2025 年第一季度主要经营情况的公告 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： 经上海张江高科技园区开发股份有限公司（以下简称"公司"）初步测算，预计2025年第一季度实现归属 于上市公司股东的净利润为 2.7亿元到3.3亿元，与上年同期相比，将增加 1.51亿元到 2.11亿元，同比增 长 127%到177%。 股票代码：600895 股票简称：张江高科 编号：临2025-009 上海张江高科技园区开发股份有限公司 二、上年同期经营情况 （一）归属于上市公司股东的净利润：1.19亿元。 （二）每股收益：0.08元/股。 三、本期经营业绩增长的主要原因 一、本期经营业绩情况 （一）经营期间 2025 年 1 月 1 日至 2025 年 3 月 31 日 （二）经营情况 经上海张江高科技园区开发股份有限公司（以下简称"公司"）初步测算，预计2025年第一季度实现归属 于上市公司股东的净利润为 2.7亿元到3.3亿元，与上年同期相比，将增加 1.51亿元到 2.11亿元，同比增 长 127%到 177%。 ...

Core Viewpoint - A significant number of listed companies in A-shares are expected to report strong earnings growth for the first quarter of 2025, with over 90% of the companies showing positive performance indicators [1] Group 1: Earnings Forecasts - More than 100 listed companies have disclosed their earnings forecasts for Q1 2025, with 60 companies expecting profit increases, 4 maintaining profitability, 11 turning losses into profits, and 21 showing slight increases [1] - Companies like Muyuan Foods expect a net profit of 4.3 billion to 4.8 billion yuan for Q1 2025, recovering from a loss of 2.379 billion yuan in the same period last year [2] - China Shipbuilding Defense anticipates a net profit of 170 million to 200 million yuan for Q1 2025, marking a year-on-year increase of over 1000% [2] - Zhangjiang Hi-Tech expects a net profit of 270 million to 330 million yuan for Q1 2025, representing a year-on-year growth of 127% to 177% [4] Group 2: Industry Performance - The increase in net profits across various sectors, including state-owned enterprises and industry leaders, is attributed to market expansion, increased orders, and cost reduction measures [1] - Companies like Yuedui Co. expect a net profit of 107 million to 127 million yuan for Q1 2025, driven by cost reduction initiatives and rising ore prices [5] - CITIC Securities forecasts a net profit of approximately 6.545 billion yuan for Q1 2025, reflecting a 32% increase year-on-year, primarily due to growth in wealth management and investment trading [5] - Guotai Junan expects a net profit of 11.201 billion to 12.445 billion yuan for Q1 2025, indicating a year-on-year increase of 350% to 400% [5]

股票代码：600895 股票简称：张江高科 编号：临2025-009 上海张江高科技园区开发股份有限公司 2025 年第一季度主要经营情况的公告 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： 经上海张江高科技园区开发股份有限公司（以下简称"公司"）初步测算， 预计2025年第一季度实现归属于上市公司股东的净利润为 2.7亿元到3.3亿元， 与上年同期相比，将增加 1.51亿元到 2.11亿元，同比增长 127%到177%。 一、本期经营业绩情况 （一）经营期间 2025 年 1 月 1 日至 2025 年 3 月 31 日 （二）经营情况 经上海张江高科技园区开发股份有限公司（以下简称"公司"）初步测算， 预计2025年第一季度实现归属于上市公司股东的净利润为 2.7亿元到3.3亿元， 与上年同期相比，将增加 1.51亿元到 2.11亿元，同比增长 127%到 177%。 （二）每股收益：0.08元/股。 三、本期经营业绩增长的主要原因 本期业绩增长的主要原因为：1、公司持续加强产业"投资+培育"力度， 全力 ...

Group 1 - The company, Zhangjiang Hi-Tech, expects to achieve a net profit attributable to shareholders of the listed company between 270 million and 330 million yuan in the first quarter of 2025, representing a year-on-year growth of 127% to 177% [1]

Core Insights - Zhangjiang Hi-Tech recently released its 2024 annual report, showing total assets of 59.403 billion yuan, a 16.46% increase from the beginning of the year, and a net profit attributable to shareholders of 9.82 billion yuan, with a year-on-year growth of 3.64% [1][7] Group 1: Financial Performance - The company achieved total operating revenue of 1.983 billion yuan in 2024, a decrease of 2.09% year-on-year, while total profit reached 1.275 billion yuan, down 2.80% [7] - The net profit attributable to the parent company was 9.82 billion yuan, reflecting an 18.59% year-on-year increase in net assets to 14.755 billion yuan [1][7] - The company reported a gross margin of 56.77% and a net margin of 50.14% for the year [7] Group 2: Business Strategy - The company focuses on the Shanghai Integrated Circuit Design Industrial Park, actively participating in niche and emerging industry sectors to enhance production capabilities [2] - It aims to strengthen the semiconductor industry through investment and support for cutting-edge technology sectors, establishing the Zhangjiang Haoxin integrated circuit innovation service platform in 2024 [2][4] - The company employs a multi-faceted approach to attract talent and foster innovation, creating a highland for industry talent [2] Group 3: Investment and Innovation - The company has aggregated capital market resources, with direct investments exceeding 9.5 billion yuan, and has established 56 direct investment projects totaling nearly 4.1 billion yuan [4] - The 895 incubator has supported 242 enterprises, generating total revenue of 1.78 billion yuan and a combined valuation of 18.95 billion yuan [4] - In 2024, 37 incubated enterprises secured financing totaling 4.332 billion yuan [4] Group 4: ESG Commitment - The company plans to release its first ESG report in 2025, emphasizing low-carbon development and green building standards for new projects [8] - It aims to integrate technology innovation with management systems to support urban low-carbon transformation [8] - The company prioritizes compliance and risk management, striving to be a trustworthy partner through transparent communication and ethical practices [8]

[Table_MainInfo] 公司研究/房地产/开发区 证券研究报告 张江高科（600895）公司年报点评 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 31日收盘价（元）] | 24.86 | | --- | --- | | 52 周股价波动（元） | 16.20-37.74 | | 总股本/流通 A 股（百万股） | 1549/1549 | | 总市值/流通市值（百万元） | 38500/38500 | | 相关研究 | | | [Table_ReportInfo] 《载体销售拖累营收，投资收益提振归母净 | | | 利》2024.11.06 | | | 《载体销售推升营收，产业投资持续发力》 | | | 2024.08.25 | | | 《布局创投全链条，构建 REITs 全通道》 | | | 2024.04.01 | | | 市场表现 | | | [Table_QuoteInfo] | | -18.76% 0.24% 19.24% 38.24% 57.24% 2024/4 2024/7 20 ...

Investment Rating - The investment rating for Zhangjiang Hi-Tech (600895.SH) is maintained at "Buy" [5][15]. Core Views - The company reported a year-on-year increase in net profit attributable to shareholders, while operating revenue decreased. The focus on "investment + cultivation" continues to strengthen the company [5][6]. - The projected net profit attributable to shareholders for 2025-2027 is estimated at 1.33 billion, 1.46 billion, and 1.52 billion yuan, respectively, with corresponding EPS of 0.86, 0.94, and 0.98 yuan [5][9]. Financial Performance Summary - In 2024, the company achieved operating revenue of 1.983 billion yuan, a decrease of 2.09% year-on-year. The total profit reached 1.275 billion yuan, down 2.80% year-on-year. However, the net profit attributable to shareholders was 982 million yuan, reflecting a growth of 3.64% year-on-year [6][9]. - The gross margin and net margin for 2024 were 56.77% and 50.14%, respectively, with year-on-year changes of -1.27 percentage points and +3.71 percentage points [6][9]. Business Segment Analysis - The rental income for 2024 was 1.049 billion yuan, a slight increase of 0.25% year-on-year, with a gross margin of 62.78%, up 10.61 percentage points. In contrast, the sales revenue from spatial carriers was 911 million yuan, down 4.70% year-on-year, with a gross margin of 49.06%, down 14.62 percentage points [7][9]. - The company has 20 ongoing projects with a total construction area of approximately 3.34 million square meters and initiated 2 new projects with a total area of 340,000 square meters [7]. Investment Activities - As of the end of 2024, the company's direct investment fund has exceeded 9.5 billion yuan, with 56 direct investment projects totaling 4.077 billion yuan and participation in 30 investment funds with a subscribed capital of 5.464 billion yuan, leveraging a total funding scale of 58.896 billion yuan [8]. - The investment focus includes integrated circuits (28%), biomedicine and medical devices (20%), new energy vehicles (35%), new generation information technology (8%), and intelligent manufacturing (8%) [8].

Investment Rating - The investment rating for Zhangjiang Hi-Tech (600895.SH) is maintained at "Buy" [5][15]. Core Views - The company reported a year-on-year increase in net profit attributable to shareholders, while operating revenue decreased. The focus on "investment + cultivation" continues to strengthen the company [5][6]. - The projected net profit for 2025-2027 is estimated at 1.33 billion, 1.46 billion, and 1.52 billion yuan, with corresponding EPS of 0.86, 0.94, and 0.98 yuan, respectively. The current stock price corresponds to P/E ratios of 29.1, 26.6, and 25.6 times [5][9]. Financial Performance Summary - In 2024, the company achieved operating revenue of 1.983 billion yuan, a decrease of 2.09% year-on-year. The total profit reached 1.275 billion yuan, down 2.80% year-on-year. However, the net profit attributable to shareholders was 982 million yuan, reflecting a growth of 3.64% year-on-year [6][9]. - The gross margin and net margin for the year were 56.77% and 50.14%, showing a year-on-year change of -1.27 percentage points and +3.71 percentage points, respectively [6][9]. - The company’s asset-liability ratio stood at 69.04%, with a current ratio of 1.39 and a quick ratio of 0.26 at the end of 2024 [6]. Business Segment Analysis - The rental income for 2024 was 1.049 billion yuan, a slight increase of 0.25% year-on-year, with a gross margin of 62.78%, up 10.61 percentage points. Conversely, the sales revenue from spatial carriers was 911 million yuan, down 4.70% year-on-year, with a gross margin of 49.06%, down 14.62 percentage points [7]. - The company had 20 ongoing projects with a total construction area of approximately 3.34 million square meters and initiated 2 new projects with a total area of 340,000 square meters [7]. Investment Activities - As of the end of 2024, the company’s direct investment fund had accumulated over 9.5 billion yuan, with 56 direct investment projects totaling 4.077 billion yuan. The company participated in 30 investment funds with a total commitment of 5.464 billion yuan, leveraging a total funding scale of 58.896 billion yuan [8]. - Investment directions include integrated circuits (28%), biomedicine and medical devices (20%), new energy vehicles (35%), new generation information technology (8%), and intelligent manufacturing (8%) [8].

上海张江高科技园区开发股份有限公司 股票代码：600895 股票简称：张江高科 编号：临2025-004 第九届监事会第四次会议决议公告 本公司监事会及全体监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监事会第四次会议于 2025 年 3 月 28 日以现场方式在张江大厦召开。本次会议应出席监事 3 名，实际出席监 事 3 名。本次会议的召开符合《公司法》和《公司章程》的有关规定，经与会监 事认真审议，会议表决通过如下决议： 监事会全体监事认为：1.《2024 年年度报告》的编制和审议程序符合法 律、法规、公司章程和公司内部管理制度的各项规定；2.《2024 年年度报告》 的内容和格式符合中国证监会和上海证券交易所的各项规定，所包含的信息 客观地反映出公司当期的经营管理和财务状况等事项；3.未发现参与《2024 年年度报告》报告编制和审议的人员有违反保密规定的行为。 全体监事签署了《监事关于公司 2024 年年度报告的确认意见》。 该议案将提交公司股东大会审议。 同意：3 票，反对：0 票，弃权：0 票 ...

股票代码：600895 股票简称：张江高科 编号：临 2025-003 上海张江高科技园区开发股份有限公司 第九届董事会第八次会议决议公告 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八次会议于 2025 年 3 月 28 日以现场方式在张江大厦召开。本次会议应参加董事 5 名，实际参加 董事 5 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 体审议，会议审议通过了以下议案: 公司拟以 2024 年末总股本 1,548,689,550 股为分配基数，向全体股东每 10 股派 发现金股利人民币 1.48 元(含税)， 共计分配股利 229,206,053.40 元。2024 年半年 七、 2024 年度内部控制评价报告 该议案已经公司第九届董事会审计委员会第五次会议审议通过。 同意：5 票，反对：0 票，弃权：0 票 八、 关于聘任 2025 年度公司财务审计机构和内部控制审计机构的议案 同意公司聘任毕马威华振会计师事务所（特殊普通合伙）为本公司 2025 年 ...