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]

Core Viewpoint - The article emphasizes the increasing focus of construction companies on government investment projects, particularly in the context of a competitive market where the supply of available land is diminishing, leading to challenges in expansion and development opportunities for construction firms [1][3]. Group 1: Market Dynamics - Government investment companies have played a crucial role in stabilizing the land market since 2021, with their land acquisition ratio consistently exceeding 50% from 2022 to 2024 in 30 key cities [3][4]. - Despite the high acquisition rates, the development capabilities of these investment companies have not kept pace, resulting in a significant amount of undeveloped land, totaling over 3.6 billion square meters across more than 4,200 plots [4][5]. Group 2: Development Opportunities - The 3.6 billion square meters of undeveloped land presents a potential opportunity for construction companies to explore and capitalize on, especially as the market begins to stabilize [4][18]. - The article highlights that the majority (95.3%) of the undeveloped land was acquired independently by government investment companies, indicating a concentrated opportunity for construction firms to engage in these projects [4]. Group 3: Regional Insights - The article identifies that cities in central and western China, such as Xuzhou, Chongqing, and Changsha, have a larger volume of undeveloped land, making them attractive for construction companies looking to expand [6]. - Conversely, cities like Shenzhen and Fuzhou have smaller undeveloped land areas, leading to higher competition among top construction firms [6]. Group 4: Land Characteristics - Approximately 32.3% of undeveloped plots have a low plot ratio (below 2), which aligns with the current market trend towards "better housing" and presents an opportunity for construction firms to create value [8][9]. - The article notes that 43% of undeveloped plots are smaller than 100,000 square meters, suggesting that smaller plots may be more suitable for construction firms to manage effectively [14][15]. Group 5: Strategic Focus - The article concludes that construction companies should focus on specific cities and types of undeveloped land to maximize their growth potential, emphasizing the importance of strategic resource allocation [18].

Core Insights - The construction agency model has become a significant topic in the real estate industry, transitioning from a "blue ocean" to a "red ocean" market [1] - The penetration rate of construction agency projects is significantly higher in second and third-tier cities compared to first-tier cities, where opportunities are scarce [2][4] Summary by Categories Market Penetration - The highest penetration rate for construction agency projects in second and third-tier cities exceeded 8%, while first-tier cities remained around 1% [2] - In the past four years, the share of construction agency projects in new launches in first-tier cities was less than 1%, compared to an industry average of 2.4% [4] Opportunities in First-tier Cities - Guangzhou is highlighted as a potential city for construction agency opportunities, particularly in public infrastructure projects beyond residential developments [3] - Despite low overall penetration, Guangzhou and Beijing have slightly higher rates, exceeding 1%, but still lag behind cities like Wuxi and Suzhou [4] Land Acquisition Trends - Land acquisition by city investment companies in first-tier cities is low, with a significant portion of land located in suburban areas [7][11] - The willingness of major state-owned enterprises to acquire land has increased, driven by the need to maintain market stability [7] Competitive Landscape - The construction agency market in first-tier cities is dominated by leading companies, making it challenging for smaller or new entrants to secure projects due to high entry barriers [7][16] - The overall market in first-tier cities shows resilience, but demand for construction agency projects is concentrated in core second-tier cities [10][16] Pricing and Performance - Construction agency projects in first-tier cities tend to have higher pricing compared to surrounding projects, with price increases ranging from 2% to 53% [14] - The operational, brand, and product strengths of leading construction agency firms contribute to better sales performance compared to their competitors [14]

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% ...

Group 1 - The company reported a total revenue of 3.441 billion RMB for the year ending December 31, 2024, representing a year-on-year increase of 4.2% [1] - Gross profit was 1.706 billion RMB, with a net profit attributable to shareholders of 800 million RMB, resulting in a basic earnings per share of 0.41 RMB [1] - The company proposed a final dividend of 0.24 RMB per share [1] Group 2 - The company maintained its position as the leading player in the real estate agency service sector, achieving a market share of 22.1%, an increase of 1.7 percentage points from 2023 [1] - The company received multiple accolades, including "Top 1 in China's Real Estate Agency Operations for 2024" and "Top 1 in Comprehensive Strength of Real Estate Agency Enterprises" [1] - As of December 31, 2024, the company had established agency projects in 130 major cities across 30 provinces, municipalities, and autonomous regions in China, with a total contracted project area of 126 million square meters, a 5.0% increase year-on-year [1] Group 3 - The estimated total saleable value of contracted projects in major economic regions reached 720.1 billion RMB, accounting for 77.3% of the overall saleable value, remaining stable compared to the previous year [2] - The building area in first and second-tier cities reached 55.3 million square meters, representing 44.0% of the total building area, an increase of 7.6% year-on-year [2] - The company achieved the largest new project scale in the industry, with a total contracted area of new projects reaching 36.5 million square meters, a year-on-year growth of approximately 3.4% [2] Group 4 - The estimated agency fee for new projects was 9.32 billion RMB, a decrease of approximately 10.1% compared to the previous year, but the overall order quality improved [2] - The price of new projects stabilized from 240 RMB per square meter in the first half of 2024 to 255 RMB per square meter for the entire year [2] - The proportion of projects in first and second-tier cities increased to 58%, up 6 percentage points from the previous year [2]