Company Overview - As of June 30, 2025, Greentown Management has established project management projects in 132 major cities across 30 provinces, municipalities, and autonomous regions in China[11]. - Greentown Management was listed on the Main Board of the Stock Exchange in July 2020, becoming the first project management stock in China[9]. - The principal activity of the company and its subsidiaries is to provide project management services in the People's Republic of China[195]. Market Position and Recognition - The company has maintained a market share of over 20% for nine consecutive years, ranking first in the project management industry in China[9]. - Greentown Management has been recognized as a Leading Enterprise in China's Real Estate Project Management Operation from 2017 to 2025[9]. - The company won over 30 industry honors, including "2025 China Project Management Enterprise Comprehensive Strength TOP 1" and "2025 January-June China Real Estate Project Management Enterprise Sales Scale TOP 1"[58]. Business Strategy and Core Values - The core business includes commercial project management, government project management, capital owner project management, and other services, focusing on creating value through customized solutions[10]. - The company adheres to core values of "quality, reliance, efficiency, and sharing," aiming to build an ecological platform for co-creating value and sharing benefits[10]. - Greentown Management's strategic focus includes expanding its project management capabilities and enhancing service quality to meet market demands[10]. Financial Performance - For the six months ended June 30, 2025, the Group achieved revenue of RMB1,374.3 million, a year-on-year decrease of 17.7% compared to RMB1,669.6 million in the same period in 2024[62]. - Revenue from project management services was RMB1,361.2 million, accounting for 99.0% of total revenue, representing a decrease of 17.0% from RMB1,640.0 million in the same period in 2024[63]. - The net profit attributable to the owners of the Company was RMB256 million, with a net profit margin of approximately 19%[31]. - The gross profit reached RMB550 million, with a gross profit margin of approximately 40%[31]. - The company reported a profit for the period of RMB 272,946, representing a decline of 44.5% from RMB 491,226 in 2024[183]. Project Management and Delivery - In the first half of 2025, the total GFA of newly contracted projects reached approximately 19.89 million sqm, representing a year-on-year increase of 13.9%[42]. - The project management fees for newly contracted projects amounted to approximately RMB5.0 billion, reflecting a year-on-year increase of 19.1%[42]. - The Company delivered 45 high-quality projects, creating homes for approximately 25,600 households, with a total delivered GFA of 4.65 million sqm, ranking first in the industry[47]. - The Company achieved a delivery satisfaction rate of 92%, maintaining an industry-leading position[47]. Cash Flow and Liquidity - The net cash inflow from operating activities was RMB112 million, an increase of 45% compared to the same period last year[31]. - The overall cash and bank balances reached RMB1.64 billion, an increase of 8% compared to the end of 2024[31]. - The Group's liquidity was primarily used to meet working capital needs, with internally generated cash flow being the main funding source[95]. Shareholder Information and Corporate Governance - Greentown China holds a substantial interest of 1,432,660,000 shares, accounting for 71.28% of the Company's total shares[138]. - The Company has adopted the corporate governance code provisions and complied with all applicable code provisions during the six months ended June 30, 2025[118]. - The Board declared an interim dividend of RMB0.076 per share, totaling RMB152.76 million, expected to be paid on December 15, 2025[168]. Employee and Organizational Structure - The Group had 2,543 employees as of June 30, 2025, representing a 7% increase from 2,377 employees as of December 31, 2024[112]. - The company has undergone a restructuring of its internal reporting structure, merging the commercial project management segment with the government project management segment[200]. Compliance and Risk Management - The Company has not noted any incidents of non-compliance with the Model Code by its Directors or relevant employees during the reporting period[120]. - The company does not hedge foreign exchange risks but will monitor exposure and consider hedging if materially affected[104].
绿城管理控股(09979) - 2025 - 中期财报