Shanghai Lingang Holdings Co Ltd A

Shanghai Lingang released its 2026 interim report. Total operating revenue was 2.6 billion yuan, and net profit attributable to the parent company was 560 million yuan, an increase of 317 million yuan from the same period last year, up 130.83% year on year, marking a second consecutive year of growth. Net cash flow from operating activities was negative 741 million yuan, an improvement of 1.616 billion yuan compared with the same period last year. The company's asset-liability ratio was 66.48%, down 0.50 percentage points year on year. Gross margin was 51.41%, up 3.94 percentage points quarter on quarter. Return on equity was 3.34%, up 1.82 percentage points year on year. Diluted earnings per share were 0.22 yuan, up 120.00% year on year. The number of shareholders was 56,100, and the top ten shareholders held 73.90% of total share capital.

Guotai Haitong Lingang Innovation Intelligent Manufacturing Industrial Park Closed-end Infrastructure Securities Investment Fund, known as Lingang REIT with fund code 508021, recently announced that Shanghai Lingang Innovation Investment Development Company, a related party controlled by the original equity holder, plans to increase its fund holdings, with a cumulative increase of no more than 60 million yuan and no less than 30 million yuan. Before the increase, the original equity holder and its controlled related parties together held 128,623,059 fund units, accounting for 21.85 percent. Lingang REIT is the country's first standard factory industrial park REIT, listed on October 13, 2022, and completed an expansion on August 29, 2025, acquiring the Caohejing Technology Oasis Kangqiao Park held by Shanghai Lingang. In the second quarter of 2026, the fund's total revenue was 33.44 million yuan, up 4 percent quarter on quarter, with distributable income of 30.59 million yuan. Occupancy remained among the top industrial park REITs, and the Kangqiao project maintained an occupancy rate above 90 percent.

Shanghai Lingang disclosed an earnings forecast, expecting net profit attributable to the parent for the first half of 2026 to be between 500 million and 600 million yuan, a year-on-year increase of 106% to 148%. Deducted non-recurring net profit is expected to be between 320 million and 380 million yuan, up 49% to 78% year-on-year. The company said the expected profit increase is mainly due to a significant year-on-year rise in fair value gains and investment income. In recent years, the company has accelerated its transformation towards industrial cultivation services and supporting investments, with some projects invested through industrial investment funds achieving listings and generating good investment returns.