Shenzhen Expressway Corporation Limited (“ShenzhenExpress”) released its Interim Report 2026, highlighting softer first-half results amid weaker toll revenues and project handovers.

Financial Snapshot • Revenue slid 6.78 % year on year to 3.65 billion yuan. • Net profit attributable to shareholders decreased 4.28 % to 918.85 million yuan; basic EPS fell to 0.346 yuan. • Excluding non-recurring items, net profit rose 11.26 % to 1.00 billion yuan. • Operating cash flow increased 4.31 % to 2.04 billion yuan.

Segment Performance • Toll-road operations delivered 2.23 billion yuan, 61 % of group revenue, down 8.83 % after Shuiguan Expressway’s concession expiry and additional toll-free holiday days. • Environmental-protection revenue (clean energy, solid waste recycling) contributed 730.27 million yuan, easing 8.62 %. • Other businesses, including entrusted construction, financial leasing and property, added 689.56 million yuan.

Margins and Costs • Group gross margin edged down 0.55 percentage point to 36.41 %. • Financial expenses fell 31.59 % to 266.73 million yuan on lower borrowing costs and exchange gains.

Balance-Sheet Metrics • Total assets stood at 70.45 billion yuan; total liabilities at 38.48 billion yuan. • Debt-to-asset ratio slipped to 54.62 % from 55.04 % at end-2025. • Interest coverage improved to 4.23 times.

Capital Expenditure & Cash • H1 capex reached 799.80 million yuan, mainly for Jihe Expressway Reconstruction & Expansion, Outer Ring Phase III and environmental projects. • The group held 2.60 billion yuan of structured deposits; unused bank credit lines totaled 77.26 billion yuan. • Three new medium-term notes and one corporate bond totaling 4.50 billion yuan were issued post balance-date to refinance debt and replenish liquidity.

Project Progress • Jihe Expressway R&E achieved 27 % physical completion; Outer Ring Phase III reached roughly 40 %. • Clean-energy attributable installed capacity stood at 686 MW, while daily organic-waste treatment capacity exceeded 6,300 tonnes.

Strategic Focus Management will accelerate key infrastructure builds, advance distributed solar and energy-storage pilots, deepen operational efficiency across toll roads and environmental assets, and maintain “prudent yet flexible” financing to support its 14.98 billion yuan capex pipeline through 2028.