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]