Core Viewpoint - The financial report of Greentown Management reflects the latest changes in the construction agency industry, indicating a decline in revenue and profit margins while showing growth in new project areas and fees [2][4]. Financial Performance - Greentown Management reported a revenue of approximately 1.374 billion yuan for the first half of the year, a year-on-year decrease of 17.7% [2] - The net profit attributable to shareholders was 256 million yuan, down 48.9% compared to the previous year [2] - The gross profit margin was around 40%, a decline of 11.5 percentage points from the same period last year [2] - The company achieved a net cash inflow from operating activities of 112 million yuan, an increase of 45% year-on-year [3] - The bank balance and cash amounted to 1.644 billion yuan, an increase of 8% from the end of 2024 [3] - The board declared an interim dividend of 0.076 yuan per share, marking the first interim dividend since the IPO [3] Market Dynamics - The construction agency industry is facing challenges due to a weakened urban investment dividend and a lack of willingness to start projects among some clients [4] - The land acquisition volume of major urban investment clients has sharply decreased, with only 2.2 million square meters acquired in the first half of the year, a 5% decline year-on-year [5] - The industry is experiencing a shift from rapid growth to a phase of adjustment, impacting Greentown Management's performance [5] Strategic Outlook - Greentown Management plans to focus on three areas to improve profit margins: enhancing project quality by selecting high-margin and high-certainty projects, improving operational efficiency, and ensuring timely collection of receivables [7][8] - The company aims to leverage policy and market opportunities to stabilize and optimize profit margins [6][7] - The market concentration is increasing, with top-tier construction agencies expanding their market share while smaller firms are gradually exiting the market [10] Future Opportunities - Greentown Management is exploring overseas construction opportunities in collaboration with China Communications Construction Group, aiming to tap into new markets amid increasing domestic competition [9] - As of June 30, the company had a total order backlog of 12.65 million square meters, with 77% located in major urban clusters [11]

Core Viewpoint - Greentown Management has announced its first interim dividend, reflecting confidence in cash flow and operational resilience, while aiming to enhance shareholder returns [1][2] Group 1: Dividend Strategy - The company decided to implement an interim dividend based on its ample cash position and improving operational capabilities, aiming to enhance the timeliness and effectiveness of shareholder returns [1] - Since its IPO, Greentown Management has distributed nearly HKD 3 billion in dividends, demonstrating a long-term commitment to shareholder returns [1] - The company has maintained a high dividend payout ratio over the past two years, distributing nearly all annual profits to shareholders [1] Group 2: Financial Performance and Future Outlook - The competitive landscape in the industry has stabilized, with Greentown Management's new business initiatives and operating cash flow showing steady improvement [2] - The board's decision to implement the interim dividend reflects confidence in operational results and a commitment to providing stable returns to shareholders [2] - Looking ahead, the company aims to optimize its dividend policy under the premise of sufficient financial safety and continued operational improvement, with expectations for gradual growth in performance and profits [2]

会上，绿城管理董事会主席郭佳峰首次回应中期分红策略时表示，公司基于当前充裕的现金状况和持续向好的经营能力，决定实施中期分红，以提升股东回 报的及时性与有效性，并向市场传递管理层对现金流管控和经营韧性的信心。 郭主席回顾指出，自IPO以来，绿城管理累计分红已近30亿港元，体现了公司长期重视股东回报的理念。尤其在2022至2023年间，公司连续两年实行高比例 分红，将每年盈利几乎全部用于分配，充分与股东共享发展红利。同时，去年公司将派息比例调整至60%，主要是为在行业调整期预留更多现金，增强财务 安全垫，并为潜在的小股操盘项目做资金储备，从而进一步提升竞争力和收益多样性，最终实现长期股东回报的优化。 8月25日，绿城管理(09979.HK)召开2025年中期业绩发布会。董事会联席主席郭佳峰，董事会联席主席耿忠强，执行董事兼行政总裁王俊峰，执行董事聂焕 新出席业绩会。 今年以来，行业竞争趋于理性，格局基本稳定，绿城管理新拓业务成绩和经营性现金流均稳步提升，账面资金充裕，综合竞争力不断增强。公司董事会审慎 决策实施首次中期分红，既是对经营成果的信心体现，也是对股东持续、稳定回报承诺的落实。 展望未来，郭佳峰总结称，绿 ...

Core Viewpoint - Greentown Management is transitioning from being a leader in China's light-asset real estate development model to a comprehensive service provider throughout the real estate lifecycle, aiming to enhance its leadership in the industry [3] Group 1: Strategic Initiatives - The company is celebrating its 20th anniversary in the entrusted construction business and the 5th anniversary of its listing, indicating a significant milestone in its growth [3] - The newly appointed co-chairman, Geng Zhongqiang, emphasized the importance of leveraging internal resources and management capabilities within the Greentown system to create synergistic effects across various aspects such as resources, capabilities, and talent [3] - Greentown Management plans to introduce more external resources, particularly by connecting with the China Communications Construction Company (CCCC) system, having announced seven cooperation projects with CCCC since 2024 [3] Group 2: Future Outlook - The company aims to explore the potential of an "overseas entrusted construction" model by leveraging CCCC's advantages in infrastructure construction, government coordination, and overseas project expansion [3] - Greentown Management's light-asset business is considered the "main battlefield" and a fundamental aspect of Greentown China's strategic space, with a commitment to maintaining its leading position in scale, brand, and market value [3] - The company will continue to extend its real estate lifecycle service chain, fostering a new pattern of mutual growth between its main business and innovative ventures [3]

Core Viewpoint - Greentown Management has demonstrated strong operational resilience and growth in a challenging market environment, achieving significant increases in key performance metrics during the first half of 2025 [3][4]. Financial Performance - In the first half of 2025, the company achieved new contract management fees of 5 billion yuan, a year-on-year increase of 19% [3]. - The new construction area reached 19.89 million square meters, up 14% year-on-year [3]. - Sales amounted to 41.9 billion yuan, reflecting a 2% increase compared to the same period last year [3]. - The company delivered an area of 4.65 million square meters, maintaining its position as the leader in the contract management industry [3]. - Operating net cash flow surged to 112 million yuan, a 45% increase year-on-year, while cash on hand grew by 8% to 1.644 billion yuan [3]. - The net profit attributable to shareholders was 256 million yuan, with a net profit margin of 19% and a gross profit margin of around 40% [3]. Strategic Initiatives - The company has implemented a mid-term dividend for the first time, distributing 0.076 yuan per share [3]. - Greentown Management focuses on product enhancement, sales empowerment, and quality delivery, optimizing management mechanisms and upgrading organizational capabilities [3][4]. - The company has delivered 45 projects in the first half of the year, accounting for 60% of the total delivery area among the top 10 companies in the contract management industry [4]. - It is projected that approximately 10 million square meters will be delivered in the second half of the year, continuing a trend of around 15 million square meters of delivery volume annually [4]. Future Outlook - The company aims to leverage its 20 years of experience in the contract management business, adhering to the service philosophy of "management creates value" [4]. - Future strategies will focus on enhancing operational quality, building resilient business layouts, and creating sustainable value through improved capabilities and trust among stakeholders [4].

而在这两个项目，涅槃重生的故事背后，其实就埋藏好伏笔。这些年，行业出险房企只增不减，而遗留下来的，是那些停工楼盘、烂尾项目、以及未开工 的土地。 去年，国家不遗余力推进保交楼、推进房企融资白名单，全面建立了机制。于是，这个全新的赛道，现在许多房企现在正扎堆进入：不良资产代建。 如果说，在上海最命运多舛的楼盘，你会想到谁？ 我想，我会提名这两个知名的滨江豪宅，一个经历二十多年，开发商数次暴雷，归来仍是热销盘的融创外滩壹号院，另一个是屹立在东外滩多年烂尾的八 埭头。 回顾它诞生的来龙去脉，这个盘几乎没错过关于房地产的所有周期，期间更是经历了数次股权变更。 2002年泛海国际董家渡拿地→ 2015年才完成第一块地拆迁→ 泛海受困于资金→ 2019年融创收购项目100%股权→ 2022年融创债务危机→2022 年中信信托、华融资产成大股东→ 2024年项目热销超200亿，位居上海单盘第二 这是一个上海核心旧改地块涅槃重生的故事，其精彩程度堪比爽文，这次男主依旧还是融创和孙宏斌。 而另一个楼盘八埭头滨江园，2024年项目仍处于停工状态，如今也迎来白衣骑士，业主们在杂草丛生的社区生活了好几年之后，AMC机构终于为这个接 ...

报告显示，上半年实现收入约人民币13.74亿元，毛利率约40%。公司拥有人应占净利润约人民币2.56亿 元，公司拥有人应占净利率为19%。 8月22日晚间，绿城管理控股发布2025年中期业绩。 期内，公司经营活动现金净流入达人民币1.12亿元，较去年同期增长45%。截至期末，银行结余及现金 （不包括已抵押银行存款）达人民币16.44亿元，较2024年末上升8%，保持健康充裕。 期内，新拓代建项目的总建筑面积为1,989万平方米，较去年同期增长约13.9%；新拓代建项目代建费为 人民币50亿元，较去年同期增长约19.1%，稳居行业第一。取得代建项目总销售额约人民币419亿元， 较去年同期增长约2%。 ...

报告显示，上半年实现收入约人民币13.74亿元，毛利率约40%。公司拥有人应占净利润约人民币2.56亿 元，公司拥有人应占净利率为19%。 8月22日晚间，绿城管理控股发布2025年中期业绩。 期内，公司经营活动现金净流入达人民币1.12亿元，较去年同期增长45%。截至期末，银行结余及现金 (不包括已抵押银行存款)达人民币16.44亿元，较2024年末上升8%，保持健康充裕。 绿城管理控股发布2025年中期业绩。 期内，新拓代建项目的总建筑面积为1,989万平方米，较去年同期增长约13.9%；新拓代建项目代建费为 人民币50亿元，较去年同期增长约19.1%，稳居行业第一。取得代建项目总销售额约人民币419亿元， 较去年同期增长约2%。 ...

绿城管理控股(09979)发布公告，执行董事聂焕新女士获委任为董事会提名委员会成员，自2025年8月22 日生效。 ...

智通财经APP讯，绿城管理控股(09979)发布截至2025年6月30日止六个月中期业绩，收入13.74亿元(人 民币，下同);毛利5.5亿元;股东应占溢利2.56亿元;每股基本盈利0.13元。 本报告期内，公司经营活动现金净流入1.12亿元，较上年同期上升45%;银行结余及现金达16.4亿元，较 2024年末上升8%;毛利达5.5亿元，毛利率约为40%，整体维持健康水平;而归属于公司拥有人的净利润达 2.56亿元，公司拥有人应占净利率约为19%，主要是受代建市场竞争加剧以及房地产行业整体下行的滞 后效应影响。长期看，随着新拓代建业务规模的逆势增长、重复委托率的稳步攀升以及收入结构的持续 优化，为公司长期稳健、高质量发展夯实基础。 公告称，作为深耕代建领域二十年的行业领军者，绿城管理依托强大的央企信用支撑、绿城品牌背书， 以及自身卓越的订单获取、资源整合、经营兑现能力，市场占有率连续9年超20%，始终保持行业第一 身位。2025年上半年，公司实现新拓代建项目建筑面积1,989万平方米，新拓代建项目代建费约50亿 元，代建销售额419亿元，交付建筑面积465万平方米，持续为委托方、业主及多方合作伙伴创造价值。 ...