industry will maintain a "stronger will remain strong" and "characteristics will prevail" development trend, emphasizing "long-termism" and companies with "core competitiveness" to build a moat in the transition from "blue ocean to red ocean" in the construction agency track [1][35]. Group 1: Industry Development Phase - The construction agency sector is entering a phase of stable development after three years of rapid and "barbaric" expansion, with increasing competition and market saturation [5][6]. - The new construction scale in 2024 reached 215 million square meters, doubling from 2020, but the growth rate has significantly slowed, with a year-on-year increase of only 13%, down 14 percentage points from 2023 [6][7]. - The industry is influenced by several factors, including a sluggish macroeconomic environment, increased competition, and short-term uncertainties from policy changes [7][8]. Group 2: Challenges Facing the Industry - The construction agency industry faces multiple challenges, including the contradiction between high-quality development and price competition, as well as the shrinking profit margins against the backdrop of excessive profit commitments [11][12]. - The logic for clients selecting construction agencies has evolved from "single service procurement" to "strategic ecosystem co-construction," prioritizing long-term partnerships and risk-sharing capabilities [11][12]. Group 3: Core Competitiveness of Leading Companies - Four leading companies—Greentown Management, Blue City Group, Jindi Management, and Runzhi Management—have accumulated advantages and experience during the "blue ocean" period, which serve as their capital and confidence in facing the "red ocean" [14][35]. - Greentown Management leads in scale, supported by a standardized system that enhances product reputation and brand premium [15][16]. - Blue City Group has established significant advantages in niche areas, particularly in affordable housing and public construction, and emphasizes long-term partnerships with government clients [20][21]. - Jindi Management has a robust project management system and a diverse client base, with a focus on high-quality customer structures [25][26]. - Runzhi Management, as a subsidiary of China Resources Land, has a strong presence in government projects and public construction, leveraging its central enterprise resources for competitive advantages [27][28]. Group 4: Long-termism as a Development Foundation - The construction agency industry, transitioning to a light-asset model, has a stronger counter-cyclical effect, becoming a vital survival strategy for many companies [35]. - Companies should focus on building core competitiveness, exploring niche markets, and creating long-term stable partnerships with clients to maximize value [37][38].

Core Viewpoint - The Chinese real estate market is undergoing a deep restructuring of its value chain amid industry cycle reconstruction, with traditional development models facing continuous pressure from supply-side reforms [1] Group 1: Policy Impact and Market Dynamics - Recent monetary policy measures, including interest rate cuts and reserve requirement ratio reductions, have injected liquidity into the real estate sector, stimulating demand for real estate agency services [2][4] - The People's Bank of China has implemented a series of financial policies aimed at stabilizing the market, which are expected to release approximately 1 trillion yuan in long-term funds [4][5] - The reduction in loan market quotation rates (LPR) to historical lows has alleviated the financial burden on homebuyers, thereby boosting demand in core cities and enhancing project turnover rates [5] Group 2: Company Performance and Competitive Advantages - Greentown Management, a leading player in the industry with over 20% market share for nine consecutive years, has demonstrated strategic resilience and growth potential amid the industry's transformation [2][7] - In 2024, Greentown Management reported revenue of 3.441 billion yuan, a year-on-year increase of 4.2%, and a net profit of 801 million yuan, showcasing the robustness of its light-asset model [7][12] - The company maintains a gross profit margin of 49.6%, significantly higher than traditional developers, due to its avoidance of land costs and development leverage [7][12] Group 3: Business Model and Strategic Positioning - Greentown Management's business model is characterized by a dual-driven structure of commercial and government agency projects, which provides a mechanism for risk hedging [12] - The company has established a nationwide presence, covering over 130 core cities, which helps mitigate regional market volatility and optimize resource allocation [9][10] - The focus on high-energy urban clusters has positioned Greentown Management to capture 77.3% of the estimated total saleable value of its contracted projects, laying a solid foundation for future revenue growth [10] Group 4: Innovation and Industry Recognition - Greentown Management has achieved a digital transformation in its agency operations, enhancing efficiency and decision-making through advanced technology [16][19] - The company has received multiple accolades from industry authorities, including being ranked first in various categories, reflecting its leadership in the real estate agency sector [19][21] - The combination of strategic foresight and execution capabilities has enabled Greentown Management to maintain its leading position in a rapidly consolidating industry [21][22]

Business Overview - As of December 31, 2024, the Group's project management projects were distributed in 130 major cities across 30 provinces, municipalities, and autonomous regions in China[10]. - Greentown Management was listed on the Main Board of The Hong Kong Stock Exchange in July 2020, becoming the first project management stock in China[8]. - The Group has been recognized consecutively from 2017 to 2024 as a Leading Enterprise in Real Estate Project Management Operation by the China Real Estate TOP 10 Research Team[8]. - The core business includes commercial project management, government project management, and other services, focusing on creating value through customized solutions[9]. - The company adheres to core values of "quality, reliance, efficiency, and sharing" to enhance project management and service quality[9]. - The Group aims to create an ecological platform for co-creating value and sharing benefits among clients, owners, suppliers, employees, and investors[9]. - The company is committed to the Project Management 4.0 system and the "Greentown Star" standard, enhancing its competitive edge in the market[9]. - The Group's operational strategy emphasizes resource integration and brand standardization to deliver high-quality services[9]. - Greentown Management has established a strong presence in the real estate sector, focusing on asset-light development models[8]. - The company continues to expand its project management capabilities and geographic reach within China[10]. Financial Performance - Total revenue for 2024 reached RMB 3,441,234,000, an increase from RMB 3,302,422,000 in 2023[23]. - Profit before tax for 2024 was RMB 1,037,049,000, compared to RMB 1,177,408,000 in 2023, indicating a decrease of approximately 11.9%[23]. - Total assets as of December 31, 2024, were RMB 6,776,768,000, up from RMB 6,732,651,000 in 2023[23]. - Total liabilities increased to RMB 2,835,187,000 in 2024 from RMB 2,599,045,000 in 2023[23]. - Net assets for 2024 were RMB 3,941,581,000, a decrease from RMB 4,133,606,000 in 2023[23]. - The company achieved a net profit attributable to shareholders of RMB 801.1 million in 2024, contributing to the increase in equity attributable to shareholders[114]. - The Group reported a net cash flow from operating activities of RMB 291.7 million during the reporting period, with no bank liabilities[50]. - The final dividend proposed for 2024 is RMB 0.24 per share, subject to shareholder approval at the AGM on June 18, 2025[41]. Market Position and Share - In 2024, Greentown Management achieved a total contracted construction area of 126 million m², with newly contracted areas totaling 36.5 million m², expanding its market share to 22.1%[28]. - Greentown Management maintained a market share above 20% for nine consecutive years, demonstrating its robust resilience and comprehensive strength[49]. - The company aims to leverage its leading position in the project management industry to create long-term value for shareholders and partners amid ongoing market adjustments[57]. - The company has actively responded to the government's "ensure the delivery of properties" policy, with a total contracted GFA exceeding 10 million square meters under this initiative[72]. Operational Efficiency - The project management industry faced a 5% year-on-year decline in new construction area, indicating increased competition and evolving market dynamics[51]. - The company has implemented reforms to enhance operational efficiency, focusing on organizational structure, salary and performance systems, and evaluation mechanisms[60]. - The Group's management is focused on effective resource utilization, waste reduction, and energy saving initiatives[198]. Leadership and Management - Mr. Wang Junfeng has been appointed as the executive Director and CEO since July 31, 2023, focusing on development strategies and capital market management[139]. - Ms. Nie Huanxin was appointed as the executive Director and Chief Digital Officer on July 18, 2024, bringing 30 years of experience in the real estate industry[143]. - The Group has a strong leadership team with over 20 years of experience in real estate project management and operations[171]. - The management team includes professionals with advanced degrees in business administration and engineering from reputable universities[166][172]. Future Strategies - Looking ahead to 2025, the company aims to enhance its capabilities and drive high-quality development in the project management sector[29]. - Greentown Management plans to embrace AI and optimize its business models to reinforce its industry leadership[32]. - Future strategies include enhancing core competitiveness through improved management, market expansion, and product innovation[85]. - The company aims to establish itself as a benchmark enterprise in China's project management industry and a pioneer in light-asset development models[86]. Environmental and Regulatory Compliance - The Group is committed to achieving environmental sustainability and complies with relevant environmental protection laws and regulations[198]. - The Group regularly reviews its environmental policies, with further details provided in the "2024 Environmental, Social and Governance Report"[198]. - The Group has ensured compliance with relevant laws and regulations for the year ended 31 December 2024, with no material breaches reported[199]. - The Board regularly monitors the Group's policies and practices to maintain adherence to laws and regulations[199].

2024年重点城市代建渗透率达6.6%创四年新高, 结合代建发展长远前景来看，仍有继续提升的空间。 ◎ 文 / 谢杨春、吴嘉茗 随着房地产市场进入深度调整期，代建凭借其轻资产、专业化的优势，呈现快速发展的趋势。根据CRIC数据，2023年以来重点城市 新开盘（首开 同下）中代建项目透率迅速提升，尤其是二线城市格外明显。结合代建发展长远前景来看，仍有继续提升的空间。 2024年代建渗透率达6.6%创四年峰值 01 2025一季度因供应紧缺回落至3.3% 近期CRIC统计了32个城市销售项目的代建情况，整体来看，重点城市代建渗透率保持逐年攀升态势，与发达国家较高的代建渗透率 相比，我们认为未来还大有可提升空间。 值得注意的是，一线城市不仅代建比例低，且项目多以远郊刚需盘为主，而代建方基本是头部的代建企业。诸如2024年广州开盘的 典型代建项目绿城·揽江印月来看，代建方是绿城管理，委托方为广州市番禺交通建设投资有限公司。位置上，绿城·揽江印月则在环 城高速外，是板块内刚需项目。 实际上，2023年正是代建项目集中入市的分水岭。 2020年及以前代建项目渗透率极低，不超过0.5%。2021年、2022年比例也低于1% ...

Core Insights - Greentown Management Holdings Limited, known as the "first stock in construction agency," reported a revenue of 3.441 billion yuan for the fiscal year 2024, representing a year-on-year increase of 4.2% [2] - The company's gross profit was 1.706 billion yuan, showing a decline of 1.0% compared to the previous year [2] - The net profit attributable to shareholders was 800 million yuan, down 17.7% year-on-year [2] Business Performance - As of the end of 2024, Greentown Management has established construction agency projects in 130 major cities across 30 provinces, municipalities, and autonomous regions in China [2] - The total contracted project area reached 12.56 million square meters, an increase of 5.0% from the previous year [2] - The area under construction was 53.96 million square meters, up 2.9% year-on-year [2] - The estimated total saleable value of contracted projects was 720.1 billion yuan, accounting for 77.3% of the overall saleable value, remaining stable compared to the previous year [2] Revenue Breakdown - Commercial construction agency services were the largest source of revenue and profit for Greentown Management, generating 2.753 billion yuan, a rise of 17.3% year-on-year, and accounting for 80% of total revenue [2] - Government construction agency revenue reached 626 million yuan, making up 18.2% of total revenue [2] New Project Development - In 2024, Greentown Management expanded its new project contracted area to 36.5 million square meters, reflecting a growth of approximately 3.4% compared to 2023 [3] - The estimated construction fees for new projects were 9.32 billion yuan, which is a decrease of about 10.1% year-on-year [3] - The company noted that despite a 5% decline in new contract area across the construction agency industry, it managed to maintain positive growth [3]