江苏宁沪高速公路股份有限公司2025年年度报告摘要：财务数据、业务表现与行业政策解读

江苏宁沪高速公路股份有限公司2025年度业绩摘要：营收下滑，分红依然稳健，多项行业政策影响值得关注

【要点概述】

2025年度归母净利润约45.94亿元，同比下降7.13%，每股收益0.9119元。
营业收入约202.89亿元，同比下降12.54%。
拟每股分红0.49元（含税），总派息约24.68亿元，派息日预计为2026年7月13日。
公司总资产约963.89亿元，净资产约414.43亿元。
通行费收入录得95.55亿元，同比增长0.29%。
多条高速因改扩建施工流量及收入下滑，核心沪宁高速表现优异，日均通行费同比增长4.93%。
油品销售、地产业务显著下滑，清洁能源业务受限风资源波动，整体收入减少。
江苏省及国家多项道路运输行业政策调整，ETC差异化收费、高速救援免费等影响未来公司业绩。
公司债务结构稳定，多笔公司债券、中期票据和短期融资券按期付息兑付。

【业绩详细解读】

025年，江苏宁沪高速公路股份有限公司在整体经济环境稳中向好的大背景下，交出了一份稳中略有承压的财务答卷。报告期内，公司实现营业收入202.89亿元，同比下降12.54%。归属于上市公司股东的净利润为45.94亿元，同比下降7.13%；扣除非经常性损益后净利润为44.68亿元，同比下降8.45%。
尽管盈利下滑，但公司依然保持了高水平分红，拟每股派发现金股息0.49元（含税），合计派发约24.68亿元，分红方案显示出公司对股东回报的高度重视。

【主业运营情况及影响因素】

通行费收入基本盘稳固： 2025年通行费收入95.55亿元，同比增长0.29%，主要受益于核心沪宁高速通行量和通行费的增长（沪宁高速日均通行费收入同比增长4.93%）。但其他路段受扩建、施工影响明显，如宁常、镇溧、锡澄、广靖、锡宜等高速通行量和收入普遍下滑10%-40%不等。
配套服务与清洁能源业务承压： 油品销售收入同比减少4.89%，服务区租赁等其他配套业务收入下降8.21%。清洁能源板块受风资源和行业调控影响，电力销售收入同比下降4.81%。
地产业务大幅收缩： 受项目交付规模下降影响，地产业务收入同比下降55.64%。
清障业务调整： 2025年9月起江苏省高速救援服务拖车、吊车费用全免，相关清障业务收入大幅减少34.14%。

【行业政策变动及潜在影响】

多项差异化收费及优惠政策延续和调整： 江苏省多条高速路段实施ETC差异化收费，部分货车通行费85折甚至更低，部分路段货车通行费7折，部分特定区域和节假日小型客车免费等政策继续执行，短期将对公司通行费收入造成压力，但有助于维持流量和行业地位。
高速救援免费政策： 自2025年9月起，高速公路车辆救援服务拖车、吊车费用全部免收，相关支出由运营单位承担，公司需关注成本压力上升。
数字化转型补贴： 江苏省入选交通基础设施数字化转型升级示范区域，集团多条高速符合条件，数字化投入最高可获得40%补贴，长期有利于提升公司运营效率和服务质量。

【资本结构及债务情况】

资产负债率下降： 2025年末资产负债率42.96%，同比减少1.71个百分点，财务结构进一步稳健。
债券兑付情况良好： 期内多笔公司债券、中期票据、超短期融资券均已按期兑付本息，无违约行为，显示公司资金链稳定。

【重要事项及对股东的影响】

分红持续高比例，彰显股东回报承诺： 尽管业绩下滑，公司依然维持高分红，派息率高，体现出对投资者的高度负责态度。
多项行业政策调整或进一步影响公司未来收入结构： ETC收费政策、救援服务免费、数字化转型补贴等均为行业重要变动，投资者需关注后续相关政策落地及公司应对措施。
路网扩建与施工短期承压，长期释放空间红利： 短期多条主力高速因施工导致流量和收入下滑，相关扩建完成后有望延伸收费年限、提升服务品质，为公司后续业绩增长预留空间。

【结论及投资者须知】

江苏宁沪高速公路股份有限公司2025年度经营面临多重政策和运营挑战，短期内业绩承压明显，但公司核心主业稳健、分红持续、财务结构良好。对于关注稳定分红及长期资产运营能力的投资者，仍具有一定吸引力。需密切关注后续行业政策变化、施工项目进度及数字化转型带来的潜在红利。

免责声明： 本文仅为对江苏宁沪高速公路股份有限公司2025年年度报告摘要的客观分析，不构成任何投资建议。投资者据此操作，风险自负。请以公司公告及相关权威文件为准。

Jiangsu Expressway 2025 Annual Results: Revenue and Profit Down, High Dividend Maintained; Key Policy and Operating Factors for Investors

Key Highlights

Net profit attributable to shareholders: RMB 4.594 billion, down 7.13% YoY; EPS: RMB 0.9119.
Operating revenue: RMB 20.289 billion, down 12.54% YoY.
Proposed dividend: RMB 0.49 per share (pre-tax), total payout ~RMB 2.468 billion, ex-dividend date expected July 13, 2026.
Total assets ~RMB 96.389 billion; Net assets attributable to shareholders ~RMB 41.443 billion.
Toll revenue stable at RMB 9.555 billion, up 0.29% YoY; core Shanghai-Nanjing Expressway toll income up 4.93% YoY.
Significant revenue and traffic declines at other expressways due to construction/expansion works, with some routes down 10-40%.
Fuel sales and property business revenues fell significantly; clean energy segment also declined due to wind resource and regulatory factors.
Major policy changes in Jiangsu and nationwide: ETC preferential tolls, free highway rescue, ongoing fee reductions—likely to impact future earnings.
Debt structure stable; all company bonds and notes paid as scheduled.

Detailed Performance Review

In 2025, Jiangsu Expressway delivered a stable but pressured set of results amid a resilient macro environment. Operating revenue was RMB 20.289 billion, down 12.54% YoY. Net profit attributable to shareholders was RMB 4.594 billion, down 7.13%, and net profit after non-recurring items was RMB 4.468 billion, down 8.45%.
Despite the decline, the company maintained a high dividend payout, proposing RMB 0.49 per share (pre-tax), totaling about RMB 2.468 billion, underscoring its commitment to shareholder returns.

Core Operations and Key Drivers

Toll revenue remains the anchor: Toll revenue up 0.29% YoY at RMB 9.555 billion, with the core Shanghai-Nanjing Expressway showing strong growth (daily average toll up 4.93%). However, other routes saw double-digit declines due to ongoing construction and expansion works.
Non-toll businesses under pressure: Fuel sales revenue dropped 4.89%; other supporting services (e.g., service area rental) fell 8.21%. Clean energy revenue declined 4.81% due to wind resource volatility and industry regulation.
Property business contracted sharply: Revenue down 55.64% YoY on smaller project deliveries.
Rescue business hit by policy: From September 2025, highway rescue is free in Jiangsu, resulting in a 34.14% drop in related revenues.

Policy Changes & Potential Impact

ETC preferential tolls and other discounts extended/adjusted: Various routes implement toll discounts for ETC users, especially for trucks (as low as 70% of standard rate), and ongoing free passage for small cars during holidays. This will pressure short-term revenue but is expected to stabilize traffic and market position.
Highway rescue is now free: Starting September 2025, all highway rescue (towing, cranes) is free of charge, with costs borne by operators—potential margin pressure.
Digital transformation subsidies: Jiangsu designated as a pilot region for digital infrastructure upgrades, with eligible investments qualifying for up to 40% subsidy—a long-term positive.

Debt and Capital Structure

Leverage ratio improved: Year-end debt-to-asset ratio at 42.96%, down 1.71 percentage points YoY.
Bond payments on track: All corporate bonds, medium-term notes, and commercial papers paid as scheduled; no defaults.

Key Issues for Shareholders & Price-Sensitive Factors

High and stable dividend payout signals management’s commitment to returns, despite profit decline.
Multiple policy changes on tolls, rescue services, and digital infrastructure could impact future income structure and cost base—investors should monitor policy implementation and company’s responses.
Short-term drag from roadwork on multiple core routes, but post-completion, extended toll periods and service upgrades may provide medium- and long-term upside.

Conclusion & Investor Takeaways

Jiangsu Expressway faces multiple policy and operational challenges, with short-term profit pressure but ongoing strengths in core toll operations, stable dividends, and a healthy balance sheet. For investors seeking stable dividend and long-term value, the company remains attractive. Keep a close eye on policy changes, construction progress, and the potential upside from digital transformation.

Disclaimer: This article is an objective analysis of Jiangsu Expressway’s 2025 annual report and does not constitute investment advice. Please refer to official company announcements and filings for authoritative information. Investors act at their own risk.