Core Viewpoint - The implementation of the national standard "Residential Project Specification" marks a significant shift in the real estate industry, emphasizing the need for quality housing and setting new expectations for developers [1][24]. Group 1: Industry Changes - The new standards cover various aspects of residential projects, from height and sunlight to noise levels, indicating a comprehensive approach to improving living conditions [1]. - The demand for "good houses" is rapidly influencing supply, pushing developers to adapt to new consumer expectations and regulatory requirements [1][24]. Group 2: Company Innovations - Longfor's Dragon Smart Manufacturing has successfully delivered multiple residential projects, showcasing different interpretations of "good houses" through innovative construction techniques [2][3]. - The use of virtual construction and AI algorithms in projects like Chengdu Zhongtie Zhuozhu has led to a 20% acceleration in the construction cycle and a 90% reduction in change orders, translating cost savings into quality improvements [3][18]. Group 3: Market Dynamics - Despite overall market fluctuations, certain cities and projects have seen significant success, driven by strong product offerings that meet consumer needs [4][5]. - The launch of the Zhongyuan Song project in Zhengzhou, which sold out rapidly, demonstrates the effectiveness of tailored design and customer engagement in driving sales [5][7]. Group 4: Product Development - The concept of "fourth-generation housing" has gained traction, allowing for greater usable space and functionality within residential units, appealing to modern consumer preferences [8][10]. - Longfor's projects, such as Guangzhou Central Jing Song, have integrated innovative design elements that enhance living experiences, showcasing the company's commitment to quality and customer satisfaction [10][11]. Group 5: Strategic Positioning - Longfor has positioned itself as a leader in the "good house" movement, leveraging its extensive experience and innovative methodologies to meet evolving market demands [13][25]. - The company's approach combines advanced technology, data-driven insights, and a focus on sustainability, aligning with the broader industry trend towards higher living standards [25].

代建项目在一线城市的渗透率仍会长期低于平均水平，但在商品住宅的代建以外，一线城市仍有很多公 建配套类的政府代建机遇值得企业深挖。 ◎ 文 / 谢杨春、吴嘉茗 随着代建行业近两年快速发展，重点城市代建渗透率持续走高。但在一线城市，代建项目仍然相对少见， 四个一线城市2021年至今开盘项目中，代建项目的占比仅有1%左右。 一线城市代建少主要是城市土地资源稀缺、投资前景较好，高总价之下企业选择自行开发以追求更高利 润。从已上市的代建项目来看，以城投委托的郊区刚需项目为主，且基本选择了头部的代建企业。 考虑到过去几年仍有部分城投在一线城市"托底"土地，未来是否有更多的代建需求释放？房企代建此类项 目机会还会有吗？ 一线城市代建渗透率低于1% 代建项目均是城投远郊刚需楼盘 01 根据CRIC统计的32个城市2021年至2025年一季度开盘的项目，可以发现：一线城市代建比例大幅低于其 他城市， 过去四年中，一线城市新开盘项目中代建占比不足1%，低于2.4%的平均水平。 以代建渗透率最高的2024年来看，二三线城市渗透率已经突破8%，一线仅1.25%，其中仅有广州、北京渗 透率超过1%，与无锡、苏州等代建发展较快的城市相对 ...

4月29日，中国房地产业协会（以下简称"中国房协"）在北京组织召开《代建企业综合能力评价标准》 （以下简称《标准》）审查会，远洋建管作为标杆企业代表参会并发表专业建议。 相信在中国房协《标准》指引下，将进一步引领代建行业迈向高质量健康发展新阶段。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：彭紫晨 审查专家组听取了《标准》编制的工作汇报，对《标准》进行了逐章、逐节、逐条审查。专家组一致认 为，该《标准》体系完整、内容详实、科学合理，实用性和可操作性强，在国内首次系统化编制代建企 业综合能力评价标准，达到国内领先水平。审查专家一致同意《标准》通过审查。 会上，王惠敏副会长代表主编单位讲话，说明编制该《标准》的重要意义，并对《标准》编制工作给予 支持和帮助的企业、领导、专家表示感谢。他提出，下一步要重点强化《标准》的实操性、客观性和高 信用度等特点。 作为轻资产代建业务的积极践行者，近年来，远洋建管凭借全业态、全产业链的综合服务能力获得市场 认可，并通过自行研发、独具特色的《远洋健康建筑体系》从健康室内、健康楼体、健康园区、健康选 址、健康文化五大维度赋能"好房子"建设。在匠心服务用户的同时，远洋也积极参与 ...

2024年重点城市代建渗透率达6.6%创四年新高, 结合代建发展长远前景来看，仍有继续提升的空间。 ◎ 文 / 谢杨春、吴嘉茗 随着房地产市场进入深度调整期，代建凭借其轻资产、专业化的优势，呈现快速发展的趋势。根据CRIC数据，2023年以来重点城市 新开盘（首开 同下）中代建项目透率迅速提升，尤其是二线城市格外明显。结合代建发展长远前景来看，仍有继续提升的空间。 2024年代建渗透率达6.6%创四年峰值 01 2025一季度因供应紧缺回落至3.3% 近期CRIC统计了32个城市销售项目的代建情况，整体来看，重点城市代建渗透率保持逐年攀升态势，与发达国家较高的代建渗透率 相比，我们认为未来还大有可提升空间。 值得注意的是，一线城市不仅代建比例低，且项目多以远郊刚需盘为主，而代建方基本是头部的代建企业。诸如2024年广州开盘的 典型代建项目绿城·揽江印月来看，代建方是绿城管理，委托方为广州市番禺交通建设投资有限公司。位置上，绿城·揽江印月则在环 城高速外，是板块内刚需项目。 实际上，2023年正是代建项目集中入市的分水岭。 2020年及以前代建项目渗透率极低，不超过0.5%。2021年、2022年比例也低于1% ...

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 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]

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. ...

Group 1: Real Estate Market Overview - In Q1 2025, the total number of new projects in the top 20 real estate companies increased by 6% year-on-year, with Greentown Management, Xuhui Construction Management, and Runli Management leading the rankings [2] - The concentration of the top 5 companies in new project scale exceeded 50%, a decrease of 7 percentage points compared to the same period last year [2] - More than half of the companies saw a year-on-year increase in new project area, indicating a "stable top tier and active mid-tier" market structure [2] Group 2: Sales and Financial Performance - Yuexiu Property continues to focus on the Greater Bay Area, with a sales target of 120.5 billion yuan for 2025, representing a 5.2% year-on-year growth, and available resources of 235.4 billion yuan [6] - China Overseas Land & Investment ranked first in new investments, maintaining financial stability, although its core profitability has declined [7] - New City Holdings faces liquidity pressure, with new operating property loans and other financing exceeding 20.5 billion yuan, using Wuyue Plaza as collateral [8] Group 3: Market Trends and Dynamics - The sales rate in March reached a new high of 45%, indicating a weak recovery trend in the market, with project launches and discount levels remaining stable [4] - In the 14th week of April, transaction volume in 30 cities decreased by 38% compared to the previous week, with first-tier cities seeing a 48.35-point drop in transaction index [10] - Land transaction volume remains high, with premium rates in first and second-tier cities exceeding 20%, despite a decrease in transaction scale [11] Group 4: Project Developments and Innovations - Xuhui Construction Management secured multiple projects in Suzhou, Kunshan, and Taizhou, while also signing an intention for a second ice and snow project [12] - The focus on "fourth-generation housing" is gaining traction, with ongoing developments in various cities and exploration of its practical effectiveness and potential [14] - High-end residential strategies are shifting from "space creation" to "community co-existence," as seen in Chengdu's Pearl River Bo Shi Bay, which addresses high-end clientele's lifestyle and spiritual needs [15]

本期关注 招商建管三城连捷，分别中标郑州、合肥、昆山代建项目 蓝乐集团代建盐城亭湖区朝阳片区一号地块项目 金地管理携手金地东南区域成功中标台州产业园项目 造的安置房项目之一,占地约48710平方米，总建面约136920平方米，距温岭市政府约2.7公里，位处政府重点改造片区。在未来该项目的全过程代建服务中，旭辉建管 C）项目，总建筑面积13.96万平方米；中标国华地产·光谷华府项目工程总承包（EPC），建筑面积约18万平方米；武汉经开区汉南通津港智慧物流产业园工程，总建 而今管理助力冰雪产业导入，浙南最大全天候室内雪场意向签约瑞安 企业动态 城市合伙人人数540+，新增有效项目信息数1900+，新增项目签约数60+和新增项目信息覆盖城市数150+。 项目获取 口东、西地块代建代销项目；招商建管&招商蛇口苏南公司中标昆山开发区白墅路南侧、黄浦江路西侧地块工程管理服务。 稀缺的低密住区，产品包括联排、叠墅、洋房。 3号线双规交汇处，教育、商业、生活配套齐全。本次旭辉建管与吴中建设集团联手，为断供已久的核心区提供定制式的低密生活解决方案。 项目 旭辉建管佛山首个"四代宅"试点项目正式动工 市政府一号工程，未来将联动串 ...

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]