Group 1 - The core point of the article highlights that southbound funds have reduced their holdings in Greentown Management Holdings (09979.HK) by 487,000 shares on November 12, 2025, marking a trend of net reductions over the past trading days [1] - Over the last five trading days, southbound funds have reduced their holdings for four days, with a total net reduction of 2,229,000 shares [1] - In the last twenty trading days, there were ten days of net increases in holdings, totaling 639,000 shares [1] Group 2 - As of now, southbound funds hold 280 million shares of Greentown Management Holdings, accounting for 14.01% of the company's total issued ordinary shares [1] - The company primarily provides construction management services through three departments: commercial construction management, government construction management, and other project management services [2] - Greentown Management Holdings operates mainly in the domestic market of China [2]

Core Insights - The real estate sector is experiencing significant pressure with high base growth rates leading to a decline in market performance [1] - The report maintains a "Buy" rating for the industry, indicating potential investment opportunities despite current challenges [2] Market Performance - In October 2025, the transaction volume of commodity residential properties in 46 cities decreased by 33.3% year-on-year, with a notable decline in first-tier cities at 39.1% [11][12] - The cumulative transaction volume from January to October 2025 shows a 10.9% year-on-year decrease [11] - The second-hand housing market also faced challenges, with transaction volumes in 11 cities down by 21.3% year-on-year [35] Market Sentiment - The second-hand housing prices fell by 1.7% month-on-month in October 2025, marking a total decline of 13.0% since the beginning of the year [5][35] - Inventory levels in the new housing market showed a slight decrease, with a 2.1% reduction in short-term inventory in 10 key cities [5] Policy Environment - The "14th Five-Year Plan" emphasizes promoting high-quality development in real estate, shifting from suppression to encouragement of reasonable demand [5][29] - The government is gradually lifting restrictive measures, which may positively impact market sentiment in the long term [5] Land Market Dynamics - In October 2025, the land transfer revenue in 600 cities dropped by 27.8% year-on-year, indicating a cooling land market [5] - The average land premium rate fell to 3.3%, the lowest since 2025, reflecting cautious bidding behavior among developers [5] Company Performance - The top 100 real estate companies reported a sales amount of 276.6 billion yuan in October 2025, a 41% year-on-year decline [29] - State-owned enterprises showed a year-on-year sales decline of 37%, while private enterprises faced a more severe drop of 52% [30] Investment Outlook - The SW Real Estate Index fell by 2.37% in October 2025, underperforming the broader market by 2.4 percentage points [5] - The report suggests holding quality real estate development companies, as the market is expected to stabilize and recover gradually [5]

Core Insights - Southbound funds increased their holdings in Greentown Management Holdings (09979.HK) by 18,000 shares on November 6, 2025, marking a slight increase of 0.01% [1] - Over the past 5 trading days, there were 2 days of net reductions totaling 95,000 shares, while in the last 20 trading days, there were 12 days of net increases totaling 3.889 million shares [1] - As of now, southbound funds hold 283 million shares of Greentown Management Holdings, accounting for 14.12% of the company's total issued ordinary shares [1] Company Overview - Greentown Management Holdings Limited primarily provides construction management services through three departments: commercial construction management, government construction management, and other services [2] - The commercial construction management department focuses on providing property development management services to project owners [2] - The government construction management department is involved in property development management services for government-related housing and public infrastructure projects [2] - The other services department offers project management, architectural design, and consulting services for various government projects [2] - The company mainly operates in the domestic market of China [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 綠城管理控股有限公司 呈交日期: 2025年11月6日 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09979 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | | 已發行股份總數 | | | 上月底結存 | | | 2,010,000,000 | | | 0 | | 2,010,000,000 | | 增加 / 減少 (-) | | | -10,000,000 | | | 0 | | | | 本月底結存 | | | 2,000,000,000 | | | 0 | | 2,000,000,000 | 第 2 頁 共 1 ...

Core Insights - The real estate industry is undergoing a transformation, with construction agency services becoming a significant direction for companies, leading to accelerated expansion among leading construction firms [1][2] - The competition in the construction agency sector is intensifying, prompting companies to adhere to long-term strategies rather than pursuing blind scale expansion [1][4] Industry Overview - The overall scale of construction agency services has significantly increased, with six leading companies adding over 10 million square meters of new construction agency scale in the first three quarters of 2025 [2] - The top 20 construction agency firms saw a year-on-year increase of 31% in new signed construction area, totaling 15,771 million square meters [2] - Green City Management leads the sector with over 2,700 million square meters of new construction area, approximately double that of the second-ranked firm [2] Types of Construction Agency Services - Construction agency services are categorized into government, commercial, and capital agency types, each serving different market needs [3] - Government agency services focus on public projects such as affordable housing and schools, while commercial agency services are the most prevalent, providing management services to clients lacking development capabilities [3] - Capital agency services are the most complex, often involving financial institutions to manage distressed assets [3] Competitive Landscape - The competition among construction agency firms is becoming more specialized, with companies focusing on niche markets to establish differentiated advantages [4] - Recent government policies have increased the precision and detail of construction agency regulations, raising the professional requirements for firms [4][5] - Companies are encouraged to broaden their focus to include urban renewal projects and affordable housing, as these areas present significant opportunities [5] Strategic Recommendations - Firms are advised to deepen their engagement in specialized fields and enhance service quality to achieve sustainable growth [5][6] - Emphasis on long-term strategies, project fulfillment rates, and client satisfaction is crucial for success in a competitive environment [5][7] - Companies should innovate their business models and explore high-value, high-barrier niche markets to avoid price competition [5][6] Emerging Trends - The shift towards managing distressed assets reflects a broader change in the real estate industry's underlying logic, moving from new development to revitalizing existing assets [6][7] - The "guarantee delivery" policy has created substantial demand for professional intervention in construction and delivery projects, providing clear business opportunities for capable construction agencies [6][7]

Core Viewpoint - Greentown Management is actively engaging with investors to showcase its capabilities in revitalizing troubled projects, particularly highlighted by the Wuhan Guihu Cloud Cuit project, amidst a challenging environment in the construction industry marked by increased competition and declining management fees [1][3]. Group 1: Company Performance and Market Position - Greentown Management achieved a new contract signing area of 27.9 million square meters and a contract sales amount of 70.6 billion yuan in the first three quarters, leading the industry in both metrics [3][5]. - The company has repurchased 10 million shares since August 29, with a total expenditure of approximately 30.67 million Hong Kong dollars, reflecting confidence in its own value and enhancing earnings per share by reducing the number of shares in circulation [3][5]. - Greentown Management has maintained a market share of over 20% for nine consecutive years, indicating strong brand recognition and customer trust in its performance and product quality [5][7]. Group 2: Competitive Advantages - The company operates in 132 major cities across 30 provinces, ensuring risk diversification and revenue certainty, which is crucial during periods of market instability [7]. - Greentown Management's brand trust is exemplified by its selection as the contractor for the Wuhan Guihu Cloud Cuit project, demonstrating its ability to meet the core needs of revitalizing distressed properties [8][9]. - The company has established a three-dimensional business matrix encompassing government, commercial, and financial construction, which enhances its resilience against market fluctuations [11][12]. Group 3: Efficiency and Operational Strategy - Greentown Management has developed a "Seven Dragon Pearl" capability system to enhance efficiency across various operational dimensions, addressing the challenges posed by declining management fees [15][16]. - The company reported a 45% year-on-year increase in operating cash flow for the first half of 2025, attributed to systematic control measures and digital transformation efforts [18]. - The successful execution of the Wuhan Guihu Cloud Cuit project serves as a case study for the company's operational efficiency, showcasing its ability to reduce costs while enhancing project value [16][18]. Group 4: Industry Impact and Future Outlook - Greentown Management has received over 30 industry top honors and has published the first comprehensive evaluation standard for construction companies, contributing to the establishment of quality benchmarks in the industry [20][22]. - The company's approach of combining scale, diversity, and efficiency is setting a new standard for high-quality development in the construction industry, reflecting a long-term commitment to excellence [22].

Core Insights - The company showcased its core competitiveness through the successful management of the Guihu Yun Cui project, which was taken over by China Great Wall Asset Management after the previous developer faced financial issues [1] - The project achieved a cumulative sales rate of 65% since its launch in December 2024, with subsequent price increases for new offerings, indicating strong market acceptance [1] - The company reported a 19% year-on-year increase in new contract value for the first half of 2025, reaching 5 billion, suggesting a positive trend in business expansion [2] Financial Performance - The company's revenue for 2024 is projected at 3.44 billion, with expectations of narrowing the gap between revenue and new contract value due to improved project quality and reduced project sizes [2] - Operating cash flow for the first half of 2025 showed a significant improvement, with a ratio of 44% to net profit compared to 15% in the same period last year, indicating better cash management [2] - The company has actively repurchased shares, totaling 1,000 shares or 0.5% of total equity, and the CEO increased his stake by purchasing 500,000 shares, reflecting a strong commitment to shareholder returns [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with a target price set at 3.2 HKD, corresponding to a 12x price-to-earnings ratio for 2025 and an expected dividend yield of 8% [2] - The company is currently trading at a 11.6x price-to-earnings ratio for 2025, with an expected dividend yield of 8.7%, indicating potential upside [2]

Core Viewpoint - CICC maintains the profit forecast for Greentown Management Holdings (09979) for 2025 and 2026, with a target price of HKD 3.2, corresponding to a 12x P/E ratio for 2025 and an expected dividend yield of 8% [1] Group 1: Project Performance - The Guihu Yuncui project highlights the company's core competitiveness, achieving a cumulative sales rate of 65% since its opening in December 2024, with price increases on subsequent launches [2] - Greentown Management was selected as the construction agent by China Great Wall Asset, demonstrating its ability to coordinate complex stakeholder interests and regain buyer trust [2] Group 2: Operational Trends - The company reported a 19% year-on-year increase in new contract value for the first half of 2025, reaching CNY 5 billion, with expectations for continued positive momentum throughout the year [3] - The ratio of operating cash flow to net profit improved to 44% in the first half of 2025, up from 15% in the same period last year, indicating a positive trend that is expected to continue into the second half of 2025 [3] Group 3: Shareholder Returns - Following the mid-term earnings release, the company has repurchased 10 million shares, representing 0.5% of its total share capital, and the CEO has increased his stake by purchasing 500,000 shares [4] - The company is expected to maintain a dividend per share comparable to 2024, implying a dividend yield of 8.7% for 2025, supported by improved cash collection [4]

Core Viewpoint - CICC maintains the profit forecast for Greentown Management Holdings (09979) for 2025 and 2026, with a target price of HKD 3.2, corresponding to a 12x P/E ratio for 2025 and an 8% expected dividend yield, indicating a 6% upside potential [1] Group 1: Project Performance - The Guihu Yuncui project highlights the core competitiveness of the company, as it was selected by China Great Wall Asset to manage the project amidst financial difficulties faced by the previous developer, achieving a cumulative sales rate of 65% since its launch in December 2024 [2] - The project has received high recognition from the client, Great Wall Asset, leading to ongoing exploration of further project collaborations nationwide [2] Group 2: Operational Trends - In the first half of 2025, the company’s new contract value increased by 19% year-on-year to RMB 5 billion, with expectations for continued positive momentum throughout the year [3] - The company’s operating cash flow to net profit ratio improved to 44% in the first half of 2025, up from 15% in the same period last year, indicating a favorable trend that is expected to continue into the second half of 2025 [3] Group 3: Shareholder Returns - Following the release of mid-term results, the company has actively repurchased shares, totaling 10 million shares, which is 0.5% of the total share capital [4] - The company’s dividend policy remains positive, with expectations to maintain a similar dividend per share in 2025 as in 2024, implying an expected dividend yield of 8.7% for 2025 [4]

Group 1 - The executive director Wang Junfeng increased his stake in Greentown Management Holdings (09979) by purchasing 500,000 shares at a price of 3.0483 HKD per share, totaling approximately 1.5242 million HKD [1] - Following the purchase, the total number of shares held by Wang Junfeng is now 5.2 million, representing a holding percentage of 0.26% [1]