Group 1 - The core viewpoint of the article highlights that Greentown Management Holdings (09979.HK) has experienced strong growth in its new construction management scale, reinforcing its industry-leading position [1] - The company has ample cash reserves and steadily improving operating cash flow, which is sufficient to support its share buyback program [1] - The board believes that the current trading price of the shares does not fully reflect the company's intrinsic value and business prospects, thus initiating the share buyback demonstrates confidence in its future [1] Group 2 - As part of the share buyback plan, the board has resolved to repurchase up to 10 million shares in the open market, considering market conditions and public holding requirements [1] - Since the initiation of the share buyback on August 29, 2025, the company has repurchased a total of 852,000 shares at a cost of 2.45 million HKD [1]

Core Viewpoint - Green Town Management is facing operational and cash flow pressures in 2024, primarily due to declining real estate sales and slower cash flow recovery, but positive trends in the first half of 2025 may support future performance [1][2] Group 1: Operational Performance - In the first half of 2024, the company achieved a new expansion amount of 50 billion yuan, a year-on-year increase of 19%, with a per square meter construction fee of 251 yuan, up 5% year-on-year [1][2] - The company's construction sales for January to July amounted to 51.1 billion yuan, remaining stable compared to the previous year, while the top 10 real estate companies saw a 14% decline [1][2] - The operating cash flow net amount for the first half of 2024 was 1.1 billion yuan, reflecting a 45% year-on-year increase, with cash flow coverage of net profit rising by 28 percentage points to 44% [2] Group 2: Dividend Policy and Shareholder Returns - The company has historically prioritized shareholder returns, maintaining a payout ratio exceeding 100% in 2022-2023, with a projected payout ratio of 60% in 2024, corresponding to a dividend per share of 0.24 yuan [2] - The expected dividend yield for 2024 is 9.5%, indicating strong support for shareholder returns despite operational pressures [2] Group 3: Profit Forecast and Valuation - The company's profit forecasts for 2025 and 2026 have been adjusted downwards by 34% and 32% to 480 million yuan and 490 million yuan, respectively [3] - The rating has been upgraded to outperform the industry, with a target price of 3.2 HKD, reflecting a 12 times price-to-earnings ratio for 2025 and an 8% expected dividend yield [3] - The current trading valuation is at 10.6 times the 2025 price-to-earnings ratio and a 9.5% expected dividend yield [3]

Core Viewpoint - Greentown Management Holdings (9979.HK) demonstrates strong confidence in its future development and long-term value through a share buyback of approximately HKD 1.5862 million, repurchasing 552,000 shares at a price range of HKD 2.85 to 2.90 per share [1] Financial Performance - The mid-term financial report indicates that Greentown Management's newly expanded agency fees increased by 19% year-on-year, while the newly expanded construction area grew by 14% year-on-year [1] - Operating net cash flow and sales amount both achieved year-on-year growth, with a maintained high net profit margin of 19% [1] - The company implemented its first mid-term dividend, declaring a dividend of HKD 0.076 per share [1] Analyst Ratings - CICC has upgraded the stock rating of Greentown Management Holdings to outperform the industry, maintaining a target price of HKD 3.20, reflecting improved front-end operating trends and the additional support from a high dividend yield [1] - The positive changes in front-end operating indicators are believed to support the company's future performance and stabilize operating cash flow [1]

2025年上半年绿城管理在一系列改革落地之下，新拓业务实现规模与质量双重提升，结构优化成效显著，新拓规模、新拓代建费、在手订单面积、交付面 积持续保持龙头地位。代建领域竞争加剧下，虽然各项财务指标较去年同期有所回落，但仍维持在健康区间。 未来，绿城管理表示将继续巩固和提升代建主业，保持代建行业的第一身位、第一品牌、第一市值，并积极探索第二增长曲线，从开发环节向房地产全生 命周期全方位的综合服务延伸，同时依托中交集团的海外资源，探索海外代建的可能性。 ◎ 作者 / 谢杨春、吴嘉茗 核 心 观 点 【新拓规模保持绝对领先地位，持续聚焦高质量市场与客户】 在房地产行业延续调整态势、代建市场竞争加剧的背景下，绿城管理2025年上半年拓展业务 规模与质量双重提升。2025年上半年绿城管理新拓规模达到1989万平方米，同比提升13.9%，新拓代建费约50亿元，较去年同期增长19%。其中，一二线 城市占比维持在58%的高位。不仅如此，其新拓业务结构也在持续优化。商业代建新拓总建筑面积占比持续增长，民企委托方的活跃有望带来广阔的增量 空间。 【 订单底仓充实保障长期发展，交付能力领跑行业 】 截至2025年6月底，绿城管理在 ...

龙湖龙智造上半年实现代建销售额84亿元 项目 旭辉建管中标南通市通州区R2023-012地块项目 远洋建管全速推进浙江慈溪政府代建项目、深圳代建项目 本期关注 旭辉建管招采平台上线暨「同路人计划」发布 绿城管理上半年新拓1989万平方米，下半年预计交付近1000万平方米 企业动态 旭辉建管推出"同路人计划"总包专项招募，诚邀具备深耕能力、资金实力或全国化资源的总承包施工企业，共建政府代建、商业代建、AMC处置等多元业态工程。 深入交流。中建八局方面表示，高度重视闵行市场，将积极融入区域发展大局，继续发挥全产业链优势，深度参与城市更新、基础设施建设等领域,为闵行高质量发展贡献 项目获取 西汇兴集团的主营地产板块。项目位于西安市新城区幸福林带板块，金地管理将充分发挥在西安四代住宅的开发经验和管理优势，打造全新标杆产品。 旭辉建管与神辉置业的二度合作。此次中标的通州区 R2023-012 地块项目位于主城核心区域，规划容积率严格控制在1.05-1.2之间，拟打造 3-7 层低密别墅及洋房产品。 商务区管网升级项目，实现肯尼亚市场破冰。项目由法国开发署提供欧元融资，主要建设内容包括75公里老旧管网的修复升级及配套系统 ...

Core Viewpoint - CICC has upgraded the stock rating of Greentown Management Holdings (09979) to outperform the industry, maintaining a target price of HKD 3.2, reflecting improved front-end operational trends and high dividend yield support [1] Group 1: Front-end Operational Indicators - Positive changes in front-end operational indicators have been observed, with new expansion amount increasing by 19% year-on-year in the first half of 2025, corresponding to a construction fee of 251 CNY per square meter, up 5% year-on-year [2] - Operating cash flow net amount increased by 45% year-on-year in the first half of 2025, indicating recovery [2][3] - From January to July, overall construction sales showed resilience, with growth outpacing the top 10 real estate companies by 14 percentage points [2] Group 2: Sales and Cash Flow Performance - From January to July, the company's construction sales amount reached 51.1 billion CNY, remaining stable compared to the same period last year, with improvements in project opening rates and site conversion rates [3] - Operating cash inflow for the first half of the year was 110 million CNY, with the coverage ratio of operating cash flow to net profit attributable to shareholders increasing by 28 percentage points to 44% [3] Group 3: Project Expansion and Fee Stability - The company, as an industry leader, has a significant competitive advantage, with new signed construction contracts amounting to 5 billion CNY in the first half of 2025, a 19% year-on-year increase, maintaining a stable construction fee of 251 CNY per square meter [4] - By the end of 2024, the company has 15.2 billion CNY in hand, ensuring overall order coverage remains secure [4] Group 4: Dividend Yield Support - The company has historically emphasized shareholder returns, with a payout ratio exceeding 100% in 2022-2023 [5] - The company aims to optimize its dividend policy to provide long-term, stable, and sustainable returns to shareholders, with an estimated annual dividend yield of 9.5% if the per-share dividend remains consistent with 2024 [5] Group 5: Potential Catalysts - Potential catalysts include gradual stabilization of operations and performance, along with active fulfillment of dividend payouts [6]

Group 1: Industry Overview - The real estate industry is undergoing a deep adjustment, with over 60% of more than 70 listed real estate companies in A-shares expected to report losses in the first half of the year, indicating significant profit pressure [1] - In July, the National Bureau of Statistics reported that while the year-on-year decline in housing prices across major cities has narrowed, the market remains in a state of adjustment [1] - Despite the overall industry challenges, the construction management sector is thriving, with a 17.6% year-on-year increase in newly planned construction area for typical construction management companies in the first half of the year [1][2] Group 2: Company Performance - A leading domestic construction management company reported a revenue of 1.374 billion yuan and a net profit of 256 million yuan in the first half of 2025, with a gross margin of approximately 40% [2] - The company achieved a net cash inflow from operating activities of 112 million yuan, a 45% increase year-on-year, and had cash on hand of 1.644 billion yuan, an 8% increase [2] - The company maintained a market share of over 20% for nine consecutive years, demonstrating its strong position in the industry [2][4] Group 3: Competitive Landscape - The construction management industry is experiencing increased competition, with current management fees generally below 3%, down from earlier levels of 5%-6% [1][4] - The leading company has delivered 45 high-quality projects in the first half of 2025, with a delivery satisfaction rate of 92%, showcasing its strong brand and product quality [5][6] - The company has a robust delivery capability, with a delivery area of 4.65 million square meters and over 25,600 units delivered [5][6] Group 4: Business Expansion - The leading company achieved a year-on-year growth of 13.9% in newly expanded construction management area, totaling 1.989 million square meters, and a construction management sales revenue of 41.9 billion yuan [8][10] - The structure of new business has been continuously optimized, with the proportion of commercial construction management projects increasing by approximately 12 percentage points to about 81% [10] - The company has successfully expanded into new business growth points while consolidating its traditional advantages, enhancing its resilience against industry fluctuations [10][12] Group 5: Future Outlook - The construction management industry is expected to see a demand for over 500 million square meters in affordable housing and urban village renovations over the next three years, providing significant growth opportunities for leading companies [16] - The company is set to launch a new business system, "Construction Management 5.0," focusing on an "ecological construction management" model to lead the industry into a new development phase [19][21] - The company has a substantial order backlog of 126.5 million square meters, with 77% of orders concentrated in four major urban clusters, ensuring stable growth in the short term [21]

Core Viewpoint - The company is experiencing positive operational data, with improving cash flow and a slowdown in pressure from contract assets and receivables, laying a solid foundation for long-term development [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.374 billion yuan, a year-on-year decrease of 17.7%, with a gross margin of approximately 40% and a net profit attributable to shareholders of about 256 million yuan [1] - The company decided to implement a mid-term dividend for the first time, distributing 0.076 yuan per share [1] Group 2: Market Position and Competition - The company has maintained a market share of over 20% for nine consecutive years, with an increase to 22.1% in 2024 despite intense competition [2] - The company’s new construction area increased by 13.9% year-on-year to approximately 19.89 million square meters, and the new construction fee rose by 19.1% to about 5 billion yuan [1][2] Group 3: Business Structure and Clientele - The proportion of commercial construction, which has a higher profit margin, has continued to rise, accounting for about 81% of the total new construction area [2] - The activity level of private enterprise clients has significantly increased, indicating a broad market space for future opportunities [2] Group 4: Delivery and Orders - In the first half of 2025, the company delivered 4.65 million square meters, representing 60% of the total delivery volume of the top 10 companies in the industry [3] - The total area of orders on hand reached 126.5 million square meters, with 77% concentrated in four major urban clusters: Beijing-Tianjin-Hebei, Yangtze River Delta, Pearl River Delta, and Chengdu-Chongqing [3] Group 5: Dividend Strategy - The mid-term dividend reflects the company's confidence in cash flow management and operational capability, aiming to enhance shareholder returns [4] - The company plans to optimize its dividend distribution method to ensure long-term, stable, and sustainable returns for shareholders, contingent on sufficient cash reserves and continued operational improvement [4]

Core Insights - The real estate industry is currently undergoing a deep adjustment phase, with construction management becoming a significant direction for many real estate companies to transform [4] - The "2025 China Urban Development and Real Estate Innovation Conference" highlighted that typical construction management companies saw a 17.6% year-on-year increase in newly planned construction area in the first half of 2025 [4] Company Performance - Far East Group's construction management brand, Yuan Yang Jian Guan, ranked 13th in the "2025 China Real Estate Construction Management Company Brand Influence TOP 20" [1] - In the first half of this year, Yuan Yang Jian Guan expanded its project count to 33 and signed new project areas totaling 562 million square meters, ranking 8th in the industry [4] - In Q2 of this year, Yuan Yang Jian Guan expanded 22 construction management projects across 16 cities, with newly signed areas reaching the industry's TOP 3 [4] Industry Trends - The competitive landscape is evolving, with a decrease in the concentration of new contracts among leading companies, while mid-tier and emerging players are accelerating their expansion [4] - The construction management industry is entering a new stage of high-quality development, emphasizing the need for companies to return to service fundamentals, strengthen professional capabilities, and focus on product innovation to gain a competitive edge [4]

Core Viewpoint - The financial report of Greentown Management reflects the latest changes in the construction agency industry, indicating a decline in revenue and profit margins while showing growth in new project areas and fees [2][4]. Financial Performance - Greentown Management reported a revenue of approximately 1.374 billion yuan for the first half of the year, a year-on-year decrease of 17.7% [2] - The net profit attributable to shareholders was 256 million yuan, down 48.9% compared to the previous year [2] - The gross profit margin was around 40%, a decline of 11.5 percentage points from the same period last year [2] - The company achieved a net cash inflow from operating activities of 112 million yuan, an increase of 45% year-on-year [3] - The bank balance and cash amounted to 1.644 billion yuan, an increase of 8% from the end of 2024 [3] - The board declared an interim dividend of 0.076 yuan per share, marking the first interim dividend since the IPO [3] Market Dynamics - The construction agency industry is facing challenges due to a weakened urban investment dividend and a lack of willingness to start projects among some clients [4] - The land acquisition volume of major urban investment clients has sharply decreased, with only 2.2 million square meters acquired in the first half of the year, a 5% decline year-on-year [5] - The industry is experiencing a shift from rapid growth to a phase of adjustment, impacting Greentown Management's performance [5] Strategic Outlook - Greentown Management plans to focus on three areas to improve profit margins: enhancing project quality by selecting high-margin and high-certainty projects, improving operational efficiency, and ensuring timely collection of receivables [7][8] - The company aims to leverage policy and market opportunities to stabilize and optimize profit margins [6][7] - The market concentration is increasing, with top-tier construction agencies expanding their market share while smaller firms are gradually exiting the market [10] Future Opportunities - Greentown Management is exploring overseas construction opportunities in collaboration with China Communications Construction Group, aiming to tap into new markets amid increasing domestic competition [9] - As of June 30, the company had a total order backlog of 12.65 million square meters, with 77% located in major urban clusters [11]