Sichuan Expressway Group Company Limited (“Sichuan Express”) posted solid first-half results for 2026, with revenue climbing 12.55% year on year to RMB4.89 billion and profit attributable to shareholders edging up 1.96% to RMB900.61 million. Basic earnings per share rose to RMB0.280 from RMB0.275 a year earlier.

\n\nSegment performance showed mixed trends. Toll-road operations remained the largest contributor at RMB2.43 billion, down 4.12% amid traffic diversion to competing routes and policy-driven toll discounts. Construction services nearly doubled revenue to RMB1.43 billion (+106.40%) as work accelerated on key expansion projects. Transportation services generated RMB957.14 million (-7.94%) due to lower refined-oil sales, while new-energy technology income grew 33.76% to RMB65.04 million on higher EV-charging demand. Transportation logistics revenue fell sharply to RMB4.77 million.

\n\nGroup operating costs reached RMB3.55 billion (+17.80%). Construction expenses under service-concession arrangements more than doubled to RMB1.43 billion, reflecting heavier spending on Chengle, Tianqiong and Chengya projects. Finance costs were roughly stable at RMB312.91 million after capitalising RMB258.02 million of interest.

\n\nBalance-sheet expansion continued. Total assets stood at RMB67.28 billion, with service-concession assets up RMB1.03 billion to RMB57.58 billion. Net gearing (total liabilities/total assets) increased to 67.37% from 64.45% at end-2025 as bank and other borrowings rose to RMB42.34 billion. Cash and cash equivalents declined by RMB3.05 billion to RMB1.50 billion, mainly due to project outlays and completion of the RMB2.41 billion acquisition of an 85% stake in Jingyi Expressway Company.

\n\nProject execution remains a core focus. The 136.1-kilometre Chengle Expressway expansion had invested RMB16.61 billion by 30 June 2026; the 42-kilometre Tianqiong BOT expressway, fully opened in September 2024, has absorbed RMB7.30 billion; and the new 159.1-kilometre Chengya Expressway expansion has incurred RMB622 million since its August 2025 launch.

\n\nTo support growth, Sichuan Express plans a private placement of up to 432.55 million A shares, targeting proceeds not exceeding RMB3.18 billion for the Chengya expansion and debt repayment. As at 30 June, the Group retained RMB40.49 billion of undrawn bank facilities.

\n\nThe Board declared no interim dividend for 1H 2026. The 2025 final dividend of RMB0.297 per share (RMB908.24 million) was paid in June and July.

\n\nSubsequent to period-end, Director Li Chengyong resigned on 6 August 2026. The proposed A-share issuance remains subject to regulatory approval.