此乃要件 請即處理 閣下如 對本通函任何方面或應採取之行動 有任何疑問，應諮詢 閣下之股票經紀或其他註 冊證券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如 已將名下之全部 海南美蘭國際空港股份有限公司 股 份 售出或轉讓，應立即將本通函 及隨附之經修訂代表委任表格送交買主或承讓人或經手買賣或轉讓之銀行、股票經紀或其 他代理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 海南美蘭國際空港股份有限公司 Hainan Meilan International Airport Company Limited* （在中華人民共和國註冊成立之股份有限公司） （股票代碼：357） 建議委任及重選董事、 建議重選監事、 建議修訂公司章程 及 股東特別大會通告 董事會函件載於本通函第3至16頁。 本 公 司 謹 訂 於 二 零 二 四 年 十 二 月 二 十 七 日（星 期 五）上 午 十 時 正 假 座 中 國 海 南 省 海 口 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 海南美蘭國際空港股份有限公司 Hainan Meilan International Airport Company Limited* （在中華人民共和國註冊成立之股份有限公司） （股票代碼：357） 獨立非執行董事退任、 建議委任及重選董事、 建議重選監事 及 建議修訂公司章程 獨立非執行董事退任 董 事 會 宣 佈，因 彼 之 任 期 屆 滿，孟 繁 臣 先 生 將 退 任 獨 立 非 執 行 董 事 職 務，自 股東特別大會批准委任新獨立非執行董事後生效。 建議委任及重選董事 現任第八屆董事會的任期將於二零二四年十二月三十一日屆滿。董事會謹此 宣佈於股東特別大會上建議委任及建議重選第九屆董事會的董事。 建議委任獨立非執行董事 董事會將於股東特別大會上提呈普通決議案，以委任劉紅濱女士為獨立非執 行董事，自股東特別大會日期起生效，惟須待股東批准後 ...

自願公告 （在中華人民共和國註冊成立之股份有限公司） （股票代碼：357） 茲 提 述 本 公 司 日 期 為 二 零 二 一 年 一 月 五 日 之 有 關 仲 裁 的 內 幕 消 息 公 告、日 期 為 二零二三年六月十五日之有關仲裁的進展公告以及日期為二零二四年七月五日 之 有 關 仲 裁 的 進 展 公 告（「二零二四年公告」）。除 非 文 義 另 有 所 指，本 公 告 所 用 辭 彙與其所界定者具有相同涵義。 誠 如 二 零 二 四 年 公 告 所 述，根 據 該 仲 裁 的 第 二 階 段 仲 裁 裁 決（也 是 該 案 的 終 局 裁 決），裁定本公司應向仲裁申請人支付賠償金及相關仲裁費用合計約2.988億港元， 以 及 自 第 二 階 段 仲 裁 裁 決 作 出 之 日 至 裁 決 金 額 支 付 完 畢 之 日 的 利 息（按 照 年 利 率8.875%計 算 單 利）（「應付利息」）。 * 僅供識別 – 1 – 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 ...

2024 年 08 月 28 日 美兰空港 (00357) 一年内股价与基准指数对比走势： -33% -13% 7% 27% 08/2809/2810/2811/2812/2801/2802/2803/2804/2805/2806/2807/28 HSCEI 美兰空港 买入（维持）投资要点： ⚫ 事件：美兰空港公布 2024 年上半年业绩，公司实现总收入为人民币 11.52 亿元，同比增 | --- | --- | |------------------------|------------------| | 市场数据： | 2024 年 08 月 27 | | 收盘价（港币） | 6.89 | | 恒生中国企业指数 | 6306.36 | | 52 周最高/最低（港币） | 10.16/5.21 | | H 股市值（亿港币） | 32.60 | | 流通 H 股（百万股） | 226.91 | | 汇率（人民币/港币） | 1.0946 | 财务数据及盈利预测 | --- | --- | --- | --- | --- | --- | |----------------------|-------|---- ...

Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 1,149.28 million, an increase from RMB 1,065.95 million for the same period in 2023, representing a growth of approximately 7.4%[2] - Net loss attributable to shareholders was RMB 248.05 million, compared to a net loss of RMB 50.62 million in the same period last year, reflecting a significant increase in losses[2] - Basic loss per share was RMB 0.52, compared to RMB 0.11 in the previous year, indicating a worsening of financial performance[9] - The company reported a net loss of RMB 260 million for the six-month period ending June 30, 2024[13] - The company reported a net loss attributable to ordinary shareholders of RMB 248,045,330 for the six months ended June 30, 2024, compared to a loss of RMB 50,620,355 in the same period of 2023, resulting in a basic loss per share of RMB 0.52[21] - The group's operating costs for the six months ended June 30, 2024, were RMB 991,106,517, with total costs and expenses amounting to RMB 1,040,046,522, reflecting a year-on-year increase of 2.51%[55] Revenue Breakdown - Aviation business revenue reached RMB 603.64 million, up from RMB 494.40 million in the prior year, indicating a growth of about 22.2%[2] - The airline business generated revenue of RMB 603,635,580, up from RMB 494,404,533, reflecting a growth of about 22.2% year-over-year[17] - The non-airline business revenue decreased to RMB 545,641,675 from RMB 571,542,433, indicating a decline of approximately 4.5%[17] - Non-aviation business revenue decreased by 4.53% to RMB 545,641,675 in the first half of 2024, primarily due to a decline in duty-free shop sales[48] - The revenue from ground services reached RMB 207,568,620, marking a 22.20% increase year-on-year[48] Operational Metrics - Passenger throughput was 14.49 million, an increase from 12.05 million in the previous year, representing a growth of approximately 20%[2] - Aircraft movements totaled 98,929, up from 85,367 in the prior year, indicating an increase of about 15.9%[2] - Cargo and mail throughput was 116,356 tons, compared to 93,078 tons in the same period last year, showing a growth of approximately 25%[2] - In the first half of 2024, Meilan Airport operated a total of 6,587 wide-body aircraft flights, accounting for 6.7% of total flights, with a year-on-year increase of 3.67% compared to the same period last year and a 6.16% increase compared to 2019[42] - The total passenger throughput for the first half of 2024 reached 14.49 million, a 20.30% increase compared to 12.05 million in the same period of 2023[47] - The number of aircraft takeoffs and landings increased by 15.89% to 98,929 in the first half of 2024 compared to 85,367 in the same period of 2023[47] Assets and Liabilities - Current assets decreased to RMB 481.76 million from RMB 704.86 million at the end of 2023, reflecting a decline of approximately 31.6%[10] - Non-current assets totaled RMB 10,253.60 million, down from RMB 10,656.09 million at the end of 2023, indicating a decrease of about 3.8%[10] - As of June 30, 2024, the company's current liabilities totaled RMB 5.59 billion, a decrease from RMB 6.40 billion as of December 31, 2023, representing a reduction of approximately 12.7%[11] - The total liabilities decreased to RMB 6.75 billion as of June 30, 2024, down from RMB 7.12 billion at the end of 2023, indicating a decline of about 5.2%[11] - The company has a total equity of RMB 3.98 billion as of June 30, 2024, compared to RMB 4.24 billion at the end of 2023, reflecting a decrease of approximately 5.8%[11] - As of June 30, 2024, the group had total borrowings of approximately RMB 3,006,811,284, with cash and cash equivalents of about RMB 23,879,618[58] Strategic Initiatives - The company is focusing on expanding its aviation and non-aviation business segments to improve overall revenue and reduce losses in the future[4] - The company is actively seeking additional bank credit lines to alleviate liquidity pressure[14] - The company plans to enhance service quality and operational efficiency at Meilan Airport, focusing on safety and smart aviation initiatives[28] - The company aims to open 62 international routes by the end of the year to facilitate foreign tourist arrivals and enhance market confidence[31] - The company is enhancing its commercial services by promoting the "Duty-Free" brand, which has led to increased commercial revenue through various promotional activities[72] Tourism and Market Trends - In the first half of 2024, the Chinese civil aviation industry achieved a passenger transport volume of 351 million, a year-on-year increase of 23.5%[27] - The total tourism revenue in Hainan was approximately RMB 109.739 billion, marking a year-on-year increase of 19.8%[29] - The expansion of visa-free entry policies for 59 countries is expected to boost tourism and trade in Hainan, supporting the development of the Hainan Free Trade Port[30] - Hainan Province received 51.09 million domestic and international tourists in the first half of 2024, representing a 10.9% increase year-on-year[29] Corporate Governance - The company is committed to adhering to all regulations set by the China Securities Regulatory Commission and the Hong Kong Stock Exchange, continuously improving its corporate governance structure[95] - The company has established a code of conduct for directors and supervisors that meets or exceeds the standards of the code of conduct[94] - The board consists of four independent non-executive directors as of June 30, 2024[93] - The audit committee is composed of three independent non-executive directors, including one with accounting qualifications[93] Future Outlook - The company anticipates significant capital needs in the second half of 2024 due to the Phase II expansion project, which commenced operations in December 2021, leading to increased cash costs[78] - The company plans to enhance service quality over the next three years and develop a service brand strategy for Meilan Airport[77] - The company will continue to develop the aviation market and coordinate with airlines to increase flight operations during the off-peak season[77]

Investment Rating - The report maintains a "Recommended" rating for Meilan Airport (00357.HK) [1] Core Views - The aviation business has shown a strong recovery, supported by the broader context of Hainan Free Trade Port development [1] - The company reported a total revenue of 2.101 billion yuan in 2023, with a year-on-year growth of 79.5% [1] - The net profit attributable to shareholders is projected to turn positive in 2024, reaching 177 million yuan, with significant growth expected in subsequent years [1] Financial Summary - **Revenue Forecast**: - 2023: 2,101 million yuan - 2024E: 2,575 million yuan (22.6% YoY growth) - 2025E: 3,040 million yuan (18.1% YoY growth) - 2026E: 3,278 million yuan (7.8% YoY growth) [1] - **Net Profit Forecast**: - 2023: -136 million yuan - 2024E: 177 million yuan (230.2% YoY growth) - 2025E: 436 million yuan (146.1% YoY growth) - 2026E: 564 million yuan (29.4% YoY growth) [1] - **Earnings Per Share (EPS)**: - 2023: -0.29 yuan - 2024E: 0.37 yuan - 2025E: 0.92 yuan - 2026E: 1.19 yuan [1] - **Valuation Ratios**: - Price-to-Earnings (PE) ratio for 2024E: 22.4x - PE ratio for 2025E: 9.1x - PE ratio for 2026E: 7.0x - Price-to-Book (PB) ratio for 2024E: 0.9x [1] Business Segments - **Aviation Business**: - Revenue from aviation services reached 970 million yuan in 2023, a 170% increase YoY, contributing 47% to total revenue [1] - Passenger throughput reached 24.34 million, recovering to 101% of 2019 levels [1] - **Non-Aviation Business**: - Non-aviation revenue was 1.111 billion yuan, a 42% increase YoY, accounting for 53% of total revenue [1] - Duty-free sales in Hainan reached 43.76 billion yuan in 2023, a 25% increase YoY, benefiting the company's non-aviation segment [1] Long-term Outlook - The company is positioned as a core hub in the Hainan Free Trade Port, with significant growth potential as the second phase of the airport project is completed [1] - The projected passenger throughput for Meilan Airport is expected to reach 30 million by 2025, further solidifying its status as a key regional hub [1]

证券研究报告 | 年报点评报告 2024年04月25日 美兰空港（00357.HK） 客流收入恢复，运营成本、折旧有所提升 事件：公司 3 月 28 日发布 2023 年业绩报告，2023 年公司实现收入 20.9 买入（维持） 亿元，同比+82.7%。实现归母净亏损 1.36 亿元/同比收窄 12.4%。其中 股票信息 2023H2 实现收入 10.2 亿元/同比+96.5%，实现亏损 0.85 亿元/同比扩大 行业 航空服务 128.2%。报告期内，公司客流、营收恢复，运营成本、折旧有所提升。 前次评级 买入 4月23日收盘价(港元) 7.14 客流支撑业务收入回暖，流量有望持续上升。报告期内客流大幅回升，2023 总市值(百万港元) 3,378.74 年公司处理旅客吞吐量达 2434 万人次/同比+118.1%，为历年最高，飞机 总股本(百万股) 473.21 起落架次共达 17.2 万/同比+63.2%。客流恢复对各项业务增长均起到明显 其中自由流通股(%) 100.00 支撑：1）非航空性业务：实现收入11.1亿元/同比+42.4%。其中特许经营 30日日均成交量(百万股) 1.53 权实现收入6. ...

智通财经APP获悉，美兰空港(00357)涨近7%，截至发稿，涨6.8%，报6.91港元，成交额1085.88万港 元。 消息面上，4月13日至4月18日，第四届中国国际消费品博览会在海口举办。中国旅游集团携旗下中免集 团第四次深度参与消博会。海口美兰国际机场成立消博会保障领导小组，多措并举开展消博会保障工 作。 华泰证券指出，2023年美兰空港旅客吞吐量创历史新高，不过免税客单价回升存在不确定性，且二期产 能仍处于爬坡周期，拖累业绩表现。中长期仍看好自贸港建设红利，公司发挥渠道变现能力，盈利有望 持续回暖。 ...

Financial Performance - Revenue for 2023 reached RMB 2,085,680, an increase of 82.72% compared to RMB 1,141,462 in 2022[16] - Gross profit for 2023 was RMB 38,446, reflecting a growth of 105.41% from RMB 18,717 in 2022[16] - Net loss attributable to shareholders decreased by 12.42% to RMB 136,009 in 2023 from RMB 155,299 in 2022[16] - Basic loss per share improved to RMB 0.29 in 2023, down from RMB 0.33 in 2022, a reduction of 12.12%[16] - Net cash generated from operating activities surged by 202.76% to RMB 526,936 in 2023, compared to RMB 174,042 in 2022[16] - EBITDA for 2023 was RMB 804,147, a significant increase of 218.48% from RMB 252,492 in 2022[16] - The Group's net loss attributable to shareholders decreased to RMB 136,009 from RMB 155,299 in 2022, reflecting a recovery in the aviation market[35] - The Group recorded a net loss after tax of RMB 168,626,845, an improvement from a net loss of RMB 190,703,238 in 2022[37] Operational Metrics - Passenger throughput for 2023 was 24.3404 million, a remarkable increase of 118.06% compared to 2022[24] - Cargo and mail throughput increased by 40.63% to 174,904.80 tons in 2023[24] - The number of aircraft takeoff and landing increased by 63.19% to 172,454 flights in 2023[24] - The daily utilization rate of aircraft increased by 3.8 hours year-on-year to 8.1 hours, with a regular flight load factor of 77.9%, up by 11.3 percentage points[112] - The total number of transport airports reached 259, with a total capacity of 1.56 billion passengers[112] Revenue Breakdown - Revenue from aviation business amounted to RMB 974,620, representing a significant increase of 169.88% compared to 2022[34] - Revenue from non-aviation business was RMB 1,111,059,278, reflecting a year-on-year increase of 42.38% and accounting for 53.27% of the Group's total revenue[44] - Franchise income increased to RMB 622,399,533, a year-on-year growth of 37.11%[46] - Hotel income amounted to RMB 110,241,102, reflecting a year-on-year increase of 53.26%[46] Awards and Recognition - Major awards in 2023 included "Best Regional Airport in China" and "Best Airport Staff in China" from SKYTRAX[7] - Haikou Meilan International Airport won multiple awards, including "Best Regional Airport in China" and "Best Airport Staff in China" from SKYTRAX[106] Future Plans and Developments - The company aims to build a first-class airport in Hainan Free Trade Port, enhancing connectivity and sustainability[2] - The Group plans to improve aviation safety, optimize operational procedures, and enhance employee professional quality[85] - The Group aims to expand domestic flight routes, increasing the proportion of wide-body aircraft and intensifying flights to second-tier cities, with a focus on popular tourist destinations[89] - The Group will focus on high-quality development while ensuring safety and operational efficiency, aiming for a win-win in "output quantity" and "operation quality"[91] Infrastructure and Expansion - The terminal complex project at Meilan Airport has a gross floor area of 315,300 sq.m., integrating various business functions including duty-free shopping and transportation services[47] - The Sanya Airport Phase III expansion project, with an investment of approximately RMB 2.92 billion, aims to accommodate an annual passenger throughput of 30 million and is scheduled for completion by the end of 2025[154] - The Bo'ao Airport Phase III expansion project, with a total investment of approximately RMB 1.544 billion, is designed to meet an annual passenger throughput of 3 million and is also planned for completion by the end of 2025[155] Tourism and Economic Impact - Hainan Province received 90.0062 million domestic and international tourists in 2023, achieving total tourism revenue of RMB 181.309 billion, representing year-on-year increases of 49.9% and 71.9% respectively[119] - The number of visitors to 47 museums in Hainan Province reached over 4.8195 million, with cruise tourism seeing a 277.8% increase in trips and a 405.33% increase in domestic tourists year-on-year[125] - Hainan's offshore duty-free shopping reached approximately RMB 43.76 billion in 2023, a year-on-year increase of 25.4%, with 6.756 million visits, up 59.9%[159] Customer Experience and Services - The Group plans to enhance service quality by implementing five-star service standards and focusing on passenger travel needs, aiming for a comprehensive improvement in passenger satisfaction[95] - The new VIP management system at Meilan Airport commenced trial run on June 19, 2023, achieving full-process closed-loop management of VIP services[75] - The introduction of new duty-free shopping policies is expected to further stimulate consumer spending and enhance Hainan's position as an international tourism consumption center[165]

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 2,085.68 million, a 83.0% increase from RMB 1,141.46 million in 2022[2] - The net loss attributable to shareholders was RMB 136.01 million, an improvement from a net loss of RMB 155.30 million in 2022[2] - The company reported a basic and diluted loss per share of RMB 0.29, compared to RMB 0.33 in 2022[5] - The total comprehensive loss attributable to shareholders was RMB 136.01 million, a decrease from RMB 169.37 million in the prior year[5] - The company reported a significant increase in operating revenue, reaching RMB 2,085,679,527 in 2023, compared to RMB 1,141,461,624 in 2022, representing an 83% year-over-year growth[13] - The company reported a net loss attributable to ordinary shareholders of RMB 136,008,897 for 2023, an improvement from a loss of RMB 155,298,891 in 2022, reflecting a reduction in loss of approximately 12%[17] Revenue Breakdown - Aviation business revenue reached RMB 974.62 million, up 170.0% from RMB 361.14 million in the previous year[2] - Non-aviation business revenue increased to RMB 1,111.06 million, compared to RMB 780.32 million in 2022, reflecting a growth of 42.4%[2] - The total revenue from the aviation business for 2023 was RMB 974,620,249, representing a growth of 169.88% year-on-year[24] - Non-aviation business revenue increased by 42.38% to RMB 1,111,059,278, accounting for 53.27% of the total revenue[25] Operational Metrics - Passenger throughput reached 24.34 million, with aircraft movements totaling 172,454[2] - The number of flight takeoffs and landings in 2023 was 172,454, up 63.19% from 105,675 in 2022[23] - International and regional passenger throughput surged to 48.34 million, a staggering increase of 21,872.73% from 0.22 million in 2022[23] - The number of operating airlines increased to 51, with 16 new airlines added, including 11 international and regional airlines[23] Cash Flow and Liquidity - Cash and cash equivalents increased to RMB 203.65 million from RMB 119.43 million year-over-year[6] - Operating cash flow for the fiscal year 2023 was a net inflow of RMB 527 million, but after deducting annual lease payments of RMB 557 million, the net cash outflow was RMB 30 million[9] - As of December 31, 2023, the company's current liabilities amounted to RMB 6.4 billion, exceeding current assets of RMB 5.69 billion[9] - The net cash inflow from operating activities for 2023 was RMB 526,935,887, representing a growth of 202.76% year-on-year, driven by increased aviation business volume at Meilan Airport[34] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 11,360.95 million, up from RMB 10,639.55 million in 2022[7] - Total liabilities increased to RMB 7,123.06 million from RMB 6,233.03 million in the previous year[7] - As of December 31, 2023, the total liabilities amounted to RMB 7,123,059,049, resulting in a debt-to-asset ratio of 62.70%, an increase of 4.12% from the previous year[36] Financing and Debt Management - The company has a total syndicated loan of RMB 7.8 billion for the Phase II expansion project, with RMB 5.18 billion disbursed and RMB 170 million repaid as of December 31, 2023[10] - The company is negotiating with lenders for waivers related to arbitration matters, believing that lenders will not demand early repayment of the outstanding syndicated loan balance of RMB 1.91 billion[11] - The company is currently negotiating with financial institutions for new financing agreements to meet upcoming debt obligations, including RMB 19.1 billion and RMB 31.0 billion in outstanding loans[12] Operational Strategy - The company plans to enhance operational cash inflow by controlling airport operating costs and introducing international luxury brands to boost duty-free business[11] - The company is actively pursuing the establishment of a domestic and international dual-circulation aviation network[11] - The company aims to improve service quality by implementing a five-star service standard and enhancing passenger experience, focusing on service process management and regulatory oversight[55] Corporate Governance - The company is committed to improving corporate governance and enhancing transparency for shareholders[77] - The board of directors includes four independent non-executive directors as of December 31, 2023, ensuring compliance with corporate governance regulations[74] - The independent auditor's report confirms that the financial statements fairly reflect the company's financial position as of December 31, 2023[72] Future Outlook - The outlook for 2024 indicates that the global economy faces numerous risks and challenges, with China’s economic recovery still in a critical phase[50] - In 2024, Meilan Airport will complete the expansion of the Airport Operations Control Centre (AOCC) to enhance operational efficiency and support air traffic management[54] Employee and Operational Growth - As of December 31, 2023, the group employed 4,106 people, an increase of 2,810 employees year-on-year, primarily due to increased operational demand at Meilan Airport and the conversion of 545 dispatched workers to labor contract workers[48] - The group contributed approximately RMB 72,327,861 to the pension fund for the fiscal year ending December 31, 2023, a significant increase from RMB 36,507,944 in the previous year, attributed to a substantial rise in employee numbers[49]