Suite 3501, China World Office 2 No.1 Jianguomenwai Avenue Beijing, China | 100004 电话/Tel: +86 10 5649 6000 传真/Fax: +86 10 6505 9422 北京市朝阳区建国门外大街 1 号 国贸写字楼 2 座 3501 室 | 100004 fenxunlaw.com 北京市奋迅律师事务所 关于 广州白云国际机场股份有限公司 2024 年年度股东大会有关事宜的 法律意见书 北京 Beijing 上海 Shanghai 深圳 Shenzhen 2、贵公司董事会、监事会提出的提案； 3、本次股东大会通过的决议；及 4、贵公司的公司章程。 北京市奋迅律师事务所 关于广州白云国际机场股份有限公司 2024 年年度股东大会有关事宜的 法律意见书 广州白云国际机场股份有限公司： 北京市奋迅律师事务所（以下简称"本所"）受贵公司的委托，根据《中华 人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》 （以下简称《证券法》）、中国证券监督管理委员会发布的《上市公司股东会 规则》（以下简称《规则》）等有关 ...

Core Viewpoint - The 2025 International Airport Expo is set to take place in Guangzhou from September 8 to 11, 2025, marking a significant global aviation event following the 2018 World Route Development Forum [2][3]. Group 1: Event Details - The expo will feature the theme "Innovative Hubs, Global Opportunities" and aims to showcase advancements in the aviation industry [2][3]. - The event's logo, flag, and mascot "Yangyang Tong" were unveiled, symbolizing the expo's vision of connectivity and success in the aviation sector [3][4]. Group 2: Collaboration and Partnerships - A cooperation memorandum was signed between the China Civil Airports Association and Guangzhou Baiyun International Airport, along with a service agreement with the Canton Fair to enhance resource integration and service capabilities [4]. - Various exhibitors and sponsors have signed agreements to showcase innovations across different sectors, including air travel, culture, and new economic models [4]. Group 3: Exhibition Format - The expo will adopt a "Three Meetings and Five Exhibitions" format, integrating multiple conferences and exhibitions to highlight China's civil aviation achievements and the vitality of the Guangdong-Hong Kong-Macao Greater Bay Area [5]. - Key themes will include digital twin airport platforms, smart airport solutions, and applications of artificial intelligence in flight scheduling and passenger flow prediction [5]. Group 4: Strategic Importance - Guangzhou Baiyun International Airport serves as a crucial hub connecting the Greater Bay Area to the world and plays a significant role in the "Belt and Road" initiative [6]. - The airport currently operates with approximately 80 airlines, connecting nearly 100 international and regional destinations, forming a "4-hour air traffic circle" with Southeast Asia and a "12-hour air traffic circle" with major global cities [6]. Group 5: Future Projections - With the upcoming operation of Terminal 3, Baiyun Airport is expected to handle 120 million passengers and over 3.8 million tons of cargo by 2030, enhancing its status as a comprehensive international aviation hub [7].

Core Insights - The Guangzhou border inspection station anticipates a total passenger flow of approximately 149,000 during the Dragon Boat Festival holiday, representing a year-on-year increase of about 27.6% compared to the 2024 holiday [1] - The introduction of a new international flight route to Uzbekistan and the implementation of visa exemption policies are expected to further boost passenger traffic at Baiyun Airport [2] Passenger Flow Estimates - Daily average passenger flow at Baiyun International Airport is projected to be 48,000, with other ports like Nansha Passenger Port at 800, Dongguan Humen Passenger Port at 150, and Pazhou Hong Kong-Macao Passenger Terminal at 700 during the holiday [1] - Baiyun Airport is expected to see a daily average of 48,000 passengers during the holiday, with a year-on-year growth of 27.9%, and peak days may exceed 51,000 passengers [2] International Flight Operations - Baiyun Airport is expected to operate over 240 international flights daily during the holiday, reflecting a year-on-year increase of 15.9% [2] - The new international flight route to Uzbekistan commenced on May 19, and the visa exemption agreement with Uzbekistan will take effect on June 1, which is anticipated to increase passenger flow [2] Peak Travel Periods - The peak outbound travel dates are expected to be May 30 and May 31, while the peak inbound travel dates are June 1 and June 2 [2] - Specific peak hours for inbound and outbound traffic at T1 and T2 terminals have been identified, with T1 inbound peaks from 1-3 AM and 3-6 PM, and T2 inbound peaks from 5:30-7 AM and 12-3 PM [2]

Core Viewpoint - Baiyun Airport aims to achieve a passenger throughput of over 80 million for the year 2025 despite slow growth in Q1 due to ongoing construction impacts [2]. Financial Performance - In Q1 2025, Baiyun Airport reported a main revenue of 1.822 billion yuan, an increase of 9.52% year-on-year; net profit attributable to shareholders was 296 million yuan, up 57.71% year-on-year; and net profit excluding non-recurring items was 265 million yuan, a rise of 42.38% year-on-year [5]. - The company's debt ratio stands at 31.0%, with investment income of 28.53 million yuan and financial expenses of 19.58 million yuan, resulting in a gross profit margin of 27.85% [5]. Asset Depreciation - The depreciation period for terminal buildings is set at 40 years, while the main runway has a depreciation period of 30 years; other related facilities and equipment have varying depreciation periods from 4 to 15 years [4]. Profit Distribution Policy - The company emphasizes investor returns, with a historical dividend payout ratio of approximately 47%. It has established a medium to long-term cash dividend plan and aims to provide continuous and stable cash dividends to investors, sharing development results [5]. Market Ratings - Over the past 90 days, four institutions have rated the stock, with two buy ratings and two hold ratings. The average target price from institutions is 10.95 yuan [5]. Financing and Margin Data - In the last three months, the stock has seen a net outflow of 121 million yuan in financing, with a decrease in financing balance; however, there has been a net inflow of 1.4481 million yuan in securities lending, indicating an increase in securities lending balance [7].

Group 1 - The core point of the article is that Lingnan Holdings has completed the business registration of a new company, China Duty Free (Guangzhou) Co., Ltd., in collaboration with several partners [1] - The newly established company has a registered capital of 45 million RMB, with Lingnan Holdings investing 8.775 million RMB, accounting for 19.5% of the total registered capital [1]

Meeting Overview - The annual general meeting of shareholders for Guangzhou Baiyun International Airport Co., Ltd. is scheduled for June 5, 2025, at 14:30 [1][2] - The meeting will be held at the comprehensive service building in the southeast work area of Guangzhou Baiyun International Airport [1][2] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange voting system [1][2] Voting Details - The voting time for the on-site meeting is from 9:15 to 15:00 on the day of the meeting [1][2] - Shareholders can vote via the trading system from 9:15-9:25, 9:30-11:30, and 13:00-15:00 [1][2] - The online voting system will be available from 9:15 to 15:00 on the meeting day [1][2] Agenda and Proposals - The meeting will review several proposals, with specific proposals already approved by the board and supervisory committee [2] - There are no related shareholders required to abstain from voting [2] Attendance and Registration - Shareholders registered by the close of trading on May 27, 2025, are eligible to attend the meeting [6] - Shareholders must complete registration procedures to attend the meeting, including providing necessary identification and documentation [6][7] Proxy Voting - Shareholders can appoint proxies to attend and vote on their behalf, with specific documentation required for proxy representation [6][7] - Multiple accounts held by a shareholder can be used to vote, but the total voting rights will be based on the aggregate shares held [4][5] Additional Information - The meeting is expected to last half a day, and attendees are responsible for their own travel and accommodation expenses [8] - Contact information for inquiries is provided, including phone numbers and email addresses [8]

广州白云国际机场股份有限公司 2024 年度股东大会会议材料 2025 年 6 月 5 日 2024 年度股东大会会议材料 目录 | 1. | 会 议 | | 须 | 知 | 1 | | --- | --- | --- | --- | --- | --- | | 2. | 会 议 | | 议 | 程 | 3 | | 3. | 2024 | 年度董事会工作报告 | | | 4 | | 4. | 2024 | 年度监事会工作报告 | | | 13 | | 5. | 2024 | 年度财务决算报告 | | | 18 | | 6. | 公司 2024 | | | 年度报告 | 20 | | 7. | 2024 | 年度利润分配方案 | | | 21 | | 8. | 独立董事 | | 2024 | 年度履职报告 | 24 | | | 独立董事 | | 2024 | 年度履职报告 （覃章高） | 24 | | | 独立董事 | | 2024 | 年度履职报告 （王利亚） | 31 | | | 独立董事 | | 2024 | 年度履职报告 （邢益强） | 39 | | | 独立董事 | | 2024 | 年度履职报告 （ ...

重要内容提示： 广州白云国际机场股份有限公司（以下简称"公司"或"本公司"）于 2025 年 5 月 17 日在《证券时报》、《中国证券报》、《上海证券报》及上海证券交易所 网站 www.sse.com.cn 上刊登了《关于召开 2024 年年度股东大会的通知》。现就 公司 2024 年年度股东大会有关事项发布提示性公告如下： 一、 召开会议的基本情况 (一) 股东大会类型和届次 证券代码：600004 证券简称：白云机场 公告编号：2025-027 广州白云国际机场股份有限公司 关于召开2024年年度股东大会的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2024年年度股东大会 召开的日期时间：2025 年 6 月 5 日 14 点 30 分 召开地点：广州白云国际机场东南工作区空港南横四路综合服务大楼三区 股东大会召开日期：2025年6月5日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 ...

Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. is planning to raise up to 160 million yuan through a private placement to improve liquidity and address a funding gap of approximately 206.95 million yuan over the next three years [1][4]. Company Announcements - The company intends to issue shares to specific investors, with the total amount not exceeding 160 million yuan, aimed at supplementing working capital [1][4]. - The company is involved in three litigation/arbitration cases, with a total amount in dispute of 61.95 million yuan [1][4]. Financial Performance - For the fiscal year 2024, the company reported total revenue of approximately 7.42 billion yuan, reflecting a year-on-year growth of 15.44% [2]. - The net profit for 2024 reached approximately 965.75 million yuan, marking a significant year-on-year increase of 100.78% [2][4]. - The company’s total assets as of December 31, 2024, amounted to approximately 26.99 billion yuan, with total liabilities of about 8.41 billion yuan [2]. Shareholder Changes - The company plans to issue A-shares to its controlling shareholder, Airport Group, at a price of 7.63 yuan per share, with a maximum issuance of 209,698,558 shares [3][4]. - The issuance is subject to approval from the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission [3].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation of outperforming the benchmark index by 10%-20% in the next six months [1][19]. Core Insights - The company is expected to benefit from its investment in a city duty-free store in Guangzhou, capitalizing on the growth of inbound consumption and sharing in duty-free revenues [1]. - The report highlights the recovery of inbound tourism, with a significant increase in international visitors, which is projected to enhance the company's profitability [7]. - The establishment of a city duty-free store aligns with recent policy changes aimed at promoting duty-free shopping, which is expected to create synergies among various stakeholders involved in tourism and retail [7]. Financial Summary - Total revenue projections for the company are as follows: 2024A: 7,424 million, 2025E: 8,182 million, 2026E: 9,703 million, 2027E: 10,289 million, with growth rates of 15.4%, 10.2%, 18.6%, and 6.0% respectively [3][8]. - The net profit attributable to the parent company is forecasted to be: 2024A: 926 million, 2025E: 1,215 million, 2026E: 939 million, 2027E: 1,110 million, with growth rates of 109.5%, 31.3%, -22.7%, and 18.2% respectively [3][8]. - Earnings per share (EPS) are projected to be: 2024A: 0.39, 2025E: 0.51, 2026E: 0.40, 2027E: 0.47 [3][8]. - The target price for the company's stock is set at 11.5 yuan, representing a 23% upside from the current price of 9.35 yuan [3][7].