Eagle Eye Warning: Ninghu High-Speed Revenue Declines

Sina Finance Listed Company Research Institute | Financial Report Eagle-Eye Early Warning

On March 29, Jiangsu Expressway Group of Ningbo–Shanghai (Ninghu Expressway) released its 2025 annual report. The audit opinion was a standard unqualified audit opinion.

The report shows that the company’s operating revenue for the full year of 2025 was 20.289 billion yuan, down 12.54% year over year; net profit attributable to shareholders was 4.594 billion yuan, down 7.13% year over year; net profit attributable to shareholders after deducting non-recurring items was 4.468 billion yuan, down 8.45% year over year; basic earnings per share were 0.9119 yuan per share.

Since it went public on January 2001, the company has paid cash dividends 25 times, with cumulative cash dividends already implemented totaling 41.209 billion yuan. The announcement shows that the company plans to distribute a cash dividend of 4.9 yuan for every 10 shares to all shareholders (including tax).

The listed company financial report eagle-eye early warning system conducts intelligent quantitative analysis of Ninghu Expressway’s 2025 annual report across four major dimensions: performance quality, profitability, funding pressure and safety, and operating efficiency.

I. Performance quality

In the reporting period, the company’s revenue was 20.289 billion yuan, down 12.54% year over year; net profit was 4.821 billion yuan, down 6.75% year over year; and net cash flow from operating activities was 6.762 billion yuan, up 7.05%.

From an overall performance perspective, attention should be focused on:

• Operating revenue declined. In the reporting period, operating revenue was 20.29 billion yuan, down 12.54% year over year.

• The growth rate of net profit attributable to shareholders continues to decline. In the past three fiscal-year reports, the year-over-year changes in net profit attributable to shareholders were 18.51%, 12.09%, and -7.13%, respectively, with a continuously downward trend.

• The growth rate of net profit attributable to shareholders after deducting non-recurring items continues to decline. In the past three fiscal-year reports, the year-over-year changes in net profit attributable to shareholders after deducting non-recurring items were 21.93%, 16.9%, and -8.45%, respectively, with a continuously downward trend.

II. Profitability

In the reporting period, the company’s gross margin was 30.07%, up 14.41% year over year; net profit margin was 23.76%, up 6.62% year over year; and return on net assets (weighted) was 11.48%, down 15.77% year over year.

Considering the company’s operations side, attention should be focused on:

• Sales gross margin fluctuated significantly. In the past three fiscal-year reports, the sales gross margin was 36.94%, 26.28%, and 30.07%, respectively; the year-over-year changes were 10.92%, -28.84%, and 14.41%, respectively—indicating abnormal fluctuations in sales gross margin.

• Sales gross margin increased, while inventory turnover declined. In the reporting period, sales gross margin increased from 26.28% in the same period last year to 30.07%, while inventory turnover declined from 8.07 times in the same period last year to 7.32 times.

• Sales gross margin increased, while accounts receivable turnover declined. In the reporting period, sales gross margin increased from 26.28% in the same period last year to 30.07%, while accounts receivable turnover declined from 13.21 times in the same period last year to 10.24 times.

Considering the company’s asset side, attention should be focused on:

• Return on net assets declined. In the reporting period, the weighted average return on net assets was 11.48%, down 15.77% year over year.

III. Funding pressure and safety

In the reporting period, the company’s asset-liability ratio was 42.96%, down 3.83% year over year; the current ratio was 0.59 and the quick ratio was 0.42; total debt was 28.882 billion yuan, of which short-term debt was 3.235 billion yuan, and short-term debt as a percentage of total debt was 11.2%.

From the perspective of short-term funding pressure, attention should be focused on:

• Short-term debt is relatively large, and there is a gap in existing cash. In the reporting period, broad monetary funds were 2.62 billion yuan, short-term debt was 3.23 billion yuan, broad monetary funds/short-term debt was 0.81, and broad monetary funds were lower than short-term debt.

• The cash ratio is less than 0.25. In the reporting period, the cash ratio was 0.21, which is lower than 0.25.

From the perspective of long-term funding pressure, attention should be focused on:

• The cash coverage ratio for total debt is gradually getting smaller. In the past three fiscal-year reports, the ratio of broad monetary funds/total debt was 0.15, 0.14, and 0.09, respectively, showing a continued decline.

From the perspective of fund management and control, attention should be focused on:

• The ratio of advance payments/prepaid expenses to current assets continues to rise. In the past three fiscal-year reports, the ratio of advance payments/prepaid expenses to current assets was 0.07%, 0.1%, and 0.14%, respectively, showing continued growth.

• The growth rate of advance payments/prepaid expenses is higher than the growth rate of operating costs. In the reporting period, advance payments/prepaid expenses increased by 11.37% compared with the beginning of the period, while operating costs同比 increased by -17.03%; the growth rate of advance payments/prepaid expenses was higher than that of operating costs.

| Item | 20231231 | 20241231 | 20251231 | | Advance payments/prepaid expenses growth rate vs. beginning of period | -21% | 42.16% | 11.37% | | Operating cost growth rate | 8.36% | 78.5% | -17.03% |

IV. Operating efficiency

In the reporting period, the company’s accounts receivable turnover was 10.24, down 22.46% year over year; inventory turnover was 7.32, down 9.28% year over year; and total asset turnover was 0.22, down 20.86% year over year.

From operating assets, attention should be focused on:

• Accounts receivable turnover declined significantly. In the reporting period, accounts receivable turnover was 10.24, down sharply to 22.46% year over year.

From long-term assets, attention should be focused on:

• Construction in progress has changed significantly. In the reporting period, construction in progress was 490 million yuan, up 284.21% from the beginning of the period.

Click on Ninghu Expressway’s eagle-eye early warning to view the latest early warning details and a visual preview of the financial report.

Introduction to Sina Finance listed company financial report eagle-eye early warning: the listed company financial report eagle-eye early warning is an intelligent, specialized analytical system for listed company financial reports. Eagle-eye early warning gathers a large number of authoritative financial experts, including accounting firms and listed companies, to track and interpret the latest financial reports of listed companies across multiple dimensions, such as company performance growth, earnings quality, funding pressure and safety, and operating efficiency, and to highlight potential financial risk points in the form of charts and text. It provides professional, efficient, and convenient technical solutions for identifying and issuing early warnings on financial risks for financial institutions, listed companies, regulatory authorities, and others.

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