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].