Anhui Expressway Company (995) Q1 2025 earnings summary

Executive summary

• Operating income for Q1 2025 reached RMB 2.82 billion, up 95.33% year-over-year, mainly due to increased construction service revenue from the Xuanguang PPP project.

• Net profit attributable to shareholders was RMB 551.15 million, a 5.19% increase compared to Q1 2024.

• The company completed the acquisition of Fuzhou and Sixu Expressway companies, expanding self-operated highway mileage to 745 km.

Financial highlights

• Basic and diluted EPS for Q1 2025 were RMB 0.3323, up from RMB 0.3159 in Q1 2024.

• Net cash flow from operating activities was RMB 870.33 million, up 10.17% year-over-year.

• Total assets increased to RMB 29.0 billion, a 5.46% rise from year-end 2024.

• Owners' equity attributable to shareholders dropped 26.11% to RMB 12.1 billion due to retrospective adjustments from the business combination.

Outlook and guidance

• The company is investing in the G50 Huyu Expressway reconstruction and expansion project, with a total investment of RMB 12.3 billion, 20% funded internally and the rest via financing.

• Participated in the S62 Bozhou-Dancheng Expressway project, investing approximately RMB 215.6 million.

• Adjusted toll policies effective April 2025 are expected to impact revenue, with a unified 5% discount for eligible vehicles.