Ganyue Expressway first-half net profit expected to drop over 60 percent, dragged by fair value changes in financial assets

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Ganyue Expressway has issued its 2026 first-half performance forecast, estimating net profit attributable to shareholders at 180 million to 260 million yuan, a year-on-year decline of 76.43 percent to 65.96 percent. The company achieved toll service revenue of 1.86 billion yuan, up 0.56 percent year-on-year, meeting 50 percent of its full-year operating target, but fair value changes on financial assets it holds fell sharply. As of the end of 2025, the company held financial assets measured at fair value totaling 2.061 billion yuan, of which listed company shares were worth about 1.685 billion yuan, and Guosheng Securities shares were worth 1.322 billion yuan, accounting for 64.14 percent of such assets. Affected by the A-share secondary market, the Shenwan Securities Sector Index fell 7.84 percent in the first half, and Guosheng Securities' share price dropped 34.68 percent from the start of the year, shrinking the value of financial assets. Excluding short-term fluctuations, estimated core net profit is 430 million to 620 million yuan, a year-on-year decline of 31.27 percent to 0.91 percent, mainly due to higher depreciation of highway assets and lower profitability in competitive businesses. The company is participating in several venture capital funds through its subsidiary Shanghai Jiarong Investment Management, with committed capital of 30 million yuan each, to position itself in high-growth sectors.

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