Core Viewpoint - Greentown Management is transitioning from being a leader in China's light-asset real estate development model to a comprehensive service provider throughout the real estate lifecycle, aiming to enhance its leadership in the industry [3] Group 1: Strategic Initiatives - The company is celebrating its 20th anniversary in the entrusted construction business and the 5th anniversary of its listing, indicating a significant milestone in its growth [3] - The newly appointed co-chairman, Geng Zhongqiang, emphasized the importance of leveraging internal resources and management capabilities within the Greentown system to create synergistic effects across various aspects such as resources, capabilities, and talent [3] - Greentown Management plans to introduce more external resources, particularly by connecting with the China Communications Construction Company (CCCC) system, having announced seven cooperation projects with CCCC since 2024 [3] Group 2: Future Outlook - The company aims to explore the potential of an "overseas entrusted construction" model by leveraging CCCC's advantages in infrastructure construction, government coordination, and overseas project expansion [3] - Greentown Management's light-asset business is considered the "main battlefield" and a fundamental aspect of Greentown China's strategic space, with a commitment to maintaining its leading position in scale, brand, and market value [3] - The company will continue to extend its real estate lifecycle service chain, fostering a new pattern of mutual growth between its main business and innovative ventures [3]

Core Viewpoint - Greentown Management has demonstrated strong operational resilience and growth in a challenging market environment, achieving significant increases in key performance metrics during the first half of 2025 [3][4]. Financial Performance - In the first half of 2025, the company achieved new contract management fees of 5 billion yuan, a year-on-year increase of 19% [3]. - The new construction area reached 19.89 million square meters, up 14% year-on-year [3]. - Sales amounted to 41.9 billion yuan, reflecting a 2% increase compared to the same period last year [3]. - The company delivered an area of 4.65 million square meters, maintaining its position as the leader in the contract management industry [3]. - Operating net cash flow surged to 112 million yuan, a 45% increase year-on-year, while cash on hand grew by 8% to 1.644 billion yuan [3]. - The net profit attributable to shareholders was 256 million yuan, with a net profit margin of 19% and a gross profit margin of around 40% [3]. Strategic Initiatives - The company has implemented a mid-term dividend for the first time, distributing 0.076 yuan per share [3]. - Greentown Management focuses on product enhancement, sales empowerment, and quality delivery, optimizing management mechanisms and upgrading organizational capabilities [3][4]. - The company has delivered 45 projects in the first half of the year, accounting for 60% of the total delivery area among the top 10 companies in the contract management industry [4]. - It is projected that approximately 10 million square meters will be delivered in the second half of the year, continuing a trend of around 15 million square meters of delivery volume annually [4]. Future Outlook - The company aims to leverage its 20 years of experience in the contract management business, adhering to the service philosophy of "management creates value" [4]. - Future strategies will focus on enhancing operational quality, building resilient business layouts, and creating sustainable value through improved capabilities and trust among stakeholders [4].

而在这两个项目，涅槃重生的故事背后，其实就埋藏好伏笔。这些年，行业出险房企只增不减，而遗留下来的，是那些停工楼盘、烂尾项目、以及未开工 的土地。 去年，国家不遗余力推进保交楼、推进房企融资白名单，全面建立了机制。于是，这个全新的赛道，现在许多房企现在正扎堆进入：不良资产代建。 如果说，在上海最命运多舛的楼盘，你会想到谁？ 我想，我会提名这两个知名的滨江豪宅，一个经历二十多年，开发商数次暴雷，归来仍是热销盘的融创外滩壹号院，另一个是屹立在东外滩多年烂尾的八 埭头。 回顾它诞生的来龙去脉，这个盘几乎没错过关于房地产的所有周期，期间更是经历了数次股权变更。 2002年泛海国际董家渡拿地→ 2015年才完成第一块地拆迁→ 泛海受困于资金→ 2019年融创收购项目100%股权→ 2022年融创债务危机→2022 年中信信托、华融资产成大股东→ 2024年项目热销超200亿，位居上海单盘第二 这是一个上海核心旧改地块涅槃重生的故事，其精彩程度堪比爽文，这次男主依旧还是融创和孙宏斌。 而另一个楼盘八埭头滨江园，2024年项目仍处于停工状态，如今也迎来白衣骑士，业主们在杂草丛生的社区生活了好几年之后，AMC机构终于为这个接 ...

报告显示，上半年实现收入约人民币13.74亿元，毛利率约40%。公司拥有人应占净利润约人民币2.56亿 元，公司拥有人应占净利率为19%。 8月22日晚间，绿城管理控股发布2025年中期业绩。 期内，公司经营活动现金净流入达人民币1.12亿元，较去年同期增长45%。截至期末，银行结余及现金 （不包括已抵押银行存款）达人民币16.44亿元，较2024年末上升8%，保持健康充裕。 期内，新拓代建项目的总建筑面积为1,989万平方米，较去年同期增长约13.9%；新拓代建项目代建费为 人民币50亿元，较去年同期增长约19.1%，稳居行业第一。取得代建项目总销售额约人民币419亿元， 较去年同期增长约2%。 ...

报告显示，上半年实现收入约人民币13.74亿元，毛利率约40%。公司拥有人应占净利润约人民币2.56亿 元，公司拥有人应占净利率为19%。 8月22日晚间，绿城管理控股发布2025年中期业绩。 期内，公司经营活动现金净流入达人民币1.12亿元，较去年同期增长45%。截至期末，银行结余及现金 (不包括已抵押银行存款)达人民币16.44亿元，较2024年末上升8%，保持健康充裕。 绿城管理控股发布2025年中期业绩。 期内，新拓代建项目的总建筑面积为1,989万平方米，较去年同期增长约13.9%；新拓代建项目代建费为 人民币50亿元，较去年同期增长约19.1%，稳居行业第一。取得代建项目总销售额约人民币419亿元， 较去年同期增长约2%。 ...

智通财经APP讯，绿城管理控股(09979)发布截至2025年6月30日止六个月中期业绩，收入13.74亿元(人 民币，下同);毛利5.5亿元;股东应占溢利2.56亿元;每股基本盈利0.13元。 本报告期内，公司经营活动现金净流入1.12亿元，较上年同期上升45%;银行结余及现金达16.4亿元，较 2024年末上升8%;毛利达5.5亿元，毛利率约为40%，整体维持健康水平;而归属于公司拥有人的净利润达 2.56亿元，公司拥有人应占净利率约为19%，主要是受代建市场竞争加剧以及房地产行业整体下行的滞 后效应影响。长期看，随着新拓代建业务规模的逆势增长、重复委托率的稳步攀升以及收入结构的持续 优化，为公司长期稳健、高质量发展夯实基础。 公告称，作为深耕代建领域二十年的行业领军者，绿城管理依托强大的央企信用支撑、绿城品牌背书， 以及自身卓越的订单获取、资源整合、经营兑现能力，市场占有率连续9年超20%，始终保持行业第一 身位。2025年上半年，公司实现新拓代建项目建筑面积1,989万平方米，新拓代建项目代建费约50亿 元，代建销售额419亿元，交付建筑面积465万平方米，持续为委托方、业主及多方合作伙伴创造价值。 ...

高效营造：每个关键节点均提前达成 2023年4月，远洋建管击败一众老牌代建企业，成功中标杭湾金融港安置房项目。远洋团队精准对接业 主诉求，依托独有工期管控体系与定制化实施方案高效推进：1个月，完成遗留问题梳理、总包招标签 约、施工图图审；2个月，完成一标、二标施工证办理，实现项目全面开工；3个月，克服复杂施工环 境，基本完成桩基施工进入土方开挖阶段；10个月，完成结构正负零；14个月，完成主体结构全面封 顶；22个月，完成28栋楼外立面施工，各个施工关键节点均较业主方管控计划提前完成。 近期，由远洋建管提供全过程代建的浙江慈溪市杭湾金融港安置房项目，正全速推进工程建设。 该项目是慈溪市重点民生工程，位于环杭州湾创新中心金融港板块内，总建筑面积35.63万平方米，规 划建设安置房1784套，并配建幼儿园、邻里中心等多元业态，致力于打造功能完善的现代化社区。项目 的高品质推进获得政府部门及相关各方高度认可，相继荣获"项目建设优秀单位""中国房地产优秀政府 代建项目"等殊荣，充分彰显了"远洋品质"与"远洋速度"。 远洋建管严格秉承"质量至上、安全第一"的原则，依托特有的'远洋健康建筑体系''"6+1"品控体 系'、 ...

Company Developments - Greentown Management plans to expand its new construction projects with a projected construction fee of approximately 5 billion RMB in the first half of 2025 [1] - Jin Jian Guan Group has established a strategic partnership with Xin Yu International Business and Gao Ji Real Estate [1] - The total construction area for new projects contracted by Greentown Management in the first half of 2025 is 19.89 million square meters, with a contract sales amount of approximately 3.90 billion RMB [10] Project Highlights - The total investment for the first phase of the招商创科合肥复材中心 project is 650 million RMB, which will significantly enhance Hefei's competitiveness in the bio-based materials sector [2] - The project in Urumqi, Yashan Jinglu, has achieved high-quality delivery under the management of Far Ocean Construction Management [1] - The project in Tangshan, Longhu Liyuan, is part of a rescue effort and has been successfully delivered [1] Market Performance - The first launch of a project by Far Ocean Construction Management achieved sales of 80 million RMB within 22 days, ranking among the top 10 in the city [7] - The project in Tangshan Phoenix New City covers an area of approximately 153,000 square meters, with a total construction area of about 335,000 square meters, featuring various product types [8] Financial Outlook - The expected net profit attributable to shareholders for the mid-2025 period is projected to decline by approximately 40% to 50% compared to 501 million RMB in the same period of 2024 [10] - Greentown Management's new construction projects in the first half of 2025 are expected to generate significant revenue despite the anticipated profit decline [10] Strategic Collaborations - The collaboration between Greentown Management and other entities aims to enhance urban high-quality development through in-depth discussions and consensus [1] - The partnership focuses on integrating judicial disposal, asset revitalization, and development operations to address special asset management [1]

Core Insights - The construction agency business is becoming a crucial direction for real estate companies as they transition in a challenging market environment [1][2] - The competitive landscape in the construction agency sector is evolving, with a notable increase in new signed contracts and a shift towards professional capabilities over capital expansion [1][3] Group 1: Industry Trends - According to recent data from CRIC, the top 20 construction agency firms signed contracts for a total of 10,983 million square meters in the first half of 2025, representing a year-on-year increase of 28% [1] - The decline of land dividends and the failure of high-leverage models are prompting real estate firms to focus on "professional capability monetization" as a means to restructure their value chains [1] Group 2: Company Strategies - Ocean Group's construction agency brand, Ocean Construction Management, has emerged as a new player, expanding its area by 562 million square meters in the first half of this year, ranking eighth in the industry [1] - Ocean Group adopts a fully integrated development model for its construction agency business, emphasizing the importance of both heavy asset development and rapid expansion of agency services [2] Group 3: Competitive Landscape - The competitive landscape is characterized by a decrease in the concentration of new signed contracts among leading firms, with mid-tier and smaller firms accelerating project expansion [3] - Over 50% of construction agency projects have management fees ranging from 1% to 2%, with some reaching up to 3%, compared to previous highs of 5% [3] Group 4: Differentiation Strategies - Ocean Group is pursuing a differentiated competition strategy by diversifying its business and revitalizing non-performing assets, with urban renewal projects being a key focus [3][4] - The company has established deep cooperation with asset management companies (AMCs) to acquire distressed assets at discounted prices, enhancing value through professional management [4] Group 5: Future Development Paths - Ocean Group has identified three main paths for sustainable growth: establishing "bases" in selected cities, conducting "guerrilla warfare" to fill market gaps, and focusing on targeted project management [5][6] - The company aims to maintain steady growth in its construction agency business without setting unrealistic targets, emphasizing the importance of executing each project effectively [7]

Core Insights - The construction management industry is transitioning from a blue ocean to a red ocean, with intense competition in costs, resources, and delivery capabilities [2][4][10] - The successful completion of the first grade A office project by Jindi Management marks a significant milestone in its construction management journey [2][5] - Jindi Management has strategically focused on the niche market of office building construction management, showcasing its operational capabilities and investment orientation [3][5][10] Industry Overview - The number of construction management companies in China has increased from less than 30 in 2021 to over 90 in 2023, indicating rapid industry growth [4] - The industry is experiencing a shift towards diversified operations, extending beyond traditional residential projects to include government public buildings and commercial spaces [4][10] - The competitive landscape is intensifying, with over 100 real estate companies entering or expanding their construction management businesses in 2024 [15] Company Strategy - Jindi Management has a long history in construction management, having started with the Shenzhen government-commissioned office project in 2005 [6][11] - The company has achieved a signed management area of 38.31 million square meters by the 2024 fiscal year, reflecting a 33.48% year-on-year growth [11] - Jindi's project portfolio is concentrated in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, with nearly 40 ongoing or completed projects [11] Financial Performance - Despite the rapid growth in construction management, Jindi's overall revenue has declined, with a reported revenue of 75.34 billion yuan in the 2024 fiscal year, down 23.22% year-on-year [11] - The real estate development business remains the primary revenue source, accounting for 60.03 billion yuan, a decrease of 29.77% from the previous year [11] - The company faces challenges in maintaining profitability, with projected net losses between 3.4 billion and 4.2 billion yuan for the first half of the year [11] Market Challenges - The office building construction management sector is characterized by high market risks, significant financial pressures, and limited profit margins [10][11] - The industry is witnessing a mismatch in supply and demand, leading to high vacancy rates and operational challenges for commercial properties [10][11] - The competitive environment is pushing down management fee rates, with many projects seeing fees as low as 1% to 2%, further squeezing profit margins [19][22]