Shenzhen Expressway Corporation Limited Class A

Shenzhen Expressway Corporation Limited Class A

0.74
EUR
-0.01
(-1.33%)
0.05EPS
15.36P/E
2.87BMarket Cap
Oct 28Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.97
1.07
1.01
1.34
1.54
1.72
1.9
2.36
2.99
2.52
2.53
2.3
2.23
3.08
Basic EPS, GAAP
0.21
0.65
0.46
0.35
0.41
1.02
0.76
0.6
0.72
0.54
0.63
0.28
0.28
0.37
Free Cash Flow per Basic Share
0.34
0.44
0.49
0.52
0.59
0.62
0.02
-0.41
-0.01
0.34
0.54
0.41
0.32
- -
Dividend per Share
0.25
0.25
0.42
0.32
0.38
0.38
0.65
0.53
0.68
0.71
0.67
0.6
0.34
0.25
Book Value per Share
2.95
3.49
3.66
3.75
4.03
5.14
5.48
6.82
7.56
6.32
6.61
6.48
6.87
6.87
Tangible Book Value per Share
-2.3
-1.29
-2.04
-1.67
-4.09
-1.84
-1.55
-1.17
-0.53
-1.69
-1.38
-0.93
0.54
0.64
Basic Weighted Avg Shares
3,381
3,380
3,380
3,382
3,379
3,382
3,369
3,403
3,640
3,726
3,674
4,025
4,153
2,931
Sales/Revenue/Turnover
3,279
3,620
3,421
4,532
5,210
5,807
6,390
8,027
10,890
9,373
9,295
9,246
9,264
9,015
Operating Margin (%)
47.25
46.7
43.01
39.18
43.27
45.98
36.95
28.87
28.07
26.51
30.27
25.75
24.97
25.35
Depreciation Expense
961
981
896
1,225
1,588
1,642
1,560
1,779
2,274
2,261
2,344
2,297
2,465
- -
Net Income, GAAP
720
2,187
1,553
1,169
1,384
3,440
2,564
2,055
2,613
2,016
2,327
1,145
1,149
1,080
Effective Tax Rate (%)
17.88
23.44
10.59
18.86
20.15
21.26
- -
17.49
16.42
21.3
18.17
30.72
28.01
28.1
Profit Margin (%)
21.95
60.41
45.39
25.8
26.56
59.24
40.13
25.6
24
21.51
25.04
12.38
12.41
11.98
Working Capital
3
1,092
4,314
3,215
-3,261
1,479
1,158
-3,954
-5,408
-13,946
-12,875
-6,531
-4,211
-2,992
LT Debt
8,346
7,189
4,892
5,526
12,229
13,650
13,826
10,408
17,483
15,391
16,772
24,122
20,435
20,136
Total Equity
11,239
13,120
14,961
14,711
15,789
19,540
21,048
26,279
31,533
27,364
27,999
27,202
32,052
31,967
Return on Invested Capital (%)
4.45
5.24
6.67
5.98
5.51
10.59
- -
5.72
5.49
3.33
4.2
2.16
2.04
1.74
Return on Capital (%)
5.51
11.92
9.5
7.04
6.78
12.4
- -
6.33
6.29
5.12
5.57
2.22
2.92
2.58
Return on Common Equity (%)
7.38
20.09
12.85
9.34
10.52
22.18
14.28
9.88
10.75
8.6
10.65
5.17
4.7
3.99

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
9,739
11,074
11,310
LT Borrowings
20,421
20,430
20,127
LT Finance Leases
15
8
9
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,934
3,934
3,934
Market Capitalization
24,576
26,505
22,261

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
12,588
12,950
13,541
Cash, Cash Equivalents & STI
7,710
8,017
8,576
Accounts Receivable, Net
1,025
844
896
Inventories
923
942
910
Total Current Liabilities
16,799
16,065
16,533
Payables & Accruals
- -
- -
- -
ST Debt
9,739
11,074
11,310
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.61%
4.81%
17.83%
Free Cash Flow
-532.55%
-655.46%
-18.93%
Net Income, GAAP
6.62%
-6.13%
0.38%
Sales/Revenue/Turnover
11.51%
4.12%
0.2%
Total Cash Common Dividend
4.11%
-1.05%
-41.49%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,038
1,719
2,103
3,386
9,246
2025
1,772
2,147
- -
3,215
9,264
2026
1,759
1,894
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.13
0.14
0.28
-0.1
0.28
2025
0.13
0.19
- -
-0.13
0.28
2026
0.12
0.16
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.1
0.18
0.53
0.22
0.6
2025
0.08
0.07
- -
0.03
0.34
2026
0.06
0.09
- -
- -
- -

Company Description

CEO
Liao Xiangwen
Full Time Employees
6,955
Sector
Transportation
Industry
Other transportation
Address
Hanking Center Tower Shenzhen GD China 518057
IPO Date
Mar 12, 1997
Business
Shenzhen Expressway Corporation Limited engages in the investment, construction, operation, and management of toll highways and transportation infrastructure in China. The company's core products and services encompass toll road operations including expressways such as the Meiguan Expressway, Jihe Expressway, Shuiguan Expressway, Yangmao Expressway, and others primarily across Guangdong Province. Shenzhen Expressway also operates in the environmental protection sector with services including solid waste and hazardous waste treatment, clean energy generation, and related infrastructure management. Additionally, the company provides entrusted management services, advertising services, property development, financial leasing, and engineering consulting. Shenzhen Expressway leverages advanced technologies including BIM-based management platforms to enhance roadway reconstruction and maintenance, and it has broadened its scope upstream and downstream in the industry chain to empower its core businesses, focusing on toll highways and general environmental protection. Founded in 1996 and headquartered in Shenzhen, China, Shenzhen Expressway maintains a significant presence in the Pearl River Delta region and extends operations to over 20 provinces nationwide. The company holds majority ownership or controlling stakes in more than 30 subsidiaries, integrating construction, finance, operation, and service sectors to sustain its competitive edge. Recent major changes include a governance overhaul announced in late 2025, comprising the abolition of its Supervisory Committee and the transfer of its duties to the audit committee, amendments to its Articles of Association, and the election of a new board for the ninth session. In 2025, the company also pursued strategic expansions through ongoing investments in expressway infrastructure and environmental projects, including projects under development and the extension of concession periods. The company reported a 24% profit increase in the first half of 2025, reflecting strengthened toll revenue and operational efficiencies. Shenzhen Expressway's strategy emphasizes active asset portfolio expansion via new construction, mergers, acquisitions, and resource integration. It continues to advance its dual core businesses—toll highways and environmental protection infrastructure—while offering digital technology services focused on operation and maintenance, engineering management, and inter-network toll collection systems. The company also maintains operational management services for nearly 90% of Shenzhen's expressways, reinforcing its pivotal role in regional transportation connectivity and logistics. Its diversified service offerings and strategic governance changes position Shenzhen Expressway as a leading infrastructure player within China's dynamic transportation and environmental sectors.