Xiandai Investment Co Ltd

Modern Investment released its 2026 interim report on August 27. During the reporting period, it achieved operating revenue of 3.81 billion yuan, up 30.76 percent year on year, but net profit attributable to the parent company was 234 million yuan, down 23.56 percent year on year, showing a pattern of rising revenue without rising profit. The revenue growth mainly came from the bulk commodity trading business, which generated 2.129 billion yuan, accounting for 55.88 percent of the total and surging 78.48 percent year on year, but its gross margin was only 11.01 percent, making a limited contribution to profit. The profit decline was mainly due to the expiry of toll collection on the Changyong Expressway, as well as a provision of approximately 46.16 million yuan in estimated liabilities by its wholly owned subsidiary Modern Environment for the Da'an project. Although financial subsidiaries such as Dayou Futures saw performance growth, it was still difficult to offset the gap in the core business. The company faces pressure to sustain revenue after the Changyong Expressway ceases operations, as well as challenges such as intensifying competition in the environmental protection industry.

Modern Investment held the 15th meeting of the ninth board of directors on July 30, 2026, electing Tang Chengtie as chairman of the ninth board of directors and Zeng Yongchang as vice chairman, with terms lasting until the end of the ninth board's tenure. The meeting also appointed Tang Chengtie, Liu Gang, and Qu Maohui as members of special committees under the ninth board. The company stated that this personnel change will not affect daily management, production and operations, or debt repayment ability, and the governance structure remains compliant with relevant regulations. Bond trustee China Securities will closely monitor related developments.