绿城管理2025年中期业绩逆势增长 首次实施中期分红

Core Viewpoint - Greentown Management Holdings demonstrated strong operational resilience and industry leadership by achieving growth in key metrics despite challenges in the real estate sector and intensified competition in the construction agency market [1][5]. Financial Performance - The company reported revenue of approximately RMB 1.374 billion with a gross margin of about 40% and a net profit of approximately RMB 256 million, resulting in a net profit margin of around 19% [1][6]. - Greentown Management implemented an interim dividend for the first time, distributing RMB 0.076 per share to enhance shareholder returns [1]. Business Development - The share of commercial construction agency services increased to 82%, reflecting a strategic focus on higher-margin segments [3]. - New construction agency fees reached RMB 5 billion, a year-on-year increase of 19%, with a new contracted area of 19.89 million square meters, up 14% year-on-year [3]. - The company achieved a 15 percentage point increase in bid success rates and a 4 percentage point rise in repeat commission rates compared to the end of the previous year [3]. Operational Efficiency - Greentown Management improved operational efficiency through organizational reforms, process optimization, and digitalization, achieving a key milestone on-time completion rate of 92% and reducing marketing expenses from 3.23% to 2.20% [3][4]. - The company’s operating cash flow is gradually recovering, with reduced pressure from contract assets and receivables [4]. Strategic Focus - The company is actively exploring overseas business opportunities while maintaining a strong financial performance and strategic positioning in the domestic market [5][6]. - Greentown Management aims to enhance project quality, management efficiency, and capital recovery through a three-pronged strategy focusing on front-end expansion, mid-end efficiency improvement, and back-end revenue assurance [6]. Market Position - The company has maintained a market share exceeding 20% for nine consecutive years, with a target of 22.1% by the end of 2024 [7]. - As of the first half of 2025, Greentown Management has an order backlog of 126.5 million square meters, with 77% located in core urban areas, indicating strong revenue certainty [7].