Sichuan Road & Bridge Group (600039) Q4 2025 earnings summary

Executive summary

• Revenue reached ¥115.11 billion, up 7.34% year-over-year; net profit attributable to shareholders was ¥7.30 billion, up 1.21% year-over-year.

• Operating cash flow increased 125.32% year-over-year to ¥7.72 billion.

• The company maintained a strong order backlog, with new contracts totaling ¥203.46 billion, up 47.15% year-over-year.

• Major infrastructure projects advanced, with significant completions in highways, bridges, and overseas markets.

• Technology innovation and digitalization initiatives continued, with increased R&D investment and new patents.

Financial highlights

• Revenue: ¥115.11 billion (+7.34% YoY); Net profit attributable to shareholders: ¥7.30 billion (+1.21% YoY).

• Operating cash flow: ¥7.72 billion (+125.32% YoY); Basic EPS: ¥0.84 (+1.20% YoY).

• Gross margin for engineering construction: 13.95%; overall gross margin declined slightly.

• Total assets: ¥267.67 billion (+11.64% YoY); Net assets: ¥52.82 billion (+10.41% YoY).

• R&D investment: ¥1.88 billion, 1.63% of revenue.

Outlook and guidance

• 2026 is positioned as a year of transformation and high-quality growth, with a focus on core business, cost efficiency, and innovation.

• The company aims to maintain a cash dividend payout of no less than 60% of attributable net profit annually through 2027.

• Order backlog remains robust at ¥335.0 billion, supporting future revenue stability.