福建发展高速公路股份有限公司2025年度报告详解：业绩持续增长，分红丰厚

一、报告要点概览

• 营业收入稳步增长：2025年实现营业收入30.49亿元，同比增长0.76%，显示公司主业依旧坚实。
• 盈利能力显著提升：归属于上市公司股东的净利润为9.48亿元，同比增长21.45%，净利润增速远超收入增速，反映公司盈利质量提升。
• 分红派息大幅增长：2025年全年每10股派现1.21元（含税），包含年中和年终两次分红，合计现金分红金额高达1.95亿元，显示公司高度重视股东回报。
• 经营现金流充沛：经营活动产生的现金流量净额达到27.85亿元，同比增长33.56%，为公司未来扩张和股东回馈提供有力保障。
• 资产负债结构优化：公司资产负债率降至15.02%，较去年下降3.08个百分点，财务状况进一步稳健。
• 投资与扩张策略延续：公司持续投资于厦门国际银行、海峡财险和兴业银行，带来稳定投资收益，助力业绩增长。
• 行业积极变革：高速公路行业正加快数字化、绿色化转型，公司紧跟行业步伐，推动主业高质量发展。

二、对股东及投资者的敏感事项提示

• 分红大幅提升，股东回报突出：2025年分红比例明显提升，全年每10股派现1.21元，显示公司盈利能力和现金流充沛，有望持续吸引长期投资者并提升股价。
• 净利润与每股收益大幅增长：2025年归母净利润同比增长21.45%，基本每股收益提升至0.3455元，显著优于上年，具有明显的正面市场信号。
• 资产负债率持续下降：从18.11%降至15.02%，显示公司去杠杆成效显著，财务安全边际提升，有利于未来扩张和财务稳健。
• 债券兑付与信用状况稳定：2025年公司成功完成一笔债券本息兑付，另一笔债券正常付息，未出现信用评级下调，维持良好市场形象。
• 高速公路主业未新增通车里程：2025年公司运营管理路段未增加新通车里程，未来业绩弹性需关注新项目获取情况。
• 行业政策利好，数字化转型加速：交通运输部推动“人工智能+交通运输”及“交能融合”等举措，为公司长期成长提供政策支持。

三、详细经营与财务数据披露

• 主要财务数据：
  • 总资产：178.26亿元，同比增长3.11%
  • 归母净资产：124.11亿元，同比增长6.52%
  • 营业收入：30.49亿元，同比增长0.76%
  • 利润总额：15.80亿元，同比增长10.71%
  • 归母净利润：9.48亿元，同比增长21.45%
  • 扣非净利润：9.54亿元，同比增长20.41%
  • 经营现金流净额：27.85亿元，同比增长33.56%
  • 加权平均净资产收益率：7.86%，同比提升0.99个百分点
  • 基本每股收益：0.3455元，同比增长21.44%
  • EBITDA/全部债务比：6.44，同比大幅提升
  • 利息保障倍数：49.06，显示极强的偿债能力
• 股权结构与主要股东：
  • 控股股东为福建省高速公路集团有限公司，持股比例38.16%
  • 前十大股东无实质关联关系，股权较为分散
  • 普通股股东户数为87,873户
• 债券情况：
  • 22闽高01债券于2025年5月19日完成全部兑付并摘牌
  • 22闽高02债券余额4亿元，利率3.49%，正常付息，债务压力较小
• 分季度表现：
  • 2025年四个季度营业收入分别为：7.44亿元、7.41亿元、8.13亿元、7.51亿元
  • 各季度归母净利润分别为2.46亿元、2.99亿元、2.76亿元、1.27亿元，表现稳定

四、行业与公司发展展望

• 中国高速公路行业2025年货运量及客运量持续增长，交通固定资产投资规模超3.6万亿元，为行业长期发展提供坚实支撑。
• 行业转型升级步伐加快，政策全面支持数字化、绿色化、融合化发展，公司主业有望受益。
• 公司投资收益稳定，未来将继续发挥现金流优势，审慎布局新项目，提升整体价值。
• 公司扩建路段（如福泉、泉厦高速）已完成双向八车道改造，提升通行能力，保障收入稳定。

五、潜在影响股价的重要事项总结

• 分红水平大幅提升，投资者回报增强，或将吸引更多资金关注。
• 净利润、每股收益、现金流等核心指标全面向好，有利于市场提升公司估值。
• 资产负债率持续下降，反映公司财务安全和扩展能力的增强。
• 债券兑付顺利，信用稳定，减少市场不确定性。
• 行业政策利好与数字化转型加速，公司有望继续受益于行业红利。
• 需要关注公司未有新增通车里程，未来扩张节奏对业绩弹性有一定影响。

免责声明： 本文内容基于福建发展高速公路股份有限公司2025年年度报告公开披露信息整理，仅供投资者参考，不构成任何投资建议。投资有风险，入市需谨慎。

English Version

Fujian Expressway Co., Ltd. 2025 Annual Report Analysis: Sustained Profit Growth and Generous Dividend

1. Key Highlights of the Report

• Stable Revenue Growth: 2025 operating income reached 3.049 billion RMB, up 0.76% year-on-year, showing resilient core business.
• Significant Profit Improvement: Net profit attributable to shareholders was 948 million RMB, rising 21.45% year-on-year, with profit growth far outpacing revenue growth, indicating improved profitability.
• Substantial Dividend Payout: 2025 full-year cash dividend per 10 shares is 1.21 RMB (tax included), including interim and final dividends, totaling nearly 195 million RMB in payouts, demonstrating a strong commitment to shareholder returns.
• Robust Operating Cash Flow: Net cash flow from operations was 2.785 billion RMB, up 33.56% year-on-year, providing solid support for future expansion and continued shareholder returns.
• Optimized Asset-Liability Structure: Asset-liability ratio dropped to 15.02%, improving by over 3 percentage points, further enhancing financial stability.
• Ongoing Strategic Investments: Continued investments in Xiamen International Bank, Haixia Insurance, and Industrial Bank yielded stable returns and supported company growth.
• Industry Transformation: The expressway sector is accelerating digital and green transformation, and the company is aligning closely with these trends for high-quality main business development.

2. Price-Sensitive Information for Shareholders and Investors

• Significantly Higher Dividend, Strong Shareholder Returns: 2025 dividend payout is sharply higher, with 1.21 RMB (tax included) per 10 shares, signaling strong profitability and cash flow, likely to attract long-term investors and support share price.
• Marked Increase in Net Profit and EPS: Net profit grew 21.45% and basic EPS rose to 0.3455 RMB, sending a positive market signal.
• Continued Deleveraging: Asset-liability ratio fell from 18.11% to 15.02%, providing more headroom for future expansion and ensuring financial soundness.
• Bonds Redeemed Smoothly, Credit Stable: One bond was fully redeemed, another is paying interest as scheduled, with no credit rating downgrades, maintaining a positive market perception.
• No New Expressway Mileage Added: No new operating mileage added in 2025; future earnings flexibility depends on new project acquisition.
• Industry Policy Tailwinds: Government support for digital and energy integration in transportation will likely benefit the company.

3. Detailed Operations and Financial Data Disclosure

• Key Financial Data:
  • Total Assets: 17.83 billion RMB, +3.11% YoY
  • Net Assets Attributable to Shareholders: 12.41 billion RMB, +6.52%
  • Operating Income: 3.05 billion RMB, +0.76%
  • Total Profit: 1.58 billion RMB, +10.71%
  • Net Profit Attributable to Shareholders: 948 million RMB, +21.45%
  • Net Profit after Non-Recurring Items: 954 million RMB, +20.41%
  • Operating Cash Flow: 2.785 billion RMB, +33.56%
  • ROE (Weighted Avg): 7.86%, +0.99pp
  • Basic EPS: 0.3455 RMB, +21.44%
  • EBITDA/Total Debt: 6.44, sharply improved
  • Interest Coverage Ratio: 49.06, indicating strong debt-servicing ability
• Shareholding Structure:
  • Major shareholder: Fujian Provincial Expressway Group Co., Ltd., 38.16% holding
  • Top 10 shareholders have no material related-party or concerted actions
  • Number of ordinary shareholders: 87,873
• Bond Situation:
  • 22 MinGao 01 bond fully redeemed in May 2025
  • 22 MinGao 02 bond outstanding at 400 million RMB, 3.49% coupon, normal interest payment, low debt pressure
• Quarterly Performance:
  • Quarterly revenues: 744m, 741m, 813m, 751m RMB (Q1-Q4 2025)
  • Quarterly net profits attributable to shareholders: 246m, 299m, 276m, 127m RMB, showing steady performance

4. Industry and Company Outlook

• China’s expressway industry continues to see growth in freight and passenger flows, with infrastructure investment exceeding 3.6 trillion RMB, supporting long-term development.
• Sector transformation towards digitalization and green practices accelerates; company expected to benefit from these trends.
• Stable investment returns from bank and insurance stakes; company will continue leveraging cash flow for prudent expansion and value enhancement.
• Key operating expressway segments have completed expansion to eight lanes, boosting capacity and revenue stability.

5. Summary of Price-Sensitive Matters

• Dividend level significantly raised, enhancing investor return and potentially attracting increased market interest.
• Core indicators like net profit, EPS, and cash flow all improved, supporting a higher valuation.
• Continued deleveraging, reflecting enhanced financial safety and expansion capability.
• Smooth bond redemption and stable credit profile reduce market uncertainty.
• Industry policy support and digital transformation expected to provide further growth impetus.
• However, no new expressway mileage added in 2025; future performance elasticity depends on new project wins.

Disclaimer: The above content is based on Fujian Expressway Co., Ltd.’s 2025 Annual Report public information and is for reference only. It does not constitute investment advice. Investors should be aware of risks and act cautiously.

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