Jiangsu Expressway Company (177) H1 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 was RMB9.41 billion, down 5.56% year-over-year; excluding construction revenue, the decrease was 0.99%.

• Net profit attributable to shareholders was RMB2.42 billion, down 11.81% year-over-year; basic EPS was RMB0.4811.

• Weighted average return on net assets was 5.97%.

• The company focused on high-quality development, digital transformation, and cost efficiency.

• Gross profit margin increased by 3.14 percentage points to 33.17% year-over-year.

Financial highlights

• Net cash flow from operating activities rose 6.47% year-over-year to RMB3.28 billion.

• Total assets grew 6.95% to RMB96.13 billion; net assets attributable to shareholders rose 4.01% to RMB40.14 billion.

• Dividend payout for 2024 was RMB0.49/share, totaling RMB2.47 billion (+4.26% YoY); distributed in July 2025.

• Investment income fell 33.24% year-over-year, mainly due to lower dividends from Bank of Jiangsu and reduced associate contributions.

• Basic and diluted EPS: RMB0.4811 (-11.81% YoY); net profit after non-recurring items: RMB2.60 billion (-7.49% YoY).

Outlook and guidance

• H2 2025 capital expenditures planned at RMB4.95 billion, focusing on core expressway and clean energy projects.

• Sufficient credit lines and financing flexibility to support future investments and debt rollover.

• Continued focus on high-quality development, digital transformation, and cost efficiency.

• The company will continue to pursue high-quality investment opportunities in transportation infrastructure.

• No interim dividend is proposed for H1 2025.