Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Views - The report highlights that despite the relaxation of purchase restrictions in Beijing, both new and second-hand housing transactions have declined [1][8] - The overall market performance is stronger than the broader market, with the Shenwan Real Estate Index rising by 2.16% compared to a 1.23% increase in the CSI 300 Index, resulting in a relative return of 0.93% [5][13] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index increased by 2.16%, outperforming the CSI 300 Index which rose by 1.23% [5][13] 2. Industry Fundamentals - For the week of August 1-7, the total number of new homes sold in 38 key cities was 19,984 units, a year-on-year decrease of 12% and a month-on-month decrease of 21.3% [6][21] - The total transaction area for new homes was 182.9 million square meters, with a year-on-year decrease of 15.5% and a month-on-month decrease of 27% [6][21] - In the same week, the total number of second-hand homes sold in 16 key cities was 15,748 units, with a year-on-year decrease of 1.7% and a month-on-month decrease of 8.2% [32][38] - The total transaction area for second-hand homes was 150.7 million square meters, with a year-on-year decrease of 2.4% and a month-on-month decrease of 8.7% [32][38] - The inventory of commercial housing in 17 key cities was 188.41 million square meters, with a month-on-month increase of 0.2% and a depletion cycle of 148 weeks [49] 3. Land Market Supply and Transaction Analysis - During the week, 2,497.7 million square meters of land were supplied, a year-on-year increase of 10.5% [7] - The average transaction price of land was 1,399 yuan per square meter, a year-on-year increase of 34.3% [7] 4. Real Estate Financing Analysis - Real estate companies issued a total of 17.76 billion yuan in credit bonds, with a year-on-year increase of 83.38% and a month-on-month increase of 108.18% [7]

Core Viewpoint - The company anticipates a significant decline in net profit for the first half of 2025, primarily due to intensified industry competition and a lagging effect from the overall downturn in the real estate market [1] Group 1: Profit Warning - The company issued a profit warning on August 8, indicating that the net profit attributable to shareholders for the first half of 2025 is expected to decrease by approximately 40% to 50% compared to about RMB 5.01 billion in the same period of 2024 [1] - The anticipated decline in profit is attributed to increased competition in the industry and the lagging effects of the overall downturn in the real estate market, leading to a decrease in overall project revenue [1] Group 2: Business Growth - Despite the challenging market conditions, the company experienced strong growth in new construction management projects, with a total contracted construction area of 19.89 million square meters, representing an increase of approximately 13.9% year-on-year [1] - The estimated management fees for new construction projects are projected to be around RMB 5 billion, reflecting a year-on-year growth of approximately 19.1% [1] - The company has seen an increase in the proportion of commercial construction management and repeat commissioning rates, demonstrating its strong expansion capabilities and customer trust even under market pressure, which will contribute to performance certainty and lay a foundation for sustainable high-quality development [1]

盈利警告 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 09979 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 綠城管理控股有限公司 聯席主席及非執行董事 郭佳峰 本公告乃由綠城管理控股有限公司（「本公司」，連同附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a) 條及香港法例第571章證券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則） 而刊發。 董事會謹此知會本公司股東及潛在投資者，根據對本集團截至2025年6月30日止6個月 （「2025年中期」）的未經審核綜合管理賬目及內部經營數據的初步審閱，預期2025年中期 的本公司股東應佔淨利潤與2024年同期約人民幣5.01億元相比下降約40%至50%。預期減 少乃主要由於近年代建行業競爭加劇 ...

Core Viewpoint - The transformation of "professional capability monetization" is replacing "capital scale expansion" as the core driving force for the reconstruction of value in real estate companies [2]. Group 1: Market Dynamics - The construction agency sector is experiencing a resurgence, with the top 20 companies signing contracts for an additional 10,983 million square meters in the first half of 2025, representing a year-on-year increase of 28% [2]. - The number of construction agency projects awarded in the first half of 2025 reached 260, an 8% increase year-on-year, although the growth rate has slowed compared to previous years [4][5]. - In the second quarter of 2025, the number of awarded projects was 147, with quarter-on-quarter and year-on-year growth rates of 30% and 20%, respectively, indicating a recovery in project awards [5]. Group 2: Client Composition - Government and state-owned enterprises dominate the construction agency market, with 88% of awarded projects in the first seven months of 2025 coming from state-owned clients, despite a 9 percentage point decrease from 2024 [8]. - Green City Management led in the number of awarded projects, surpassing 20, while other private enterprises like Longfor and Xuhui also increased their project counts significantly [8]. Group 3: Regional Distribution - The distribution of awarded projects shows that third and fourth-tier cities account for nearly 51% of the total, while first-tier cities remain the least represented at 11% [11]. - The Yangtze River Delta region continues to be the leading area for awarded projects, accounting for 49% of the total, although this is a decrease of 6 percentage points from 2024 [11].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The top 20 construction management companies in China signed a total of 10,983 million square meters in new contracts in the first half of 2025, representing a year-on-year increase of 28% [7] - The top five companies accounted for nearly 50% of the new signed area, indicating a high concentration in the market [8] - The focus on second-tier cities has become a consensus among rapidly growing companies, with significant proportions of new contracts being signed in these areas [12] Summary by Sections Ranking of Construction Management Companies - The top five companies by newly signed construction area are: 1. Greentown Management: 1,989 million square meters 2. Xuhui Construction Management: 876 million square meters 3. Run Di Management: 865 million square meters 4. Longfor Longzhizao: 852 million square meters 5. Blue City Group: 826.2 million square meters [1] New Expansion Growth - Five companies exceeded 800 million square meters in new signed area, with Greentown Management leading the list [7] - The distribution of new signed areas among the top 20 companies shows a symmetrical pattern, with 11 companies in the 300-800 million square meter range [8] Brand Communication and Product Development - Leading companies are enhancing their brand communication through various media channels, focusing on product quality and market presence [15] - Greentown Management has launched two product lines, emphasizing high-end living and cultural identity [15][16] - Companies like Xuhui Construction Management are investing in marketing training to enhance their market strategies [17]

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7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8月5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 Insights - The construction management industry is experiencing a slowdown in growth after three years of rapid expansion, with new signed planning areas increasing by 17.6% year-on-year in the first half of 2025, compared to 53% and 27% in 2023 and 2024 respectively [1][2] - New entrants in the construction management sector are showing significant growth, with companies established within the last five years achieving a remarkable 36.5% increase in new signed planning areas in the first half of 2025 [2][3] - The top five companies dominate the market, accounting for 49% of new signed areas, while the top six to ten companies hold 26% [1][2] Industry Trends - The market is shifting towards commercial construction management, which now represents over 70% of new projects, while government and capital construction management account for 24.2% and 4.9% respectively [2][3] - The competitive landscape is intensifying, leading to a price war where management fees are being compressed, with over 50% of projects having management fees between 1% and 2% [3][4] - Companies are increasingly focusing on second-tier cities for expansion, with significant proportions of new areas being developed in these regions [3][4] Strategic Insights - Companies are exploring innovative housing solutions, such as the "fourth generation housing" concept, to meet market demands and enhance project value [4][5] - The industry is advised to shift focus from rapid growth to sustainable development, emphasizing efficiency, client satisfaction, and product quality to ensure long-term viability [5]

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]

Core Insights - The article highlights that the new expansion growth in the first half of 2025 exceeded expectations, with five companies each expanding over 800 million square meters [1][6]. Group 1: Rankings and Performance - The top 20 construction management companies achieved a total new signed area of 10,983 million square meters, representing a year-on-year increase of 28%, with the growth rate accelerating by 22 percentage points compared to the first quarter [7]. - The top five companies accounted for 49% of the new expansion area, indicating a high concentration of resources among leading firms [10]. - Among the top 20 companies, 15 experienced year-on-year growth in signed areas, with the top 10 showing a significant increase of 31% compared to the same period in 2024 [13]. Group 2: Market Trends and Strategies - The majority of new expansions were concentrated in the 300-800 million square meter range, with 11 companies falling within this category [9]. - Companies are increasingly focusing on second-tier cities for expansion, with firms like Longfor and Yuanhang Construction having nearly 90% of their new expansion areas in these cities [13]. - The article notes a trend of high concentration and internal differentiation within the industry, with the top 10 companies significantly outperforming others [10]. Group 3: Brand Development and Marketing - Leading construction management companies are enhancing their brand presence through various media channels, focusing on high-quality project showcases and innovative business models [15]. - Companies like Greentown Management and Jin Di Management are launching new product lines to align with market trends, such as Greentown's dual product lines and Jin Di's "Qinglan" brand [15][18]. - Marketing strategies are evolving, with firms like Xuhui Construction emphasizing professional training and innovative marketing approaches to enhance their market competitiveness [16][18].