Huayu Expressway Group Limited reported QQ2 2025 revenue of 37.92 million CNY, up 118.8% year over year (YoY) and 100% quarter over quarter (QoQ), driven by stronger toll road activity across its SuiYue Expressway and Qing Ping Expressway segments. Gross profit reached 6.62 million CNY, yielding a gross margin of 17.47%. EBITDA stood at 3.60 million CNY, while operating income remained negative at -4.32 million CNY, and net income registered a loss of 11.66 million CNY (EPS -0.0283). The bottom line deterioration despite EBITDA improvement reflects higher depreciation and amortization (8.59 million CNY) and sizable other expenses (-8.41 million CNY), as well as a modest tax recovery (51 thousand CNY). The quarter shows revenue momentum but profitability remains challenged, underscored by an operating margin of -11.39% and a net margin of -30.75%. Liquidity remains robust on a working capital basis (current ratio 3.45; quick ratio 1.48; cash ratio 0.59), yet capitalization is modestly leveraged (debt ratio 0.19; debt to equity 0.36; debt to capitalization 0.26). Operating cash flow per share is positive at 0.0281 CNY, but free cash flow per share is negative (-0.136 CNY) indicating ongoing capital expenditure and working capital needs. Management commentary is not available in the provided transcript data, limiting qualitative insights from the earnings call. The company trades with a negative P/E, a price-to-book of 0.23, and a price-to-sales of 2.23, suggesting a valuation discount relative to some peers despite improving top-line momentum. Investors should monitor toll revenue trajectories, capex pacing, working capital dynamics, and any regulatory or macro headwinds affecting expressway traffic volumes.