Ninghu High-Speed (600377.SH) announced its 2025 annual performance, with net profit attributable to shareholders of 4.594 billion yuan, down 7.13% year-on-year.

Ninghu Expressway (600377.SH) disclosed its 2025 annual report. During the reporting period, the company achieved revenue of RMB 20.289 billion, a year-on-year decrease of 12.54%; net profit attributable to shareholders of RMB 4.594 billion, a year-on-year decrease of 7.13%; net profit after deducting non-recurring gains and losses of RMB 4.468 billion, a year-on-year decrease of 8.45%; and basic earnings per share of 0.9119 yuan. The company plans to distribute cash dividends to all shareholders of RMB 0.49 per share (including tax).

During the reporting period, the company achieved operating revenue of approximately RMB 20.289 billion, a year-on-year decrease of approximately 12.54%, and an increase of approximately 33.55% compared with 2023. After excluding the impact of construction revenue, operating revenue was approximately RMB 12.134 billion, a year-on-year decrease of approximately 1.61%, and a decrease of approximately 4.43% compared with 2023. This was mainly due to factors such as fluctuations in crude oil prices and a decline in the delivery scale of real estate projects, resulting in lower revenue from oil product sales and real estate business. During the reporting period, the company achieved toll revenue of approximately RMB 9.555 billion, an increase of approximately 0.29% year on year, and an increase of approximately 0.47% compared with 2023.

During the reporting period, the company’s gross margin on operating revenue (excluding construction revenue, cost) increased by 0.84 percentage points year on year, and increased by 6.09 percentage points compared with the end of 2023. This was influenced by changes in the dividend cycle of Jiangsu Bank Corporate, among other factors (RMB 168 million dividend recognized in 2025; RMB 608 million dividend recognized in 2024; RMB 384 million dividend recognized in 2023. Over the past three years, the average dividend recognized was RMB 386 million). The company’s total profit decreased by approximately 3.34% year on year, and increased by approximately 7.64% compared with the end of 2023. After deducting the impact of Jiangsu Bank Corporate’s dividend, the net profit attributable to shareholders of listed companies was approximately RMB 4.426 billion, an increase of approximately 2.00% year on year, and an increase of approximately 9.85% compared with 2023.

During the reporting period, benefiting from the growth in toll revenue and the company’s various measures to reduce costs and improve efficiency, the company’s cost and expense items decreased year on year. As a result, the operating gross profit increased year on year during the reporting period. Net cash flow from operating activities increased by approximately 7.05% compared with the same period of the previous year, but decreased by approximately 8.53% compared with the end of 2023. This was mainly due to an increase in tax and fee expenditures compared with 2023 and a reduction in factoring business after transferring the equity of the factoring company.

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