Group 1 - The core viewpoint of the article highlights that Greentown Management Holdings (09979) has seen a stock price increase of over 4%, currently trading at 2.97 HKD with a transaction volume of 27.52 million HKD [1] - As of December 31, 2025, the total contracted construction area for new projects is 35.35 million square meters, representing a decrease of approximately 3.1% compared to the same period last year [1] - The estimated construction fee for new projects is 9.35 billion RMB, which shows a growth of about 0.4% year-on-year [1] Group 2 - According to a report from Caitong Securities (601108), Greentown Management Holdings is a pioneer and leader in the domestic light-asset real estate development model [1] - The company's core business model includes three main construction management sectors and three supporting services [1] - The company has established a scale advantage and brand effect through continuous efforts in the construction management field, maintaining a leading position in new construction area and sales for many years, with ample orders on hand and gradually improving project initiation efficiency [1]