Yuexiu Transport Infrastructure Limited Overview
Yuexiu Transport Infrastructure is the Hong Kong-listed toll-road platform of Guangzhou Yue Xiu Holdings, one of Guangzhou's flagship municipal state-owned conglomerates. It owns concession rights to eleven controlled expressways and minority stakes in five further roads/bridges plus a passenger port, spanning Guangdong, Hubei, Henan, Hunan, Guangxi and (since February 2026) Shandong. The business is a pure-play, cash-generative, RMB-denominated infrastructure annuity: almost all revenue is regulated tolls, EBITDA margins run in the mid-to-high 80s (company definition), and the payout policy has delivered HK$0.25 per share for two consecutive years. Its strategic distinctiveness lies in a three-platform model—parent-level incubation of assets, a listed consolidator, and an onshore public infrastructure REIT—that recycles capital through drop-down acquisitions. The core challenge is concession run-off (weighted remaining life ~12.8 years) and traffic diversion from new parallel roads, which management is addressing through acquisitions, the flagship GNSR Expressway reconstruction-and-expansion project, and nascent new-energy investment.
Company's own description (Annual Report 2025, paraphrased)
The company describes itself as principally engaged in the investment, construction and development, operation and management of expressways and bridges in Guangdong Province and other high-growth provinces of the PRC. Its substantial shareholder GZYX is identified as a state-owned enterprise under the Guangzhou municipal SASAC. As at 31 December 2025 it held 16 investments in operating expressways, bridges and a port, with attributable toll mileage of 524.2 km from subsidiaries (total subsidiary toll mileage approx. 641.4 km), approx. 83.5 km from associates and a joint venture, and approx. 607.7 km in aggregate. After completing the Qinbin Expressway acquisition on 14 February 2026, total attributable mileage rose to approx. 659.3 km (2026 Interim).
Business model and revenue model
| Dimension | Characterisation |
|---|---|
| Model type | Concession-based infrastructure owner-operator (build/acquire–operate–transfer) |
| Revenue mix (FY2025) | Toll revenue RMB4,249.0m (98.1%); other toll-related revenue RMB82.3m (1.9%), of which service-area and gas-station income RMB40.2m and entrusted road-management service income RMB33.6m |
| Product vs. service vs. subscription vs. licensing | ~100% service (usage-based tolls); no product, subscription or licensing revenue |
| Pricing | Tariffs set by provincial governments (hearing plus approval by provincial transport and price authorities); not market-determined |
| Collection | Unified provincial toll-collection systems (ETC/MTC); receivables are due from local transport departments, credit risk considered minimal |
| Earnings from non-controlled assets | Equity-accounted share of results of associates/JV: RMB160.2m in FY2025 (17.2% of project-level net profit) |
| Capital recycling | Parent incubates assets → drop-down to listed company (Lanwei 2022, Pinglin 2024, Qinbin 2026) → mature assets can be spun into the onshore REIT (Han-Xiao Expressway, December 2021) |
Value-chain position, customers and end-markets
The company sits at the asset-ownership and operations layer of the toll-road value chain. Construction is subcontracted (e.g., Poly Changda Engineering for the Huocun Interchange works) and toll clearing is performed by provincial networks. Its "customers" are road users, segmented by vehicle class. In FY2025, passenger cars represented roughly 58–98% of traffic volume depending on the road (Humen Bridge ~98% passenger; Suiyuenan ~41% trucks), while trucks contribute a disproportionate share of revenue because truck tariffs are higher. End-markets are inter- and intra-provincial passenger travel (including self-drive tourism and commuting in the Guangzhou metropolitan area) and road freight along national trunk corridors (G4 Beijing–Hong Kong–Macao, G36 Nanjing–Luoyang, G80 Guangzhou–Kunming, G1011 Qinhuangdao–Binzhou).
Independent characterisation
Yuexiu Transport is best understood as a mid-sized, leveraged, state-backed toll-road annuity with three overlays: (1) a heavy concentration in a single urban ring road (GNSR Expressway generated 23.9% of FY2025 controlled toll revenue and 34.7% of project net profit); (2) a structural dependency on its parent for asset replenishment, which supports growth but creates recurring connected-party transactions; and (3) exposure to network-change risk in densely built Central and Southern China, where new parallel expressways and reconstruction works repeatedly divert traffic. Earnings quality is high in cash terms (FY2025 operating cash flow RMB3.08bn versus attributable profit RMB533m) because amortisation of intangible operating rights (RMB1.87bn in FY2025) is a large non-cash charge, but accounting profit is sensitive to impairments of concession assets (RMB265m on Daguangnan Expressway in FY2025).
Strategy
Stated strategy
"3331" development strategy (2024 framing): improve three platforms (listed, REIT, incubation); enhance three core abilities (investment; operation, maintenance and construction management; capital operation); focus on three directions (expressway main business, key regions, related auxiliary businesses); with the aim of becoming a leading transport-infrastructure asset-management company in China (Annual Results 2024).
- Integrated "investment, financing, management and divestment" cycle: incubate at the parent, acquire into the listed company, divest mature assets to the onshore REIT.
15th Five-Year Plan strategy (formulated FY2025): strategic theme of "business expansion and innovation" (Annual Report 2025). Pillars: (i) deepen the core highway business and expand into stable-cash-flow infrastructure such as logistics and warehousing, using equity M&A, toll-right auctions and R&E; (ii) steadily build new businesses in new energy, new infrastructure (including AI) and smart transportation; (iii) develop the highway derivative economy (service-area upgrades, charging, integrated energy); (iv) leverage onshore/offshore dual-market financing; (v) deepen refined (lean) management and AI-enabled operations.
2026 annual theme: deepening refined management to enhance capabilities and launching the new journey under the Plan.
Regional focus: Greater Bay Area plus Central and Eastern China; Qinbin added Eastern Coastal (Bohai Rim) exposure.
Strategic initiatives (last 24 months)
| Initiative | Date | Description | Status / targets |
|---|---|---|---|
| GNSR Expressway R&E Project | Full construction from 20 Jun 2024 | Widening/partial separate-alignment rebuild of the flagship 42.5 km ring road; expected to extend toll period by up to 25 years from completion (subject to Guangdong approval) | >98% of land handed over (Jun 2026); Tianluyuan tunnel right bore holed through 29 Jun 2026; Huocun Interchange civil works contracted 28 Jan 2026; remaining commitments RMB8.97bn; completion date not disclosed |
| Pinglin acquisition | Completed 26 Nov 2024 | 55% for RMB758.45m | Integrated; RMB84.2m FY2025 net profit |
| Jinxiong exit | 18 Dec 2024 | Sold 60% for RMB190.8m, avoiding extension capex | Completed |
| Qinbin acquisition | Completed 14 Feb 2026 | 85% for RMB1,153.5m (3.86% discount to DCF appraisal of RMB1,199.79m) | Weighted remaining concession of controlled roads extended from 12.0 to 12.8 years |
| Yuexiu New Energy JV | Agreement 11 Jun 2026; established 23 Jun 2026 | 30% stake alongside Yuexiu Capital and GZYX; targets wind, storage, new power systems, source-grid-load-storage integration (including computing-power coordination) and equity in new-energy manufacturers | — |
| One Road, One Policy | 2025–2026 | Road-specific revenue strategies | Credited for >22% revenue growth at Hancai and Han'e in FY2025 and gains at Weixu, Lanwei, Hancai in H1 2026 |
| Lean cost programme | 2025–2026 | G&A, maintenance and financing cost reduction | G&A −6.9% FY2025, −30.5% H1 2026; finance cost −11.6% FY2025 and −11.9% ex-Qinbin H1 2026 |
| Digital/AI operations | Ongoing | Dual-layer AI anomaly detection (98% accuracy); drone inspection >10x efficiency; digital transformation at GNSR, Changzhu, Daguangnan | Operational |
| Green transport | Ongoing | Photovoltaic expressways, zero-carbon service areas, charging piles | Green-business share targets not quantified |
Medium-term financial targets / guidance
No quantitative revenue, profit or leverage guidance is published. Implicit policy anchors: a stable interim dividend (HK$0.12 maintained for 2024–2026), maintenance of investment-grade ratings (management explicitly weighs rating metrics in M&A decisions), and continued reduction in funding costs. Analyst (CICC, 23 Aug 2026) assumes DPS of HK$0.25 is maintained.
Products & Services
The "products" of a toll-road operator are concession assets. Each is catalogued below with its specification, target users, concession horizon and recent performance. All data from the Annual Report 2025 and 2026 Interim unless noted; average daily toll revenue excludes VAT.
Controlled subsidiaries (consolidated)
| Asset | Province / city | Interest | Toll km | Lanes | Toll stations | Concession end | FY2025 avg daily toll revenue (MYR Bn) | FY2025 avg daily traffic (vehicles) |
|---|---|---|---|---|---|---|---|---|
| GNSR Expressway (Guangzhou Northern Second Ring) | Guangdong / Guangzhou | 60% | 42.5 | 6/8 | 6 | 10 Jan 2032 (extension of up to 25 years from R&E completion expected, subject to approval) | 2,785,885 | 299,494 |
| Suiyuenan Expressway | Hubei / Jingzhou | 70% | 98.1 | 4 | 4 | 9 Mar 2040 | 1,970,861 | 30,477 |
| Pinglin Expressway (Pingdingshan–Linru section, G36) | Henan / Pingdingshan | 55% | 106.5 | 4 | 6 | 24 Oct 2033 | 1,441,065 | 37,544 |
| Daguangnan Expressway | Hubei / Huangshi | 90% | 109.7 | 4 | 7 | 29 Apr 2042 | 1,057,986 | 28,399 |
| Weixu Expressway | Henan / Xuchang | 100% | 64.3 | 4 | 2 | 18 Nov 2035 | 898,553 | 25,875 |
| Han'e Expressway | Hubei / Ezhou–Wuhan | 100% | 54.8 | 4 | 5 | 30 Jun 2042 | 865,468 | 58,911 |
| Hancai Expressway | Hubei / Wuhan | 67% | 36.0 | 4/6 | 3 | 27 Aug 2038 | 838,162 | 52,306 |
| Lanwei Expressway | Henan / Kaifeng | 100% | 61.0 | 4 | 3 | 1 Jul 2034 | 786,481 | 32,720 |
| Changzhu Expressway | Hunan / Changsha–Zhuzhou | 100% | 46.5 | 4 | 5 | 30 Aug 2040 | 723,486 | 71,889 |
| Cangyu Expressway (part of G80) | Guangxi / Wuzhou | 100% | 22.0 | 4 | 0 | 28 Dec 2030 | 273,198 | 17,652 |
| Qinbin Expressway (Chengkou–Zhanhua section of G1011) | Shandong / Binzhou | 85% (from 14 Feb 2026) | 60.7 | 4 | 4 | 15 Nov 2045 (Chengkou–Zhanhua) and 20 Jan 2047 (Shandong–Hebei border to Chengkou) | H1 2026: 1,298,443 | H1 2026: 15,025 |
Asset notes (descriptive detail):
GNSR Expressway: the flagship. Part of the Guangzhou Ring Expressway system with 10 flyovers, connecting GWSR, Guangqing, Airport Expressway, G4, Huanan, Guanghe, Guanghui, GS Superhighway and others. Eight lanes on Huocun–Luogang. FY2025 gross margin 60.3%. Diverted by Congpu Expressway (Oct 2023), the Second Expressway of Guangzhou New Baiyun International Airport (fully opened 22 Nov 2025) and Zengtian Expressway (31 Dec 2025); H1 2026 average daily toll revenue −8.7% YoY. Subject to the R&E project.
Suiyuenan Expressway: central-Hubei corridor from the Hanyi Expressway Zhuji interchange to the north shore of the Jingyue Yangtze River Bridge; freight-heavy (~41% trucks in FY2025). H1 2026 revenue −18.1% due to truck declines, a high base, far-end diversion from Xuguang Expressway works (from 26 May 2026) and a differentiated toll policy on competing Wusong Expressway (Nov 2025).
Pinglin Expressway: part of G36 Nanjing–Luoyang, one of 18 east–west trunk lines of the national network, in the Zhongyuan city cluster; connects G55, S49, S88 and S83. Acquired from parent; contributed RMB526.0m toll revenue and RMB84.2m net profit in FY2025.
Daguangnan Expressway: southern Hubei link to Jiangxi from Wuhan's Zuoling Town to the E'Dong Yangtze Bridge's southern route. Huangshi toll station opened January 2025 (mileage extended from 107.1 to 109.7 km). Point-to-point toll exemption for ETC passenger cars (prepaid by a local SOE) since 28 April 2025. RMB265m impairment in FY2025 due to expected diversion from Tongwu Expressway (Jiangxi, end-2027), Ningwu Expressway (Xin'gan–Ruichang, 2028) and E'xian Expressway southern section (2031).
Weixu Expressway: and Lanwei Expressway — both segments of the Lankao–Nanyang (Lan-nan) expressway in Henan, linking G4, G45, G30, G55, G36 and G0421; Lanwei acquired from parent for RMB1.098bn (2022).
Han'e Expressway: one of Wuhan's seven fast urban exit roads. Benefited from closure of competing Wuhuang Expressway (10 May 2024 to its reopening on 2 Feb 2026, full opening 30 Apr 2026); H1 2026 revenue −34.7% as traffic reverted.
Hancai Expressway: Wuhan urban corridor (13 km six-lane, 23 km four-lane) linking the Third Ring, G4 and G50. Caidian toll station opened June 2025; benefits from Hanyi Expressway R&E works (since 23 Feb 2025).
Changzhu Expressway: Changsha–Zhuzhou link connecting Changsha Ring Road, Chang-Liu Expressway, Airport Expressway and Hukun Expressway. Hosts the Changsha East "Zero-Carbon Service Area," one of the Ministry of Transport's first seven pilots (2024). Site of the "high-speed + low-altitude" drone inspection pilot.
Cangyu Expressway: Guangxi–Guangdong border segment of G80; 15% preferential tax rate to 2030.
Qinbin Expressway: vertical axis of Shandong's provincial network parallel to Rongwu Expressway, linking Hebei Coastal Expressway and Zhanlin Expressway. Target company revenue RMB752.5m in 2024; profit after tax RMB281.3m (2024) and RMB266.9m (eight months to Aug 2025). Contributed RMB165.1m toll revenue and RMB64.7m attributable profit from 15 Feb to 30 Jun 2026, but traffic fell 31.3% as Rongwu Expressway's Cangzhou section reopened (11 Oct 2025) and G228 Binzhou section opened (1 Oct 2025)—factors disclosed in the acquisition circular.
Associates and joint venture (equity-accounted)
| Asset | Province / city | Interest | Toll km | Lanes | Concession end | FY2025 avg daily toll revenue (MYR Bn) | FY2025 avg daily traffic | FY2025 entity revenue (CNY Mn) |
|---|---|---|---|---|---|---|---|---|
| Humen Bridge (suspension bridge) | Guangdong / Dongguan–Nansha | 27.78% (profit share 18.446% since 2010) | 15.8 | 6 | 8 May 2029 | 2,207,816 | 83,766 | 839.9 |
| Qinglian Expressway | Guangdong / Qingyuan | 23.63% | 215.2 | 4 | 30 Jun 2034 | 1,881,064 | 52,759 | 690.4 |
| GWSR Expressway (JV) | Guangdong / Guangzhou | 35% | 42.1 | 6 | 19 Dec 2030 | 1,374,256 | 95,986 | 507.0 |
| Han-Xiao Expressway (via Huaxia Yuexiu Expressway REIT) | Hubei / Wuhan–Xiaogan | 30% | 38.5 | 4/6 | 9 Dec 2036 | 596,855 | 33,652 | 222.1 (REIT) |
| Shantou Bay Bridge (suspension bridge) | Guangdong / Shantou | 30% | 6.5 | 6 | 23 Dec 2028 | 289,768 | 18,403 | 105.9 |
| Northern Ring Road | Guangdong / Guangzhou | 24.30% | 22.0 | 6/8 | Expired 22 Mar 2024 (in handover) | — | — | 0 |
| Pazhou Port (passenger ferry port) | Guangdong / Guangzhou | 45% | n/a (5 berths, 2 self-owned ferries) | — | — | Ticket revenue 126,149/day | 322 passengers/day | 46.7 |
Ancillary services and platforms
| Offering | Description | Target customer | Status / metrics |
|---|---|---|---|
| Service areas and gas stations | Leasing/operation of expressway service areas and fuel stations | Road users; operators | RMB40.2m revenue FY2025 (RMB38.2m FY2024) |
| Entrusted road-management services | Management of roads owned by third parties/government | Road owners | RMB33.6m FY2025 (RMB34.9m FY2024) |
| "Yuechangxing" travel service platform | Online membership/travel services platform for vehicle owners | Drivers, major fleet customers | ~310,000 registered members by end-2024 (Annual Results 2024) |
| "Expressway+" derivative economy | Billboards, ancillary land, service-area upgrades | Advertisers, retailers | Revenue not separately disclosed |
| Photovoltaic expressway | Distributed solar along roads and in service areas | Internal/ grid | ~6.5 MW installed, ~7.3m kWh generated, ~7,277 t CO2 avoided in 2024 |
| EV charging/swapping | Full coverage of charging/swapping facilities in managed service areas | NEV drivers | Expansion planned in 2026 outlook; revenue not disclosed |
| Smart operations platform | Dual-layer AI traffic-anomaly detection (98% accuracy), drone inspection | Internal | Operational; pricing n/a |
Pricing model for tolls: government-approved per-km tariffs by vehicle class; no discretionary pricing beyond participation in provincially sanctioned differentiated-toll schemes.
Financial Narrative
Income statement (company basis)
Source: Annual Report 2025 five-year summary. Payout ratios for FY2021–FY2022 are analyst-computed (DPS/EPS); FY2023–FY2025 are company-reported.
Sources: Annual Results 2024; Annual Report 2025.
Half-year trend (company basis)
Sources: Interim Report 2025 five-year summary; 2026 Interim: Growth metrics: Revenue CAGR FY2021–FY2025 of approximately 4.0%; FY2023–FY2025 approximately 4.5%.
Commentary.
FY2022 trough: COVID-era toll waivers and mobility restrictions drove revenue down 11.2% and attributable profit down 69% against the gain-inflated FY2021.
FY2023 rebound: Revenue +20.6% on traffic normalisation and Lanwei consolidation; attributable profit +69% despite a RMB100.2m impairment of the Shantou Bay Bridge investment.
FY2024 softness: Revenue −2.5% from severe February freezing weather in Central China, three additional toll-free holiday days and diversion (Congpu, Wuyang, Shenzhen–Zhongshan Link); Northern Ring Road expiry swung that associate to a RMB45.6m loss. A RMB65.8m Jinxiong disposal gain cushioned profit.
FY2025 inflection: Revenue +12.0% (Pinglin full-year consolidation added ~RMB475m of toll revenue) and EBITDA +14.8%, but amortisation rose 23.3% and the RMB265m pre-tax Daguangnan impairment (RMB179m attributable) cut reported attributable profit 18.9%; ex-impairment profit was RMB712m (+8.4%).
H1 2026: Revenue +2.0% only because Qinbin added RMB165m; organic toll revenue declined ~6.3%. Profit grew 6.9% on Qinbin, a 30.5% cut in G&A (RMB45.2m) and lower tax. CICC estimates ex-Qinbin attributable profit fell ~11%.
Balance sheet
Net debt FY2021–FY2022 derived from reported gearing ratio and total equity (ND = gearing × equity / (1 − gearing)); FY2023 = total debts RMB16,923.8m less cash RMB2,380.8m; FY2024–FY2025 company-reported.
Short-term vs. long-term debt (excluding interest payable unless noted)
FY2023 balance-sheet split (including interest payable): current borrowings, notes and bonds RMB6,619m; non-current RMB10,456m. Sources: Annual Results 2024; Annual Report 2025; 2026 Interim.
Commentary. The balance sheet is dominated by concession intangibles (~82% of FY2025 assets, ~86% at June 2026 after Qinbin). Leverage drifted down from 51.4% gearing (FY2022) to 47.2% (FY2025) as Pinglin was funded largely internally and cash built ahead of Qinbin, then jumped to 53.8% gearing and net debt of RMB18.9bn at 30 June 2026 as the Qinbin purchase (RMB1.15bn cash consideration) and consolidation of Qinbin's own debt added roughly RMB4.8bn of net debt. The structurally negative working capital (current liabilities exceed current assets by RMB3.6bn at June 2026) is typical of the sector and is addressed via going-concern disclosure citing banking facilities and unused bond quotas. Debt is 100% RMB-denominated, 98.3% onshore, 57.9% floating-rate and 51.6% secured (toll-right pledges; pledged toll rights carried at RMB26.14bn at end-2024 per the onshore bond annual report).
Cash flow
Sources: Annual Report 2025; 2026 Interim.
Commentary. Cash generation is robust and rising: FY2025 operating cash flow covered dividends to all equity holders (RMB703m) 4.4 times. Free cash flow before acquisitions roughly doubled the shareholder dividend in FY2025. However, the GNSR R&E project carries remaining contractual commitments of RMB8.97bn (30 June 2026), which will absorb a large portion of free cash flow through the late 2020s and is the main reason leverage will likely stay near 50%+ despite strong cash conversion.
Ratios
ROE, EBITDA interest coverage and gearing are company-reported; ROA, ROIC, net debt/EBITDA and asset turnover are analyst-computed. Cash conversion cycle is not meaningful for a toll operator (tolls collected immediately; no inventory); trade receivables were RMB229.7m at end-2025 (~19 days of revenue).
Commentary. Returns are low in absolute terms (ROE 4–7% ex-FY2021), reflecting acquisition-premium-laden intangibles and accelerated amortisation on traffic-based methods. The improving EBITDA interest cover (4.6x → 9.0x) is driven as much by the fall in weighted funding cost (3.28% → 2.51% → 2.38% in H1 2026) as by EBITDA growth, making the credit profile sensitive to any reversal in China's rate cycle.
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Results by Segment and Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Toll roads operations revenue (CNY Mn) | 3,966.7 | 3,867.1 | 4,331.4 |
All other segments revenue (CNY Mn) | 0 | 0 | 0 |
Toll roads operations profit after tax (CNY Mn) | 1,141.1 | 985.1 | 902.0 |
All other segments profit after tax (CNY Mn) | -19.4 | -20.8 | -19.5 |
Toll roads operations revenue growth (%) | 20.6 | -2.5 | 12.0 |
Results by Segment
| Metric | H1 2025 | H1 2026 |
|---|---|---|
Toll roads operations revenue (CNY Mn) | 2,099.1 | 2,140.4 |
Toll roads operations profit before tax (CNY Mn) | 722.6 | 661.4 |
Toll roads operations profit after tax (CNY Mn) | 550.1 | 557.7 |
All other segments loss after tax (CNY Mn) | -6.8 | -3.1 |
Project Portfolio
| Project | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
GNSR Expressway (CNY Mn) | 1,105.5 | 1,039.8 | 1,016.8 |
Suiyuenan Expressway (CNY Mn) | 715.1 | 722.7 | 719.4 |
Pinglin Expressway (CNY Mn) | 0 | 51.3 | 526.0 |
Daguangnan Expressway (CNY Mn) | 457.2 | 403.9 | 386.2 |
Weixu Expressway (CNY Mn) | 377.1 | 340.0 | 328.0 |
Han'e Expressway (CNY Mn) | 163.1 | 258.6 | 315.9 |
Hancai Expressway (CNY Mn) | 271.6 | 249.6 | 305.9 |
Lanwei Expressway (CNY Mn) | 308.6 | 281.0 | 287.1 |
Changzhu Expressway (CNY Mn) | 256.9 | 259.3 | 264.1 |
Cangyu Expressway (CNY Mn) | 101.0 | 98.2 | 99.7 |
Jinxiong Expressway (CNY Mn) | 85.3 | 81.8 | 0 |
Total toll revenue (CNY Mn) | 3,841.3 | 3,786.2 | 4,249.0 |
Project Portfolio (FY2024 YoY–Share of FY2025 toll revenue)
| Project | Share of FY2025 toll revenue | FY2025 YoY | FY2024 YoY |
|---|---|---|---|
GNSR Expressway | 23.9% | −2.2% | −5.9% |
Suiyuenan Expressway | 16.9% | −0.5% | +1.1% |
Pinglin Expressway | 12.4% | n/m (full-year consolidation) | n/m |
Daguangnan Expressway | 9.1% | −4.4% | −11.6% |
Weixu Expressway | 7.7% | −3.5% | −9.8% |
Han'e Expressway | 7.4% | +22.2% | +58.5% |
Hancai Expressway | 7.3% | +22.6% | −8.1% |
Lanwei Expressway | 6.8% | +2.2% | −9.0% |
Changzhu Expressway | 6.2% | +1.8% | +0.9% |
Cangyu Expressway | 2.3% | +1.6% | −2.8% |
Project Portfolio — GNSR Expressway
| Project | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
GNSR Expressway (CNY Mn) | 688.7 | 636.4 | 617.0 |
Suiyuenan Expressway (CNY Mn) | 469.7 | 378.2 | 378.8 |
Pinglin Expressway (CNY Mn) | 0 | 22.6 | 227.6 |
Daguangnan Expressway (CNY Mn) | 218.7 | 143.1 | 71.9 |
Weixu Expressway (CNY Mn) | 224.9 | 174.3 | 152.0 |
Han'e Expressway (CNY Mn) | 86.5 | 147.4 | 137.6 |
Hancai Expressway (CNY Mn) | 117.3 | 67.2 | 111.1 |
Lanwei Expressway (CNY Mn) | 123.8 | 75.9 | 69.0 |
Changzhu Expressway (CNY Mn) | 115.9 | 104.0 | 98.5 |
Cangyu Expressway (CNY Mn) | 56.1 | 50.3 | 28.1 |
Jinxiong Expressway (CNY Mn) | 28.0 | 24.6 | 0 |
Project Portfolio (2)
| Project | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
GNSR Expressway (%) | 59.5 | 60.8 | 60.3 |
Suiyuenan Expressway (%) | 64.6 | 51.5 | 51.7 |
Daguangnan Expressway (%) | 46.7 | 34.4 | 18.0 |
Weixu Expressway (%) | 59.5 | 51.1 | 46.1 |
Han'e Expressway (%) | 50.3 | 55.0 | 42.3 |
Hancai Expressway (%) | 42.8 | 26.6 | 35.9 |
Lanwei Expressway (%) | 40.1 | 27.0 | 24.0 |
Changzhu Expressway (%) | 45.0 | 40.0 | 37.2 |
Cangyu Expressway (%) | 55.5 | 51.2 | 28.1 |
Controlled projects total (%) | 54.2 | 47.6 | 44.0 |
Project Portfolio (3)
| Project | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
GNSR Expressway (CNY Mn) | 358.5 | 333.3 | 323.5 |
Suiyuenan Expressway (CNY Mn) | 237.5 | 185.2 | 186.8 |
Weixu Expressway (CNY Mn) | 163.9 | 129.4 | 108.3 |
Pinglin Expressway (CNY Mn) | 0 | 8.7 | 84.2 |
Han'e Expressway (CNY Mn) | -6.0 | 65.5 | 82.6 |
Changzhu Expressway (CNY Mn) | 88.8 | 49.8 | 55.3 |
Hancai Expressway (CNY Mn) | 57.5 | 28.0 | 43.3 |
Lanwei Expressway (CNY Mn) | 61.7 | 31.6 | 33.8 |
Cangyu Expressway (CNY Mn) | 44.1 | 40.0 | 20.7 |
Daguangnan Expressway incl. impairment (CNY Mn) | 89.4 | 39.3 | -166.8 |
Jinxiong Expressway (CNY Mn) | 9.4 | 8.2 | 0 |
Total controlled projects (CNY Mn) | 1,104.8 | 918.9 | 771.7 |
Project Portfolio — Humen Bridge
| Project | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Humen Bridge (CNY Mn) | 88.4 | 72.3 | 70.9 |
GWSR Expressway JV (CNY Mn) | 75.7 | 72.3 | 69.3 |
Qinglian Expressway (CNY Mn) | 20.3 | 9.7 | 23.3 |
Huaxia Yuexiu Expressway REIT (CNY Mn) | 15.0 | 8.6 | 8.7 |
Shantou Bay Bridge (CNY Mn) | 10.9 | 8.1 | 6.5 |
Northern Ring Road (CNY Mn) | 85.5 | -45.6 | -2.7 |
Pazhou Port (CNY Mn) | -19.1 | -18.1 | -15.9 |
Total (CNY Mn) | 276.7 | 107.3 | 160.2 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (CNY Mn) | 3,702.3 | 3,288.9 | 3,966.7 | 3,867.1 | 4,331.4 |
EBITDA company definition incl. associates (CNY Mn) | 3,292.2 | 2,866.9 | 3,519.7 | 3,263.0 | 3,745.0 |
Profit before income tax (CNY Mn) | 2,218.4 | 1,065.3 | 1,548.9 | 1,297.6 | 1,148.6 |
Profit for the year (CNY Mn) | 1,792.7 | 737.8 | 1,121.6 | 964.4 | 882.5 |
Profit attributable to shareholders (CNY Mn) | 1,465.0 | 453.1 | 765.3 | 656.8 | 532.9 |
Non-controlling interests (CNY Mn) | 327.7 | 284.7 | 356.3 | 307.6 | 349.5 |
Basic EPS (MYR Bn) | 0.8756 | 0.2708 | 0.4574 | 0.3925 | 0.3185 |
Dividend per share (MYR Bn) | 0.4980 | 0.1744 | 0.2734 | 0.2297 | 0.2236 |
Dividend payout ratio (%) | 56.9 | 64.4 | 59.8 | 58.5 | 70.2 |
EBITDA margin (%) | 88.9 | 87.2 | 88.7 | 84.4 | 86.5 |
Pre-tax margin (%) | 59.9 | 32.4 | 39.0 | 33.6 | 26.5 |
Net margin attributable (%) | 39.6 | 13.8 | 19.3 | 17.0 | 12.3 |
Income Statement and Margin Analysis (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Gross profit (CNY Mn) | 2,147.3 | 1,842.9 | 1,909.7 |
Gross margin (%) | 54.1 | 47.7 | 44.1 |
Operating profit (CNY Mn) | 1,804.4 | 1,641.7 | 1,391.4 |
Operating margin (%) | 45.5 | 42.5 | 32.1 |
Finance costs (CNY Mn) | 562.4 | 481.2 | 425.3 |
Amortisation of intangible operating rights (CNY Mn) | 1,277.9 | 1,514.5 | 1,867.9 |
Income tax expense (CNY Mn) | 427.3 | 333.2 | 266.0 |
Weighted average interest rate (%) | 3.28 | 2.92 | 2.51 |
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View Subscription PlansIncome Statement
| Metric | H1 2021 | H1 2022 | H1 2023 | H1 2024 | H1 2025 | H1 2026 |
|---|---|---|---|---|---|---|
Revenue (CNY Mn) | 1,831.7 | 1,615.5 | 1,935.4 | 1,826.9 | 2,099.1 | 2,140.4 |
Profit attributable (CNY Mn) | 467.7 | 295.3 | 427.1 | 313.9 | 360.8 | 385.8 |
Balance Sheet and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (CNY Mn) | 35,661.1 | 36,337.4 | 36,502.5 | 37,506.8 | 37,401.4 |
Total liabilities (CNY Mn) | 21,188.4 | 22,102.4 | 21,652.5 | 22,100.7 | 21,575.3 |
Total equity (CNY Mn) | 14,472.7 | 14,235.0 | 14,849.9 | 15,406.1 | 15,826.0 |
Equity attributable to shareholders (CNY Mn) | 11,511.5 | 11,230.4 | 11,613.3 | 11,848.3 | 11,996.7 |
Net assets per share (MYR Bn) | 6.88 | 6.71 | 6.94 | 7.08 | 7.17 |
Net debt (CNY Mn) | 13,630 | 15,054 | 14,543 | 15,409 | 14,162 |
Gearing net debt to total capitalisation (%) | 48.5 | 51.4 | 49.5 | 50.0 | 47.2 |
Total liabilities to total assets (%) | 59.4 | 60.8 | 59.3 | 58.9 | 57.7 |
Balance Sheet and Financial Ratios (x)
| Metric | FY2023 | FY2024 | FY2025 | 30 Jun 2026 |
|---|---|---|---|---|
Cash and cash equivalents (CNY Mn) | 2,380.8 | 1,978.4 | 2,966.6 | 1,933.6 |
Bank borrowings (CNY Mn) | 9,496.6 | 11,153.5 | 9,506.4 | 12,599.9 |
Corporate bonds (CNY Mn) | 2,499.1 | 499.7 | 999.4 | 499.6 |
Notes payable MTN and SCP (CNY Mn) | 4,794.8 | 5,611.4 | 6,509.6 | 7,672.8 |
Total debts incl. parent loan and leases (CNY Mn) | 16,923.8 | 17,387.7 | 17,128.3 | 20,880.5 |
Intangible operating rights (CNY Mn) | 30,247.7 | 31,626.3 | 30,751.0 | 36,201.2 |
Goodwill (CNY Mn) | 514.6 | 514.6 | 514.6 | 514.6 |
Working capital current assets less current liabilities (CNY Mn) | -5,200.0 | -3,012.0 | -2,988.9 | -3,620.6 |
Current ratio (x) | 0.3 | 0.4 | 0.5 | 0.4 |
Debt maturity bucket
| Debt maturity bucket | FY2024 | FY2025 | 30 Jun 2026 |
|---|---|---|---|
Debt due within one year incl. MYR Bn100m parent loan (CNY Mn) | 3,801.1 | 5,009.0 | 4,707.0 |
Long-term debt (CNY Mn) | 13,563.5 | 12,106.5 | 16,165.4 |
Cash Flow
| Metric | FY2024 | FY2025 |
|---|---|---|
Net cash from operating activities (CNY Mn) | 2,658.4 | 3,075.8 |
Total capital expenditure incl. acquisitions (CNY Mn) | 1,640.0 | 1,051.4 |
Of which acquisition of subsidiary (CNY Mn) | 614.0 | 0 |
Of which GNSR R&E payments (CNY Mn) | 537.0 | 663.0 |
Free cash flow OCF less capex ex-acquisitions (CNY Mn) | 1,632.4 | 2,024.4 |
Net cash used in investing (CNY Mn) | -1,301.1 | -871.9 |
Net cash used in financing (CNY Mn) | -1,759.7 | -1,215.4 |
Dividends paid to shareholders (CNY Mn) | 422.0 | 382.0 |
Dividends paid to non-controlling interests (CNY Mn) | 389.0 | 321.0 |
Share buybacks (CNY Mn) | 0 | 0 |
Dividends received from associates and JV (CNY Mn) | 213.0 | 165.0 |
Cash Flow (Half-Yearly)
| Metric | H1 2025 | H1 2026 |
|---|---|---|
Net cash from operating activities (CNY Mn) | 1,447.6 | 1,529.7 |
Net cash used in investing (CNY Mn) | -385.2 | -1,575.3 |
Net cash used in financing (CNY Mn) | -872.0 | -986.9 |
Capex ex-acquisition (CNY Mn) | 444.0 | 608.0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE attributable (%) | 12.73 | 4.03 | 6.59 | 5.54 | 4.44 |
ROA profit for year over year-end assets (%) | 5.03 | 2.03 | 3.07 | 2.57 | 2.36 |
EBITDA interest coverage (x) | 4.6 | 4.7 | 6.4 | 6.9 | 9.0 |
Net debt to EBITDA (x) | 4.14 | 5.25 | 4.13 | 4.72 | 3.78 |
Net debt to total equity (x) | 0.94 | 1.06 | 0.98 | 1.00 | 0.89 |
Asset turnover revenue over total assets (x) | 0.104 | 0.091 | 0.109 | 0.103 | 0.116 |
Margin Analysis (%) and Financial Ratios (x)
| Ratio | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
ROIC post-tax at 25% incl. associates (%) | 5.3 | 4.3 | 3.9 |
Cash interest coverage (x) | — | 6.6 | 9.0 |
EBITDA to total external debt (%) | — | 18.9 | 22.0 |
Profit before interest and tax interest coverage (x) | — | 3.7 | 4.4 |
Revenue by Region
| Province | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Hubei toll revenue (CNY Mn) | 1,607.0 | 1,634.8 | 1,727.4 |
Henan toll revenue (CNY Mn) | 685.7 | 672.3 | 1,141.1 |
Guangdong toll revenue (CNY Mn) | 1,105.5 | 1,039.8 | 1,016.8 |
Hunan toll revenue (CNY Mn) | 256.9 | 259.3 | 264.1 |
Guangxi toll revenue (CNY Mn) | 101.0 | 98.2 | 99.7 |
Tianjin toll revenue (CNY Mn) | 85.3 | 81.8 | 0 |
Total (CNY Mn) | 3,841.3 | 3,786.2 | 4,249.0 |
Revenue by Region (%)
| Province (%) | Share FY2025 | YoY FY2024 | YoY FY2025 |
|---|---|---|---|
Hubei (Suiyuenan, Daguangnan, Han'e, Hancai) | 40.7% | +1.7% | +5.7% |
Henan (Pinglin, Weixu, Lanwei) | 26.9% | −2.0% | +69.7% |
Guangdong (GNSR) | 23.9% | −5.9% | −2.2% |
Hunan (Changzhu) | 6.2% | +0.9% | +1.8% |
Guangxi (Cangyu) | 2.3% | −2.8% | +1.6% |
Tianjin (Jinxiong, sold) | 0.0% | −4.1% | −100% |
Revenue by Region (Half-Yearly)
| Province | H1 2025 | H1 2026 |
|---|---|---|
Hubei (CNY Mn) | 845.4 | 740.5 |
Henan (CNY Mn) | 545.0 | 561.8 |
Guangdong (CNY Mn) | 492.8 | 449.8 |
Shandong (CNY Mn) | 0 | 165.1 |
Hunan (CNY Mn) | 126.6 | 128.6 |
Guangxi (CNY Mn) | 49.5 | 48.5 |
Share Price History
| Date | Price (HKD) | Source |
|---|---|---|
28 Dec 2020 | 5.18 | Gelonghui/uSMART (market cap HK$8.7bn) |
10 Oct 2024 | 3.83 | MT Newswires |
9 May 2025 | 3.47 | Simply Wall St |
24 Dec 2025 | 4.79 | ET Net |
31 Jul 2026 | 3.72 | StockAnalysis |
~23 Aug 2026 | ~3.61 (implied by CICC target/upside) | CICC |
Oct 2026 (latest quoted) | ~3.41 | StockEvents |
Valuation Multiples
| Multiple | Yuexiu Transport | Basis |
|---|---|---|
Market cap | ~HK$5.86bn (~RMB5.1bn) | 1,673.2m shares |
P/E trailing reported FY2025 | ~9.6x | EPS RMB0.3185 |
P/E trailing adjusted FY2025 | ~7.2x | Adjusted profit RMB712m |
P/E forward 2026E / 2027E | 7.1x / 6.2x | CICC forecasts RMB730m / RMB810m |
P/B | ~0.42x | NAV/share RMB7.17 (FY2025) |
EV/EBITDA | ~7.5x | EV ~RMB28.0bn (mkt cap + Jun-2026 net debt RMB18.9bn + NCI RMB4.05bn) / FY2025 EBITDA RMB3.745bn |
EV/Sales | ~6.5x | FY2025 revenue |
Dividend yield | ~7.1% | HK$0.25 |
Peer: Zhejiang Expressway P/E | ~6.9x (approximate) | HK$6.95 (31 Jul 2026); FY2025 net income RMB5,325m |
Analyst Ratings & Targets
| Broker | Date | Rating | Target (HKD) | Key view |
|---|---|---|---|---|
CICC | 23 Aug 2026 | Outperform (maintained) | 4.53 (cut 11.7%) | H1 2026 below expectations; diversion on legacy roads; 2026E/27E profit RMB730m/810m; DPS assumed HK$0.25 (6.9% yield) |
CMB International | — | Buy (historical) | 7.2 (cut; historical) | Historical reference only |
Per-Share Data and Returns & Leverage Ratios (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
DPS (MYR Bn) | 0.4980 | 0.1744 | 0.2734 | 0.2297 | 0.2236 |
Payout ratio (%) | 56.9 | 64.4 | 59.8 | 58.5 | 70.2 |
Credit Ratings
| Agency | Rating |
|---|---|
Moody's | Baa2 |
Fitch | BBB |
S&P | Not rated / not disclosed |
Bucket Details
| Bucket | Share |
|---|---|
Within 1 year | 22.2% |
1–2 years | 12.5% |
2–5 years | 27.7% |
Over 5 years | 37.6% |
Analyst Conclusions
Management guidance
No numerical guidance. Management expects China's economy to remain resilient in H2 2026 and prioritises: core-highway expansion (M&A, toll-right auctions, R&E), lean operations, new energy/new infrastructure, the derivative economy and continued cost/finance savings. It reiterates a stable dividend and investment-grade discipline.
Consensus expectations
CICC forecasts attributable profit of RMB730m (2026E) and RMB810m (2027E), implying +37% and +11% growth versus reported FY2025 (or roughly +2.5% and +11% versus adjusted FY2025), driven by a full year of Qinbin, lower finance costs and no repeat impairment. Broader consensus not disclosed.
Bull case
-
Cash-backed yield with balance-sheet support: ~7% yield covered >4x by operating cash flow; finance costs falling ~12% organically in H1 2026 as debt reprices at sub-2% coupons.
-
GNSR concession reset is a large embedded option: an up-to-25-year extension of the group's highest-margin asset after R&E would dramatically lengthen the 12.8-year weighted concession and support a re-rating from 0.42x P/B.
-
Pipeline and strategic shareholders: parent drop-downs at appraisal-discount prices plus China Merchants Expressway's 15% stake create optionality for accretive growth or corporate action.
Bear case
-
Structural diversion erodes the legacy portfolio: organic toll revenue fell ~6% in H1 2026, and more competing roads are scheduled (2027–2031), risking further impairments beyond Daguangnan.
-
Leverage and capex lock-in: gearing rose to 53.8% after Qinbin, with RMB8.97bn of GNSR R&E commitments still ahead—limiting flexibility and pressuring the payout if earnings disappoint.
-
Acquisition quality and governance: connected-party deals (Qinbin) have delivered immediate traffic declines (−31%) and inherited legal claims, raising questions about due-diligence rigour and minority-shareholder value.
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| ~30 Oct–27 Nov 2026 | Ex-date and payment of HK$0.12 interim dividend |
| Monthly | Unaudited traffic/toll data, especially GNSR, Suiyuenan, Han'e, Qinbin |
| 2026–2027 | Publication of amendments to the Toll Road Regulations and Highway Law (MoT 2026 plan) |
| Ongoing | GNSR R&E milestones (land completion, Huocun Interchange, tunnel works), budget updates, completion timetable |
| March 2027 | FY2026 results: impairment testing on Qinbin/Daguangnan/Suiyuenan; final dividend decision |
| Ongoing | Any further parent drop-downs or REIT disposals; China Merchants stake changes |
| Ongoing | Yuexiu New Energy capital deployment |
| Ongoing | Rating agency reviews post-Qinbin leverage increase |
Analyst verdict
Yuexiu Transport Infrastructure is a classic Hong Kong-listed Chinese toll-road yield vehicle whose investment case currently rests on a tension between strong cash flows and weakening organic traffic. The financial engine is sound: FY2025 operating cash flow of RMB3.08bn, EBITDA of RMB3.75bn, EBITDA interest coverage of 9.0x and a funding cost that has fallen below 2.5% give the company ample capacity to sustain its HK$0.25 dividend, equivalent to a yield near 7%. Its parent continues to supply assets, and the 2026 Qinbin deal added a long-dated concession that modestly lengthens portfolio life.
Yet the operating trend is the weakest in several years. Excluding Qinbin, H1 2026 toll revenue and profit declined, as new and restored competing roads pulled traffic from GNSR, Suiyuenan, Han'e and Humen Bridge, and the newly acquired Qinbin itself is carrying traffic down by roughly a third. The FY2025 Daguangnan impairment signals that management and auditors are now explicitly pricing future diversion into asset values—a risk that could recur. Meanwhile, leverage has stepped up to 53.8% gearing and the GNSR reconstruction still requires almost RMB9bn.
At ~0.4x book, ~7x adjusted earnings and ~7.5x EV/EBITDA, the market already discounts much of this. The decisive variable is GNSR: a timely, on-budget completion with a full 25-year concession extension would transform the duration and valuation of the equity, while delays or a curtailed extension would leave investors holding a shrinking annuity. On balance, the shares screen as a fairly valued-to-modestly-undervalued income holding. Absent those signals, total return is likely to be dominated by dividends rather than capital appreciation over the next 12 months.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Appointed / tenure | Background (as disclosed) | Age |
|---|---|---|---|---|
LIU Yan | Chairman, Executive Director; chairs Nomination and ESG Committees; member of Remuneration Committee | 17 Apr 2024 (~2.5 years) | Chief Operating Officer and HR officer of Yue Xiu Enterprises (Holdings); executive director of Yuexiu Property since Aug 2018; directorships across GZYX entities (Guangzhou City Construction & Development, Guangzhou Yuexiu Development Group, Yuexiu Jinrong Holdings, Fengxing Husbandry); former director of Yuexiu Capital Holdings and Yuexiu Financial Leasing entities | — |
YAO Xiaosheng | Deputy Chairman, Executive Director, General Manager (chief executive) | 25 Sep 2025 (~1 year); three-year service contract | Joined GZYX July 2005; roles in operations analysis, administration and capital management; deputy GM of the general office of GZYX/YXE; GM of capital operations department of GZYX/YXE (Feb 2021–Sep 2025); director of Yue Xiu Securities Holdings and Guangzhou Yuexiu Industrial Investment; director and GM of Yuexiu Capital (Guangzhou) Management | 46 (at appointment) |
CHEN Jing | Executive Director | — | — | — |
CAI Minghua | Executive Director | — | — | — |
PAN Yongqiang | Executive Director | — | — | — |
FUNG Ka Pun | Independent Non-executive Director; member of all four committees | — | — | — |
LAU Hon Chuen Ambrose | INED; chairs Audit and Remuneration Committees | — | — | — |
CHEUNG Doi Shu | INED; member of all four committees | — | — | — |
PENG Vincent Shen | INED; member of all four committees | — | — | — |
Governance Overview
| Attribute | Status |
|---|---|
Board size | 9 (5 executive, 4 INEDs) |
Independence | 44% independent (above HKEX one-third minimum) |
Chair/CEO separation | Yes — Chairman (Liu Yan) separate from General Manager (Yao Xiaosheng) |
Committees | Audit; Remuneration; Nomination; Environmental, Social and Governance |
Corporate Governance Code compliance | Complied with all code provisions in H1 2026 (2026 Interim) |
Controlling-shareholder influence | All executive directors drawn from GZYX system; connected transactions require independent-shareholder approval |
Directors' Remuneration
| Item | Detail | Source |
|---|---|---|
Yao Xiaosheng base salary | RMB700,000 per annum plus discretionary bonus and eligibility for share options | Appointment announcement, 25 Sep 2025 |
Five highest-paid individuals FY2024 | Three directors; remaining two non-directors received RMB4.558m combined (salaries RMB1.092m, bonuses RMB2.956m) | Annual Results 2024 |
Equity incentive | Share Option Incentive Scheme adopted 11 Oct 2021; option expense reversed in FY2024–H1 2026 (net credits), indicating lapses/forfeitures | Annual Results 2024; 2026 Interim |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
17 Apr 2024 | Li Feng resigned as Chairman; Liu Yan appointed | Rotation within GZYX; Li remained chairman/non-executive director of another group entity |
28 Feb 2025 | He Baiqing (Deputy Chairman & GM) retired | Board oversaw management pending successor |
25 Sep 2025 | Yao Xiaosheng appointed Deputy Chairman & GM | Capital-markets background aligned with asset-recycling strategy |
Major Shareholders
| Rank | Holder | Shares | Stake | Date of disclosure |
|---|---|---|---|---|
| 1 | Yue Xiu Enterprises (Holdings) Limited (GZYX) | 739,526,200 | 44.20% | 31 Dec 2024 |
| 2 | China Merchants Expressway Network & Technology Holdings Co., Ltd. | 250,975,000 | 15.00% | 18 Dec 2025 |
| 3 | Matthews International Capital Management | 18,226,000 | 1.09% | 30 Apr 2026 |
| 4 | BlackRock Institutional Trust Company | 17,176,000 | 1.03% | 30 Apr 2026 |
| 5 | The Vanguard Group | 12,619,000 | 0.75% | 30 Apr 2026 |
Competitive Landscape
Key Competitors
| Competitor | Type | Overlap with Yuexiu | Comparative scale (latest available) |
|---|---|---|---|
China Merchants Expressway Network & Technology (001965.SZ) | Central-SOE national toll-road investor | Acquisition competitor; also Yuexiu's 15% shareholder | — |
Jiangsu Expressway (0177.HK/600377.SH) | Provincial listed toll-road operator | Peer for capital; not route-competing | FY2025 revenue RMB20,289m (−12.5%); attributable profit RMB4,594m (−7.1%); toll revenue RMB9,555m |
Zhejiang Expressway (0576.HK) | Provincial operator with securities arm | Peer for capital | FY2025 revenue RMB19,755m (StockAnalysis basis, incl. construction); net income RMB5,325m |
Shenzhen Expressway (0548.HK/600548.SH) | GBA toll roads plus environmental businesses | GBA route/capital peer | FY2024 revenue RMB9.25bn; net income RMB1.15bn; 9M2025 revenue RMB6.05bn, attributable profit RMB1.47bn |
Guangdong Provincial Expressway Development (000429.SZ) | Guangdong provincial operator | Guangdong network overlap | — |
Shenzhen Investment Holdings Bay Area Development (ex-Hopewell Highway Infrastructure, 0737.HK) | GBA ring roads | GS Superhighway connects to GNSR/Humen; its R&E diverts Humen traffic | — |
Hubei Chutian Smart Communication (600035.SH) | Hubei provincial operator | Hubei corridor competition | — |
Henan Zhongyuan Expressway (600020.SH) | Henan provincial operator | Henan corridor competition (e.g., G4/G45) | — |
Anhui Expressway (0995.HK) | Provincial operator | Capital/valuation peer | — |
Sichuan Expressway (0107.HK) | Provincial operator | Valuation peer | — |
Road King Infrastructure (1098.HK) | Private toll-road investor | Acquisition peer in Central China | — |
Specific rival roads | Route competitors | Wuyang, Wuhuang (Daguangnan/Han'e); Congpu, Airport Second Expressway, Zengtian (GNSR); Shenzhen–Zhongshan Link (Humen); Rongwu and G228 (Qinbin); Tongwu, Ningwu, E'xian (future, Daguangnan) | — |
Peer Comparison FY2024
| Metric | Yuexiu Transport | Jiangsu Expressway | Zhejiang Expressway | Shenzhen Expressway |
|---|---|---|---|---|
Revenue (CNY Mn) | 4,331 | 20,289 | 19,755 | 9,250 (FY2024) |
Revenue growth | +12.0% | −12.5% | +9.4% | −0.5% (FY2024) |
Attributable/net profit (CNY Mn) | 533 (712 adjusted) | 4,594 | 5,325 | 1,150 (FY2024) |
Net margin | 12.3% (16.4% adjusted) | 22.6% | 27.0% | 12.4% (FY2024) |
R&D intensity | ~0.3% (inferred) | — | — | — |
Business mix | ~98% tolls | Tolls plus clean energy, property, oil sales | Tolls plus securities | Tolls plus environmental/wind |
