On 25 August 2026, Zhejiang Expressway Co., Ltd. released the interim results of its Shanghai-listed brokerage arm, Zheshang Securities Co., Ltd., for the six months ended 30 June 2026.

Revenue and Profitability • Operating income jumped 49.33% year-on-year to RMB 5.70 billion. • Net profit attributable to shareholders rose 40.21% to RMB 1.61 billion; excluding non-recurring items, profit advanced 41.35% to RMB 1.60 billion. • Basic and diluted EPS increased to RMB 0.36 from RMB 0.25, while basic EPS after non-recurring adjustments reached RMB 0.35. • Weighted average ROE improved by 1.10 percentage points to 4.31%.

Cash Flow Net cash generated from operating activities swung to an inflow of RMB 15.64 billion from an outflow of RMB 1.02 billion in the prior-year period, signalling stronger operating liquidity.

Balance Sheet Highlights (30 June 2026) • Total assets expanded 20.77% to RMB 271.50 billion. • Total liabilities grew 25.99% to RMB 223.62 billion. • Equity attributable to shareholders reached RMB 37.55 billion, a 2.07% increase; total owners’ equity edged up 1.17% to RMB 47.88 billion.

Capital Adequacy and Risk Control (Parent Company Level) • Net capital stood at RMB 27.90 billion, with a net capital-to-net assets ratio of 82.60% (up from 78.24% at end-2025). • Risk coverage ratio remained high at 326.66%. • Liquidity coverage ratio was 250.34%, and the net stable funding ratio was 173.14%, indicating solid funding resilience. • Capital leverage ratio eased to 19.75%, reflecting moderated balance-sheet expansion. • Exposure to proprietary equity securities and derivatives represented 24.98% of net capital, down 3.44 percentage points from year-end 2025.

Key Takeaways Zheshang Securities delivered robust top-line and bottom-line growth in the first half of 2026, underpinned by a substantial improvement in operating cash flow. While liabilities expanded faster than assets, core capital and liquidity metrics remained strong, offering a solid buffer against market and operational risks.