Qilu Expressway Posts Mixed 1H26 Results: Revenue Rises 4.25%, Net Profit Slips 3.09%

Bulletin Express08-26

Qilu Expressway released unaudited interim results for the six months ended 30 June 2026.

• Revenue grew 4.25% year-on-year to RMB 1.11 billion, driven by a 32.47% surge in construction-related income to RMB 321.80 million.

• Core expressway revenue fell 4.12% to RMB 788.26 million as toll income on Jihe and Deshang/Shennan expressways declined 2.70% and 8.21% respectively; overall traffic on Jihe rose 0.65% while Deshang fell 3.43% and Shennan climbed 30.49%.

• Gross profit slipped 4.54% to RMB 396.77 million; gross margin narrowed to 35.65% from 38.94% due to higher industrial-product costs and lower toll income.

• Finance costs dropped 12.65% to RMB 123.47 million on lower borrowing rates, but profit attributable to shareholders still eased 3.09% to RMB 194.21 million. Earnings per share declined to RMB 0.09 from RMB 0.10.

• Cash and cash equivalents rose to RMB 602.39 million (31 Dec 2025: RMB 229.45 million). Total interest-bearing borrowings stood at RMB 11.08 billion, giving a net gearing ratio of 62.92% (31 Dec 2025: 63.21%).

• The board declared no interim dividend. The previously approved final dividend for FY25 of RMB 0.12 per share (RMB 240 million) remains payable.

• Capital commitments at period-end totalled RMB 231.79 million, mainly for the Jihe Expressway reconstruction and the smart-transport industrial park.

Management aims to stabilise toll operations, expand construction and industrial activities, deepen cost control and maintain prudent financing to meet full-year targets.

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Earnings per share declined to RMB 0.09 from RMB 0.10.\n• Cash and cash equivalents rose to RMB 602.39 million (31 Dec 2025: RMB 229.45 million). Total interest-bearing borrowings stood at RMB 11.08 billion, giving a net gearing ratio of 62.92% (31 Dec 2025: 63.21%).\n• The board declared no interim dividend. 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