上海张江高科技园区开发股份有限公司 关于公司向专业投资者公开发行公司债券获得 中国证券监督管理委员会注册批复的公告 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。 上海张江高科技园区开发股份有限公司（以下简称"公司"）近日收到中国证 券监督管理委员会出具的《关于同意上海张江高科技园区开发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]2383 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 40 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。 股票代码：600895 股票简称：张江高科 公告编号： 2025-033 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。 公司董事会及授权人士将按照有关法律法规和核准文件的要求及公司股东大 会的授权办理本次发行公司债券的相关事宜，并及时履行信息披露 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥299,856,475.38, a decrease of 34.41% compared to the same period last year[3] - The total profit for the period was ¥318,268,149.48, reflecting a decline of 2.24% year-on-year[3] - The net profit attributable to shareholders was ¥247,427,165.83, showing a slight increase of 1.09% compared to the previous year[3] - The basic earnings per share for the period was ¥0.15, down 6.25% from the same period last year[3] - Total operating revenue for the first three quarters of 2025 reached ¥2,003,710,164.33, an increase of 19.0% compared to ¥1,682,512,627.12 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥581,730,562.00, representing a 15.7% increase from ¥502,238,983.41 in 2024[20] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.38, compared to CNY 0.33 in the same period of 2024, marking an increase of approximately 15.2%[21] - Total comprehensive income for the first three quarters of 2025 was CNY 544,116,658.55, compared to CNY 492,592,403.17 in 2024, representing an increase of about 10.5%[21] Assets and Liabilities - Total assets at the end of the period amounted to ¥60,422,649,149.25, an increase of 1.72% from the end of the previous year[4] - Current assets totaled ¥22,885,764,389.83 as of September 30, 2025, a decrease of 3.8% from ¥23,800,541,233.37 at the end of 2024[16] - Non-current assets amounted to ¥37,536,884,759.42, an increase of 5.4% from ¥35,601,973,760.61 at the end of 2024[17] - Current liabilities increased to ¥23,322,474,967.64, a rise of 36.5% from ¥17,119,641,820.74 at the end of 2024[17] - Total liabilities stood at ¥41,046,868,436.08, slightly up from ¥41,008,919,238.36 at the end of 2024[18] - Shareholders' equity totaled ¥19,375,780,713.17, an increase from ¥18,393,595,755.62 at the end of 2024[18] - Total liabilities as of the latest reporting period amounted to CNY 21.85 billion, an increase from CNY 20.16 billion in the previous year[26] - Total equity increased to CNY 8.28 billion from CNY 8.07 billion year-over-year[26] Cash Flow - Cash flow from operating activities showed a negative net amount of ¥587,227,411.73, a significant increase in outflow of 74.27% year-on-year[3] - The net cash flow from operating activities increased by 74.27 million, attributed to a significant increase in cash receipts from sales and a reduction in project development investments[10] - Cash inflow from financing activities for the first three quarters of 2025 was CNY 12,732,005,427.51, compared to CNY 8,869,189,874.17 in 2024, indicating an increase of approximately 43.5%[23] - The company reported a net cash outflow from operating activities of CNY -587,227,411.73 for the first three quarters of 2025, an improvement from CNY -2,282,389,385.24 in 2024[22] - Cash flow from operating activities for the first three quarters of 2025 was CNY 312.85 million, compared to a negative cash flow of CNY 39.41 million in the same period of 2024[31] - Cash flow from investing activities generated a net inflow of CNY 26.83 million in the first three quarters of 2025, compared to a net outflow of CNY 677.61 million in the same period of 2024[32] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 262,410[12] - The largest shareholder, Shanghai Zhangjiang (Group) Co., Ltd., holds 50.75% of the shares[12] Expenses and Impairments - The company reported a decrease in sales and marketing expenses by 35.60 million in the reporting period[10] - The company recorded a credit impairment loss of 100.00 million, indicating a reduction in provisions compared to the previous period[10] - The company’s financial expenses for the first three quarters of 2025 were CNY 327.84 million, down from CNY 381.88 million in the same period of 2024[28] Other Financial Metrics - The investment income for the reporting period increased to 106.85 million, primarily due to the rise in fair value of financial assets held by joint ventures[10] - The company's total income from non-operating activities for the reporting period was 15,202.80 million, significantly higher due to increased penalty income[10] Accounting Standards - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements from the beginning of that year[33]

Core Viewpoint - Zhangjiang Hi-Tech reported a decline in Q3 revenue and a slight decrease in net profit, while the first three quarters showed growth in both revenue and net profit compared to the previous year [1] Financial Performance - Q3 revenue was 300 million yuan, a year-on-year decrease of 34.41% [1] - Q3 net profit was 318 million yuan, a year-on-year decrease of 2.24% [1] - Revenue for the first three quarters was 2 billion 4 million yuan, a year-on-year increase of 19.09% [1] - Net profit for the first three quarters was 793 million yuan, a year-on-year increase of 22.95% [1]

Core Points - The rental and sales rights concept declined by 1.06%, ranking among the top declines in concept sectors as of October 29 [1] - Major stocks in this sector, such as *ST Nanzhi, Shoukai Co., and Debi Group, experienced significant declines, while a few stocks like Hefei Urban Construction and Binhai Group saw gains [1][2] Market Performance - The rental and sales rights sector saw a net outflow of 539 million yuan, with 21 stocks experiencing net outflows, and 10 stocks seeing outflows exceeding 10 million yuan [1] - Shoukai Co. led the outflow with a net withdrawal of 311 million yuan, followed by Zhangjiang Hi-Tech and *ST Nanzhi [1][2] Stock Movements - The top gainers in the rental and sales rights sector included Hefei Urban Construction (up 2.08%), Binhai Group (up 1.71%), and Tianjian Group (up 0.78%) [1] - Conversely, the largest declines were seen in Shoukai Co. (down 8.58%), Zhangjiang Hi-Tech (down 0.36%), and *ST Nanzhi (down 4.83%) [1][2]

Market Overview - On October 27, the Shanghai State-Owned Enterprise Reform sector rose by 0.41% compared to the previous trading day, with Guokai Detection leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Gainers in Shanghai State-Owned Enterprise Reform Sector - Guokai Detection (301289) closed at 66.08, up 5.37% with a trading volume of 78,100 shares and a transaction value of 508 million [1] - Zhongke Company (688347) closed at 133.50, up 4.71% with a trading volume of 513,000 shares and a transaction value of 6.587 billion [1] - Shanghai Electric (601727) closed at 9.71, up 3.52% with a trading volume of 4.5977 million shares and a transaction value of 4.417 billion [1] Top Losers in Shanghai State-Owned Enterprise Reform Sector - Huajian Group (600629) closed at 26.86, down 9.99% with a trading volume of 1.565 million shares and a transaction value of 4.261 billion [2] - Yinghe Technology (300457) closed at 29.49, down 7.96% with a trading volume of 507,100 shares and a transaction value of 1.52 billion [2] - Shangshi Development (600748) closed at 6.40, down 4.19% with a trading volume of 1.1595 million shares and a transaction value of 750 million [2] Capital Flow Analysis - On the same day, the main funds in the Shanghai State-Owned Enterprise Reform sector experienced a net outflow of 1.55 billion, while retail investors saw a net inflow of 803 million [2] - The table of capital flow indicates that Shanghai Electric (601727) had a main net inflow of 193 million, while Guokai Detection (301289) had a main net inflow of 25.6 million [3]

Core Insights - The real estate development sector experienced a decline of 1.08% on October 24, with Shen Property A leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Real Estate Sector Performance - Notable gainers in the real estate sector included: - Yingxin Development (000620) with a closing price of 2.64, up 10.00% [1] - Heimu Dan (600510) with a closing price of 8.74, up 6.46% [1] - ST Zhongdi (000609) with a closing price of 5.68, up 4.99% [1] - Major decliners included: - Shen Property A (000011) with a closing price of 10.35, down 8.41% [2] - Tianjian Group (000090) with a closing price of 3.85, down 6.33% [2] - Beichen Industry (601588) with a closing price of 1.98, down 5.71% [2] Capital Flow Analysis - The real estate sector saw a net outflow of 211 million yuan from institutional investors and 107 million yuan from retail investors, while retail investors had a net inflow of 318 million yuan [2] - Key stocks with significant capital flow included: - Wantong Development (600246) with a net inflow of 68.84 million yuan from institutional investors [3] - Zhangjiang High-Tech (600895) with a net inflow of 46.32 million yuan from institutional investors [3] - Hefei Urban Construction (002208) with a net inflow of 37.46 million yuan from institutional investors [3]

Core Viewpoint - The rental and sales rights concept has seen a rise of 1.26%, ranking 7th among concept sectors, with 18 stocks increasing in value, while some stocks experienced declines [1][2]. Group 1: Market Performance - The top performers in the rental and sales rights sector include *ST Nanzhi, which hit the daily limit, and companies like Hefei Urban Construction, Shibei High-tech, and Huitong Energy, which rose by 7.55%, 7.35%, and 4.53% respectively [1]. - Conversely, the stocks that faced the largest declines include Poly Developments, Mingpai Jewelry, and China Merchants Shekou, which fell by 1.81%, 1.68%, and 1.50% respectively [1]. Group 2: Capital Flow - The rental and sales rights sector experienced a net outflow of 518 million yuan in principal funds, with five stocks receiving net inflows. Zhangjiang Hi-Tech led with a net inflow of 235 million yuan, followed by Shibei High-tech, Huitong Energy, and Mingpai Jewelry [2][3]. - The net inflow ratios for leading stocks in the sector were 8.93% for Shibei High-tech, 7.82% for Huitong Energy, and 4.83% for Zhangjiang Hi-Tech [3]. Group 3: Stock Performance Metrics - The stock performance metrics for key companies in the rental and sales rights sector include: - Zhangjiang Hi-Tech: 2.39% increase, 6.85% turnover rate, 234.88 million yuan net inflow, 4.83% net inflow ratio [3]. - Shibei High-tech: 7.35% increase, 12.67% turnover rate, 110.36 million yuan net inflow, 8.93% net inflow ratio [3]. - Huitong Energy: 4.53% increase, 2.04% turnover rate, 11.07 million yuan net inflow, 7.82% net inflow ratio [3].

Core Insights - In September, the sales prices of commercial residential properties in 70 large and medium-sized cities showed a month-on-month decline, while the year-on-year decline continued to narrow [1] - Shanghai's real estate development investment from January to September 2025 increased by 2.2% compared to the same period last year [1] - The Real Estate ETF fund rose by 1.41% today, with stocks such as Yinxin Development, Zhuhai Free Trade Group, Guangming Real Estate, and Tianbao Infrastructure hitting the daily limit [1] Real Estate Market Trends - The month-on-month decline in residential property prices indicates ongoing challenges in the real estate market [1] - The narrowing year-on-year decline suggests a potential stabilization in the market [1] Investment Insights - The Real Estate ETF fund closely tracks the CSI All Share Real Estate Index, which includes major companies such as Poly Developments, Vanke A, and Zhangjiang Hi-Tech [1] - The top ten weighted stocks in the index reflect significant players in the real estate sector, indicating where investment focus may lie [1]

Core Viewpoint - Zhangjiang Hi-Tech experienced a stock price increase of 69.04% year-to-date, with a recent trading volume of 10.90 billion yuan and a market capitalization of 69.583 billion yuan as of October 21 [1] Financial Performance - For the first half of 2025, Zhangjiang Hi-Tech reported revenue of 1.704 billion yuan, representing a year-on-year growth of 39.05%, and a net profit attributable to shareholders of 369 million yuan, up 38.64% year-on-year [2] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 5.42% to 174,000, while the average number of circulating shares per person increased by 5.73% to 8,902 shares [2] - The company has distributed a total of 4.818 billion yuan in dividends since its A-share listing, with 963 million yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 47.5362 million shares, an increase of 17.6612 million shares from the previous period [3] - Other notable institutional shareholders include Southern CSI 500 ETF and Southern CSI Real Estate ETF, both of which increased their holdings compared to the previous period [3] Stock Market Activity - On October 21, 2023, Zhangjiang Hi-Tech's stock price rose by 2.04%, with a trading volume of 10.90 billion yuan and a turnover rate of 1.59% [1] - The stock has seen fluctuations, with a 4.14% decline over the last five trading days but a 25.20% increase over the last 20 days [1]

Core Viewpoint - The company clarified that it does not plan to change its name to "Zhangjiang Science City" despite investor inquiries, emphasizing that its main business involves the construction and operation of industrial space in Zhangjiang Science City, which does not align with the name's meaning [1] Group 1 - The company operates in the field of industrial space construction and operation [1] - There is a distinction between the company's name and the meaning of "Zhangjiang Science City" [1]