Core Viewpoint - The company has agreed to acquire assets related to the renovation of the west runway at Beijing Capital Airport for a total price of RMB 327 million, which is subject to adjustments [1][2]. Group 1: Asset Acquisition Details - The assets include the renovated runway surface and shoulders, navigation lighting systems, and related auxiliary equipment [1]. - The acquisition is part of a project approved by the Civil Aviation Administration of China in 2019, designating the parent company as the project entity [2]. - The company will temporarily use the assets starting from the end of October 2020 without paying usage fees until the ownership transfer is finalized [1][2]. Group 2: Importance of the Assets - The west runway, built in 1980 and last resurfaced in 2000, has deteriorated due to increased air traffic and age, necessitating major renovations to ensure safety [2]. - The acquisition of these assets is expected to enhance the performance and lifespan of the west runway, thereby improving flight safety at Beijing Capital Airport [2]. - This acquisition aligns with the company's interests by clarifying asset ownership and enhancing operational efficiency and safety at the airport [2].

Financial Performance - The company reported unaudited operating revenue of RMB 1,344,515,823.01 for the three months ended March 31, 2025, a slight increase from RMB 1,330,855,660.89 in the same period of 2024[7]. - The operating loss for the same period was RMB 121,976,307.89, an improvement compared to the operating loss of RMB 149,573,723.26 in 2024[7]. - The company's net loss for the three months ended March 31, 2025, was RMB 125,010,235.85, compared to a net loss of RMB 149,170,603.57 in 2024[7]. Assets and Liabilities - Total assets as of March 31, 2025, amounted to RMB 31,543,036,247.40, an increase from RMB 30,675,356,744.13 as of December 31, 2024[5][6]. - Current assets increased to RMB 4,024,106,986.36 from RMB 2,929,413,239.06 in the previous year[5]. - Total liabilities increased to RMB 18,212,168,438.13 from RMB 17,219,478,699.01 in the previous year[6]. - The company’s total equity decreased slightly to RMB 13,330,867,809.27 from RMB 13,455,878,045.12 as of December 31, 2024[6]. - The company’s long-term investments remained stable at RMB 41,464,419.58 as of March 31, 2025[5]. Cash Flow - Operating cash flow for the three months ended March 31, 2025, was RMB 420,342,087.48, a significant improvement compared to a negative cash flow of RMB 113,296,349.42 in the same period of 2024[8]. - Cash inflow from financing activities was RMB 2,623,610,511.72, down from RMB 2,911,381,058.72 in the previous year[9]. - Net cash flow from financing activities decreased to RMB 518,568,753.93 from RMB 613,294,291.37 year-over-year[9]. - Total cash and cash equivalents at the end of the period reached RMB 2,283,843,079.16, compared to RMB 1,597,981,706.07 at the end of the same period last year[9]. - Cash outflow for purchasing goods and services was reduced to RMB 523,110,059.85 from RMB 1,061,497,508.61 in the previous year[8]. - Cash outflow for fixed assets and other long-term assets was RMB 83,260,432.59, a decrease from RMB 185,717,756.68 in the same period of 2024[8]. - Cash received from operating activities totaled RMB 1,211,783,797.83, compared to RMB 1,255,032,078.88 in the previous year[8]. - Cash paid to employees decreased to RMB 233,993,033.94 from RMB 262,140,281.64 year-over-year[8]. - The impact of exchange rate changes on cash and cash equivalents was a negative RMB 24,177.69, contrasting with a positive impact of RMB 34,073.90 in the previous year[9]. - Cash flow from investment activities showed a net outflow of RMB 82,741,385.32, compared to RMB 183,856,168.47 in the same period of 2024[8]. Financing Activities - The company issued RMB 1.5 billion of three-year medium-term notes in September 2023[3].

Financial Performance - Revenue for 2024 reached RMB 5,492,205,000, a 20.5% increase from RMB 4,558,524,000 in 2023[9] - EBITDA for 2024 was RMB 1,174,537,000, compared to RMB 135,845,000 in 2023, marking a significant recovery[9] - The company reported a net loss of RMB 1,389,745,000 for 2024, an improvement from a loss of RMB 1,696,788,000 in 2023[9] - The company's operating revenue for 2024 was approximately RMB 5,492,205,000, a year-on-year increase of 20.5%[23] - Aviation revenue amounted to RMB 2,667,662,000, reflecting a growth of 27.2% year-on-year, while non-aviation revenue was RMB 2,824,543,000, up 14.7%[23] - The company's annual net loss for the fiscal year ending December 31, 2024, was RMB 1,389,745,000, representing an improvement of approximately 18.1% from the previous year's loss[139] - The company's operating expenses for 2024 were RMB 5,856,756,000, a decrease of about 1.0% from the previous year despite rising costs due to increased business volume[127] - The company's depreciation and amortization expenses decreased by approximately 2.6% to RMB 1,509,409,000 due to adjustments in the estimated useful life of certain assets[134] Operational Highlights - The company operated 51 airlines at Beijing Capital Airport by the end of 2024, serving 227 destinations across 54 countries and regions[12] - In 2024, the total number of aircraft takeoffs and landings at Beijing Capital Airport reached 433,572, an increase of 14.2% year-on-year[19] - Passenger throughput for the year was 67,367,428, representing a growth of 27.4% compared to the previous year[19] - Cargo and mail throughput totaled 1,443,286 tons, marking a 29.3% increase year-on-year[19] - The international passenger throughput saw a significant increase of 103.0%, reaching 12,549,141[129] Strategic Initiatives - The introduction of upgraded fast-line products in collaboration with major airlines improved operational efficiency[18] - New differentiated services such as "Home Away from Home" and "Worry-Free Flight Delay" were launched to improve customer experience[18] - The company plans to continue enhancing service quality and operational efficiency in 2025[16] - The company aims to expand its international route network and enhance its competitive position in the global aviation market[29] - The company is committed to sustainable development by increasing the proportion of renewable energy at Beijing Capital Airport[29] Governance and Leadership - The company appointed a new board of directors on June 20, 2023, with terms lasting until the 2025 annual general meeting[100] - The company announced the appointment of Han Zhiliang as the new general manager and Li Zhiyong as the chief financial officer on June 20, 2023[100] - The board of directors includes members with backgrounds in finance and management, which may contribute to sound financial decision-making[105] - The company has a strong leadership team with diverse backgrounds in law, finance, and engineering, enhancing its operational capabilities[115][116][117][118][119][120] Compliance and Risk Management - The company has a strict compliance framework to adhere to significant laws and regulations impacting its operations[39] - The company has implemented a risk management and internal control system to mitigate legal and reputational risks[39] - The company confirms that all related party transactions comply with the relevant regulations under the listing rules, ensuring fair pricing and terms[83] Shareholder Information - The company reported a cumulative loss of RMB 4,380,344,000 as of December 31, 2024, with no distributable reserves available for dividends[48] - The company has not declared any final dividends for the fiscal year ending December 31, 2024[54] - As of December 31, 2024, the total issued share capital of the company is 4,579,178,977 shares, with H shares accounting for 1,879,364,000 shares and domestic shares for 2,699,814,977 shares[84] Employee and Workforce - The total number of employees decreased to 1,516 in 2024 from 1,542 in 2023[146] - The company has a total of 1,018 male employees, accounting for approximately 67.2%, and 498 female employees, accounting for about 32.8%[160] Future Outlook - The management remains optimistic about future growth prospects as the aviation industry continues to recover post-pandemic[127] - The company plans to continue focusing on cost reduction measures while enhancing operational efficiency in the coming year[127] - The company will continue to explore merger and acquisition opportunities to achieve diversification and growth[113]

Investment Rating - The report maintains a "Buy" rating for Beijing Capital International Airport Co., Ltd. [2][5] Core Views - The company achieved a revenue of 5.492 billion yuan in 2024, representing a year-on-year growth of 20.5%. The pre-tax net loss significantly narrowed to 629 million yuan from a loss of 1.719 billion yuan in the same period last year. However, the income tax expense rose to 760 million yuan due to the large reversal of deferred tax assets, resulting in a post-tax net loss of 1.39 billion yuan, which is an 18.1% improvement compared to the previous year's loss of 1.697 billion yuan [3][5]. - Passenger throughput reached 67.37 million, a year-on-year increase of 27.4%, driving a 27.2% growth in aviation revenue to 2.668 billion yuan. Domestic passenger volume grew by 17.4%, while international passenger volume surged by 103.0%. Notably, passenger service revenue increased by 35.2% due to higher service fees for international flights compared to domestic ones [3][5]. - Non-aeronautical revenue was 2.824 billion yuan, up 14.7%, with concession revenue at 1.570 billion yuan, growing by 12.2%. However, the growth in duty-free revenue lagged behind international passenger growth due to reduced commission rates [4][5]. - The company effectively controlled costs, with total operating costs decreasing by 1.0% to 5.857 billion yuan. Concession management fees dropped significantly by 18.7% to 274 million yuan, contributing to the reduction in pre-tax losses [4][5]. - The company is expected to approach breakeven in 2025 as the international aviation hub status remains intact, and profitability is anticipated to improve with the recovery of international routes [5][10]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 5.492 billion yuan, a 20.5% increase from 2023. The aviation revenue was 2.668 billion yuan, up 27.2%, while non-aeronautical revenue reached 2.824 billion yuan, growing by 14.7% [3][10]. - The pre-tax net loss narrowed to 629 million yuan, and the post-tax net loss was 1.39 billion yuan, reflecting an 18.1% improvement year-on-year [3][10]. Revenue Breakdown - Aviation revenue growth was driven by a 27.4% increase in passenger throughput, with international passenger volume increasing by 103.0% [3][4]. - Non-aeronautical revenue growth was limited, with concession revenue growing by 12.2% and duty-free revenue growth lagging behind international passenger growth [4][5]. Cost Management - The company successfully reduced total operating costs by 1.0%, with a significant decrease in concession management fees contributing to the overall cost control [4][5]. Future Outlook - The company is projected to achieve near breakeven in 2025, with expectations of improved profitability as international routes continue to recover [5][10].

Investment Rating - The report maintains a "Buy" rating for Beijing Capital International Airport Co., Ltd. [2][5] Core Views - The company achieved a revenue of 5.492 billion yuan in 2024, representing a year-on-year growth of 20.5%. The pre-tax net loss significantly narrowed to 629 million yuan from a loss of 1.719 billion yuan in the same period last year. However, the high deferred tax asset write-back led to a total income tax of 760 million yuan, resulting in a post-tax net loss of 1.39 billion yuan, which is an 18.1% improvement compared to the previous year's loss of 1.697 billion yuan [3][5]. Revenue Breakdown - The company's passenger throughput reached 67.37 million, a year-on-year increase of 27.4%, driving aviation revenue to 2.668 billion yuan, up 27.2%. Domestic passenger volume grew by 17.4%, while international passenger volume surged by 103.0%. Revenue from aircraft takeoff and landing increased by 20.8%, and passenger service revenue rose by 35.2% [3][4]. Non-Aviation Revenue - Non-aviation revenue totaled 2.824 billion yuan, reflecting a 14.7% year-on-year increase, with concession revenue at 1.570 billion yuan, up 12.2%. Advertising revenue grew by 5.9% to 702 million yuan, while retail (duty-free) revenue increased by 10.0% to 512 million yuan. The growth in duty-free revenue lagged behind international passenger growth due to reduced commission rates [4]. Cost Management - The company effectively controlled costs, with total operating costs amounting to 5.857 billion yuan, a decrease of 1.0%. Concession management fees dropped significantly by 18.7% to 274 million yuan. Other cost items such as maintenance, utilities, and property taxes saw increases, while general and administrative expenses decreased notably [4]. Future Outlook - Despite the slow recovery from the dual impacts of the pandemic and the diversion of traffic to Daxing Airport, the company's position as an international aviation hub remains intact. The report forecasts that the company will approach breakeven in 2025, with projected net profits of -140 million yuan, 361 million yuan, and 759 million yuan for 2025, 2026, and 2027, respectively [5][10].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 3.40 [6][7]. Core Views - The company is expected to narrow its losses in 2024, with a forecasted revenue increase of 20.5% to HKD 5.492 billion, while the net loss is projected to be HKD 1.39 billion, a reduction of 18.1% year-on-year. The company aims to achieve profitability by 2025 [1][4]. - The recovery in passenger traffic is ongoing, with a 16.4% year-on-year increase in passenger throughput in the second half of 2024, reaching 34.67 million, which is 68% of the levels seen in 2019 [2][3]. - The company is focusing on cost control and operational efficiency, which is expected to contribute positively to its financial performance in the coming years [1][3]. Summary by Sections Financial Performance - In 2024, the company recorded a revenue of HKD 5.492 billion, a 20.5% increase from the previous year, while the net loss was HKD 1.39 billion, down 18.1% year-on-year. The second half of 2024 saw a net loss of HKD 1.013 billion, compared to HKD 655 million in the same period of 2023 [1][2]. - The operating costs in the second half of 2024 decreased by 6.3% to HKD 2.956 billion, primarily due to a reduction in franchise management fees [3]. Revenue and Profit Forecast - The company expects to achieve a net profit of HKD 743 million in 2025, following a net loss of HKD 1.39 billion in 2024. The revenue is projected to grow to HKD 6.101 billion in 2025, reflecting an 11.08% increase [4][5]. - The earnings per share (EPS) is expected to turn positive in 2025, with a forecast of HKD 0.02, and further increase to HKD 0.10 in 2026 [5][20]. Valuation Metrics - The target price has been slightly adjusted to HKD 3.40 based on a discounted cash flow (DCF) valuation method, with a weighted average cost of capital (WACC) of 11.4% [4][6]. - The company’s price-to-earnings (PE) ratio is projected to improve significantly from a negative 8.76 in 2024 to 25.95 in 2026, indicating a recovery in profitability [5][20].

Core Insights - Beijing Capital International Airport Company reported a revenue of RMB 5.492 billion for 2024, representing a year-on-year growth of approximately 20.5% [1] - The company experienced a net loss after tax of approximately RMB 1.39 billion, which is a reduction in loss of about 18.1% compared to the previous year [1] - Earnings per share were reported at a loss of RMB 0.3 [1] Aviation Business Performance - Total revenue from aviation-related services amounted to RMB 2.668 billion, reflecting a year-on-year increase of approximately 27.2% [1] - Revenue from aircraft takeoff and related services was RMB 1.395 billion, up about 20.8% year-on-year, primarily due to the recovery in flight operations at Beijing Capital International Airport [1] - Passenger service revenue reached RMB 1.272 billion, marking a year-on-year increase of approximately 35.2%, driven by the recovery of international routes and higher service fees for international passengers compared to domestic ones [1] Non-Aviation Business Performance - Non-aviation revenue totaled RMB 2.8245 billion, showing a year-on-year growth of approximately 14.7% [2] - The company's concession revenue was RMB 1.57 billion, an increase of about 12.2% year-on-year, with advertising revenue at RMB 702 million, up 5.9% due to increased advertising from higher passenger throughput [2] - Retail revenue reached RMB 511 million, growing by 10.0% year-on-year, attributed to the increase in international passenger volume [2] - Catering revenue surged to RMB 173 million, a significant increase of 79.1%, due to enhanced catering resources and increased international passenger throughput [2] - VIP service revenue decreased by approximately 3.8% to RMB 82.061 million, impacted by the temporary suspension of some VIP areas [2] - Parking service concession revenue increased by about 20.6% to RMB 7.1388 million, driven by rising passenger traffic [2] - Other concession income slightly decreased by 1.9% to RMB 28.862 million [2] Rental Income - Rental income was reported at RMB 980 million, reflecting a year-on-year growth of approximately 13.9%, primarily due to the overall increase in business volume at Beijing Capital International Airport [3]

Financial Performance - In 2024, Beijing Capital International Airport recorded 433,572 aircraft movements, an increase of approximately 14.2% year-over-year[3]. - Passenger throughput reached 67,367,428, representing a year-over-year growth of about 27.4%[3]. - Operating revenue for 2024 was RMB 5,492,205,000, reflecting a year-over-year increase of approximately 20.5%[3]. - Aviation revenue amounted to RMB 2,667,662,000, up approximately 27.2% from the previous year[3]. - Non-aviation revenue was RMB 2,824,543,000, which is a year-over-year increase of about 14.7%[3]. - The net loss after tax for 2024 was RMB 1,389,745,000, improving by about 18.1% from a net loss of RMB 1,696,788,000 in the previous year[3]. - Total revenue for the year ended December 31, 2024, was RMB 5,492,205 thousand, an increase of 20.5% from RMB 4,558,524 thousand in 2023[18]. - The company reported a net loss of RMB 1,389,745 thousand for the year, an improvement from a loss of RMB 1,696,788 thousand in 2023[26]. - Basic loss per share was RMB 0.30, compared to RMB 0.37 in the previous year, indicating a reduction in loss per share[26]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 30,675,358,000, down from RMB 32,589,339,000 in the previous year[6]. - Total liabilities decreased to RMB 17,219,480,000 from RMB 17,701,536,000 year-over-year[7]. - As of December 31, 2024, the total equity of the company decreased to RMB 13,455,878,000 from RMB 14,887,803,000 at the beginning of the year, reflecting a decline of approximately 9%[9]. - The company's accumulated losses increased to RMB 4,380,344,000 by December 31, 2024, up from RMB 2,990,599,000 at the end of 2023, representing an increase of approximately 46%[9]. - The company's current liabilities exceeded current assets by RMB 10,079,058,000 as of December 31, 2024, compared to RMB 10,479,796,000 a year earlier, showing a decrease of about 4%[16]. Revenue Breakdown - The company's non-aeronautical revenue for 2024 was RMB 2,824,543,000, which grew by approximately 14.7% compared to the previous year[36]. - Franchise income, a component of non-aviation revenue, grew to RMB 1,569,928 thousand, reflecting a 12.2% increase from RMB 1,399,417 thousand[19]. - Rental income increased by 13.9% to RMB 979,803,000, driven by overall business growth at Beijing Capital Airport[40]. - Other income rose by 24.0% to RMB 5,209,000, while net financial costs decreased to RMB 278,580,000 from RMB 311,333,000 in the previous year[45]. Operating Expenses - Operating expenses decreased to RMB 5,856,756,000, a reduction of approximately 1.0% compared to the previous year[3]. - The total operating expenses for 2024 were RMB 5,856,756,000, a decrease of about 1.0% from the previous year, despite increased business volume[36]. - Depreciation and amortization costs were down by 2.6% to RMB 1,509,409,000[42]. Cash Flow and Financial Health - In 2024, the company's net cash generated from operating activities was RMB 97,602,000, compared to a net cash used of RMB 575,863,000 in 2023[51]. - As of December 31, 2024, the company's cash and cash equivalents amounted to RMB 1,427,698,000, an increase from RMB 1,281,806,000 on December 31, 2023[51]. - The company's current ratio as of December 31, 2024, was 0.23, slightly up from 0.22 on December 31, 2023[52]. - The debt-to-asset ratio increased to 56.13% as of December 31, 2024, from 54.32% a year earlier[52]. Strategic Initiatives and Future Plans - The company plans to enhance safety measures and improve operational management in 2025 to adapt to the evolving market conditions[64]. - The company aims to enhance operational efficiency and service quality through lean management and resource optimization[66]. - Plans to expand international flight routes and enhance the international route network at Beijing Capital Airport[67]. - The company is actively developing integrated transportation and air transit products to support international hub construction[67]. - Continuous optimization of contract revenue models and cost reduction strategies to boost business vitality[66]. - The company will increase the proportion of renewable energy at Beijing Capital Airport to support green airport initiatives[66]. Regulatory and Compliance - The company has adopted new and revised International Financial Reporting Standards (IFRS) effective from January 1, 2024, which are not expected to have a significant impact on its financial statements[11]. - The company has not early adopted any new IFRS that have been issued but are not yet effective, indicating a cautious approach to regulatory changes[12]. - The annual performance announcement for the year ending December 31, 2024, has been reviewed by the audit and risk management committee[69]. - The preliminary financial figures for the year ending December 31, 2024, have been approved by Deloitte, the company's auditor[68]. Shareholder Information - The company did not recommend a final dividend for the year ending December 31, 2024[3]. - The annual report and shareholder meeting notice will be timely distributed to shareholders and published on relevant websites[69].

Financial Performance - The company reported an operating revenue of RMB 4,108,678,447.31 for the nine months ended September 30, 2024, representing a 27.3% increase compared to RMB 3,226,580,134.29 for the same period in 2023[7]. - The net loss for the nine months ended September 30, 2024, was RMB 459,891,571.18, a significant improvement from a net loss of RMB 1,335,563,444.84 in the same period of 2023[7]. - The company’s investment income decreased to RMB 1,674,398.57 for the nine months ended September 30, 2024, down from RMB 4,352,420.77 in the same period of 2023[7]. Assets and Liabilities - Total assets as of September 30, 2024, were RMB 32,499,785,108.54, slightly down from RMB 32,589,339,015.34 as of December 31, 2023[6]. - Current assets increased to RMB 3,948,616,795.00 as of September 30, 2024, compared to RMB 3,015,656,034.22 at the end of 2023, marking a 30.8% increase[5]. - Short-term borrowings rose to RMB 7,375,257,495.55 as of September 30, 2024, up from RMB 6,564,715,088.89 at the end of 2023, indicating a 12.3% increase[6]. - The company's total liabilities increased to RMB 18,091,420,387.66 as of September 30, 2024, compared to RMB 17,701,534,403.11 at the end of 2023[6]. - The company’s total equity decreased to RMB 14,408,364,720.88 as of September 30, 2024, from RMB 14,887,804,612.23 at the end of 2023, indicating a decline of 3.2%[6]. Cash Flow - Operating cash inflow for the nine months ended September 30, 2024, was RMB 3,930,008,605.58, an increase from RMB 2,754,899,054.85 in the same period of 2023, representing a growth of approximately 42.5%[8]. - Net cash flow from operating activities was RMB 485,191,349.97, a significant improvement compared to a net outflow of RMB 691,901,737.10 in the prior year[8]. - Cash inflow from financing activities totaled RMB 7,005,234,000.00, down from RMB 8,800,000,000.00 in the previous year, indicating a decrease of about 20.4%[9]. - The net cash flow from financing activities was RMB 476,753,679.02, compared to RMB 674,531,408.81 in the same period last year, reflecting a decline of approximately 29.3%[9]. - The company reported a net increase in cash and cash equivalents of RMB 671,559,794.54, contrasting with a decrease of RMB 289,858,188.09 in the prior year[9]. - The ending balance of cash and cash equivalents as of September 30, 2024, was RMB 1,953,365,653.23, up from RMB 1,300,554,695.07 in the same period of 2023, marking an increase of approximately 50.3%[9]. Expenditures - Cash outflow for purchasing goods and services was RMB 2,623,604,440.12, slightly lower than RMB 2,714,872,344.36 in the previous year, showing a decrease of about 3.4%[8]. - Cash paid to employees increased to RMB 541,019,450.96 from RMB 503,185,629.62, representing an increase of approximately 7.5%[8]. - Cash outflow for investment activities was RMB 299,198,768.67, compared to RMB 282,964,592.18 in the previous year, indicating an increase of about 5.7%[8]. - The company received RMB 8,994,337.68 from other investment-related cash inflows, slightly down from RMB 9,884,799.04 in the same period last year[8]. Liquidity Management - The company issued RMB 1.5 billion of three-year medium-term notes in September 2023 to enhance liquidity[1].

Financial Performance - For the first half of 2024, the company reported total revenue of RMB 2,683,873,000, a 35.2% increase compared to RMB 1,985,073,000 in the same period of 2023[3] - The company's aviation business revenue totaled RMB 1,285,649,000, marking a 41.3% increase from RMB 910,071,000 in the previous year[7] - Non-aeronautical business revenue rose to RMB 1,398,224,000, a 30.1% increase compared to RMB 1,075,002,000 in the same period last year[10] - The company reported a net loss attributable to shareholders of RMB 376,494,000, a 63.9% improvement from a loss of RMB 1,041,495,000 in the same period last year[3] - Total comprehensive loss for the period was RMB 401,042,000, down from RMB 1,036,895,000 in the same period of 2023, indicating a 61.3% improvement[45] Operational Metrics - The total number of aircraft movements reached 211,420, representing a growth of approximately 20.2% year-on-year, while passenger throughput increased by 41.6% to 32,703,380[5] - The company's aircraft landing and related revenue was RMB 676,343,000, up 31.5% year-on-year, driven by an increase in international aircraft movements[8] - Retail revenue surged by 66.6% to RMB 258,946,000, attributed to an increase in store openings and the recovery of international passenger traffic[10] Assets and Liabilities - The company’s total assets as of June 30, 2024, were RMB 33,988,344,000, reflecting a 4.3% increase from RMB 32,589,339,000 at the end of 2023[3] - The total liabilities increased by 10.2% to RMB 19,501,583,000 from RMB 17,701,536,000 at the end of 2023[3] - The company's total liabilities to total assets ratio increased to 57.38% as of June 30, 2024, from 54.32% as of December 31, 2023[20] Cash Flow and Financing - As of June 30, 2024, the company's cash and cash equivalents amounted to RMB 3,254,497,000, up from RMB 1,281,806,000 as of December 31, 2023, representing a significant increase of 153.5%[20] - The company's net cash generated from operating activities for the first half of 2024 was RMB 136,046,000, compared to a net cash outflow of RMB 1,058,184,000 in the same period last year[20] - The net cash generated from financing activities for the first half of 2024 was RMB 2,078,974,000, an increase from RMB 1,084,800,000 in the same period last year[21] Expenses - In the first half of 2024, the company's operating expenses amounted to RMB 2,900,362,000, representing a year-on-year increase of approximately 5.2%[12] - Employee expenses rose by approximately 17.3% to RMB 284,489,000, mainly due to timing differences in expense recognition[14] - Repair and maintenance expenses increased by approximately 11.7% to RMB 447,042,000, primarily due to increased business volume and equipment usage[14] Corporate Governance - The company has adhered to the Corporate Governance Code, with no deviations except for reasonable causes as specified[39] - The Audit and Risk Management Committee has reviewed the company's interim financial information for the six months ending June 30, 2024, confirming compliance with applicable accounting standards and regulations[38] - The company has implemented a strict Securities Trading Code for directors and employees, ensuring compliance during the reporting period[41] Future Outlook - The company anticipates continued recovery in both domestic and international air traffic, supported by the easing of travel restrictions and increased international mobility[5] - The company aims to enhance operational efficiency and service quality in the second half of 2024, focusing on improving passenger experience and optimizing flight operations[19] - The company plans to leverage strategic collaborations with airlines and enhance its international route network to boost market recovery and operational efficiency[19]