Anhui Expressway Company (995) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB6,721.57 million, down 12.68% year-over-year, mainly due to a decrease in construction service revenue, but core toll income rose 13.36% year-over-year.

• Net profit attributable to shareholders was RMB1,877.44 million, a 1.57% decrease year-over-year; basic EPS was RMB1.1151, down 3.03%.

• Gross profit margin for the toll road business was 57.66%, down 3.07 percentage points year-over-year.

• The Board proposes a final dividend of RMB0.66 per share, subject to approval.

Financial highlights

• Operating profit increased to RMB2,903.94 million from RMB2,709.45 million year-over-year.

• Profit before tax was RMB2,608.94 million, up 2.58% year-over-year.

• Total comprehensive income attributable to owners was RMB1,749.82 million, down from RMB1,911.99 million.

• Finance costs rose to RMB298.24 million from RMB174.49 million year-over-year.

• Total assets increased to RMB30,443.84 million from RMB27,538.09 million.

Outlook and guidance

• The company expects continued policy support and steady economic recovery to underpin expressway demand.

• Digital and intelligent technologies are expected to drive smart expressway development.

• The company plans to maintain a cash dividend payout ratio of at least 60% of net profit for 2025-2027.

• Challenges include rising costs, toll exemptions, and traffic diversion, which may pressure margins.