Shenzhen Expressway Corporation Limited (a subsidiary of Shenzhen International Holdings) reported resilient third-quarter results despite flat top-line growth, as fair-value gains on equity investments and one-off impairment reversals boosted earnings.
Financial highlights • Jul–Sep revenue edged down 0.35 % year on year to RMB 2.12 billion, dragged by softer toll and clean-energy contributions. • Total profit rose 15.69 % to RMB 0.79 billion, while net profit attributable to shareholders surged 24.00 % to RMB 0.63 billion. • Excluding non-recurring items, underlying net profit improved 5.04 %. • Basic EPS climbed 24.87 % to RMB 0.241; quarterly weighted ROE increased 0.52 percentage points to 2.63 %.
9M 2026 performance • Cumulative revenue fell 4.52 % to RMB 5.78 billion. • Attributable net profit reached RMB 1.55 billion, up 5.54 %, supported by RMB 62.36 million in impairment reversals and higher investment income. • Operating cash inflow declined 13.96 % to RMB 3.10 billion. • Basic EPS for the nine-month period was RMB 0.587, a 2.10 % increase.
Balance-sheet position • Total assets stood at RMB 68.93 billion as of 30 Sep 2026, down 3.30 % from year-end 2025, mainly reflecting lower cash (RMB 3.44 billion versus RMB 5.15 billion). • Shareholders’ equity edged up 2.08 % to RMB 27.59 billion; the equity ratio improved to 47.1 %. • Interest-bearing liabilities included RMB 12.74 billion of outstanding bonds (up from RMB 9.29 billion) and RMB 13.49 billion in bank borrowings.
Capital-markets activity During the quarter the company completed: 1) RMB 1.00 billion Phase II medium-term notes (3-year, 1.55 % coupon); 2) RMB 1.00 billion Phase I super short-term commercial paper (270 days, 1.41 %); 3) RMB 1.00 billion Phase III medium-term notes (3-year, 1.58 %).
Operational snapshot Toll roads: Mixed traffic trends persisted. Notable year-to-date movements included positive growth on the Coastal (+9.1 % traffic; +8.5 % toll revenue) and Outer Ring (+5.2 %; +4.1 %) projects, offset by declines on Meiguan (-7.4 %; ‑11.6 %) and several minority-owned Guangdong routes. Tolling on Shuiguan Expressway and its extension ceased in April and July respectively.
Environmental services: Organic-waste disposal volume rose 2.7 % to 1.08 million tonnes, generating RMB 577.61 million in revenue (+4.8 %). The Bioland platform accounted for 800.75 thousand tonnes and RMB 397.05 million.
Clean energy: Wind-power output declined across key projects—Baotou Nanfeng (-12.7 %) and Xinjiang Mulei (-6.2 %)—weighing on segment revenue. Photovoltaic generation also softened slightly.
Cash management The group placed RMB 2.20 billion in principal-protected structured deposits during the quarter and redeemed RMB 2.60 billion, booking RMB 9.10 million in aggregate income. Outstanding balances totalled RMB 3.60 billion at quarter-end.
Outlook remarks Management attributed profit growth primarily to mark-to-market gains on equity stakes and the reversal of prior-year receivable impairments. The board cautioned investors that the disclosed figures are unaudited and advised prudence when trading the company’s shares.
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