Sichuan Road & Bridge Group (600039) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 2.66% YoY to RMB 75.23B and attributable net income increased 0.73% to RMB 5.34B; Q3 revenue and net income fell 4.60% and 10.82% YoY, respectively.

• 9M new awards totaled RMB 47.86B across 412 projects; construction advanced on major highway and rail projects, though some work remained constrained by resettlement and geological conditions.

Financial highlights

• Q3 revenue was RMB 28.38B, down 4.60% YoY; total profit was RMB 2.85B, down 6.45%; attributable net income was RMB 2.25B, down 10.82%.

• 9M total profit rose 3.95% YoY to RMB 6.78B; attributable net income rose 0.73% to RMB 5.34B, while net income excluding non-recurring items increased 2.32% to RMB 5.35B.

• 9M operating cash flow was negative RMB 4.04B, versus negative RMB 236.13M in the prior-year period; investing cash flow was negative RMB 2.18B.

• 9M operating costs were RMB 68.12B, including RMB 63.67B of operating cost; credit impairment losses were RMB 319.23M and asset impairment losses RMB 118.02M.

Outlook and guidance

• Priorities for the remainder of the year include project delivery, market development, cost reduction and efficiency, enterprise reform, and execution of annual targets.

• Several highway sections, including parts of Guangmian expansion, Suining-Chongqing expansion, and the Yiji section of the Yangtze River highway, were approaching opening and were expected to enter service within the year.