CHINA MERCHANTS EXPRESSWAY NETWORK (001965) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was ¥3.04 billion, down 1.70% year-over-year; year-to-date revenue was ¥8.70 billion, down 4.12% year-over-year.

• Net profit attributable to shareholders for Q3 was ¥1.51 billion, up 3.91% year-over-year; year-to-date net profit was ¥4.01 billion, down 3.56% year-over-year.

• Basic and diluted EPS for Q3 was ¥0.2163, up 4.41% year-over-year; year-to-date EPS was ¥0.5723, down 3.47% year-over-year.

Financial highlights

• Gross margin remained stable, with operating costs and expenses closely managed.

• Net cash flow from operating activities for Q3 was ¥4.67 billion, down 9.37% year-over-year.

• Total assets at period end were ¥160.88 billion, up 1.08% from the previous year-end.

• Shareholders’ equity at period end was ¥72.14 billion, up 1.28% from the previous year-end.

Outlook and guidance

• Management highlighted ongoing project investments and anticipated continued pressure on revenue due to industry and policy changes.