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 Viewpoint - The real estate industry is undergoing significant adjustments and transformations, with traditional heavy asset development models facing challenges, while the "light asset, high quality" model of agency construction is emerging as a key player [1][2]. Industry Background - The real estate market is entering a stock era, and the ongoing "housing is for living, not for speculation" policy makes the agency construction model an effective way to revitalize stock assets and improve resource utilization efficiency, thus becoming an important force in the transition to a new development model in the real estate sector [1]. Company Performance - In the first quarter of 2025, the agency construction platform of the company, Yuan Yang Construction Management, signed new agency construction contracts covering approximately 950,000 square meters, with a sales amount of about 180 million yuan [2]. - Yuan Yang Construction Management has gained recognition in various authoritative rankings for its comprehensive agency capabilities, contract signing scale, delivery scale, and sales scale, indicating a continuous enhancement of its influence in the industry [2]. Policy Alignment - The company's light asset agency construction business aligns well with current national policy directions, actively participating in relief projects under the "ensure delivery of buildings and stabilize people's livelihoods" policy, contributing to the smooth delivery of problematic projects and stabilizing the real estate market [2]. - The company is involved in urban renewal and old city transformation projects, enhancing urban quality and vitality through various methods such as demolition and reconstruction, which aligns with national requirements for high-quality urban development [2]. Health and Sustainability Focus - The company integrates its health building system into agency construction projects, aiming to create healthier, more comfortable, and environmentally friendly living and commercial spaces, thus promoting the development of green and healthy buildings in line with national sustainable development strategies [2].

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. ...

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 ...

1、一季度新增TOP20总量同比增6%，绿城管理、旭辉建管、润地管理领跑 | ◎ 克而瑞研究中心 | | --- | | PART1 榜单发布 | 新拓规模TOP5集中度超过五成，较去年同期下降7个百分点 0 2 2、新拓规模TOP5集中度超过五成，较去年同期下降7个百分点 3、超过半数企业新拓面积同比增长，呈现"头部稳健、腰部发力"格局 4、品牌传播力保持强者恒强，AI、科技赋能代建业务成各家企业突破口 一季度新增TOP20总量同比增6%，绿城管理、旭辉建管、润地管理领跑 0 1 PART2 榜单解读 2025年一季度，代建新增规模TOP20企业新增签约建面4534万平方米，同比增加6%，较2024年全行业17% 的增速进一步放缓，竞争仍十分激烈，代建项目获取难度不断增加。 按一季度新增建面分布来看，绿城管理仍然以"断层"优势保持龙头地位，一季度新拓面积几乎是第二名2 倍。有3家企业新增建面超过300万平方米，分别是旭辉建管、润地管理、蓝城集团，基本以政府代建项目 新拓为主，其中旭辉建管一季度政府代建比例达到56%，润地管理政府新签规模约301万平方米。另，有6 家房企新增建面位于200-300万区间，包括 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 3.44 billion yuan in 2024, representing a year-on-year growth of 4.2%, while the net profit attributable to shareholders decreased by 17.7% to 800 million yuan [7] - The company has maintained a market share of over 20% for nine consecutive years, with a new project area of 36.49 million square meters in 2024, reflecting a year-on-year increase of 3.4% [7] - The company has adjusted its project structure in response to market conditions, increasing the proportion of private enterprise projects to 33% in new projects [7] - The company’s dividend payout ratio has been adjusted to 60%, with a dividend of 0.24 yuan per share for 2024 [7] - The company is expected to benefit from a stabilizing real estate market, with projected net profits of 8.2 billion yuan in 2025 and 8.7 billion yuan in 2026 [7] Financial Summary - Total revenue is forecasted to grow from 3.44 billion yuan in 2024 to 4.04 billion yuan in 2027, with a compound annual growth rate of approximately 5.39% [8] - The net profit attributable to shareholders is projected to increase from 800 million yuan in 2024 to 932.8 million yuan in 2027 [8] - The earnings per share (EPS) is expected to rise from 0.40 yuan in 2024 to 0.46 yuan in 2027 [8] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 6.87 in 2025 to 5.90 in 2027, indicating potential value appreciation [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 3.44 billion yuan for 2024, representing a year-on-year growth of 4.2%, while the net profit attributable to shareholders decreased by 17.7% to 800 million yuan [7] - The company has maintained a market share of over 20% for nine consecutive years, with a new project area of 36.49 million square meters in 2024, reflecting a year-on-year increase of 3.4% [7] - The company has adjusted its project structure in response to market conditions, increasing the proportion of private enterprise projects in new projects to 33% [7] - The company’s dividend for 2024 is set at 0.24 yuan per share, with a dividend payout ratio adjusted to 60% [7] - The company is expected to benefit from a stabilizing real estate market, with projected net profits of 8.2 billion yuan and 8.7 billion yuan for 2025 and 2026, respectively [7] Financial Summary - Total revenue forecast for 2024 is 3.44 billion yuan, with a projected growth rate of 5.65% in 2025 [8] - The net profit attributable to shareholders is forecasted to be 801.13 million yuan in 2024, with a slight increase to 822.77 million yuan in 2025 [8] - The company’s earnings per share (EPS) is projected to be 0.40 yuan in 2024, increasing to 0.46 yuan by 2027 [8] - The price-to-earnings (P/E) ratio is expected to decrease from 6.87 in 2024 to 5.90 in 2027 [8]