Anhui Expressway Company (995) investor relations material

Executive summary

• Operating income for Q3 2025 was RMB 1.64 billion, down 23.54% year-over-year, while net profit attributable to shareholders rose 8.19% to RMB 516.75 million for the quarter and 5.43% to RMB 1.48 billion for the first nine months.

• The company completed the acquisition of Fuzhou Expressway and Sixu Expressway in March 2025, restating prior period financials due to this business combination under common control.

• Major non-recurring items included government subsidies, gains from changes in fair value of financial assets, and net profit from newly consolidated subsidiaries.

Financial highlights

• Total assets increased 5.67% to RMB 29.06 billion at quarter-end, while owners' equity attributable to shareholders fell 24.05% to RMB 12.44 billion due to the acquisition and related adjustments.

• Basic and diluted EPS for Q3 were RMB 0.3024, up 5% year-over-year; for the first nine months, EPS was RMB 0.8797, up 4.13%.

• Net cash flow from operating activities for the first nine months was RMB 2.56 billion, up 4.03% year-over-year.

• Weighted average return on equity for the first nine months increased by 1.99 percentage points to 10.78%.

Outlook and guidance

• The company is seeking approval to issue up to RMB 5 billion in debt financing instruments, including medium-term and short-term notes, to support future growth.