Shanghai Lingang Holdings (600848) investor relations material

Executive summary

• 9M revenue increased 4.01% YoY to RMB3.954bn, while attributable net income declined 15.37% to RMB821.7m; Q3 revenue rose 27.52%, but attributable net income fell 64.01%.

• Q3 earnings faced a high prior-year comparison from a REIT-related park disposal gain; operating cash flow improved substantially as project development and construction outflows narrowed.

Financial highlights

• Q3 revenue was RMB1.355bn, up 27.52% YoY; total profit was RMB450.1m, down 58.41%, and attributable net income was RMB262.2m, down 64.01%.

• Q3 adjusted for non-recurring items, attributable net loss was RMB126.5m, versus adjusted net income of RMB638.8m a year earlier; Q3 non-recurring gains net of tax and minority interests totaled RMB388.7m.

• 9M total profit was RMB1.472bn, down 8.77% YoY; attributable net income was RMB821.7m, down 15.37%, and adjusted attributable net income was RMB204.0m, down 76.07%.

• 9M basic and diluted EPS were RMB0.33, down 13.16% YoY; Q3 basic and diluted EPS were RMB0.11, down 60.71%.

Key financial ratios and metrics

• Q3 weighted average ROE was 1.50%, down 2.87 percentage points YoY.

• At Sept. 30, total assets were RMB86.877bn, down 0.86% from year-end 2025; parent-attributable equity was RMB17.011bn, up 1.91%.