Chengdu Expressway Co., Ltd. (abbrev. CHENGDU EXPWAY) reported unaudited 1H 2026 revenue of RMB 1.36 billion, a 3.89% year-on-year decline, as the cessation of tolls on Chengdu Airport Expressway offset growth in the energy segment.

Net profit attributable to shareholders edged down 1.65% to RMB 258.12 million, while total profit contracted 12.16% to RMB 365.78 million. Basic EPS was stable at RMB 0.16.

Segment performance • Expressway operations contributed RMB 734.37 million, down 4.95%. Toll income fell 9.43% to RMB 612.02 million after Chengdu Airport Expressway became toll-free from 26 December 2025. Daily weighted average traffic on the four owned roads dropped 15.31% to 175,775 vehicles. • Energy operations generated RMB 627.52 million, easing 2.61%. Refined-oil sales declined 2.21% to RMB 585.35 million, partly offset by a 13.48% rise in charging-pile revenue to RMB 12.46 million. Segment gross margin improved to 21.33% (1H 2025: 15.52%) on higher fuel prices.

Profitability and costs Group gross profit slipped 4.06% to RMB 509.23 million; gross margin held at 37.39%. Operating costs fell 3.78% to RMB 852.65 million, reflecting lower refined-oil volumes and reduced depreciation on expressways. Administrative expenses rose 10.17% to RMB 79.46 million, driven by higher labour costs.

Balance sheet Total assets increased 4.60% since year-end to RMB 10.94 billion, while total liabilities rose 5.50% to RMB 4.72 billion, producing a gearing ratio of 43.10%. Interest-bearing debt climbed to RMB 3.87 billion (82.14% of liabilities) after new borrowings for the Chengwenqiong Expressway expansion. Cash and cash equivalents stood at RMB 1.64 billion.

Cash flow Operating activities generated RMB 346.85 million, up RMB 112.23 million year-on-year, aided by lower tax outflows. Investment cash outflows widened to RMB 674.75 million, largely due to land requisition and construction spending on the Chengwenqiong project. Financing inflows rose to RMB 258.68 million as long-term loans increased.

Projects and outlook Construction of the Chengwenqiong Expressway expansion progressed, with key bridge works advanced and land acquisition substantially completed. Management will prioritise safety, service-area upgrades and digitalisation across road operations, while accelerating integrated energy projects and micro-grid demonstrations to lift the energy segment’s contribution.

Dividends No interim dividend was proposed. A final dividend of RMB 0.122 per share for FY 2025 (total RMB 202.04 million) was paid on 14 July 2026.

Governance updates During the period Mr. Xia Wei resigned as executive director; Mr. Pan Xin was redesignated to executive director and appointed authorised representative. Subsequent to period-end Mr. Yang Tan retired as chairman, succeeded by Mr. Ding Dapan, with Mr. Wu Xiao named general manager and proposed for the board.

The board approved an H-share full-circulation plan for 331.22 million domestic shares (20% of issued capital) held by Communications Investment Construction and Management.