Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company's revenue has been impacted by a decline in space carrier sales, while investment income has boosted net profit attributable to shareholders [4][5]. - For the first three quarters of 2024, the company achieved operating revenue of 1.683 billion yuan, a year-on-year decrease of 3.66%, with a significant drop of 62.08% in the third quarter [4][5]. - The net profit attributable to shareholders for the first three quarters was 511 million yuan, reflecting a year-on-year decline of 33.09% [4]. - The report projects the company's earnings per share (EPS) for 2024 and 2025 to be 0.76 yuan and 0.86 yuan, respectively, with a reasonable valuation range of 32.37-40.46 yuan based on the company's RNAV value [7]. Summary by Sections Financial Performance - The company reported a significant decline in revenue and net profit in the third quarter of 2024, primarily due to reduced sales from space carriers [5]. - The weighted average return on equity for the first three quarters was 4.03%, down 2.31 percentage points year-on-year [4]. - The company’s real estate business saw a sales revenue of 905 million yuan for the first nine months of 2024, a decrease of 5.29% year-on-year [6]. Market Comparison - The company’s stock performance has shown a relative increase compared to the market index, with absolute and relative growth rates of 32.4% and 35.6% over one month, respectively [3]. - The reasonable valuation range reflects the company's strategic position as a key developer in Zhangjiang Science City, responding to national strategic opportunities [7]. Future Projections - The report forecasts operating revenues of 2.370 billion yuan for 2024, with a year-on-year growth of 6.2% [8]. - The projected net profit for 2024 is 1.182 billion yuan, indicating a growth rate of 24.7% compared to 2023 [8].

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 10 月 30 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公 司 2024 年前三季度经营成果、财务状况，公司计划于 2024 年 11 月 13 日下午 15:00 至 16:30 参加"2024 年上海辖区上市公司三季报集体业绩说明会"活动， 就投资者关心的问题进行交流。 股票代码：600895 股票简称：张江高科 公告编号： 临 2024-048 上海张江高科技园区开发股份有限公司 关于参加 2024 年上海辖区上市公司三季报集体业绩说明会 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： 一、 说明会类型 本次业绩说明会通过网络在线交流形式举行，公司将针对 2024 年前三季度 的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，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 11 月 13 日（周三）15:00 至 ...

2连板张江高科：不存在其他应披露而未披露的重大信息 财联社11月1日电，张江高科发布异动公告， 经公司自查，并向公司控股股东上海张江（集团）有限公司书面问询，截至本公告披露日，公司控股股 东不存在影响公司股票交易异常波动的重大事项，不存在其他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。 查看公告原文 ...

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(集团) 2024年 11 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: 贵司于 2024 年 11 月 1 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: ...

股票代码：600895 股票简称：张江高科 编号：临2024-046 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10月31日、11月1日连续两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10月31日、11月1日连续两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、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司目前生产经营情况正常，公司不 ...

本期中期票据发行的有关文件同时在中国货币网（www.chinamoney.com.cn） 和上海清算所网站（www.shclearing.com.cn）刊登。 股票代码：600895 股票简称：张江高科 编号：临 2024-047 上海张江高科技园区开发股份有限公司 关于 2024 年度第三期中期票据发行结果公告 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（以下简称"公司"）于 2024 年 6 月 28 日召开的公司 2023 年度股东大会审议通过了《关于申请发行直接融资工具的 议案》，该事项已获得中国银行间市场交易商协会中市协注[2024]MTN949 号《接 受注册通知书》，决定接受公司中期票据注册金额为 30 亿元，注册额度自通知 书落款之日起 2 年内有效。公司在注册有效期内可分期发行中期票据，发行完成 后，应通过交易商协会认可的途径披露发行结果。 公司于近日完成了"上海张江高科技园区开发股份有限公司 2024 年度第三 期中期票据"的发行，现将发行结果公告如下： | 债券名称 ...

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]