CHINA MERCHANTS EXPRESSWAY NETWORK (001965) H2 2025 earnings summary

Executive summary

• Revenue reached ¥13.36 billion in 2025, up 5.11% year-over-year; net profit attributable to shareholders was ¥4.61 billion, down 13.38% year-over-year.

• Total assets at year-end were ¥162.42 billion, up 2.04% from the previous year; net assets attributable to shareholders were ¥74.28 billion, up 4.28%.

• The company operates across four main segments: investment operations, transportation technology, intelligent transportation, and transportation ecology, with a nationwide presence and diversified business portfolio.

• Proposed cash dividend of ¥3.73 per 10 shares, totaling ¥2.53 billion, with no bonus shares or capital increase from reserves.

Financial highlights

• Operating income: ¥13.36 billion, up 5.11% year-over-year.

• Net profit attributable to shareholders: ¥4.61 billion, down 13.38% year-over-year.

• Basic and diluted EPS: ¥0.6557, down from ¥0.7681 and ¥0.7600 in the previous year.

• Operating cash flow: ¥6.51 billion, down 8.56% year-over-year.

• Total assets: ¥162.42 billion; net assets attributable to shareholders: ¥74.28 billion.

• Gross margin for investment operations: 39.43%; for transportation technology: 13.58%.

Outlook and guidance

• The company expects continued stable growth in the highway sector, with ongoing digital and green transformation initiatives.

• Strategic focus remains on optimizing core assets, enhancing management efficiency, and expanding into new energy and intelligent transportation.

• 2026 plans include further investment in digitalization, green energy, and operational efficiency, with a focus on sustainable growth.