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    Industrial - Infrastructure Operations
Zhejiang Expressway Co., Ltd.

Zhejiang Expressway Co., Ltd.

ZHEXF
Zhejiang Expressway Co., Ltd.US flagOther OTC
0.87
USD
- -
- -
5.23BMarket Cap
Zhejiang Expressway Co., Ltd.
ZHEXF
(Other OTC)

Recent

price

0.87

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
1.39
1.44
1.47
1.67
2.01
2.28
2.07
2.05
2.38
2.55
2.65
3.46
3.37
3.67
3.01
3.29
1.5
Revenue per Share
0.4
0.38
0.35
0.41
0.48
0.64
0.65
0.68
0.75
0.79
0.51
1.01
1.14
1.13
0.92
0.89
0.43
Basic EPS, GAAP
0.48
0.32
0.2
0.15
0.52
-0.64
0.9
-0.25
0.53
-0.14
-0.16
0.4
1.36
1.82
1.36
0.42
0.28
Free Cash Flow per Basic Share
0.26
0.29
0.29
0.28
0.29
0.3
0.26
0.33
0.34
0.35
0.33
0.33
0.36
0.36
0.32
0.38
- -
Dividend per Share
1.54
1.59
1.61
1.61
1.73
1.61
1.88
1.79
2.15
1.25
1.43
1.46
2.21
3.12
2.89
3.29
2.85
Book Value per Share
1.15
1.18
1.42
1.6
1.41
1.82
2.01
0.75
1.68
-0.07
2.3
2.78
5.53
8.41
8.92
12.11
6.82
Tangible Book Value per Share
4,697
4,697
4,697
4,697
4,697
4,697
4,697
4,697
4,697
4,697
4,697
4,697
4,554
4,625
5,994
6,009
5,994
Basic Weighted Avg Shares
6,542
6,781
6,927
7,851
9,460
10,725
9,735
9,626
11,192
11,955
12,452
16,263
15,332
16,965
18,065
19,755
8,964
Sales/Revenue/Turnover
42.09
38.63
32.73
35.8
36.54
49.96
51.95
50.61
47.01
43.15
34.72
40.7
38.25
41.69
39.64
33.89
40.9
Operating Margin (%)
839
862
1,005
1,020
1,231
1,259
1,323
1,411
2,273
2,404
2,984
3,218
3,758
3,705
3,812
3,966
- -
Depreciation Expense
1,871
1,805
1,649
1,907
2,265
2,990
3,037
3,202
3,515
3,711
2,416
4,762
5,179
5,224
5,502
5,325
2,561
Net Income, GAAP
25.67
25.79
25.79
25.47
24.8
26.03
23.76
23
21.8
23.44
25.59
22.95
14.15
15.66
19.21
19.67
15.68
Effective Tax Rate (%)
28.61
26.62
23.81
24.3
23.94
27.88
31.2
33.26
31.41
31.04
19.41
29.28
33.78
30.79
30.45
26.95
28.56
Profit Margin (%)
4,979
5,435
4,793
4,738
5,273
11,918
9,651
16,979
19,835
13,722
19,671
32,956
44,657
49,556
37,658
51,474
45,232
Working Capital
1,000
2,140
680
300
3,160
9,190
6,700
20,663
21,977
26,395
25,125
38,930
39,524
43,762
34,700
36,846
43,976
LT Debt
17,695
19,247
19,622
19,669
21,128
21,999
24,176
30,421
32,923
28,195
36,946
43,714
49,300
60,405
73,698
93,049
61,768
Total Equity
10.43
9.11
7.5
9.49
9.35
10.38
8.42
6.54
5.85
4.91
3.52
4.47
3.87
4.37
3.89
3.03
2.64
Return on Invested Capital (%)
12.93
12.41
11.3
12.55
10.64
8.47
7.76
6.22
7.15
6.33
3.98
5.05
5.22
4.95
4.36
2.75
3.04
Return on Capital (%)
26.32
24.56
21.93
25.2
28.88
38.06
37.05
37.18
37.96
46.41
38.4
70.29
61.23
42.64
34.67
28.71
21.5
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'21
Mar'24
Jun'24
ST Debt
41,435
- -
32,002
LT Borrowings
28,699
- -
43,678
LT Finance Leases
374
- -
297
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
4,697
- -
5,993
Market Capitalization
21,167
24,814
27,889

Working Capital

FRC

•

in mil. unless spec.
Jun'21
Mar'24
Jun'24
Total Current Assets
116,803
- -
136,508
Cash, Cash Equivalents & STI
53,927
- -
58,855
Accounts Receivable, Net
459
- -
1,095
Inventories
397
- -
1,171
Total Current Liabilities
88,712
- -
91,275
Payables & Accruals
- -
- -
- -
ST Debt
41,435
- -
32,002
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
16.25%
20.38%
26.26%
Free Cash Flow
-93.87%
-29.84%
-69.33%
Net Income, GAAP
9.63%
21.76%
-3.21%
Sales/Revenue/Turnover
6.83%
10.28%
9.36%
Total Cash Common Dividend
5.65%
8.71%
19.57%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
4,350
4,615
- -
16,965
2024
- -
- -
- -
- -
18,065
2025
- -
- -
- -
- -
19,755

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
1.13
2024
- -
- -
- -
- -
0.92
2025
- -
- -
- -
- -
0.89

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.36
2024
- -
- -
- -
- -
0.32
2025
- -
- -
- -
- -
0.38
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Heilongjiang Transport Development Co., Ltd. (601188.SS)
Business
Zhejiang Expressway Co., Ltd. is a state-owned infrastructure company principally engaged in the investment, development, operation, maintenance, and management of high-grade expressways and Class 1 roads primarily in Zhejiang Province, China, with one expressway in Anhui Province. Its main products and services include expressway investment and operation; toll collection and management; expressway construction and maintenance; automobile servicing along expressways; gas station operations; billboard and advertising services along highways; vehicle towing, repair, emergency and rescue services; and financial securities operations through its subsidiary Zheshang Securities, which offers securities broking, margin financing, underwriting, asset management, advisory, and proprietary trading services. The company operates major expressways including the Shanghai-Hangzhou-Ningbo Expressway, Shangsan Expressway, Ningbo-Jinhua Expressway, Hanghui Expressway, Huihang Expressway, Shenjiahuhang Expressway, Zhoushan Bay Bridge, LongLiLiLong Expressways, Zhajiasu Expressway, and HuangQuNan Expressway. Founded in 1997 and headquartered in Hangzhou, Zhejiang, Zhejiang Expressway functions as a subsidiary of Zhejiang Communications Investment Group Co., Ltd., a wholly state-owned enterprise overseeing transport infrastructure investment and management in Zhejiang. Recent major changes include acquisitions to expand its expressway portfolio, notably acquiring the remaining 40% equity of Yonglan Expressway in early 2024 following a majority interest acquisition in 2023, and assuming management of additional sections of the Hangzhou-Shaoxing-Ningbo Expressway and the Hangzhou-Ningbo Expressway Parallel Line Phase I, thereby increasing its operational mileage by over 100 kilometers. In 2024, the company launched a significant upgrade to its traffic management system, improving traffic flow efficiency by 15%. It has pursued strategic initiatives to develop expressway-related derivative economies including battery recharging and swapping for heavy trucks, space utilization projects, and integration of smart transportation and energy solutions. On the financial front, the company’s securities business continues to outperform the industry average despite market volatility. The company also recently approved changes to its capital structure and articles to facilitate business expansion and governance enhancements. Zhejiang Expressway reported strong financial performance in 2024, with rising revenue and profit driven by toll operations and securities investment gains, underscoring its focus on sustainable and high-quality development in transportation infrastructure and related sectors.