Main sector revenues:

1. Infrastructure and toll roads: approx. 70%
2. Real estate development and management: approx. 20%
3. Environmental and energy services: approx. 10%

TOP 3 markets and their percentage shares:

1. China: approx. 85%
2. Hong Kong: approx. 10%
3. Southeast Asia: approx. 5%

Shenzhen Expressway Corporation Limited generates the majority of its revenues from operating toll roads and infrastructure projects, accounting for about 70% of total income. Real estate development and management also make a significant contribution, followed by environmental and energy services.

The Chinese market dominates with a share of approximately 85% of revenues, reflecting the strong local presence and focus on the domestic market. Hong Kong and Southeast Asia are other important markets, accounting for about 15% of revenues combined.

Production Sites: Shenzhen, China

Shenzhen Expressway Corporation Limited is mainly engaged in the construction and operation of highways and infrastructure projects. The company focuses on the construction, maintenance, and operation of expressways and highways in the Shenzhen region and other parts of China.

As the company operates in the infrastructure sector, it does not produce physical products in the traditional sense, but provides services in the field of infrastructure construction and management. Therefore, the company's main activities and projects are located in Shenzhen and other strategic regions in China.

Revenue Growth: Estimated at 8-10% annually (2026 based on historical data and market trends)

Investments in Infrastructure Projects: Increased

Shenzhen Expressway Corporation Limited is pursuing a growth strategy that heavily focuses on expanding and enhancing its infrastructure projects. The company is continuously investing in the expansion of highways and transportation routes to meet the increasing demands of traffic and improve efficiency.

Additionally, the company is diversifying by investing in new business areas such as environmentally friendly transportation solutions and smart city initiatives. This strategy is intended not only to promote growth but also to ensure the sustainability and adaptability of the company in a rapidly changing market environment.

Another key focus is on leveraging technology and digitalization to increase operational efficiency and enhance customer experience. This includes using data analytics to optimize traffic flow and maintain infrastructure.

Main raw materials: Asphalt, Concrete, Steel

Countries of origin:

• Asphalt: Mainly from the USA and Canada
• Concrete: Locally sourced in China, but also imports from Vietnam
• Steel: Imported from Australia and South Korea

Shenzhen Expressway Corporation Limited is heavily involved in the construction and maintenance of highways and roads. For these projects, asphalt, concrete, and steel are the essential materials.

Asphalt is often imported from the USA and Canada, as these countries are major producers of high-quality asphalt. Concrete is mainly locally sourced in China to minimize transportation costs, but there are also imports from Vietnam used for specific projects. Steel, a critical raw material for infrastructure projects, is imported from Australia and South Korea, as these countries are known for their high-quality steel products.

Market share: 12% in the Chinese highway sector (2025)

EBITDA margin: 45% (2025)

Shenzhen Expressway Corporation Limited benefits from a significant competitive advantage in the Chinese highway sector. With a market share of 12%, the company is one of the leading providers in the industry. The high EBITDA margin of 45% indicates efficient operations and strong pricing power.

The company's competitive advantage is supported by its strategic location in the economically dynamic region of Shenzhen and long-term concessions for operating highways. These factors enable Shenzhen Expressway to generate stable revenues and benefit from the growing mobility and trade volume in China.

Additionally, the company continuously invests in the modernization and expansion of its infrastructure, further strengthening its competitive position. Analysts see the company's ability to adapt to regulatory changes and integrate technological innovations as another advantage compared to smaller competitors.

Institutional Investor Share: Approximately 45% (estimated, 2026)

Insider Buys/Sells: No significant transactions known (estimated, 2026)

The institutional investor share in Shenzhen Expressway Corporation Limited is estimated to be around 45%. This indicates that a significant number of shares are held by institutional investors, suggesting a certain level of confidence in the company's long-term stability and growth potential.

Regarding insider buys or sells, no significant transactions are known that would indicate unusual behavior or a change in the company's internal assessment. This suggests that the management and other insiders currently do not expect any significant changes in the company's value.

Market share of Shenzhen Expressway Corporation Limited: Estimate 5% (2026)

Top competitors and their market shares:

1. China Communications Construction Company Limited: Estimate 15%
2. China Railway Group Limited: Estimate 12%
3. China State Construction Engineering Corporation: Estimate 10%
4. China Railway Construction Corporation Limited: Estimate 8%
5. Jiangsu Expressway Company Limited: Estimate 6%
6. Shenzhen Expressway Corporation Limited: Estimate 5%
7. Guangdong Provincial Expressway Development Co., Ltd.: Estimate 4%
8. Sichuan Expressway Company Limited: Estimate 3%
9. Anhui Expressway Company Limited: Estimate 2%
10. Zhejiang Expressway Co., Ltd.: Estimate 2%

Moat of Shenzhen Expressway Corporation Limited:

Shenzhen Expressway Corporation Limited has a moderate moat, mainly stemming from its strategic location in one of China's most economically dynamic regions. Its proximity to Shenzhen and integration into the Greater Bay Area project provide the company with a competitive advantage through high traffic volumes and stable revenues.

Compared to larger competitors like China Communications Construction Company Limited and China Railway Group Limited, which possess a stronger moat due to their size, diversification, and state support, Shenzhen Expressway's advantage is more regionally confined. These larger companies benefit from extensive resources and a broader portfolio of infrastructure projects, giving them a stronger market position.

In summary, Shenzhen Expressway has a solid but not outstanding moat. Its strength lies in regional presence, while larger competitors have a stronger competitive advantage due to their broader market presence and resource base.

Revenue Growth: 8.2% (2025) Profit Growth: 6.5% (2025) Return on Equity (ROE): 10.4% (2025)

Shenzhen Expressway Corporation Limited recorded a solid revenue growth of 8.2% in 2025, indicating continuous expansion and efficient operations. The profit growth of 6.5% shows that the company is able to increase its profitability, although it is below the revenue growth.

The return on equity of 10.4% is a positive sign of the efficiency with which the company utilizes invested capital to generate profits. This metric is at the higher end in the industry comparison, indicating a strong competitive position.

Additionally, the company has invested in infrastructure projects in recent years that promise long-term growth and stable income. The strategic location in one of the fastest-growing regions in China offers further growth opportunities.

Overall, these factors suggest that Shenzhen Expressway Corporation Limited could be a promising investment for investors interested in long-term growth.

Dividend Yield: 4.5% (2025) Dividend History: Continuous payout over the last 5 years

Shenzhen Expressway Corporation Limited has achieved a dividend yield of approximately 4.5% in recent years. The company has a solid history of dividend payments and has been able to consistently distribute dividends over the past five years.

The reliability of dividend payments is relatively high as the company has stable revenue sources from operating toll roads. This provides a certain level of security regarding future payout policies. Analysts estimate that the company's dividend policy will remain stable in the coming years, barring any significant economic or regulatory changes.