Jiangxi Ganyue Expressway Co Ltd

Ganyue Expressway disclosed its 2026 interim report, with net profit attributable to the parent at 208 million yuan, down 72.81% from the same period last year. Total operating revenue for the period was 2.66 billion yuan, a year-on-year decrease of 13.66%. Net cash inflow from operating activities was 1.086 billion yuan, down 27.07% year-on-year. During the reporting period, the company's gross margin was 42.11%, up 3.06 percentage points from the same period last year, but down 7.90 percentage points from the previous quarter. Return on equity was 1.08%, down 2.94 percentage points from the same period last year. Diluted earnings per share were 0.09 yuan, down 72.73% year-on-year.

Ganyue Expressway disclosed a performance forecast, expecting net profit attributable to the parent for the first half of 2026 to be between 180 million yuan and 260 million yuan, a year-on-year decline of 65.96% to 76.43%. Deducted non-recurring net profit is expected to be between 430 million yuan and 620 million yuan, a year-on-year decline of 0.91% to 31.27%. The company stated that the significant drop in net profit attributable to the parent was mainly due to a sharp year-on-year decline in fair value changes of financial assets held, while the decline in deducted non-recurring net profit was due to increased depreciation of highway assets and reduced profits from competitive businesses. Based on the closing price on July 14, the company's price-to-earnings ratio is approximately 12.49 to 13.93 times, the price-to-book ratio is approximately 0.5 times, and the price-to-sales ratio is approximately 1.56 times.