Investment Rating - The report initiates coverage with a "Buy" rating for the company [9][8][5] Core Views - The company is positioned for growth due to the synergy with its parent company, Jianfa Group, which provides a robust platform for development [8][54] - The construction business is expected to expand rapidly, benefiting from the strong performance of Jianfa Group in the real estate sector [8][54] - The shift towards urban renewal presents new growth opportunities as the industry transitions to a focus on existing buildings [56][54] Company Overview - Jianfa Hecheng, established in 1995, specializes in engineering supervision, design consulting, and project management, and was listed on the Shanghai Stock Exchange in 2016 [20][8] - The company became controlled by the Xiamen State-owned Assets Supervision and Administration Commission after Jianfa Group acquired a 29.01% stake in 2021 [20][8] Business Expansion - The company has seen rapid growth in its construction business, with total revenue reaching 6.609 billion yuan in 2024, a year-on-year increase of 67.5% [7][24] - The construction segment accounted for 86.2% of total revenue in 2024, indicating a significant shift in business focus [26][24] - The company aims to enhance its service capabilities and brand through its "Engineering Hospital" concept, which focuses on maintenance and renovation [56][54] Financial Data and Profit Forecast - The projected net profit for the company is expected to grow from 1.22 billion yuan in 2025 to 1.60 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 22.6% [9][7] - The company’s price-to-earnings (PE) ratio is projected to decrease from 23X in 2025 to 18X in 2027, indicating potential for valuation improvement [9][7] Market Position and Competitive Advantage - Jianfa Group's strong market presence and ongoing investment in land acquisition provide a competitive edge, with land acquisition amounts reaching 519 billion yuan in 2024 [41][54] - The company’s construction orders are expected to increase as the real estate market stabilizes, with a projected order volume of 131 billion yuan in 2025 [52][54] Urban Renewal Opportunities - The shift towards urban renewal is anticipated to become a new growth engine for the construction industry, as highlighted by recent government initiatives [56][54] - The company is actively seeking to expand its business through mergers and acquisitions in new materials and technologies, aligning with industry trends [56][54]

奔流不息的汉江从安康城区穿城而过，串起一江两岸的生态美景。 夏日傍晚，江风习习。市民游客来到汉江边，或在滨江步道上散步锻炼，或在亲水广场上戏水纳凉，或 在江面上体验桨板运动的魅力，享受一江清水带来的悠闲惬意。 "这几年汉江两岸环境好多了，新建了滨江步道和运动场地，大伙儿休闲游乐有了更多好去处。"市民张 丽说。 城市更新是稳增长、扩内需、惠民生的重要抓手。近年来，陕西省安康市下足"绣花"功夫实施城市更新 项目，完善配套设施、深化精细治理、丰富多元业态，让城市更加美丽宜居、群众生活更加幸福美好。 老旧小区焕新 生活品质提升 "以前我们小区路面坑坑洼洼，一下雨就积水，晚上出门很不方便。"9月1日，说起过去的居住环境，在 安康市汉滨区静宁小区住了30多年的居民叶宝娥说，"家人劝我搬走，但老房子住惯了，与不少街坊也 有感情。" 静宁小区建于20世纪80年代，由于当时建设标准低、配套设施不完善，居住环境较差，群众改造意愿强 烈。 转机始于陕西可持续城镇发展项目安康子项目的落地。2022年起，静宁小区配套基础设施改造工程启 动。新建了停车位、非机动车棚，铺设了雨污管网，硬化了道路，新增4000平方米绿化空间；同步推进 15 ...

Group 1 - The core project of Baishizhou urban renewal is a significant focus in the Shenzhen urban village renewal sector, with recent rumors about CITIC Group's subsidiary, CITIC Urban Development, planning to invest 12 billion yuan for a 50% stake in phases two to four of the project [1] - CITIC Urban Development issued a clarification statement on September 11, denying the rumors and stating that the information circulating in various media is completely inaccurate, emphasizing the need to protect the company's reputation [1] - The Baishizhou project covers approximately 460,000 square meters and is expected to be developed in four phases, with the first phase, Green Scene Baishizhou Jingting, currently under construction and on sale [4] Group 2 - In June 2022, Green Scene China announced that Vanke would conditionally inject 2.3 billion yuan into the parent company of the Baishizhou project, resulting in Vanke indirectly holding an 8% stake in the parent company, while Green Scene China's stake would be diluted to 92% [5] - Vanke's investment is conditional, allowing for an exit mechanism, which means that if issues arise in the later stages of the project, Vanke can withdraw [5] - Urban renewal has become a key focus in the real estate market, with recent policies from the central government emphasizing the need to promote high-quality urban development and support for urban village and dilapidated housing renovations [5]

Core Points - The "Modekou Historical and Cultural District Protection Plan (2024-2035)" has been approved, marking the first historical cultural district protection plan approved since the implementation of the "Beijing Historical and Cultural City Protection Regulations" [1] - The plan outlines eight protection measures aimed at transforming Modekou into a new historical and cultural landmark in the capital [1] Group 1: Historical and Cultural Value - Modekou Historical and Cultural District is located in the central part of Shijingshan District and is an important part of the ancient road in western Beijing, recognized as a second batch historical cultural district [2] - The district covers 54 hectares and is rich in historical cultural resources, including national key cultural relics such as Fahai Temple and Cheng'en Temple, as well as municipal cultural relics like Tianyi Tomb [2] - Modekou serves as a historical witness to regional development driven by the ancient road, a living example of traditional village patterns, and a material carrier of the integration of mountain-water-city culture [2] Group 2: Protection Measures - The plan specifies eight protection contents, including five defined by the "Beijing Historical and Cultural City Protection Regulations," which encompass 14 immovable cultural relics, 8 historical buildings, 2 traditional alleys, 2 traditional place names, and 67 ancient trees [3] - The core protection area of Modekou covers 15.44 hectares, designated for concentrated display of historical features, while the remaining areas are for development control and landscape protection [3] - Specific protection requirements are set for different types of courtyards, including the preservation of historical layouts and the prohibition of unauthorized demolition of immovable cultural relics and historical buildings [3] Group 3: Urban Renewal and Community Integration - The plan emphasizes a protection-first approach, requiring that construction activities within the protection area align with historical aesthetics in terms of height, volume, and color [4] - Modekou will undergo gradual updates based on courtyard units, maintaining continuity of life and integrating new public service facilities to improve living conditions [4] - The district aims to create a composite area that integrates historical cultural protection, tourism, and residential functions, attracting younger demographics with modern amenities [5]

Group 1 - The article highlights the innovative technologies showcased at the 2025 Service Trade Fair, particularly in the context of urban renewal and the modernization of old residential areas [1][3] - Urban renewal is shifting from "incremental expansion" to "potential tapping and quality improvement," which is crucial for enhancing the quality of life for residents [3] - The exhibition features successful cases of urban renewal, including the transformation of old residential areas and the integration of smart community solutions [3][4] Group 2 - A new waterproofing material, "Waterproof Star," developed by Beijing Construction Municipal Road and Bridge Engineering Research Institute, allows for fire-free, quick application, significantly improving construction safety and efficiency [4][5] - This material has double the adhesion strength compared to traditional options and can be applied in damp conditions, addressing long-standing industry challenges [4][5] - The lifespan of the waterproofing layer using this new material is extended by 30% compared to conventional materials, demonstrating its durability under temperature variations [5] Group 3 - Beijing is actively promoting smart construction as part of its urban renewal efforts, with plans to advance around 300 old residential area renovation projects this year [6] - The exhibition also showcased various intelligent construction technologies, including robots for wall slotting and vibration, which enhance construction efficiency and safety [7] - The integration of digital technologies such as big data, cloud computing, and IoT into construction processes is transforming the traditional building materials industry [7][8]

澄清声明。 白石洲旧改项目是深圳城中村更新领域里的"巨无霸"项目，其一举一动都是市场关注的焦点。近日，有市场消息 传出，中信集团旗下中信城开拟出资120亿元入股白石洲项目二至四期50%的股份。 根据公开信息，白石洲项目总用地面积约46万平方米，以罕见的体量实现了单一项目规模化，预计将分为四期滚 动开发完成。目前，一期项目绿景白石洲璟庭在建在售。据绿景中国最新披露的项目进展，截至2025年6月30日， 项目一期幕墙施工完成率近70%，室内装修工程完成率达到60%，将于2026年1月交付；二期项目正在筹备阶段， 计划于2026年全面开工。 值得注意的是，绿景中国在2022年6月发布公告称，万科将有条件向旗下位于深圳的著名旧改项目——白石洲旧改 项目母公司(四达实业)注资23亿元。注资完成后，万科将间接持有四达实业8%股权，而绿景中国通过智慧城市持 有的股权也将摊薄至92%。 按照协议内容，本次投资中，万科不参与一二期项目，主要是享有该项目第三期及第四期的分派盈利，绿景中国 与万科的分派比例分别为80%、20%。要指出的是，万科本次是有条件注资，设置有退出权。有业内人士表示，所 谓的"有条件"，即后期项目的退出机制 ...

Core Viewpoint - The article discusses the recent developments regarding the Baishizhou urban renewal project in Shenzhen, highlighting the clarification issued by CITIC Group's subsidiary, CITIC Urban Development, regarding rumors of their investment in the project [1][4]. Group 1: Project Overview - The Baishizhou project is a significant urban renewal initiative in Shenzhen, covering a total land area of approximately 460,000 square meters, and is expected to be developed in four phases [4]. - The first phase, known as Green Scene Baishizhou Jingting, is currently under construction and is projected to be delivered by January 2026, with a completion rate of 70% for facade work and 60% for interior decoration as of June 30, 2025 [4]. Group 2: Investment and Partnerships - There were rumors that CITIC Urban Development intended to invest 12 billion yuan for a 50% stake in the second to fourth phases of the Baishizhou project, which were later denied by the company [1][4]. - Vanke has previously announced a conditional investment of 2.3 billion yuan into the parent company of the Baishizhou project, which would give Vanke an indirect 8% stake in the project, while Green Scene's stake would be diluted to 92% [4]. - Vanke's investment is structured with conditions that allow for an exit mechanism, indicating that they can withdraw if issues arise in the later stages of the project [4]. Group 3: Urban Renewal Context - Urban renewal has become a focal point in the real estate market, with the Chinese government emphasizing the need for steady progress in urban village and dilapidated housing renovations [5]. - The Central Committee and State Council have issued opinions to support urban renewal, which is expected to lead to more detailed and actionable policies from various departments to facilitate high-quality urban development [5].

Group 1 - The article highlights the innovative technologies showcased at the 2025 Service Trade Fair, particularly focusing on solutions for urban renewal and the modernization of old residential areas [2][3] - Urban renewal is shifting from "incremental expansion" to "quality enhancement," emphasizing the importance of improving living conditions and community infrastructure [3] - The exhibition features successful case studies in urban renewal, including the transformation of old residential areas and the integration of green building materials and modular renovation technologies [3] Group 2 - A new waterproofing material, "Waterproof Star," developed by Beijing Construction Municipal Engineering Research Institute, allows for fire-free, quick application, significantly reducing construction time and increasing durability [4][6] - The "Waterproof Star" material boasts double the adhesion strength compared to traditional materials and a 30% higher elongation rate, making it suitable for various substrates and conditions [6][7] - The material has been successfully applied in multiple projects, reducing construction time by nearly 50% and extending the waterproofing lifespan by 30% compared to conventional options [7][8] Group 3 - Beijing is actively promoting smart construction and technological innovation in urban renewal, with plans to advance around 300 old residential area renovation projects this year [8] - The exhibition also showcased various intelligent construction technologies, including emergency response systems and robotic equipment, indicating a significant shift towards automation in the construction industry [9] - The integration of digital technologies such as big data, cloud computing, and IoT into construction processes is enhancing operational efficiency and decision-making [9]

Core Viewpoint - The Shandong Provincial Department of Housing and Urban-Rural Development has announced the second batch of 30 innovative urban renewal case studies to actively promote urban renewal actions and high-quality urban development [1]. Group 1: Urban Renewal Cases - Five projects selected as transformation cases include: Qingdao's historical building protection project, Zhucheng's urban renewal project, Tai'an's railway station update, Feixian's community center, and Dezhou's 15-minute community life circle project [5]. - Seven projects selected as design-led cases include: Jinan's comprehensive improvement project, Zibo's cultural center project, Yantai's industrial park upgrade, and others [5]. - Four projects recognized as engineering innovation cases include: Qingdao's urban assessment platform, Weifang's historical street protection project, and others [5][6]. Group 2: Financial Empowerment and Development - Two projects recognized as financial empowerment cases include: Tai'an's urban renewal project and Linyi's cultural park project [5][6]. - Three projects selected as development linkage cases include: Jinan's urban renewal project and Zaozhuang's cultural tourism street project [5][6]. Group 3: Industry Enhancement - Nine projects recognized as industry enhancement cases include: Jinan's creative design park, Qingdao's sports square renovation, and others [6][14].

Core Viewpoint - The Shandong Provincial Department of Housing and Urban-Rural Development announced the second batch of innovative urban renewal cases, with 30 projects selected, including three from Jinan, focusing on urban renewal and development strategies [1]. Group 1: Project Categories - The selected projects are categorized into six major types: transformation through assessment, design leadership, engineering innovation, financial empowerment, development linkage, and industrial enhancement [5]. - Jinan's projects include the Rainbow Lake and Yangjia River Comprehensive Renovation Project (design leadership), the Shangxin Street Urban Renewal Project (development linkage), and the Wangyue Road Creative Design Industrial Park (industrial enhancement) [5]. Group 2: Project Details - The Rainbow Lake and Yangjia River project covers an area of approximately 373,300 square meters and addresses ecological degradation and geological hazards, significantly improving the area's ecological environment and urban functionality [5][6]. - The Shangxin Street project, located in the city center, spans about 3.7 hectares and employs a strategy of "government guidance, platform operation, policy support, and mechanism innovation" to enhance the historical character while upgrading the area [6]. - The Wangyue Road Creative Design Industrial Park occupies 8.6 acres with a building area of 17,000 square meters and a total investment of 260 million yuan. It transformed an old warehouse into a creative industrial park, generating approximately 200 million yuan in revenue and over 30 million yuan in taxes [6].