Shanghai Zhangjiang Hi-Tech Park Development (600895) Q4 2025 earnings summary

Executive summary

• Revenue reached RMB 4.18 billion in 2025, up 110.85% year-over-year, driven by a surge in industrial space sales.

• Net profit attributable to shareholders was RMB 986 million, up 0.38% year-over-year.

• Operating cash flow turned positive to RMB 397 million from a negative RMB 2.4 billion last year.

• The company maintained its focus on integrated circuit industry clusters, strategic investment, and high-quality park operations.

• Dividend payout ratio was 31.41% of annual net profit, with total cash dividends of RMB 310 million.

Financial highlights

• Operating income: RMB 4.18 billion (+110.85% YoY); net profit: RMB 986 million (+0.38% YoY).

• Gross margin for industrial space sales: 49.85%; for leasing: 45.12%.

• Total assets: RMB 63.11 billion (+6.24% YoY); net assets: RMB 16.00 billion (+8.44% YoY).

• Basic and diluted EPS: RMB 0.62 (-1.59% YoY); ROE: 7.11%.

• Cash flow from operations: RMB 397 million (+116.52% YoY).

Outlook and guidance

• Focus on integrated circuit, biomedicine, and AI clusters, with continued investment in high-tech and future industries.

• Plans to deepen investment in early-stage and hard-tech projects, strengthen industry service platforms, and accelerate asset securitization.

• Anticipates continued competitive pressure on rental rates and sales cycles due to increased supply and market competition.