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    Industrial - Infrastructure Operations
Henan Zhongyuan Expressway Company Limited

Henan Zhongyuan Expressway Company Limited

600020.SS
Henan Zhongyuan Expressway Company LimitedCN flagShanghai Stock Exchange
3.80
CNY
+0.04
- -
8.54BMarket Cap
Henan Zhongyuan Expressway Company Limited
600020.SS
(Shanghai Stock Exchange)

Recent

price

3.80

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1.05
1.17
1.77
1.36
1.73
2.02
1.1
2.12
1.48
2.5
1.3
2.15
0.98
2.19
2.66
2.41
2.98
Revenue per Share
0.23
0.13
0.23
0.18
0.41
0.51
0.21
0.39
0.21
0.57
0.06
0.29
0.02
0.32
0.34
0.23
0.38
Basic EPS, GAAP
-0.79
-0.58
0.15
-0.19
-0.82
-1.66
0.16
0.36
0.89
0.87
0.34
0.95
-0.21
0.51
-0.36
0.2
-1.15
Free Cash Flow per Basic Share
0.38
0.54
0.54
0.69
0.72
0.84
0.6
0.72
0.63
0.78
0.44
0.62
0.21
0.51
0.57
0.51
0.44
Dividend per Share
1.56
1.59
1.8
1.86
2.21
2.57
1.62
2.19
1.68
2.84
1.85
2.97
0.99
3.11
3.24
3.1
3.54
Book Value per Share
2.38
0.09
-0.49
-0.43
0.01
-4.26
-2.58
-4.62
-3.48
-4.14
-2.68
-3.65
-1.62
-4.07
-4.67
-4.88
-5.17
Tangible Book Value per Share
2,247
2,247
2,247
2,247
2,247
2,247
3,580
2,939
3,893
2,550
3,916
2,609
7,577
2,608
2,623
2,740
2,464
Basic Weighted Avg Shares
2,369
2,627
3,971
3,051
3,885
4,539
3,934
6,239
5,776
6,386
5,077
5,607
7,411
5,703
6,969
6,599
7,330
Sales/Revenue/Turnover
56.16
46.43
43.72
43.94
49.28
48.11
49.49
43.15
47.82
50.89
28.4
36.87
18.06
37.68
30.08
33.78
27.67
Operating Margin (%)
381
668
787
786
647
717
949
1,228
1,378
1,443
1,703
1,577
1,123
1,177
1,215
1,207
- -
Depreciation Expense
527
298
520
395
923
1,145
748
1,148
799
1,460
242
743
140
828
887
628
928
Net Income, GAAP
26.92
25.6
20.2
15.4
16.67
20.64
19.66
21.06
28.35
23.71
14.56
21.19
22.11
24.89
26.45
46.68
24.88
Effective Tax Rate (%)
22.22
11.33
13.09
12.93
23.75
25.21
19.02
18.4
13.83
22.86
4.77
13.26
1.89
14.53
12.73
9.52
12.65
Profit Margin (%)
-2,015
-4,200
-6,415
-2,520
-3,559
-6,747
-10,169
-8,083
-5,575
-7,645
-6,336
-804
-3,365
-1,552
816
1,520
1,712
Working Capital
15,038
15,795
14,056
19,350
22,154
22,171
21,271
25,295
25,730
21,675
22,115
25,685
25,632
25,518
28,981
30,785
30,073
LT Debt
6,270
6,363
6,825
6,987
7,842
12,142
12,288
14,790
11,218
12,194
11,932
12,402
12,630
14,763
15,167
15,632
15,369
Total Equity
4.53
3.74
5.3
3.94
4.93
4.7
4.08
5.03
4.43
5.83
2.83
3.72
2.33
3.54
3.27
2.41
3.14
Return on Invested Capital (%)
5.27
4.58
6.26
5.83
6.62
5.95
5.29
5.99
5.03
6.89
3.82
4.66
2.76
4.16
3.83
2.41
3.69
Return on Capital (%)
15.77
8.42
13.68
9.6
20.16
21.3
12.93
18.77
12.3
21.15
3.35
9.94
1.84
10.6
10.69
7.4
10.9
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
4,708
4,511
3,813
LT Borrowings
28,929
29,176
30,026
LT Finance Leases
52
50
47
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,247
2,247
2,247
Market Capitalization
10,672
10,841
11,778

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
6,669
6,819
7,081
Cash, Cash Equivalents & STI
497
510
621
Accounts Receivable, Net
1,315
1,410
1,515
Inventories
4,742
4,781
4,789
Total Current Liabilities
5,853
5,465
5,369
Payables & Accruals
- -
- -
- -
ST Debt
4,708
4,511
3,813
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.25%
5.7%
3.07%
Free Cash Flow
-46.47%
-117.56%
-158.43%
Net Income, GAAP
58.23%
118.9%
-29.13%
Sales/Revenue/Turnover
6.44%
7.29%
-5.31%
Total Cash Common Dividend
-2.2%
-3.44%
-6.58%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,095
1,649
1,962
2,264
6,969
2025
1,299
1,806
1,710
- -
6,599
2026
1,439
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.11
- -
- -
- -
0.34
2025
0.14
- -
- -
- -
0.23
2026
0.15
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.12
- -
- -
- -
0.57
2025
0.11
- -
- -
- -
0.51
2026
0.1
- -
- -
- -
- -
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Business
Henan Zhongyuan Expressway Company Limited (600020.SS) operates as a leading toll road developer and operator in China, primarily engaged in the investment, construction, operation, and management of expressways; toll collection services; and related infrastructure projects including service areas, bridges, and tunnels. The company offers core services such as expressway maintenance and management, road traffic engineering, and advertising operations along its highway networks; it also provides property leasing, engineering construction, and technical consulting in the transportation sector. Henan Zhongyuan Expressway focuses on the expressway industry segment, targeting government entities, commercial traffic users, and advertisers, with operations concentrated in Henan Province and select regions across central China.[web:previous] Founded in 1997 and headquartered in Zhengzhou, Henan Province, the company manages a portfolio of key expressways including the Zhengzhou-Xinzheng Airport Expressway, Kaifeng Expressway, and Zhengzhou New Zhengzhou Expressway, spanning over 1,000 kilometers in total length. Its subsidiaries handle specialized operations such as toll collection technology and highway service facilities. Geographically, activities remain centered in Henan with expansions into adjacent provinces through strategic projects.[web:previous] In the last two years, Henan Zhongyuan Expressway has pursued major expansions, including the completion of upgrades to the Lankao-Xinzheng Airport Expressway section in 2024, enhancing capacity and safety features; formed a strategic partnership with local governments for green energy initiatives along toll roads, integrating solar power stations at service areas. The company secured a significant RMB 2.5 billion financing round in early 2025 via bank syndicates to fund new interchanges and digital tolling systems; additionally, it acquired minor stakes in regional infrastructure projects and launched an electronic toll collection (ETC) enhancement program compliant with national standards, boosting operational efficiency amid rising traffic volumes.[web:previous]