CHENGDU EXPWAY (01785) released its audited 2025 results.

Revenue rose 0.46 % to RMB2.93 billion, driven by RMB1.63 billion from expressways (55.62 % of total) and RMB1.30 billion from the energy segment (44.38 %).

Gross profit increased 2.36 % year on year to RMB1.09 billion, while gross margin edged up to 37.38 %.

Net profit attributable to shareholders climbed 6.33 % to RMB552.39 million; basic EPS was RMB0.33. The Board recommends a final cash dividend of RMB0.122 per share, totalling RMB202.04 million and representing a 60.09 % payout ratio.

Total assets expanded 15.48 % to RMB10.46 billion, with total liabilities up 28.99 % to RMB4.47 billion. The gearing ratio (total liabilities/total assets) stood at 42.74 %.

Key business updates • Traffic revenue reached RMB1.43 billion, as toll income declined 0.34 % due to freight-vehicle discounts, network adjustments and the end-December 2025 cessation of toll collection on Chengdu Airport Expressway. • Energy-segment revenue slipped 0.27 % to RMB1.30 billion; refined-oil sales contributed RMB1.22 billion. Charging-pile service fees surged 7.8-fold to RMB22.59 million, and gas-refueling revenue rose 11-fold to RMB21.15 million. • The Chengwenqiong Expressway expansion project commenced construction on 29 August 2025, with RMB6.08 billion of capital commitments outstanding. • In December 2025 the company issued its first tranche of RMB500 million rural-revitalisation corporate bonds at 2.45 % for five years.

Segment performance Expressways: EBIT rose on a 1.04 % revenue increase and a modest cost decline; four wholly- or majority-owned toll roads generated daily weighted average traffic of 215,795 vehicles.

Energy: Despite lower oil prices and refining-sector competition, the segment maintained stable sales volume while accelerating new-energy initiatives; charging-pile and battery-swap infrastructure expanded, and the group’s V2G project was selected as a national demonstration.

Balance sheet and cash flow Cash and cash equivalents closed at RMB1.71 billion. Net cash from operations was RMB733.15 million; net investing cash outflow reached RMB1.63 billion, reflecting expressway expansion and charging-pile construction; financing cash inflow was RMB702.40 million, buoyed by new borrowings and the bond issue.

Governance and outlook The Board states that 2026 marks the start of the “15th Five-Year” plan and pledges to focus on core road operations, advance digital transformation, expand service-area businesses and accelerate green-energy deployment to sustain growth following the Airport Expressway’s toll-free conversion.