证券代码：600648，900912 证券简称：外高桥、外高 B 股 记录编号：2024-04 上海外高桥集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|----------------------------|----------------------------------------------------------------------------------------------| | | | | | | □ | 特定对象调研 □ 分析师会议 | | | □ | 媒体采访 √ 业绩说明会 | | 投资者关系活动 | □ 新闻发布会 □ 路演活动 | | | 类别 | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | | 人员姓名 | | | | 时间 | 2024 年 9 月 13 | 日 (周五 ) 下午 14:00~16:30 | | 地点 | 公 司 通 过 ir.p5w.net | 全 景 网 " 投 资 者 关 系 互 动 平 台 " （ h ...

关于开展基础设施公募 REITs 申报发行工作的进展公告 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。 上海外高桥集团股份有限公司（以下简称"公司"）基础设施公募REITs相 关申请材料已于日前向中国证券监督管理委员会（以下简称"中国证监会"）、上 海证券交易所申报，并获得正式受理。 2023年10月27日，公司第十届董事会第二十九次会议审议通过《关于开展 基础设施公募REITs申报发行工作的议案》，正式启动外高桥仓储物流封闭式基 础设施证券投资基金申报工作。本次申报发行工作系以公司下属子公司拥有的 部分物流仓储项目作为基础资产，设立项目公司，发起设立基础设施公募REITs， 并申请在上交所上市交易。项目涉及底层标的资产为W3-3地块8#仓库、W4-3地 块14#仓库、W 5-2地块1#仓库和W5-5地块12#、13#仓库，合计建筑面积约14.92 万平方米【相关情况详见公司于2023年10月28日披露的《关于开展实施基础设 施公募REITs申报发行工作的公告》（2023-068）】。 公司开展基础设施公募 REITs 产品申 ...

上海外高桥集团股份有限公司 关于参加上海辖区上市公司 2024 年投资者 网上集体接待日暨中报业绩说明会的公告 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。 证券代码：600648、900912 证券简称：外高桥、外高 B 股 公告编号：临 2024-040 为进一步加强与投资者的互动交流，上海外高桥集团股份有限公司（以下简 称"公司"）将参加由上海上市公司协会与深圳市全景网络有限公司联合举办的 "2024 年上海辖区上市公司投资者集体接待日暨中报业绩说明会"，现将相关 事项公告如下： 上海外高桥集团股份有限公司 2024 年 9 月 6 日 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net/html/143790.shtml），或关注微信公众号：全景财经， 或下载全景路演 APP，参与本次互动交流，活动直播时间为 2024 年 9 月 13 日 （周五）14:00-16:30。届时公司高管将在线就公司 2024 年度中报业绩、公司治 理、发展战略、经营状况、融资计划和可 ...

Investment Rating - The report initiates coverage on Waigaoqiao (600648 SH) with a "Buy" rating and a target price of RMB 11 69, based on a 13x PE multiple for 2024 [6][7] Core Views - Waigaoqiao is a comprehensive operator in the Shanghai Free Trade Zone with a 30-year history of bonded zone operations The company has raised its dividend payout ratio to 50%, reflecting its high-dividend characteristics [1] - The company's three main businesses are property leasing, trade and services, and real estate development and sales Property leasing serves as the cornerstone of its revenue, while real estate sales are subject to fluctuations due to project delivery schedules [1][2] - The company's trade and logistics business has seen improved gross margins, supported by the "Global Hub" platform, which facilitates cross-border e-commerce under the "Silk Road E-commerce" initiative [3] - The real estate development business focuses on the Senlan brand, with high-end residential projects contributing to future revenue growth [4] Property Leasing Business - Waigaoqiao holds 4 71 million square meters of leasing assets, with a vacancy rate that has been declining The company plans to deliver 400,000 square meters of industrial properties over the next two years [2] - Industrial leasing accounts for over 80% of the leasing revenue, with gross margins steadily increasing The company's leasing business is supported by the "Three Foundations and Four Key Industries" strategy, ensuring stable future income [2] - The company's leasing revenue in 2023 reached RMB 1 78 billion, a 24 5% YoY increase, with industrial leasing contributing RMB 1 44 billion and commercial leasing contributing RMB 340 million [48] Trade and Services Business - Waigaoqiao's bonded zone ranks among the top in China for import and export volume, accounting for 40% of Pudong New Area's and 25% of Shanghai's total import and export volume [3] - The trade and services segment saw a 10 6 percentage point increase in gross margin from 2019 to 2023, reaching 22 1% The "Global Hub" platform, launched in 2022, has become a core carrier for "Silk Road E-commerce" [3] - The company's trade and services revenue in 2023 was RMB 3 42 billion, with a gross margin of 22 1%, driven by higher-margin import and export agency and logistics businesses [3] Real Estate Development Business - The real estate development business focuses on the Senlan area, with revenue fluctuations due to project delivery cycles In 2023, the segment generated RMB 1 69 billion in revenue, a 42 2% YoY decline [4] - The company has 600,000 square meters of residential project reserves, including high-end low-density residential projects in the Senlan area, which are expected to contribute significant future revenue [4] - The Senlan Island project, with a planned first-phase sale of 30,000 square meters, is expected to generate RMB 3-3 6 billion in revenue based on surrounding property prices of RMB 100,000-120,000 per square meter [4] Financial Projections - The report forecasts revenue growth of 6%, 0%, and 19% for 2024-2026, with net profit growth of 10%, -9%, and 54%, respectively EPS is projected to be RMB 0 90, RMB 0 82, and RMB 1 26 for the same period [6] - The property leasing business is expected to grow at 11 8%, 8 0%, and 8 0% from 2024-2026, with gross margins of 38 8%, 38 6%, and 39 5% [67] - The real estate sales business is projected to grow at 5 4%, -16 8%, and 83 7% from 2024-2026, with gross margins of 58 0%, 57 0%, and 60 0% [67] - The trade and services business is expected to grow at 3 0% annually from 2024-2026, with gross margins of 22 1%, 22 5%, and 22 5% [67]

上海外高桥集团股份有限公司（以下简称"公司"）向特定对象发行A股股票 的申请已于2023年8月24日经上海证券交易所上市审核中心审核通过，并于2024 年6月11日收到中国证券监督管理委员会出具的《关于同意上海外高桥集团股份有 限公司向特定对象发行股票注册的批复》（证监许可〔2024〕886号）。 证券代码：600648，900912 证券简称：外高桥、外高 B 股 编号：临 2024-039 上海外高桥集团股份有限公司 关于向特定对象发行股票会后事项承诺函披露的 提示性公告 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。 鉴于公司2024年半年度业绩较上年同期有所波动，根据中国证券监督管理委 员会《监管规则适用指引——发行类第7号》等规定，公司会同相关中介机构对会 后事项出具了会后事项承诺函，并对募集说明书、发行保荐书等相关资料进行同 步更新。具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）披露的 相关公告。 公司将根据本次发行的进展情况及时履行信息披露义务，敬请广大投资者注 意投资风险。 ...

证券简称：外高桥（A股） 证券代码：600648（A股） 外高B股（B股） 900912（B股） 上海外高桥集团股份有限公司 向特定对象发行A股股票 募集说明书 本公司及全体董事、监事、高级管理人员、控股股东承诺本募集说明书不存 在任何虚假记载、误导性陈述或重大遗漏，并对所披露信息的真实性、准确性及 完整性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证 募集说明书中财务会计报告真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断 或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 上海外高桥集团股份有限公司 向特定对象发行 A 股股票募集说明书 重大事项提示 保荐人（主承销商） 二〇二 ...

会后事项承诺函 上海证券交易所： 上海外高桥集团股份有限公司（以下简称"外高桥"、"发行人"或"公司"） 向特定对象发行 A 股股票项目（以下简称"本次发行"）于 2023 年 8 月 24 日 通过贵所上市审核中心审核，于 2024 年 6 月 11 日收到中国证券监督管理委员会 （以下简称"中国证监会"）出具的《关于同意上海外高桥集团股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2024〕886 号）。 根据中国证券监督管理委员会和上海证券交易所的会后事项监管要求、《上 海证券交易所上市公司证券发行上市审核规则》及《监管规则适用指引——发行 类第 7 号》等法规要求，发行人于 2024 年 5 月 13 日就本次发行项目通过上交所 发行上市审核机构审核之后相关会后事项出具了承诺函（承诺期间为 2023 年 8 月 24 日至 2024 年 5 月 13 日），本次发行人针对自前次会后事项承诺函出具日 （2024 年 5 月 13 日）至本承诺函签署日期间相关会后事项进行了审慎核查，具 体说明如下： 1 一、发行人 2024 年 1-6 月业绩变动情况说明 （一）发行人 2024 年 1-6 月业 ...

中信建投证券股份有限公司 关于上海外高桥集团股份有限公司 向特定对象发行 A 股股票会后事项承诺函 上海证券交易所： 上海外高桥集团股份有限公司（以下简称"外高桥"、"公司"、"发行人"） 向特定对象发行 A 股股票（以下简称"本次发行"）的申请已于 2023 年 8 月 24 日经上海证券交易所上市审核中心审核通过，并于 2024 年 6 月 11 日收到中国证 券监督管理委员会（以下简称"证监会"）出具的《关于同意上海外高桥集团股 份有限公司向特定对象发行股票注册的批复》（证监许可〔2024〕886 号）。 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐人"、"主 承销商"）作为外高桥本次发行的保荐人和主承销商，根据中国证券监督管理委 员会和上海证券交易所的会后事项监管要求、《上海证券交易所上市公司证券发 行上市审核规则》及《监管规则适用指引——发行类第 7 号》等法规要求，本着 勤勉尽责、诚实信用的原则，于 2024 年 5 月 13 日就本次发行项目通过上交所发 行上市审核机构审核之后相关会后事项出具了承诺函（承诺期间为 2023 年 8 月 24 日至 2024 年 5 月 13 日）。 ...

Investment Rating - The investment rating for the company is "Accumulate" [2][4] Core Views - The company's performance in the first half of 2024 was under pressure due to the timing of property project handovers, but a significant improvement is expected in the second half of the year [3][4] - The company is expanding its quality property assets, indicating substantial long-term rental growth potential [3][4] Financial Summary - In the first half of 2024, the company reported revenue of 2.64 billion yuan, a year-on-year decline of 31.4%. Revenue from property management, trade and services, and real estate sales were 1.04 billion, 1.38 billion, and 50 million yuan, with year-on-year growth rates of +6.2%, -3.8%, and -96.2% respectively. The net profit attributable to shareholders was 140 million yuan, down 72.8% year-on-year [4] - The company maintains its EPS forecast for 2024-2026 at 0.88, 0.90, and 0.97 yuan, with a target price of 11.28 yuan [4] - The company expects a strong performance in the second half of 2024, driven by the handover of several residential projects [4] Market Data - The current stock price is 8.86 yuan, with a target price of 11.28 yuan [2][4] - The company's market capitalization is 10,059 million yuan [5] Asset and Liability Overview - The company's total assets are 46.38 billion yuan, with total liabilities of 33.02 billion yuan, resulting in a net asset value of 12.68 billion yuan [6][9] - The net debt ratio stands at 124.48% [6] Future Outlook - The company has plans for significant property updates and expansions, with a three-year plan for approximately 300,000 square meters of property updates from 2024 to 2026 [4] - The rental business is expected to continue growing, supported by improved gross margins in leasing operations [4]

Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,643,971,499.13, a decrease of 31.40% compared to ¥3,854,320,481.48 in the same period last year[14]. - The net profit attributable to shareholders of the listed company was ¥141,479,986.37, down 72.83% from ¥520,751,684.50 in the previous year[14]. - The net cash flow from operating activities was -¥3,694,820,898.93, compared to -¥1,430,294,369.19 in the same period last year, indicating a significant decline[14]. - Basic earnings per share decreased by 73.91% to CNY 0.12 compared to the same period last year[15]. - The company reported a net profit excluding non-recurring gains and losses of ¥79,536,454.32, down 80.76% from ¥413,391,378.78 in the previous year[14]. - The company achieved operating revenue of CNY 2.644 billion, a year-on-year decrease of 31.40%, and a net profit attributable to shareholders of CNY 141 million, down 72.83% year-on-year[24]. - The company reported a total comprehensive income of CNY 147,806,796.58, down from CNY 529,668,588.00 in the previous year[116]. Assets and Liabilities - The total assets at the end of the reporting period were ¥44,058,644,791.59, a decrease of 1.31% from ¥44,643,404,996.99 at the end of the previous year[14]. - The company's total assets amounted to CNY 29,065,863,006.55, up from CNY 27,429,233,385.68, representing an increase of 5.9%[112]. - The company's total liabilities increased to CNY 18,988,958,289.69, up from CNY 17,931,976,404.20, reflecting a growth of 5.9%[112]. - The company's total liabilities to total assets ratio improved slightly from 71.22% to 70.29%[104]. - The company's interest-bearing debt increased from 142.50 billion RMB at the beginning of the period to 164.00 billion RMB at the end, representing a year-on-year change of 15.09%[99]. - The company's total liabilities decreased from CNY 31,796,680,917.95 to CNY 30,969,490,370.76, a decline of about 2.59%[109]. Revenue Sources - Operating revenue declined by 31.40% due to the absence of property project sales, which contributed CNY 1.19 billion in the previous year[16]. - The trade and service segment generated CNY 1.384 billion in revenue, accounting for 52.3% of total revenue[21]. - The company achieved a 6.26% year-on-year growth in property management revenue, totaling CNY 1.036 billion[20]. - The company generated CNY 1.036 billion in industrial property leasing income, representing a year-on-year increase of 6.26%[25]. Investment and Development - The company plans to complete a 120,000 square meter new exhibition city park in the second half of the year[20]. - The company has initiated a three-year plan to update 30 properties totaling approximately 300,000 square meters to enhance quality and efficiency[29]. - The company has completed 27 fixed asset investment projects with a total investment of CNY 999 million during the reporting period[24]. - The company plans to expand its investment channels and enhance its招商引资 efforts, focusing on attracting new clients and partners while leveraging various resources[31]. Financial Management - The company has reduced its weighted financing cost by 35 basis points compared to the end of the previous year, despite an increase in interest-bearing liabilities[31]. - The company has increased its financing authorization limit to CNY 15 billion, actively promoting the registration of an additional CNY 6 billion[31]. - The company aims to issue public REITs for warehouse logistics within the year, which is expected to enhance its capital market value[34]. - The company has established an independent financial accounting department and management system, ensuring financial independence from Waigaoqiao Asset Management[62]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 56,216[91]. - The largest shareholder, Shanghai Waigaoqiao Asset Management Co., Ltd., held 545,359,660 shares, representing 48.03% of the total shares[92]. - Waigaoqiao Asset Management commits not to reduce its shareholding in the company for 18 months following the completion of the current issuance, ensuring stability for minority shareholders[63]. - The company has made commitments to avoid conflicts of interest and ensure fair treatment of all shareholders, particularly minority shareholders[63]. Risk Management - The company has detailed potential risks in the management discussion and analysis section of the report[2]. - The report has not been audited, and the board of directors guarantees the accuracy and completeness of the financial report[2]. - The company is focusing on reshaping supply chain security and exploring new business opportunities amid macroeconomic risks[49]. Corporate Governance - The company has established a robust governance structure to maintain operational independence and protect shareholder rights[62]. - The company is committed to adhering to the latest regulations from the China Securities Regulatory Commission regarding return measures and will provide supplementary commitments if necessary[66]. - The company has undergone changes in its board of directors, with new appointments and retirements in key positions[52]. Environmental and Social Responsibility - The company has constructed photovoltaic projects with a cumulative installed area of 473,600 square meters and a total installed capacity of 37.44 MW as of June 30, 2024, contributing to carbon emission reduction efforts[56]. - The company is actively involved in rural revitalization projects, including the "Ecological Industry Chain Project" in Lixin Village, which aims to enhance agricultural structure and is expected to generate sales by April 2025[57]. - The company has implemented measures to reduce carbon emissions, aligning with national goals for carbon neutrality[56].