房地产/房地产开发 公 司 研 张江高科（600895.SH） 业绩稳健增长，孵投联动加快产业培育力度 究 2024年04月01日 ——公司信息更新报告 投资评级：买入（维持） 齐东（分析师） 胡耀文（联系人） qidong@kysec.cn huyaowen@kysec.cn 日期 2024/4/1 证 书编号：S0790522010002 证书编号：S0790122080101 当前股价(元) 20.20  业绩稳健增长，孵投联动加快产业培育力度，维持“买入”评级 公 一年最高最低(元) 28.89/13.19 张江高科发布 2023 年年报，公司收入利润平稳增长，租赁业务保持稳健，产业 司 投资力度持续提升。受益于公司较大的物业体量和较快的开发节奏，我们上调 信 总市值(亿元) 312.84 2024-2025并新增2026年盈利预测，预计公司2024-2026年归母净利润为11.25、 息 流通市值(亿元) 312.84 更 13.34、14.61亿元（2024-2025年原值9.46、10.98亿元），对应EPS为0.73、0.86、 总股本(亿股) 15.49 新 0.94元，当前股价对应PE为 ...

Financial Performance - Revenue for 2023 reached 2,025,737,630.73 yuan, a 6.24% increase compared to 2022[15] - Net profit attributable to shareholders in 2023 was 947,899,545.53 yuan, up 15.29% year-on-year[15] - Operating cash flow for 2023 was -2,785,411,690.76 yuan, a significant decrease of 511.19% compared to 2022[15] - Basic earnings per share for 2023 were 0.61 yuan, a 15.09% increase from 2022[16] - Weighted average return on equity (ROE) for 2023 was 7.85%, an increase of 0.58 percentage points from 2022[16] - The company's diluted earnings per share for 2023 were 0.61 yuan, reflecting a 15.09% increase from 2022[16] - Revenue for Q3 (July-September) reached 1.205 billion RMB, a significant increase compared to other quarters[18] - Net profit attributable to shareholders in Q3 was 371.4 million RMB, the highest among all quarters[18] - Operating cash flow was negative in Q1, Q2, and Q3, with Q3 recording the lowest at -1.387 billion RMB[18] - Net profit attributable to shareholders of the listed company was 950 million yuan[23] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 14.24% to RMB 952,911,084.03 in 2023 compared to 2022[176] - Operating profit for 2023 was 1,347,502,942.67, a significant increase from 1,000,503,306.99 in 2022[193] - Net profit attributable to parent company shareholders for 2023 was 947,899,545.53, up from 822,216,239.79 in 2022[193] - Basic earnings per share for 2023 were 0.61, compared to 0.53 in 2022[193] - Revenue for 2023 was 383,630,213.79, an increase from 288,296,898.46 in 2022[194] - Net profit for 2023 was 234,554,642.99, a decrease from 1,521,622,116.64 in 2022[194] - Comprehensive income for 2023 was 234,554,642.99, down from 1,521,622,116.64 in 2022[195] Assets and Liabilities - Total assets at the end of 2023 were 51,004,632,298.02 yuan, a 19.37% increase from the previous year[15] - The company's net assets attributable to shareholders at the end of 2023 were 12,442,363,469.88 yuan, a 6.25% increase from the previous year[15] - Total assets reached 51 billion yuan, a year-on-year increase of 19.37%[23] - Total assets increased to 51,004,632,298.02 CNY in 2023, up from 42,727,234,244.92 CNY in 2022, representing a growth of 19.37%[188] - Current assets rose to 21,739,082,142.11 CNY in 2023, compared to 15,859,429,395.85 CNY in 2022, a 37.07% increase[186] - Inventory surged to 17,165,545,542.64 CNY in 2023, up from 11,852,450,230.82 CNY in 2022, marking a 44.83% growth[186] - Long-term loans increased significantly to 12,651,276,396.85 CNY in 2023, compared to 5,294,806,468.95 CNY in 2022, a 138.94% rise[187] - Total liabilities grew to 34,989,900,361.35 CNY in 2023, up from 27,436,719,220.68 CNY in 2022, a 27.53% increase[187] - Shareholders' equity increased to 16,014,731,936.67 CNY in 2023, compared to 15,290,515,024.24 CNY in 2022, a 4.73% growth[188] - Accounts receivable rose to 88,725,629.71 CNY in 2023, up from 56,664,176.68 CNY in 2022, a 56.58% increase[186] - Other receivables increased to 88,212,638.98 CNY in 2023, compared to 63,839,482.36 CNY in 2022, a 38.18% growth[186] - Investment properties grew to 16,474,261,537.43 CNY in 2023, up from 14,329,965,485.65 CNY in 2022, a 14.96% increase[186] - Other non-current financial assets increased to 8,881,645,993.35 CNY in 2023, compared to 7,567,053,098.30 CNY in 2022, a 17.37% growth[186] - Total assets increased to 26.77 billion RMB in 2023, up from 23.13 billion RMB in 2022[190] - Total liabilities rose to 20.01 billion RMB in 2023, compared to 16.35 billion RMB in 2022[190] - Total equity slightly decreased to 6.77 billion RMB in 2023, compared to 6.78 billion RMB in 2022[191] - Short-term borrowings decreased to 733 million RMB in 2023, down from 2.97 billion RMB in 2022[190] - Long-term borrowings increased to 4.53 billion RMB in 2023, up from 421.3 million RMB in 2022[190] Cash Flow - Operating cash flow for 2023 was -2,785,411,690.76 yuan, a significant decrease of 511.19% compared to 2022[15] - Operating cash flow was negative in Q1, Q2, and Q3, with Q3 recording the lowest at -1.387 billion RMB[18] - Net cash flow from operating activities was -2,785,411,690.76 RMB in 2023, compared to -455,738,528.54 RMB in 2022, indicating a significant increase in cash outflow[196] - Cash received from investments increased to 7,892,084,582.86 RMB in 2023 from 3,953,793,712.51 RMB in 2022, a growth of 99.6%[196] - Cash paid for investments rose to 8,595,201,997.05 RMB in 2023 from 4,215,478,499.76 RMB in 2022, an increase of 103.9%[197] - Net cash flow from financing activities improved to 4,297,290,510.04 RMB in 2023 from 2,706,310,094.80 RMB in 2022, reflecting stronger financing activities[197] - Cash received from borrowing increased to 9,659,007,427.90 RMB in 2023 from 7,139,170,376.51 RMB in 2022, a growth of 35.3%[197] - Cash received from bond issuance rose to 5,287,368,000.00 RMB in 2023 from 3,099,300,000.00 RMB in 2022, an increase of 70.6%[197] - Net cash flow from operating activities for a subsidiary was -167,426,447.43 RMB in 2023, compared to -133,928,929.47 RMB in 2022, indicating increased cash outflow[198] - Cash received from investments for a subsidiary increased to 6,359,581,278.14 RMB in 2023 from 2,887,882,118.70 RMB in 2022, a growth of 120.2%[198] - Net cash flow from financing activities for a subsidiary improved to 2,668,242,696.73 RMB in 2023 from -347,983,276.09 RMB in 2022, reflecting a significant turnaround in financing activities[199] Dividends and Profit Distribution - The company plans to distribute a cash dividend of 1.9 yuan per 10 shares, totaling 294,251,014.5 yuan, representing 31.04% of the net profit attributable to shareholders[4] - The company implemented a 2022 annual profit distribution plan, distributing a cash dividend of RMB 0.16 per share, totaling RMB 247,790,328[99] - The company's 2023 profit distribution plan includes a cash dividend of RMB 1.9 per 10 shares, totaling RMB 294,251,014.50, representing 31.04% of the net profit attributable to shareholders[101] Investments and Financial Assets - The fair value of other non-current financial assets increased by 1.315 billion RMB, contributing 617.97 million RMB to the current profit[21] - Total fair value of financial assets at the end of the period was 8.993 billion RMB, with a total impact on profit of 637 million RMB[21] - Direct investment in 52 projects with a total investment of 3.86 billion yuan[23] - Completed fund subscriptions of 1.13 billion yuan, including investments in various funds[23] - The company's investment income increased by 72.52% year-on-year, primarily due to gains from equity disposals and increased returns from financial assets[30] - The company's total cost for park development increased by 17.45% year-on-year to 847,724,791.20 RMB, accounting for 99.74% of total costs[33] - Service sector costs surged by 122.89% year-on-year to 2,205,369.86 RMB, though still only representing 0.26% of total costs[33] - The company's total assets reached 5,100,463.23 million yuan, an increase of 19.37% compared to the previous year, with overseas assets accounting for 4.48% of total assets[45] - The top five customers contributed sales of 1,021,747,358.81 yuan, accounting for 50.44% of total annual sales, with related party sales of 2,073.84 million yuan, accounting for 1.02% of total annual sales[36][37] - The top five suppliers accounted for 312,545.89 million yuan in procurement, representing 37.62% of total annual procurement[38] - Sales expenses decreased by 3.38% to 23,272,113.48 yuan, while management expenses increased by 17.42% to 115,935,606.55 yuan, and financial expenses increased by 8.54% to 456,588,141.71 yuan[39] - Net cash flow from operating activities decreased by 511.19% to -2,785,411,690.76 yuan, while net cash flow from financing activities increased by 58.79% to 4,297,290,510.04 yuan[41] - Inventory increased by 44.83% to 17,165,545,542.64 yuan, mainly due to increased development costs[42][44] - Short-term borrowings decreased by 81.26% to 733,000,000 yuan, while long-term borrowings increased by 138.94% to 12,651,276,396.85 yuan[42][44] - Accounts payable increased by 104.46% to 4,841,313,310.60 yuan, mainly due to increased engineering payables[42][44] - Other current liabilities increased by 137.10% to 2,014,770,410.97 yuan, mainly due to an increase in short-term financing bonds[43][44] - The company holds 43,442 square meters of land for development in Kangqiao and 54,923 square meters in Xinkaiyuan, with planned construction areas of 130,326 square meters and 54,923 square meters respectively[48] - The company completed the 3-2 project in Jisheyuan with a total investment of 284.348 million yuan and a reported actual investment of 54.9582 million yuan, achieving a completed area of 238,738.70 square meters[49] - The 3-4 project in Jisheyuan is under construction with a total investment of 305.815 million yuan and a reported actual investment of 50.76766 million yuan, covering a construction area of 251,731.25 square meters[49] - The company achieved total sales of 955.5013 million yuan with a sales area of 30,586.47 square meters, and realized a transfer income of 955.5013 million yuan with a transfer area of 30,586.47 square meters[50] - The company's rental income from Zhangjiang Tech Innovation Zone reached 66.8697 million yuan with a rental area of 70,048 square meters[51] - The rental income from Zhangjiang Sihao Phase I was 41.4026 million yuan with a rental area of 33,216 square meters[51] - The rental income from Zhangjiang Sihao Phase II was 23.4291 million yuan with a rental area of 23,666 square meters[51] - The rental income from Zhangjiang Building was 26.4137 million yuan with a rental area of 15,077 square meters[51] - The rental income from Zhangjiang Leader East was 85.7633 million yuan with a rental area of 77,037 square meters[51] - The rental income from Zhangjiang Dream Park was 37.9676 million yuan with a rental area of 35,123 square meters[51] - The rental income from Zhangjiang Chuangqi Tiandi was 52.5252 million yuan with a rental area of 75,975 square meters[51] - Total financing amount at the end of the period is 2,531,210.14 million yuan with an average financing cost of 3.15%[54] - Total investment amount during the reporting period is 87,520.20 million yuan, a decrease of 23.02% compared to the previous year[55] - New financial asset investments include 4,000.00 million yuan in Shanghai Science and Technology Innovation Center Phase II Private Equity Fund Partnership[56] - New financial asset investments include 4,500.00 million yuan in Shanghai Volcanic Stone Phase II Venture Capital Partnership[56] - New financial asset investments include 9,000.00 million yuan in Shanghai Zhangjiang Suifeng Innovation Equity Investment Fund Partnership[56] - New financial asset investments include 3,700.00 million yuan in Shanghai Zhangjiang Suixin Private Equity Fund Partnership[56] - New financial asset investments include 6,000.00 million yuan in Huajin Securities Xinxiang No. 26 Infrastructure Fund Strategy FOF Single Asset Management Plan[56] - New financial asset investments include 12,500.00 million yuan in Shanghai Pudong Leading Area Guotai Junan Technology Innovation No. 1 Private Equity Fund Partnership[56] - New financial asset investments include 2,500.00 million yuan in Shanghai Pudong Leading Area Haitong Private Equity Investment Fund Partnership[56] - New financial asset investments include 30.00 million yuan in Shanghai Chengwei Juxin Enterprise Management Center[56] - Shanghai Zhangjiang Integrated Circuit Industry Zone Development Co., Ltd. achieved a net profit of RMB 771.245 million, contributing 81.36% to the consolidated net profit of the listed company[64] - Shanghai Zhangjiang Microelectronics Port Co., Ltd. reported a net profit of RMB 120.9381 million, a significant decrease from RMB 719.7289 million in the previous year due to the reversal of over-provisioned land value-added tax[65] - Shanghai Jiechang Industrial Co., Ltd. saw a net profit increase to RMB 7.8974 million from RMB 3.7733 million, driven by higher rental income[65] - Shanghai Zhangjiang Haocheng Venture Capital Co., Ltd. recorded a net loss of RMB 82.2925 million, compared to a net loss of RMB 650.636 million in the previous year, due to an increase in the fair value of financial assets[65] - Shanghai Dexin Property Co., Ltd. reported a net profit of RMB 43.0493 million, up from RMB 26.4356 million, as the company did not provide rent reductions for small and medium-sized customers this year[65] - Shanghai Zhangjiang Chuangyeyuan Technology Development Co., Ltd. posted a net loss of RMB 15.7514 million, an improvement from a net loss of RMB 72.0594 million, due to reduced provision for liquidated damages[65] - Shanghai Zhangjiang Haoxin Enterprise Management Co., Ltd. achieved a net profit of RMB 423,900, up from RMB 169,400 in the previous year[63] - Shanghai Zhangjiang Zhixin Urban Construction Co., Ltd. reported a net profit of RMB 11,200, slightly higher than RMB 3,300 in the previous year[63] - Shanghai Zhangjiang Haoji Real Estate Co., Ltd. recorded a net profit of RMB 580,000, compared to a net loss of RMB 40,800 in the previous year[61] - Shanghai Zhangjiang Haocheng Venture Capital Co., Ltd. reported a net loss of RMB 82.2925 million, compared to a net loss of RMB 650.636 million in the previous year, due to an increase in the fair value of financial assets[65] - The company plans to start 3 new projects in 2024 with a total construction area of 348,000 square meters and complete 9 projects with a total area of 1.142 million square meters[68] - The company aims to focus on the "China Core" initiative, leading with Shanghai's integrated circuit design industry and promoting the development of integrated circuit materials and equipment industries[68] - The company will continue to improve the science and technology innovation ecosystem and build a science and technology industry investment holding group[68] - The company will actively explore industrial mergers and acquisitions, focusing on reserving and participating in specialized M&A sub-funds and collaborating with industry leaders to establish CVC funds[68] - The company will accelerate the construction of science and technology innovation space carriers, enhancing the level of industry-city integration[68] - The company will optimize asset allocation and use asset securitization to connect finance and industry[68] - The company will deepen industrial investment promotion and accelerate the creation of world-class

High-tech D ⑨ 地址：上海市浦东新区松涛路560号张江大厦17层 ▩ 邮编：201203 ☏ 电话：021-3895 9000 @ http://www.600895.com 么 企业 ＜ 社会责任报告 ＞ CORPORATE SOCIAL RESPONSIBILITY REPORT 张江营销 股票代码【Stock Code】 600895. SH ZJ HI-TECH 张江营記 0 O o o 7 (台 Nustr s Nort Synergize the Power of High-tech 股票代码【Stock Code】 600895. SH 报告编制说明 本报告是上海张江高科技园区开发股份有限公司(以下简称"张江高科"或"公司")向社会公开发布的 2023年度企业社会责任报告。旨在让社会各界更加全面地了解张江高科的社会责任活动,向社会公开报 告公司的运行情况,加强与利益相关方的联系，以便更好地履行企业的社会责任。自2009年度首度发布 公司企业社会责任报告后,每年定期发布,本期已是第十五期。 (一) 报告范围 报告的组织范围:本报告以上海张江高科技园区开发股份有限公司为主体,介绍 公司在 ...

1、 专项审计报告 2、 附表 委托单位：上海张江高科技园区开发股份有限公司 审计单位：毕马威华振会计师事务所（特殊普通合伙） 联系电话：021-22122888 关于上海张江高科技园区开发股份有限公司 2023 年度非经营性资金占用及其他关联资金往来情况的专项说明 关于上海张江高科技园区开发股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 _您可使用手机"扫一扫"或进入"注册用于证明这审计报告是否由具有救业许可的会计 阿亨务所出具 投告编码:京248J3DGBUP KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 +86 (10) 8518 5111 kpmg.com/cn Internet 出口感华振会计师事务所 特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 85 ...

上海张江高科技园区开发股份有限公司股份有限公司（以下简称"本公 司"）于 2023 年 10 月 26 日与毕马威华振会计师事务所（特殊普通合伙）（以 下简称"毕马威华振"）签订了 2023 年度审计业务约定书（以下简称"审计业 务约定书"）。毕马威华振已经按照审计业务约定书，遵循中国注册会计师审 计准则和其他执业规范及中国注册会计师职业道德守则，结合上海市浦东新区 国资委对本公司年度财务决算的统一工作要求，对本公司 2023 年度财务报表及 2023 年 12 月 31 日的财务报告内部控制的有效性进行了审计，出具了审计报告； 同时对控股股东及其他关联方占用资金情况、财务决算专项说明复核报告等专 项审计报告执行了相关工作，并出具了专项说明和鉴证报告。 根据财政部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事 务所管理办法》的要求，本公司对 2023 年度的财务报表及内部控制审计机构毕 马威华振会计师事务所（特殊普通合伙）的履职情况作出如下评估： 上海张江高科技园区开发股份有限公司 对会计师事务所 2023 年度履职情况评估报告 一、资质条件 毕马威华振会计师事务所于1992年8月18日在北京成立，于 ...

股票代码：600895 股票简称：张江高科 编号：临 2024-010 一、利润分配方案内容 经毕马威华振会计师事务所（特殊普通合伙）审计，公司 2023 年度实现归 属于上市公司股东的净利润为人民币 947,899,545.53 元。经公司第八届董事会 第三十三次会议决议，公司 2023 年度拟以实施权益分派股权登记日登记的总股 本为基数分配利润。本次利润分配预案如下： 拟向全体股东每 10 股派发现金红利 1.90 元（含税）。截至 2023 年 12 月 31 日，公司总股本 1,548,689,550 股，以此计算合计拟派发现金红利 294,251,014.5 元（含税）。本年度公司现金分红比例为 31.04%。 上海张江高科技园区开发股份有限公司 2023 年度利润分配方案公告 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。 重要内容提示： 每股分配比例：每股派发现金红利 0.19 元（含税） 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 如在本公告披露之日起至 ...

上海张江高科技园区开发股份有限公司 自 2023 年 1 月 1 日 至 2023 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 +86 (10) 8518 5111 Fax Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2404266 号 上海张江高科技园区开发股份有限公司全体股东: 一、审计意见 我们审计了后附的上海张江高科技园区开发股份有限公司 (以下简称 "张江高科") 财务报 表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023年度的合并及母公司利润表、 合并及母公司现金流量表、合并 ...

股票代码：600895 股票简称：张江高科 编号：临2024-014 上海张江高科技园区开发股份有限公司 2023年第四季度房地产业务主要经营数据公告 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个别及连带责 任。 1、 2023年1—12月，公司新增土地储备43,442平方米。 2、 2023年1--12月，公司房地产业务新开工面积24.7万平方米，竣工项目 31.2万平方米。 其中2023年10--12月，公司房地产业务无新开工项目，竣工项目7.5万 平方米。 3、 2023年1--12月，公司房地产业务合同销售面积3.06万平方米，实现合 同销售金额9.55亿元，同比下降9.2%。 其中2023年10--12月，公司未实现销售。 4、 2023年12月末，公司出租房地产总面积135.3万平方米；2023年1--12月， 公司房地产业务取得租金总收入10.5亿元，同比增加25.78%。 其中2023年10--12月，公司房地产业务取得的租金总收入2.76亿元，同 比增加4.4%。 特此公告 上海张江高科技园区开发股份有限公司董事会 ...

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。 重要内容提示 一、日常关联交易基本情况 由于日常经营的需要，本公司及其附属公司与关联公司之间发生各项经常性的 关联交易。为进一步规范公司及其附属公司与关联公司之间的日常关联交易，公司 回顾了2023年度日常关联交易的预计和实际发生情况并预计2024年度将发生日常关 联交易的类别和金额。 股票代码：600895 股票简称：张江高科 编号：临2024-013 上海张江高科技园区开发股份有限公司 公司 2024 年度日常关联交易公告 （一）日常关联交易履行的审议程序 本次日常关联交易由公司八届三十三次董事会审议通过。会议召开前，全体独立 董事已召开独立董事专门会议，全票审议通过了此项日常关联交易，同意将此议案 提交公司董事会审议。 关联交易类型 关联人 收/付 2023年预计发生 金额（万元） 2023 实际发生 金额（万元） 向关联人出租房产 上海张江（集团） 有限公司 收 2,149.40 2,073.84 上海张江科技创业 投资有限公司 收 238.53 227.18 接受 ...

经核查 Li Ting Wei 先生、张鸣先生、吕巍先生的任职经历以及 所签署的自查文件，上述人员未在公司担任除独立董事以外的任何职 务，也未在公司主要股东公司担任任何职务，与公司以及主要股东之 间不存在利害关系或其他可能妨碍其进行独立客观判断的关系，不存 在影响独立董事独立性的情况。符合《上市公司独立董事管理办法》、 《上海证券交易所上市公司自律监管指引第 1 号--规范运作》中对独 立董事独立性的相关要求。 上海张江高科技园区开发股份有限公司董事会 2024 年 3 月 28 日 上海张江高科技园区开发股份有限公司董事会 关于独立董事 2023 年度独立性情况的专项意见 根据《公司法》、《上海证券交易所股票上市规则》、《 上市公司独 立董事管理办法》及《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》的规定，上海张江高科技园区开发股份有限公司《 以 下简称"公司"）董事会，就公司在任独立董事 Li Ting Wei 先生、 张鸣先生、吕巍先生的独立性情况进行评估并出具如下专项意见： ...