消息面上，绿城管理控股公布，截至2025年12月31日止年度，集团新拓代建项目的合约总建筑面积达 3,535万平方米，较去年同期下降约3.1%；新拓代建项目代建费预估为人民币93.5亿元，较去年同期增 长约0.4%。 智通财经APP获悉，绿城管理控股(09979)午后涨超4%，截至发稿，涨3.48%，报2.97港元，成交额 2752.59万港元。 财通证券此前发布研报称，绿城管理控股是国内房地产轻资产开发模式的先行者与引领者，核心业务模 式包括三大代建主业及三大配套服务。考虑到公司持续深耕代建领域，已形成规模优势与品牌效应，新 拓代建面积和销售额多年稳居行业榜首，在手订单充裕，项目启动逐步提效。 ...

1月6日，中指研究院发布《2025年中国房地产代建企业排行榜》。 在代建销售规模方面，2025年，绿城管理以985亿元合约销售金额位列代建销售榜首位。蓝绿双城和龙 湖龙智造代建项目销售金额分别为236亿元和206.2亿元，位列二、三位。随着入局代建企业增加，代建 项目纷纷进入销售阶段，代建企业销售规模也在持续提升。 旭辉建管和润地管理代建新签约面积分别为1629万平方米和1595万平方米，位列二、三位。 在新增规模方面，2025年，绿城管理以3535万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1629万平方米和1595万平方米，位列二、三位。 2025年，房地产代建企业积极布局政府代建，从榜单来看，润地管理以1349万平方米的新拓面积位列榜 单第一。旭辉建管和蓝城集团位列二、三位，新签约政府代建规模分别为732万平方米和563万平方米。 2025年，代建企业在政府代建方面主要以保障房、学校、体育场馆等为主，部分企业也在探索城市更新 中的代建机遇。 在代建交付力上，近年来，交付力成为行业关键词，日益受到房企重视。房地产代建企业亦十分重视代 建项目的交付力，一方面，部分企业参与到纾困项目代 ...

智通财经APP获悉，克而瑞地产研究发文称，2025年代建新增规模TOP20企业的新增签约建面达21926万平方米，同比增幅 16%，增速较2024年提升6个百分点，仍低于2023年。从新增规模的梯队分布来看，已有10家企业年内新增代建规模超1000万平 方米，较去年同期增加5家，按次序分别为绿城管理(09979)、旭辉建管、润地管理、蓝城集团、金地管理、龙湖龙智造、招商建 管、新城建管、远洋建管、金建管。 01 TOP20新拓总量同比增长16% 已有10家企业新签约规模超千万方 在房地产市场延续止跌回稳大趋势的背景下，2025年以来头部代建企业扩张意愿强烈，拓展规模显著提升，逆转了2024年拓 展"失速"的态势。 2025年代建新增规模TOP20企业的新增签约建面达21926万平方米，同比增幅16%，增速较2024年提升6个百分点，仍低于2023 年。从新增规模的梯队分布来看，已有10家企业年内新增代建规模超1000万平方米，较去年同期增加5家，按次序分别为绿城管 理、旭辉建管、润地管理、蓝城集团、金地管理、龙湖龙智造、招商建管、新城建管、远洋建管、金建管。 除千万级以上的10家企业外，有8家企业的新拓规模集 ...

消息面上，12月19日晚，中原建业发布公告称，已履行复牌指引，主要包括刊发所有尚未刊发的财务业 绩，并解决任何审计修订。至今，集团向多家房地产公司提供十笔总额7.5亿人民币贷款的本金额已悉 数偿还，未偿还应收利息5300万人民币，公司已指示法律顾问审查并追讨。 智通财经APP获悉，中原建业(09982)于2024年4月2日暂停买卖，时隔逾20个月复牌，今早一度飙升近 64%，截至发稿，涨38.18%，报0.152港元，成交额2492.65万港元。 ...

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 ...

季度走势而言，2025年前三季度单季度的中标数量持续走高，并且在第二季度、第三季度中标数量连续创新高，其中第三季度中标数量 达到172个，同、环比增幅分别达到37%和17%。 总体来看， 前三季度头部代建企业强烈的扩张意愿有效推动了中标数量的显著增长。 在代建市场逐渐成为红海、增量空间减少的环境 下，已经具备规模优势和品牌效应的企业仍在加速拓展，稳固自身优势。 ◎ 文/ 谢杨春、吴嘉茗 2025年1-9月，头部代建企业扩张的意愿强烈，新增规模TOP20企业新增签约建面为15771万平方米，同比增幅达到31%。在头部企业的积 极拓展带动下，前三季度代建项目的中标数量呈现稳步增长态势，尤其在第三季度，中标项目数量再创新高。 前三季度代建项目中标量同比增长18% 连续两个季度稳步抬升 01 根据招标网数据显示，2025年1-9月代建中标项目约为432个，同比增长18%，增速比2024年同期下降10个百分点，但是与半年度相比，增 速有所回升。 从监测的中标数据来看，绿城管理的中标数量断层领先其他企业，第三季度公开中标项目接近20个，其次龙湖龙智造、蓝城集团、旭辉 管理、金地集团等中标数量也显著高于其他企业。第三季度中 ...

Investment Rating - The report maintains a "Buy" recommendation for Greentown Management Holdings (9979.HK) with a current stock price of HKD 3.12 [1]. Core Views - The competitive landscape in the construction management industry is stabilizing, with a return to rational growth, presenting incremental opportunities. Despite increased competition and a decline in new contract signings for 2024, the market share of leading firms continues to expand, and the focus is shifting towards risk management and profitability [6][10]. - The company is experiencing positive operational signals, with a high dividend yield providing valuation support. The company has maintained a high payout ratio and is expected to implement interim dividends for the first time in 2025, with a dividend yield significantly higher than mainstream property management companies [20][51]. Summary by Sections Industry Overview - The construction management industry is witnessing a return to rational competition, with the market stabilizing as new entrants have diminished. The focus is now on the leading firms, which are prioritizing risk control and profitability [6][10]. - Urban renewal and supportive policies for quality housing are expected to create structural growth opportunities within the industry, despite a current decline in single-unit construction fees [10][18]. Operational Performance - Greentown Management Holdings has a robust order book, with a total construction area of 12.65 million square meters as of the first half of 2025. The company has seen a year-on-year increase in new contract values and construction areas [20][23]. - The company’s cash flow is improving, with a significant increase in operating cash flow and a high cash reserve, allowing for a strong dividend policy [51][55]. Financial Projections - Revenue projections for 2025 show a decline to HKD 29.94 billion, with a subsequent recovery expected in 2026 and 2027. The gross margin is anticipated to remain around 40% in 2025, with a potential increase in the following years [5][58]. - The earnings per share (EPS) forecast for 2025 has been slightly reduced to HKD 0.28, but the company is expected to recover to HKD 0.31 in 2026 and HKD 0.34 in 2027, reflecting its competitive advantages in the construction management sector [60].

Core Insights - The penetration rate of entrusted construction projects in commodity housing continues to rise, reaching 7.23% in the first three quarters of 2025, an increase of 0.8 percentage points compared to 2024 [1] - The development trends vary across different city tiers, with only second-tier cities showing an upward trend in penetration rates, while first-tier and third- and fourth-tier cities have experienced declines [1] - Leading entrusted construction companies are showing strong expansion intentions, indicating a likely continued increase in market penetration rates in the future [1] Penetration Rate Trends - The penetration rate for entrusted construction projects was 5% in Q1 2025, down 0.44 percentage points year-on-year; it surged to 8.7% in Q2, up 2.37 percentage points year-on-year, marking a new quarterly high; and in Q3, it was 7.12%, up 1.24 percentage points year-on-year [1] - If the upward trend continues into Q4, the annual penetration rate is expected to reach a new high [1] Project Distribution - In 2025, 84% of new entrusted construction projects are located in second-tier cities, 15% in third- and fourth-tier cities, and only 1% in first-tier cities; the Yangtze River Delta region leads with a 40% share [2] - Guangzhou has the highest number of entrusted construction projects among first-tier cities, with 9 projects, followed by Shanghai with 5, and Shenzhen and Beijing with 3 and 2, respectively [5] Second-Tier City Performance - The penetration rate in second-tier cities reached 9.89% in the first three quarters of 2025, an increase of 2.13 percentage points compared to 2024, making it the only tier to see significant growth [6] - Cities like Suzhou and Tianjin have penetration rates exceeding 30%, with Suzhou at 38.5% [8] Third- and Fourth-Tier City Trends - The penetration rate in third- and fourth-tier cities decreased to 6.15% in the first three quarters of 2025, down 1.67 percentage points from 2024, largely influenced by individual city performance [11] - Despite the current decline, there are long-term opportunities in these cities, particularly in areas like the Pearl River Delta [15] Competitive Landscape - The competition in second-tier cities is intensifying, making it crucial for companies to establish a presence in promising third- and fourth-tier cities or explore niche markets in first- and second-tier cities [17]

Group 1: New Project Signings - In September 2025, several construction management companies secured new project contracts, including Green City Management winning multiple residential projects in Hangzhou and Wenzhou [1] - Runze Management won a significant affordable housing project in Dongguan, with a total construction area of approximately 84,500 square meters [1] - Jin Di Group's Zhejiang region signed contracts for various residential projects, including a low-density residential area in Hangzhou with a construction area of about 24,800 square meters [1] Group 2: Major Events - He Sheng Chuang Zhan reported a total contract sales area of approximately 47,591 square meters and a sales amount of about RMB 4.236 billion for the first eight months of 2025 [2] Group 3: Market Analysis - In September, residential properties accounted for 85% of the bidding information in the public market, with Zhejiang province being the leading area for project announcements, representing 54% of the total [6][8] - 95% of the projects were won by real estate development companies, with residential properties making up 70% of the winning bids [8] Group 4: Land Acquisition Trends - There has been an increase in land acquisition willingness among private real estate companies, with their share of land acquisition amounting to 13.4% among the top 100 companies from January to September 2025, a rise of 5.6 percentage points compared to 2024 [11] - Some small and medium-sized private companies are becoming important clients for construction management firms, providing new growth opportunities [11]

Core Insights - The report from the China Index Academy indicates a significant decline in land acquisition by local state-owned enterprises, while private real estate companies have shown an increased willingness to acquire land. In the first nine months of 2025, private enterprises accounted for 13.4% of the land acquisition amount among the top 100 companies, an increase of 5.6 percentage points compared to 2024 [1] Group 1: Land Acquisition Trends - There has been a notable decrease in land acquisition by local state-owned enterprises this year [1] - Private real estate companies are increasingly willing to acquire land, providing new opportunities for construction companies [1] - Some small and medium-sized private enterprises are becoming important clients for construction projects, enhancing their land acquisition intentions [1] Group 2: Project Developments - In September 2025, several typical construction companies secured new project contracts, including Green City Management and Run Di Management, which won multiple bids for residential and public housing projects [4] - The total contract sales area for He Sheng Chuang Zhan in the first eight months of 2025 reached approximately 47,591 square meters, with a sales amount of about RMB 4.236 billion [5] - Jin Di Management released an upgraded version of its "Client Service White Paper," focusing on enhancing service capabilities [6] Group 3: Market Dynamics - In September, residential properties accounted for 85% of the bidding information, with Zhejiang province being the leading area for project announcements, representing 54% of the total [8] - 95% of the projects were won by real estate development companies, with residential properties making up 70% of the winning bids [9]