Chengdu Expressway posts marginal revenue rise, net profit declines in H1 2025

Chengdu Expressway Co., Ltd. reported total revenue of RMB1.42bn for the first six months of 2025, a 0.5% increase compared to the corresponding period of 2024. The expressway segment contributed RMB772.65m, up 2.0% year-on-year, driven by a 22.7% increase in revenue from operation and management services. However, toll income experienced a marginal decrease of 0.7%, primarily due to expressway construction and competition. The energy segment’s revenue decreased by 1.2%, mainly due to a 4.0% decline in refined oil sales.

Despite revenue growth, net profit attributable to shareholders of the company fell by 9.9% year-on-year to RMB262.44m. Basic earnings per share also decreased to RMB0.16 from RMB0.18. Total assets increased by 5.4% to RMB9.53bn, with interest-bearing borrowings rising to RMB2.78bn. Capital expenditure for the period amounted to RMB366.33m, largely for the Chengwenqiong Expressway Expansion Construction Project.

The company's current ratio decreased to 190.0% from 266.4% in December 2024, mainly due to an increase in new short-term borrowings and other payables. Net cash flows from operating activities decreased, while net cash flows used in investing activities significantly increased. The board did not recommend an interim dividend for the six months ended June 30, 2025.