Earnings release
Page 1
– 1 – Hong Kong Stock Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (A joint stock limited company incorporated in the People’s Republic of China with limited liability ) (Stock code: 0576) 2025 THIRD QUARTERLY RESULTS ANNOUNCEMENT The directors (the “Directors”) of Zhejiang Expressway Co., Ltd. (the “Company”) announced the third quarterly results of the Company and its subsidiaries (the “Group”) for the nine months ended September 30, 2025 (the “Period”). The audit committee of the Company has reviewed the quarterly results of the Group for the Period. Set out below are the Group’s unaudited condensed consolidated statement of profit or loss and other comprehensive income, unaudited condensed consolidated statement of financial position and unaudited condensed consolidated statement of cash flows for the Period together with the comparative figures for the corresponding period of 2024:
Page 2
– 2 – CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the nine months ended September 30, 2025 2024 Rmb’000 Rmb’000 (Unaudited) (Unaudited) Revenue 14,130,348 12,980,182 Including: interest income under effective interest method 2,062,317 1,793,938 Operating costs (9,098,225) (7,528,373) Gross profit 5,032,123 5,451,809 Securities investment gains 2,481,618 1,030,103 Other income and gains and losses 549,504 637,430 Administrative expenses (106,846) (89,748) Other expenses (174,013) (67,074) Impairment losses under expected credit loss model, net of reversal (20,610) (10,683) Share of profit of associates 907,401 782,107 Share of profit of joint ventures 136,506 12,401 Finance costs (1,129,040) (1,325,958) Profit before tax 7,676,643 6,420,387 Income tax expense (1,507,616) (1,221,134) Profit for the Period 6,169,027 5,199,253 Other comprehensive income Items that will not be reclassified subsequently to profit or loss: Fair value gain on equity instrument investments measured at fair value through other comprehensive income 360,033 – Income tax impact relating to items that will not be reclassified subsequently to profit or loss (90,009) – Net other comprehensive income that will not be reclassified to profit or loss in subsequent periods 270,024 –
Page 3
– 3 – For the nine months ended September 30, 2025 2024 Rmb’000 Rmb’000 (Unaudited) (Unaudited) Items that may be reclassified subsequently to profit or loss: Fair value (loss) /gain on debt instruments measured at fair value through other comprehensive income (442,180) 231,800 Impairment loss for debt instruments at fair value through other comprehensive income 180 1,546 Income tax impact relating to items that may be reclassified subsequently to profit or loss 110,500 (58,336) Exchange differences on translation of financial statements of foreign operations (8,412) (1,071) Share of other comprehensive (loss) /gain of associates, net of related income tax (214,372) 124,777 Net other comprehensive (loss) /gain that may be reclassified to profit or loss in subsequent periods (554,284) 298,716 Other comprehensive (loss) /gain for the Period, net of income tax (284,260) 298,716 Total comprehensive income for the Period 5,884,767 5,497,969 Profit for the Period attributable to: Owners of the Company 4,189,827 4,127,695 Non-controlling interests 1,979,200 1,071,558 6,169,027 5,199,253
Page 4
– 4 – For the nine months ended September 30, 2025 2024 Rmb’000 Rmb’000 (Unaudited) (Unaudited) Total comprehensive income attributable to: Owners of the Company 3,959,705 4,322,552 Non-controlling interests 1,925,062 1,175,417 5,884,767 5,497,969 Earnings per share Basic (Rmb cents) 69.91 68.87 Diluted (Rmb cents) 69.91 67.62
Page 5
– 5 – CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at September 30, 2025 As at December 31, 2024 Rmb’000 Rmb’000 (Unaudited) (Audited) Non-current assets 72,975,775 71,258,072 Current assets 214,411,614 145,924,295 Current liabilities 156,889,426 108,265,977 Net current assets 57,522,188 37,658,318 Total assets less current liabilities 130,497,963 108,916,390 Non-current liabilities 37,921,322 35,218,026 92,576,641 73,698,364 Capital and reserves Share capital 6,038,115 5,993,801 Reserves 43,227,834 40,047,152 Equity attributable to owners of the Company 49,265,949 46,040,953 Non-controlling interests 43,310,692 27,657,411 92,576,641 73,698,364
Page 6
– 6 – CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the nine months ended September 30, 2025 2024 Rmb’000 Rmb’000 (Unaudited) (Unaudited) Net cash generated from operating activities 3,042,520 8,886,475 Net cash used in investing activities (9,707,651) (7,537,080) Net cash generated from (used in) financing activities 13,831,308 (4,589,846) Net increase (decrease) in cash and cash equivalents 7,166,177 (3,240,451) Cash and cash equivalents at beginning of the Period 20,932,480 23,830,440 Effect of foreign exchange rate changes (8,412) (1,070) Cash and cash equivalents at end of the Period 28,090,245 20,588,919 On behalf of the Board Zhejiang Expressway Co., Ltd. YUAN Yingjie Chairman Hangzhou, the PRC, October 31, 2025 As at the date of this announcement, the Chairman of the Company is Mr. YUAN Yingjie; the executive Directors of the Company are: Mr. WU Wei and Mr. LI Wei; the other non-executive Directors of the Company are: Mr. YANG Xudong, Mr. FAN Ye and Mr. HUANG Jianzhang; and the independent non-executive Directors of the Company are: Mr. PEI Ker-Wei, Ms. LEE Wai Tsang, Rosa and Mr. YU Mingyuan.