中指研究院：2025年头部代建企业新签约规模化建筑面积占比下降 中部企业加速发力

Core Insights - The market share of top construction companies in new signed project areas has decreased, while mid-tier companies are accelerating their expansion efforts [1] - State-owned enterprises are rapidly entering the construction sector, leveraging their resource advantages [2] - The structure of construction models remains stable, with commercial construction accounting for over 70% [3] Group 1: Market Trends - The proportion of new signed project areas by the top 5 construction companies is 41%, a decrease of 2 percentage points compared to the same period in 2024 [1] - The share of companies ranked 6-15 has increased to 40%, up 3 percentage points from 2024 [1] - In 2025, the new signed project areas in first-tier cities, second-tier cities, and third-fourth tier cities are 8.1%, 46.3%, and 45.6% respectively, indicating a shift towards third-fourth tier cities [7] Group 2: State-Owned Enterprises - Among the top 50 companies by sales, 30 have scaled up their construction business, with state-owned enterprises making up nearly 40% [2] - In 2025, state-owned enterprises are showing significant growth in new signed project areas, with companies like China Railway Real Estate seeing a 51% year-on-year increase [2] - The focus of state-owned enterprises includes urban renewal and the disposal of non-performing assets [2] Group 3: Construction Model Structure - The breakdown of new signed project areas in 2025 shows government construction at 21.6%, commercial construction at 74.0%, and capital construction at 4.4% [3] - The share of capital construction has increased by 1.1 percentage points, primarily driven by the disposal of non-performing assets [3] - Commercial construction remains the preferred model due to higher management fees and lower risks compared to capital construction [3] Group 4: Project Types and Management Fees - The share of residential projects in new signed areas has increased to 66.7%, up 11.4 percentage points from 2024 [12] - Management fees for construction projects are declining, with 84% of projects having fees between 1%-3%, an increase of 4 percentage points from 2024 [16] - The proportion of construction and sales projects is 49%, indicating a trend where most projects require both construction and sales capabilities [18]