安徽皖通高速公路股份有限公司2025年年度报告要点详解

一、业绩概览

安徽皖通高速公路股份有限公司（A股代码：600012，H股代码：0995）近日发布了2025年年度报告。2025年度，公司在中国会计准则下实现营业收入人民币67.22亿元，同比下降12.68%；归属于上市公司股东的净利润为18.77亿元，同比下降1.57%。基本每股收益为1.1151元，同比下降3.03%。整体来看，虽然公司净利润小幅下滑，但营业收入下降幅度较大，主要由于建造服务收入减少；扣除该项后主营业务收入实际同比增长13.41%，显示主营业务具备一定韧性。

公司董事会建议每10股派发现金股息6.60元（含税），合计拟派发11.28亿元，占合并报表归母净利润的60.06%。分红政策延续高比例派现，对投资者具有较强吸引力。

二、分业务及项目表现亮点

• 2025年通行费收入达50.23亿元，同比增长13.36%。
• 多项高速公路项目实现通行费收入增长，特别是宣广高速、广祠高速、广德北环段等改扩建项目通行费收入大幅跃升。
• 部分路段因周边路网变化、政策性减免等影响，通行费收入出现波动。例如连霍安徽段、泗许高速等出现下降。
• 政策性减免方面，全年减免总额达9.7亿元，其中绿色通道、节假日和ETC优惠减免合计超过9.5亿元，影响公司收入。

三、资产、负债与现金流情况

• 截至2025年末，公司总资产为304.08亿元，较上年增长10.58%。
• 资产负债率53.29%，同比大幅提升18.39个百分点，显示公司负债扩张，需关注偿债能力变化。
• 经营活动现金流净额为35.39亿元，同比增长16.44%，现金流状况良好。
• 公司报告期内利息保障倍数下降至9.60，EBITDA全部债务比为0.29，显示财务杠杆有所提升。

四、债券及融资安排

公司在报告期内持续通过公开市场债券融资。当前存续债券余额共计43亿元，票面利率区间为1.59%-2.15%。由于资产负债率提升，未来需要关注偿债压力以及融资成本变化对公司利润的潜在影响。

五、股东结构及控股权

• 安徽省交通控股集团有限责任公司为控股股东，持股比例30.71%；HKSCC NOMINEES LIMITED为第二大股东，持股比例28.63%。
• 十大股东结构稳定，国有资本控制权牢固。

六、潜在影响及需关注事项

• 分红比例高，每10股派发6.60元，派息率超60%。对现金流型投资者具吸引力，或提振短期股价表现。
• 主业通行费收入增长强劲，但由于建造服务收入减少，整体营收下滑，需关注未来营收结构优化和多元化发展。
• 资产负债率显著上升，公司加杠杆扩张，债务风险需持续关注，尤其是在利率环境变动及偿债高峰期。
• 政策性减免力度大，直接影响收入水平，未来相关政策调整需密切跟踪。
• 部分路段由于外部路网竞争分流，通行费收入出现下滑，不排除进一步影响公司整体盈利能力。
• 公司无退市风险警示或终止上市情形。

七、投资者须知的敏感事项

• 高派息政策的持续性和盈利能力的兑现，将直接影响公司估值和市场表现。
• 资产负债率快速提升与财务杠杆上升，如果未来现金流不能持续增长，可能增加偿债压力，影响分红和再融资能力。
• 政策性减免、路网变化等外部因素对经营业绩影响较大，需关注政策导向和行业发展动态。
• 部分高速公路项目的通车、改扩建等对未来业绩有正面促进作用。

八、结论

2025年安徽皖通高速整体保持盈利能力，主业通行费收入实现双位数增长，分红水平高，现金流稳健。资产负债率大幅提升、部分路段业务下滑、政策性减免等因素为主要风险点。整体来看，报告中的高分红政策与主业表现或对股价形成支撑，负债率上升则需投资者保持警惕。建议投资者持续关注公司分红政策延续性、负债水平变化及外部政策环境，动态调整投资决策。

免责声明：本文内容仅供投资者参考，不构成投资建议。投资有风险，投资者应结合自身实际情况及市场变化，审慎决策。

English Translation

Anhui Expressway Co., Ltd. 2025 Annual Report Key Insights

1. Performance Overview

Anhui Expressway Co., Ltd. (A-share: 600012, H-share: 0995) has released its 2025 annual report. Under Chinese GAAP, the company reported operating revenue of RMB 6.72 billion, down 12.68% year-on-year; net profit attributable to shareholders was RMB 1.877 billion, down 1.57% year-on-year. Basic EPS was RMB 1.1151, a decrease of 3.03%. Although net profit slightly declined, the significant drop in revenue was mainly due to lower construction service income; after excluding this, core business revenue actually grew by 13.41%, showing resilience in core operations.

The board recommends a cash dividend of RMB 6.60 (tax inclusive) per 10 shares, totaling RMB 1.128 billion, which is 60.06% of consolidated net profit attributable to shareholders. The high payout ratio is attractive for investors.

2. Segment and Project Highlights

• Toll revenue for 2025 reached RMB 5.023 billion, up 13.36% year-on-year.
• Several expressway projects saw strong toll income growth, especially the Xuanguang, Guangci, and Guangde North Ring expansion projects.
• Certain segments, such as Lianhuo Anhui and Sixu Expressway, saw declines due to network competition and policy exemptions.
• Policy-based exemptions totaled RMB 970 million, including green channel, holiday, and ETC discounts, significantly impacting revenue.

3. Assets, Liabilities, and Cash Flow

• Total assets reached RMB 30.41 billion as of end-2025, up 10.58% year-on-year.
• Asset-liability ratio rose sharply to 53.29%, up 18.39 percentage points, indicating increased leverage and potential risk.
• Operating cash flow netted RMB 3.54 billion, up 16.44% year-on-year, showing a sound cash position.
• The interest coverage ratio dropped to 9.60, and EBITDA/debt ratio was 0.29, reflecting higher financial leverage.

4. Bonds and Financing

The company continued to raise funds via public bond issuance. Outstanding bonds total RMB 4.3 billion with coupon rates between 1.59% and 2.15%. With rising leverage, future debt service pressure and interest cost trends warrant attention.

5. Shareholder Structure and Control

• Anhui Transportation Holding Group is the controlling shareholder with 30.71% equity; HKSCC NOMINEES LIMITED holds 28.63%.
• Top 10 shareholders remain stable, with state ownership dominant.

6. Key Issues and Investor Sensitivities

• High dividend payout: 6.60 yuan per 10 shares, over 60% payout ratio; positive for income-focused investors and may support share price.
• Strong core toll income growth, but overall revenue declined due to construction service drop; future revenue diversification is crucial.
• Significant increase in leverage; need to monitor debt risk, especially under changing interest rates and repayment peaks.
• Large-scale policy-based exemptions substantially affect revenue; future policy changes are key variables.
• Some segments face revenue declines from network competition; potential future impact on overall profitability.
• No delisting risk warnings or termination of listing events disclosed.

7. Investor Watchlist

• Dividend sustainability and profit realization are critical for valuation and market performance.
• Rapid leverage increase may amplify risk if cash flow growth does not keep pace, potentially impacting dividends and refinancing ability.
• External factors like policy exemptions and network changes have significant impact; sector and policy trends must be closely monitored.
• Completion and opening of major expressway projects will likely boost future results.

8. Conclusion

In 2025, Anhui Expressway maintained profitability, with double-digit growth in core toll income, high dividends, and solid cash flow. The sharp rise in leverage, declining performance on some segments, and policy exemptions are key risks. Overall, the high payout policy and core business strength may underpin the share price, but investors should closely watch leverage trends and policy environment to adjust positions accordingly.

Disclaimer: This content is for reference only and does not constitute investment advice. Investment involves risks. Please consider your situation and market changes before making decisions.

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