China Merchants Expressway Network & Technology Holdings

What China Merchants Expressway Network & Technology Holdings does

China Merchants Expressway Network & Technology Holdings is a Shenzhen-listed (SZSE:001965) transportation infrastructure operator and the dedicated highway investment-operations platform of state-owned conglomerate China Merchants Group, which controls 62.19% of shares. The company's core business is the investment, operation, and management of toll expressways across China — as of year-end 2025, it manages 14,212 km of invested/operated highway mileage spanning 22 provinces, autonomous regions, and municipalities; operates 37 toll roads (3,058 km); controls 27 road assets (2,143 km); and holds equity stakes in 16 listed toll road companies covering approximately three-quarters of A-share industry peers.

Beyond toll operations, the company operates four business segments. The Traffic Technology arm (via subsidiary 招商交科) holds 21 national and provincial R&D platforms, 40+ professional qualifications, and nearly 30 National Science and Technology Progress Awards, providing design consulting, safety intelligence, green low-carbon engineering, and characteristic product services. The Intelligent Traffic segment (招商新智, 招商交建, 中国交通广播, 行云数聚) delivers smart tolling, intelligent safety, traffic broadcasting, electronic invoicing, and ETC comprehensive services. The Transportation Ecosystem segment focuses on transportation-energy integration, distributed solar PV across service areas and tunnels, plus water/soil ecological restoration.

Monetization is dominated by government-regulated toll revenue, priced by vehicle class (passenger, freight, etc.) under national and provincial pricing schedules — making this a fee-for-service model with limited pricing power. Secondary revenue includes professional services from intelligent transportation solutions sold to government transport authorities and other highway operators. The customer base is split between (i) the public at large as toll payers (low concentration, high volume) and (ii) government transportation departments and provincial road network centers as B2B technology customers (high concentration, project-based). Recent product launches — drone-based intelligent inspection, low-altitude logistics delivery, and "City Service Station" toll-station retail models — represent diversification beyond traditional tolling into AI-enabled operations and the emerging low-altitude economy.

Name

China Merchants Expressway Network & Technology Holdings

Legal name

招商局公路网络科技控股股份有限公司

Website

https://cmexpressway.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

China Merchants Expressway (SZSE:001965) is China Merchants Group's listed highway platform, operating 14,212 km of toll roads across 22 provinces with stakes in 16 listed peers, while expanding into smart transportation, drone-based inspection, low-altitude logistics, and green-energy infrastructure.

Ownership category

akta.pro rank

Product category

Highway Infrastructure / Toll Road Operations

NAICS

Support Activities for Road Transportation (4884)

SIC

Transportation Services (4700)

akta.pro primary industry

Tolling, Pricing & Revenue Operations (Toll Roads, Congestion Pricing, Enforcement) (BPAIALAH)

akta.pro secondary industries

Managed Services & Operations Outsourcing for Tolling/RUC Programs (TLAJABAL), Electronic Toll Collection (ETC) & Transponder/Tag Systems (RFID/DSRC) (TLAJABAA), Traffic & Revenue Analytics, Forecasting & Performance Reporting for Tolling (TLAJABAI)

Keywords

• Toll road operations
• Highway investment
• Intelligent transportation
• Smart tolling systems
• Transport infrastructure

Headquarters

HQ city

Beijing Shi

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. 公路投资运营及收费收入: 通过投资经营收费公路收取通行费是公司核心收入来源。截至2025年末，投资经营总里程达14212公里，覆盖全国22个省、自治区和直辖市；运营管理收费公路37条，里程达3058公里；主控路产27条，控股里程达2143公里。
2. 交通科技服务收入: 旗下招商交科提供设计咨询、安全智慧、绿色低碳、特色工程与产品等技术服务，培育形成五大主营业务，拥有21个国家级、省部级重点研发平台。
3. 智能交通解决方案收入: 通过招商新智、招商交建、中国交通广播、行云数聚等企业提供智慧运营、智慧收费技术服务及整体解决方案。
4. 交通生态及绿色能源收入: 聚焦交通场景拓展交能融合业务，在服务区、收费站、隧道以及港口物流园区布设分布式光伏，从事水生态修复、土壤修复、生态景观等业务。

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

China Merchants Expressway invests in, operates, and manages toll road infrastructure across 22 Chinese provinces with a total investment mileage of 14,212 km (37 toll roads operated spanning 3,058 km; 27 controlled road assets spanning 2,143 km). Through subsidiaries 招商交科, 招商新智, 招商交建, 中国交通广播, and 行云数聚, it provides traffic technology R&D, intelligent tolling, traffic broadcasting, electronic invoicing, ETC integrated services, and intelligent transportation solutions. The company also develops transportation-energy integration through distributed PV installations at service areas, toll stations, tunnels, and port logistics parks.

Product overview

China Merchants Expressway Network & Technology Holdings operates as a diversified highway investment and technology company with four core business segments: Investment Operations (投资运营) covering toll road investments across 22 provinces; Traffic Technology (交通科技) via subsidiary 招商交科 providing design consulting and smart solutions; Intelligent Traffic (智能交通) encompassing smart tolling, safety systems, traffic broadcasting, and ETC services operated through 招商新智, 招商交建, 中国交通广播, and 行云数聚; and Transportation Ecosystem (交通生态) focusing on green energy and environmental services. The company has launched innovative drone-based services including the Highway Drone Intelligent Inspection and Logistics Service (高速公路无人机智慧巡检及物流服务) and City Service Station (城市服务站) for low-altitude logistics, all coordinated through the 一路多方协同指挥平台 and accessible via the 高速管家APP.

Differentiator

Problem solved

Functional benefit

Products and services

• Highway Investment Operations (投资运营) Investment and operation of toll road infrastructure across China, including 37 toll roads operated by the company and 27 controlled road assets, distributed across 15 provinces, autonomous regions, and municipalities. The service is government-regulated with toll pricing by vehicle type.
• Traffic Technology Services (交通科技) via 招商交科 Comprehensive traffic technology services including design consulting, safety intelligence, green low-carbon solutions, characteristic engineering and products, and investment operations, delivered through subsidiary 招商交科. Award-winning R&D with 21 national/provincial-level R&D platforms.
• Intelligent Transportation Solutions (智能交通) Digital and information-based intelligent transportation services for highway operators and government, including smart tolling, intelligent safety systems, traffic broadcasting, electronic invoicing, and ETC integrated services.
• Transportation Ecosystem / Green Energy Business (交通生态) Green clean energy investment and operation along highways, including distributed PV installation at service areas, toll stations, tunnels, and port logistics parks, plus water ecological restoration, soil remediation, ecological landscape, and municipal comprehensive landscape services.
• Highway Drone Intelligent Inspection and Logistics Service (高速公路无人机智慧巡检及物流服务) Drone-based service combining autonomous road inspection, road-anomaly AI image recognition, and low-altitude logistics delivery. Flight data is integrated with the One-Route Multi-Party collaborative command platform for real-time monitoring and dispatch. Inspection coverage rate improved by over 95% compared to traditional manual inspection. Shipped on Cenxing, Chongqing, Guilin, Jingtai, Deshang, and Fuyan highways.
• Yulin City Service Station (玉林首个"城市服务站") Innovative service model at highway toll stations integrating highway service station functions with low-altitude logistics delivery. Enables drone-based last-mile delivery and "顺路捎货" (rideshare delivery) services, with delivery time reduced 83% from 1 hour to 10 minutes for a 10 km route.
• Highway Butler APP (高速管家APP) Mobile application for seamless connection and efficient operation of logistics transportation, integrating highway travel services for drivers and transport operators.
• One-Route Multi-Party Collaborative Command Platform (一路多方协同指挥平台) Platform that integrates multi-party resources (highway police, rescue units, etc.) for information sharing, rapid response, and joint handling. Supports traffic incident pre-warning, coordinated scheduling, and closed-loop management from monitoring-alarming-response-disposal.

Quantifiable outcome

• 巡检覆盖率提升95%以上
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability6 records

Feature7 records

Partnerships

Ten partnerships are on record, tiered 核心 and 重要.

• 招商局集团核心Strategic or Co-development Partner招商局集团是招商公路的控股股东（持股62.19%），公司是招商局集团旗下公路及相关基础设施投资运营板块的核心企业。依托集团资源禀赋，在交通物流、综合金融、地产园区、科创产业等领域实现协同发展。
• 招商新智核心Technology or Integration招商新智是招商公路旗下智慧交通技术公司，提供智慧收费、智慧安全、交通广播等服务。与公司各高速运营公司合作，将无人机技术与一路多方协同指挥平台深度集成。
• 招商交建核心Technology or Integration招商交建是招商公路旗下企业，业务涵盖智慧收费、ETC综合服务等领域，为客户提供智慧运营技术服务及整体解决方案。
• 招商交科核心Technology or Integration招商交科是技术领先的交通科技企业，建有国家级、省部级等各类重点研发平台21个，持有各级各类从业资质40余项，培育形成设计咨询、安全智慧、绿色低碳、特色工程与产品、投资运营五大主营业务。
• 中国交通广播重要Technology or Integration中国交通广播是招商公路旗下交通广播平台，提供实时路况信息、交通广播服务，服务于高速公路出行用户。
• 行云数聚重要Technology or Integration行云数聚是招商公路旗下企业，提供电子发票等智慧交通相关服务。
• 岑兴高速核心Strategic or Co-development Partner岑兴高速是招商中铁旗下运营的收费公路，与招商新智及一路多方协同单位共同打造玉林首个"城市服务站"项目，实践无人机物流配送。
• 一路多方协同单位重要Strategic or Co-development Partner包括高速交警、救援单位等多方协同机构，共同开展一路多方协同平台建设，实现信息共享、快速响应、联合处置。
• 交通运输部重要Strategic or Co-development Partner招商公路多家单位亮相交通运输部"春运路况直播"，在线解答司乘关切，引导错峰出行，展示央企形象。
• 招商局集团旗下招商轮船核心Strategic or Co-development Partner招商轮船订造全球首艘采用甲醇双燃料动力系统的大型汽车滚装船"港荣"轮，与招商局集团协同推动绿色航运发展。

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Atlantia: Global toll road operator (formerly Autostrade per l'Italia parent) holding concessions across Italy, Brazil, and other markets. Comparable as a major international toll road operator with long-duration regulated assets and broad geographic tolling portfolio.
• Cintra (Ferrovial): Global toll road concessionaire and infrastructure investor, subsidiary of Ferrovial, operating major expressway concessions across North America, Europe, and Australia. Comparable as a large-scale international toll road investor/operator with similar long-duration concession model.
• Transurban Group: Australia-listed global toll road concessionaire and operator with extensive US, Australian, and Canadian expressway concessions. Comparable as a larger, mature incumbent in long-duration toll road operations with similar technology-driven tolling efficiency focus and traffic management capabilities.

Direct peers

• Jiangsu Expressway Company: Shanghai-listed Chinese toll road operator (SHSE:600377) operating Jiangsu province expressways. Highly comparable as a regional toll road concessionaire focused on Yangtze River Delta expressway assets, with similar fee-based revenue model and government-regulated pricing.
• Shenzhen Expressway Group: Shenzhen-listed Chinese toll road operator (SZSE:600548) operating expressways and associated infrastructure in Guangdong and other regions. Directly comparable as a publicly listed Chinese toll road investor and operator serving a similar government-concession model and vehicle-class-based toll pricing structure.
• Anhui Expressway: Shanghai-listed Chinese toll road operator (SHSE:600012) operating Anhui province expressways. Direct peer with similar public-listing structure, government-set toll pricing, and operating profile built around provincial arterial expressway concessions.
• Sichuan Chengyu Expressway: Shanghai-listed Chinese toll road operator (SHSE:601107) operating Sichuan and Chongqing expressways. Direct comparable operating toll roads under Chinese concessions with similar revenue mix and asset-heavy operating model.
• Shandong Hi-Speed Group: Shanghai-listed Chinese toll road and infrastructure group (SHSE:600350) operating Shandong provincial expressways and associated assets. Comparable as one of the larger Chinese provincial toll road listed operators with similar scale and government-linked ownership.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about China Merchants Expressway Network & Technology Holdings