Group 1 - CITIC Securities Company Limited increased its stake in Meilan International Airport (00357) by 278,000 shares at a price of HKD 10.4934 per share, totaling approximately HKD 2.9172 million [1] - After the increase, CITIC Securities' total shareholding in Meilan International Airport reached 11.617 million shares, representing a holding percentage of 5.12% [1]

智通财经APP获悉，香港联交所最新资料显示，8月22日，CITIC Securities Company Limited增持美兰空 港(00357)27.8万股，每股作价10.4934港元，总金额约为291.72万港元。增持后最新持股数目为1161.7万 股，最新持股比例为5.12%。 ...

Core Viewpoint - Meilan Airport reported a total revenue of RMB 1.079 billion in the first half of 2025, a year-on-year decrease of 6.3%, with a net loss attributable to shareholders of approximately RMB 70.2024 million, narrowing by 71.7% compared to the previous year [1][2] Revenue Analysis - The aviation business revenue decreased to RMB 576 million, down 4.64% year-on-year, influenced by a decline in business volume [2] - Despite the overall decline in aviation-related income, the special operating rights revenue increased by 2.51% to RMB 243 million due to enhanced advertising rights [2] - Non-aviation revenues from hotels, VIP services, and rentals also saw a decline due to reduced business volume [2] Operational Performance - In the first half of 2025, Meilan Airport recorded 95,500 aircraft movements, a decrease of 3.43% year-on-year, with domestic movements dropping by 3.86% to 89,700 [1] - Passenger throughput totaled 13.907 million, down 4.05% from 14.494 million in the same period last year, with domestic passenger numbers decreasing by 4.87% [1] - International and regional routes showed growth, with passenger numbers increasing by 15.53% to 675,600 [1] Cargo and Mail Performance - Total cargo and mail throughput remained stable at 116,700 tons, a slight increase of 0.29% year-on-year [1] - Domestic cargo volume decreased by 0.73% to 106,100 tons, while international and regional cargo volume increased by 11.84% to 10,600 tons [1] Future Outlook - The acquisition of Meilan Airport's controlling stake by Hainan Airport is expected to enhance competitive strength through unified operations of the three major international airports in Hainan [3] - The commencement of Hainan Free Trade Port operations in December 2025 is anticipated to provide policy benefits and accelerate the development of an international hub [3] - Profit forecasts for 2025-2026 have been adjusted downwards due to underperformance in business volume, with new profit estimates of RMB 92 million and RMB 268 million respectively [3] - The 2027 profit forecast is projected at RMB 529 million, with a valuation basis of 18.7x PE, which remains below the industry average of 28x [3]

Core Viewpoint - The company reported a revenue of 1.079 billion yuan for 1H25, a year-on-year decline of 6.1%, with a net loss attributable to shareholders of 70 million yuan, narrowing by 71.7% compared to the previous year. The weaker performance is attributed to poor traffic flow and competition from other airports and transport modes, but long-term prospects remain positive due to the benefits from the Hainan Free Trade Port [1][2]. Revenue Performance - The company's traffic volume faced pressure, with passenger throughput at 13.91 million, down 4.1% year-on-year, primarily due to changes in popular tourist destinations and competition from other airports [1]. - Revenue from aviation-related businesses fell by 4.6% to 576 million yuan, aligning with traffic growth rates. Non-aviation revenue showed weaker monetization capabilities, with total non-aviation revenue declining by 15.6% to 260 million yuan, despite a 2.5% increase in concession revenue to 243 million yuan driven by steady growth in advertising [1][2]. Cost Structure and Losses - The company's operating costs were rigid, with total costs rising by 5.5% to 1.046 billion yuan in 1H25. Labor costs increased by 13 million yuan, and maintenance costs rose by 19 million yuan due to renovation needs [2]. - Despite the decline in revenue, the net loss attributable to shareholders narrowed to 70 million yuan, a reduction of 178 million yuan year-on-year, mainly due to a decrease in extraordinary expenses from arbitration compensation [2]. Future Outlook - The Hainan Free Trade Port is set to officially launch operations on December 18, 2025, which is expected to stimulate traffic to Hainan Island, providing additional growth opportunities for the company [2]. - The potential acquisition of control over Hainan Airport is anticipated to enhance the efficiency of aviation resource utilization on the island, allowing the company to better leverage its hub position in the region [2]. Profit Forecast and Valuation - The company has revised its net profit forecast for 2025 to a loss of 76 million yuan, down from a previous estimate of a profit of 267 million yuan. Projections for 2026 and 2027 have also been reduced by 45% and 29% respectively [2]. - The company is expected to improve profitability in the medium to long term, driven by the benefits of the Hainan Free Trade Port, with a target price adjustment to 11.50 HKD from 11.00 HKD, maintaining a "buy" rating [2].

上 市 公 司 交通运输 2025 年 08 月 21 日 美兰空港 (00357) ——25H1 净亏损同比收窄，封关运作后优势可期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 20 日 | | --- | --- | | 收盘价（港币） | 10.63 | | 恒生中国企业指数 | 9013.27 | | 52 周最高/最低（港币） | 12.18/6.04 | | H 股市值（亿港币） | 50.30 | | 流通 H 股（百万股） | 226.91 | | 汇率（人民币/港币） | 1.0932 | 一年内股价与基准指数对比走势： -16% 34% 84% HSCEI 美兰空港 资料来源：Bloomberg 证券分析师 刘衣云 A0230524100007 liuyy@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 研究支持 刘衣云 A0230524100007 liuyy@swsresearch.com 财务数 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 11.50, up from the previous target of HKD 11.00 [6][5][17] Core Views - The company reported a revenue of RMB 1.079 billion for 1H25, a decrease of 6.1% year-on-year, with a net loss attributable to shareholders of RMB 70 million, which is a 71.7% improvement compared to the previous year [1][3] - The weak performance in passenger traffic, which decreased by 4.1% to 13.91 million passengers, is attributed to changes in popular travel destinations and competition from other airports and transport modes [2][4] - The company is expected to benefit from the upcoming Hainan Free Trade Port policies, which are anticipated to stimulate passenger flow and enhance the operational efficiency of the airport [4][5] Financial Performance Summary - The company's operating costs for 1H25 were RMB 1.046 billion, an increase of 5.5% year-on-year, leading to a gross profit decline to RMB 33 million [3] - The report projects a downward revision of the company's net profit for 2025 to a loss of RMB 76 million, with subsequent years showing a recovery to profits of RMB 271 million in 2026 and RMB 499 million in 2027 [5][10] - The earnings per share (EPS) are forecasted to be -0.16 for 2025, 0.57 for 2026, and 1.05 for 2027 [10][5] Market Position and Future Outlook - The establishment of a joint venture with Changi Airport Group is expected to enhance the company's ability to monetize non-aeronautical revenues [1][4] - The anticipated completion of the acquisition of control over Hainan Airport is expected to improve the utilization of aviation resources on Hainan Island, reinforcing the company's hub status [4][5] - The report highlights the potential for long-term profitability improvements driven by the Free Trade Port's benefits and the company's capacity expansion [5][4]

Core Insights - Meilan Airport reported a mid-year revenue of approximately RMB 1.079 billion for 2025, representing a year-on-year decline of 6.09% [1] - The net loss attributable to the parent company shareholders was approximately RMB 70.20 million, narrowing by 71.7% year-on-year [1] Revenue Breakdown - The number of aircraft takeoffs and landings decreased by 3.43% year-on-year, while passenger throughput fell by 4.05%, leading to a reduction in aviation-related revenue by RMB 28.03 million [1] - Non-aviation revenue experienced a year-on-year decline of RMB 41.98 million, influenced by a decrease in passenger consumption willingness [1]

Core Viewpoint - Meilan Airport (00357) reported a total revenue of approximately RMB 1.079 billion for the first half of 2025, representing a year-on-year decrease of 6.09% [1] Financial Performance - The net loss attributable to shareholders narrowed to approximately RMB 70.20 million, a reduction of 71.7% year-on-year [1] - Basic loss per share was RMB 0.15 [1] Factors Influencing Performance - The reduction in net loss was primarily due to the absence of provisions for arbitration compensation that were recorded in the same period of 2024 [1] - Excluding the impact of the arbitration case, the net loss for the first half of 2025 increased by RMB 78.55 million compared to the same period last year [1] Operational Metrics - Meilan Airport experienced a decline in operational metrics, with the number of aircraft takeoffs and landings and passenger throughput decreasing by 3.43% and 4.05% year-on-year, respectively [1] - This decline in operational performance led to a year-on-year decrease in aviation revenue of RMB 28.03 million [1] Non-Aviation Revenue - Non-aviation revenue also saw a year-on-year decrease of RMB 41.98 million, influenced by a decline in passenger consumption willingness [1]

Group 1 - The core point of the article is that Meilan Airport (00357) reported a total revenue of approximately RMB 1.079 billion for the first half of 2025, representing a year-on-year decrease of 6.09% [1] - The net loss attributable to shareholders narrowed to approximately RMB 70.20 million, a reduction of 71.7% compared to the previous year [1] - The decrease in net loss was primarily due to the provision for arbitration compensation recorded in the same period of 2024 [1] Group 2 - Excluding the impact of the arbitration case, the net loss for the first half of 2025 increased by RMB 78.55 million compared to the same period last year [1] - The decline in operational metrics at Meilan Airport contributed to a decrease in aviation revenue, with aircraft takeoffs and landings and passenger throughput down by 3.43% and 4.05% year-on-year, respectively, resulting in a reduction of aviation revenue by RMB 28.03 million [1] - Non-aviation revenue also decreased by RMB 41.98 million year-on-year, influenced by a decline in passenger spending [1]

Core Viewpoint - Meilan Airport (00357.HK) reported a total revenue of RMB 1.079 billion for the six months ending June 30, 2025, representing a 6.09% decrease compared to the same period in 2024 [1] Financial Performance - The net loss attributable to shareholders was RMB 70.202 million, an improvement from a net loss of RMB 248 million in the same period of 2024 [1] - The loss per share was RMB 0.15, compared to RMB 0.52 in the previous year [1] Factors Influencing Performance - The reduction in net loss was primarily due to the absence of provisions for arbitration case compensation that were recorded in 2024 [1] - Excluding the impact of the arbitration case, the net loss for the first half of 2025 increased by RMB 78.555 million compared to the previous year [1] - Operational metrics at Meilan Airport showed a decline, with aircraft takeoffs and landings down by 3.43% and passenger throughput down by 4.05%, leading to a decrease in aviation revenue of RMB 28.033 million [1] - Non-aviation revenue also decreased by RMB 41.981 million, influenced by a decline in passenger spending [1]