Shenzhen Expressway

What Shenzhen Expressway does

Shenzhen Expressway Group Corporation (深圳高速公路集团股份有限公司, 深高速) is a Shenzhen state-owned enterprise founded in 1996 under the Shenzhen State-owned Assets Supervision and Administration Commission, and the first Shenzhen SOE to achieve dual A+H listing (HK: 00548.HK; SHA: 600548.SS). The company operates a dual-main-business model combining toll road investment/construction/operation with large-scale environmental services. As of end-2025, it manages 16 highway projects spanning approximately 613 km of high-grade roads (proportional to equity stake), operates 648 MW of installed wind power capacity, and provides 6,000 tons/day of organic waste processing capacity serving 30+ cities, supported by 6,955 employees and total assets of approximately 71.3 billion CNY.

The core toll road portfolio includes strategic Greater Bay Area assets such as the Shenzhen Outer Ring Expressway, Jihe Expressway (under expansion to 8+8 lanes), and Guangshen Yanjiang Expressway, generating 5.124 billion CNY in 2025 toll revenue. The environmental business is structured around three segments: wind/solar clean energy (Baotou Nanfeng, Xinjiang Mulei, Qinglian Zero-Carbon Center), food and organic waste treatment (Lander Environmental Protection, Guangming Environmental Park), and battery recycling plus waste vehicle dismantling (QianTai Technology). Revenue is generated via regulated toll fees (provincial pricing schedules), usage-based clean energy generation, environmental service contracts with municipalities, infrastructure construction project work (e.g., Guizhou Longli River Bridge), financial leasing through Shenzhen Expressway Financial Leasing, and industry-fund investment returns.

The technology stack centers on a proprietary KaihongOS+RISC-V-based smart highway architecture co-developed with Shenzhen Kaihong Digital Industry, deployed as a unified electromechanical and data platform enabling BIM construction management, AI road network monitoring, autonomous inspection via robotics/drones, and lean wireless deployment replacing traditional cable infrastructure. The company carries an AAA domestic credit rating, has distributed approximately 15.06 billion CNY in cumulative cash dividends over 28 consecutive years, and completed a landmark 4.706 billion CNY A-share private placement in March 2025 — the largest cash-based placement in the A-share highway industry.

Name

Shenzhen Expressway

Legal name

深圳高速公路集团股份有限公司

Website

https://sz-expressway.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Shenzhen Expressway Group (深高速) is a Shenzhen SASAC-controlled SOE operating 16 toll road projects (~613 km) and large-scale environmental services including 648 MW wind power, 6,000 tons/day organic waste processing, and battery recycling across 23 provinces in China.

Ownership category

akta.pro rank

Product category

Highway Infrastructure Services

NAICS

Highway, Street, and Bridge Construction (237310), Power and Communication Line and Related Structures Construction (237130)

SIC

Transportation Services (4700), Electric, Gas & Sanitary Services (4900), Electric Services (4911)

akta.pro primary industry

Road & Highway Authorities (Planning, Construction, Maintenance) (BPAIALAA)

akta.pro secondary industries

Road & Tunnel Operations/Construction Interfaces (Tolling Infrastructure, Ventilation/Fire-Life-Safety Civil Works) (IMAFAEAL), Electronic Toll Collection (ETC) & Transponder/Tag Systems (RFID/DSRC) (TLAJABAA), Toll Payment & Toll Account Management (ETC, Toll Tags, Toll Invoicing) (TLABAMAC)

Keywords

• Toll road operations
• Highway infrastructure
• Environmental services
• Clean energy generation
• Organic waste treatment

Headquarters

HQ city

Shenzhen

HQ country

China

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. 收费公路路费收入: 收费公路业务是集团的主要收入来源，2025年实现路费收入51.24亿元，同比增长1.40%。通过高速公路投资、建设及运营管理收取车辆通行费，是长期稳定的现金流业务。
2. 餐厨垃圾处理收入: 大环保业务中的有机垃圾处理板块，2025年实现收入8.19亿元，同比增长19.75%，经营状况逐步改善，为30多个城市提供有机垃圾运营处理服务。
3. 清洁能源发电收入: 风电等清洁能源发电业务，2025年实现收入5.44亿元，与去年基本持平，风电总装机容量达648兆瓦。
4. 基础设施及城市开发: 通过投资建设城市基础设施项目、新型城市建设业务获取收入，包括贵州龙里河大桥等大型市政工程项目。
5. 融资租赁业务: 通过深高速融资租赁公司开展融资租赁业务，为收费公路工程、城市基础设施项目、环保产业及新能源项目设备购置提供融资支持。
6. 产业基金投资收益: 通过晟创-深高速环科产业并购投资合伙企业等基金平台开展产业投资，获取投资收益。

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Shenzhen Expressway Group operates as a dual-main-business enterprise combining toll highway investment, construction, and operation management with large-scale environmental protection services. It manages 16 toll road projects covering approximately 613 km of high-grade highways across China, and runs environmental businesses spanning clean energy power generation (648 MW wind capacity), organic waste treatment (6,000 tons/day serving 30+ cities), and retired battery/waste vehicle dismantling. The group also pursues new urban construction and industry-finance integration activities.

Product overview

Shenzhen Expressway Group operates as a dual-main-business enterprise combining toll highway investment/construction/operation with large-scale environmental protection services. The core product portfolio consists of four main segments: (1) Toll Road Business providing highway infrastructure investment, construction and management including Shenzhen Outer Ring Expressway, Jihe Expressway expansion, and 16 toll road projects with approximately 613km of high-grade highways; (2) Environmental Business including clean energy power generation (wind/solar with 648MW installed capacity), organic waste treatment (6,000 tons/day capacity), and retired battery/waste vehicle recycling; (3) New Urban Construction covering residential development, resettlement housing and elderly care services; (4) Industry-Finance Integration combining fund management, financial leasing and strategic banking investments. Technology-enabled services include Smart Jihe Expressway (first national smart highway using HarmonyOS+RISC-V), BIM construction management platform, and AI-powered road network monitoring system.

Differentiator

Problem solved

Functional benefit

Products and services

• Toll Road Business (收费公路业务)

Quantifiable outcome

• 路费收入同比增长1.40%（同口径下3.15%），得益于路网完善促进车流量增长
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature6 records

Partnerships

Nine partnerships are on record, tiered 核心 and 重要.

• 深圳开鸿数字产业发展有限公司核心Technology or Integration · 30 March 2026深高速联合深圳开鸿数字产业发展有限公司共同打造全国首个基于开源鸿蒙+RISC-V的立体复合智慧高速公路方案（智慧机荷），以KaihongOS+RISC-V为核心，重塑高速公路机电系统，实现全智能、少人化、无线化的运营管理。
• 国家电投集团福建电力有限公司（国电投）重要Strategic or Co-development Partner · 1 July 2021深高速旗下新能源公司与国家电投集团福建电力有限公司联合投资收购淮安中恒能源有限公司，国电投占股80%，新能源公司占股20%，建立了良好的合作关系。
• 深圳光明深高速环境科技有限公司重要Strategic or Co-development Partner · 1 January 2021全资子公司，负责深圳光明环境园的投资建设及运营管理业务，该PPP项目日处理餐厨垃圾1000吨，服务人口超700万。
• 深圳深汕特别合作区乾泰技术有限公司重要Strategic or Co-development Partner · 1 August 2020深高速全资子公司通过收购及增资方式持有乾泰技术50%股权，乾泰技术拥有报废汽车回收拆解资质，入选工信部符合废旧动力蓄电池综合利用行业规范条件企业，是深高速布局退役汽车和新能源电池拆解及梯次利用领域的重要平台。
• 鲲鹏资本及深圳市属国有企业重要Strategic or Co-development Partner · 1 June 2020深高速与鲲鹏资本等市属国有企业合作发起设立并参投深圳市国资并购发展基金，推动深圳国资快速做强做优做大，定位为市国资委统筹市国资国企战略并购的抓手，面向粤港澳大湾区基础设施公用事业、金融和战略性新兴产业。
• 广晟金控/晟创投资/一创投资核心Strategic or Co-development Partner · 1 April 2020深高速附属基金公司与广晟金控及其下属控股机构晟创投资、一创投资等共同设立晟创-深高速环科产业并购投资合伙企业（有限合伙），基金规模10亿元，专注于固废危废处置、污水处理、环卫一体化、风电新能源等投资领域。
• 深国际融资租赁有限公司（深圳深高速融资租赁有限公司）核心Strategic or Co-development Partner · 1 March 20202020年3月深高速收购深国际融资租赁有限公司48%股权，2021年在其支持下融资租赁公司注册资本金由3亿元增资到10亿元并正式更名，为收费公路工程、城市基础设施项目、环保产业及新能源项目设备购置提供融资支持。
• 蓝德环保科技集团股份有限公司（深高蓝德）核心Strategic or Co-development Partner · 1 January 20202020年1月深高速通过旗下环境公司控股收购蓝德环保67.14%股权，使深高速迅速在资产规模上位居全国餐厨处理行业前列，2021年1月更名为深高蓝德环保科技集团股份有限公司。
• 深圳高速私募产业投资基金管理有限公司（基金公司）核心Strategic or Co-development Partner · 1 January 2017基金公司作为深高速的产业项目孵化平台和金融工具，通过引入社会资本，在交通基础设施及大环保等领域培育有价值的、有潜力的标的，助力深高速产业转型发展，实现金融与产业的高度融合。

Scale indicators18 records

Recent moves24 records

Expansion highlights6 records

Emerging players

• Beijing Enterprises Water Group Limited: 北控水务集团有限公司 (00371.HK), China's largest water and wastewater treatment company with environmental segment overlap similar to Shenzhen Expressway's organic waste processing and pollution control initiatives. Compares on PPP-based municipal environmental contracting, not on the toll road side.
• China Everbright Environment Group Limited: 中国光大环境集团 (00257.HK), the largest environmental services group in China, focused on waste-to-energy, food waste treatment, and solar/wind power. Comparable to Shenzhen Expressway's environmental segment (6,000 tons/day food waste processing, wind power generation) in business model and PPP/BOT-style operations.

Regional players

• Hopewell Highway Infrastructure Limited: 和記公路基建有限公司 (00737.HK), a Hong Kong-listed operator of toll roads and bridges in Guangdong and other southern China provinces. Direct toll road peer but geographically overlapping rather than purely competing, sharing many of the same regulatory and rate-setting regimes in the Pearl River Delta.

Direct peers

• Jiangsu Expressway Co., Ltd. 江苏宁沪高速公路股份有限公司, also A+H dual-listed (600377.SH / 0177.HK), is the largest Chinese listed toll road operator. Highly comparable to Shenzhen Expressway in regulatory regime, dual-listing structure, asset scale and concession-based revenue model, though more weighted to the Yangtze Delta rather than Greater Bay Area.
• Anhui Expressway Co., Ltd. 安徽皖通高速公路股份有限公司 (600012.SH / 0995.HK), another A+H dual-listed Chinese toll road operator with comparable revenue mix, concession structure, and government-owned parent. Closely mirrors Shenzhen Expressway's dual-main-business expansion into adjacent infrastructure assets.
• Guangdong Expressway Development Co., Ltd. 粤高速A (000429.SZ / 200429.SZ), Guangdong provincial-level toll road operator and natural geographic peer to Shenzhen Expressway, focused on the same provincial highway network and exposed to identical Guangdong Provincial toll rate approvals. Most directly comparable by region and customer base.
• Sichuan Expressway Co., Ltd. 四川成渝高速公路股份有限公司 (601107.SH / 0107.HK), a Chinese A+H dual-listed expressway operator with toll road and infrastructure adjacency similar to Shenzhen Expressway. Comparable in revenue scale, asset base, and reliance on provincial PPP/BOT concessions for growth.
• Zhejiang Expressway Co., Ltd. 浙江沪杭甬高速公路股份有限公司 (600350.SH / 0576.HK), a Chinese A+H listed toll road operator with similar structure and operational scope as Shenzhen Expressway. Both operate diversified transportation-and-related-business models with cross-asset investments, including financial services.

Broad incumbents

• China Railway Construction Corporation Limited: 中国铁建股份有限公司 (601186.SH / 1186.HK), a Chinese state-owned infrastructure giant with significant highway construction exposure. Compares to Shenzhen Expressway's construction arm (Guizhou Longlihe Bridge, Jihe Expansion) but is a much larger, broader-incumbent player that does not hold toll concessions.
• China Communications Construction Company Limited: 中国交通建设股份有限公司 (601800.SH / 1800.HK), one of the world's largest infrastructure constructors and a major Chinese state-owned incumbent that builds the highways and bridges Shenzhen Expressway later operates. Overlaps in highway engineering, PPP bidding, and Greater Bay Area infrastructure programs, but operates at far larger scale and does not hold toll concessions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/shenzhen-expressway-co-ltd-

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries13 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 Shenzhen Expressway