Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 9.44 yuan [2][7]. Core Views - The company has seen a recovery in land transfer income and is steadily advancing its business transformation. The significant revenue growth in the first half of 2025 is primarily driven by land development, although the corresponding costs have also increased significantly [7][8]. - The company is recognized for its strong ability in attracting investment and has a favorable location for industrial parks, which enhances business stability as it transitions into park operations and green utilities [7][8]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 2.104 billion yuan, a year-on-year increase of 39.19%, and a net profit attributable to the parent company of 592 million yuan, up 5.32% year-on-year [7]. - The revenue from park development and operations, green utilities, and other segments reached 1.66 billion yuan, 360 million yuan, and 90 million yuan respectively, with year-on-year growth rates of 44%, 22%, and 30% [7]. - The gross profit margins for these segments were 48.8%, 24.82%, and 43.41%, reflecting changes of -26.98, +11.26, and +4.07 percentage points year-on-year [7]. Business Segment Insights - The leasing income from the company's parks showed stable growth, with a revenue of 410 million yuan in the first half of 2025, a 3.8% increase year-on-year, maintaining a gross margin of 61% [7]. - The company has cumulatively developed approximately 3 million square meters of park area, with an operational area of about 2.25 million square meters and an overall occupancy rate of around 81% [7]. - The green utilities segment reported a revenue of 360 million yuan, a 22% increase year-on-year, with a steady expansion in distributed photovoltaic power station assets [7]. Financial Projections - The company is projected to have total revenues of 2.685 billion yuan in 2024, increasing to 2.922 billion yuan in 2025, with a compound annual growth rate of 8.8% [3][8]. - The net profit attributable to the parent company is expected to rise from 637 million yuan in 2024 to 707 million yuan in 2025, reflecting an 11% year-on-year growth [3][8]. - Earnings per share (EPS) are forecasted to be 0.43 yuan in 2024, increasing to 0.47 yuan in 2025, and further to 0.52 yuan in 2026 [3][8].

Core Viewpoint - The development of industrial parks is closely related to local industrial cultivation, with the industry transitioning from basic service provision to development-oriented services [1][3]. Group 1: Company Performance - In the first half of the year, the company achieved operating revenue of 1.068 billion yuan, with a net profit attributable to shareholders of 49.18 million yuan, representing a year-on-year revenue growth of 31.66% primarily due to increased sales in the park operation segment [3]. - The company's park operation segment has maintained an average net profit growth of nearly 30% over the past three years, with a rental rate exceeding 70% in the first half of this year [4]. Group 2: Industry Challenges and Transformation - The industrial park market is undergoing significant changes due to the dual impact of global economic adjustments and domestic industrial upgrades, with some cities experiencing vacancy rates exceeding 30% [4]. - The traditional development model reliant on land finance is becoming unsustainable, necessitating a shift towards specialized services and ecosystem development [4]. Group 3: Strategic Adjustments - The company has restructured its development strategy to focus on a unified approach that integrates its existing environmental technology and intelligent manufacturing sectors while diversifying into areas like biomedicine [5]. - The company operates 47 parks, with 12 dedicated to biomedicine, housing nearly 500 innovative enterprises across various stages of development [5]. Group 4: Service Evolution - The company emphasizes that park services must evolve beyond basic utilities to include comprehensive support for businesses, creating a resource-rich environment that fosters industry collaboration [6]. - The company is exploring equity and fund-based models to create a symbiotic industrial ecosystem with enterprises [6]. Group 5: Environmental Initiatives - The company has been developing air and water environmental services since 2007 and is expanding into carbon management, with its environmental technology segment generating revenue of 894 million yuan in the first half of the year [7]. - The construction of zero-carbon parks is seen as a new opportunity for growth, with the company actively developing capabilities in carbon consulting and management [8]. Group 6: Innovation and Future Outlook - The company is focusing on technological innovation as a key component of its strategy, establishing an innovation research institute and a talent pool to enhance its competitive edge [9]. - The company aims to leverage global resources to strengthen its core competencies and brand influence, targeting significant growth in strategic emerging industries within two years [10].