中原建业集团集中签约9个项目 国贸地产公布一季度中标多个代建项目 项目 新城建管代建鑫海·海润华城领跑沧州区域市场 旭辉建管「森屿系」蠡棠森屿实景示范区亮相 本期关注 企业 金科金建管提出"规模前五、利润增长"目标 企业动态 献，并明确了全年代建业务战略蓝图及发展路径。2025年金科代建业务发展明细了"规模前五、利润增长"的双重目标，通过"纯轻、出资、纾困、配资"四大代建模式 研。远洋对轻资产业务领域全流程服务能力进行了介绍，并对住宅、商业、养老、产业园等典型项目案例做了分享。中国房协介绍了代建分会的年度工作计划，双方 项目获取 目4个，占总签约面积的43%。 服务平台项目总建筑面积约1万㎡；厦门银行福州2022-17地块项目；厦门医学院附属口腔医院科教综合用房装修工程项目等。 和全市顶尖的教育配套资源，总占地面积85.82亩，规划计容面积40万方。拟在政府保民生政策支持下，通过破产重整和投资人共益债资金介入，绿地智造作为品牌企 项目动态 4年11月17日洋房首开即引爆市场，蓄客39天突破133组，首开销售2.7亿；截至2025年一季度，总销售额达7.3亿，洋房溢价较竞品高出1500元/㎡，成为区域价值领跑 ...

Core Viewpoint - The real estate industry is undergoing significant adjustments and transformations, with traditional heavy asset development models facing challenges, while the "light asset, high quality" model of agency construction is emerging as a key player [1][2]. Industry Background - The real estate market is entering a stock era, and the ongoing "housing is for living, not for speculation" policy makes the agency construction model an effective way to revitalize stock assets and improve resource utilization efficiency, thus becoming an important force in the transition to a new development model in the real estate sector [1]. Company Performance - In the first quarter of 2025, the agency construction platform of the company, Yuan Yang Construction Management, signed new agency construction contracts covering approximately 950,000 square meters, with a sales amount of about 180 million yuan [2]. - Yuan Yang Construction Management has gained recognition in various authoritative rankings for its comprehensive agency capabilities, contract signing scale, delivery scale, and sales scale, indicating a continuous enhancement of its influence in the industry [2]. Policy Alignment - The company's light asset agency construction business aligns well with current national policy directions, actively participating in relief projects under the "ensure delivery of buildings and stabilize people's livelihoods" policy, contributing to the smooth delivery of problematic projects and stabilizing the real estate market [2]. - The company is involved in urban renewal and old city transformation projects, enhancing urban quality and vitality through various methods such as demolition and reconstruction, which aligns with national requirements for high-quality urban development [2]. Health and Sustainability Focus - The company integrates its health building system into agency construction projects, aiming to create healthier, more comfortable, and environmentally friendly living and commercial spaces, thus promoting the development of green and healthy buildings in line with national sustainable development strategies [2].

Core Insights - Greentown Management Holdings Limited, known as the "first stock in construction agency," reported a revenue of 3.441 billion yuan for the fiscal year 2024, representing a year-on-year increase of 4.2% [2] - The company's gross profit was 1.706 billion yuan, showing a decline of 1.0% compared to the previous year [2] - The net profit attributable to shareholders was 800 million yuan, down 17.7% year-on-year [2] Business Performance - As of the end of 2024, Greentown Management has established construction agency projects in 130 major cities across 30 provinces, municipalities, and autonomous regions in China [2] - The total contracted project area reached 12.56 million square meters, an increase of 5.0% from the previous year [2] - The area under construction was 53.96 million square meters, up 2.9% year-on-year [2] - The estimated total saleable value of contracted projects was 720.1 billion yuan, accounting for 77.3% of the overall saleable value, remaining stable compared to the previous year [2] Revenue Breakdown - Commercial construction agency services were the largest source of revenue and profit for Greentown Management, generating 2.753 billion yuan, a rise of 17.3% year-on-year, and accounting for 80% of total revenue [2] - Government construction agency revenue reached 626 million yuan, making up 18.2% of total revenue [2] New Project Development - In 2024, Greentown Management expanded its new project contracted area to 36.5 million square meters, reflecting a growth of approximately 3.4% compared to 2023 [3] - The estimated construction fees for new projects were 9.32 billion yuan, which is a decrease of about 10.1% year-on-year [3] - The company noted that despite a 5% decline in new contract area across the construction agency industry, it managed to maintain positive growth [3]

Core Viewpoint - Greentown Management maintains its leading position in the industry with strong performance in new project expansion, total order reserves, delivery scale, and construction income, while optimizing its order structure to enhance risk resilience [1][3]. Group 1: Project Expansion and Order Structure - In 2024, Greentown Management's newly expanded construction projects totaled 36.49 million square meters, a slight increase of 3.4% year-on-year, maintaining a significant lead over the second-largest competitor by 2.3 times [3][6]. - The order structure has shifted, with private enterprises becoming the largest client group for the first time, accounting for 33.2% of new projects, a year-on-year increase of 7.9 percentage points [10][7]. - The total area under management reached 125.6 million square meters, with a 5% year-on-year increase, and the company has a solid order reserve of 932.1 billion yuan [15][17]. Group 2: Financial Performance - In 2024, Greentown Management achieved a revenue of 3.442 billion yuan, a year-on-year increase of 4.21%, primarily driven by commercial construction income [4][26]. - The net profit for 2024 was 791 million yuan, a decline of 19.4% year-on-year, reflecting increased competition and challenges in profitability [4][31]. - The overall gross profit margin decreased to 49.6%, down 2.6 percentage points from the previous year, mainly due to a significant drop in the gross margin of government construction projects [28][4]. Group 3: Operational Efficiency and Cost Management - The company has implemented various reforms leading to a 7.6% reduction in sales and management expenses, while the per capita construction output value increased to 840,000 yuan per person [3][21]. - The delivery scale for 2024 reached 16.56 million square meters, a 3% increase year-on-year, maintaining the top position in the industry [21][4]. - The liquidity ratio improved to 1.68, indicating a recovery in short-term solvency, despite a decrease from the previous year [33][4].

Key Points - The article highlights the recent successes of various companies in securing construction management projects across multiple cities, including Zhengzhou, Hefei, and Kunshan [1] - The number of urban partners has exceeded 540, with over 1900 new project information entries and 60 new project signings across 150 cities [2] - CIFI Construction Management has commenced work on its first "fourth-generation residential" pilot project in Foshan [1] - The collaboration between CIFI Management and Wuzhong Construction Group aims to provide customized low-density living solutions in a core area that has been underserved [5] - The article mentions the construction of a significant residential project in Qingcheng, with a planned development area of approximately 150,000 square meters [7] - The establishment of the largest all-weather indoor snow park in southern Zhejiang is expected to position Rui'an as a new hub for the ice and snow economy [10] - The article also notes various project bids won by companies like Green City and Blue City, with significant project sizes and contract values [12][13]

1、一季度新增TOP20总量同比增6%，绿城管理、旭辉建管、润地管理领跑 | ◎ 克而瑞研究中心 | | --- | | PART1 榜单发布 | 新拓规模TOP5集中度超过五成，较去年同期下降7个百分点 0 2 2、新拓规模TOP5集中度超过五成，较去年同期下降7个百分点 3、超过半数企业新拓面积同比增长，呈现"头部稳健、腰部发力"格局 4、品牌传播力保持强者恒强，AI、科技赋能代建业务成各家企业突破口 一季度新增TOP20总量同比增6%，绿城管理、旭辉建管、润地管理领跑 0 1 PART2 榜单解读 2025年一季度，代建新增规模TOP20企业新增签约建面4534万平方米，同比增加6%，较2024年全行业17% 的增速进一步放缓，竞争仍十分激烈，代建项目获取难度不断增加。 按一季度新增建面分布来看，绿城管理仍然以"断层"优势保持龙头地位，一季度新拓面积几乎是第二名2 倍。有3家企业新增建面超过300万平方米，分别是旭辉建管、润地管理、蓝城集团，基本以政府代建项目 新拓为主，其中旭辉建管一季度政府代建比例达到56%，润地管理政府新签规模约301万平方米。另，有6 家房企新增建面位于200-300万区间，包括 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 3.44 billion yuan in 2024, representing a year-on-year growth of 4.2%, while the net profit attributable to shareholders decreased by 17.7% to 800 million yuan [7] - The company has maintained a market share of over 20% for nine consecutive years, with a new project area of 36.49 million square meters in 2024, reflecting a year-on-year increase of 3.4% [7] - The company has adjusted its project structure in response to market conditions, increasing the proportion of private enterprise projects to 33% in new projects [7] - The company’s dividend payout ratio has been adjusted to 60%, with a dividend of 0.24 yuan per share for 2024 [7] - The company is expected to benefit from a stabilizing real estate market, with projected net profits of 8.2 billion yuan in 2025 and 8.7 billion yuan in 2026 [7] Financial Summary - Total revenue is forecasted to grow from 3.44 billion yuan in 2024 to 4.04 billion yuan in 2027, with a compound annual growth rate of approximately 5.39% [8] - The net profit attributable to shareholders is projected to increase from 800 million yuan in 2024 to 932.8 million yuan in 2027 [8] - The earnings per share (EPS) is expected to rise from 0.40 yuan in 2024 to 0.46 yuan in 2027 [8] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 6.87 in 2025 to 5.90 in 2027, indicating potential value appreciation [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 3.44 billion yuan for 2024, representing a year-on-year growth of 4.2%, while the net profit attributable to shareholders decreased by 17.7% to 800 million yuan [7] - The company has maintained a market share of over 20% for nine consecutive years, with a new project area of 36.49 million square meters in 2024, reflecting a year-on-year increase of 3.4% [7] - The company has adjusted its project structure in response to market conditions, increasing the proportion of private enterprise projects in new projects to 33% [7] - The company’s dividend for 2024 is set at 0.24 yuan per share, with a dividend payout ratio adjusted to 60% [7] - The company is expected to benefit from a stabilizing real estate market, with projected net profits of 8.2 billion yuan and 8.7 billion yuan for 2025 and 2026, respectively [7] Financial Summary - Total revenue forecast for 2024 is 3.44 billion yuan, with a projected growth rate of 5.65% in 2025 [8] - The net profit attributable to shareholders is forecasted to be 801.13 million yuan in 2024, with a slight increase to 822.77 million yuan in 2025 [8] - The company’s earnings per share (EPS) is projected to be 0.40 yuan in 2024, increasing to 0.46 yuan by 2027 [8] - The price-to-earnings (P/E) ratio is expected to decrease from 6.87 in 2024 to 5.90 in 2027 [8]

本期关注 代建大单。截至目前，润地管理已先后参与深圳、西安、温州、哈尔滨等重点城市的保障性住房项目，以及广州白云机场三期安置房、北京大兴机场临空区安置房两 项目动态 面积约1.49万平方米，项目将打造成16000座乙级体育场。3月18日龙港市体育中心结构罩棚"首吊"顺利完成，标志着项目建设又迈出关键一步，龙港市体育中心项目 企业 旭辉建管签署海南洲—水口湾人文经济活力区战略合作协议 金地管理获沈阳、东莞、呼和浩特3个代建项目 润地管理中标广州市番禺区7个保障房代建项目 项目 润地管理龙港市体育中心钢结构罩棚"首吊"顺利完成 远洋代建京山轻机高端智能装备制造产业基地项目开工 企业动态 略合作协议。本次战略合作协议的正式签署，奠定旭辉建管与佛山南海区政府、里水镇政府、乐宜里文旅开展深度合作的坚实基础，三方将以"体育+文旅+生态"为核 项目获取 市皇姑区，未来项目将以片区标杆的产品标准，打造高品质的宜居小区。金地管理表示将充分发挥北方区域沈北公司在该区域住宅项目的开发经验和管理优势，确保 容建筑面积约60800平方米，其中二号厂区计容建筑面积约33200平方米,四号厂区计容建筑面积约27600平方米。项目拟建设厂房 ...