Shenzhen Investment Holdings Bay Area Development Company Limited (BAY AREA DEV) reported interim results for the six months ended 30 June 2026, with profit attributable to equity shareholders climbing 21.03 % year-on-year to RMB283.39 million. Management attributed the earnings growth to lower finance costs and stabilising contributions from joint-venture expressways.

\n\nKey financials • Share of net toll revenue: RMB1.24 billion (+2 % YoY) • Group EBITDA (share of projects): RMB1.10 billion (+3 % YoY) • Profit attributable to equity holders: RMB283.39 million (+21 % YoY) • Interim dividend: RMB0.085 per share (HK$0.0983), representing a 100 % payout of interim earnings • Net debt fell to RMB2.01 billion (30 June 2026) from RMB3.05 billion at end-2025; gearing ratio improved to 39 % (31 Dec 2025: 66 %)

\n\nOperational highlights • GS Superhighway: Average daily toll revenue slipped 9 % YoY to RMB6.84 million; mixed traffic volume down 6 % to 587,000 vehicles, reflecting construction-related diversions and the halt of cross-boundary freight clearance at Shenzhen Huanggang Port. • GZ West Superhighway: Average daily toll revenue rose 2 % YoY to RMB3.06 million; traffic volume eased 3 % to 253,000 vehicles as prior network diversion effects waned. • Coastal Expressway (Shenzhen Section): Average daily toll revenue advanced 8 % YoY to RMB2.22 million; traffic rose 10 % to 234,000 vehicles, supported by surrounding area development and diversions from GS Superhighway works.

\n\nProperty development Contracted sales at the Grand Park City residential project totalled RMB225 million in 1H 2026, equating to an average selling price of RMB19,000 per sq m. Cumulative contracted sales since launch reached RMB6.22 billion.

\n\nStrategic and financing developments • The Guangzhou–Shenzhen section reconstruction and expansion—central to BAY AREA DEV’s growth plan—moved into full-scale construction during the half-year, with RMB644 million of capital injected to date (Group share). • On 26 June 2026, the company issued 250 million new shares to Shandong Hi-Speed (Hong Kong) Investment for HK$458.38 million, positioning the subscriber as BAY AREA DEV’s third-largest shareholder. Net proceeds of approximately HK$456 million are earmarked for the expressway expansion and future land-development opportunities. • Group finance costs declined 31 % YoY to RMB49.42 million due to optimised loan terms; net exchange gains contributed RMB12.35 million.

\n\nDividend timetable Books will close from 24 to 28 September 2026. Shareholders registered by 28 September will receive the interim dividend on 9 November 2026, with an election to receive payment in RMB, HKD or a combination thereof.

\n\nOutlook Management anticipates stable performance across the Coastal Expressway, GS Superhighway and GZ West Superhighway despite short-term traffic disruption from ongoing expansion works. Potential land-development initiatives along the GS Superhighway and continued progress on major infrastructure projects are expected to underpin long-term growth.