代建行业的蓝海窗口正在关闭，玩家们无论是主动还是被动地进入红海，正面临成本、资源与交付能力 的激烈竞争。 7月31日午间，金地管理披露由其代建的首个甲级写字楼项目顺利通过竣工验收，标志着项目的顺利完 工。 据悉，该项目位于广州国际金融城，名为新华保险大厦，委托方为新华人寿保险股份有限公司。建筑高 度180米，总建筑面积超过13万平方米，总投资约30亿元，是集商业、办公及公建配套设施于一体的地 标性综合体，标志着新华保险在粤港澳大湾区的南方业务中心。 据头部代建企业人士透露，作为混改的典型，金地和"绿城系"在代建行业入局早，业务齐全，经验及模 式都比较丰富。 "而在商办写字楼代建上，金地有明显的业务投资导向及操盘经验。通常写字楼项目委托方会更注重资 产保值与长期运营收益，对于代建方有较高运营能力的要求。"上述人士如是说道。 路径突围 代建行业正进入群雄逐鹿阶段。自2021年全国代建企业数量尚不足三十家，至2023年突破九十家，再到 2024年全面迈入"百家争鸣"格局，短短数年间，房地产行业的深度转型持续为代建业务释放结构性机 遇。 在传统商品住宅与保障房之外，代建企业纷纷向政府公建、商业、办公等多元业态延伸，形 ...

Core Viewpoint - The company is transitioning its business model from being a developer (甲方) to a service provider (乙方) in the construction management sector, emphasizing professionalism and practical problem-solving to build trust with clients [3][4]. Group 1: Business Transition and Strategy - The construction management business has become a significant focus for the company, which aims for steady growth without setting unrealistic targets [3][4]. - The company has established its construction management brand, Yuan Yang Jian Guan, in response to the real estate industry's deep adjustments over the past three years [3][5]. - The company emphasizes a collaborative approach, integrating development and construction management to enhance resource sharing and provide better solutions for clients [6][7]. Group 2: Project Performance and Market Position - In the first half of 2025, the company secured 33 new projects with a signed area of 5.62 million square meters, ranking eighth in the new contract scale list by Zhongzhi Research Institute [5]. - The company achieved a sales revenue of 780 million yuan from a sales area of 55,600 square meters [5]. - The company has successfully completed projects like the Urumqi Yashan Jinglu, receiving commendations from clients for its performance [3][4]. Group 3: Focus on Non-Performing Assets - The non-performing asset sector is viewed as having broad prospects and is still in its early development stage, with significant market demand for professional construction management services [5][8]. - The company has developed a mature capability system for non-performing asset disposal, providing comprehensive services in various areas including value assessment and debt resolution [8]. - The company has taken on multiple projects in East China and is actively pursuing opportunities in cities like Kunming, Chengdu, and Xi'an [7][8].

Core Viewpoint - The company anticipates a significant decline in net profit for the first half of 2025, primarily due to intensified industry competition and a lagging effect from the overall downturn in the real estate market [1] Group 1: Profit Warning - The company issued a profit warning on August 8, indicating that the net profit attributable to shareholders for the first half of 2025 is expected to decrease by approximately 40% to 50% compared to about RMB 5.01 billion in the same period of 2024 [1] - The anticipated decline in profit is attributed to increased competition in the industry and the lagging effects of the overall downturn in the real estate market, leading to a decrease in overall project revenue [1] Group 2: Business Growth - Despite the challenging market conditions, the company experienced strong growth in new construction management projects, with a total contracted construction area of 19.89 million square meters, representing an increase of approximately 13.9% year-on-year [1] - The estimated management fees for new construction projects are projected to be around RMB 5 billion, reflecting a year-on-year growth of approximately 19.1% [1] - The company has seen an increase in the proportion of commercial construction management and repeat commissioning rates, demonstrating its strong expansion capabilities and customer trust even under market pressure, which will contribute to performance certainty and lay a foundation for sustainable high-quality development [1]

Core Viewpoint - The transformation of "professional capability monetization" is replacing "capital scale expansion" as the core driving force for the reconstruction of value in real estate companies [2]. Group 1: Market Dynamics - The construction agency sector is experiencing a resurgence, with the top 20 companies signing contracts for an additional 10,983 million square meters in the first half of 2025, representing a year-on-year increase of 28% [2]. - The number of construction agency projects awarded in the first half of 2025 reached 260, an 8% increase year-on-year, although the growth rate has slowed compared to previous years [4][5]. - In the second quarter of 2025, the number of awarded projects was 147, with quarter-on-quarter and year-on-year growth rates of 30% and 20%, respectively, indicating a recovery in project awards [5]. Group 2: Client Composition - Government and state-owned enterprises dominate the construction agency market, with 88% of awarded projects in the first seven months of 2025 coming from state-owned clients, despite a 9 percentage point decrease from 2024 [8]. - Green City Management led in the number of awarded projects, surpassing 20, while other private enterprises like Longfor and Xuhui also increased their project counts significantly [8]. Group 3: Regional Distribution - The distribution of awarded projects shows that third and fourth-tier cities account for nearly 51% of the total, while first-tier cities remain the least represented at 11% [11]. - The Yangtze River Delta region continues to be the leading area for awarded projects, accounting for 49% of the total, although this is a decrease of 6 percentage points from 2024 [11].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The top 20 construction management companies in China signed a total of 10,983 million square meters in new contracts in the first half of 2025, representing a year-on-year increase of 28% [7] - The top five companies accounted for nearly 50% of the new signed area, indicating a high concentration in the market [8] - The focus on second-tier cities has become a consensus among rapidly growing companies, with significant proportions of new contracts being signed in these areas [12] Summary by Sections Ranking of Construction Management Companies - The top five companies by newly signed construction area are: 1. Greentown Management: 1,989 million square meters 2. Xuhui Construction Management: 876 million square meters 3. Run Di Management: 865 million square meters 4. Longfor Longzhizao: 852 million square meters 5. Blue City Group: 826.2 million square meters [1] New Expansion Growth - Five companies exceeded 800 million square meters in new signed area, with Greentown Management leading the list [7] - The distribution of new signed areas among the top 20 companies shows a symmetrical pattern, with 11 companies in the 300-800 million square meter range [8] Brand Communication and Product Development - Leading companies are enhancing their brand communication through various media channels, focusing on product quality and market presence [15] - Greentown Management has launched two product lines, emphasizing high-end living and cultural identity [15][16] - Companies like Xuhui Construction Management are investing in marketing training to enhance their market strategies [17]

6月，由远洋建管代建的石家庄远洋观山首开热销，创下区域文旅项目销售新纪录。 从卖点缺失、价值洼地到远洋文旅资源导入、第四代住宅落地，远洋建管以"项目医生"般的精准把 脉，助力项目诊断、价值发掘、焕发新生，显著提升了产品力，在同质化竞争中实现破局突围，填补市 场空白。 精准诊断：为价值洼地找到突破口 2024年初，远洋建管团队入场时面临严峻挑战：地块虽依山傍水，自然禀赋优异，但初始规划缺乏 差异化卖点。远洋建管团队通过市场调研和客户访谈，快速诊断出核心问题——文旅配套"高度缺失"。 吸引力不足：项目地处石家庄西部生态区，却未能充分利用周边自然资源，业主活动区域仅为自然 山景风貌和农家院形态，缺乏山居别墅生活氛围，导致客户兴趣低迷。 价值感薄弱：对比竞品，项目缺乏"可体验性"配套，未能形成即时价值感知，客户体验感缺失。 远洋建管诊断结论：打造深度、可感应的文旅体验场景，提升产品竞争力，是激活项目、填补价值 洼地的破局关键。 解决方案一：文旅配套升级，六大场景焕活山居魅力 远洋建管将多年积累的"文旅管理标准+生活方式输出"经验导入观山项目， 采取"快迭代、高体 验"解决方案，全力推进六大配套建设，在新产品首开前完成 ...

致远洋集团及远星公司: ......... 商棋! M O U N T A I N .. M A N S I O N 三言 雅山璟庐 近日，由远洋建管代建代销的乌鲁木齐雅山璟庐200余套房屋如期交付。14个月时间里，远洋建管充分 发挥专业能力，推动项目重启、实现首开热销并跻身全市TOP10，并最终完成高品质交付，不仅赢得市 场口碑，也收获了委托方的高度肯定与表扬。 值此乌鲁木齐雅山璟庐项目圆满交付之际,我谨代表雅山璟庐项目向 贵司及奋战一线的代建代销团队致以最诚挚的感谢和最热烈的祝贺! 雅山璟庐项目始于2018年,历经疫情停工等重重考验。2024年5月我 司接手项目后,贵司乌鲁木齐团队对项目的初心和专业德力打动了我,并 将代建代销重任交给了贵司。从2024年6月雅山璟庐项目重启,我们双方 秉持对项目的坚持坚守信念,同项目一起涅槃重生。 面对时间紧、任务重的挑战,代建团队以高度的专业素养和卓越的执 行力,仅用14个月便实现了项目的高品质交付。交付现场氛围浓厚,仪式 威十足,业主们脸上洋溢着愉快的笑容,让我也满心欢喜,双方的共同努 力,最终为业主呈现了一座"看得见"的品质人居,赢得了市场与口碑的 双重认可。 14 ...

上半年，代建行业有新动向。 作为地方土地市场重要拿地主体的城投公司，拿地占比明显下降，上半年占比45%，较去年同期降5个百分点。而城投拿地是代建企业深度挖掘的增量"窗 口"和主要利润贡献点，随着城投拿地占比减少，城投代建的业务竞争愈发激烈。 值得注意的是，2025年上半年，多家代建企业通过战略签约方式深化代建业务布局，合作内容呈现出多元化。 据不完全统计，上半年有7家代建企业与不同的委托方就不同业务类型进行了合作，并有表现出全国化布局的趋势，上述7家代建企业合作项目遍布淄博、 北京、绍兴、佛山、重庆、武汉等地。 好消息是，政府代建制政策持续落地，上半年14个省市出台代建管理办法，积极鼓励政府项目实行代建制。不过，代建企业仍面临一项挑战，即现房政策 若落地将加速企业"洗牌"。 第二，强化绿色建造与技术升级。典型如内蒙古自治区政府投资项目明确提出，提倡代建项目采用先进技术、先进设备、先进工艺、新型建筑材料、智能 建造和现代管理方式，全面落实绿色建筑和绿色建材相关要求，以提高设计、建造及运维管理的科学化水平，实现节约工程投资、合理缩短工期、管理精 细化的目标，推进建筑信息化、工业化、绿色化发展。 14省市出台代建管 ...

Core Viewpoint - GDI Management has successfully completed its first construction project in Guangzhou, the Xinhua Insurance Building, after a five-year process, marking a significant milestone in its operations in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2]. Project Overview - The Xinhua Insurance Building, located in the Tianhe International Financial City, has a total investment of approximately 3 billion yuan and serves as a landmark mixed-use complex [1]. - The building stands at 180 meters tall, with a total construction area exceeding 130,000 square meters, including 110,000 square meters above ground and 28,500 square meters underground [1]. - The project faced delays due to the COVID-19 pandemic, with construction initially expected to be completed by the end of 2022 but ultimately finishing in 2025 [2]. Construction Management - GDI Management subcontracted the construction to China State Construction Engineering Corporation with a contract value of 1.114 billion yuan, showcasing its strategy of providing comprehensive management services while selecting suitable construction partners [3]. - The project utilized innovative construction methods, such as external tower cranes, which reduced unnecessary processes and lowered costs by 24.8% [3]. Expansion and Future Projects - Following the success of the Xinhua Insurance Building, GDI Management has secured additional projects in Guangzhou, including a second commercial project with an investment of approximately 1.8 billion yuan [4]. - The company has also won a third project, the Guangdong Geographic Technology Innovation Center, which aims to create a comprehensive building for research and academic exchange [5][6]. Market Dynamics - The construction management sector has seen increased competition, with over 100 companies entering the field, leading to a more challenging market environment [7]. - GDI Management is adapting by expanding its service offerings, including financing consulting and operational management, to create additional value for clients [7].

Group 1: Industry Policy - The government continues to promote the reform of the government investment project construction agency system, with 14 provinces and cities issuing or revising management measures in the first half of 2025 to enhance project management professionalism and investment efficiency [1][8] - The management measures emphasize that the construction agency is responsible for project organization, investment control, quality, and schedule, with projects handed over to the user unit upon completion [8][9] - The new management trends include refined management, enhanced green construction and technology upgrades, and improved incentive and penalty mechanisms [9] Group 2: Land Acquisition by Urban Investment Companies - In the first half of 2025, urban investment and platform companies acquired over 22 million square meters of land, accounting for 45% of the total, which is a slight increase of 4% compared to the same period in 2024, but a decrease of 5 percentage points year-on-year [2][12] - The second quarter saw a decline in land acquisition share to 41%, down 8.7 percentage points from the first quarter and 14.4 percentage points from the same period in 2024 [12] Group 3: Corporate Insights - Several construction agency companies deepened their business layout through strategic partnerships, with 7 companies collaborating with various clients across multiple regions, indicating a trend towards national expansion [3][14] - The partnerships focus on government-enterprise cooperation, cross-industry integration, and emphasize smart and ecological construction [14][15] - The collaboration types include government partnerships, state-owned enterprise resource integration, and private enterprise cross-industry alliances, enhancing competitive advantages and project acquisition capabilities [15][16][17] Group 4: Key Projects - The Dragon Lake Longzhi project in Chengdu was delivered 40 days ahead of schedule, showcasing effective project management and cost control [20][21] - The project involved significant upgrades and marketing strategies, resulting in high sales performance and customer satisfaction [21][25] - The first half of 2025 saw 260 construction agency projects awarded, an 8% increase year-on-year, with a notable rise in the second quarter [4][25]