Jiangsu Expressway Company (177) H2 2025 earnings summary

Executive summary

• Net profit attributable to shareholders was RMB4.59 billion, with EPS of RMB0.9119, and a proposed cash dividend of RMB0.49 per share, to be paid in July 2026.

• Operating revenue was RMB20.29 billion, down 12.54% year-over-year, mainly due to a decrease in construction revenue; revenue excluding construction was RMB12.13 billion, down 1.61%.

• Net cash flow from operating activities increased 7.05% year-over-year to RMB6.76 billion.

• The company continued to invest in major infrastructure projects and expanded its clean energy and ancillary service businesses.

Financial highlights

• Net profit attributable to shareholders decreased 7.13% year-over-year to RMB4.59 billion.

• Operating revenue fell 12.54% year-over-year to RMB20.29 billion; excluding construction revenue, the decrease was 1.61%.

• Gross profit margin for toll road business increased by 0.84 percentage points year-over-year.

• Net assets attributable to shareholders rose 7.37% to RMB41.44 billion; total assets increased 7.23% to RMB96.39 billion.

• Dividend payout ratio remained high, with RMB2.47 billion proposed for distribution.

Outlook and guidance

• The company plans RMB11.75 billion in investment expenditure for 2026, focusing on expressway expansion, clean energy, and digital transformation.

• Strategic focus includes capacity expansion, digital and intelligent transformation, and green low-carbon operations.

• Sufficient financing capacity is in place, with unused credit lines and plans for new bond issuances to support future growth.