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]

净亏损减少主要是由于2024年同期计提应付仲裁案件("仲裁案件")赔偿款。倘若剔除仲裁案件影响，集 团2025年上半年净亏损较去年同期增加人民币78,555,038元，主要原因一是美兰机场运营指标下滑，飞 机起降架次及旅客吞吐量同比分别下降3.43%和4.05%，导致航空性收入同比减少人民币28,033,365元； 二是受旅客消费意愿下降等因素影响，非航空性收入同比减少人民币41,980,874元。 格隆汇8月20日丨美兰空港(00357.HK)公告，截至2025年6月30日止6个月，集团总收入为人民币10.79亿 元，较2024年同期下降6.09%；股东应占净亏损为人民币7020.2万元(2024年同期：股东应占净亏损为人 民币2.48亿元)；每股亏损为人民币0.15元(2024年同期：每股亏损人民币0.52元)。 ...

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，概不對因本公告全部 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） 截至二零二五年六月三十日之中期業績公告 財務摘要 業務摘要 * 僅供識別 – 1 – – 總收入為人民幣1,079.26百萬元 （截至二零二四年六月三十日止六個月：人民幣1,149.28百萬元） – 航空業務收入為人民幣575.60百萬元 （截至二零二四年六月三十日止六個月：人民幣603.64百萬元） – 非航空業務收入為人民幣503.66百萬元 （截至二零二四年六月三十日止六個月：人民幣545.64百萬元） – 股東應佔淨虧損為人民幣70.20百萬元 （截至二零二四年六月三十日止六個月：股東應佔淨虧損人民幣248.05百萬元） – 每股虧損為人民幣0.15元 （截至二零二四年六月三十日止六個月：每股虧損 ...

執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： 交易是為全權委託投資客戶的帳戶進行的。 M&G Investment Management Limited 是最終由 M&G Plc 擁有的公司。 2025 年 8 月 15 日 可能強制全面要約 就海南美蘭國際空港股份有限公司的股份的交易披露 | 交易方 | 日期 | | | | 買入／賣出 | 股份數目 | | 每股價格 | | 交易後數額（包括與其訂 | | 佔該類別證券的百分比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | 有協議或達成諒解的任 | | （包括與其訂有協議或 | | | | | | | | | | | | | 何人士的證券） | | 達成諒解的任何人士的 | | | | | | | | | | | | | | | 證券）% | | | M&G Investment | 2025 | 年 | 8 月 | 15 日 | 買入 | | ...

格隆汇8月18日丨根据联交所最新权益披露资料显示，2025年8月12日，美兰空港(00357.HK)获M&G Plc在场内以每股均价10.6091港元增持13.8万股，涉资约 146.41万港元。 增持后，M&G Plc最新持股数目为2723.9万股，持股比例由11.94%上升至12.00%。 | 股份代號: | 00357 | | --- | --- | | 上市法國名稱: | 海南美蘭國際空港股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 18/07/2025 - 18/08/2025 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | ( 請參閱上述 * 註 | 有投票權股 期 (日 / 月 / | | | | | | | | | 份百分比 年) | | | | | | | | | ( %) | | CS20250 ...