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Operator of toll expressways in Anhui province, earning toll revenue from vehicle traffic.
Operator of toll expressways in Anhui province, earning toll revenue from vehicle traffic.
Collects tolls from vehicles on the expressways it runs under government concessions, with small side income from service areas and advertising; toll rates are set by the provincial government rather than the company. Anhui Transportation Holding Group, a provincial state group, is the controlling shareholder. The company is listed in both Shanghai and Hong Kong.
Moat: narrow (regulatory licence). Government-granted, time-limited concession to operate specific tolled highways with no on-route competition.
Headquarters: Hefei, Anhui, China · Employees: 2,085
Size Anhui Expressway (600012.SS) is a China Industrials company (Other Transportation) with a market value of $4.29B, the 599th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥17.67 on 6 Nov 2026.
Performance Over six months the shares gained 12.8%, against -2.9% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue fell 13.9% over the last twelve months (peer median +5.6%); the operating margin is 41.9% (peer median 16.7%).
Valuation It trades at 14.5× forward earnings against a peer median of 15.5× (10th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.0 points above its cost of capital (5.0% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.40B | CN¥6.70B | CN¥7.68B | CN¥6.62B | CN¥5.19B |
| Revenue growth | — | -13% | +16% | +27% | — |
| Gross profit | CN¥3.93B | CN¥2.96B | CN¥2.75B | CN¥2.60B | CN¥2.23B |
| EBITDA | n/a | CN¥4.10B | CN¥3.61B | CN¥3.34B | CN¥3.00B |
| Net income | CN¥2.15B | CN¥1.88B | CN¥1.91B | CN¥1.66B | CN¥1.45B |
| Free cash flow | CN¥2.57B | CN¥1.40B | CN¥730M | CN¥587M | CN¥660M |
| Capital expenditure | CN¥1.34B | CN¥2.20B | CN¥2.37B | CN¥2.12B | CN¥1.32B |
| Total debt | CN¥15.3B | CN¥14.6B | CN¥8.25B | CN¥6.59B | CN¥6.78B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Anhui Expressway 600012.SS | $4.29B | +13% | -14% | 42% | 14.5× | -5.4% |
| Shenzhen Expressway 600548.SS | $2.99B | -4% | -5% | 17% | 14.4× | 0.6% |
| Sichuan Expressway 601107.SS | $2.89B | +16% | +7% | 27% | 13.2× | n/a |
| Fujian Expressway Development 600033.SS | $1.51B | +1% | -3% | 47% | n/a | -16.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600012.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.8% | +2.5% | 4th highest of 21 |
| 6-month return | +12.8% | -2.9% | 6th highest of 21 |
| Distance from 52-week high | -9.7% | -17.2% | 7th highest of 21 |
| Revenue growth (TTM) | -13.9% | +5.6% | 2nd lowest of 21 |
| Operating margin | 41.9% | 16.7% | 2nd highest of 21 |
| Forward P/E | 14.5× | 15.5× | 10th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -5.4% | -1.2% | 5th least demanding of 15 |
| Growth delivered (Del g) | +18.0% | +8.8% | 5th highest of 15 |
| Hurdle (Req g minus delivered) | -23.4 pp | -6.5 pp | 5th least demanding of 15 |
| ROIC minus cost of capital | +5.0 pp | +0.0 pp | 5th highest of 21 |
| Net debt / EBITDA | 2.8× | 3.0× | 6th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Anhui Expressway 600012.SS | China | $4.29B | +13% | -14% | 42% | 14.5× | -5.4% | +18.0% |
| Tangshan Port 601000.SS | China | $4.27B | +3% | +10% | 39% | 13.9× | -11.0% | -6.2% |
| SATS S58.SI | Singapore | $4.34B | +15% | +9% | 9% | 17.6× | -0.2% | +45.6% |
| Kintetsu 9041.T | Japan | $4.23B | +5% | +2% | 5% | 13.5× | n/a | n/a |
| Taiwan High Speed Rail 2633.TW | Taiwan | $4.36B | -3% | +4% | 39% | 19.2× | 0.8% | +6.9% |
| Liaoning Port 2880.HK | Hong Kong | $4.53B | -26% | +1% | 21% | n/a | -9.0% | -2.0% |
| Hainan Airport Infrastructure 600515.SS | China | $4.56B | -26% | +25% | -5% | 133.0× | n/a | n/a |
| Corporacion America Airports CAAP | United States | $4.00B | -3% | +16% | 23% | 9.6× | -6.3% | +26.4% |
| Wilh. Wilhelmsen WWI.OL | Norway | $3.87B | +23% | -4% | 10% | 8.4× | 6.2% | +11.0% |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 5.9× | n/a | n/a |
| Atlas Arteria ALX.AX | Australia | $3.78B | -21% | +2% | -20% | 20.6× | -3.5% | +8.9% |
| Guangzhou Port 601228.SS | China | $3.54B | -3% | -18% | 11% | n/a | n/a | n/a |
| Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR OMAB | United States | $5.21B | +2% | +21% | 53% | 13.2× | -5.1% | +27.2% |
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% | +7.4% |
| Japan Airport Terminal 9706.T | Japan | $3.46B | +16% | +8% | 17% | 19.2× | -2.3% | +40.7% |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% | +10.9% |
| ENAV ENAV.MI | Italy | $3.19B | +8% | +3% | 9% | 26.9× | 13.8% | +6.0% |
| Guangzhou Baiyun International Airport 600004.SS | China | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% | +8.8% |
| Beibu Gulf Port 000582.SZ | China | $3.14B | -25% | -1% | 21% | 18.6× | n/a | n/a |
| Shenzhen Expressway 600548.SS | China | $2.99B | -4% | -5% | 17% | 14.4× | 0.6% | +2.9% |
| Sichuan Expressway 601107.SS | China | $2.89B | +16% | +7% | 27% | 13.2× | n/a | n/a |