Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a slight decline in revenue for the first three quarters of 2024, with total revenue of 1.683 billion yuan, down 3.66% year-on-year, and a net profit attributable to shareholders of 511 million yuan, down 33.09% year-on-year [1] - The decrease in revenue is primarily attributed to a decline in sales revenue from the real estate business, with a gross margin of 58.55%, down 7.39 percentage points from the same period last year [1] - The company has seen an increase in rental prices, with the average rental price for the first three quarters of 2024 at 1.87 yuan per square meter per day, up 4.47% from the first half of 2024 [1] - The company established a wholly-owned subsidiary, Shanghai Zhangjiang Suiyue Venture Capital Partnership, with a registered capital of 46.44 million yuan [1] - The company is positioned as a full lifecycle operation company focused on technology real estate, which is expected to support its development alongside investments in real estate [1] Financial Summary - For 2024, the company forecasts net profits of 965.44 million yuan, 973.18 million yuan, and 1.01719 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.62 yuan, 0.63 yuan, and 0.66 yuan [4] - The projected PE ratios for the same years are 43.20X, 42.86X, and 41.00X [4] - The company’s revenue is expected to grow at rates of 8.90%, 4.52%, and 2.78% for the years 2024, 2025, and 2026 respectively [4]

Investment Rating - The investment rating for Zhangjiang Hi-Tech (600895.SH) is maintained at "Buy" [1][4]. Core Views - The company has experienced a decline in rental and sales income, with a significant drop in profits due to reduced investment income. Despite this, the company continues to enhance its industrial investment efforts [4][5]. - The forecast for the company's net profit attributable to shareholders for 2024-2026 is projected to be 1.125 billion, 1.334 billion, and 1.461 billion yuan, respectively, with corresponding EPS of 0.73, 0.86, and 0.94 yuan [4][8]. Summary by Relevant Sections Financial Performance - In the first three quarters, the company achieved revenue of 1.683 billion yuan, a year-on-year decrease of 3.7%. The net profit attributable to shareholders was 511 million yuan, down 33.1% year-on-year. In Q3 alone, revenue and net profit fell by 62.1% and 34.1%, respectively [5][6]. - The decline in net profit is attributed to a decrease in sales gross margin by 7.4 percentage points to 58.6%, an increase in expense ratios by 5.5 percentage points, and a significant drop in investment income, which fell by 77% year-on-year [5][6]. Rental and Sales Income - The company's rental income for the first three quarters was 760 million yuan, a decrease of 1.3% year-on-year, while Q3 rental income saw a slight increase of 2.2% year-on-year. Sales revenue for the same period was 905 million yuan, down 5.3% year-on-year, with Q3 sales revenue at 179 million yuan, significantly lower than 933 million yuan in the same period of 2023 [6][7]. Investment and Financing - As of mid-2024, the cumulative industrial investment scale reached 9.441 billion yuan, an increase of 8.36% year-on-year. The company raised 4.6 billion yuan in the public market from January to September, including 1.8 billion yuan from corporate bonds and medium-term notes [7][8].

股票代码：600895 股票简称：张江高科 编号：临2024-045 上海张江高科技园区开发股份有限公司 2024年第三季度房地产业务主要经营数据公告 2. 2024年1--9月，公司房地产业务新开工面积19.42万平方米，竣工项目 面积63.56万平方米。其中2024年7—9月，公司房地产业务无新开工项目。竣工 面积12.77万平方米。 3. 2024年1--9月，公司房地产业务实现销售收入9.05亿元，同比下降 5.29%。 其中，公司2024年7--9月公司实现销售收入1.79亿元，2023年7—9月公司 实现销售收入9.33亿元。 4. 2024年9月末，公司出租房地产总面积150.7万平方米。2024年1--9月公 司房地产业务取得租金总收入7.6亿元，同比下降1.33%。 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，特此公告上海张江高科技园区开发股份有限公司（以下简 称"公司"）2024年第三季度房地产业务主要经营数据： 1. ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥457,148,068.79, a decrease of 62.08% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥244,749,380.82, down 34.10% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥242,159,315.98, reflecting a decline of 34.28% compared to the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.16, a decrease of 33.33% year-on-year[4] - The net profit attributable to shareholders of the listed company for the current reporting period is -34.10 million, primarily due to a decrease in sales revenue from space carriers compared to the previous period[10] - The basic earnings per share for the current reporting period is -33.33, reflecting a decrease in net profit attributable to shareholders compared to the previous period[10] - Total operating revenue for the first three quarters of 2024 was CNY 1,682,512,627.12, a decrease of 3.67% compared to CNY 1,746,355,163.87 in the same period of 2023[19] - Net profit for the first three quarters of 2024 was CNY 502,238,983.41, down 34.7% from CNY 769,617,562.91 in the same period of 2023[20] - Basic earnings per share for the first three quarters of 2024 was CNY 0.33, compared to CNY 0.49 in the same period of 2023[21] - Operating profit for the first three quarters of 2024 was CNY 77,406,991.07, down from CNY 103,437,688.81 in the previous year, representing a decline of 25.2%[30] - The net profit for the first three quarters of 2024 increased to CNY 69,101,353.29, compared to CNY 47,037,536.98 in the same period of 2023, marking a growth of 46.9%[30] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥54,567,398,526.84, representing a 6.99% increase from the end of the previous year[4] - The company's current assets totaled CNY 22.73 billion, up from CNY 21.74 billion at the end of 2023, indicating a growth of about 4.5%[16] - The total liabilities of the company reached CNY 38.39 billion, up from CNY 34.99 billion, representing an increase of about 9.3%[17] - The company's long-term borrowings increased to CNY 15.16 billion from CNY 12.65 billion, indicating a rise of approximately 19.7%[17] - The total assets of the company reached 26,724,243,626.51 CNY, slightly down from 26,772,962,415.29 CNY at the end of the previous year[27] - The total liabilities increased to 20,262,411,002.33 CNY from 20,005,448,273.30 CNY year-over-year[27] - The company's total liabilities and equity stood at CNY 26,724,243,626.51, reflecting a slight decrease from CNY 26,772,962,415.29 in the previous year[28] Cash Flow - The cash flow from operating activities for the year-to-date was negative at ¥-2,282,389,385.24, but showed an improvement of 18.43% compared to the same period last year[2] - The net cash flow from operating activities was -2,282,389,385.24 CNY, an improvement from -2,798,206,460.65 CNY in the previous year[23] - Cash inflow from operating activities totaled CNY 1,180,181,131.20, an increase from CNY 1,117,391,063.15 in the previous year[22] - Cash flow from investing activities showed a net outflow of CNY -677,606,398.85 in the first three quarters of 2024, compared to CNY -2,602,748,838.21 in the previous year[31] - Cash flow from financing activities generated a net inflow of CNY 499,014,540.11 in the first three quarters of 2024, down from CNY 2,471,357,100.75 in the same period of 2023[31] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 173,444, with the largest shareholder, Shanghai Zhangjiang (Group) Co., Ltd., holding 50.75% of the shares[11] - The total equity attributable to shareholders increased to CNY 12.57 billion from CNY 12.44 billion, reflecting a growth of about 1.0%[18] Investment and Expenses - The company's investment income for the current reporting period decreased significantly, with no investment income from the transfer of equity interests in joint ventures, which was 412 million in the previous period[8] - The company reported a significant increase in financial expenses, with interest expenses rising to CNY 438,893,661.06 from CNY 378,090,995.26 in the previous year[19] - The company experienced a decrease in investment income, reporting CNY 70,620,749.65 compared to CNY 312,156,060.54 in the same period of 2023[19] - The company's sales expenses for the current reporting period increased, indicating higher marketing costs compared to the previous period[8] Accounting Standards and Reporting - The company will implement new accounting standards starting in 2024, which will affect the financial statements from the beginning of the year[32] - The report was announced on October 28, 2024, indicating timely communication of financial performance[32] - The company is not applicable for the new accounting standards or interpretations for the first execution year[32] - The financial report includes adjustments related to the new accounting standards, although specific figures are not provided in the document[32] - The board of directors has confirmed the announcement regarding the financial report[32] - Future outlook and performance guidance are not detailed in the report[32] - There is no mention of new products, technologies, market expansion, or mergers and acquisitions in the document[32] - The report consists of 19 pages, indicating a comprehensive overview of the company's financial status[32] - The company emphasizes the importance of accurate information in its financial reporting[32]

股票代码：600895 股票简称：张江高科 公告编号：2024-044 上海张江高科技园区开发股份有限公司 2024 年半年度权益分派实施 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： 每股分配比例 A 股每股现金红利 0.052 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/17 | － | 2024/10/18 | 2024/10/18 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 28 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 1,548,689,550 股为基数，每股派发 ...

股票代码：600895 股票简称：张江高科 编号：临2024-043 上海张江高科技园区开发股份有限公司 股票交易异常波动公告 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： 上海张江高科技园区开发股份有限公司（以下简称"公司"）股票于 2024年9月30日、10月8日、10月9日连续三个交易日内日收盘价格涨幅偏离值累 计超过20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常 波动情形。 经公司自查并书面问询控股股东，截止本公告披露日，不存在应披露而 未披露的重大信息。 公司特别提醒投资者，公司生产经营未发生重大变化，敬请投资者注意 投资风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 上海张江高科技园区开发股份有限公司（以下简称"公司"）股票于2024 年9月30日、10月8日、10月9日连续三个交易日内日收盘价格涨幅偏离值累计超 过20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动 情形。 （二）重大事项情况 经公司自查，并向公司控股股东上海张江（集团）有限公司 ...

贵司于 2024 年 10 月 9 日所发《股票交易异常波动征询函》已收 悉，经我司核查,现就所征询的事项作出如下回复： 截至目前，我公司不存在影响贵司股票交易异常波动的重大事 项,不存在与贵司有关的应披露而未披露的重大信息，包括但不限于 重大资产重组、发行股份、上市公司收购、债务重组、业务重组、资 产剥离和资产注入等重大事项。 在贵公司股价异常波动期间,我公司及一致行动人不存在买卖贵 公司股票的情况。 特此函复。 上海张江 202 关于上海张江高科技园区开发股份有限公司 《股票交易异常波动征询函》的回函 上海张江高科技园区开发股份有限公司: ...

经上海张江高科技园区开发股份有限公司（以下简称"公司"）第八届董事会第 三十五次会议审议通过，公司作为有限合伙人认缴出资额人民币 6,000 万元，发起设 立"上海张江燧玥创业投资合伙企业（有限合伙）"（以下简称"基金"）。上述事宜 具体情况详见公司于 2024 年 4 月 30 日披露的《关于关于发起设立上海张江科技创新 股权投资基金（有限合伙）暨关联交易的公告》（公告编号：临 2024-020）。 股票代码：600895 股票简称：张江高科 编号：临 2024-042 上海张江高科技园区开发股份有限公司 关于发起设立上海张江燧玥创业投资合伙企业（有限合伙） 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。 一、交易基本情况 二、交易进展情况 现经工商部门核准，该基金核定名称为"上海张江燧玥创业投资合伙企业（有限 合伙）"。 公司已签署《上海张江燧玥创业投资合伙企业（有限合伙）合伙协议》。上海张江 燧玥创业投资合伙企业（有限合伙）（以下简称"张江燧玥基金"）已完成工商登记及 中国证券投资基金业协会（以下简称"基协" ...

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四次会议于2024年9 月24日以通讯表决方式召开，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《关于公司全资子公司——上海张江浩成创业投资有限公司通过公 开挂牌方式转让上海赛默罗生物科技有限公司3.9513%股权的议案》。 股票代码：600895 股票简称：张江高科 编号：临 2024-041 上海张江高科技园区开发股份有限公司 第九届董事会第四次会议决议公告 特此公告。 上海张江高科技园区开发股份有限公司董事会 2024 年 9 月 25 日 同意公司全资子公司----上海张江浩成创业投资有限公司将持有的上海赛 默罗生物科技有限公司3.9513%股权通过上海联合产权交易所有限公司进行公 开挂牌，挂牌价格不低于经上海市浦东新区国资委备案的评估价格。 同意：5 票，反对：0 票，弃权：0 票 ...

关于参加2024年上海辖区上市公司投资者集体接待日暨 股票代码：600895 股票简称：张江高科 编号：临2024-040 上海张江高科技园区开发股份有限公司 中报业绩说明会的公告 重要内容提示： 上海张江高科技园区开发股份有限公司（以下简称"公司"）已于2024年 8月24日发布公司2024年半年度报告。为便于广大投资者更深入全面地了解公 司2024年半年度经营成果、财务状况，公司定于2024年9月13日（周五）下午 14:00-16:30参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"活动，就投 资者普遍关心的问题进行交流。 一、 说明会类型 本次业绩说明会通过网络文字互动形式举行，公司将针对2024年半年度的 经营成果及财务状况与投资者进行交流和沟通，在信息披露允许的范围内就投 资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一）会议召开时间：2024年9月13日（周五）下午14:00-16:30，其中网络 文字互动交流时间为 15:00-16:30。 会议召开时间：2024年9月13日(星期五)下午14:00-16 ...