Growth - SOTONG Development reported a net profit of 523 million yuan in the first half of the year, a year-on-year increase of 1568.52% [2] - Muyuan Foods achieved a net profit of 10.53 billion yuan, reflecting a year-on-year growth of 1169.77% [2] - Spring Autumn Electronics posted a net profit of 93.32 million yuan, up 248.44% year-on-year [2] - Baobian Electric's net profit reached 75.37 million yuan, marking a year-on-year increase of 230.76% [2] - Baiyun Airport reported a net profit of 750 million yuan, with a year-on-year growth of 71.32% [2] - Hengdian East Magnetic's net profit was 1.02 billion yuan, showing a year-on-year increase of 58.94% [2] - China XD Electric recorded a net profit of 598 million yuan, up 30.08% year-on-year [2] - Heng Rui Medicine achieved a net profit of 4.45 billion yuan, reflecting a year-on-year growth of 29.67% [2] - Yanjinpuzi reported a net profit of 373 million yuan, with a year-on-year increase of 16.7% [2] - Lizhu Group posted a net profit of 1.281 billion yuan, marking a year-on-year growth of 9.4% [2] Decline and Loss - Zhongheng Electric reported a net profit of 47.48 million yuan, a year-on-year decline of 30.19% [2] - Yonghui Supermarket experienced a net loss of 241 million yuan, transitioning from profit to loss year-on-year [2] - Wantai Biological Pharmacy reported a net loss of 144 million yuan, also transitioning from profit to loss year-on-year [2] - Jimin Health reported a net loss of 52.70 million yuan [2]

Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, driven by strong operational performance and additional income from a legal settlement [1][2]. Financial Performance - The company achieved an operating revenue of 3.726 billion yuan, representing a year-on-year growth of 7.68% [1]. - The net profit attributable to shareholders reached 750 million yuan, marking a substantial increase of 71.32% compared to the previous year [1]. - The growth in revenue was supported by a 7.03% increase in aircraft takeoffs and landings, and a 9.23% rise in passenger throughput [1]. Operational Highlights - Baiyun Airport successfully opened or enhanced 19 international and regional passenger routes, expanding its network to cover 93 international and regional destinations [2]. - The airport's flight punctuality rate improved to 89%, an increase of 3 percentage points year-on-year, while the passenger flight execution rate reached 94%, up by 9 percentage points [2]. - Approximately 1.41 million foreign passengers entered through Baiyun Airport, reflecting a 41% year-on-year increase [2]. Strategic Initiatives - The company is focused on accelerating the construction of a world-class airport and supporting the development of a world-class airport cluster in the Greater Bay Area [2]. - Baiyun Airport is implementing innovative service measures in collaboration with customs, border inspection, and airlines to enhance passenger experience and streamline processes [2].

（文章来源：每日经济新闻） 白云机场（SH 600004，收盘价：9.7元）8月20日晚间发布半年度业绩报告称，2025年上半年营业收入 约37.26亿元，同比增加7.68%；归属于上市公司股东的净利润约7.5亿元，同比增加71.32%；基本每股 收益0.32元，同比增加77.78%。 ...

证券日报网讯 8月20日晚间，白云机场发布公告称，公司第七届董事会第二十二次会议审议通过了《关 于签订〈广州白云国际机场安保服务协议（2025年度）〉补充协议的关联交易议案》等多项议案。 （文章来源：证券日报） ...

Core Viewpoint - Baiyun Airport reported a significant increase in both revenue and net profit for the first half of the year, indicating strong operational performance and growth potential in the aviation industry [1] Financial Performance - The company achieved an operating revenue of 3.726 billion yuan, representing a year-on-year growth of 7.68% [1] - The net profit attributable to shareholders of the listed company was 750 million yuan, showing a substantial year-on-year increase of 71.32% [1] - Basic earnings per share were reported at 0.32 yuan [1]

Core Viewpoint - Baiyun Airport (600004.SH) plans to increase the funding for new auxiliary police from 7,814.24 yuan per person per month to 9,333.58 yuan per person per month starting January 2025, in line with the Ministry of Public Security's action plan [1] Financial Impact - The increase in security service costs is approximately 2.3155 million yuan, bringing the total estimated expenses to 28.3106 million yuan [1]

Core Viewpoint - Baiyun Airport (600004.SH) reported a strong performance in the first half of 2025, with significant increases in revenue and net profit, indicating robust operational efficiency and effective cost management [1] Financial Performance - The company's operating revenue reached 3.726 billion yuan, representing a year-on-year growth of 7.68% [1] - Net profit attributable to shareholders was 750 million yuan, showing a substantial year-on-year increase of 71.32% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 562 million yuan, reflecting a year-on-year growth of 32.17% [1] - Basic earnings per share stood at 0.32 yuan [1] Operational Metrics - The company experienced a 7.03% year-on-year increase in aircraft takeoffs and landings [1] - Passenger throughput grew by 9.23% compared to the previous year [1] - The increase in operating revenue was accompanied by a cost increase that was 2.63 percentage points lower than the revenue growth rate [1] Other Income - The company recognized an extraordinary income of 153 million yuan from Beijing Wo Jie Cultural Media Co., Ltd. based on a ruling [1]

证券代码：600004 证券简称：白云机场 公告编号：2025－038 广州白云国际机场股份有限公司 关于签订《广州白云国际机场安保服务协议（2025 年 度）》补充协议的关联交易公告 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。 本次交易未构成重大资产重组。 除非文义载明，下列简称具有如下含义： 上市公司/本公司 指 广州白云国际机场股份有限公司 集团公司/机场集团 指 广东省机场管理集团有限公司 机场安保公司 指 广东机场安保服务有限公司，系集团公司 全资子公司 一、关联交易概述 为加强广州白云国际机场安全保卫、治安防范和秩序管控能力， 确保过港旅客安全、顺利出行，按照国家及广东省关于辅警管理的相 关规定以及民航局公安局《进一步加强民航公安机关警力配备的通知》 （〔2014〕847 号）和《关于印发〈民用机场公安机关警力配备标准〉 的通知》（〔2009〕54 号），并参照同类机场的辅警配备情况，结合白 云机场实际，公司委托机场安保公司提供辅警服务，并已与机场安保 公司签订 2025 年 1 月 1 日至 2025 年 1 ...

广州白云国际机场股份有限公司 第七届董事会第二十二次会议决议公告 证券代码：600004 证券简称：白云机场 公告编号：2025-037 (五) 根据《公司章程》规定，广州白云国际机场股份有限公司第 七届董事会第二十二次会议由公司董事长、总经理王晓勇先生召集。 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。 二、董事会会议审议情况 一、董事会会议召开情况 (一) 本次董事会会议的召开符合有关法律、行政法规、部门规章、 规范性文件和公司章程的规定。 (二) 本次会议通知于 2025 年 8 月 8 日以专人送达、电子邮件、电 话等形式送达各董事及其他参会人员。 (三) 本次董事会会议于 2025 年 8 月 20 日以现场结合视频会议方 式召开。 (四) 本次董事会应出席的董事 7 人，实际出席会议的董事 7 人。 (一) 《关于签订〈广州白云国际机场安保服务协议（2025 年度）〉 补充协议的关联交易议案》 公司第七届董事会独立董事专门会议第八次会议审议了该议案，同 意提交董事会审议。 关联董事朱前鸿先生、钟鸣先生回避表决，董 ...

[Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the accuracy and completeness of the semi-annual report, which is unaudited, and advise investors to be aware of forward-looking statements and risks detailed in Section III - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, and assume legal responsibility[5](index=5&type=chunk) - This semi-annual report has not been audited[7](index=7&type=chunk) - Forward-looking statements in this report, such as business plans and development strategies, do not constitute a substantive commitment by the company to investors, and investors are advised to pay attention to investment risks[8](index=8&type=chunk) - The company has described potential related risks in detail in Section III, Management Discussion and Analysis[9](index=9&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions for key terms used throughout the report, clarifying references to "Airport Group" and "Company" - "Airport Group/Group Company" refers to Guangdong Airport Management Group Co., Ltd[14](index=14&type=chunk) - "Company/This Company/Joint Stock Company" refers to Guangzhou Baiyun International Airport Co., Ltd[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information, contact details, basic changes, disclosure channels, stock overview, and presents key financial data and performance indicators [1. Company Information](index=4&type=section&id=1.%20Company%20Information) This section details the basic information of Guangzhou Baiyun International Airport Co., Ltd., including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Guangzhou Baiyun International Airport Co., Ltd., and its Chinese abbreviation is Baiyun Airport[16](index=16&type=chunk) - The company's legal representative is Wang Xiaoyong[16](index=16&type=chunk) [2. Contact Person and Information](index=4&type=section&id=2.%20Contact%20Person%20and%20Information) This section provides contact details for the company's Board Secretary, including name, address, telephone, fax, and email - The company's Board Secretary is Duan Dongsheng, and the contact address is Comprehensive Service Building Area 1, Konggang South Horizontal Fourth Road, Southeast Working Area, Guangzhou Baiyun International Airport[17](index=17&type=chunk) - The contact number is 020-36063595, and the email address is 600004@gdairport.com[17](index=17&type=chunk) [3. Overview of Changes in Basic Information](index=4&type=section&id=3.%20Overview%20of%20Changes%20in%20Basic%20Information) This section discloses the company's registered address, office address, website, and email address - The company's registered address is Self-compiled No. 1, South Working Area, Guangzhou Baiyun International Airport, and its office address is Comprehensive Service Building Area 1, Konggang South Horizontal Fourth Road, Southeast Working Area, Guangzhou Baiyun International Airport[18](index=18&type=chunk) - The company's website is www.baiyunport.com, and its email address is 600004@gdairport.com[18](index=18&type=chunk) [4. Overview of Changes in Information Disclosure and Document Custody Locations](index=4&type=section&id=4.%20Overview%20of%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the company's designated newspapers for information disclosure, the website for semi-annual reports, and the location for report custody - The company's designated newspapers for information disclosure are "China Securities Journal", "Shanghai Securities News", and "Securities Times"[19](index=19&type=chunk) - The website for publishing the semi-annual report is www.sse.com.cn, and the company's semi-annual report is kept in the Board Secretary's Office[19](index=19&type=chunk) [5. Company Stock Profile](index=4&type=section&id=5.%20Company%20Stock%20Profile) This section briefly introduces the company's stock type, listing exchange, stock abbreviation, and stock code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with the stock abbreviation Baiyun Airport and stock code 600004[20](index=20&type=chunk) [7. Key Accounting Data and Financial Indicators](index=5&type=section&id=7.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's key accounting data and financial indicators showed significant growth, with revenue up 7.68% and net profit attributable to shareholders up 71.32%, driven by strong operational performance, higher revenue growth than cost growth, and a one-time non-operating income | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,726,046,191.85 CNY | 3,460,271,426.09 CNY | 7.68 | | Total Profit | 977,824,669.17 CNY | 639,147,744.00 CNY | 52.99 | | Net Profit Attributable to Shareholders of Listed Company | 750,045,894.17 CNY | 437,791,469.90 CNY | 71.32 | | Net Cash Flow from Operating Activities | 1,735,597,434.27 CNY | 1,969,548,873.21 CNY | -11.88 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 18,734,038,552.56 CNY | 18,346,520,325.15 CNY | 2.11 | | Total Assets (Period-end) | 27,342,159,587.56 CNY | 26,997,934,835.04 CNY | 1.28 | | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.32 | 0.18 | 77.78 | | Diluted Earnings Per Share (CNY/share) | 0.32 | 0.18 | 77.78 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (CNY/share) | 0.24 | 0.18 | 33.33 | | Weighted Average Return on Net Assets (%) | 4.02 | 2.46 | Increased by 1.56 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 3.01 | 2.39 | Increased by 0.62 percentage points | - The growth in profit data and earnings per share is partly due to the company's strong production data during the reporting period, with Baiyun Airport's aircraft movements and passenger throughput increasing by **7.03%** and **9.23%** respectively, and operating revenue increasing by **7.68%**, while cost growth was **2.63 percentage points lower** than revenue growth[22](index=22&type=chunk) - Additionally, the company recognized **153 million CNY** in non-operating income from Beijing Wojie Culture Media Co., Ltd. based on an arbitration award[22](index=22&type=chunk) [9. Non-Recurring Gains and Losses and Amounts](index=5&type=section&id=9.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's non-recurring gains and losses totaled 188.23 million CNY, primarily from other non-operating income and government subsidies, significantly impacting net profit | Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets, including the reversal of impairment provisions already made | 2,009,874.94 | | Government grants recognized in current profit or loss, excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 41,001,899.38 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | -25,884.00 | | Other non-operating income and expenses apart from the above items | 157,043,217.74 | | Less: Income tax impact | 11,778,358.60 | | Minority interest impact (after tax) | 25,088.27 | | **Total** | **188,225,661.19** | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, core business operations, competitive advantages, and key financial performance during the reporting period, alongside identified risks and strategic initiatives [1. Industry and Main Business Overview During the Reporting Period](index=7&type=section&id=1.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) As the manager and operator of Baiyun Airport, the company's main business includes aviation services (e.g., aircraft take-off/landing, passenger services, security) and extended aviation services (e.g., commercial leasing, concessions, advertising), benefiting from the overall recovery of the civil aviation industry and achieving record high transport volumes - The company's core business is aviation services, including aircraft take-off and landing, parking, comprehensive passenger services, security checks, and aviation ground support[29](index=29&type=chunk) - Extended aviation services include concession rights, leasing, ground transportation, and advertising, leveraging the scale advantages of passenger and cargo throughput[29](index=29&type=chunk) - In the first half of the year, the civil aviation industry's total transport turnover reached **78.35 billion ton-kilometers**, passenger transport volume **370 million person-times**, and cargo and mail transport volume **4.784 million tons**, representing year-on-year increases of **11.4%**, **6%**, and **14.6%** respectively, with transport scale reaching new highs[30](index=30&type=chunk) [2. Discussion and Analysis of Operations](index=7&type=section&id=2.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, Baiyun Airport, as an international aviation hub, achieved steady operational recovery by expanding its route network, strengthening safety, and enhancing service quality, notably with significant growth in international passenger traffic and multiple industry awards - Baiyun Airport, in collaboration with domestic and international airlines, successfully launched or intensified **19 international and regional passenger routes**, adding important "Belt and Road" destinations such as Surabaya and Almaty, pushing weekly international and regional passenger flights to over **1,600 movements**[31](index=31&type=chunk) - In the first half of the year, aircraft movements reached **265,800** (a year-on-year increase of **7.03%**), passenger throughput **40.04 million** (a year-on-year increase of **9.23%**), and cargo and mail throughput **1.17 million tons** (a year-on-year increase of **1.96%**)[31](index=31&type=chunk) - International passenger throughput reached **7.86 million**, a **23.86%** increase year-on-year, showing an overall characteristic of "comprehensive domestic recovery, steady international rebound"[31](index=31&type=chunk) - Baiyun Airport's on-time departure rate was **89%** (a **3%** year-on-year increase), and passenger flight execution rate reached **94%** (a **9%** year-on-year increase)[32](index=32&type=chunk) - The airport was awarded "Best Airport of the Year 2024" and "Civil Aviation Innovation Pioneer Award" by CAPSE, and has consistently ranked first in ACI's global airport service quality satisfaction for **five consecutive years**[33](index=33&type=chunk) [3. Analysis of Core Competitiveness During the Reporting Period](index=8&type=section&id=3.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Baiyun Airport leverages its status as one of China's three major gateway complex hubs, demonstrating strong competitive advantages in operational capability, strategic location, management experience, service quality, and smart airport development, providing core support for the Greater Bay Area's world-class airport cluster [1. Industry-Leading Operational Capability Advantage](index=8&type=section&id=1.%20Industry-Leading%20Operational%20Capability%20Advantage) The company benefits from a prime geographical location and a comprehensive multi-modal transport system, enabling a global route network and achieving significant increases in aircraft movements, passenger throughput, and cargo and mail throughput during the reporting period - The company, leveraging its unique geographical location and a multi-layered sea, land, and air transportation system, has an airline network covering five continents globally[35](index=35&type=chunk) - During the reporting period, Baiyun Airport completed **265,800 aircraft movements**, **40.04 million passenger throughput**, and **1.17 million tons of cargo and mail throughput**, representing year-on-year increases of **7.03%**, **9.23%**, and **1.96%** respectively[35](index=35&type=chunk) [2. Strategic Location Advantage for Building an International Aviation Hub](index=8&type=section&id=2.%20Strategic%20Location%20Advantage%20for%20Building%20an%20International%20Aviation%20Hub) Situated in the Guangdong-Hong Kong-Macao Greater Bay Area, Baiyun Airport boasts a vast market hinterland, is designated as one of China's three major hubs, and is the only Class A airport in the Greater Bay Area, with national policies reinforcing its status as a comprehensive international aviation hub - Baiyun Airport is located in the Guangdong-Hong Kong-Macao Greater Bay Area, possessing a super-large market hinterland advantage covering a vast surrounding provincial area[36](index=36&type=chunk) - Baiyun Airport is one of the three major hub airports designated by the Civil Aviation Administration of China and the only Class A airport in the Greater Bay Area[36](index=36&type=chunk) - National policies explicitly propose to further strengthen Baiyun Airport's status as an all-round gateway complex international aviation hub[36](index=36&type=chunk) [3. Rich Operational Management Experience and Emergency Response Capability](index=8&type=section&id=3.%20Rich%20Operational%20Management%20Experience%20and%20Emergency%20Response%20Capability) The company has pioneered airport service standards, achieved early international and domestic certifications, demonstrates industry-leading operational management, and has established robust information transmission and emergency response mechanisms, successfully completing critical information security tasks for major events - The company formulated and implemented the first set of airport service standards in China, and was the earliest airport in Asia to pass SGS international service certification and the first domestic airport to pass ISO9000 certification[37](index=37&type=chunk) - The company's operational management level is industry-leading, being the first airport in China with over **30 million** passenger throughput to fully transfer ground control operations in one go[37](index=37&type=chunk) - The company has established a standard information transmission mechanism, improved its flight delay emergency response mechanism, and successfully completed multiple major event information security assurance tasks[37](index=37&type=chunk)[38](index=38&type=chunk) [4. Industry-Leading Service Assurance and Humanistic Care Level](index=9&type=section&id=4.%20Industry-Leading%20Service%20Assurance%20and%20Humanistic%20Care%20Level) The company is dedicated to providing high-quality, comprehensive, and seamless services, fostering a warm and convenient airport experience, with its "Spring Breeze Service" recognized nationally and consistently achieving top global airport service quality satisfaction ratings - The company is committed to providing high-quality, comprehensive services to customers, creating a smoother, more convenient, and caring airport experience[39](index=39&type=chunk) - Baiyun Airport's "Spring Breeze Service" was selected as a State-owned Assets Supervision and Administration Commission (SASAC) state-owned enterprise brand building case, and has won honors such as ACI's "Global Airport Service Quality Satisfaction First Place" for many consecutive years[39](index=39&type=chunk) [5. Comprehensive Leading Safety Management and Smart Airport Construction](index=9&type=section&id=5.%20Comprehensive%20Leading%20Safety%20Management%20and%20Smart%20Airport%20Construction) The company maintains a mature safety management system, achieving its 32nd safe year with an excellent safety record, and actively promotes smart airport development through a technology innovation center, researching new applications like digital employees and autonomous driving, aiming for a smart, green, and human-centric airport by 2025 - The company is committed to improving a more mature safety management system, has achieved its **32nd safe year**, and has maintained an excellent safety production record[40](index=40&type=chunk) - The company vigorously promotes smart airport construction, established a Technology Innovation Research Center, and actively conducts research on new technology applications such as digital employees and autonomous driving[40](index=40&type=chunk) - According to the plan, by 2025, Baiyun Airport will implement construction work guided by "intelligence, with green and humanistic care as two wings, to build a safe airport"[40](index=40&type=chunk) [4. Key Operating Performance During the Reporting Period](index=9&type=section&id=4.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's key operating performance during the reporting period, including changes in financial statement items, revenue composition, asset and liability status, investment activities, and detailed financial information for major subsidiaries and associates [(1) Analysis of Main Business](index=9&type=section&id=(1)%20Analysis%20of%20Main%20Business) This subsection provides a detailed analysis of the company's main business operations, including a comparative table of key financial metrics and explanations for significant changes in revenue, costs, and expenses | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,726,046,191.85 | 3,460,271,426.09 | 7.68 | | Operating Cost | 2,651,016,549.13 | 2,506,712,007.72 | 5.76 | | Selling Expenses | 67,013,944.64 | 61,549,031.27 | 8.88 | | Administrative Expenses | 151,808,531.75 | 185,293,851.43 | -18.07 | | Financial Expenses | 36,771,620.57 | 28,840,727.99 | 27.50 | | R&D Expenses | 17,944,673.39 | 19,333,448.97 | -7.18 | | Net Cash Flow from Operating Activities | 1,735,597,434.27 | 1,969,548,873.21 | -11.88 | | Net Cash Flow from Investing Activities | -282,100,603.49 | -251,448,577.72 | Not applicable | | Net Cash Flow from Financing Activities | -461,927,074.08 | -292,689,745.54 | Not applicable | | Revenue Category | Current Period (million CNY) | Proportion (%) | Prior Year Period (million CNY) | Proportion (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Aeronautical Revenue | 1,574.82 | 42.27 | 1,439.71 | 41.61 | 9.38 | | 1. Aircraft Take-off and Landing Related Revenue | 568.87 | 15.27 | 563.00 | 16.27 | 1.04 | | 2. Passenger Transit Related Revenue | 1,005.96 | 27.00 | 876.71 | 25.34 | 14.74 | | II. Non-Aeronautical Revenue | 2,151.22 | 57.73 | 2,020.56 | 58.39 | 6.47 | | 1. Lease and Concession Comprehensive Revenue | 905.31 | 24.30 | 760.65 | 21.98 | 19.02 | | 2. Aviation Ground and Catering Revenue | 622.81 | 16.72 | 617.03 | 17.83 | 0.94 | | 3. Other Non-Aeronautical Revenue | 623.10 | 16.72 | 642.89 | 18.58 | -3.08 | | **Total** | **3,726.05** | **100.00** | **3,460.27** | **100.00** | **7.68** | - The change in operating revenue is primarily due to increased business volume[42](index=42&type=chunk) - The change in administrative expenses is mainly due to accounting adjustments resulting from changes in the operating model of secondary units[42](index=42&type=chunk) - The change in financial expenses is primarily due to a decrease in interest income[42](index=42&type=chunk) [(3) Analysis of Assets and Liabilities](index=11&type=section&id=(3)%20Analysis%20of%20Assets%20and%20Liabilities) This subsection analyzes the company's asset and liability situation, detailing significant changes in key balance sheet items and providing explanations for these fluctuations | Item Name | Period-end Amount (CNY) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 5,730,828,829.39 | 21.14 | Monetary funds received from operating activities in the current period | | Inventories | 117,862,001.31 | 27.16 | Increase in contract performance costs for Information Company | | Contract Liabilities | 137,862,902.09 | 57.24 | Increase in advance payments for engineering projects by Information Company | | Prepayments | 55,353,619.51 | 119.50 | Advance payments for equipment procurement by Information Company | | Deferred Income Tax Assets | 374,246,015.55 | -29.07 | Company profitability led to a reduction in deductible losses | | Advance Receipts | 136,100,725.61 | -30.38 | Write-off of advance receipts for leasing business | | Taxes Payable | 221,071,382.74 | 70.71 | Increase in property tax payable | [(4) Analysis of Investment Status](index=12&type=section&id=(4)%20Analysis%20of%20Investment%20Status) This subsection provides an analysis of the company's investment activities, including a table detailing changes in fair value of financial assets and the associated investment gains or losses | Asset Category | Beginning of Period Amount (CNY) | Fair Value Change Gain/Loss for Current Period (CNY) | Cumulative Fair Value Change Included in Equity (CNY) | End of Period Amount (CNY) | | :--- | :--- | :--- | :--- | :--- | | Stocks | 166,847,673.70 | -25,884.00 | 12,062,822.80 | 178,884,612.50 | | **Total** | **166,847,673.70** | **-25,884.00** | **12,062,822.80** | **178,884,612.50** | - The book value of the company's Everbright Bank shares at the end of the period was **178.79 million CNY**, with an investment gain/loss of **8.14 million CNY** for the current period[49](index=49&type=chunk) [(6) Analysis of Major Holding and Participating Companies](index=14&type=section&id=(6)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This subsection presents a detailed analysis of the company's major holding and participating subsidiaries, including their primary businesses, operating revenues, and net profits | Company Name | Company Type | Main Business | Operating Revenue (million CNY) | Net Profit (million CNY) | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Baiyun International Airport Ground Handling Services Co., Ltd. | Subsidiary | Warehousing of cargo, mail, and luggage; ground transportation and handling within the airport; providing stair cars, shuttle buses, and boarding bridge services | 320.61 | 47.78 | | Guangzhou Baiyun International Airport Business Travel Services Co., Ltd. | Subsidiary | Ground services related to air transport, transportation (limited to airport area), business jet service agency, air passenger agency, passenger flight agency, business agency, car rental and hotel booking services; sales: arts and crafts (excluding gold ornaments), general merchandise | 226.53 | 41.06 | | Guangzhou Baiyun International Advertising Co., Ltd. | Subsidiary | Design, production, publication, and agency of various domestic and international advertisements; packaging design; exhibition design services; decoration design; interior design; interior decoration; photography; commodity information consulting; design and sales: arts and crafts (excluding gold ornaments) | 195.91 | 64.30 | | Guangzhou Baiyun International Airport Aviation Food Technology Co., Ltd. | Subsidiary | Aviation catering, beverages, in-flight supplies, souvenirs, food processing and sales, catering and related services | 119.89 | 11.65 | | Guangzhou Baiyun International Airport Express Transportation Co., Ltd. | Subsidiary | Car rental; road freight operations (excluding dangerous goods transport); car repair and decoration; sales: automobiles (excluding sedans), auto parts | 84.46 | -5.63 | | Guangzhou Baiyun Airport Equipment Technology Development Co., Ltd. | Subsidiary | Equipment repair, electromechanical equipment installation services, building equipment automatic control system engineering services | 133.79 | 4.33 | | Guangdong Airport Baiyun Information Technology Co., Ltd. | Subsidiary | Civil airport terminal weak current system construction, computer system integration, software engineering development, network communication engineering construction, international internet services; agency, sales, technical training, and consulting services for weak current and information equipment | 103.93 | 14.44 | [5. Other Disclosure Matters](index=15&type=section&id=5.%20Other%20Disclosure%20Matters) This section discloses potential risks such as macroeconomic fluctuations, industry policy changes, intensified market competition, and operating performance volatility, and outlines the company's progress in the "Quality Improvement, Efficiency Enhancement, and High Returns" initiative, including safety and service upgrades, operational optimization, digital transformation, and strengthened investor returns [(1) Potential Risks](index=15&type=section&id=(1)%20Potential%20Risks) The company faces risks from macroeconomic fluctuations impacting aviation demand, changes in government aviation policies affecting operations and profitability, increased market competition from high-speed rail and other regional airports, and potential short-term performance volatility due to depreciation and leasing costs from the Baiyun Airport Phase III expansion - The company faces macroeconomic fluctuation risks, as the aviation transport industry is closely related to the macroeconomy, and economic prosperity affects demand for air travel and cargo[52](index=52&type=chunk) - The company faces industry policy change risks, as adjustments in government regulatory policies for the aviation transport industry may affect the company's operations, development, and profitability[52](index=52&type=chunk) - The company faces intensified market competition risks, as the improvement of high-speed rail and highway networks creates competitive pressure on the short-to-medium-haul air transport market, and the dense concentration of airports in the Pearl River Delta region also poses risks of passenger diversion[52](index=52&type=chunk)[53](index=53&type=chunk) - The company faces operating performance fluctuation risks, as depreciation and amortization expenses or leasing fees for newly added assets after the completion of Baiyun Airport Phase III expansion project may lead to short-term performance fluctuations[53](index=53&type=chunk) [(2) Other Disclosure Matters](index=15&type=section&id=(2)%20Other%20Disclosure%20Matters) The company actively participates in the "Quality Improvement, Efficiency Enhancement, and High Returns" initiative, with 2025 being a critical year for the Baiyun Airport Phase III expansion, digital transformation, and enhancing its international hub status, having achieved robust growth in flights, passengers, and cargo, particularly in international traffic, while improving efficiency and investor returns - The company actively responds to the "Quality Improvement, Efficiency Enhancement, and High Returns" special action, with 2025 being a crucial year for the Baiyun Airport Phase III expansion project's production sprint, and also a key year for deepening digital transformation and enhancing international hub capabilities[54](index=54&type=chunk)[55](index=55&type=chunk) - In the first half of the year, Baiyun Airport achieved steady growth in flights, passenger, and cargo and mail transport, with international and regional flight volumes and passenger numbers increasing by **16.1%** and **22.9%** year-on-year respectively, becoming the core engine driving growth[55](index=55&type=chunk) - By implementing the "Three Reductions and Two Controls" policy (reducing energy consumption, material consumption, and cost-effectiveness; controlling budget and risk), the company achieved operating revenue of **3.726 billion CNY** in the first half of the year, a year-on-year increase of **7.68%**, with cost growth **2.63 percentage points lower** than revenue growth[56](index=56&type=chunk) - The company strengthened its investor return and communication mechanisms, implementing the 2024 profit distribution in the first half of the year, distributing **372 million CNY** in cash dividends, accounting for **40.13%** of the net profit attributable to shareholders of the listed company for 2024[57](index=57&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=17&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's directors, supervisors, and senior management, outlines its profit distribution policy, and provides information on environmental disclosures [1. Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section discloses changes in the company's Board Secretary, with Qi Yaoming's departure and Duan Dongsheng's appointment and official assumption of duties | Name | Position Held | Change | | :--- | :--- | :--- | | Qi Yaoming | Board Secretary | Resignation | | Duan Dongsheng | Board Secretary | Appointment | - On January 21, 2025, the company's board of directors resolved to appoint Mr. Duan Dongsheng as the company's Board Secretary, with a term of office from the date of board approval until the expiration of the seventh board of directors[59](index=59&type=chunk) - On March 18, 2025, Mr. Duan Dongsheng's appointment as Board Secretary was approved by the Shanghai Stock Exchange, and he officially assumed the duties of Board Secretary[59](index=59&type=chunk) [2. Profit Distribution or Capital Reserve Conversion Plan](index=17&type=section&id=2.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section clarifies that the company has no proposed plan for profit distribution or capital reserve conversion for the semi-annual period - The proposed profit distribution plan or capital reserve conversion plan for the semi-annual period is "not applicable," meaning no distribution or conversion[60](index=60&type=chunk) [4. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=17&type=section&id=4.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) This section provides an index for accessing the environmental information disclosure report of Guangzhou Baiyun International Airport Co., Ltd., as an enterprise required to disclose environmental information by law - Guangzhou Baiyun International Airport Co., Ltd. has been included in the list of enterprises required to disclose environmental information by law, and its environmental information disclosure report can be found at https://gdee.gd.gov.cn/gdeepub/front/dal/dal/newindex[61](index=61&type=chunk)[62](index=62&type=chunk) [Section V Significant Matters](index=19&type=section&id=Section%20V%20Significant%20Matters) This section covers the fulfillment of commitments by the company's actual controller and related parties, and details significant litigation and arbitration matters during the reporting period [1. Fulfillment of Commitments](index=19&type=section&id=1.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments by the company's actual controller, shareholders, and related parties during or continuing into the reporting period, primarily concerning the resolution of horizontal competition and asset repurchase rights - The Airport Group committed not to produce, operate, or sell businesses, services, or products that directly or indirectly compete with the company in any form, and has strictly fulfilled this commitment[64](index=64&type=chunk) - The Airport Group committed that the listed company would have a one-time right to repurchase the logistics company's equity within five years from the asset swap delivery date, and has strictly fulfilled this commitment[64](index=64&type=chunk) - The Airport Group committed to ensuring the legal and compliant use of the target properties and resolving any potential property title defects, and has strictly fulfilled this commitment[64](index=64&type=chunk) [7. Significant Litigation and Arbitration Matters](index=20&type=section&id=7.%20Significant%20Litigation%20and%20Arbitration%20Matters) This section discloses significant litigation and arbitration matters during the reporting period, including the arbitration awards involving Di'an Shuangying Group Co., Ltd. and Beijing Wojie Culture Media Co., Ltd., and an ongoing arbitration with Guangzhou Nanhu Changxiang Education Technology Co., Ltd - The arbitration case between the company's subsidiary, Guangzhou Baiyun International Advertising Co., Ltd., and Di'an Shuangying Group Co., Ltd. resulted in an award requiring the respondent to pay advertising fees of **47.78 million CNY** and compensation of **25.25 million CNY**, totaling **73.03 million CNY**[67](index=67&type=chunk)[413](index=413&type=chunk) - The arbitration case between the company's subsidiary, Guangzhou Baiyun International Airport Terminal Area Management Co., Ltd., and Beijing Wojie Culture Media Co., Ltd. resulted in a ruling that the applicant's request for the return of the performance bond of **57.48 million CNY** was not supported[414](index=414&type=chunk) - The company has an ongoing arbitration dispute over a cooperation contract with Guangzhou Nanhu Changxiang Education Technology Co., Ltd. (now Guangdong Laichi Intelligent Technology Co., Ltd.), where the applicant is requesting payment of **36.17 million CNY** for R&D investment and other expenses, and the case is still under arbitration[411](index=411&type=chunk) [Section VI Share Changes and Shareholder Information](index=22&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes and shareholder structure, including the total number of common shareholders and the top ten shareholders at the end of the reporting period [1. Share Capital Change Information](index=22&type=section&id=1.%20Share%20Capital%20Change%20Information) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[73](index=73&type=chunk) [2. Shareholder Information](index=22&type=section&id=2.%20Shareholder%20Information) This section discloses the total number of common shareholders, the top ten shareholders, and the top ten shareholders with unrestricted shares at the end of the reporting period, highlighting Guangdong Airport Management Group Co., Ltd. as the largest shareholder - As of the end of the reporting period, the total number of common shareholders was **81,878**[74](index=74&type=chunk) | Shareholder Name (Full Name) | Change During Reporting Period | Number of Shares Held at Period-end | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Guangdong Airport Management Group Co., Ltd. | 0 | 1,353,744,552 | 57.20 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 2,657,257 | 33,054,868 | 1.40 | Other | | Xintai Life Insurance Co., Ltd. - Traditional Products | 0 | 21,765,803 | 0.92 | Other | | Zhonghui Life Insurance Co., Ltd. - Traditional Products | -1,258,500 | 18,118,300 | 0.77 | Other | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 900,710 | 17,545,883 | 0.74 | Other | | Shanghai Pudong Development Bank Co., Ltd. - E Fund Yuxiang Return Bond Fund | 3,044,300 | 15,228,719 | 0.64 | Other | | China Merchants Bank Co., Ltd. - ICBC Credit Suisse Dividend Preferred Flexible Allocation Mixed Fund | 3,662,000 | 12,440,300 | 0.53 | Other | | National Social Security Fund 101 Portfolio | 0 | 9,402,733 | 0.40 | Other | | Gong Youfang | 0 | 8,004,200 | 0.34 | Domestic Natural Person | | Guangzhou Jiaotou Private Equity Fund Management Co., Ltd. | 0 | 7,598,000 | 0.32 | Other | - The controlling shareholder, Guangdong Airport Management Group Co., Ltd., holds **1,353,744,552 shares** of the company, representing a **57.20%** stake[76](index=76&type=chunk) [Section VII Bond-Related Information](index=25&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms that the company has no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[80](index=80&type=chunk) - The company has no convertible corporate bonds[80](index=80&type=chunk) [Section VIII Financial Report](index=26&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax information, and specific financial items [1. Audit Report](index=26&type=section&id=1.%20Audit%20Report) This section states that the semi-annual report has not been audited - This semi-annual report has not been audited[82](index=82&type=chunk) [2. Financial Statements](index=26&type=section&id=2.%20Financial%20Statements) This section provides the consolidated and parent company financial statements for Guangzhou Baiyun International Airport Co., Ltd. for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively presenting the company's financial position and operating results at the end of the reporting period [Consolidated Balance Sheet](index=26&type=section&id=Consolidated%20Balance%20Sheet) This table presents the consolidated financial position of the company and its subsidiaries as of June 30, 2025, and December 31, 2024, detailing total assets, liabilities, and owners' equity | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Current Assets | 7,200,454,739.70 | 6,085,999,737.73 | | Total Non-Current Assets | 20,141,704,847.86 | 20,911,935,097.31 | | Total Assets | 27,342,159,587.56 | 26,997,934,835.04 | | Total Current Liabilities | 6,197,350,627.55 | 6,190,661,469.43 | | Total Non-Current Liabilities | 2,151,888,741.44 | 2,215,299,274.69 | | Total Liabilities | 8,349,239,368.99 | 8,405,960,744.12 | | Total Equity Attributable to Parent Company Shareholders | 18,734,038,552.56 | 18,346,520,325.15 | | Total Owners' Equity | 18,992,920,218.57 | 18,591,974,090.92 | [Parent Company Balance Sheet](index=29&type=section&id=Parent%20Company%20Balance%20Sheet) This table presents the financial position of the parent company, Guangzhou Baiyun International Airport Co., Ltd., as of June 30, 2025, and December 31, 2024, detailing its assets, liabilities, and owners' equity | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Current Assets | 6,565,938,841.44 | 5,641,328,600.60 | | Total Non-Current Assets | 20,305,416,351.29 | 20,908,787,929.33 | | Total Assets | 26,871,355,192.73 | 26,550,116,529.93 | | Total Current Liabilities | 8,066,482,708.31 | 7,779,367,267.12 | | Total Non-Current Liabilities | 2,110,659,582.83 | 2,174,688,736.70 | | Total Liabilities | 10,177,142,291.14 | 9,954,056,003.82 | | Total Owners' Equity | 16,694,212,901.59 | 16,596,060,526.11 | [Consolidated Income Statement](index=31&type=section&id=Consolidated%20Income%20Statement) This table presents the consolidated operating results of the company and its subsidiaries for the first half of 2025 and 2024, detailing total revenue, total costs, operating profit, total profit, net profit, and earnings per share | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 3,726,046,191.85 | 3,460,271,426.09 | | II. Total Operating Costs | 3,022,619,170.51 | 2,877,290,783.74 | | III. Operating Profit | 820,781,451.43 | 636,932,721.83 | | IV. Total Profit | 977,824,669.17 | 639,147,744.00 | | V. Net Profit | 769,771,449.32 | 466,977,569.50 | | Net Profit Attributable to Parent Company Shareholders | 750,045,894.17 | 437,791,469.90 | | VIII. Earnings Per Share: Basic Earnings Per Share (CNY/share) | 0.32 | 0.18 | [Parent Company Income Statement](index=33&type=section&id=Parent%20Company%20Income%20Statement) This table presents the operating results of the parent company, Guangzhou Baiyun International Airport Co., Ltd., for the first half of 2025 and 2024, detailing its revenue, operating profit, total profit, and net profit | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | I. Operating Revenue | 3,021,203,473.93 | 2,829,249,820.17 | | II. Operating Profit | 609,993,972.45 | 542,069,065.92 | | III. Total Profit | 614,060,686.13 | 542,832,521.65 | | IV. Net Profit | 460,680,042.24 | 387,694,229.49 | [Consolidated Cash Flow Statement](index=35&type=section&id=Consolidated%20Cash%20Flow%20Statement) This table presents the consolidated cash flows from operating, investing, and financing activities for the company and its subsidiaries for the first half of 2025 and 2024, along with the net increase in cash and cash equivalents and the period-end balance | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,735,597,434.27 | 1,969,548,873.21 | | Net Cash Flow from Investing Activities | -282,100,603.49 | -251,448,577.72 | | Net Cash Flow from Financing Activities | -461,927,074.08 | -292,689,745.54 | | Net Increase in Cash and Cash Equivalents | 991,566,618.47 | 1,425,423,903.55 | | Cash and Cash Equivalents at Period-end | 5,710,057,995.60 | 3,946,970,611.80 | [Parent Company Cash Flow Statement](index=37&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) This table presents the cash flows from operating, investing, and financing activities for the parent company, Guangzhou Baiyun International Airport Co., Ltd., for the first half of 2025 and 2024, along with the net increase in cash and cash equivalents and the period-end balance | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,856,140,757.77 | 2,022,216,995.44 | | Net Cash Flow from Investing Activities | -395,575,628.19 | -273,274,943.25 | | Net Cash Flow from Financing Activities | -454,311,752.23 | -280,254,574.98 | | Net Increase in Cash and Cash Equivalents | 1,006,252,296.27 | 1,468,689,076.55 | | Cash and Cash Equivalents at Period-end | 5,502,978,151.31 | 3,816,913,039.86 | [Consolidated Statement of Changes in Owners' Equity](index=38&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) This table presents the consolidated changes in owners' equity for the company and its subsidiaries for the first half of 2025, detailing comprehensive income, distributions to owners, and the period-end balance of equity attributable to the parent company - The total comprehensive income attributable to parent company owners for the current period is **759.09 million CNY**[99](index=99&type=chunk) - Distributions to owners (or shareholders) for the current period amounted to **-371.57 million CNY**[99](index=99&type=chunk) - The total owners' equity attributable to the parent company at period-end is **18.734 billion CNY**[99](index=99&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=40&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) This table presents the changes in owners' equity for the parent company, Guangzhou Baiyun International Airport Co., Ltd., for the first half of 2025, detailing comprehensive income, distributions to owners, and the period-end balance of total owners' equity - The total comprehensive income for the current period is **469.73 million CNY**[102](index=102&type=chunk) - Distributions to owners (or shareholders) for the current period amounted to **-371.57 million CNY**[102](index=102&type=chunk) - The total owners' equity at period-end is **16.694 billion CNY**[102](index=102&type=chunk) [3. Company Basic Information](index=42&type=section&id=3.%20Company%20Basic%20Information) This section details Guangzhou Baiyun International Airport Co., Ltd.'s establishment, share capital history, registered capital, address, and extensive business scope, defining its role as an airport management and operating entity - The company was registered with the Guangdong Provincial Administration for Industry and Commerce on September 19, 2000, and was established by Guangzhou Baiyun International Airport Group Company as the main initiator[104](index=104&type=chunk) - After multiple share issuances and transfers, the company's total share capital increased to **2,366,718,283 shares** by September 2020, with a registered capital of **2.367 billion CNY**[105](index=105&type=chunk)[106](index=106&type=chunk) - The company's business scope is extensive, including passenger transit services, aircraft maintenance, aviation agency, venue leasing, sales of general merchandise, food and beverages, household appliances, etc[107](index=107&type=chunk) - The company's actual controller changed from the Civil Aviation Administration of China to the Guangdong Provincial People's Government[105](index=105&type=chunk) [4. Basis of Financial Statement Preparation](index=43&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis, comply with enterprise accounting standards, and accurately and completely reflect the company's financial position and operating results - The company's financial statements are prepared on a going concern basis[109](index=109&type=chunk)[110](index=110&type=chunk) - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, and truly and completely reflect the company's financial position, operating results, changes in shareholders' equity, and cash flows, among other relevant information[111](index=111&type=chunk) [5. Significant Accounting Policies and Estimates](index=43&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering financial instruments, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, employee compensation, revenue recognition, and government grants, ensuring accuracy and comparability of financial information - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and its recording currency is Renminbi[112](index=112&type=chunk)[114](index=114&type=chunk) - Financial assets are classified at initial recognition as: financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss[126](index=126&type=chunk) - The company recognizes revenue when it has satisfied a performance obligation in the contract, i.e., when the customer obtains control of the relevant goods or services[183](index=183&type=chunk) - For performance obligations satisfied over time, the company recognizes revenue over that period according to the progress of performance; for performance obligations satisfied at a point in time, the company recognizes revenue at the point when the customer obtains control of the relevant goods or services[186](index=186&type=chunk)[187](index=187&type=chunk) [6. Taxes](index=67&type=section&id=6.%20Taxes) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharges, local education surcharges, and property tax, also disclosing subsidiaries' eligibility for high-tech enterprise income tax incentives | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Based on sales of goods and taxable labor services calculated according to tax laws, after deducting input VAT allowed for deduction in the current period, the difference is VAT payable | 13%, 9%, 6%, 5%, 3%, 0% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 7% | | Corporate Income Tax | Calculated based on taxable income | 25%, 15% | | Education Surcharge | Calculated based on actual VAT and consumption tax paid | 3% | | Local Education Surcharge | Calculated based on actual VAT and consumption tax paid | 2% | | Property Tax | Rental income / 70% of original value of houses and buildings | 12% / 1.2% | - The company's subsidiaries, Guangzhou Baiyun Airport Equipment Technology Development Co., Ltd. and Guangdong Airport Baiyun Information Technology Co., Ltd., have been recognized as high-tech enterprises and enjoy a **15%** corporate income tax rate preference[211](index=211&type=chunk)[213](index=213&type=chunk) [7. Notes to Consolidated Financial Statement Items](index=68&type=section&id=7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for major asset, liability, owners' equity, revenue, cost, and profit/loss items in the consolidated financial statements, including period-end balances, period-beginning balances, current period changes, and relevant explanations, offering specific data to understand the company's financial position and operating results [1. Cash and Cash Equivalents](index=68&type=section&id=1.%20Cash%20and%20Cash%20Equivalents) This note details the composition of the company's cash and cash equivalents at the end and beginning of the reporting period, including cash on hand, bank deposits, and other monetary funds, also disclosing any restricted funds | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 111,749.00 | 117,439.76 | | Bank Deposits | 5,716,914,824.92 | 4,715,888,203.22 | | Other Cash and Cash Equivalents | 13,802,255.47 | 14,915,671.71 | | **Total** | **5,730,828,829.39** | **4,730,921,314.69** | - At the end of the reporting period, cash and cash equivalents with restricted use due to mortgage, pledge, or freezing amounted to **20.77 million CNY**[215](index=215&type=chunk) [5. Accounts Receivable](index=71&type=section&id=5.%20Accounts%20Receivable) This note provides a breakdown of accounts receivable by category, including those for which bad debt provisions are individually and collectively accrued, along with their respective proportions, provision rates, and net book values, and lists the top five debtors | Category | Period-end Book Balance (CNY) | Proportion (%) | Bad Debt Provision (CNY) | Provision Rate (%) | Book Value (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Provision for bad debts on an individual basis | 172,740,032.45 | 12.79 | 172,740,032.45 | 100.00 | 0.00 | | Provision for bad debts on a collective basis | 1,178,284,907.03 | 87.21 | 72,785,994.64 | 6.18 | 1,105,498,912.39 | | **Total** | **1,351,024,939.48** | **/** | **245,526,027.09** | **/** | **1,105,498,912.39** | - The top five accounts receivable book balances at period-end totaled **407.04 million CNY**, accounting for **30.01%** of the total accounts receivable and contract assets book balances at period-end[228](index=228&type=chunk) [17. Long-Term Equity Investments](index=87&type=section&id=17.%20Long-Term%20Equity%20Investments) This note details the company's long-term equity investments, including the book value at the beginning and end of the period, changes due to equity method investment gains/losses, and declared cash dividends or profits | Investee | Beginning of Period Book Value (CNY) | Changes in Current Period: Investment Gains/Losses Recognized Under Equity Method (CNY) | Changes in Current Period: Cash Dividends or Profits Declared (CNY) | End of Period Book Value (CNY) | | :--- | :--- | :--- | :--- | :--- | | China Aviation Oil Group South China Airport Petroleum Co., Ltd. | 41,827,465.59 | 295,954.36 | 2,718,749.30 | 39,404,670.65 | | Guangdong Airport Group Logistics Co., Ltd. | 626,138,927.03 | 66,485,606.13 | 0.00 | 692,624,533.16 | | **Total** | **753,563,287.53** | **67,362,652.27** | **2,718,749.30** | **820,776,553.86** | [21. Fixed Assets](index=89&type=section&id=21.%20Fixed%20Assets) This note presents the book values of fixed assets at the end and beginning of the reporting period, categorized by type such as buildings, machinery, transportation equipment, and others, and explains the status of properties without completed title certificates | Item | Period-end Book Value (CNY) | Period-beginning Book Value (CNY) | | :--- | :--- | :--- | | Houses and Buildings | 14,160,244,664.10 | 14,393,292,922.55 | | Machinery and Equipment | 1,309,294,375.61 | 1,433,021,068.68 | | Transportation Vehicles | 186,574,295.70 | 209,309,699.52 | | Other | 1,097,704,978.34 | 1,217,831,488.46 | | **Total** | **16,753,818,313.75** | **17,253,455,179.21** | - The book value of houses and buildings without completed title certificates is **10.063 billion CNY**, and the book value of runways and aprons is **1.821 billion CNY**, due to the land being leased from the Airport Group[268](index=268&type=chunk) [61. Operating Revenue and Operating Cost](index=113&type=section&id=61.%20Operating%20Revenue%20and%20Operating%20Cost) This note provides a breakdown of the company's operating revenue and operating costs for the current and prior periods, distinguishing between main business and other business activities | Item | Current Period: Revenue (CNY) | Current Period: Cost (CNY) | Prior Period: Revenue (CNY) | Prior Period: Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 3,725,984,174.15 | 2,651,016,549.13 | 3,460,250,753.53 | 2,506,712,007.72 | | Other Business | 62,017.70 | 0.00 | 20,672.56 | 0.00 | | **Total** | **3,726,046,191.85** | **2,651,016,549.13** | **3,460,271,426.09** | **2,506,712,007.72** | [68. Investment Income](index=116&type=section&id=68.%20Investment%20Income) This note details the company's investment income for the current and prior periods, including gains from long-term equity investments accounted for under the equity method, gains from disposal of long-term equity investments, and dividend income from other equity instrument investments | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using the equity method | 67,362,652.27 | 58,225,771.58 | | Investment income from disposal of long-term equity investments | 1,992,684.21 | 0.00 | | Dividend income from other equity instrument investments held during the period | 8,142,405.39 | 7,453,101.23 | | Debt restructuring income | 0.00 | 20,386.52 | | **Total** | **77,497,741.87** | **65,699,259.33** | [74. Non-Operating Income](index=118&type=section&id=74.%20Non-Operating%20Income) This note provides a breakdown of the company's non-operating income for the current and prior periods, including gains from disposal of non-current assets, external claims (including fines and liquidated damages), and other items, also indicating amounts included in non-recurring gains and losses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Amount Included in Non-Recurring Gains and Losses for Current Period (CNY) | | :--- | :--- | :--- | :--- | | Total gains from disposal of non-current assets | 67,882.09 | 738,496.47 | 67,882.09 | | External claims income (including fines, liquidated damages) | 156,296,834.76 | 1,290,611.20 | 156,296,834.76 | | Other | 826,269.92 | 209,741.01 | 826,269.92 | | **Total** | **157,190,986.77** | **2,238,848.68** | **157,190,986.77** | [9. Changes in Consolidation Scope](index=125&type=section&id=9.%20Changes%20in%20Consolidation%20Scope) This section states that there were no changes in the company's consolidation scope during the reporting period, as no transactions or events such as non-same control business combinations, same control business combinations, reverse acquisitions, or loss of control over subsidiaries occurred - During the reporting period, the company had no non-same control business combinations, same control business combinations, reverse acquisitions, or loss of control over subsidiaries[362](index=362&type=chunk) [10. Interests in Other Entities](index=125&type=section&id=10.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including the main business and shareholding percentages of each subsidiary, as well as key financial information for significant associates, illustrating the group's equity structure and investment portfolio [1. Interests in Subsidiaries](index=125&type=section&id=1.%20Interests%20in%20Subsidiaries) This note lists the company's subsidiaries, detailing their main operating locations, registered capital, business nature, and direct shareholding percentages, also clarifying the company's control over a subsidiary despite a minority stake | Subsidiary Name | Main Operating Location | Registered Capital (CNY) | Business Nature | Direct Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Baiyun International Airport Ground Handling Services Co., Ltd. | Guangzhou | 100,000,000.00 | Provision of labor services | 79.00 | | Guangzhou Baiyun International Airport Business Travel Services Co., Ltd. | Guangzhou | 15,000,000.00 | Provision of services | 100.00 | | Guangzhou Baiyun International Advertising Co., Ltd. | Guangzhou | 30,000,000.00 | Advertising publication | 100.00 | | Guangzhou Baiyun International Airport Aviation Food Technology Co., Ltd. | Guangzhou | 65,000,000.00 | Sales of goods | 100.00 | | Guangdong Airport Baiyun Information Technology Co., Ltd. | Guangzhou | 40,745,485.00 | Provision of services | 33.13 | - The company holds **33.13%** equity in Guangdong Airport Baiyun Information Technology Co., Ltd., but is able to exercise control after authorization[364](index=364&type=chunk) [3. Interests in Joint Ventures or Associates](index=127&type=section&id=3.%20Interests%20in%20Joint%20Ventures%20or%20Associates) This note identifies the company's significant associate, Guangdong Airport Group Logistics Co., Ltd., detailing its shareholding and accounting method, and provides key financial information for both joint ventures and associates - The company's significant associate is Guangdong Airport Group Logistics Co., Ltd., with a shareholding of **49.00%**, accounted for using the equity method[366](index=366&type=chunk) | Item | Guangdong Airport Group Logistics Co., Ltd. (CNY) | | :--- | :--- | | Total Assets | 1,725,300,682.47 | | Total Liabilities | 304,943,034.40 | | Equity Attributable to Parent Company Shareholders | 1,413,519,455.42 | | Operating Revenue | 477,599,545.71 | | Net Profit | 136,685,917.87 | | Total Comprehensive Income | 136,685,917.87 | | Item | Joint Ventures: Total Investment Book Value (CNY) | Associates: Total Investment Book Value (CNY) | | :--- | :--- | :--- | | Period-end Balance | 46,000,420.91 | 82,151,599.79 | | Net Profit | 375,193.88 | 501,852.26 | | Total Comprehensive Income | 375,193.88 | 501,852.26 | [11. Government Grants](index=129&type=section&id=11.%20Government%20Grants) This section refers to detailed disclosures in other notes for the company's government grants during the reporting period - For details on the company's government grants during the reporting period, please refer to "VII.51. Deferred Income" and "VII.67. Other Income" in these notes[371](index=371&type=chunk) [12. Risks Related to Financial Instruments](index=129&type=section&id=12.%20Risks%20Related%20to%20Financial%20Instruments) This section identifies the company's primary financial instrument risks, including credit risk, liquidity risk, and market risk (interest rate risk, foreign currency risk, and other price risks), and describes the policies and measures implemented to manage these risks - The company's main financial instruments include cash and cash equivalents, accounts receivable, other receivables, other equity instrument investments, notes payable, accounts payable, other payables, etc[372](index=372&type=chunk) - The main risks arising from the company's financial instruments are credit risk, market risk, and liquidity risk[372](index=372&type=chunk) - The company mitigates credit risk by depositing bank funds in state-owned banks and other large and medium-sized listed banks, and by entrusting third-party regulatory agencies to conduct regular settlements of accounts receivable with airlines[373](index=373&type=chunk)[374](index=374&type=chunk) - The company manages liquidity risk by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next 12 months, ensuring sufficient funds to repay debts under all reasonable foreseeable circumstances[376](index=376&type=chunk) - The company holds equity investments in other listed companies, with a total book value of **178.88 million CNY** at period-end, and management believes that the market price risk associated with these investment activities is acceptable[380](index=380&type=chunk)[382](index=382&type=chunk) [13. Disclosure of Fair Value](index=131&type=section&id=13.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the reporting period, primarily including trading financial assets and other equity instrument investments, and explains the basis for determining market prices for Level 1 fair value measurement items | Item | Period-end Fair Value (CNY) | | :--- | :--- | | (I) Trading Financial Assets | 96,346.00 | | (III) Other Equity Instrument Investments | 178,788,266.50 | | **Total Assets Continuously Measured at Fair Value** | **178,884,612.50** | - The company's Level 1 fair value measurement items primarily consist of Everbright Bank shares held, with the closing price of Everbright Bank shares on June 30, 2025, used as the basis for determining market price[386](index=386&type=chunk) [14. Related Parties and Related Party Transactions](index=133&type=section&id=14.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section comprehensively discloses the company's parent company, joint ventures, associates, and other related parties, detailing related party transactions during the reporting period such as purchases and sales of goods, provision and acceptance of services, related party leases, and outstanding balances, along with related party commitments [1. Information on the Company's Parent Company](index=133&type=section&id=1.%20Information%20on%20the%20Company's%20Parent%20Company) This note identifies Guangdong Airport Management Group Co., Ltd. as the company's parent, detailing its registered capital, shareholding, and voting power, and states that the ultimate controlling party is the Guangdong Provincial People's Government - The company's parent company is Guangdong Airport Management Group Co., Ltd., with a registered capital of **3.5 billion CNY**, holding a **57.20%** shareholding and voting power in the company[389](index=389&type=chunk) - The ultimate controlling party of the company is the Guangdong Provincial People's Government[389](index=389&type=chunk) [5. Related Party Transactions](index=134&type=section&id=5.%20Related%20Party%20Transactions) This note provides tables detailing the company's related party transactions for the current and prior periods, including purchases of goods and services, sales of goods and services, and lease income from related parties | Related Party | Related Transaction Content | Current Period Amount (CNY)