Investment Rating - The report assigns an "Outperform" rating to the company [4][13]. Core Insights - The company is a key developer in Zhangjiang Science City and the only listed entity among its operators, benefiting from abundant resources in the area. Future investment returns are expected to be promising [4][13]. - In the first three quarters of 2025, the company's performance showed growth, with strong investment profit momentum. The expected EPS for 2025 is RMB 0.72, and the RNAV is RMB 50.13, leading to a fair value estimate of RMB 55.14 [4][13]. - Revenue for the first three quarters of 2025 reached RMB 2.00 billion, a year-on-year increase of 19.09%, while net profit attributable to shareholders was RMB 617 million, up 20.66% [4][13]. Financial Summary - The company achieved a net profit of RMB 948 million in 2023, with projections of RMB 982 million in 2024 and RMB 1,122 million in 2025, reflecting a growth rate of 15.3%, 3.6%, and 14.2% respectively [3][6]. - The total assets as of September 2025 were RMB 59.40 billion, an increase of 1.72% from the previous year-end, with net assets attributable to shareholders at RMB 14.76 billion, up 6.36% [4][13]. - Investment profit for the first three quarters of 2025 was RMB 696 million, a significant increase of 885.61% year-on-year [4][13]. Real Estate Performance - Real estate sales revenue for the first three quarters of 2025 was RMB 1.13 billion, representing a year-on-year increase of 24.81%. The company had no new real estate project reserves during this period [4][13]. - The total leased real estate area as of September 2025 was 1.87 million square meters, with rental income of RMB 861 million, up 13.31% year-on-year [4][13].

其中2025年4--6月，公司房地产业务合同销售面积0.63万平方米，实现合 同销售金额1.90亿元。 公司房地产业务取得租金总收入5.67亿元，同比增加17.01%。 股票代码：600895 股票简称：张江高科 编号：临2025-023 上海张江高科技园区开发股份有限公司 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"）2025年第二季度房地产业务主要经营数据： 销售金额11.29亿元，同比增加55.43%。 其中2025年4--6月，公司房地产业务取得租金总收入2.90亿元，同比增加 以上经营数据未经审计，请投资者谨慎使用。 特此公告。 上海张江高科技园区开发股份有限公司董事会 ...