Shenzhen Expressway Corporation Limited – a core infrastructure and environmental-services arm of Shenzhen International Holdings Limited – released its 2025 preliminary results.

Revenue edged up 0.20 % year on year to RMB 9.26 billion. Net profit attributable to shareholders was RMB 1.15 billion, virtually flat (+0.38 %), while net profit excluding non-recurring items rose 4.66 % to RMB 1.12 billion. Basic earnings per share came in at RMB 0.429.

The Board proposes a final cash dividend of RMB 0.244 per share, identical to 2024, amounting to RMB 619.24 million and representing 58.85 % of distributable profit.

Operating cash flow improved 24.38 % to RMB 4.62 billion. Total assets reached RMB 71.29 billion (+5.52 %), and equity attributable to shareholders expanded 23.41 % to RMB 27.03 billion. Interest-bearing liabilities stood at RMB 31.43 billion, broadly unchanged from a year earlier.

Segment highlights: • Toll-road operations remained the primary revenue source, contributing RMB 5.12 billion (+1.40 %). • Environmental-protection businesses generated RMB 1.52 billion, driven by kitchen-waste treatment (RMB 0.78 billion) and clean-energy power generation (RMB 0.54 billion). • Other businesses, including construction services under concession arrangements, entrusted management and financial leasing, brought in RMB 2.62 billion.

In 2025 the Group raised RMB 4.70 billion through a private placement of A-shares and refinanced RMB 4.00 billion of perpetual bonds with four new tranches.

Key projects under construction include the Jihe Expressway reconstruction and expansion and Phase III of the Shenzhen Outer Ring Expressway. Approved capital expenditure for 2026-2028 totals RMB 18.05 billion, to be funded by internal resources and debt financing.

Return on equity slipped to 4.86 % (-0.45 percentage point). The Company maintains an AAA domestic credit rating and unused bank facilities of RMB 71.49 billion.

The audited annual report is scheduled for release on the websites of SSE and HKEX in due course.