安徽皖通高速公路股份有限公司2025年年度报告摘要深度解读

一、报告要点速览

• 2025年归母净利润为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%。
• 营业收入67.22亿元，同比下降12.68%，但剔除建造服务收入后主营业务收入同比增长13.41%。
• 通行费收入大幅增长13.36%，达50.23亿元，展现高速公路主业强劲复苏。
• 公司拟每10股派息6.60元（含税），合计派发11.28亿元，分红率60.06%，持续高分红回馈股东。
• 资产负债率大幅提升至53.29%，表明公司加大杠杆投入。
• 多条主要高速路段业绩显著改善，尤其宣广高速、广祠高速因改扩建通车产生大幅回流。
• 报告期内无退市风险警示或终止上市情形。

二、详细经营与财务分析

1. 业绩表现

2025年，公司营业收入为67.22亿元，较2024年下降12.68%。但值得关注的是，剔除建造服务收入后，公司主营业务收入为51.76亿元，同比增长13.41%，显示主营收费公路业务复苏势头强劲。
归属于上市公司股东的净利润为18.77亿元，同比下降1.57%；扣除非经常性损益后的净利润为17.89亿元，同比增长6.69%。
经营活动现金流净额为35.39亿元，同比增长16.44%，表明公司现金流状况持续改善。

分红方面，公司拟以2025年12月31日总股本17.09亿股为基数，每10股派现6.60元（含税），分红总额11.28亿元，分红率高达60.06%，彰显公司持续高分红的股东回报政策，这对长期投资者具有极强吸引力，或对公司股价形成积极支撑。

2. 主要公路项目营运亮点

• 合宁高速、宁淮高速天长段、安庆长江公路大桥、岳武高速等路段通行费同比增长显著，分别受益于春运流量、江苏高速路网调整、周边高速改扩建完工等多重利好。
• 宣广高速、广祠高速、广宣高速广德北环段因改扩建后开通，通行费收入大幅增长，宣广高速收入同比增速高达50.58%，日均车流激增236.41%。
• 部分路段如连霍高速安徽段、宁宣杭高速、泗许高速等受周边新路或优惠政策分流影响，通行费同比有所下降。
• 2025年政策性减免金额共计9.7亿元，包含绿色通道减免2.04亿元、节假日减免4.5亿元、ETC优惠2.96亿元等。

3. 财务结构与资本运作

• 总资产304.08亿元，同比增长10.58%；净资产128.02亿元，同比下降21.83%，主要由于分红及资本结构调整。
• 资产负债率由34.90%大幅提升至53.29%，反映公司在扩张与融资方面动作频繁，需关注偿债风险和资本使用效率。
• 公司存续多只债券，利率区间1.59%-2.15%，整体融资成本较低，债务结构稳健。
• EBITDA全部债务比降至0.29，利息保障倍数9.6，显示偿债能力依然充裕，但有下行压力。

4. 股本结构与控股情况

• 安徽省交通控股集团为第一大股东，持股30.71%；HKSCC NOMINEES LIMITED持有28.63%；招商局公路网络科技等国资背景持股稳定。
• 公司控股权结构稳定，暂无实控人变动，亦无表决权恢复优先股等特殊股份。

5. 其他影响和潜在风险

• 报告期内无退市风险警示或终止上市情形，经营稳定。
• 路网竞争、政策性减免、分流影响需持续关注，部分路段分流影响明显。
• 大比例分红及高资产负债率策略对资本市场预期形成双向影响，需警惕后续杠杆风险。

三、投资者需关注的重要事项（价格敏感）

1. 高分红政策持续落地，2025年派息率达60.06%，对股东回报极为友好，强化公司价值投资属性，或推动市场估值提升。
2. 主营业务复苏明显，通行费收入大幅增长13.36%，表明公司核心收费公路资产经营状况改善，有望带动业绩预期向好。
3. 宣广高速、广祠高速等重要路段改扩建完工后流量与通行费大幅反弹，为公司盈利能力提供新动能，对后续年度业绩释放有积极作用。
4. 公司资产负债率上升至53.29%，显示公司加杠杆扩张，后续需关注偿债能力与资本结构调整对公司估值影响。
5. 路网结构、政策性减免及周边分流影响部分路段收入表现，需投资者关注结构性风险。

四、结论与展望

安徽皖通高速公路股份有限公司2025年年报展现出公司主业回暖、高分红回馈、路网扩容带动流量复苏等积极信号。高分红政策和通行费大幅增长有望支撑公司股价，但大幅提升的资产负债率和部分路段流量分流亦需投资者警惕。整体来看，年报多项核心数据具备价格敏感性，建议投资者密切跟踪公司未来业绩表现和资本结构变化。

免责声明：本文基于安徽皖通高速公路股份有限公司2025年年度报告公开内容整理，仅供投资者参考，不构成具体投资建议。投资有风险，入市需谨慎。

English Version

Deep Dive: Anhui Expressway 2025 Annual Report Summary and Investor Analysis

Key Highlights

• 2025 attributable net profit: RMB 1.877 billion, down 1.57% YoY; basic EPS at RMB 1.1151, down 3.03% YoY.
• Revenue at RMB 6.722 billion, down 12.68% YoY; but core toll road business revenue up 13.41% after excluding construction service revenue.
• Toll fee income surged 13.36% to RMB 5.023 billion, showing a strong rebound in the core business.
• Proposed cash dividend of RMB 6.60 (tax inclusive) per 10 shares, total payout RMB 1.128 billion, payout ratio 60.06%.
• Significant increase in asset-liability ratio to 53.29%, reflecting higher leverage and expansion.
• Major highways like Xuan-Guang and Guang-Ci saw sharp improvement after re-expansion works.
• No delisting risk warning or termination of listing events during the reporting period.

Detailed Operational and Financial Analysis

1. Performance Overview

In 2025, the Company’s revenue reached RMB 6.722 billion, down 12.68% YoY. However, after excluding construction revenue, core toll road business revenue grew robustly by 13.41% YoY to RMB 5.176 billion.
Attributable net profit was RMB 1.877 billion, down 1.57% YoY; net profit after non-recurring items was RMB 1.789 billion, up 6.69%.
Operating cash flow hit RMB 3.539 billion, up 16.44% YoY, indicating an improving cash position.

Dividend Policy: The company plans a cash dividend of RMB 6.60 per 10 shares (tax inclusive), totaling RMB 1.128 billion, with a payout ratio of 60.06%, highlighting its continued commitment to high shareholder returns—likely to support the share price.

2. Highlights of Main Highway Projects

• He-Ning Expressway, Ning-Huai Expressway Tianchang section, Anqing Yangtze Bridge, and Yuewu Expressway all saw significant toll revenue growth, benefiting from travel peaks and network adjustments.
• Xuan-Guang and Guang-Ci expressways and the Guangde North Ring section delivered very strong rebounds post-expansion, with Xuan-Guang toll revenue up 50.58% YoY and daily traffic up 236.41% YoY.
• Some segments (e.g., Lianhuo Anhui section, Ningxuanhang, Suxu Huaibei) saw toll revenue declines due to new parallel roads and policy-related traffic diversions.
• Policy discounts totaled RMB 970 million, including green passage, holiday, and ETC discounts.

3. Financial Structure and Capital Operations

• Total assets at RMB 30.408 billion (up 10.58% YoY); net assets at RMB 12.802 billion (down 21.83% YoY), mainly due to payouts and capital adjustments.
• Asset-liability ratio surged to 53.29% from 34.90%, reflecting more aggressive leverage and capital deployment—investors should watch for future debt servicing risks.
• The company has several outstanding bonds with rates between 1.59% and 2.15%, maintaining a low overall financing cost and a healthy debt structure.
• EBITDA to total debt fell to 0.29; interest coverage ratio at 9.6, still robust but trending downward.

4. Shareholding and Control Structure

• Anhui Transportation Holding Group is the largest shareholder (30.71%); HKSCC NOMINEES LIMITED (28.63%); China Merchants Highway Network (23.16%), all with stable government/strategic background.
• Ownership and control structure is stable, no changes in de-facto controller, and no special voting shares or preference shares.

5. Other Risks and Influences

• No delisting or termination risk warning; core business stable.
• Ongoing traffic diversion, policy discounts, and network competition impact revenue in some segments—investors should monitor structural risks.
• High dividend and higher leverage policy could have mixed effects on market valuation—watch for future balance sheet risks.

Key Investor Takeaways (Potentially Price Sensitive)

1. Sustained high dividend payout (60.06%)—very shareholder-friendly, likely to enhance the company’s value-investing profile and potentially support the share price.
2. Robust recovery in core business with toll revenues up 13.36%, improving core asset performance and supporting positive earnings outlook.
3. Significant rebound in key expressway segments post-upgrade, setting the stage for improved profitability in coming years.
4. Asset-liability ratio surged to 53.29%, indicating increased leverage—future valuation may be sensitive to debt servicing and capital structure adjustments.
5. Structural risks from network competition and policy discounts, with some segments seeing revenue pressure.

Conclusion & Outlook

Anhui Expressway’s 2025 annual report shows strong signs of business recovery, high dividend payout, and traffic recovery from network expansion. The high payout and toll fee growth are likely to support share price, but the sharp rise in leverage and some segment revenue declines warrant investor attention. On balance, the report contains several price-sensitive elements—investors should keep a close watch on future performance and capital structure.

Disclaimer: This article is based on the public disclosures of Anhui Expressway’s 2025 Annual Report. It is for information purposes only and does not constitute investment advice. Please invest cautiously.

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