Anhui Expressway Company (995) H1 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 reached RMB3,741.05 million, up 11.72% year-over-year, driven by higher toll and construction service revenue.

• Net profit attributable to shareholders was RMB961.40 million, a 4.14% increase year-over-year; basic EPS was RMB0.5776, up 3.77%.

• Major acquisitions included 100% equity in Fuzhou and Sixu Expressway companies for RMB4,770.8 million, completed in March 2025, expanding operated mileage to 745 km.

• The company completed a successful H-share offering, issuing 49,981,889 new shares and raising HK$522.3 million.

• Issued RMB2 billion in rural revitalization bonds to support expansion and acquisitions.

Financial highlights

• Total assets as of June 30, 2025: RMB30,174.81 million, up 9.59% from end-2024.

• Net assets attributable to shareholders: RMB11,963.48 million, down 27.12% due to acquisition-related adjustments.

• Gross profit for H1 2025 was RMB1,373.29 million; gross margin declined due to higher depreciation and construction costs.

• Net cash flow from operating activities was RMB1,406.52 million, down from RMB1,509.72 million in H1 2024.

• Operating profit was RMB1,405.75 million, up from RMB1,324.26 million year-over-year.

Outlook and guidance

• Focus on increasing revenue through network optimization, cost control, and expanding service offerings.

• Continued investment in expressway upgrades and new projects, including the S62 Bozhou-Dancheng and S98 Quanjiao-Lukou Expressways.

• Commitment to annual cash dividends of at least 60% of net profit for 2025-2027.

• No interim dividend declared for H1 2025; a final 2024 dividend of RMB0.601 per share was paid in July 2025.