SHLG(SH:600848) KAIYUAN SECURITIES·2025-09-01 06:16Investment Rating - The investment rating for the company is "Buy" (maintained) [5][14]. Core Views - The company reported a slight decline in revenue but an increase in net profit, indicating stable performance. The operational services are expected to be a long-term support for performance [5]. - Due to a decrease in property sales, the profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 1.11 billion, 1.28 billion, and 1.37 billion yuan respectively [5]. - The company is positioned as a key player in the development of the Lingang New Area, with steady progress in park operations and efficient investment operations [5]. Financial Performance Summary - In the first half of 2025, the company achieved total operating revenue of 2.74 billion yuan, a year-on-year decrease of 8.13%. However, the net profit attributable to shareholders was 331 million yuan, an increase of 8.42% year-on-year [6]. - The decline in revenue was primarily due to a 12.8% drop in property sales revenue, while profit growth was attributed to a turnaround in fair value changes and a reduction in minority shareholder losses [6]. - The company’s gross margin and net margin were 56.02% and 17.56%, respectively, with year-on-year changes of -9.23 percentage points and +0.69 percentage points [6]. Park Operations and Growth - The company reported sales of 2.17 billion yuan and a sales area of 92,000 square meters in the first half of 2025, with new land reserves of 30,500 square meters [7]. - The total leased area of the company’s park properties reached 2.8662 million square meters, generating rental income of 1.47 billion yuan, while park operation service-related income was 220 million yuan [7]. - The revenue scale of the company’s subordinate park enterprises grew by approximately 9.05% year-on-year, with total fixed asset investments reaching 6.794 billion yuan [7].