股票代码：600895 股票简称：张江高科 编号：临 2025-035 上海张江高科技园区开发股份有限公司 第九届董事会第十六次会议决议公告 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。 上海张江高科技园区开发股份有限公司第九届董事会第十六次会议于 2025 年 11 月 7 日以通讯方式召开。 本次会议应参加董事 6 名，实际参加董事 6 名。 会议召开符合《公司法》和《公司章程》的有关规定。经董事会全体董事审议， 会议审议通过了以下议案: 一、关于修订《公司章程》及配套议事规则并取消监事会的议案 2025 年 11 月 8 日 本议案将提交公司股东大会审议。 同意：6 票，反对：0 票，弃权：0 票 二、关于召开 2025 年第一次临时股东大会的议案 公司拟定于 2025 年 11 月 24 日召开公司 2025 年第一次临时股东大会，会议 将审议《关于修订<公司章程>及配套议事规则并取消监事会的议案》。 同意：6 票，反对：0 票，弃权：0 票 特此公告 上海张江高科技园区开发股份有限公司董事会 根据《中华人民共和国公 ...

Core Viewpoint - Zhangjiang Hi-Tech experienced a stock price increase of 2.05% on November 6, reaching 41.35 CNY per share, with a total market capitalization of 64.038 billion CNY [1] Financial Performance - For the period from January to September 2025, Zhangjiang Hi-Tech reported a revenue of 2.004 billion CNY, representing a year-on-year growth of 19.09%, and a net profit attributable to shareholders of 617 million CNY, up 20.66% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 4.818 billion CNY, with 963 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 262,400, a rise of 50.84%, while the average circulating shares per person decreased by 33.71% to 5,901 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 28.2693 million shares, a decrease of 19.2669 million shares from the previous period [3] Stock Market Activity - Zhangjiang Hi-Tech's stock has seen a year-to-date increase of 55.57%, but has declined by 7.41% over the last five trading days and 16.28% over the last twenty days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on September 23 [1] Business Overview - Zhangjiang Hi-Tech, established on April 18, 1996, focuses on land development and management, as well as investment in high-tech projects [1] - The company's main revenue source is from the real estate sector, specifically land development and usage rights [1]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3] Core Views - The real estate sector is a crucial asset allocation and investment direction for Chinese households, with stable housing prices being significant for facilitating economic circulation. The 20th Central Committee's Fourth Plenary Session emphasized promoting high-quality development in real estate, indicating potential policy support [4][48] - There is an anticipated wave of development for high-quality housing due to policy guidance and changes in supply-demand structure, with a focus on core cities and strong land acquisition capabilities [4][48] Market Performance - The Shanghai Composite Index rose by 0.1%, the Shenzhen Component Index rose by 0.7%, and the ChiNext Index rose by 0.5%. The real estate sector (Shenwan) fell by 0.7% during the week [4][7] - In the new housing market, 42 key cities recorded a total transaction of 2.43 million square meters, a week-on-week increase of 4.8%, but a year-on-year decrease of 41.1% [14][18] - For the month of October, new housing transactions in 42 key cities totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18][19] Data Tracking New Housing Transactions - In the week of October 25-31, new housing transactions in 42 key cities totaled 2.43 million square meters, with a year-on-year decrease of 41.1% [14] - For October, new housing transactions totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18] Second-Hand Housing Transactions - In the week of October 25-31, second-hand housing transactions in 21 key cities totaled 2.05 million square meters, a year-on-year decrease of 23.6% [30] - For October, second-hand housing transactions totaled 7.32 million square meters, a year-on-year decrease of 21.2% [33] Industry News - The Ministry of Housing and Urban-Rural Development is promoting a system of selling existing homes to mitigate delivery risks. Additionally, five departments issued a plan to support qualified commercial real estate projects in issuing Real Estate Investment Trusts (REITs) [45] - Guangzhou has released guidelines for constructing quality housing, emphasizing green construction and energy-efficient appliances [45] - Policy adjustments in housing provident funds have been made, including increasing the maximum ratio of monthly repayments to family income from 55% to 60% in Hainan [45] Company Announcements - In Q3 2025, several companies reported their net profits, with notable figures including China Vanke at -16.07 billion yuan (a year-on-year decrease of 98.6%) and China Merchants Shekou at 1.05 billion yuan (a year-on-year decrease of 11.4%) [48][50] - Financing activities include a loan agreement where Shenzhen Metro Group will provide up to 22 billion yuan to China Vanke [48][50]

Group 1 - The real estate ETF (512200) has seen a 0.56% increase, with a trading volume of 39.944 million yuan as of November 5, 2025 [1] - The index it tracks, the CSI All Share Real Estate Index, also rose by 0.56%, with notable increases in constituent stocks such as Yingxin Development (up 9.33%) and Hainan Airport (up 6.45%) [1] - Since the beginning of the year, the real estate ETF has grown by 1.098 billion shares, indicating a strong interest in the sector [1] Group 2 - According to CICC, the real estate market is in the early "stabilization" phase, with a projected slight narrowing of the total housing sales decline to -5.0% in 2026 [2] - Huatai Securities suggests that the market is bottoming out, supported by reduced new home supply and marginal improvements in purchasing power, with a focus on policy adjustments to enhance buyer sentiment [2] - The industry is expected to show a "dumbbell" differentiation trend, with structural stabilization signals emerging, particularly in "good housing" companies and commercial real estate opportunities [2] Group 3 - The real estate ETF (512200) closely tracks the CSI All Share Real Estate Index, providing a comprehensive analysis tool for investors by categorizing the index into various industry levels [3] - The top ten weighted stocks in the index include Poly Developments, Vanke A, and Zhangjiang Hi-Tech, indicating a concentration of investment in these key players [3]

Core Viewpoint - Zhangjiang Hi-Tech's stock price has experienced fluctuations, with a year-to-date increase of 54.82% but a recent decline of 19.53% over the past 20 trading days [1][2] Financial Performance - For the period from January to September 2025, Zhangjiang Hi-Tech reported revenue of 2.004 billion yuan, representing a year-on-year growth of 19.09% [2] - The net profit attributable to shareholders for the same period was 617 million yuan, reflecting a year-on-year increase of 20.66% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 262,400, up by 50.84% from the previous period [2] - The average number of circulating shares per shareholder decreased by 33.71% to 5,901 shares [2] Dividend Distribution - Since its A-share listing, Zhangjiang Hi-Tech has distributed a total of 4.818 billion yuan in dividends, with 963 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which reduced its holdings by 19.27 million shares [3] - Other notable shareholders, such as Southern CSI 500 ETF and Southern CSI Real Estate ETF, also reported reductions in their holdings [3]

Investment Rating - The report assigns an "Outperform" rating to the company [4][13]. Core Insights - The company is a key developer in Zhangjiang Science City and the only listed entity among its operators, benefiting from abundant resources in the area. Future investment returns are expected to be promising [4][13]. - In the first three quarters of 2025, the company's performance showed growth, with strong investment profit momentum. The expected EPS for 2025 is RMB 0.72, and the RNAV is RMB 50.13, leading to a fair value estimate of RMB 55.14 [4][13]. - Revenue for the first three quarters of 2025 reached RMB 2.00 billion, a year-on-year increase of 19.09%, while net profit attributable to shareholders was RMB 617 million, up 20.66% [4][13]. Financial Summary - The company achieved a net profit of RMB 948 million in 2023, with projections of RMB 982 million in 2024 and RMB 1,122 million in 2025, reflecting a growth rate of 15.3%, 3.6%, and 14.2% respectively [3][6]. - The total assets as of September 2025 were RMB 59.40 billion, an increase of 1.72% from the previous year-end, with net assets attributable to shareholders at RMB 14.76 billion, up 6.36% [4][13]. - Investment profit for the first three quarters of 2025 was RMB 696 million, a significant increase of 885.61% year-on-year [4][13]. Real Estate Performance - Real estate sales revenue for the first three quarters of 2025 was RMB 1.13 billion, representing a year-on-year increase of 24.81%. The company had no new real estate project reserves during this period [4][13]. - The total leased real estate area as of September 2025 was 1.87 million square meters, with rental income of RMB 861 million, up 13.31% year-on-year [4][13].

Group 1 - The lithography equipment sector experienced a decline, with significant drops in stock prices for several companies [1] - Kemetek fell by 9.93%, Newray Materials decreased by 8.11%, and Zhangjiang High-Tech dropped by 6.34% [1] - Other companies such as Juguang Technology, Haili Co., and Aisen Co. also saw declines exceeding 5% [1]

Core Viewpoint - Zhangjiang Hi-Tech announced its full subsidiary, Shanghai Zhangjiang Haocheng Venture Capital Co., Ltd., has invested in Shanghai Chenglin Venture Capital Partnership (Limited Partnership), with a total fundraising scale of RMB 500 million [2] Group 1: Investment Details - The fund, Chenglin Venture Capital, has a total fundraising scale of RMB 500 million [2] - Shanghai Zhangjiang Haocheng Venture Capital Co., Ltd. has committed to invest RMB 30 million in the fund [2] - Chenglin Venture Capital has completed its business registration and obtained a business license from market regulatory authorities as of December 2023 [2] Group 2: Regulatory Compliance - As of the announcement date, Chenglin Venture Capital has received a registration notice from market regulatory authorities confirming its registration [2]

Core Viewpoint - Zhangjiang Hi-Tech Park Development Co., Ltd. has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to 4 billion yuan to professional investors, which is expected to enhance its financial flexibility and support future growth initiatives [1]. Group 1: Stock Performance - As of October 31, 2025, Zhangjiang Hi-Tech's stock closed at 44.5 yuan, down 0.36% from the previous trading day [1]. - The stock opened at 44.18 yuan, reached a high of 45.98 yuan, and a low of 43.64 yuan during the trading session [1]. - The total market capitalization of the company is 68.917 billion yuan, with a trading volume of 2.725 billion yuan and a turnover rate of 3.92% [1]. Group 2: Bond Issuance - The company has been granted approval to issue corporate bonds with a total face value not exceeding 4 billion yuan [1]. - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in tranches within this period [1]. - The company is required to report any significant events that occur from the date of approval until the completion of the bond issuance [1].

一、 基金的基本情况 公司全资子公司----上海张江浩成创业投资有限公司参与投资上海橙临创 业投资合伙企业（有限合伙）（以下简称"橙临创投"或基金），该基金募集资 金规模为人民币 5 亿元，上海张江浩成创业投资有限公司认缴出资额为人民币 3,000 万元。上述事宜具体情况详见公司于 2023 年 12 月 8 日披露的《关于全资 子公司----上海张江浩成创业投资有限公司参与投资"上海橙临创业投资合伙企 业（有限合伙）"的公告》（公告编号：临 2023-043）。 橙临创投已于 2023 年 12 月份办理完毕工商注册登记，并取得了市场监管部 门颁发的营业执照。 二、 基金注销的主要原因及进展情况 鉴于当前行业和投资市场环境与基金设立时发生显著变化，继续维持基金的 运营已不再符合全体合伙人的共同利益，根据《中华人民共和国合伙企业法》等 有关法律法规的规定和合伙协议的约定，结合基金实际情况，合伙人一致决定解 散合伙企业。为确保解散清算有序执行，橙临创投成立清算组，由其执行事务合 伙人上海橙临芯伦科技发展有限公司担任清算人，负责合伙企业的清算事务。 股票代码：600895 股票简称：张江高科 公告编号：2025- ...