Yuexiu Transport Infrastructure (1052) investor relations material

Executive summary

• Revenue for 1H 2025 rose 14.9% year-over-year to RMB 2.099B, with profit attributable to shareholders up 14.9% to RMB 361M and basic EPS at RMB 0.2156.

• Growth was driven by the consolidation of Pinglin Expressway, increased toll revenue from Han'e Expressway, and lower finance costs due to debt optimization.

• Financial structure was further optimized, with liabilities/assets ratio declining to 57.9% and gearing ratio improving to 48.5%.

• Interim dividend declared at HK$0.12 per share, with a payout ratio of 50.6%.

• Operating profit grew 7.6% to RMB 851M, and EBITDA rose 15% to RMB 1.84B.

Financial highlights

• Gross profit increased 7.2% to RMB 982M; gross margin declined to 46.8% due to higher amortization of intangible operating rights.

• EBITDA interest coverage improved to 8.5x from 6.9x.

• Cash and cash equivalents rose 9.6% to RMB 2.17B.

• Net assets per share increased 1.3% to RMB 7.18.

• Basic and diluted EPS were RMB 0.2156, up 14.9% year-over-year.

Outlook and guidance

• Management expects continued resilient growth in China's economy, with passenger and traffic volumes projected to rise.

• GNSR Expressway reconstruction and expansion is a strategic focus, expected to enhance capacity and extend the toll period.

• The Group will pursue further expressway investments and M&A, focusing on the Greater Bay Area and high-growth regions.

• Strategy includes asset recycling, prudent financial management, and green transportation initiatives.

• Management remains confident in meeting liabilities and funding future capital expenditures through operating cash flow and financing.