Shenzhen Expressway Corporation Limited (subsidiary of Shenzhen Int’l, HKEX: 00548) reported a 6.78% year-on-year decline in first-half 2026 revenue to RMB3.65 billion, driven mainly by an 8.8% drop in toll income to RMB2.23 billion following the expiry of Shuiguan Expressway’s concession. Excluding this one-off impact, comparable toll revenue rose 3.3%.

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Net profit attributable to shareholders slipped 4.28% to RMB0.92 billion, reflecting fair-value losses on equity holdings and the cessation of Shuiguan tolling. The group’s gross margin narrowed 0.55 percentage point to 36.41%.

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Environmental-protection businesses—clean energy generation and solid-waste recycling—contributed RMB0.73 billion, representing nearly 20% of total revenue. Wind-power output declined at certain projects due to weaker resources and higher curtailment, while kitchen-waste treatment volumes and grease sales increased modestly.

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Cash flow from operations improved 4.31% to RMB2.04 billion. Total assets stood at RMB70.45 billion, with interest-bearing liabilities of RMB31.21 billion and a net gearing ratio of 85.15%. Available bank credit lines totaled RMB77.26 billion. During the period the company raised RMB2.50 billion through new bond issues and repaid RMB1.21 billion.

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The board did not recommend an interim dividend, consistent with the prior-year period.

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Capital expenditure approved by the board for H2 2026-2028 amounts to RMB14.98 billion, earmarked mainly for the Jihe Expressway reconstruction and expansion, the Outer Ring Expressway Phase III, and kitchen-waste projects.

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Looking ahead, Shenzhen Expressway plans to accelerate major expressway upgrades, expand distributed photovoltaic pilots along highways, and pursue cost-effective financing to support its investment pipeline.