Core Insights - The recent expansion of the Guotai Junan Lingang Innovation Industrial Park REIT has garnered market attention, reflecting a recovery in the macroeconomic environment and improved fundamentals for industrial park REITs [1][4] - The REIT is seen as a strategic tool for enhancing asset quality and promoting sustainable development within the Lingang Group, aiming to establish a globally influential high-tech industrial park brand [2][4] Group 1: REIT Expansion and Market Response - The Guotai Junan Lingang Innovation Industrial Park REIT has maintained a rental rate above 94% since its listing, indicating strong operational performance [4][8] - As of April 30, 2025, the REIT's secondary market price has increased by 13.25% since its listing, reflecting investor confidence in its operational results [4][9] - The REIT's expansion is part of a broader strategy to enhance asset quality and scale, with plans to inject high-quality assets into the REIT to drive organic growth [4][8] Group 2: Strategic Importance of REITs - The Lingang Group has established a dedicated team to implement a long-term REIT strategy, focusing on optimizing existing assets and enhancing management quality [2][3] - The REIT strategy is integral to the Lingang Group's transformation into a leading integrated service provider for innovative ecosystems [2][3] - The group aims to create a robust ecosystem for REITs, emphasizing the importance of professional talent development and operational excellence [3][6] Group 3: Operational Management and Growth Potential - The operational management team has implemented incentive mechanisms and enhanced information disclosure practices to improve transparency and performance [7] - The Lingang Group is actively pursuing both internal and external growth strategies to enhance the REIT's distribution performance and overall value [7][9] - The underlying asset, the Caohejing Technology Oasis Kangqiao Project, has demonstrated strong operational capabilities with an average occupancy rate exceeding 95% over the past three years [8]

Core Insights - The Lingang New Area aims to achieve an industrial output value of 423 billion yuan in 2024, with over 70% coming from high-tech industries [1] - Industrial fixed asset investment in high-tech industries has exceeded 40 billion yuan for three consecutive years, maintaining over 20% of Shanghai's total [1] - The area is focused on creating a supportive environment for technological innovation and entrepreneurship [1] Group 1 - Lingang New Area plans to establish a strong and cost-effective innovation space, providing 100,000 square meters of ready-to-move-in facilities for startups and innovation teams, with plans to expand to 300,000 square meters [1] - The area will offer 1,000 "Lingang Youth Stations" and 3,000 talent apartments at favorable conditions for innovators and entrepreneurs [1] - A comprehensive support policy system called "Twelve New Policies for Creators" will be launched, providing free benefits and talent subsidies to support young and high-level talents in various aspects [1] Group 2 - The Lingang New Area Administration will initiate a financial support action, establishing a 500 million yuan Lingang Qihang Fund as an angel fund for seed and early-stage enterprises [2] - Approximately 200 million yuan will be invested annually in innovative pilot projects and research and development initiatives [2]

| 证券代码：600848 | 股票简称：上海临港 | | | 编号：2025-011 号 | | --- | --- | --- | --- | --- | | 900928 | | 临港 | B 股 | | 上海临港控股股份有限公司 关于向专业投资者公开发行公司债券 获得中国证监会注册批复的公告 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个别及连带责任。 近日，上海临港控股股份有限公司（以下简称"公司"）收到中国证券监督 管理委员会出具的《关于同意上海临港控股股份有限公司向专业投资者公开发行 公司债券注册的批复》（证监许可[2025]955 号），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 60 亿元公司债券的注 册申请。 二、本次发行公司债券应严格按照报送上海证券交易所的募集说明书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，公司如发生重大事项， 应及时报告并按有关规定处理。 公司将按照有关法律法规和上述批复文 ...

上海临港（600848）公告，近日公司收到中国证监会出具的批复，同意公司向专业投资者公开发行面值 总额不超过60亿元公司债券注册申请。该批复自同意注册之日起24个月内有效，公司在注册有效期内可 以分期发行公司债券。公司将按要求在股东大会授权范围内择机办理本次公司债券发行相关事宜，并及 时履行信息披露义务。 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's operating performance slightly exceeded expectations, with total revenue of 11.103 billion RMB in 2024, a year-on-year increase of 57.2%, and a net profit attributable to shareholders of 1.097 billion RMB, a year-on-year increase of 3.1% [1] - The rental income per unit has steadily increased, with the rental income per square meter reaching 92.1 RMB/month in 2024, a year-on-year increase of 15.5% [2] - The company continues to provide stable dividends, proposing a cash dividend of 2.00 RMB per 10 shares for 2024, with a payout ratio of approximately 46.0% [2] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 11.103 billion RMB, with a year-on-year growth rate of 57.44% [4] - The net profit attributable to shareholders for 2024 was 1.097 billion RMB, with a growth rate of 3.39% [4] - For Q1 2025, total revenue was 1.581 billion RMB, a year-on-year decrease of 17.1%, and net profit was 172 million RMB, a year-on-year decrease of 16.5% [1] Rental Business - The company rented out approximately 2.699 million square meters in 2024, a year-on-year decrease of 13.9% [2] - The rental business generated revenue of 2.983 billion RMB, a year-on-year decrease of 0.87% [2] - The unit rental income has increased from 61.1 RMB/square meter/month in 2020 to 92.1 RMB/square meter/month in 2024, reflecting a compound annual growth rate (CAGR) of approximately 10.8% [2] Dividend Policy - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares for 2024, totaling approximately 504 million RMB [2] - The average payout ratio from 2020 to 2024 has been around 46.3% [2] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been adjusted to 1.130 billion RMB and 1.178 billion RMB, respectively [3] - The estimated earnings per share (EPS) for 2025-2027 are projected to be 0.45, 0.47, and 0.49 RMB, respectively [3] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 20.4, 19.6, and 18.6 for 2025-2027 [3]

Group 1 - The "Shangjie" project, a collaboration between SAIC Motor Corporation and Huawei, focuses on electric vehicle production and battery supply, with an initial investment of approximately 6 billion RMB [2] - The project aims to increase the annual production capacity of the SAIC Lingang base to 280,000 vehicles and is expected to generate an additional 50 billion RMB in automotive industry output annually in the Lingang New Area [2] - The Lingang New Area is positioned as a significant hub for the automotive industry, with over 200 automotive-related enterprises, including more than 50 companies in automotive electronics [3] Group 2 - The Lingang New Area's intelligent new energy vehicle output value is projected to reach 281.6 billion RMB in 2024, marking it as the first industry in the area to surpass 200 billion RMB in output value [3] - The area has developed a comprehensive automotive electronics ecosystem that includes manufacturing, research and development, and testing across seven key sectors [3] - The successful establishment of the "Shangjie" project is expected to create a new influential model for new energy vehicles both in China and globally [3]

Core Insights - The "Shangjie" project, focusing on mainstream SUVs with pure electric and range-extended powertrains, is set to launch its first models by the end of 2026, covering multiple market segments [1][3] - The project has officially settled in the Lingang New Area, with production starting in May and the first vehicle expected to be launched in the fall [1][3] - The production line is designed for an annual capacity of nearly 250,000 vehicles, with plans for further capacity increases based on demand [3] Investment and Economic Impact - The initial investment for the "Shangjie" vehicle production project is approximately 6 billion yuan, aimed at attracting core suppliers to the Lingang area [3][5] - The annual output of the Lingang base will increase to 280,000 vehicles, potentially adding 50 billion yuan to the automotive industry chain in the Lingang New Area each year [4] - The automotive industry scale in Lingang is projected to grow from over 200 billion yuan to 300 billion yuan [4] Industry Development and Ecosystem - The introduction of "Shangjie" diversifies the automotive landscape in Lingang, which previously relied on Tesla and Zhiji, fostering a multi-polar development model [5] - Lingang has attracted over 200 automotive-related enterprises, including more than 50 in automotive electronics and over 20 in automotive software, creating a comprehensive automotive ecosystem [5] - Future plans include forming alliances in automotive software and electronics, enhancing the local industry's capabilities and innovation [5][6]

证券代码 600848 股票简称 上海临港 编号：2025-010 号 900928 临港 B 股 上海临港控股股份有限公司 关于高级管理人员变动的公告 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。 上海临港控股股份有限公司（以下简称"公司"）董事会于 2025 年 4 月 28 日收到公司副总裁阳家红先生提交的书面辞职报告，阳家红先生因工作调整，申 请辞去公司副总裁职务。阳家红先生递交的辞呈自送达公司董事会之日起生效。 阳家红先生在担任公司副总裁期间恪尽职守、勤勉尽责，为公司发展作出了重大 贡献，公司及公司董事会对阳家红先生在任职期间所做出的贡献表示衷心的感谢！ 特此公告。 上海临港控股股份有限公司董事会 2025 年 4 月 29 日 ...

| 证券代码：600848 | 股票简称：上海临港 | | | | 号 | | --- | --- | --- | --- | --- | --- | | | | 临港 | | | | | | | | | 股 | | | | | | | | 编号：2025-009 | | | | | B | | | | 900928 | | | | | | 上海临港控股股份有限公司 2025 年第一季度主要经营数据公告 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。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行 业信息披露》要求，现将上海临港控股股份有限公司（以下简称"公司"）2025 年第一季度主要经营数据公告如下： 一、新增土地储备面积 2025 年 1-3 月，公司产业园区业务无新增土地储备。 二、新开工面积 2025 年 1-3 月，公司产业园区业务无新开工面积。 三、竣工面积 2025 年 1-3 月，公司产业园区业务竣工面积约 46.7 万平方米。 四、产业园区签约销售面积及合同金额 2025 年 1-3 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,580,915,545.06, a decrease of 17.13% compared to ¥1,889,059,668.79 in the same period last year[4] - Net profit attributable to shareholders was ¥172,013,191.35, down 16.45% from ¥203,923,367.34 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥172,994,600.75, representing a decline of 29.23% compared to ¥244,430,598.63 in the previous year[4] - Basic and diluted earnings per share were both ¥0.07, a decrease of 12.50% from ¥0.08 in the same period last year[5] - Operating profit for Q1 2025 was CNY 385,916,865.46, down 21.9% from CNY 493,649,102.85 in Q1 2024[19] - Net profit for Q1 2025 was CNY 274,059,787.36, a decline of 21.4% from CNY 348,483,979.09 in Q1 2024[20] - The company recorded a total comprehensive loss of -60,024,039.47 CNY in the latest reporting period[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥85,908,154,174.22, an increase of 0.06% from ¥83,389,187,655.52 at the end of the previous year[5] - Total assets as of March 31, 2025, amounted to CNY 85.91 billion, a slight increase from CNY 85.85 billion at the end of 2024[14] - Total liabilities as of the reporting date were CNY 51,758,921,425.94, slightly up from CNY 51,345,049,819.74 in the previous period[16] - The total liabilities as of March 31, 2025, were 26,623,351,159.17 RMB, slightly down from 26,670,767,461.38 RMB at the end of 2024[27][28] Cash Flow - The net cash flow from operating activities was -¥2,078,510,026.82, showing significant improvement compared to -¥3,811,670,815.06 in the same period last year[5] - Cash flow from operating activities for Q1 2025 was negative CNY 2,078,510,026.82, an improvement from negative CNY 4,126,199,565.16 in Q1 2024[22] - The cash outflow from operating activities in Q1 2025 was 670,072,663.48 CNY, compared to 3,037,421,966.70 CNY in Q1 2024, indicating a reduction in cash outflow[34] - The company's net cash flow from investment activities was -1,370,977,871.71 RMB, compared to -1,229,399,598.51 RMB in the previous period, indicating a decline in investment cash flow[23] - The cash inflow from financing activities was 3,559,230,393.83 RMB, while cash outflow was 1,164,399,234.78 RMB, resulting in a net cash flow of 2,394,831,159.05 RMB from financing activities[23] Operational Efficiency - The company is focusing on transforming from "heavy incremental development" to "strong stock operation services" to enhance operational efficiency and control costs[8] - Total operating costs for Q1 2025 were CNY 1,182,248,543.13, down 12.6% from CNY 1,352,097,928.87 in Q1 2024[19] - The company experienced a decrease in tax expenses, with Q1 2025 tax expenses at CNY 112,228,633.68, down from CNY 145,263,165.70 in Q1 2024[20] Investments and Financial Activities - The company's long-term equity investments increased to 26,678,091,482.77 RMB from 26,215,348,023.73 RMB, indicating growth in long-term investments[26] - The company received 678,969,302.71 CNY from investment recoveries in Q1 2025, marking a significant recovery compared to previous periods[34] - The company's cash flow from investment activities was positively impacted by 1,294,460,000.00 CNY received from other investment-related cash in Q1 2025[34] Strategic Direction - The company has no significant new product launches or technological developments mentioned in the report[12] - There are no updates on market expansion or mergers and acquisitions during the reporting period[12] - The company has not indicated any changes in its strategic direction or new strategies implemented[12]