Shenzhen Expressway Reveals April 2026 Unaudited Toll Revenue – Key Insights for Investors

Key Highlights from the Announcement

• Shenzhen Expressway Corporation Limited (Stock Code: 00548) has published its unaudited toll revenue report for April 2026.
• The report covers the performance of the Group’s toll highway assets in Guangdong (Shenzhen region and other regions) and other provinces in China.
• Several major expressways with full or majority ownership saw substantial contributions to monthly revenue.
• There were three days of toll exemption for small passenger vehicles during holidays in April 2026, potentially impacting revenue figures.
• The data is unaudited and subject to adjustments; investors are cautioned to use it for reference only.

Detailed Toll Revenue Breakdown

The following table summarizes the key toll revenue figures for April 2026 (all figures are tax-excluded and in RMB thousands):

Key Points for Shareholders

• Revenue Concentration: The largest contributors to toll revenue were the GS Expressway (RMB 204.17 million), Outer Ring Project (RMB 102.54 million), and GZ West Expressway (RMB 94.66 million). These routes are critical to the Group’s revenue mix.
• Holiday Toll Exemptions: Three days of toll-free travel for small passenger vehicles were implemented in April 2026, which may have resulted in lower revenue for the month. Investors should factor in the seasonal and regulatory impact when assessing the figures.
• Revenue Recognition and Data Reliability: The data provided is unaudited and based on estimations at the monthly settlement date. Adjustments may be made in subsequent reporting periods, potentially affecting future financial disclosures.
• Partial Ownership and Non-Consolidated Revenue: Several expressways, such as GS Expressway, GZ West Expressway, and Nanjing Third Bridge, are not fully consolidated. While their revenues are significant, only the proportionate share may impact the Group’s consolidated financial statements.

Potential Price-Sensitive Aspects

• Short-term Revenue Volatility: The toll-free holiday policy and reliance on unaudited, estimated data could introduce volatility in reported revenue, which may influence investor sentiment and share price in the short term.
• Strong Asset Performance: Notable revenue from key assets, particularly the Outer Ring Project and GS Expressway, suggests robust operational performance. Sustained trends could positively impact future earnings and valuations.
• Caution on Data Accuracy: As the company explicitly states that the toll revenue data is unaudited and subject to adjustment, investors should be cautious in making investment decisions based solely on this announcement.

Management Statement and Board Composition

The Board, led by Company Secretary Zhao Gui Ping, reminds investors that the data is preliminary and for reference only. The Board currently comprises a mix of executive, non-executive, and independent non-executive directors, ensuring diverse oversight and governance.

Conclusion

This interim toll revenue report provides valuable insights into Shenzhen Expressway’s operational performance for April 2026. While the figures highlight the strong contributions of several key assets, investors should note the data’s provisional nature and potential for subsequent adjustments. Regulatory factors, such as holiday toll exemptions, are also influencing monthly revenue trends. Overall, the report contains operational data that could affect short-term share price movements, especially as the market digests unaudited results and awaits more comprehensive financial disclosures.

Disclaimer

This article is for information purposes only and does not constitute investment advice. The revenue data discussed is unaudited and subject to change. Investors should exercise caution and refer to official periodic reports for final, audited figures before making investment decisions.

中文（廣東話）版本

深圳高速公路公布2026年4月未經審核通行費收入——投資者需注意重點

公告主要重點

• 深圳高速公路股份有限公司（股份代號：00548）發佈2026年4月集團未經審核的通行費收入數據。
• 報告涵蓋了集團於廣東（深圳地區及其他地區）及中國其他省份的高速公路資產營運情況。
• 多條全資或控股高速公路為公司貢獻了可觀收入。
• 2026年4月因節假日小型客車免費通行政策，合共免收通行費3天，對收入或有影響。
• 數據為未經審核，僅供參考，投資者應審慎使用。

詳盡通行費收入細節

股東需關注的要點

• 收入集中度：廣深高速（約2.04億元）、外環高速（約1.03億元）、廣珠西高速（約9,466萬元）是主要收入來源，為集團收入結構關鍵支柱。
• 節假日免費政策：4月小型客車免費通行三天，或令收入出現短期波動，投資者評估時需考慮政策及季節性因素。
• 數據準確性：公司明確強調數據為未經審核，部分為預估，未來可能有調整，投資者應審慎作出投資決定。
• 部分收費公路未全額合併：如廣深高速、廣珠西高速、南京三橋等，僅以集團持股比例計入合併財報，實際對集團盈利影響需按股權比例計算。

可能影響股價的因素

• 短期收入波動：節假日免費及未經審核估算數據，或令短期收入及市場情緒出現波動，影響股價表現。
• 重點資產運營穩健：外環高速、廣深高速等重點路產收入表現強勁，若能持續，或有利於公司未來盈利及估值。
• 數據準確性風險：公司提醒投資者公告數據僅供參考，最終以經審核財報為準，投資決策應審慎。

管理層聲明及董事會架構

公司秘書趙桂平代表董事會提醒，數據僅供參考，未經審核，投資者應以審慎態度處理。現時董事會由執行董事、非執行董事及獨立非執行董事組成，保障公司治理及監管。

總結

本次未經審核通行費收入公告，反映深圳高速2026年4月主要運營表現。雖多項路產收入理想，但數據具臨時性，需注意未來或有調整。政策性因素及數據準確性亦為需留意重點。綜合而言，公告或對短期股價構成影響，市場將關注後續正式財報。

免責聲明

本文僅供參考，並不構成任何投資建議。相關數據未經審核，最終以公司正式公告及經審核財報為準，投資者應審慎決策。

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