Yuexiu Transport Infrastructure Limited reported first-half 2026 revenue of RMB2.14 billion, up 2.00 % year on year, driven by the February acquisition of an 85 % stake in Shandong’s Qinbin Expressway, which added RMB165 million to toll income and RMB64.69 million to attributable profit during the period.

Gross profit slipped 8.90 % to RMB894 million as amortisation expenses pushed the gross margin down by 5.0 percentage points to 41.8 %. Operating profit declined 5.0 % to RMB808 million, while EBITDA improved 5.5 % to RMB1.94 billion, giving an EBITDA interest cover of 8.5 times (end-2025: 9.0 times).

Profit before tax edged up 6.9 % to RMB658 million; profit attributable to shareholders increased at the same pace to RMB386 million, translating into basic earnings per share of RMB0.2306. The board declared an interim dividend of HK$0.12 per share, equating to a 45.0 % payout ratio.

Total assets expanded 12.8 % to RMB42.20 billion, reflecting both the Qinbin Expressway consolidation and RMB0.35 billion of capital spent on the Guangzhou Northern Second Ring (GNSR) Expressway reconstruction and expansion project. Net assets per share rose 1.6 % to RMB7.29.

Net debt climbed, lifting the gearing ratio to 53.8 % (end-2025: 47.2 %), chiefly after new bank borrowings and notes issues to fund acquisitions and capex. Total external debt reached RMB20.77 billion with 98.3 % yuan-denominated borrowings; the average interest rate eased to 2.33 %.

Operationally, group toll revenue rose 1.7 % to RMB2.09 billion. Projects such as Weixu and Lanwei expressways recorded mid-single-digit to low-double-digit revenue gains, while Suiyuenan and Han’e expressways saw double-digit declines due to traffic diversions and competing routes. Average daily toll revenue at the flagship GNSR Expressway fell 8.7 % amid competition from newly opened roads.

Management highlighted continued progress on the high-profile GNSR Expressway reconstruction and expansion, with key tunnel works completed in June. Refinement initiatives cut administrative expenses by RMB45.19 million and would have reduced finance costs 11.9 % absent the Qinbin consolidation.

Looking ahead, the company targets further portfolio optimisation, accelerated execution of existing upgrade projects and selective expansion into new infrastructure and energy ventures while maintaining focus on disciplined cost and capital management.