Core Points - Baiyun Airport announced its operational data for October 2025, showing a significant increase in various metrics compared to the previous year [1] Group 1: Flight Operations - The number of takeoffs and landings for the month reached 48,702, representing a year-on-year increase of 10.81%, with a cumulative total of 454,434, up 7.60% [1] Group 2: Passenger Traffic - The passenger throughput for the month was 7,642,215, marking a year-on-year increase of 12.04%, with a cumulative total of 68,740,513, up 8.83% [1] Group 3: Cargo and Mail Volume - The cargo and mail throughput for the month was 220,023.01 tons, reflecting a year-on-year increase of 4.82%, with a cumulative total of 1,999,310.28 tons, up 2.14% [1] Group 4: Data Variability - The data reported for the month is preliminary and may differ from actual figures, indicating variability in performance across different routes [1]

Market Performance - The aviation and airport sector increased by 1.32% on November 5, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Huaxia Airlines (002928) closed at 11.07, up 4.14% with a trading volume of 228,800 shares and a turnover of 250 million yuan [1] - HNA Holding (600221) closed at 1.87, up 3.31% with a trading volume of 13,966,000 shares and a turnover of 2.608 billion yuan [1] - Spring Airlines (601021) closed at 55.48, up 2.42% with a trading volume of 8,650 shares and a turnover of 476 million yuan [1] - China National Aviation (601111) closed at 8.26, up 1.98% with a trading volume of 549,400 shares and a turnover of 451 million yuan [1] - China Southern Airlines (600029) closed at 6.94, up 1.17% with a trading volume of 381,400 shares and a turnover of 263 million yuan [1] - Xiamen Airport (600897) decreased by 2.48% to 17.28 with a trading volume of 262,600 shares [2] Capital Flow - The aviation and airport sector experienced a net outflow of 118 million yuan from institutional investors, while retail investors saw a net inflow of 131 million yuan [2][3] - Major stocks like HNA Holding and Huaxia Airlines had mixed capital flows, with HNA Holding seeing a net inflow of 108 million yuan from institutional investors [3] - Retail investors contributed positively to the capital flow in several stocks, including China National Aviation and Shenzhen Airport [3]

Core Points - The first C919 aircraft themed "Great Bay Area" successfully took off from Guangzhou Baiyun International Airport to Shanghai Hongqiao International Airport, marking a significant achievement in the commercial operation of domestically produced large aircraft in China [2][4] - The aircraft is operated by China Southern Airlines and is the seventh C919 aircraft in its fleet, serving the Guangzhou-Shanghai route [2] - The design of the "Great Bay Area" aircraft features vibrant colors and key visual elements representing the Guangdong-Hong Kong-Macao Greater Bay Area, including the Hong Kong-Zhuhai-Macao Bridge and symbols of cultural confidence [6][7] Company and Industry Insights - The "Great Bay Area" aircraft is the first to utilize the C919 model for a special paint scheme, employing advanced aerospace coatings that enhance durability and reduce maintenance frequency [7] - The use of this special paint significantly lowers the amount of paint required compared to traditional coatings, thereby reducing volatile organic compound emissions, showcasing the airline's commitment to green and low-carbon aviation [7] - The captain of the C919 fleet expressed hopes for the aircraft to support the upcoming "15th National Games" and emphasized the pride and responsibility associated with operating domestically produced aircraft [7]

Core Points - The T3 Terminal Comprehensive Transportation Center (GTC) is a multi-modal transport hub connecting various transportation modes including road, rail, urban public transport, and air travel, with a total construction area of 259,000 square meters [2] - The GTC features a three-dimensional flow design, integrating multiple rail transit options, including the newly opened urban rail and ongoing high-speed rail and subway projects [4] - The GTC allows passengers to access various transport options such as the airport expressway, taxis, ride-hailing services, and airport buses, with future plans to include high-speed rail and subway services [6] Design and Features - A highlight of the GTC is the 5,000 square meter skylight dome, designed with the concept of "Kapok Blossoms and the Milky Way," featuring a length of 174 meters and a maximum span of 32 meters, constructed in an arched shell structure [6] - The public space design of the GTC aims to enhance the urban image of Guangzhou, incorporating creative elements like the dynamic imagery of "airplane takeoff" and a futuristic "time-space shuttle" theme [8] Passenger Services - The GTC is the first domestic transportation center to introduce an ICS baggage system at the rail station hall level, featuring self-service check-in and baggage drop-off systems on the underground second floor, allowing an estimated 43% of rail passengers to check in and drop off luggage conveniently [10]

广州白云国际机场股份有限公司 2025 年第一次临时股东大会会议材料 2025 年 11 月 12 日 2025 年第一次临时股东大会会议材料 目录 | 1. | 会 议 | 须 知 | - | 1 - | | --- | --- | --- | --- | --- | | 2. | 会 议 | 议 程 | - | 2 - | | 3. | 关于聘请 | 2025 年度财务审计机构的议案 | - | 3 - | | 4. | 关于聘请 | 2025 年度内部控制审计机构的议案 | - | 8 - | | 5. | | 关于修订《广州白云国际机场股份有限公司章程》的议案 - | | 10 - | | 6. | | 关于修订《广州白云国际机场股份有限公司股东大会议事规则》 | | | | | 的议案 | - | | 14 - | | 7. | | 关于修订《广州白云国际机场股份有限公司董事会议事规则》的 | | | | | 议案 | - | | 16 - | | 8. | | 关于修订《广州白云国际机场股份有限公司独立董事工作制度》 | | | | | 的议案 | - | | 18 - | | 9. | | 关于 ...

Core Insights - Guangzhou Baiyun International Airport has achieved significant milestones with the opening of the new T3 terminal and the fifth runway, leading to a record monthly passenger flow of over 7.6 million in October 2025, a year-on-year increase of over 11% [1] - The airport aims to enhance its hub capabilities and global connectivity, positioning itself as a key link between the Greater Bay Area and the world, thereby strengthening China's position in the global aviation landscape [1] Hub Capability Enhancement - The airport has transitioned from "three runways and two terminals" to "five runways and three terminals," establishing a comprehensive air route network with over 240 destinations and more than 160 international routes [2] - The recent International Airport Expo in Guangzhou highlighted the airport's growing international hub status, with participation from over 170 airports and 190 aviation-related enterprises from more than 70 countries [2] - Baiyun Airport is evolving from a "single hub" to a "super node" that drives regional collaboration, enhancing its role as a core city for international aviation exchanges [2] Operational Performance - From January to October 2025, Baiyun Airport handled 450,000 flights, a year-on-year increase of 7.6%, and transported 68.74 million passengers, up 8.83% [3] - The airport's international passenger traffic saw a significant increase, with 14.15 million international travelers, reflecting a growth of 18.74% [3] - The airport aims to reach an annual passenger throughput of 120 million by 2030 and 140 million by 2045, with a cargo capacity of 600,000 tons [3] Route Network Expansion - The T3 terminal's operation has significantly improved the airport's international route density and transfer efficiency, with over 20 new or enhanced routes to Southeast Asia and the Middle East [4] - The airport has optimized its transfer processes, reducing transfer times by 25% and achieving over 99% luggage tracking accuracy [5] - Baiyun Airport is positioned as the primary gateway from Southern China to Africa and the Middle East, with plans to expand routes to Southeast Asia, South Asia, and beyond [5] Connectivity and Economic Impact - The Greater Bay Area's total passenger throughput is expected to exceed 200 million by 2024, reflecting the region's economic vitality and openness [6] - Baiyun Airport serves as a critical link for the Bay Area's transportation network, integrating various transport modes to facilitate seamless transfers [6] - The airport's development is integral to the Bay Area's economic growth, projected to reach 14.79 trillion yuan by 2024, positioning it among the world's top economic regions [6] Cultural and Future Development - The T3 terminal incorporates cultural elements into its design, enhancing the travel experience and showcasing the region's cultural charm [7] - Baiyun Airport aims to become a world-class airport, collaborating with nearby airports to create a world-class airport cluster and striving to establish a "global 12-hour air traffic circle" [7] - The airport is committed to optimizing its route network and enhancing regional collaboration to support high-quality development in China's civil aviation sector [7]

证券代码：600004 证券简称：白云机场 公告编号：2025-054 广州白云国际机场股份有限公司 关于召开2025年第一次临时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。 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 10 月 25 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 2025 年第一次临时股东大会的通知》。 现就公司 2025 年第一次临时股东大会有关事项发布提示性公告如下 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025年第一次临时股东大会 股东 ...

Core Insights - The commissioning of Terminal 3 at Guangzhou Baiyun International Airport marks a significant milestone, enhancing the airport's operational capacity to "five runways and three terminals" and supporting Guangzhou's ambition to become a major international aviation hub [1][9]. Infrastructure Development - Terminal 3 features a design inspired by local characteristics, resembling a blooming flower, and integrates smart technology with human-centric design to improve passenger experience [6][8]. - The terminal includes 199 check-in counters, 60 self-service kiosks, 59 baggage drop units, and 31 domestic and 9 international security lanes, enhancing operational efficiency [7]. Technological Advancements - Terminal 3 is the first large-scale hub airport terminal in China to fully implement Building Information Modeling (BIM) for smart construction, setting a new industry standard [8]. - It is also the first terminal in China to achieve paperless archives, storing all building information electronically for better future management [8]. Operational Capacity and Connectivity - The expansion from "two runways and one terminal" to "five runways and three terminals" significantly boosts Baiyun Airport's hub capacity, attracting more airlines and increasing flight frequencies [9]. - Since the beginning of the year, over 30 international passenger routes have been launched or resumed, enhancing the airport's role as a core node of the "Air Silk Road" [10]. Future Development - Baiyun Airport aims to leverage the opening of Terminal 3 to foster synergistic development within the Guangdong-Hong Kong-Macao Greater Bay Area, striving to become a benchmark for high-quality development in China's civil aviation sector [11].

Core Insights - The opening of Guangzhou Baiyun Airport's T3 terminal and the fifth runway marks a significant upgrade in the airport's capabilities, enhancing its status as a major aviation hub [1][8] - Shenzhen has been selected as the host city for the 2026 APEC meeting, presenting new development opportunities for Shenzhen Bao'an International Airport [2] - The three major airports in the Guangdong-Hong Kong-Macao Greater Bay Area (Guangzhou, Shenzhen, and Hong Kong) are engaged in both competition and collaboration to expand the regional aviation market [3][4] Airport Developments - Guangzhou Baiyun Airport achieved a record passenger volume of over 7.6 million in October 2025, reflecting an 11% year-on-year increase [8] - Hong Kong International Airport processed 44.7 million passengers in the first three quarters of the year, with a 14.8% increase compared to the same period in 2024 [4] - Shenzhen Airport reported a significant increase in passenger and cargo traffic during the recent holiday period, with 1.602 million passengers and 38,000 tons of cargo handled [4] Competitive Landscape - The three major airports are competing for air traffic while also working together to grow the overall aviation market in the Greater Bay Area [3][4] - Cathay Pacific and China Southern Airlines are the two main carriers competing for market share, with Cathay expanding its routes into China and Southern Airlines responding by increasing flights to Hong Kong [11][15] - Cathay Pacific's new direct flight from Hong Kong to Urumqi and increased flights to major cities in mainland China highlight its strategy to capture high-end travelers [12][14] Future Outlook - The Greater Bay Area is projected to see a total passenger throughput of over 200 million by 2024, indicating strong growth potential for the aviation sector [19] - The collaboration among the three airports aims to create a world-class airport cluster, enhancing the region's global aviation standing [20] - The competitive dynamics between Cathay Pacific and China Southern Airlines are expected to improve service quality and passenger experience, providing travelers with more options and better pricing [20]

Summary of Baiyun Airport Conference Call Company Overview - Baiyun Airport reported a total profit of approximately 1.347 billion yuan for the first three quarters of 2025, showing strong profitability despite a quarter-on-quarter decline in Q3 [2][3] - As of the end of October 2025, Baiyun Airport had handled 450,000 flights, a year-on-year increase of 7.6%, and passenger throughput reached 68.74 million, up 8.8% year-on-year [2][4] Key Financial Metrics - Revenue showed a quarterly upward trend: Q1 revenue exceeded 1.82 billion yuan, Q2 reached 1.905 billion yuan, and Q3 further increased to 1.97 billion yuan [3] - Net profit for Q3 was approximately 450 million yuan, with a notable non-recurring gain of over 100 million yuan in Q2 [3] Revenue Breakdown - For the first three quarters of 2025, aviation revenue was approximately 2.37-2.38 billion yuan, while non-aviation revenue was around 3.3 billion yuan [2][13] - Non-aviation revenue included duty-free income of 360 million yuan, ground service income of 830 million yuan, and VIP lounge and flight delay service income of 330 million yuan [2][14] Duty-Free Business Insights - Duty-free business showed limited growth, with average sales per passenger still lagging behind 2019 levels [15][16] - The newly established indoor duty-free store contributed minimally to overall revenue, as the company holds only a 10% stake [17] Infrastructure Developments - The T3 terminal was put into operation on October 30, 2025, enhancing the airport's capacity with a peak hour capacity approved to increase to 93 flights [2][6][9] - The airport aims for an annual passenger throughput target of 120 million by 2030 [6] Cost and Expense Management - Management expenses increased in Q3 due to rising labor costs and slight increases in office rental fees [7] - The company is currently negotiating the asset usage model post the third runway's operation, with a cautious financial accounting approach [8] Future Outlook and Challenges - The recovery of international passenger volume remains uncertain, with geopolitical factors impacting routes to India and Europe [12] - The company anticipates challenges in fully recovering to 2019 levels by year-end, with a gap of 3-4 million passengers compared to 2019 figures [12] Advertising and Non-Aviation Business - The advertising business is significantly affected by the economic environment, with plans to invite stronger operators through bidding processes [5][21] - The T2 airport's duty-free agreement will expire in 2026, with renewal or re-bidding pending government approval [20] Shareholder Returns - The company has updated its dividend policy to ensure a payout ratio of no less than 50% from 2024 to 2026, reflecting a commitment to shareholder returns [5][26] Conclusion - Baiyun Airport's performance in 2025 shows resilience with a focus on cost control and revenue generation strategies, despite external challenges impacting recovery and growth potential [27]