Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. has successfully completed a private placement of 211 million A-shares at a price of RMB 7.6 per share, raising a total of RMB 1.6 billion after deducting issuance costs [1] Group 1: Fundraising Details - The total amount raised from the issuance is RMB 1.6 billion, with a net amount of RMB 1.593 billion after deducting issuance costs of RMB 7.1401 million [1] - The company has signed a tripartite supervision agreement for the special account for raised funds with the sponsor China International Capital Corporation and Agricultural Bank of China Guangzhou Baiyun Branch [1]

Core Insights - Guangzhou Baiyun International Airport has officially surpassed an annual passenger throughput of 80 million, joining the global "80 million club" [1][6][15] Group 1: Airport Development and Capacity - The completion of the fifth runway at Baiyun Airport and the third runway at Shenzhen Bao'an Airport has established a world-class airport cluster in the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing regional connectivity and competitiveness [2][9] - Baiyun Airport's new operational structure includes three terminals and five runways, significantly improving its capacity and efficiency for handling high-density flight operations [3][6][7] - The airport has successfully opened or restored nearly 40 international passenger routes this year, expanding its network to over 100 international and regional destinations [7][8] Group 2: Economic and Policy Support - The implementation of a 240-hour visa-free transit policy has effectively attracted international travelers, contributing to a robust recovery in international passenger numbers, which increased by over 19% year-on-year [6][7] - The growth of the Guangdong sports, cultural tourism, and exhibition economies has provided a continuous influx of passengers, further enhancing the airport's role as a hub [7][8] Group 3: Strategic Partnerships - China Southern Airlines, headquartered in Guangzhou, plays a crucial role in supporting Baiyun Airport's hub capabilities, establishing Guangzhou as a primary gateway to Oceania and Southeast Asia [8][15] - The strategic collaboration between Baiyun Airport and China Southern Airlines has led to the development of a "12-hour air traffic circle" connecting Guangzhou with major global economic cities [8] Group 4: Regional Airport Cluster Dynamics - The Greater Bay Area now boasts 15 operational runways, making it one of the regions with the highest airport runway density globally, reflecting a shift towards collaborative and differentiated development among its airports [9][11] - The airports in the Greater Bay Area are forming a multi-layered network, with Hong Kong focusing on international transit, Guangzhou enhancing its Asia-Pacific hub functions, and Shenzhen targeting emerging markets [11][12] Group 5: Future Prospects and Integration - The development of Baiyun Airport and the Greater Bay Area's airport cluster is expected to transform these facilities into high-value industry incubators, attracting high-end industries and services [13][14] - The integration of transportation systems, including high-speed rail and intercity rail, is set to create a comprehensive transport hub, enhancing the efficiency of passenger and cargo flows [12][14]

Core Insights - Guangzhou Baiyun International Airport has achieved a historic milestone by surpassing 80 million annual passenger throughput by December 17, 2025, with over 16.6 million international passengers, officially joining the global "80 million passenger club" [1][2] - The significant increase in passenger flow is attributed to hardware upgrades, including the opening of Terminal 3 and the operation of the fourth and fifth runways, enhancing the airport's operational capacity and layout [1] - The growth in passenger numbers reflects the collaborative development of the sports, cultural tourism, and exhibition economy in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Operational Performance - Baiyun Airport's core operational metrics, including flight takeoffs and landings, international business, and cargo transport, have shown strong growth, with international business surging over 19% year-on-year, accounting for over 20% of total passengers [2] - The airport has been a key player in the Greater Bay Area, facilitating the opening, enhancement, and restoration of nearly 40 international passenger routes this year, including new destinations such as Almaty, Madrid, and Vancouver [2] - Baiyun Airport's international and regional destinations have exceeded 100, marking a significant expansion in its global connectivity [2] Future Outlook - Standing at the new milestone of 80 million passengers, Baiyun Airport aims to enhance its role as a vital global gateway and accelerate the construction of a world-class hub airport, contributing to Guangdong's leadership in advancing China's modernization [2]

Core Insights - Guangzhou Baiyun International Airport has achieved a historic milestone by surpassing an annual passenger throughput of 80 million, marking its entry into the global "80 million passenger club" [1][6] - The airport's international passenger volume has seen a significant recovery, increasing by over 19% year-on-year, with international travelers accounting for more than 20% of total passenger traffic [1][3] Group 1: Passenger Growth and Economic Impact - The surge in passenger traffic is attributed to the continuous optimization of the airport's operational support system and the collaborative efforts of Guangdong Province and Guangzhou City in sports, cultural tourism, and exhibition economies [2] - The 15th National Games held in Guangdong provided dedicated services at the airport, including fast-track security for participants and special flights, with 135 event-related flights on December 16 alone [2] - Major exhibitions and events, such as the International Airport Expo and the Canton Fair, have contributed to a steady influx of business travelers, further boosting airport traffic [2] Group 2: Operational Efficiency and Infrastructure Development - Baiyun Airport has effectively managed over 1,500 daily flight operations by enhancing coordination with air traffic control and airlines, leading to improved operational efficiency [3] - The airport is set to enhance its infrastructure with the opening of Terminal 3 and the addition of the fourth and fifth runways by 2025, creating a new hub structure of "three terminals and five runways" [4] - The new terminal will feature fully automated facilities, improving passenger convenience, while the additional runways will increase flight capacity and reduce delays during peak times [4] Group 3: Future Prospects and Strategic Development - In 2024, the airport is expected to see passenger numbers rise to 76 million, with a historic breakthrough of 80 million anticipated in 2025 due to improved infrastructure and service optimization [5] - Baiyun Airport is positioned as a key international aviation hub, enhancing connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area by adding nearly 40 new or restored international routes this year [6] - The airport aims to strengthen its role as a vital gateway for global connectivity, contributing to the high-quality economic development of the region [6]

Core Insights - Guangzhou Baiyun International Airport has achieved a historic milestone by surpassing an annual passenger throughput of 80 million, marking its entry into the global "80 million passenger club" and enhancing its status as a key international aviation hub [1][2][8] Passenger Growth and Operational Performance - As of December 17, 2025, Baiyun Airport's annual passenger throughput exceeded 80 million, with over 16.6 million international passengers [2] - The airport's growth is attributed to the optimization of its operational support system and the synergistic development of Guangdong's sports, cultural tourism, and exhibition economies [5][6] - The airport has successfully supported major events, including the 15th National Games and the 12th National Paralympic Games, demonstrating its capability to handle significant passenger flows [5] Infrastructure Development - The airport's infrastructure upgrades, including the opening of Terminal 3 and the operation of the fourth and fifth runways, have created a new hub structure of "three terminals and five runways," significantly enhancing its capacity and operational efficiency [7] - Terminal 3 features advanced smart facilities that improve passenger convenience, while the new runways increase flight capacity and reduce delays [7] Economic Impact and Connectivity - The airport's growth is a catalyst for the Guangdong-Hong Kong-Macao Greater Bay Area's transportation connectivity and regional economic development [9] - Baiyun Airport has expanded its domestic and international route network, adding nearly 40 new or restored international passenger routes this year, including direct flights to cities like Madrid and Darwin [9][12] - The airport has become the first in mainland China to restore direct flights to India, enhancing connectivity to South Asia [12] Summary of Achievements - Baiyun Airport has consistently shown robust growth, surpassing 70 million passengers in 2019 and achieving the highest passenger volume globally in 2020, with a steady recovery to 76 million in 2024 and now exceeding 80 million in 2025 [8] - The airport's strategic initiatives and infrastructure improvements underscore its competitive position in both national and global aviation networks [8][9]

截至12月17日，广州白云机场年旅客吞吐量首次突破8000万人次，实现历史性跨越，其中国际旅客超 1660万人次。（新华社） ...

Core Viewpoint - The recent expansion of airport infrastructure in the Greater Bay Area, including the launch of new runways and terminals, signifies a strategic enhancement of the region's future development rather than mere operational upgrades [6][10]. Group 1: Airport Developments - Hong Kong International Airport has fully operationalized its three-runway system and is gradually opening the second passenger terminal [1]. - Guangzhou Baiyun International Airport has officially launched its T3 terminal and fifth runway, which can accommodate an annual passenger throughput of 120 million, equivalent to the total permanent population of Guangdong province last year [4]. - Shenzhen Bao'an International Airport is set to enter the "three-runway era" in November [1]. Group 2: Market Dynamics - Despite the proximity of the three major airports (Guangzhou, Shenzhen, and Hong Kong), they are not experiencing competitive issues, as the annual passenger throughput collectively exceeds 50 million [7]. - The continuous increase in passenger flow is attributed to the collaborative approach among the airports, treating the Greater Bay Area as a shared market rather than competing for the same customers [13]. Group 3: Strategic Goals - Guangzhou Baiyun International Airport aims to deepen its market presence in Southeast Asia, South Asia, the Middle East, Australia, New Zealand, and Africa [10]. - Shenzhen Bao'an International Airport's new runway is designed to meet the highest standards for accommodating large cargo and passenger aircraft, facilitating the expansion of long-haul international routes [10]. - Hong Kong International Airport focuses on enhancing its competitiveness as an international aviation hub [10]. Group 4: Regional Integration - The integration of the Greater Bay Area is accelerating, leading to a shift in the relationship among the airports, which are increasingly viewing the area as a unified market [13]. - The airports are leveraging interconnectivity to explore new demand, with Guangzhou enhancing its role as a gateway to Southeast Asia and Oceania, while Shenzhen focuses on high-tech and premium manufacturing services [13].

Equity Research Report 8 December 2025 China Airports Equities Opportunities and challenges coexist Resilient traffic growth, but uncertainty to remain in 2026. The domestic passenger traffic of Chinese Airlines climbed 4.4% y-o-y in October vs. +2.8% y-o-y in 3Q25 (source: Civil Aviation Administration of China), partially driven by the recovery of business travel. We see strong momentum in inbound travel supported by China's visa-waiver policy – volume of inbound foreign visitor with visa-exemption surged ...

Core Insights - The Guangdong customs authority reported a significant increase in tax refund applications and amounts for goods leaving the country, with 93,000 applications and a total value of 1.75 billion yuan, marking a 7.5-fold and 2-fold increase compared to the same period last year [1][2] Group 1: Consumption and Tax Refunds - The introduction of three new verification points after April has allowed international travelers to choose their departure ports and modes of transport for tax refund services [1] - Daily average verification of tax refund applications increased from 58 to 684, indicating effective measures to boost consumer willingness [1] Group 2: Economic Impact of Events - The 15th National Games and the Special Olympics have activated consumer spending, with a notable increase in international flight volumes and passenger numbers at Guangzhou Baiyun Airport, which saw a 102% increase in international flights and a 16.7% increase in passenger traffic from October 1 to November 10 [2] - The influx of visitors during these events has led to a 63% year-on-year increase in the restaurant and accommodation sectors in Guangzhou for October [2] Group 3: Import Growth - Guangdong's consumer goods imports reached 21.41 billion yuan in October, reflecting an 11.3% year-on-year growth, which is 10 percentage points higher than the national average [2] - Significant growth was observed in imports of seafood, cooking oil, and sports equipment, highlighting their importance in supporting the consumer market [2]

证券代码：600004 证券简称：白云机场 广州白云国际机场股份有限公司 （住所：广州市白云国际机场南工作区自编一号） 2024 年度向特定对象发行 A 股股票 募集说明书 （注册稿） 保荐机构（主承销商） 中国国际金融股份有限公司 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年十二月 广州白云国际机场股份有限公司 募集说明书 公司声明 1、本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资料 不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担相 应的法律责任。 重大事项提示 公司特别提示投资者对下列重大事项或风险因素给予充分关注，并仔细阅读本募 集说明书相关章节。 一、本次向特定对象发行 A 股股票情况 1、本次发行相关事项已经 2024 年 7 月 12 日召开的公司第七届董事会第十三次（临 时）会议、2024 年 12 月 9 日召开的公司第七届董事会第十六次（临时）会议及 2024 年 12 月 25 日召开的公司 2024 年第一次临时股东大会审议通过，以及上交所审核通过， 并已取得中国证监会同意注册批复。后续公司将向上 ...