Core Viewpoint - Green Town Management is facing operational and cash flow pressures in 2024, primarily due to declining real estate sales and slower cash flow recovery, but positive trends in the first half of 2025 may support future performance [1][2] Group 1: Operational Performance - In the first half of 2024, the company achieved a new expansion amount of 50 billion yuan, a year-on-year increase of 19%, with a per square meter construction fee of 251 yuan, up 5% year-on-year [1][2] - The company's construction sales for January to July amounted to 51.1 billion yuan, remaining stable compared to the previous year, while the top 10 real estate companies saw a 14% decline [1][2] - The operating cash flow net amount for the first half of 2024 was 1.1 billion yuan, reflecting a 45% year-on-year increase, with cash flow coverage of net profit rising by 28 percentage points to 44% [2] Group 2: Dividend Policy and Shareholder Returns - The company has historically prioritized shareholder returns, maintaining a payout ratio exceeding 100% in 2022-2023, with a projected payout ratio of 60% in 2024, corresponding to a dividend per share of 0.24 yuan [2] - The expected dividend yield for 2024 is 9.5%, indicating strong support for shareholder returns despite operational pressures [2] Group 3: Profit Forecast and Valuation - The company's profit forecasts for 2025 and 2026 have been adjusted downwards by 34% and 32% to 480 million yuan and 490 million yuan, respectively [3] - The rating has been upgraded to outperform the industry, with a target price of 3.2 HKD, reflecting a 12 times price-to-earnings ratio for 2025 and an 8% expected dividend yield [3] - The current trading valuation is at 10.6 times the 2025 price-to-earnings ratio and a 9.5% expected dividend yield [3]

VIEW 克而瑞研究中心 "每周研究精读" ， 聚焦宏观、行业、房企、土拍、产品、客需、榜单等多个研究 成果，与各界探讨行业运行逻辑、变数及未来趋势。 懋源地产以1 0 . 3亿元的底价竞得该地块。 点击标题阅读全文 观点 深圳楼市回归自住属性支撑一二手房成交"一枝独秀" 三四季度新房市场刚需中改需求还是有望持续释放，整体延续弱复苏走势；二手房市场或将延续高位震荡行情， 短期内以价换量仍是撬动销量的利器。 政策点评 | 上海8 2 5对比北京8 0 8：1年社保外环上车v s五环外不限购 上海限购放松+利率统一+税收优惠，调整覆盖面较北京更大。 快评｜上海刺激措施如期出台且力度大于预期 上海政策调整整体符合市场预期，对改善当前外环外市场成交压力作用重大。 土拍速递｜北京顺义区低密宅地底价成交，懋源地产在中央别墅区再落一子 研报 土地| 成交规模低位徘徊，宁波回购宅地完成降价再出让（8 . 1 8 - 8 . 2 4） 第3 4周土地供应规模环比大幅上升，成交建面维持低位，土拍热度也有所回落。本周重点城市监测供应土地建筑 面积为487万平方米，环比上升6 1%，成交建筑面积为2 8 0万平方米，环比下降6%。本 ...

格隆汇8月29日丨绿城管理控股(09979.HK)公告，8月29日耗资158.6万港元回购55.2万股。 ...

绿城管理控股(09979)发布公告，于2025年8月29日斥资158.6万港元回购55.2万股。 ...

智通财经APP讯，绿城管理控股(09979)发布公告，于2025年8月29日斥资158.6万港元回购55.2万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 綠城管理控股有限公司 呈交日期： 2025年8月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09979 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關 ...

2025年上半年绿城管理在一系列改革落地之下，新拓业务实现规模与质量双重提升，结构优化成效显著，新拓规模、新拓代建费、在手订单面积、交付面 积持续保持龙头地位。代建领域竞争加剧下，虽然各项财务指标较去年同期有所回落，但仍维持在健康区间。 未来，绿城管理表示将继续巩固和提升代建主业，保持代建行业的第一身位、第一品牌、第一市值，并积极探索第二增长曲线，从开发环节向房地产全生 命周期全方位的综合服务延伸，同时依托中交集团的海外资源，探索海外代建的可能性。 ◎ 作者 / 谢杨春、吴嘉茗 核 心 观 点 【新拓规模保持绝对领先地位，持续聚焦高质量市场与客户】 在房地产行业延续调整态势、代建市场竞争加剧的背景下，绿城管理2025年上半年拓展业务 规模与质量双重提升。2025年上半年绿城管理新拓规模达到1989万平方米，同比提升13.9%，新拓代建费约50亿元，较去年同期增长19%。其中，一二线 城市占比维持在58%的高位。不仅如此，其新拓业务结构也在持续优化。商业代建新拓总建筑面积占比持续增长，民企委托方的活跃有望带来广阔的增量 空间。 【 订单底仓充实保障长期发展，交付能力领跑行业 】 截至2025年6月底，绿城管理在 ...

Group 1 - CIFI Construction Management launched a procurement platform and introduced the "Partners Program" to invite general contracting companies with strong capabilities and resources for various projects [1] - Greentown Management expanded its new construction area by 1,989 million square meters in the first half of the year, with an expected delivery of nearly 1,000 million square meters in the second half [1][9] - Longfor's Longzhizao achieved a construction sales revenue of 8.4 billion yuan in the first half of the year [1][9] Group 2 - CIFI Construction Management won the bid for the R2023-012 land project in Tongzhou District, which is located in the core area of the main city and plans to develop low-density villas and apartments [3] - The project in Cixi, Zhejiang, is progressing rapidly, with a total construction area of 356,300 square meters, including 1,784 resettlement housing units [6] - The project in Shenzhen's Bao'an District covers an area of approximately 485,000 square meters and includes residential, commercial, and hotel developments [7] Group 3 - In the first half of 2025, Longfor Longzhizao maintained rapid growth since its establishment in 2022, achieving a construction sales revenue of 8.4 billion yuan and delivering an area of 1.22 million square meters [9] - In the first half of 2025, China Merchants Shekou added 41 new construction projects, with a new management area of 4.82 million square meters [10] - Greentown Management's new construction fee reached approximately 5 billion yuan in the first half of the year [13]

看过了南昌那么多高端改善住宅，说真的，还没有哪套房子，让我觉得很有老钱味。 因为在当下楼市，很多项目更多追求的是第一眼高级。 可以理解为新贵，需要有些噱头展示。 毕竟真正的老钱风，光靠设计是很难呈现出来，需要更多的是沉淀。 不过在卷疯了的高端市场下，南昌改善项目也已经进入了产品"无线循环"，每个项目最后的招数都极其相似，也很难有哪个项目能主动沉淀，因为的确需 要更多实力托举。 不过，机缘巧合的是，在时代背景的造就下，市场上也总有那么一两个案例，比如在下面这套房子里，我就感受到了浓浓的老钱味。 仅看上面这张图，你们猜猜是哪个项目？ 琉璃红瓦、白墙、罗马柱、拱券、坡屋顶，生态在侧，我有那么一瞬间，觉得像是那种在海边的私庄别院。 从近景图看，独门独院、地上三层、有露台、有阁楼，而且肉眼看过去，石材浓度飙升，豪宅气场感强得不行，据说这里采用的是全是黄金麻石材干挂。 从另一个角度看，这里连围挡都是石材，顶天立地的罗马柱，还有雕花、墙刻等立面细节，营造了浓浓的法式贵族风，大气又高端，极具视觉冲击感，辨 识度也相当高。 近距离看，你更能感受到那种隐世豪门气息。 因为你所看到的所有立面材质都是石材，并且细节也处理的很到位。 ...

Core Viewpoint - CICC has upgraded the stock rating of Greentown Management Holdings (09979) to outperform the industry, maintaining a target price of HKD 3.2, reflecting improved front-end operational trends and high dividend yield support [1] Group 1: Front-end Operational Indicators - Positive changes in front-end operational indicators have been observed, with new expansion amount increasing by 19% year-on-year in the first half of 2025, corresponding to a construction fee of 251 CNY per square meter, up 5% year-on-year [2] - Operating cash flow net amount increased by 45% year-on-year in the first half of 2025, indicating recovery [2][3] - From January to July, overall construction sales showed resilience, with growth outpacing the top 10 real estate companies by 14 percentage points [2] Group 2: Sales and Cash Flow Performance - From January to July, the company's construction sales amount reached 51.1 billion CNY, remaining stable compared to the same period last year, with improvements in project opening rates and site conversion rates [3] - Operating cash inflow for the first half of the year was 110 million CNY, with the coverage ratio of operating cash flow to net profit attributable to shareholders increasing by 28 percentage points to 44% [3] Group 3: Project Expansion and Fee Stability - The company, as an industry leader, has a significant competitive advantage, with new signed construction contracts amounting to 5 billion CNY in the first half of 2025, a 19% year-on-year increase, maintaining a stable construction fee of 251 CNY per square meter [4] - By the end of 2024, the company has 15.2 billion CNY in hand, ensuring overall order coverage remains secure [4] Group 4: Dividend Yield Support - The company has historically emphasized shareholder returns, with a payout ratio exceeding 100% in 2022-2023 [5] - The company aims to optimize its dividend policy to provide long-term, stable, and sustainable returns to shareholders, with an estimated annual dividend yield of 9.5% if the per-share dividend remains consistent with 2024 [5] Group 5: Potential Catalysts - Potential catalysts include gradual stabilization of operations and performance, along with active fulfillment of dividend payouts [6]