人民财讯10月11日电，中指研究院最新发布《中国房地产代建企业排行榜》，2025年1—9月绿城管理以 2790万平方米新签约规模位列第一；旭辉建管和润地管理代建新签约面积分别为1301万平方米和1290万 平方米，位列二、三位。同时，绿城管理在2025年1—9月也以706亿元合约销售金额位列代建销售榜首 位。当前，大部分商品住宅均需要代建企业代销，销售去化能力也成为代建企业项目拓展的重要能力之 一。 ...

Group 1 - The core viewpoint of the news highlights that Yuanyang Construction Management has been recognized for its strong capabilities in government construction projects, ranking 15th in the "2025 Top 20 Comprehensive Ability of Real Estate Construction Enterprises" [1][3] - In the first half of 2025, Yuanyang Construction Management expanded its project portfolio by securing 33 new projects, with a total signed project area of 5.62 million square meters, ranking 8th in the industry [3] - The company achieved a significant milestone in the second quarter of 2025, with new signed project area reaching the top 3 in the industry, indicating robust growth momentum [3] Group 2 - Yuanyang Construction Management has established a professional service system since its first government project in 2004, showcasing its deep experience and strong capabilities in the field [3] - The company emphasizes quality, progress, and safety management in its government construction projects, exemplified by its work in the Cixi government project, which earned it the title of "Excellent Government Construction Project" [3] - Yuanyang Construction Management offers comprehensive solutions across various sectors, including residential, commercial, office, hotel, elderly care, and industrial parks, leveraging its "project doctor" approach to enhance project value [3]

Core Viewpoint - Greentown Management achieved dual growth in scale and quality in its new expansion business during the first half of 2025, maintaining a leading position in the industry despite intensified competition in the construction management sector [1][4][10] Business Expansion - In the first half of 2025, Greentown Management's new expansion area reached 1,989 million square meters, a year-on-year increase of 13.9%, with new construction management fees amounting to approximately 5 billion yuan, up 19% from the previous year [1][5] - The proportion of new expansion in first- and second-tier cities remained high at 58%, focusing on economically developed cities such as Hangzhou, Nanjing, Shijiazhuang, and Suzhou [5][8] - The structure of new projects is continuously optimized, with the new expansion unit price rising to 251 yuan per square meter, a 5% increase year-on-year [5] Order Backlog and Delivery Capability - As of June 30, 2025, Greentown Management had a total order backlog of 126.5 million square meters, with four core city clusters accounting for 77% of this total [2][10] - The company delivered 45 projects with a total area of 4.65 million square meters in the first half of 2025, maintaining a leading delivery scale and a customer satisfaction rate of 92% [2][15] - The company expects to deliver nearly 10 million square meters in the second half of the year, with an annual total delivery scale projected to reach around 15 million square meters [16] Management Efficiency and Financial Performance - Since the second half of 2024, Greentown Management has implemented a series of management reforms, resulting in a 15-point increase in bid success rates and a 22% repeat commission rate [18][19] - Despite a decline in financial indicators due to market pressures, the company reported revenue of 1.374 billion yuan, a 17.7% decrease year-on-year, and a net profit of 273 million yuan, down 44.4% [2][26] - The company maintained a healthy cash position with 1.644 billion yuan in cash as of June 30, 2025, an 8% increase from the end of 2024, and no debt [29]

Core Viewpoint - CICC has upgraded the stock rating of Greentown Management Holdings (09979) to outperform the industry, maintaining a target price of HKD 3.2, reflecting improved front-end operational trends and high dividend yield support [1] Group 1: Front-end Operational Indicators - Positive changes in front-end operational indicators have been observed, with new expansion amount increasing by 19% year-on-year in the first half of 2025, corresponding to a construction fee of 251 CNY per square meter, up 5% year-on-year [2] - Operating cash flow net amount increased by 45% year-on-year in the first half of 2025, indicating recovery [2][3] - From January to July, overall construction sales showed resilience, with growth outpacing the top 10 real estate companies by 14 percentage points [2] Group 2: Sales and Cash Flow Performance - From January to July, the company's construction sales amount reached 51.1 billion CNY, remaining stable compared to the same period last year, with improvements in project opening rates and site conversion rates [3] - Operating cash inflow for the first half of the year was 110 million CNY, with the coverage ratio of operating cash flow to net profit attributable to shareholders increasing by 28 percentage points to 44% [3] Group 3: Project Expansion and Fee Stability - The company, as an industry leader, has a significant competitive advantage, with new signed construction contracts amounting to 5 billion CNY in the first half of 2025, a 19% year-on-year increase, maintaining a stable construction fee of 251 CNY per square meter [4] - By the end of 2024, the company has 15.2 billion CNY in hand, ensuring overall order coverage remains secure [4] Group 4: Dividend Yield Support - The company has historically emphasized shareholder returns, with a payout ratio exceeding 100% in 2022-2023 [5] - The company aims to optimize its dividend policy to provide long-term, stable, and sustainable returns to shareholders, with an estimated annual dividend yield of 9.5% if the per-share dividend remains consistent with 2024 [5] Group 5: Potential Catalysts - Potential catalysts include gradual stabilization of operations and performance, along with active fulfillment of dividend payouts [6]

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]