Yuexiu Transport Infrastructure Limited: December 2025 Operating Data – Key Highlights for Investors

Yuexiu Transport Infrastructure Limited (HKEX: 01052) has released its unaudited operating data for December 2025, providing investors and shareholders with valuable insights into the performance of its expressway assets. Below, we detail the most important findings, including factors that could potentially impact the company’s share price.

Key Operating Results and Trends

• Overall Performance: The Group reported mixed performance across its expressway projects, with certain assets experiencing declines in traffic volume and toll revenue, while others recorded positive growth. The variances were largely driven by network changes, weather impacts, and government policies.
• Potential Share Price Sensitivities: Significant traffic diversions, toll policy changes, and new infrastructure openings have had direct effects on traffic volumes and toll revenues, which may impact investor sentiment and the company’s valuation.

Detailed Project Performance

Major Factors Affecting Performance

1. Network Changes and Project Openings:
   • The opening of the Shenzhen-Zhongshan Link (June 2024) diverted traffic from the Humen Bridge, but its negative impact has been narrowing since July 2025.
   • The Second Expressway of Guangzhou New Baiyun International Airport (opened 22 November 2025) diverted traffic from GNSR Expressway, causing a year-on-year drop in volume and revenue. However, the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games (5-14 December 2025) resulted in temporary detours boosting GNSR’s traffic.
   • Qinglian Expressway saw significant gains due to the partial closure of the competing Erguang Expressway, diverting more vehicles to Qinglian.
2. Government Policies and Toll Exemptions:
   • Since 28 April 2025, ETC-equipped Class 1 passenger vehicles have been exempt from tolls between specific stations on the Daguangnan Expressway, with the local state-owned enterprise covering the revenue. This led to a surge in passenger traffic but a decline in toll revenue due to fewer trucks and lower average tolls per vehicle.
3. Weather Impacts:
   • Adverse weather, including snowfall and haze, negatively impacted both traffic and revenue at Pinglin Expressway.
4. Traffic Diversions from Construction:
   • Weixu and Lanwei Expressways benefited from maintenance on nearby local roads, which diverted trucks and raised toll revenues despite declines in passenger traffic.
   • Hancai Expressway saw substantial revenue growth as construction on Hanyi Expressway diverted truck traffic, which carries higher toll rates.

Inconsistencies Between Traffic Volume and Revenue

Investors should note that changes in average daily traffic volume and toll revenue often do not match due to differences in vehicle mix: trucks pay higher tolls than passenger vehicles. For example, Weixu, Lanwei, Han’e, Daguangnan, and Qinglian expressways all exhibited such inconsistencies this month.

Important Disclosures for Shareholders

• Data Quality: The data presented are unaudited and based on internal records. There may be differences between these figures and those later disclosed in formal, audited reports. Some toll and traffic statistics are based on estimates at the time of monthly settlement, and later adjustments may occur.
• Revenue Reporting: Toll revenue figures include value-added tax (VAT), rounded to the nearest thousand RMB.
• Project Attribution: Pinglin Expressway data for the same period in 2024 is shown for comparison only, as it was not yet part of the Group until 26 November 2024.

Board of Directors

The Board comprises Executive Directors LIU Yan (Chairman), YAO Xiaosheng, CHEN Jing, CAI Minghua, and PAN Yongqiang; and Independent Non-executive Directors FUNG Ka Pun, LAU Hon Chuen Ambrose, CHEUNG Doi Shu, and PENG Vincent Shen.

Conclusion and Potential Share Price Impact

• Investors should closely monitor: The effects of new competing infrastructure (notably the Second Airport Expressway and Shenzhen-Zhongshan Link), government toll exemption policies, and weather-related disruptions. These factors are likely to influence both short-term and long-term performance and could be price-sensitive.
• Short-term volatility: Due to ongoing adjustments from recent infrastructure changes and government policies, traffic and revenue figures may continue to fluctuate in the coming months.

Disclaimer: The above information is based on unaudited internal records provided by Yuexiu Transport Infrastructure Limited and may differ from final audited results. Investors are advised to use this data as interim reference only and to exercise caution in investment decisions. This is not investment advice.

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