Core Viewpoint - The stock of Pudong Jinqiao has experienced a decline of 3.14% on November 5, with a current price of 11.10 CNY per share and a market capitalization of 12.459 billion CNY, indicating a mixed performance in recent trading periods [1]. Company Overview - Pudong Jinqiao is primarily engaged in the development, operation, and management of the Shanghai Jinqiao Industrial Park and the Biyun International Community, focusing on various real estate projects including industrial, office, research, residential, and commercial properties [1]. - The company's revenue composition includes 87.58% from real estate leasing, 7.30% from hotel apartments, 4.35% from real estate sales, 0.50% from property management, and 0.27% from other sources [1]. Financial Performance - For the period from January to September 2025, Pudong Jinqiao reported a revenue of 1.415 billion CNY, a year-on-year decrease of 30.46%, and a net profit attributable to shareholders of 338 million CNY, down 13.36% year-on-year [2]. - The company has distributed a total of 5.393 billion CNY in dividends since its A-share listing, with 1.556 billion CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Pudong Jinqiao was 60,500, a decrease of 4.97% from the previous period [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.929 million shares, while the Southern CSI Real Estate ETF has reduced its holdings by 82,600 shares to 4.2584 million shares [3].

证券代码：600639、900911 证券简称：浦东金桥、金桥 B 股 公告编号：临 2025-022 上海金桥出口加工区开发股份有限公司 2025 年第三季度主要经营数据公告 二、2025 年 7–9 月，公司房地产项目的开工、竣工情况： 2025 年 9 月，公司的 53-04 地块通用厂房新建项目开工，总建筑面积合计 30990.98 ㎡。 2025 年 9 月，公司实质上的全资子公司上海耘周置业有限公司的周浦镇 08 单元 16-02 地块住宅项目取得《建筑工程综合竣工验收合格通知书》，总建筑面 积合计 154183 ㎡。本项目入市推广名称为碧云澧悦项目。 三、2025 年 7–9 月，公司主营业务收入合计 452,772,111.04 元（同比减少 21.52%），其中销售收入 1,656,618.62 元（同比减少 97.56%），租赁收入 410,033,781.86 元（同比减少 7.87%），酒店公寓收入 38,257,599.60 元（同比减少 28.46%），物业管理服务收入 2,824,110.96 元（同比减少 72.94%）。销售收入同比 减少，主要因为上年同期与本期所结转项目的差 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥453,269,076.37, a decrease of 22.00% compared to the same period last year[3] - The total profit for the period reached ¥211,778,999.58, reflecting a significant increase of 154.41% year-on-year[3] - The net profit attributable to shareholders was ¥163,099,251.55, up by 159.29% compared to the previous year[3] - The basic earnings per share for the period was ¥0.1465, representing an increase of 161.42% year-on-year[4] - Total operating revenue for the first three quarters of 2025 was ¥1,414,509,569.42, a decrease of 30.4% compared to ¥2,033,998,649.61 in the same period of 2024[17] - Net profit for the first three quarters of 2025 was ¥309,787,789.82, down 18.0% from ¥377,710,546.70 in 2024[18] - Basic earnings per share decreased to ¥0.3034 from ¥0.3480, reflecting a decline of 12.8%[19] - Total comprehensive income for the first three quarters of 2025 was CNY 180.42 million, up 50% from CNY 120.48 million in 2024[28] Cash Flow - The net cash flow from operating activities for the year-to-date was reported as -¥911,843,840.75, indicating a significant cash outflow[3] - Cash flow from operating activities showed a net outflow of ¥911,843,840.75, compared to a smaller outflow of ¥123,349,027.46 in the previous year[21] - Cash inflow from operating activities totaled ¥4,446,451,963.96, an increase from ¥4,103,972,930.38 in 2024[21] - The net cash flow from investment activities was 829,514,731.82 CNY, a significant improvement compared to a negative cash flow of -907,976,063.95 CNY in the previous period[22] - Cash flow from operating activities showed a net outflow of CNY 332.71 million in 2025, compared to a net inflow of CNY 162.94 million in 2024[29] - Cash flow from investing activities resulted in a net outflow of CNY 54.21 million in 2025, an improvement from a net outflow of CNY 152.38 million in 2024[30] - Cash flow from financing activities recorded a net outflow of CNY 722.66 million in 2025, contrasting with a net inflow of CNY 1.52 billion in 2024[30] Assets and Liabilities - The total assets at the end of the period amounted to ¥50,088,260,024.90, an increase of 2.99% from the end of the previous year[4] - The company's total liabilities increased to RMB 31,366,080,179.04 from RMB 29,843,934,264.54, representing a rise of about 5.1%[15] - The total equity attributable to shareholders decreased slightly to RMB 14,484,336,069.58 from RMB 14,523,957,029.60, indicating a decline of approximately 0.3%[15] - The company's cash and cash equivalents decreased to RMB 3,864,686,945.57 from RMB 4,823,430,152.53, a decline of about 19.9%[13] - The company's inventory increased to RMB 25,150,844,570.83 from RMB 22,819,408,024.68, marking a growth of approximately 10.3%[13] - The company's total current liabilities increased to RMB 18,738,051,824.13 from RMB 15,626,182,751.05, representing a growth of about 19.5%[15] - The total liabilities decreased to 13,892,175,419.31 CNY from 14,249,370,000.89 CNY, reflecting a reduction in financial obligations[25] - The company's total equity decreased to 11,774,286,738.84 CNY from 12,048,794,764.78 CNY, indicating a decline in shareholder value[25] Shareholder Information - The top shareholder, Shanghai Jinqiao (Group) Co., Ltd., holds 49.37% of the shares, indicating strong ownership concentration[10] Government Support - The company received government subsidies amounting to ¥8,508,504.91 during the period, contributing to its financial performance[6] Cost Management - The company maintained a focus on cost management, with sales expenses decreasing to ¥29,677,997.19 from ¥34,871,617.53[17] - Total operating costs decreased to ¥1,051,584,603.64 from ¥1,576,032,499.10, representing a reduction of 33.2%[17] Other Comprehensive Income - Other comprehensive income after tax increased to ¥76,914,000.75 from ¥43,860,850.68, marking a rise of 75.4%[18] - The company reported a significant increase in other comprehensive income, totaling CNY 76.91 million in 2025, compared to CNY 43.86 million in 2024[28]

Group 1 - The company Pudong Jinqiao (SH 600639) announced a recent management adjustment, with Mr. Li Jianfang no longer serving as the Chief Financial Officer [1] - For the first half of 2025, the revenue composition of Pudong Jinqiao is as follows: 87.58% from real estate leasing, 7.3% from hotel apartment services, 4.35% from real estate sales, 0.5% from property management, and 0.27% from other businesses [1] - As of the report date, Pudong Jinqiao has a market capitalization of 12.4 billion yuan [1]

Core Viewpoint - Pudong Jinqiao (600639) announced a recent adjustment in its operations, stating that Mr. Li Jianfang will no longer serve as the company's financial director [1] Company Summary - The company has made a significant change in its management structure by replacing its financial director [1]

证券代码：600639、900911 证券简称：浦东金桥、金桥 B 股 公告编号：2025-021 上海金桥出口加工区开发股份有限公司 关于公司高级管理人员离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海金桥出口加工区开发股份有限公司（以下简称"公司"）于近期进行工 作调整，李建芳先生不再担任公司财务总监（财务负责人）。 一、高级管理人员离任情况 | 姓 | | | | | | 是否继续在 上市公司及 | | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 离任职务 | 离任时间 | | | 离任原因 | | 具体职务 | | | 名 | | | | | | 其控股子公 | | 毕的公开 | | | | | | | | 司任职 | | 承诺 | | 李 | 财务总监 | 2025 | 年 | 10 | 工作调整 | 另行安排 | 不适用 | 不适用 | | 建 | （财务负 | 月 14 日 | | ...

Core Viewpoint - The stock of Pudong Jinqiao has shown a modest increase in price, with a notable focus on its financial performance and shareholder structure, indicating potential investment opportunities and challenges in the real estate sector [1][2]. Financial Performance - As of June 30, 2025, Pudong Jinqiao reported a revenue of 961 million yuan, reflecting a year-on-year decrease of 33.84% [2]. - The net profit attributable to shareholders was 175 million yuan, down 46.51% compared to the previous year [2]. - Year-to-date, the stock price has increased by 2.82%, with a 2.50% rise over the last five trading days, 4.03% over the last twenty days, and 7.71% over the last sixty days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 0.99% to 63,700 [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the fifth largest shareholder, holding 5.006 million shares, marking a new entry [3]. - The Southern CSI Real Estate ETF has increased its holdings by 153,100 shares, now holding 4.341 million shares, ranking as the ninth largest circulating shareholder [3]. Business Overview - Pudong Jinqiao primarily engages in the development, operation, and management of the Shanghai Jinqiao Industrial Park and Biyun International Community, focusing on various real estate projects [1]. - The revenue composition includes 87.58% from real estate leasing, 7.30% from hotel apartments, 4.35% from real estate sales, 0.50% from property management, and 0.27% from other sources [1]. Industry Classification - Pudong Jinqiao is classified under the real estate sector, specifically in real estate development and industrial real estate [2]. - The company is associated with several concept sectors, including Shanghai state-owned assets, park development, brokerage-related activities, mid-cap stocks, and state-owned enterprise reforms [2].

证券代码：600639、900911 证券简称：浦东金桥、金桥 B 股 公告编号：临 2025-020 上海金桥出口加工区开发股份有限公司 关于董事会、监事会延期换届及 部分独立董事任期届满的提示性公告 根据《公司法》《上市公司独立董事管理办法》等有关规定，上市公司独立 董事占董事会成员的比例不得低于三分之一，且独立董事在上市公司连续任职时 间不得超过六年。公司现任独立董事陶武平律师、LI YIFAN（李轶梵）先生、 雷良海教授的任期届满且连任时间满六年。鉴于上述三名独立董事离任将导致公 司董事会中独立董事人数低于董事会人数的三分之一，因此在董事会换届工作完 成以前，上述三名独立董事将按照法律法规和公司章程等相关规定继续履职，直 至公司股东会选举产生新的独立董事。公司将继续积极推进相关工作，尽快完成 换届选举，并及时履行信息披露义务。 特此公告。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、公司董事会、监事会延期换届的情况 公司第十届董事会、监事会的任期于 2025 年 9 月 15 日届满。鉴于相关换届 工作正在积极 ...

Core Viewpoint - The financial performance of Pudong Jinqiao (600639) for the first half of 2025 shows significant declines in revenue and net profit compared to the previous year, indicating potential challenges ahead for the company [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 961 million yuan, a decrease of 33.84% year-on-year [1]. - Net profit attributable to shareholders was 175 million yuan, down 46.51% year-on-year [1]. - In Q2 2025, total revenue was 451 million yuan, a decline of 17.03% year-on-year, with net profit of 72.34 million yuan, down 27.37% [1]. - The gross margin was 57.73%, a decrease of 4.0% year-on-year, while the net margin was 16.34%, down 25.27% [1]. - The total of selling, administrative, and financial expenses reached 262 million yuan, accounting for 27.21% of total revenue, an increase of 39.64% year-on-year [1]. Key Financial Ratios - The company's return on invested capital (ROIC) for the previous year was 3.95%, indicating weak capital returns [3]. - The average net profit margin over the past year was 35.89%, suggesting high added value in products or services [3]. - The company's cash assets are reported to be healthy, but the cash flow situation is concerning, with a cash flow to current liabilities ratio of only 35.53% [3]. Debt and Cash Flow Analysis - The interest-bearing debt ratio has reached 42.19%, with negative average operating cash flow over the past three years [3]. - The inventory to revenue ratio is alarmingly high at 912.79%, indicating potential issues with inventory management [3]. Future Expectations - Analysts expect the company's performance in 2025 to reach 1.05 billion yuan, with an average earnings per share of 0.94 yuan [3].

Investment Rating - The investment rating for Pudong Jinqiao (600639.SH) is maintained as "Buy" [5] Core Views - The company reported a decline in revenue due to a decrease in revenue recognition, but it has sufficient sellable and transferable resources. The location advantages and industrial agglomeration effects are significant. The earnings forecast remains unchanged, with expected net profits for 2025-2027 at 1.05 billion, 1.10 billion, and 1.35 billion yuan, respectively, corresponding to EPS of 0.94, 0.98, and 1.20 yuan. The current stock price corresponds to P/E ratios of 11.8, 11.3, and 9.2 times [5][6] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 961 million yuan, a year-on-year decrease of 33.8%. The net profit attributable to shareholders was 175 million yuan, down 46.5% year-on-year. The operating cash flow was -1.035 billion yuan, with basic earnings per share of 0.16 yuan. The gross margin and net margin were 47.7% and 16.3%, respectively, down 2.4 percentage points and 5.5 percentage points [6][9] Project Development and Sales - The company has ongoing projects, including the Pudong Biyun Liuyue and Biyun North Bund, with overall sell-through rates of 84.6% and 86.9%, respectively. Cumulative receipts for these projects were 4.28 billion and 2.52 billion yuan. The company has no new land reserves or project completions in the first half of the year, with sales revenue recognized at 5 million yuan [7][8] Investment and Financing - The company is enhancing investment attraction and continuously improving its industrial cluster. In the first half of 2025, 90 projects were landed, focusing on hard technology industries. The company successfully issued 1.2 billion yuan in medium-term notes with a coupon rate of 2.19%, indicating a significant financing cost advantage [8]