机构：中金公司 研究员：Wenjie ZHANG/Qibin FENG/Xin YANG 1H25 results in line with our expectations Sichuan Expressway announced its 1H25 results: Revenue fell 23.14% YoY to Rmb4,126mn, and net profit attributable to shareholders rose 19.93% YoY to Rmb837mn, in line with our expectations. In 2Q25, revenue fell 32.17% YoY to Rmb2.28bn, and net profit attributable to shareholders rose 24.2% YoY to Rmb381mn. Trends to watch Toll revenue falls slightly; expense reduction contributes to earnings. Toll revenue fell 2.25% YoY ...