Core Viewpoint - The company, Greentown Management Holdings (09979.HK), announced a proposal to replace the 2022 Share Award Plan with a new 2025 Share Incentive Plan to better align the interests of eligible participants with the company's current market conditions [1] Group 1 - The board has resolved to recommend the adoption of the 2025 Share Incentive Plan at a special shareholders' meeting scheduled for December 17, 2025 [1] - The shares for the 2025 Share Incentive Plan will come from the 2022 Share Award Plan and, if applicable, the 2020 Share Award Plan, as well as returned shares [1] - As of the announcement date, the 2020 Share Award Plan has not yet been terminated [1] Group 2 - Upon the adoption of the 2025 Share Incentive Plan, all granted but unvested shares under the 2022 Share Award Plan will become unexercised shares, and the participants will no longer have rights to these shares [1] - All unexercised shares from the previous plan will be transferred to the 2025 Share Incentive Plan [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GREENTOWN MANAGEMENT HOLDINGS COMPANY LIMITED 綠 城 管 理 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：09979） 終止2022年股份獎勵計劃 及 建議採納2025年股份激勵計劃 終止2022年股份獎勵計劃及建議採納2025年股份激勵計劃 為進一步優化本集團的股份激勵計劃，並向合資格參與者提供更貼近當前市況的激 勵，從而進一步使彼等的利益與本公司的利益保持一致，本公司建議以新股份激勵計 劃取代2022年股份獎勵計劃，據此董事會決議，待2025年股份激勵計劃生效後，2022 年股份獎勵計劃將告終止。 於2025年12月17日，董事會決議於股東特別大會上建議採納2025年股份激勵計劃，以 供股東批准。 2025年股份激勵計劃的股份來自2022年股份獎勵計劃及（倘適用）2020年股份獎勵計劃 （倘2020 ...

Investment Rating - The report maintains a "Buy" rating for major real estate companies, indicating a positive outlook for the sector [3]. Core Insights - The real estate industry is entering a "quality era," with a recovery in the opening sales rate, which is a key indicator of market sentiment and profitability trends [2][11]. - The opening sales rate in key cities for the first three quarters of 2025 was 56%, an increase of 8 percentage points compared to the entire year of 2024, and a 16 percentage point increase from Q3 2024 [2][26]. - The report highlights that the improvement in sales rates is driven by enhanced product quality and design, with average renovation costs in nine cities rising by 7% in the first three quarters of 2025 compared to 2024 [2][26]. Summary by Sections 1. Finding the Turning Point in the New Housing Market - The opening sales rate is identified as the most effective indicator for gauging market sentiment and predicting profitability trends [2][11]. - Historical data shows that the opening sales rate can effectively signal the start of a market rally [2][15]. 2. "Good Houses" Driving Sales Rate Improvement - The overall sales rate has shown a stable upward trend, with key cities experiencing a recovery from a low of 41% in Q3 2024 to 56% in the first three quarters of 2025 [2][26]. - The report emphasizes that the improvement in sales rates reflects genuine sales recovery rather than structural issues [2][26]. 3. City and Sector Analysis - There are significant differences in sales rates across different cities, with top-tier companies showing clear operational advantages [2][26]. - The report categorizes cities into three tiers based on their sales performance, indicating a narrowing range of high sales rate cities over the past decade [2][26]. 4. Performance and Characteristics of Real Estate Companies - Most major real estate companies have improved their sales rates in 2025, with leading firms like Poly, Jinmao, and China Overseas Development showing notable increases [2][26]. - The report suggests that companies with high land acquisition scores and strong sales performance are likely to perform well in 2026 [2][26]. 5. Key Company Valuations and Financial Analysis - The report provides detailed financial metrics for major companies, including Vanke, China Merchants Shekou, and Poly Developments, all rated as "Buy" with projected reasonable values indicating potential upside [3].

Group 1 - The core point of the article highlights that southbound funds have increased their holdings in Greentown Management Holdings (09979.HK) by 271,000 shares on December 12, with a total net increase of 2 million shares over the past five trading days [1] - Over the last 20 trading days, there have been 10 days of net reductions in holdings by southbound funds, totaling a decrease of 5.033 million shares [1] - As of now, southbound funds hold 275 million shares of Greentown Management Holdings, representing 13.71% of the company's total issued ordinary shares [1] Group 2 - Greentown Management Holdings Limited primarily provides construction management services through three departments: commercial construction management, government construction management, and other services including project management and consulting [1] - The commercial construction management department focuses on providing property development management services to project owners [1] - The government construction management department is involved in property development management services for government-related housing and public infrastructure projects [1]

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The Central Economic Work Conference emphasizes stabilizing the real estate market, focusing on risk resolution and encouraging the acquisition of existing properties for affordable housing [5][8] - The overall tone of the conference is the most positive of the year, indicating a responsive approach to the industry's downward trend [14] - The policy shift from "stimulating demand" to "digesting inventory and optimizing supply" reflects a strategic change in real estate policy [14] Summary by Sections Economic Work Conference Insights - The conference held on December 11, 2025, updated its stance on real estate, focusing on stabilizing the market and managing risks effectively [5][8] - Key measures include controlling new land supply, revitalizing existing land and commercial properties, and promoting the construction of quality housing [5][8] Policy Evolution - The shift in policy from "stimulating demand" to "controlling increment, reducing inventory, and optimizing supply" has been noted since April 2024 [14] - The emphasis on "risk prevention" suggests that 2026 may see intensified contradictions within the real estate sector [14] Company Valuation and Financial Analysis - The report includes a detailed valuation and financial analysis of key companies in the real estate sector, with several companies rated as "Buy" [6] - Notable companies include Vanke A, China Overseas Development, and Poly Developments, all showing potential for strong performance [6][17] Recommendations - The report recommends several A-share and H-share companies for investment, indicating a focus on both development and property management sectors [17]

Group 1 - The core point of the article highlights that southbound funds reduced their holdings in Greentown Management Holdings (09979.HK) by 32,000 shares on December 9, while there were three days of net increases totaling 163,000 shares over the past five trading days [1] - Over the last 20 trading days, southbound funds have reduced their holdings in Greentown Management Holdings for 13 days, resulting in a total net reduction of 8.411 million shares [1] - As of now, southbound funds hold 273 million shares of Greentown Management Holdings, which accounts for 13.61% of the company's total issued ordinary shares [1] Group 2 - Greentown Management Holdings Limited primarily provides construction management services through three departments: commercial construction management, government construction management, and other services [1] - The commercial construction management department focuses on providing property development management services to project owners [1] - The government construction management department is involved in property development management services for government-related housing projects and public infrastructure [1]

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11月30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12月3日 I. 法定/註冊股本變動 | 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 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | 本月底法定/註冊股本總額 ...

Core Viewpoint - The company is a pioneer in the light asset development model in China's real estate sector, focusing on three main construction services and three supporting services, and has become the first listed company in this field in China [1] Group 1: Business Performance - In the first half of 2025, the company achieved a 13.9% year-on-year increase in newly expanded construction projects, totaling 19.89 million square meters, maintaining its leading position in the industry [1] - The projected construction fees for newly expanded projects in 1H2025 are approximately 5 billion yuan, reflecting a year-on-year growth of 19.1%, indicating that the growth rate of construction fees outpaces the growth rate of newly expanded area [1] Group 2: Shareholder Returns - The company has consistently prioritized shareholder returns since its listing, with a dividend payout ratio exceeding 100% in both 2022 and 2023 [1] - For the first time, the company declared an interim dividend in 1H2025, demonstrating a proactive approach to shareholder returns [1] - Following the interim results announcement, the company has repurchased a total of 10 million shares, with a total repurchase amount of 27.91 million yuan, and these repurchased shares have been fully canceled as of October 28 [1] Group 3: Investment Outlook - The company is expected to maintain its competitive edge in the construction sector, with projected net profits for 2025-2027 of 630 million yuan, 660 million yuan, and 720 million yuan, respectively, and corresponding EPS of 0.32 yuan, 0.33 yuan, and 0.36 yuan [2] - The company is assigned a "buy" rating based on its established scale advantages and brand effects, with a projected PE ratio of 8.9, 8.5, and 7.8 for the years 2025, 2026, and 2027, respectively [2]

Core Viewpoint - The report from Caitong Securities initiates coverage on Greentown Management Holdings (09979) with a "Buy" rating, highlighting the company's strong position in the construction agency sector, its scale advantages, brand effect, and robust order backlog, which is expected to enhance project initiation efficiency [1]. Group 1: Company Overview - Greentown Management is a pioneer and leader in the light-asset development model in China's real estate sector, focusing on three main construction agency businesses: government agency, commercial agency, and capital agency, along with three supporting services: financial services, urban-rural integration services, and industrial chain services [2]. - The company was listed on the main board of the Hong Kong Stock Exchange in 2020, becoming the first construction agency stock in China [2]. Group 2: Performance Metrics - In the first half of 2025, the company’s newly expanded construction agency project total building area increased by 13.9% year-on-year to 19.89 million square meters, maintaining its leading position in the industry [3]. - The estimated construction agency fees for new projects in the first half of 2025 are approximately 5 billion yuan, reflecting a year-on-year growth of 19.1%, indicating that the growth rate of agency fees outpaces that of the newly expanded area [3]. Group 3: Shareholder Returns - The company has consistently prioritized shareholder returns since its listing, with dividend payout ratios exceeding 100% in both 2022 and 2023 [4]. - For the first half of 2025, the company declared its first interim dividend, demonstrating a proactive approach to shareholder returns [4]. - Following the mid-term earnings release, the company has also engaged in share buybacks, having repurchased a total of 10 million shares for a total amount of 27.91 million yuan, with the repurchased shares completed for cancellation as of October 28 [4].

Core Viewpoint - The report from Caitong Securities initiates coverage on Greentown Management Holdings (09979) with a "Buy" rating, highlighting the company's strong position in the construction agency sector, its scale advantages, brand effect, and robust order backlog, which is expected to enhance project initiation efficiency [1] Group 1: Company Overview - Greentown Management is a pioneer in the light-asset development model in China's real estate sector, focusing on three main construction agency businesses (government, commercial, and financial agency) and three supporting services (financial, urban development, and industrial chain services) [1] - The company became the first listed construction agency in China when it went public on the Hong Kong Stock Exchange in 2020 [1] Group 2: Project Expansion - In the first half of 2025, the company achieved a 13.9% year-on-year increase in newly expanded construction projects, totaling 19.89 million square meters, maintaining its leading position in the industry [2] - The projected construction agency fees for new projects in 1H2025 are approximately 5 billion yuan, reflecting a year-on-year growth of 19.1%, indicating that the growth rate of agency fees is higher than that of the newly expanded area [2] Group 3: Shareholder Returns - Since its listing, the company has prioritized shareholder returns, with a dividend payout ratio exceeding 100% in both 2022 and 2023 [3] - In 1H2025, the company declared its first interim dividend, demonstrating a proactive approach to shareholder returns [3] - Following the mid-term earnings release, the company has repurchased a total of 10 million shares, amounting to 27.91 million yuan, with the repurchased shares already completed for cancellation as of October 28 [3]