Shenzhen Expressway (SHENZHENEXPRESS) released its 2025 preliminary annual results.

Revenue and Profit Revenue edged up 0.20 % to RMB 9.26 billion. The toll-road business contributed 55 %, environmental-protection operations 16 %, and other businesses 28 %. Net profit attributable to shareholders was RMB 1.15 billion, broadly flat year-on-year; earnings per share slipped to RMB 0.429.

Cash Flow and Balance Sheet Operating cash flow rose 24.38 % to RMB 4.62 billion. Total assets reached RMB 71.29 billion, up 5.52 %, while equity attributable to shareholders climbed 23.41 % to RMB 27.03 billion after the RMB 4.70 billion private placement completed in March 2025. Interest-bearing liabilities stayed stable at RMB 31.43 billion; the net-debt-to-equity ratio improved to 83.24 % from 108.03 %.

Dividend Proposal The board proposes a final cash dividend of RMB 0.244 per share (tax inclusive), identical to last year, amounting to RMB 619.24 million and representing a 58.85 % payout ratio after adjusting for perpetual bonds.

Capital Expenditure and Commitments Approved capex for 2026-2028 totals about RMB 18.05 billion, mainly for the Jihe Expressway reconstruction & expansion, Outer Ring Phase III and ongoing environmental projects. Contracted but unrecognised commitments at year-end were RMB 9.54 billion.

Segment Update • Toll roads: Toll revenue increased 1.40 % to RMB 5.12 billion; traffic gains on Jihe and Coastal Expressways offset lower volumes on certain routes. • Environmental protection: Revenue grew 7.71 % to RMB 1.52 billion, driven by kitchen-waste treatment and wind-power output. • Other businesses: Entrusted construction, financial leasing and real-estate development generated RMB 2.62 billion revenue.

Financing Activity During the year the company refinanced 2020 perpetual bonds with four new RMB 1 billion perpetual tranches and raised RMB 4.70 billion via an A-share private placement. At 31 December 2025 unused bank credit lines stood at RMB 71.49 billion.

Outlook 2026 priorities include accelerating Jihe Expressway and Outer Ring Phase III construction, refining existing asset management and expanding clean-energy capacity while maintaining prudent capital management.