CHINA MERCHANTS EXPRESSWAY NETWORK (001965) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached ¥3.56 billion, up 26.90% year-over-year, with net profit attributable to shareholders at ¥1.35 billion, a 1.50% increase from the same period last year.

• Basic and diluted EPS were ¥0.1945, up 2.75% year-over-year.

• Total assets at quarter-end stood at ¥163.63 billion, a 0.75% increase from year-end 2025.

Financial highlights

• Operating cash flow was ¥1.22 billion, down 9.85% year-over-year.

• Net cash outflow from investing activities was ¥455 million, nearly double the outflow from the prior year due to increased project investment.

• Net cash outflow from financing activities improved to ¥538 million, a 44.33% reduction year-over-year, mainly due to lower debt repayments.

• Non-recurring profit items totaled ¥2.19 million, mainly from government subsidies and other non-operating income.

Outlook and guidance

• Increased investment in the Jingjintang reconstruction and expansion project is expected to continue impacting cash flows.