Jiangsu Expressway Company (177) Q1 2026 earnings summary

Executive summary

• Operating income for Q1 2026 was RMB4.53 billion, down 5.31% year-over-year; excluding construction revenue, the decrease was only 0.09%.

• Net profit attributable to shareholders rose 12.81% year-over-year to RMB1.37 billion, with EPS up 12.81% to RMB0.2711.

• Total profit increased 13.80% year-over-year, driven by higher investment income, notably an interim dividend from Bank of Jiangsu.

• Operating costs decreased 8.10% year-over-year, mainly due to lower oil procurement and real estate sales costs.

Financial highlights

• Total assets grew 3.72% from year-end 2025 to RMB99.98 billion; owners' equity rose 4.57% to RMB43.34 billion.

• Net cash flow from operating activities was RMB1.72 billion, nearly flat year-over-year.

• Weighted average return on net assets increased by 0.13 percentage points to 3.22%.

• Non-recurring profit/loss items had minimal net impact; main items included government subsidies and fair value changes.

Outlook and guidance

• Business reclassification for service area and property leasing aims to improve transparency; no impact on consolidated financials.