中报点评｜绿城管理：新拓规模质量双升夯实引领地位，利润指标同期回落但仍处健康区间

Core Viewpoint - Greentown Management achieved dual growth in scale and quality in its new expansion business during the first half of 2025, maintaining a leading position in the industry despite intensified competition in the construction management sector [1][4][10] Business Expansion - In the first half of 2025, Greentown Management's new expansion area reached 1,989 million square meters, a year-on-year increase of 13.9%, with new construction management fees amounting to approximately 5 billion yuan, up 19% from the previous year [1][5] - The proportion of new expansion in first- and second-tier cities remained high at 58%, focusing on economically developed cities such as Hangzhou, Nanjing, Shijiazhuang, and Suzhou [5][8] - The structure of new projects is continuously optimized, with the new expansion unit price rising to 251 yuan per square meter, a 5% increase year-on-year [5] Order Backlog and Delivery Capability - As of June 30, 2025, Greentown Management had a total order backlog of 126.5 million square meters, with four core city clusters accounting for 77% of this total [2][10] - The company delivered 45 projects with a total area of 4.65 million square meters in the first half of 2025, maintaining a leading delivery scale and a customer satisfaction rate of 92% [2][15] - The company expects to deliver nearly 10 million square meters in the second half of the year, with an annual total delivery scale projected to reach around 15 million square meters [16] Management Efficiency and Financial Performance - Since the second half of 2024, Greentown Management has implemented a series of management reforms, resulting in a 15-point increase in bid success rates and a 22% repeat commission rate [18][19] - Despite a decline in financial indicators due to market pressures, the company reported revenue of 1.374 billion yuan, a 17.7% decrease year-on-year, and a net profit of 273 million yuan, down 44.4% [2][26] - The company maintained a healthy cash position with 1.644 billion yuan in cash as of June 30, 2025, an 8% increase from the end of 2024, and no debt [29]