绿城管理控股：2025年中期报告

Stock Code: 09979(incorporated in the Cayman Islands with limited liability) 目錄Contents 2公司簡介Corporate Profile4公司資料Corporate Information8管理層討論與分析Management Discussion and Analysis24企業管治Corporate Governance26其他事項Other Information36獨立審閱報告Independent Review Report38中期簡明綜合損益及其他全面收益表Interim Condensed ConsolidatedStatement of Profit or Loss and OtherComprehensive Income40中期簡明綜合財務狀況表Interim Condensed ConsolidatedStatement of Financial Position42中期簡明綜合權益變動表Interim Condensed ConsolidatedStatement of Changes in Equity43中期簡明綜合現金流量表Interim Condensed ConsolidatedStatement of Cash Flows45中期簡明綜合財務資料附註Notes to Interim CondensedConsolidated Financial Information94釋義Definitions 公司簡介Corporate Profile •Greentown • Wanning Haiyu Chunfeng 本集團是中國房地產輕資產開發模式的先行者、引領者。綠城管理成立於2010年，是綠城中國的附屬公司，也是「綠城」品牌和代建管理模式輸出的主體。2020年7月，綠城管理在聯交所主板上市， 成 為 中 國 代 建 第 一 股。 本 集 團 於2017年至2025年蟬聯中指研究院頒發《中國房地產代建運營引領企業》的殊榮，連續九年市場佔有率超過20%，位居代建行業首位。 The Group is the pioneer and leader of China’s real estate asset-lightdevelopment model. Greentown Management was founded in 2010.It is a subsidiary of Greentown China and the main body for exportingthe “Greentown” brand and project management model. In July 2020,Greentown Management was listed on the Main Board of the StockExchange, becoming the first project management stock in China.From 2017 to 2025, the Group had consecutively earned the accoladeof a Leading Enterprise in China’s Real Estate Project ManagementOperation (《中國房地產代建運營引領企業》) granted by China IndexAcademy, with a market share of over 20% for nine consecutive years,ranking first in the project management industry. 綠城管理秉持「品質、信任、效益、分享」的核心價值觀，通過項目管理整合資源、輸出品牌及標準，以定制化的解決方案和高品質的服務，為客戶創造價值。 核 心 業 務 包 括 商 業 代 建、 政 府 代建、資方代建和其他服務等。作為代建4.0體系開創者及「綠星」標準制定者，綠城管理致力於為委託方、業主、供應商、員工、投資方打造「共創價值、共享利益」的生態平台，共建激動人心的品質生活。 Greentown Management adheres to the core values of “quality,reliance, efficiency and sharing”, integrates resources, exports brandand standards through project management, and creates value forcustomers with customized solution plans and high-quality services. Thecore business includes commercial project management, governmentproject management, capital owner project management and otherservices. As the pioneer of the Project Management 4.0 system andthe “Greentown Star” standard setter, Greentown Management iscommitted to creating an ecological platform of “co-creating value andsharing benefits” for clients, owners, suppliers, employees and investorsto build an exciting quality life. 截至2025年6月30日，本集團代建項目已佈局中國30個省、直轄市及自治區的132座主要城市。 As of 30 June 2025, the project management projects located in 132major cities across 30 provinces, municipalities and autonomous regionsin the PRC. 公司資料Corporate Information 董事會 BOARD OF DIRECTORS 董事會聯席主席及非執行董事 Co-Chairman of the Board and Non-executive Directors 郭佳峰先生（聯席主席）耿忠強先生（聯席主席）（於2025年4月25日獲委任）張亞東先生（先前擔任聯席主席，辭任自2025年3月31日起生效） Mr. Guo Jiafeng(Co-Chairman)Mr. Geng Zhongqiang(Co-Chairman)(appointed on 25 April 2025)Mr. Zhang Yadong(formerly served as Co-Chairman,resigned with effect from 31 March 2025) 執行董事 Executive Directors 王俊峰先生（行政總裁）聶煥新女士 Mr. Wang Junfeng(Chief Executive Officer)Ms. Nie Huanxin 獨立非執行董事 Independent Non-executive Directors 林治洪先生丁祖昱博士陳仁君先生 Mr. Lin ZhihongDr. Ding ZuyuMr. Chan Yan Kwan Andy AUDIT COMMITTEE 審核委員會 陳仁君先生（主席）林治洪先生丁祖昱博士 Mr. Chan Yan Kwan Andy(Chairman)Mr. Lin ZhihongDr. Ding Zuyu 薪酬委員會 REMUNERATION COMMITTEE 丁祖昱博士（主席）陳仁君先生林治洪先生 Dr. Ding Zuyu(Chairman)Mr. Chan Yan Kwan AndyMr. Lin Zhihong 提名委員會 NOMINATION COMMITTEE 林治洪先生（主席）陳仁君先生丁祖昱博士聶煥新女士（於2025年8月22日獲委任） Mr. Lin Zhihong(Chairman)Mr. Chan Yan Kwan AndyDr. Ding ZuyuMs. Nie Huanxin(appointed on 22 August 2025) 綠城管理控股有限公司公司資料Corporate Information 授權代表 AUTHORIZED REPRESENTATIVES 王俊峰先生谷冀湘女士 Mr. Wang JunfengMs. Gu Jixiang 聯席公司秘書 JOINT COMPANY SECRETARIES 谷冀湘女士伍秀薇女士 LEGAL ADVISORS 法律顧問 香港法律方面：安理謝爾曼思特靈律師事務所香港中環交易廣場第三座9樓 As to Hong Kong laws:Allen Overy Shearman Sterling9th Floor, Three Exchange SquareCentralHong Kong As to Cayman Islands law:Maples and Calder (Hong Kong) LLP 開曼群島法律方面：邁普達律師事務所（香港）有限法律責任合夥香港灣仔港灣道18號中環廣場26樓 26th FloorCentral Plaza18 Harbour RoadWanchaiHong Kong 中國法律方面：浙江天冊律師事務所中國浙江省杭州市杭大路1號黃龍世紀廣場A座11樓310007 As to PRC law:Zhejiang T&C Law Firm11/F, Building A, Dragon Century PlazaNo. 1 Hangda RoadHangzhouZhejiangThe PRC310007 Greentown Management Holdings Company Limited 公司資料Corporate Information 核數師 AUDITOR 安永會計師事務所執業會計師註冊公眾利益實體核數師香港鰂魚涌英皇道979號太古坊一座27樓 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry BayHong Kong 註冊辦事處 REGISTERED OFFICE PO Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands PO Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands HEADQUARTERS 總部 9/F, Block CXixi International767 Wen Yi West RoadXihu District, HangzhouZhejiangThe PRC 中國浙江省杭州市西湖區文一西路767號西溪國際C座9樓 PRINCIPAL PLACE OF BUSINESS IN HONG KONG(CHANGED ON 15 JANUARY 2025) 香港主要營業地點（於2025年1月15日變更） Room 1406-140814