Shenzhen Expressway Corporation Limited, a core subsidiary of Shenzhen International Holdings, released its unaudited first-quarter 2026 results. The company booked stronger earnings on the back of higher traffic contribution from key toll-road assets and resilient operating cash flow, even though top-line growth was marginally softer year on year. Key take-aways follow.
Financial highlights (YoY) • Revenue: RMB 1.76 billion, down 0.70% • Total profit: RMB 0.67 billion, up 8.30% • Net profit attributable to shareholders: RMB 0.51 billion, up 6.54% • Core net profit (excluding non-recurring items): RMB 0.52 billion, up 10.74% • Operating cash flow: RMB 1.03 billion, up 4.83% • Weighted average ROE: 2.10%, down 0.32 percentage points
Balance-sheet metrics • Total assets stood at RMB 70.97 billion, down 0.45% from end-2025. • Equity attributable to shareholders rose 1.64% to RMB 27.48 billion. • Cash and cash equivalents reached RMB 5.20 billion at quarter-end, up RMB 0.45 billion from year-end.
Business performance 1. Toll roads – Average daily mixed traffic and toll revenue remained solid on core routes: • Outer Ring: 329,000 vehicles; RMB 3.22 million/day • Coastal Project: 228,000 vehicles; RMB 2.17 million/day • Jihe East: 314,000 vehicles; RMB 1.86 million/day – Shuiguan Expressway stopped toll collection from 25 April 2026; the Q1 data include operations up to that date.
2. Environmental services – Organic-waste treatment handled 335,000 tonnes, generating RMB 186.59 million in revenue. Bioland contributed 74% of the segment’s disposal volume.
3. Clean energy – Wind-power projects delivered 399,000 MWh of on-grid electricity; Baotou Nanfeng and Xinjiang Mulei were the principal contributors.
Capital markets and liquidity actions • In January 2026 the company issued the first tranche of 2026 corporate bonds, raising RMB 1.50 billion at a 1.98% coupon with a five-year tenor; the bonds are listed on the Shanghai Stock Exchange. • During the quarter, 12 principal-protected wealth-management products totalling RMB 3.02 billion were subscribed. As of 31 March 2026, the outstanding balance of such products was RMB 2.22 billion, with realised income of RMB 32.25 million and no overdue principal or interest.
Shareholder structure At quarter-end the company had 22,825 shareholders. HKSCC Nominees Limited and Xin Tong Chan Development (Shenzhen) each held 28.79% stakes, while Jiangsu Yunshan Capital owned 9.57%.
Outlook indicators The company’s sustained profitability improvement, continued investment in toll-road upgrades, and incremental contributions from environmental and renewable-energy projects underscore its strategic diversification. However, the cessation of tolls on Shuiguan Expressway from late April will affect subsequent quarters’ revenue base.
All information above is derived exclusively from the company’s first-quarter 2026 report dated 28 April 2026.
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