Jiangsu Expressway Company (177) Q3 2025 earnings summary

Executive summary

• Operating income for Q3 2025 was RMB 3.58 billion, down 12.76% year-over-year; YTD operating income was RMB 12.98 billion, down 7.66% year-over-year.

• Net profit attributable to shareholders for Q3 2025 was RMB 1.41 billion, up 3.06% year-over-year; YTD net profit was RMB 3.84 billion, down 6.86% year-over-year.

• Toll revenue increased 1.03% YTD, but declines in oil sales and real estate deliveries led to lower overall revenue.

• Cost reduction and efficiency initiatives improved gross operating profit by 2.56% YTD.

Financial highlights

• Q3 2025 operating income: RMB 3.58 billion (-12.76% YoY); YTD: RMB 12.98 billion (-7.66% YoY).

• Q3 2025 net profit attributable to shareholders: RMB 1.41 billion (+3.06% YoY); YTD: RMB 3.84 billion (-6.86% YoY).

• Basic and diluted EPS for Q3: RMB 0.2805 (+3.06% YoY); YTD: RMB 0.7617 (-6.86% YoY).

• Net cash flow from operating activities YTD: RMB 5.43 billion (+0.26% YoY).

• Total assets at 30 Sep 2025: RMB 92.85 billion (+3.3% from end-2024); owners' equity: RMB 40.28 billion (+4.37%).

Outlook and guidance

• Waiver of towing and crane charges for expressway vehicle rescue services in Jiangsu from September 2025 expected to have negligible revenue impact.

• Fluctuations from regulatory changes and construction projects are expected to have minor effects on overall revenue.