Chutian Expressway(SH:600035) Xin Lang Cai Jing·2025-10-30 12:39Core Viewpoint - Chutian Expressway, a significant player in China's highway sector, has shown mixed financial performance in Q3 2025, with revenue ranking 10th in the industry but net profit ranking 12th, indicating potential areas for improvement in profitability and operational efficiency [2][3]. Financial Performance - In Q3 2025, Chutian Expressway reported revenue of 3.696 billion yuan, ranking 10th out of 20 in the industry, below the top competitor Shandong Expressway's 16.841 billion yuan and the second-ranked Ninghu Expressway's 12.981 billion yuan, but above the industry median of 3.529 billion yuan [2]. - The company's net profit for the same period was 569 million yuan, ranking 12th in the industry, significantly lower than the leading competitor's net profit of 4.423 billion yuan and the second's 4.037 billion yuan, as well as below the industry average of 1.282 billion yuan [2]. Profitability and Debt - Chutian Expressway's asset-liability ratio stood at 51.45% in Q3 2025, higher than the previous year's 49.72% and above the industry average of 41.31%, indicating increased debt pressure [3]. - The company's gross profit margin was reported at 25.97%, a decline from 43.32% in the previous year and significantly lower than the industry average of 46.20%, suggesting a need for improvement in profitability [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.70% to 44,900, while the average number of shares held per shareholder decreased by 2.63% to 35,800 shares [5]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked fourth with 14.6952 million shares, a decrease of 13.7807 million shares from the previous period [5].