Chengdu Expressway (01785) released unaudited results for the three months ended 31 March 2026.

Revenue and Profitability • Revenue slipped 6.55% year on year to RMB 624.70 million. • Cost-of-sales fell at a similar pace (-7.64%) to RMB 386.68 million, keeping gross margin broadly stable. • Operating profit declined 9.60% to RMB 163.40 million. • Finance expenses remained flat at RMB 16.09 million, as lower interest expense was offset by reduced interest income. • Net profit attributable to shareholders dropped 19.53% to RMB 122.25 million; total group net profit decreased 19.58% to RMB 134.10 million.

Cash Flow Highlights • Net cash generated from operating activities rose to RMB 117.49 million (Q1 2025: RMB 74.84 million), supported by lower payments to suppliers and employees. • Investment outflow widened to RMB 196.13 million, driven by higher spending on fixed and intangible assets (RMB 171.68 million) and additional investments (RMB 28.16 million). • Financing activities produced a net inflow of RMB 22.18 million, as new borrowings of RMB 326.16 million exceeded repayments of RMB 289.38 million. • Cash and cash equivalents stood at RMB 1.65 billion at quarter-end, down RMB 56.74 million from year-end 2025.

Balance-Sheet Position (Group) • Total assets edged up 1.08% from year-end to RMB 10.57 billion. • Currency funds declined 2.9% to RMB 2.14 billion, while accounts receivable increased 13.3% to RMB 724.37 million. • Total liabilities were largely stable at RMB 4.44 billion; the current-liability portion fell 18.4% as short-term borrowings dropped to RMB 507.18 million (-35.9%). • Equity attributable to owners rose 2.45% to RMB 5.10 billion, supported by retained earnings.

Parent-Company Performance • Stand-alone revenue grew 1.79% to RMB 113.55 million. • Net profit fell 23.1% to RMB 41.76 million, weighed by higher income-tax charges and lower investment income. • Significant investment cash outflow (RMB 546.20 million) pushed parent-company cash and cash equivalents down to RMB 733.45 million (-39.46% versus year-end 2025).

Capital Structure and Liquidity • Group long-term borrowings increased 19.2% to RMB 1.99 billion, underlining a shift toward longer-tenor funding. • Debentures payable remained unchanged at RMB 500.00 million. • The cash position, while still robust at over RMB 1.6 billion, reflects the company’s continued capital expenditure and investment activities during the quarter.

All figures are unaudited and prepared under China Accounting Standards for Business Enterprises. Shareholders should note that final audited numbers may differ after review adjustments.