A report indicates that China's industrial park operators entered a period of intensified differentiation and quality-driven transformation in 2025. The average operating revenue of ten representative companies reached 5.029 billion yuan, marking a significant year-on-year increase of 24.71%. Concurrently, revenues declined again for some firms due to factors including high-base effects and weak regional park demand, further exacerbating the polarization in industry revenue performance. As industrial parks comprehensively shift their strategic focus from scale expansion to industrial operation, capital market attention has moved away from land reserves and development scale towards operational capabilities, profit stability, and sustainable development potential. Looking forward, industrial park operations will evolve towards greater refinement, specialization, digitalization, and ecological integration. The ability to deeply cultivate high-quality sectors in core cities, provide full-cycle industrial operation services, and execute capital operations integrating industry and finance will become crucial for building core competitiveness and driving the industry towards high-quality development.
**Operating Scale: Industry Expansion Hits a Bottleneck, Company Revenues Fluctuate** Average operating data for ten representative companies from 2021-2025. The ten representative companies include: Shanghai Zhangjiang Hi-Tech Park Development Co.,Ltd. (600895.SH), Wuhan East Lake High Technology Group Co.,Ltd. (600133.SH), Shanghai Lingang Holdings Co.,Ltd. (600848.SH), CEOVU (00798), Shanghai Shibei Hi-Tech Co.,Ltd. (600604.SH), Suzhou New District Hi-Tech Industrial Co.,Ltd. (600736.SH), Tianan Cyber Park, China-Singapore Suzhou Industrial Park Development Group Co.,Ltd. (601512.SH), Nanjing Gaoke Company Limited (600064.SH), and Shanghai Jinqiao Export Processing Zone Development Co.,Ltd. (600639.SH). In terms of total assets, the average for these ten companies reached 45.802 billion yuan in 2025, with a growth rate of only 0.11% year-on-year, down from the 6.69% growth seen in 2024. The development of new parks continues to concentrate in core first- and second-tier cities and high-quality hard technology sectors. Leading companies, leveraging resource advantages and industrial layout capabilities in core areas, maintained steady asset growth. For instance, Shanghai Zhangjiang Hi-Tech Park Development Co.,Ltd., anchored by the Shanghai IC Design Industrial Park, deepened its presence in emerging sectors like integrated circuits and artificial intelligence. By employing a diversified investment model combining direct investment and funds, it enhanced its industrial ecosystem. Its total assets reached 63.109 billion yuan by the end of 2025, a 6.24% year-on-year increase, demonstrating strong expansion resilience amid a general industry slowdown. Shanghai Lingang Holdings Co.,Ltd. maintained its leading position in scale with total assets of 87.628 billion yuan at the end of 2025, up 2.07% year-on-year, indicating stable asset size. Regarding operating revenue, the average for the ten representative companies surged to 5.029 billion yuan in 2025, a substantial 24.71% year-on-year increase, rebounding from a 27.43% decline in 2024. However, revenues fell again for some companies affected by high-base adjustments and weak regional park demand, intensifying the polarization in industry revenue performance. Analyzing the revenue structure, industrial operators continued to deepen their transition towards a hybrid asset-light and asset-heavy model in 2025, accelerating the diversification of income streams. The proportion of revenue from industrial investment, park operation services, and asset leasing steadily increased, while the share from traditional real estate development and sales contracted further. Notably, the industry overall still faces the dual challenges of declining occupancy rates and rental price pressure. Only science and innovation parks in core areas of first-tier cities showed strong resistance to declines, while some high-end manufacturing parks performed relatively steadily. Parks in most second- and third-tier cities commonly experienced rental decreases and rising vacancy rates, making price-for-volume strategies a widespread industry choice.
**Profitability: Marginal Improvement in Profit Levels, Industrial Investment Returns Remain Core Growth Driver** Average net profit for ten representative companies from 2021-2025. In terms of profit scale, the ten representative companies saw a marginal recovery in profitability in 2025, although significant volatility in net profit remained characteristic. The average net profit reached 933 million yuan, a 37.81% year-on-year increase. The average net profit margin recovered to 18.56%, up from 16.79% in 2024, indicating marginal improvement but still below the industry average for 2021-2023, suggesting the foundation for profit recovery remains unstable. Regarding profit drivers, returns from industrial investments were a core variable affecting the net profit performance of some diversified companies, but their cyclicality and uncertainty became more pronounced. Increased volatility in capital markets during 2025, coupled with valuation divergence among tech firms and a slowdown in IPO processes, directly led to significant fluctuations in fair value changes and gains from project exits related to industrial investments, becoming a key reason for profit divergence among companies.
**Financial Stability: Overall Industry Debt Levels Decline, Divergence in Robustness Becomes More Apparent** Average asset-liability ratio for ten representative companies from 2021-2025. In 2025, industrial operators continued to strengthen their core operational capabilities and actively adjusted their asset structures. The industry's overall asset-liability ratio remained at a relatively low level, with financial structures continuously optimizing, significantly differing from the high-debt models of traditional real estate development. However, influenced by profit divergence, the gap in financial robustness between companies widened further. The ability to revitalize existing assets and the stability of operating cash flows became core factors determining a company's financial safety margin. Regarding debt levels, the industry's overall liability burden decreased, indicating improved financial stability. The average asset-liability ratio for the ten representative companies was 58.24% in 2025, down from 61.13% in 2024. Unlike the high-turnover, high-leverage models of traditional real estate developers, industrial operators focus on industrial operations and long-term, stable investment returns, resulting in generally smaller fluctuations in their asset-liability ratios and more cautious financial strategies. Companies experiencing sustained losses or asset contraction maintained asset-liability ratios around 60%. Against a backdrop of declining profits and shrinking operating cash flows, these firms faced increased debt repayment pressure and financial risks. Looking at factors supporting stability, the revitalization of existing assets and stable operating cash flows became central to maintaining financial health. In 2025, leading industrial operators continued to activate dormant assets through methods like REITs issuances, disposal of mature assets, and exits from equity projects, thereby enhancing asset liquidity and optimizing their capital structures. Most companies strengthened their operational capabilities, aiming to secure consistent operating cash flow by improving park service quality and stabilizing occupancy rates and rental incomes. This stability serves as a core buffer against market volatility and a key support for maintaining financial robustness. In the context of overall weak industry demand, the stability of operating cash flow has become a critical foundation for achieving long-term sustainable development.
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