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 ...

自2018年进入济南市场以来，远洋已累计开发近20个项目，覆盖住宅、商业、办公等多重业态，拥有深 厚的客户口碑与全产业链资源实力。 近日，远洋集团旗下远洋建管正式签约济南水利厅宿舍A地块城市更新项目，提供涵盖建设手续办理、 规划设计管理、营销管理、客户关系管理等全过程代管与代销服务。这也是继历城城发·观山樾项目、 赵家庄B-1商业代建项目、城投·繁花里项目、济南宾馆项目等项目后，远洋建管在济南落地的又一轻资 产代建项目。 该项目位于济南历下区和平路与历山路交汇处，占地约1.73万平方米，规划建筑面积约7.4万平方米，周 边教育、商业、医疗、交通等配套齐备。作为济南市二类风貌控制区内的城市更新项目，地块规划建设 为品质商品房社区，并配建部分安置房。远洋建管将充分尊重城市肌理与风貌特征，打造与片区相协 调、与城市功能相融合的现代人居产品，为老城区可持续发展注入新活力。 近年来，远洋建管的代建能力也屡获委托方认可。在中指研究院发布的《2025年1-9月中国房地产代建 企业排行榜》中，远洋建管位列「新签规模排行榜」第8位、「代建销售规模排行榜」第12位。 责任编辑：江钰涵 近年来，远洋建管的代建能力也屡获委托方认可。 ...

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]

近日，大连当地楼市研究机构发布《2025年11月大连楼市销量排行榜》。其中，由远洋集团旗下远洋建 管代建代管的华南汇位列公寓排行榜第二，引发市场关注。 资料显示，华南汇项目位于大连北部重要商业圈华南广场的核心位置，周边交通便利、配套齐全。今年 9月，大连华南汇项目首次开盘即创下去化206套、成交金额9300万元的佳绩，位列大连新开公寓项目套 数第一、销售金额第二，验证了远洋建管的专业操盘能力与市场竞争力。 近年来，远洋建管的专业操盘能力屡获市场验证。在中指院发布的《2025年1-9月中国房地产代建企业 排行榜》上，远洋建管位列'新签规模排行榜'第8位、'代建销售规模排行榜'第12位。今年11月，远洋建 管先后签约福建宁德赛岐外滩、泉州观音岐文旅城等项目，提供代销服务，助力项目去化。 责任编辑：杨赐 近年来，远洋建管的专业操盘能力屡获市场验证。在中指院发布的《2025年1-9月中国房地产代建企业 排行榜》上，远洋建管位列'新签规模排行榜'第8位、'代建销售规模排行榜'第12位。今年11月，远洋建 管先后签约福建宁德赛岐外滩、泉州观音岐文旅城等项目，提供代销服务，助力项目去化。 责任编辑：杨赐 近日，大连当地楼市 ...

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]

Core Insights - The real estate industry in China is undergoing a significant transformation, moving from "incremental expansion" to "stock quality improvement" as the new paradigm for development [6][8][9] - The core competitiveness of the construction agency model has shifted from simple "price competition" to deeper "value creation" [7][8] - The market environment is opening new development windows for the construction agency industry, with a focus on core cities and institutionalized clients [8][9] Industry Trends - The penetration rate of the construction agency model in China is currently at 12.5%, indicating substantial growth potential compared to 20%-30% in mature markets like Europe and the U.S. [13] - Urban renewal and stock transformation are emerging as new growth areas within the industry [13] - The industry is witnessing a "Matthew effect," where leading firms consolidate while weaker ones exit the market [6][8] Client Structure - The client structure is becoming more diversified and balanced, with state-owned platforms playing a stabilizing role and private enterprises increasing their participation [5][8] - In the first half of the year, the proportion of private clients for Greentown Management reached 37%, an increase of 8 percentage points year-on-year [5][8] Policy Support - A clear policy framework is being established to guide the construction agency industry, focusing on urban village renovations, "guaranteed delivery" of housing, and the construction of "good houses" [9][10] - Recent policies emphasize high-quality development in real estate as a means to improve and guarantee livelihoods [9][10] Company Performance - Greentown Management reported a new construction area of approximately 1,989 million square meters in the first half of the year, a year-on-year increase of 13.9% [11] - The new construction fees reached approximately 5 billion yuan, with a year-on-year growth of 19.1%, marking the highest level in three years [11] Future Outlook - The future winners in the industry will be those companies that excel in contract fulfillment, product development, cost control, operational efficiency, service extension, and risk management [13] - Greentown Management aims to be a standard bearer, innovator, and active contributor to the industry's ecosystem, focusing on high-quality development and collaboration [14][15][16]

Core Insights - The leading construction companies have shown a strong willingness to expand, with the top 20 companies signing new contracts for a total area of 15,771 million square meters, representing a year-on-year increase of 31% [1] - The number of awarded construction projects has steadily increased, particularly in the third quarter, which saw a record high in project awards [2][3] Group 1: Project Awards - In the first three quarters of 2025, the number of awarded construction projects reached approximately 432, marking an 18% year-on-year growth, although the growth rate has decreased by 10 percentage points compared to the same period in 2024 [3] - The third quarter alone saw 172 awarded projects, with both year-on-year and quarter-on-quarter increases of 37% and 17%, respectively [3] - Leading companies like Greentown Management have significantly outperformed others in terms of awarded projects, with nearly 20 projects in the third quarter [3] Group 2: Client Composition - Government and state-owned enterprises remain the primary clients for construction projects, including urban investment land and urban renewal projects [7] - There was a slight decrease in the proportion of projects commissioned by government and state-owned enterprises in the third quarter, dropping to 70%, a decline of nearly 20 percentage points compared to the average for the first eight months [7] Group 3: Regional Distribution - The distribution of awarded projects in the third quarter remained consistent with the first half of the year, with third and fourth-tier cities accounting for about 50% of the projects, while the Yangtze River Delta's share has been declining [9] - In the first three quarters of 2025, the awarded project distribution was 14% in first-tier cities, 35% in second-tier cities, and 51% in third and fourth-tier cities, indicating a trend where lower-tier cities dominate [9]