Zhejiang Expressway Co., Ltd. reported a solid top-line expansion for the six months ended 30 June 2026, with group revenue rising 21.00% year on year to RMB 10.51 billion. Operating momentum was driven by subsidiary Zheshang Securities, which recorded a 42.10% jump in revenue to RMB 4.52 billion and contributed 43.02% of group turnover.
Profit attributable to shareholders edged down 3.20% to RMB 2.70 billion, while earnings per share slipped 4.00% to RMB 0.4467. The board did not declare an interim dividend.
Segment Trends • Toll Roads: Revenue from the nine expressways fell 5.40% to RMB 4.85 billion, pressured by reconstruction traffic controls, policy-led toll adjustments and network diversions. Daily average traffic declined 5.40%. The Shanghai–Hangzhou–Ningbo route remained the largest contributor at RMB 2.30 billion, down 4.10%. • Securities: Commission and fee income surged 49.20% to RMB 2.81 billion, with interest income up 31.80% to RMB 1.71 billion, reflecting active A-share trading and expanded wealth-management services. Securities investment gains booked in the income statement rose 30.80% to RMB 1.85 billion. • Other: Construction services generated RMB 1.07 billion, up 250.50%, linked to expressway upgrade projects; hotel operations were broadly flat at RMB 49.77 million.
Cost and Profitability Group gross profit increased 1.46% to RMB 3.49 billion. Finance costs rose 17.14% to RMB 877.73 million, trimming the interest-cover ratio to 7.1× from 7.5×. Return on equity decreased to 5.20% from 5.95% a year earlier.
Balance Sheet and Liquidity Total assets reached RMB 342.34 billion, while total liabilities climbed to RMB 246.99 billion, lifting the asset-liability ratio to 72.20%. Interest-bearing borrowings expanded 18.70% to RMB 85.07 billion, of which 58.30% mature beyond one year. Net cash used in operations was RMB 6.05 billion, offset by RMB 13.26 billion net financing inflows, leaving cash and cash equivalents at RMB 24.35 billion.
Capital Expenditure H1 capex totalled RMB 1.40 billion, with RMB 1.08 billion allocated to expressway reconstruction. Remaining committed capex stands at RMB 3.55 billion, to be funded by internal resources and external financing as needed.
Strategic Developments The group advanced major expansion projects on Ningbo–Jinhua (Jinhua and Shaoxing sections), Zhajiasu and the Ningbo–Zhoushan parallel line, achieving 35.70% overall progress. It also secured regulatory approvals for an A-share listing via a merger with Zhejiang Oceanking, targeting dual A+H status.
Outlook Management will prioritise: 1. Enhancing traffic efficiency through digital upgrades and differentiated services to stabilise toll income. 2. Accelerating expressway expansion while evaluating inorganic acquisition opportunities via the Zhijiang Communications platform. 3. Scaling green and intelligent initiatives, including zero-carbon corridors and new-energy truck charging, and developing low-altitude economy infrastructure. 4. Strengthening Zheshang Securities’ risk management while expanding wealth- and asset-management income streams amid evolving capital-market reforms.
Financial guidance is not provided, but the company projects continued top-line support from securities operations and gradual recovery in toll traffic as reconstruction bottlenecks ease.