Shenzhen Expressway (00548) reported its unaudited third quarter results for 2025. Revenue for the period spanning July to September 2025 amounted to approximately RMB2.13 billion, reflecting a 1.34% increase compared to the same period last year. Net profit attributable to owners of the Company was around RMB510 million, a 14.96% decrease from the prior year’s figure. Meanwhile, net profit excluding non-recurring items decreased by 8.43% year-on-year.
From January to September 2025, the Company achieved revenue of about RMB6.05 billion, an increase of 3.24%. Net profit attributable to owners of the Company for the nine-month period reached roughly RMB1.47 billion, up 7.01%. Excluding non-recurring items, net profit for the same period rose by 14.64%. Net cash flows from operating activities climbed 31.12%, driven by the receipt of previously accrued subsidies for wind power and kitchen waste treatment projects, reimbursement of certain advance payments, and an increase in cash income contributed by new projects.
As of 30 September 2025, total assets stood at RMB71.11 billion, reflecting a 5.25% rise from the end of 2024. Owners’ equity attributable to shareholders of the Company reached RMB27.38 billion, a 25.01% increase over the same period. During the quarter, non-recurring items contributed RMB2.90 million, with part of these items stemming from gains and losses on changes in fair value of certain investments.
In the toll road business, the Outer Ring Project and Coastal Phase I and II together contributed to traffic volume growth and toll revenues. The Company’s organic waste treatment segment processed over one million tons of organic waste from January to September 2025, while various wind power projects collectively registered on-grid power supply volumes and revenue gains. The Company also invested part of its funds in principal-guaranteed floating-income wealth management products, maintaining a balance of RMB3.74 billion as of the quarter-end with no overdue principal or income.
The number of shareholders totaled 20,849 at the end of the reporting period. The top ten shareholders included Xin Tong Chan Development, Shenzhen Shen Guang Hui Highway Development, Jiangsu Yunshan Capital Management, and others. The Company reminded investors to exercise caution in assessing the financial data, which remains unaudited.