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Zhejiang Expressway (576) investor relations material

Zhejiang Expressway H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary22 Aug, 2025

Executive summary

  • Revenue for the first half of 2025 reached Rmb8,685.46 million, up 3.8% year-on-year, with profit attributable to owners at Rmb2,787.48 million, a 4.0% increase year-on-year.

  • Toll road operations contributed 59.1% of revenue, up 0.4%, while securities business revenue surged 13.4% year-on-year.

  • The Group continued to focus on strategic expansion, technological innovation, and green development, including new energy initiatives and digital transformation.

  • No interim dividend was declared for 2025.

Financial highlights

  • Basic and diluted EPS for the period were Rmb46.51 cents, up 4.0% and 5.6% year-on-year, respectively.

  • Gross profit was Rmb3,441.16 million, with securities investment gains of Rmb1,416.10 million, up 146.4% year-on-year.

  • Return on equity was 6.0%, down from 6.6% in the prior year interim period.

  • Net cash from operating activities was Rmb4,905.19 million; cash and cash equivalents at period end were Rmb17,475.81 million.

  • Total comprehensive income attributable to owners was Rmb2,698.68 million.

Outlook and guidance

  • The Group expects continued stable growth in China's economy and Zhejiang Province, supporting expressway business.

  • Plans include further expressway upgrades, expansion of green and intelligent transportation, and leveraging REITs and innovative financing.

  • Securities business will focus on financial technology, cross-border business, and wealth management brand building.

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Frequently asked questions

Zhejiang Expressway Co., Ltd. is engaged in the investment, development, operation, and management of expressway infrastructure primarily within Zhejiang Province, China. The company’s core business involves toll road operations, where it manages key expressway routes that support regional transportation and logistics. In addition to its expressway management activities, Zhejiang Expressway has diversified interests in ancillary services such as gas stations, advertising, and roadside services, as well as securities and financial investments. The company is headquartered in Hangzhou, China, and its shares are listed on the HKEX.

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