绿城管理在新拓项目、总订单储备、交付规模、代建收入等指标中始终保持行业龙头地位。布局加速向高能级城市倾斜、订单结构优化进一步提升企业抗 风险能力。 竞争加剧下，企业净利润、利润率有所下滑，盈利难度攀升。下半年绿城管理采取一系列改革和能力提升，部分经营指标有了明显止跌回稳趋势。 ◎ 作者 / 谢杨春、吴嘉茗 核 心 观 点 【 规模稳中有进稳固龙头地位，结构升维驱动市占率扩张】 代建行业整体规模增速放缓、竞争加剧的背景下，绿城管理新拓规模仍稳中有进，维持行业领 先地位。2024年新拓代建项目总面积3649万平方米，同比微涨3.4%，新拓项目代建费用（估算）为93.05亿元，同比下降10.3%；顺应市场周期变化， 2024年绿城管理新拓结构较2023年发生了明显的变化，私营企业首次超过政府和国企，成为了第一大委托方。 【 订单底仓充实保障未来业绩增长，项目运营与交付效率双提升】 绿城管理2024年末在建面积53.96百万平方米，同比增加3%；可售货值9321亿元，订 单底仓充实；一二线城市占总建筑面积的44.0%，四大核心城市圈占比76.6%，抗风险能力进一步提升；商业代建建筑面积9570万平方米，占比达 76. ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The construction management industry in China is experiencing a slowdown in growth, with the top 30 companies showing a total contracted area of 914 million square meters, a year-on-year increase of 23% [1][10] - The top 30 construction management companies added a new signed area of 19.3 million square meters, reflecting a 6% year-on-year growth, although the growth rate has decreased by 20 percentage points compared to 2023 [12] - The competitive landscape is characterized by a stable performance among leading companies, with the top three being Greentown Management, Blue City Group, and Jindi Management [7][8] Summary by Sections Ranking Release - The report lists the top 30 construction management companies in China, highlighting their rankings and names [2][3] Ranking Interpretation - The top companies exhibit stable performance, with Greentown Management maintaining a market share of over 20% since 2016, while Blue City Group and Jindi Management also show strong competitive advantages [7] - New entrants in the market are rapidly expanding, with companies like Xuhui Construction Management and Longfor Longzhizao emerging as significant players [8][9] - Private enterprises dominate the top 30 list, accounting for 63%, while state-owned enterprises and mixed ownership companies make up 17% and 20%, respectively [9] Market Data - The total contracted area for the top 30 companies reached 914 million square meters, with nine companies experiencing over 50% growth in their contracted scale [10] - The concentration of new contracts remains high, with the top five companies accounting for 46% of the total contracted area and new contracts [12] Competitive Landscape - The industry is facing intensified competition, prompting companies to adopt strategic transformations and innovations to adapt to market changes [17] - Many companies are extending their service chains to offer comprehensive service models, while diversifying their business areas beyond traditional residential construction [17][18]