Jiangsu Expressway Company (177) Q1 2025 earnings summary

Executive summary

• Operating income rose 37.66% year-over-year to RMB4.78 billion, mainly due to increased construction revenue; excluding construction, operating income decreased 0.72% year-over-year.

• Net profit attributable to shareholders was RMB1.21 billion, down 2.88% year-over-year; net profit excluding non-recurring items increased 0.63%.

• Toll road business revenue grew 2.25% year-over-year, supported by the Yanjiang Expressway expansion and favorable weather comparisons.

• Construction revenue surged 284.55% year-over-year, reflecting higher investment in road and bridge projects.

• The Ningyang Yangtze River Bridge opened in January 2025, expanding the company's toll road network and regional market share.

Financial highlights

• Total assets reached RMB91.48 billion, up 1.78% from year-end 2024; owners' equity attributable to shareholders increased 2.68%.

• Net cash flow from operating activities was RMB1.71 billion, up 4.48% year-over-year.

• Basic and diluted EPS were RMB0.2404, down 2.88% year-over-year.

• Operating profit for Q1 2025 was RMB1.59 billion, a 4.02% decrease year-over-year.

• Total comprehensive income attributable to shareholders was RMB1.03 billion, down from RMB1.92 billion in Q1 2024.

Segment performance

• Toll road business revenue: RMB2.33 billion (+2.25% YoY); traffic volume and toll revenue increased on key expressways, notably Shanghai-Nanjing and Zhenli.

• Ancillary business revenue: RMB420.64 million (+1.15% YoY); oil sales revenue fell 2.87% due to lower unit prices, while service area leasing revenue rose 52.65%.

• Construction revenue: RMB1.80 billion (+284.55% YoY), driven by increased project activity.

• Electricity sales: RMB171.71 million (-17.23% YoY), impacted by lower output from offshore wind projects.

• Property business revenue: RMB18.04 million (-76.02% YoY), reflecting a strategic scale-down.