Zhejiang Expressway (576) H2 2025 earnings summary

Executive summary

• Revenue increased 9.4% year-over-year to Rmb19,755.49 million, driven by strong securities business growth despite a 2.6% decline in toll road revenue.

• Profit attributable to owners fell 3.2% year-over-year to Rmb5,324.96 million, with basic and diluted EPS at Rmb88.62 cents.

• A dividend of Rmb39.5 cents per share was recommended, up from Rmb38.5 cents last year.

Financial highlights

• Gross profit was Rmb6,775.19 million, down from Rmb7,252.46 million in 2024.

• Securities investment gains rose to Rmb2,819.17 million from Rmb1,735.12 million year-over-year.

• Total comprehensive income attributable to owners was Rmb5,073.76 million, down from Rmb5,884.21 million.

• Return on equity was 11.0%, a 7.6% decrease year-over-year.

• Current ratio remained stable at 1.30; gearing ratio increased to 137.6%.

Outlook and guidance

• 2026 outlook anticipates moderate global recovery but ongoing risks from policy shifts, geopolitics, and trade friction.

• Expressway business expects steady traffic growth, leveraging intelligent technologies and service upgrades.

• Securities business to benefit from policy support and financial technology, focusing on core business and innovation.