GREENTOWN MANAGEMENT HOLDINGS COMPANY LIMITED 綠 城 管 理 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：09979） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 自願性公告 業務更新 本公告乃由綠城管理控股有限公司（「本公司」，連同其附屬公司、合營及聯營公司統稱 「本集團」）按自願基準作出。 本公司董事（「董事」）會（「董事會」）謹此向本公司股東及有意投資者提供本集團業務發展 的最新情況。 截至2025年12月31日止年度，本集團新拓代建項目的合約總建築面積達3,535萬平方米， 較去年同期下降約3.1%；新拓代建項目代建費預估為人民幣93.5億元，較去年同期增長 約0.4%。 上述數據未經審核，乃根據本集團初步內部資料編製，鑑於收集該等銷售資料過程中存 在各種不確定因素，該等數據與本公司按年度或半年度將予刊發的經審核或未經審核綜 合財務報表中 ...

Core Viewpoint - The resumption of trading for Zhongyuan Jianye marks a significant turning point after nearly 21 months of suspension, lifting the shadow of delisting and reopening opportunities for capital operations [2][6][7]. Group 1: Trading Resumption - Zhongyuan Jianye's stock price had been stagnant at 0.11 HKD for almost 21 months before resuming trading, with a trading volume of 323 million shares and a turnover of 51.37 million HKD on the first day [2][4]. - The stock opened at 0.179 HKD, peaked at 0.18 HKD (a 63.64% increase), and closed at 0.163 HKD, reflecting a 48.18% rise on the first trading day [2][4]. - The resumption signifies not just a restart of trading but also a potential for future equity financing and mergers and acquisitions [2][7]. Group 2: Loan Controversy - The suspension was triggered by the company's inability to provide sufficient documentation for a 750 million HKD loan, which led to the failure of the 2023 annual report audit [4][6]. - The loan was issued in ten separate transactions to various real estate developers, with interest rates ranging from 10% to 14% [4]. - The company has since recovered the principal amount of the loan, with only approximately 53 million HKD in interest still being pursued [6]. Group 3: Market Challenges - Despite the resumption, Zhongyuan Jianye faces significant challenges, including a decline in revenue and net profit, with a reported revenue of 140 million HKD (down 4.5%) and a net profit of 37 million HKD (down 23.4%) for the first half of 2025 [10][11]. - The company manages 246 projects with a total construction area of approximately 29.2 million square meters, indicating a contraction in project management compared to earlier periods [10]. - The competitive landscape for construction services is intensifying, with state-owned enterprises and quality private firms entering the market, putting pressure on Zhongyuan Jianye's performance [10][11]. Group 4: Future Outlook - The company must focus on improving its declining performance and regaining investor confidence through transparent and sustainable results [8][11]. - There is a need to clarify the financial and operational boundaries between Zhongyuan Jianye and its parent company, Jianye Real Estate, to demonstrate independence and risk resilience [11]. - The path to recovery is expected to be challenging, requiring careful and solid steps moving forward [3][11].

香 港 交易 及 結 算 所 有限 公 司 及 香港 聯 合 交 易 所有 限 公 司 對 本公 告 的 內 容概 不 負 責， 對 其 準 確 性或 完 整 性 亦不 作 任 何 聲 明， 並 明 確 表 示概 不 對 因 本公 告 全 部或 任 何 部 分 內容 而 產 生 或因 倚 賴 該 等 內容 而 引 致 的 任何 損 失 承 擔任 何責任。 CENTRAL CHINA MANAGEMENT COMPANY LIMITED 中 原 建 業 有 限 公 司 （ 於開曼群島註冊成立的有限公司） （股份代號：9982） (1)完成內部監控審查； (2)履行復牌指引； 及 (3)恢復買賣 本公告乃由中原建業有限公司（「本公司」，連同其附屬公司統稱「本集團」） 根 據 香 港 聯 合 交 易 所 有 限 公 司（「 聯 交 所 」）證 券 上 市 規 則（「 上 市 規 則 」）第 13.09 (2) (a)條以及香港法例第571章證券及期貨條例第XIVA部項下之內幕消 息條文（ 定義見上市規則 ）作出。 茲提述(i)本公司日期為2024年3月26日、2024年3月28日、2024年4月26日、 2024年 ...

Core Viewpoint - Recently, Ocean Group's subsidiary, Ocean Construction Management, signed a contract for the Jinan Water Conservancy Bureau's dormitory A block urban renewal project, providing comprehensive management and sales services, marking another light asset construction project in Jinan after several others [1][6]. Group 1: Project Details - The project is located at the intersection of Heping Road and Lishan Road in Jinan's Lixia District, covering an area of approximately 17,300 square meters, with a planned construction area of about 74,000 square meters, surrounded by complete educational, commercial, medical, and transportation facilities [3][8]. - As an urban renewal project within Jinan's secondary style control area, the site is planned to develop a quality residential community with some resettlement housing, aiming to respect the urban fabric and characteristics while injecting new vitality into the sustainable development of the old city [3][8]. Group 2: Company Background and Achievements - Since entering the Jinan market in 2018, Ocean has developed nearly 20 projects across residential, commercial, and office sectors, establishing a strong customer reputation and comprehensive resource capabilities [5][10]. - In recent years, Ocean Construction Management's construction management capabilities have been recognized by clients, ranking 8th in the "New Contract Scale Ranking" and 12th in the "Construction Sales Scale Ranking" in the China Real Estate Construction Management Enterprise Rankings published by the China Index Academy for the period of January to September 2025 [5][10].

Group 1 - The core point of the article highlights that southbound funds have increased their holdings in Greentown Management Holdings (09979.HK) by 271,000 shares on December 12, with a total net increase of 2 million shares over the past five trading days [1] - Over the last 20 trading days, there have been 10 days of net reductions in holdings by southbound funds, totaling a decrease of 5.033 million shares [1] - As of now, southbound funds hold 275 million shares of Greentown Management Holdings, representing 13.71% of the company's total issued ordinary shares [1] Group 2 - Greentown Management Holdings Limited primarily provides construction management services through three departments: commercial construction management, government construction management, and other services including project management and consulting [1] - The commercial construction management department focuses on providing property development management services to project owners [1] - The government construction management department is involved in property development management services for government-related housing and public infrastructure projects [1]

Core Insights - The Dalian local real estate research institution recently released the "November 2025 Dalian Real Estate Sales Ranking," highlighting the Huannan Hui project, managed by Yuanyang Group's Yuanyang Construction Management, which ranked second in the apartment category [1][2] Company Performance - The Huannan Hui project is strategically located in the core area of the Huannan Square commercial district in northern Dalian, featuring convenient transportation and comprehensive amenities [1][2] - In September of this year, the Huannan Hui project achieved impressive sales, with 206 units sold and a transaction amount of 93 million yuan, ranking first in the number of units sold and second in sales amount among newly launched apartment projects in Dalian [1][2] Market Position - Yuanyang Construction Management's operational capabilities have been validated multiple times in the market, as evidenced by its ranking of 8th in the "New Contract Scale Ranking" and 12th in the "Construction Sales Scale Ranking" in the "January-September 2025 China Real Estate Construction Enterprise Ranking" published by the China Index Academy [1][2] - In November of this year, Yuanyang Construction Management signed contracts for projects in Fujian, including the Ningde Saiji Waterfront and Quanzhou Guanyinqi Cultural Tourism City, providing sales services to assist in project liquidation [1][2]

Group 1 - The core point of the article highlights that southbound funds reduced their holdings in Greentown Management Holdings (09979.HK) by 32,000 shares on December 9, while there were three days of net increases totaling 163,000 shares over the past five trading days [1] - Over the last 20 trading days, southbound funds have reduced their holdings in Greentown Management Holdings for 13 days, resulting in a total net reduction of 8.411 million shares [1] - As of now, southbound funds hold 273 million shares of Greentown Management Holdings, which accounts for 13.61% of the company's total issued ordinary shares [1] Group 2 - Greentown Management Holdings Limited primarily provides construction management services through three departments: commercial construction management, government construction management, and other services [1] - The commercial construction management department focuses on providing property development management services to project owners [1] - The government construction management department is involved in property development management services for government-related housing projects and public infrastructure [1]

Core Viewpoint - The company is a pioneer in the light asset development model in China's real estate sector, focusing on three main construction services and three supporting services, and has become the first listed company in this field in China [1] Group 1: Business Performance - In the first half of 2025, the company achieved a 13.9% year-on-year increase in newly expanded construction projects, totaling 19.89 million square meters, maintaining its leading position in the industry [1] - The projected construction fees for newly expanded projects in 1H2025 are approximately 5 billion yuan, reflecting a year-on-year growth of 19.1%, indicating that the growth rate of construction fees outpaces the growth rate of newly expanded area [1] Group 2: Shareholder Returns - The company has consistently prioritized shareholder returns since its listing, with a dividend payout ratio exceeding 100% in both 2022 and 2023 [1] - For the first time, the company declared an interim dividend in 1H2025, demonstrating a proactive approach to shareholder returns [1] - Following the interim results announcement, the company has repurchased a total of 10 million shares, with a total repurchase amount of 27.91 million yuan, and these repurchased shares have been fully canceled as of October 28 [1] Group 3: Investment Outlook - The company is expected to maintain its competitive edge in the construction sector, with projected net profits for 2025-2027 of 630 million yuan, 660 million yuan, and 720 million yuan, respectively, and corresponding EPS of 0.32 yuan, 0.33 yuan, and 0.36 yuan [2] - The company is assigned a "buy" rating based on its established scale advantages and brand effects, with a projected PE ratio of 8.9, 8.5, and 7.8 for the years 2025, 2026, and 2027, respectively [2]

Core Viewpoint - The report from Caitong Securities initiates coverage on Greentown Management Holdings (09979) with a "Buy" rating, highlighting the company's strong position in the construction agency sector, its scale advantages, brand effect, and robust order backlog, which is expected to enhance project initiation efficiency [1]. Group 1: Company Overview - Greentown Management is a pioneer and leader in the light-asset development model in China's real estate sector, focusing on three main construction agency businesses: government agency, commercial agency, and capital agency, along with three supporting services: financial services, urban-rural integration services, and industrial chain services [2]. - The company was listed on the main board of the Hong Kong Stock Exchange in 2020, becoming the first construction agency stock in China [2]. Group 2: Performance Metrics - In the first half of 2025, the company’s newly expanded construction agency project total building area increased by 13.9% year-on-year to 19.89 million square meters, maintaining its leading position in the industry [3]. - The estimated construction agency fees for new projects in the first half of 2025 are approximately 5 billion yuan, reflecting a year-on-year growth of 19.1%, indicating that the growth rate of agency fees outpaces that of the newly expanded area [3]. Group 3: Shareholder Returns - The company has consistently prioritized shareholder returns since its listing, with dividend payout ratios exceeding 100% in both 2022 and 2023 [4]. - For the first half of 2025, the company declared its first interim dividend, demonstrating a proactive approach to shareholder returns [4]. - Following the mid-term earnings release, the company has also engaged in share buybacks, having repurchased a total of 10 million shares for a total amount of 27.91 million yuan, with the repurchased shares completed for cancellation as of October 28 [4].

Core Viewpoint - The report from Caitong Securities initiates coverage on Greentown Management Holdings (09979) with a "Buy" rating, highlighting the company's strong position in the construction agency sector, its scale advantages, brand effect, and robust order backlog, which is expected to enhance project initiation efficiency [1] Group 1: Company Overview - Greentown Management is a pioneer in the light-asset development model in China's real estate sector, focusing on three main construction agency businesses (government, commercial, and financial agency) and three supporting services (financial, urban development, and industrial chain services) [1] - The company became the first listed construction agency in China when it went public on the Hong Kong Stock Exchange in 2020 [1] Group 2: Project Expansion - In the first half of 2025, the company achieved a 13.9% year-on-year increase in newly expanded construction projects, totaling 19.89 million square meters, maintaining its leading position in the industry [2] - The projected construction agency fees for new projects in 1H2025 are approximately 5 billion yuan, reflecting a year-on-year growth of 19.1%, indicating that the growth rate of agency fees is higher than that of the newly expanded area [2] Group 3: Shareholder Returns - Since its listing, the company has prioritized shareholder returns, with a dividend payout ratio exceeding 100% in both 2022 and 2023 [3] - In 1H2025, the company declared its first interim dividend, demonstrating a proactive approach to shareholder returns [3] - Following the mid-term earnings release, the company has repurchased a total of 10 million shares, amounting to 27.91 million yuan, with the repurchased shares already completed for cancellation as of October 28 [3]