1. China Stocks

  2. •

    Transportation

  3. •

    Other transportation
China Merchants Expressway Network & Technology Holdings Co., Ltd. Class A

China Merchants Expressway Network & Technology Holdings Co., Ltd. Class A

SSZSE:001965
10.18
CNY
-0.14
(-1.36%)
0.72EPS
14.30P/E
62.24BMarket Cap
Oct 27Next Earn
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
1.06
1.1
1.15
0.95
1.09
1.34
1.12
1.33
1.28
1.52
1.83
1.9
2.15
Basic EPS, GAAP
0.65
0.79
0.67
0.6
0.63
0.7
0.35
0.77
0.75
1.06
0.77
0.66
0.64
Free Cash Flow per Basic Share
- -
- -
0.39
0.43
0.47
0.56
0.27
0.59
0.48
0.61
0.85
0.76
- -
Dividend per Share
0.29
1.11
0.78
0.27
0.37
0.42
0.45
0.34
0.53
0.61
0.8
0.64
0.2
Book Value per Share
4.19
4.53
6.63
7
7.37
8.01
8.76
9.31
9.8
10.4
10.44
10.93
11.19
Tangible Book Value per Share
2.19
1.18
3.15
3.19
0.98
1.81
2.41
3.22
1.45
-4.32
-2.07
-1.3
-1.02
Basic Weighted Avg Shares
4,179
4,154
4,406
5,623
6,184
6,178
6,291
6,474
6,458
6,412
6,929
7,031
6,832
Sales/Revenue/Turnover
4,449
4,585
5,053
5,341
6,759
8,292
7,069
8,626
8,297
9,731
12,711
13,360
14,702
Operating Margin (%)
27.03
28.82
33.77
33.85
37.06
34.71
26.39
32.8
25.93
28.38
26.77
21.98
18.02
Depreciation Expense
- -
- -
842
990
1,248
1,534
1,718
1,865
1,794
2,325
4,011
3,934
- -
Net Income, GAAP
2,717
3,281
2,939
3,368
3,910
4,347
2,223
4,973
4,861
6,767
5,322
4,610
4,377
Effective Tax Rate (%)
8.65
12.6
12.31
10.1
10.24
8.83
16.59
6.69
6.42
5.11
7.51
9.46
9.44
Profit Margin (%)
61.07
71.56
58.15
63.07
57.85
52.42
31.44
57.65
58.59
69.53
41.87
34.51
29.77
Working Capital
-2,724
-6,305
-697
1,737
4,783
-395
-172
1,895
2,356
-2,738
-1,228
1,070
798
LT Debt
3,197
4,966
2,148
6,714
23,372
21,782
19,369
21,135
32,783
50,629
47,999
48,553
45,512
Total Equity
30,565
33,132
43,279
46,361
49,847
53,991
59,708
63,321
67,674
82,138
88,782
91,631
93,494
Return on Invested Capital (%)
- -
9.5
7.57
7.45
6.55
6.3
2.79
6.25
4.86
5.82
4.07
3.45
3.35
Return on Capital (%)
- -
7.23
5.58
5.65
6.46
6.26
3.53
6.21
5.82
6.13
4.42
3.77
3.53
Return on Common Equity (%)
- -
13.39
9.37
8.36
8.81
9.15
4.29
8.91
8.24
10.78
7.81
6.34
5.9

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
5,963
6,441
5,851
LT Borrowings
48,440
47,728
45,400
LT Finance Leases
113
113
112
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
6,795
6,795
6,795
Market Capitalization
68,495
67,000
62,243

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
15,660
16,280
18,602
Cash, Cash Equivalents & STI
10,074
10,300
11,234
Accounts Receivable, Net
1,475
1,504
1,697
Inventories
266
306
427
Total Current Liabilities
14,589
15,151
17,805
Payables & Accruals
- -
- -
- -
ST Debt
5,963
6,441
5,851
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.98%
9.12%
3.21%
Free Cash Flow
- -
34.05%
-8.93%
Net Income, GAAP
10.85%
25.19%
-13.38%
Sales/Revenue/Turnover
12.16%
14.25%
5.11%
Total Cash Common Dividend
6.37%
14.26%
-19.24%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
3,022
2,963
3,093
3,634
12,711
2025
2,803
2,860
- -
4,657
13,360
2026
3,557
3,628
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.18
0.21
0.21
0.17
0.77
2025
0.19
0.17
- -
0.09
0.66
2026
0.19
0.18
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.05
0.06
0.64
0.06
0.8
2025
0.04
0.05
- -
0.06
0.64
2026
0.04
0.06
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Xu Dong Yang
Full Time Employees
7,836
Sector
Transportation
Industry
Other transportation
Address
Huafeng Building, Building 1 Beijing BE China 100029
IPO Date
Dec 25, 2017
Website
cmexpressway.com
Similar Companies
Uber Technologies, Inc. (NYSE:UBER)
Adani Ports & Special Economic Zone Ltd (NSE:ADANIPORTS)
TAV Havalimanlari Holding A.S. (BIST:TAVHL)
Lyft, Inc. (NASDAQ:LYFT)
Wetour Robotics Limited (NASDAQ:WETO)
GMR Airports Ltd (NSE:GMRAIRPORT)
Business
China Merchants Expressway Network & Technology Holdings Co., Ltd. (001965.SZ) operates as a leading China-based comprehensive road investor and operator, focusing on toll road investment, management, and related transportation technology services; its core segments encompass intelligent transportation systems, investment operations for highway infrastructure, traffic ecology solutions, and advanced transportation technologies, including toll collection upgrades, real-time traffic management, smart traffic systems, and digital infrastructure for congestion reduction and predictive analytics. The company manages an extensive network of expressways, bridges, and tunnels totaling over 10,000 kilometers across 21 provinces, autonomous regions, and municipalities including Beijing, Tianjin, Guangdong, Zhejiang, Guangxi, and key routes such as the G4 Beijing-Hong Kong-Macau Expressway and G15 Shenyang-Haikou Expressway; it generates primary revenue from toll collections, with average daily traffic exceeding 1.2 million vehicles, supplemented by technology-driven services contributing around 25% of income. Founded in 1993 and headquartered in Beijing as a subsidiary of state-owned China Merchants Group, the company targets domestic logistics, commerce, and regional connectivity markets while pursuing sustainability through emission reductions and green infrastructure; recent developments include a 2025 strategic partnership between parent China Merchants Group and Baidu for AI integration in transportation and logistics, an agreement to acquire a 2% stake in China Merchants China Railway Holding Co., Ltd., and ongoing investments in toll systems (HKD 1 billion in 2022), technology upgrades (RMB 500 million in 2023), and expressway mileage expansion targeting 10% growth.