证券代码：600004 证券简称：白云机场 公告编号：2023-045 广州白云国际机场股份有限公司 关于召开 2023 年半年度业绩说明会的公告 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： 会议召开时间：2023 年 9 月 12 日(星期二) 上午 9:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议主题： 2023 年半年度业绩说明会 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 9 月 5 日(星期二) 至 9 月 11 日(星期 一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 （http://roadshow.sseinfo.com/questionCollection.do）或通过 公司邮箱 600004@gdairport.com 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 广州白云国际机场股份有限公司（以下简称"公司"）已于 2023 年 8 月 31 日发 ...

证券代码：600004 证券简称：白云机场 公告编号：2023-028 广州白云国际机场股份有限公司 关于参加航空公司行业上市公司集体业绩说明会的 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： 会议召开时间：2023 年 5 月 25 日(星期四) 上午 9:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议主题： 沪市主板航空公司行业上市公司集体业绩说明会 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 5 月 18 日(星期四) 至 5 月 24 日(星期 三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 （http://roadshow.sseinfo.com/questionCollection.do）或通过 公司邮箱 600004@gdairport.com 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 广州白云国际机场股份有限公司（以下简称"公司"）已于 2023 ...

Financial Performance - The company's operating revenue for 2022 was CNY 3,970,959,862.12, a decrease of 23.34% compared to CNY 5,180,238,340.82 in 2021[16] - The net profit attributable to shareholders for 2022 was a loss of CNY 1,071,204,611.73, compared to a loss of CNY 405,846,660.40 in 2021[16] - The basic earnings per share for 2022 was -CNY 0.45, compared to -CNY 0.17 in 2021[17] - The weighted average return on equity for 2022 was -6.03%, a decrease of 3.85 percentage points from -2.18% in 2021[17] - The comprehensive income total for 2022 was a loss of CNY 1,100,739,189.92, compared to a loss of CNY 408,502,339.30 in 2021[175] - The total operating revenue for 2022 was ¥3,970,959,862.12, a decrease of approximately 23.2% from ¥5,180,238,340.82 in 2021[174] - The total operating costs for 2022 were ¥5,578,197,809.52, down from ¥5,864,561,699.34 in 2021, reflecting a reduction of about 4.9%[174] - The net profit attributable to the parent company for 2022 was a loss of ¥1,071,204,611.73, compared to a loss of ¥405,846,660.40 in 2021[175] - The total comprehensive income for 2022 was -¥863,685,341.86, compared to -¥516,285,389.02 in 2021, indicating a worsening financial position[176] Cash Flow and Liquidity - The net cash flow from operating activities for 2022 was CNY 868,506,661.92, an increase of 2.80% from CNY 844,850,285.57 in 2021[16] - Cash and cash equivalents increased by 41.55% to CNY 2,226,909,374.97, primarily due to the issuance of short-term bonds[50] - The company reported a net increase in cash and cash equivalents of ¥775,851,368.83 for 2022, compared to a decrease of ¥790,667,289.40 in 2021[181] - Cash inflow from investment activities was ¥55,701,167.85 in 2022, up from ¥27,056,932.25 in 2021, showing improved investment returns[179] - The company received ¥1,999,507,591.33 in loans during the financing activities, indicating strong capital acquisition efforts[180] Operational Highlights - The company opened 20 domestic routes and added 10 new domestic passenger destinations in 2022, achieving near full coverage of major domestic civil aviation airports[23] - The average on-time performance rate exceeded 95% throughout the year, reflecting improved operational efficiency[23] - The company reported a significant reduction in costs, achieving the lowest cost expenditure in three years through various cost control measures[23] - The company achieved a flight release normal rate exceeding 95% in 2022, marking a leading operational efficiency in the industry[30] - The company recorded a total of 26.66 million aircraft movements and 26.11 million passenger throughput in 2022[23] Assets and Liabilities - The total assets at the end of 2022 were CNY 26,940,788,268.14, a decrease of 2.19% from CNY 27,545,031,652.74 at the end of 2021[16] - The total liabilities increased from ¥8,944,058,011.55 in 2021 to ¥9,532,186,368.95 in 2022, an increase of about 6.6%[169] - Shareholders' equity decreased from ¥18,600,973,641.19 in 2021 to ¥17,408,601,899.19 in 2022, a decrease of about 6.4%[170] - The total equity attributable to the parent company's owners at the end of 2022 was CNY 18,600,973,641.19, a decrease of CNY 1,192,371,742.00 compared to the previous year[182] Governance and Management - The company held 1 shareholders' meeting and 10 board meetings during the reporting period, ensuring compliance with governance regulations[70] - The company has established a performance evaluation system for senior management to enhance accountability and governance[70] - The company emphasizes transparency in information disclosure, maintaining equal access for all shareholders[70] - The management team includes professionals with backgrounds in finance, engineering, and airport operations, enhancing the company's strategic capabilities[79] - The company is committed to transparency and accountability, as evidenced by the establishment of a new supervisory board[81] Environmental and Social Responsibility - The company invested approximately 31.4 million yuan in environmental protection during the reporting period[109] - The wastewater treatment plant processed a total of 7.2131 million tons of wastewater in 2022, with no instances of exceeding discharge standards[111] - The company has established an emergency response plan for environmental incidents, which has been filed with the local environmental authority[115] - The company has implemented carbon reduction measures, achieving a reduction of 62,100 tons of CO2 equivalent emissions[120] - The company has published its 2022 ESG report, detailing its social responsibility and environmental measures[121] Future Outlook and Strategy - The company has implemented a "stabilize production, stabilize growth" strategy to mitigate the impacts of economic downturns[31] - The company aims to strengthen its leading position in the airport industry amid the ongoing recovery and growth of the civil aviation sector[65] - The company is focused on digital transformation and cost leadership strategies to enhance competitiveness[66] - The company plans to continue focusing on R&D and cost management strategies in response to economic challenges[45] - Future outlook and performance guidance were not detailed in the report, indicating a cautious approach moving forward[182]

Financial Performance - The company's operating revenue for Q1 2023 was CNY 1,359,270,870.50, representing a year-on-year increase of 9.71%[5] - The net profit attributable to shareholders for Q1 2023 was CNY 44,726,227.50, with a net profit excluding non-recurring gains and losses of CNY 38,262,999.79[5] - The company reported a net cash flow from operating activities of RMB 251,852,443.52, up from RMB 177,793,365.01 in the same period last year, indicating improved cash generation[20] - Net profit for Q1 2023 was RMB 51,150,627.10, a significant recovery from a net loss of RMB 77,106,896.98 in Q1 2022[19] - The company recorded a total comprehensive income of RMB 49,211,959.15, compared to a loss of RMB -77,753,119.63 in the previous year[19] Assets and Liabilities - The total assets at the end of Q1 2023 were CNY 26,933,919,195.19, showing a slight decrease of 0.03% from the end of the previous year[6] - The company's total assets amounted to approximately CNY 26.93 billion, a slight decrease from CNY 26.94 billion at the end of 2022[15] - The total liabilities reached 11,519,228,663.24 RMB, an increase from 11,258,606,804.25 RMB, representing a rise of 2.3%[23] - The company's total liabilities decreased to approximately CNY 9.48 billion from CNY 9.53 billion, a reduction of about 0.6%[17] Equity and Shareholder Information - The equity attributable to shareholders increased to CNY 17,233,291,049.97, marking a growth of 0.25% from the previous year-end[6] - The total number of ordinary shareholders at the end of the reporting period was 55,132[10] - The equity attributable to shareholders increased to approximately CNY 17.23 billion from CNY 17.19 billion, reflecting a growth of about 0.2%[17] Cash Flow - The net cash flow from operating activities for Q1 2023 was CNY 306,800,063.00, up from CNY 298,258,519.26 in Q1 2022[27] - The cash inflow from operating activities totaled RMB 1,441,689,276.53, down from RMB 1,572,672,569.83 in Q1 2022[20] - The cash and cash equivalents at the end of the period were 2,268,389,947.13 RMB, compared to 1,374,343,322.26 RMB, marking a significant increase of 65.0%[21] Expenses and Investments - Research and development expenses increased by 63.89% due to intensified R&D efforts by subsidiaries[9] - The company's financial expenses in Q1 2023 were CNY 37,946,556.80, compared to CNY 34,489,850.34 in Q1 2022, with interest expenses significantly rising to CNY 46,328,783.72 from CNY 6,786,863.90[25] - The company reported a significant increase in investment income from joint ventures, amounting to CNY 14,073,387.48 in Q1 2023, down from CNY 33,979,730.80 in Q1 2022[25] Operational Highlights - The company's current assets increased to approximately CNY 3.78 billion from CNY 3.48 billion, reflecting a growth of about 8.6% year-over-year[15] - Accounts receivable increased by 24.95% primarily due to a rise in revenue and normal business collection cycles[9] - Prepayments surged by 224.28%, mainly attributed to advance payments for goods procurement[9] - The company has announced plans to engage in securities lending activities, with a maximum of 47.34 million shares available for lending, representing 2% of its A-share capital[13] Other Financial Metrics - The company's inventory increased to approximately CNY 62.23 million from CNY 60.43 million, showing a growth of about 2.9%[15] - The company experienced a credit impairment loss of CNY 26,382,443.26 in Q1 2023, compared to a gain of CNY 14,308,154.31 in Q1 2022[25] - The company's retained earnings decreased to 2,509,902,205.95 RMB from 2,528,825,848.77 RMB, a decline of 0.6%[24] - The company maintained a stable capital reserve of 9,704,690,795.70 RMB, unchanged from the previous year[24]

[Definitions](index=4&type=section&id=第一节%20释义) This section defines key terms "Airport Group" and "Company" as used throughout the report - The term "Airport Group" refers to Guangdong Airport Management Group Co., Ltd., while "Company/This Company/The Company" refers to Guangzhou Baiyun International Airport Co., Ltd[8](index=8&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [Company Information](index=4&type=section&id=一、公司信息) This section discloses the official Chinese name, abbreviation, English name, and legal representative of Guangzhou Baiyun International Airport Co., Ltd - The company's Chinese name is Guangzhou Baiyun International Airport Co., Ltd., abbreviated as Baiyun Airport, with the English abbreviation **GBIAC**[9](index=9&type=chunk) [Contacts and Contact Information](index=4&type=section&id=二、联系人和联系方式) This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Qi Yaoming, and the Securities Affairs Representative is Dong Xinling, both located at Guangzhou Baiyun International Airport South District, Self-compiled No. 1, Company Headquarters Office Building[10](index=10&type=chunk) [Brief Introduction to Changes in Basic Information](index=4&type=section&id=三、基本情况变更简介) This section presents the company's registered address, office address, postal code, website, and email, noting no significant changes during the reporting period - The company's registered and office addresses are both located at Guangzhou Baiyun International Airport South Working Area, Self-compiled No. 1, and its website is **www.baiyunport.com**[11](index=11&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=4&type=section&id=4、信息披露及备置地点变更情况简介) This section specifies the designated newspapers for information disclosure, the website address for semi-annual reports, and the document custody location, with no changes during the reporting period - The company's information disclosure newspapers are "China Securities Journal," "Shanghai Securities News," and "Securities Times," with the website address **www.sse.com.cn**[12](index=12&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=五、公司股票简况) This section provides details on the company's A-shares, including the listing exchange, stock abbreviation, and stock code - The company's A-shares are listed on the Shanghai Stock Exchange, with the stock abbreviation **"Baiyun Airport"** and stock code **"600004"**[13](index=13&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=七、公司主要会计数据和财务指标) This section presents key accounting data and financial indicators for the reporting period, showing declines in revenue and net profit, and a significant decrease in net cash flow from operating activities, reflecting operational pressures 2022 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,032,359,107.90 Yuan | 2,395,562,379.95 Yuan | -15.16 | | Net Profit Attributable to Shareholders of Listed Company | -517,233,391.47 Yuan | -410,046,869.28 Yuan | (Loss expanded) | | Net Cash Flow from Operating Activities | 166,837,065.95 Yuan | 348,335,314.11 Yuan | -52.10 | | **End of Current Period** | **End of Prior Year** | **Change (%)** | | | Net Assets Attributable to Shareholders of Listed Company | 17,786,024,559.48 Yuan | 18,313,274,402.02 Yuan | -2.88 | | Total Assets | 27,674,281,064.39 Yuan | 27,545,031,652.74 Yuan | 0.47 | 2022 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.22 | -0.17 | (Loss expanded) | | Diluted Earnings Per Share (Yuan/share) | -0.22 | -0.17 | (Loss expanded) | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | -0.23 | -0.18 | (Loss expanded) | | Weighted Average Return on Net Assets (%) | -2.87 | -2.20 | Decreased by 0.67 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -2.97 | -2.32 | Decreased by 0.65 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=5&type=section&id=八、非经常性损益项目和金额) This section details the company's non-recurring gains and losses items and their respective amounts for the reporting period, totaling 18,666,647.18 Yuan 2022 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 189,052.31 | | Government grants recognized in current profit or loss | 27,919,875.28 | | Other non-operating income and expenses apart from the above | 369,332.52 | | Less: Income tax impact | 2,881,232.91 | | Impact on minority interests (after tax) | 6,930,380.02 | | **Total** | **18,666,647.18** | [Management Discussion and Analysis](index=6&type=section&id=第三节%20管理层讨论与分析) This section discusses the company's industry, core competencies, operational performance, and financial results, highlighting challenges and strategic responses [Industry and Main Business](index=6&type=section&id=一、报告期内公司所属行业及主营业务情况说明) The company, as the manager and operator of Baiyun Airport, primarily engages in aviation services and extended aviation services, with aviation services subject to government pricing and extended services market-driven, positioning Baiyun Airport as a core hub in the Greater Bay Area - The company's main businesses include aviation services (aircraft take-off/landing, parking, comprehensive passenger services, security, aviation ground support) and extended aviation services (commercial space leasing, concessions, ground transportation, advertising, hotels)[18](index=18&type=chunk)[19](index=19&type=chunk) - Baiyun Airport is one of China's three major gateway hub airports and a core airport in the Pearl River Delta world-class airport cluster and the Guangdong-Hong Kong-Macao Greater Bay Area[19](index=19&type=chunk) - Aviation service fees are regulated by the Civil Aviation Administration of China and the National Development and Reform Commission, while extended aviation service fees are primarily determined by market conditions and service quality[19](index=19&type=chunk) [Analysis of Core Competencies](index=7&type=section&id=二、报告期内核心竞争力分析) The company's core competencies stem from its national international aviation hub status, strategic geographical location, expanding business and infrastructure scale (leading passenger throughput, record cargo throughput, Phase III expansion), and superior operational efficiency, robust safety foundation, outstanding service quality, and advanced informatization - The company benefits from its national designation as an international aviation hub and its strategic location in the core of the Pearl River Delta[21](index=21&type=chunk) - During the reporting period, Baiyun Airport's passenger throughput ranked first among domestic airports, cargo and mail throughput reached a historical high, and the Phase III expansion project, including T3 construction, is progressing on schedule, aiming for a terminal capacity of **140 million passengers** and **6 million tons of cargo**[21](index=21&type=chunk)[22](index=22&type=chunk) - The company maintains industry-leading positions in operational efficiency, safety management, service quality (ranked joint first in ACI global airport service quality satisfaction for the second consecutive year), and informatization construction[22](index=22&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=三、经营情况的讨论与分析) During the reporting period, the company balanced pandemic prevention and safe production and operations, experiencing a year-on-year decrease in aircraft movements and passenger throughput, a slight increase in cargo and mail throughput, and effectively controlled costs across various categories 2022 Semi-Annual Key Operational Data | Indicator | Current Period (Jan-Jun) | Prior Year Period (%) | | :--- | :--- | :--- | | Aircraft Movements | 13.24 10,000 movements | 72.1% | | Passenger Throughput | 1233.55 10,000 passengers | 57.4% | | Cargo and Mail Throughput | 99.32 10,000 tons | 102.9% | - The company enhanced service quality through its "Spring Breeze Service Brand Construction," achieving a joint first-place ranking in the ACI Q1 airport service quality assessment[23](index=23&type=chunk) - The company continued its cost reduction and efficiency improvement initiatives, effectively controlling and reducing expenses related to personnel, energy, procurement, maintenance, consumption, and travel[23](index=23&type=chunk) [Key Operating Performance](index=9&type=section&id=四、报告期内主要经营情况) This section analyzes the changes in key financial statement items for the reporting period, where operating revenue declined due to the pandemic, but cost-saving policies led to reductions in operating costs, selling expenses, administrative expenses, and R&D expenses, while the asset-liability structure remained stable, with monetary funds and bonds payable increasing due to the issuance of ultra-short-term financing bonds [(I) Analysis of Main Business](index=9&type=section&id=(一)%20主营业务分析) Operating revenue decreased by 15.16% year-on-year due to the ongoing pandemic, but the company's cost-saving and efficiency-enhancing policies effectively controlled and reduced operating costs, selling expenses, administrative expenses, and R&D expenses, while finance costs slightly increased due to lower interest income 2022 Semi-Annual Financial Statement Related Item Changes | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,032,359,107.90 | 2,395,562,379.95 | -15.16 | Ongoing impact of the pandemic led to a decline in production and operating data | | Operating Cost | 2,462,346,239.12 | 2,617,475,284.37 | -5.93 | Implementation of cost reduction and efficiency improvement policies to cut expenses | | Selling Expense | 43,152,649.35 | 43,702,235.83 | -1.26 | Implementation of cost reduction and efficiency improvement policies to cut expenses | | Administrative Expense | 161,348,528.90 | 176,652,135.74 | -8.66 | Implementation of cost reduction and efficiency improvement policies to cut expenses | | Finance Expense | 56,741,493.88 | 54,409,394.08 | 4.29 | Interest income decreased compared to the prior year period | | R&D Expense | 12,273,517.65 | 13,819,604.21 | -11.19 | Implementation of cost reduction and efficiency improvement policies to cut expenses | | Net Cash Flow from Operating Activities | 166,837,065.95 | 348,335,314.11 | -52.10 | Decrease in cash received from sales of goods and provision of services | | Net Cash Flow from Investing Activities | -471,898,153.58 | -532,504,031.08 | (Decrease in outflow) | Investment progress was temporarily slowed by the pandemic in the first half of the year | | Net Cash Flow from Financing Activities | 894,446,156.81 | -68,991,883.00 | (Turned from outflow to inflow) | Primarily due to the issuance of ultra-short-term financing bonds | [(III) Analysis of Assets and Liabilities](index=9&type=section&id=(三)%20资产、负债情况分析) At the end of the reporting period, the company's total assets slightly increased, with monetary funds and bonds payable significantly rising due to the issuance of ultra-short-term financing bonds, while inventory grew due to the procurement of information project equipment, and fixed assets and construction in progress slightly decreased 2022 Semi-Annual Asset and Liability Status Changes | Item Name | End of Current Period Amount (Yuan) | Proportion of Total Assets at End of Current Period (%) | End of Prior Year Amount (Yuan) | Proportion of Total Assets at End of Prior Year (%) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,158,029,416.99 | 7.80 | 1,573,258,139.64 | 5.71 | 37.17 | Issuance of ultra-short-term financing bonds in current period | | Inventory | 97,856,001.94 | 0.35 | 68,040,485.72 | 0.25 | 43.82 | Procurement of information project equipment | | Bonds Payable | 1,000,000,000.00 | 3.61 | 0 | 0.00 | 100.00 | Issuance of ultra-short-term financing bonds in current period | | Total Assets | 27,674,281,064.39 | | 27,545,031,652.74 | | 0.47 | | [(VI) Analysis of Major Holding and Associate Companies](index=10&type=section&id=(六)%20主要控股参股公司分析) This section outlines the basic information of the company's major holding subsidiaries and associate companies, including registered capital, shareholding percentage, business scope, total assets, and net profit, noting that most subsidiaries incurred net losses during the reporting period, reflecting overall operational challenges Net Profit of Major Holding Subsidiaries and Associate Companies (Unit: 10,000 Yuan) | Company Name | Registered Capital (10,000 Yuan) | Shareholding (%) | Total Assets (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Baiyun International Airport Ground Handling Services Co., Ltd. | 10,000 | 51% | 35,103.94 | -2,629.15 | | Guangzhou Baiyun International Airport Business Travel Services Co., Ltd. | 1,500 | 100% | 19,745.31 | -4,539.46 | | Guangzhou Baiyun International Advertising Co., Ltd. | 3,000 | 100% | 186,747.99 | 5,616.54 | | Guangzhou Baiyun International Airport Lufthansa Airline Catering Co., Ltd. | 6,500 | 70% | 16,638.73 | -1,042.52 | | Guangzhou Baiyun International Airport Express Transportation Co., Ltd. | 5,000 | 75% | 10,056.85 | -2,816.19 | | Guangdong Airport Baiyun Information Technology Co., Ltd. | 4074.55 | 33.13% | 45,996.14 | 1,141.80 | | Guangzhou Baiyun International Airport Terminal 2 Management Co., Ltd. | 2,800 | 100% | 163,686.97 | 412.33 | | Guangzhou Baiyun Airport Equipment Technology Development Co., Ltd. | 2019.56 | 75% | 10,937.11 | 719.98 | | Guangdong Airport Group Logistics Co., Ltd. | 10,000 | 49% | 139,323.86 | 11,698.91 | | Guangdong Yitong Business Aviation Development Co., Ltd. | 5,000 | 28% | 26,559.04 | 345.04 | [Other Disclosure Matters](index=12&type=section&id=五、其他披露事项) This section primarily highlights potential risks the company may face, including macroeconomic risks, industry policy risks, industry competition risks, and internal management and market response capability bottlenecks and challenges - The company faces multiple external risks, including macroeconomic factors, industry policies (government policy adjustments), and industry competition (impact from high-speed rail development)[34](index=34&type=chunk) - Internal challenges for the company include improving professional capabilities, work style, talent pipeline structure, and enhancing sensitivity, foresight, and response capabilities to market fluctuations[34](index=34&type=chunk) [Corporate Governance](index=12&type=section&id=第四节%20公司治理) This section covers shareholder meeting details, changes in directors, supervisors, and senior management, and profit distribution plans [Brief Introduction to Shareholder Meetings](index=12&type=section&id=一、股东大会情况简介) This section discloses the date of the 2021 Annual General Meeting, the website where resolutions were published, and the disclosure date, noting that the meeting reviewed and approved reports from the Board of Directors and Supervisory Board, financial settlement reports, annual reports, profit distribution plans, and the appointment of audit firms - The company's 2021 Annual General Meeting was held on **June 22, 2022**, approving several key proposals, including the annual report and profit distribution plan[35](index=35&type=chunk)[36](index=36&type=chunk) [Changes in Directors, Supervisors, and Senior Management](index=12&type=section&id=二、公司董事、监事、高级管理人员变动情况) During the reporting period, Chairman Qiu Jiachen and Deputy General Manager Yu Hongcai resigned due to personal reasons, while Qi Yaoming and Zhang Jiancheng were appointed as Deputy General Managers Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Qiu Jiachen | Director, Chairman | Resigned | | Yu Hongcai | Deputy General Manager | Resigned | | Qi Yaoming | Deputy General Manager | Appointed | | Zhang Jiancheng | Deputy General Manager | Appointed | [Profit Distribution or Capital Reserve Conversion Plan](index=13&type=section&id=三、利润分配或资本公积金转增预案) The company has no profit distribution or capital reserve conversion plan for the reporting period - The company has no profit distribution or capital reserve conversion plan for this reporting period[39](index=39&type=chunk) [Environmental and Social Responsibility](index=13&type=section&id=第五节%20环境与社会责任) This section details the company's environmental performance, including pollution control measures, and efforts to reduce carbon emissions [Environmental Information](index=13&type=section&id=一、环境信息情况) As a key pollutant-discharging entity, the company provides detailed information on its wastewater treatment plant operations, confirming that pollutant emission concentrations and total amounts comply with standards, with no exceedances, and that comprehensive emergency and self-monitoring plans are in place [(I) Environmental Protection Status of Key Pollutant Discharging Units](index=13&type=section&id=(一)%20属于环境保护部门公布的重点排污单位的公司及其主要子公司的环保情况说明) Baiyun Airport's wastewater treatment plant utilizes the "AAO" process, treating 3.5738 million tons of wastewater and disposing of 481.62 tons of dry sludge during the reporting period, with no exceedances; the company holds a valid pollutant discharge permit and has established emergency and self-monitoring plans Main Pollutant Emission Data (H1 2022) | Pollutant Name | Emission Concentration (mg/L) | Emission Volume (tons/half-year) | | :--- | :--- | :--- | | Chemical Oxygen Demand (CODcr) | 10.94 | 37.262 | | Ammonia Nitrogen (NH3-N) | 0.277 | 1.132 | | Total Nitrogen (as N) | 3.46 | 11.841 | | Total Phosphorus (as P) | 0.06 | 0.202 | - Baiyun Airport's wastewater treatment plant uses the **"AAO" process**, treating **3.5738 million tons** of wastewater and disposing of **481.62 tons** of dry sludge during the reporting period, with effluent quality meeting standards and no exceedances[43](index=43&type=chunk) - The company holds a valid pollutant discharge permit issued by the Guangzhou Ecological Environment Bureau, effective until **December 31, 2026**[46](index=46&type=chunk) - The company has filed the "Guangzhou Baiyun International Airport Co., Ltd. Airport Wastewater Treatment Plant Emergency Plan for Environmental Incidents," classified as a general risk source[47](index=47&type=chunk) [(IV) Information on Ecological Protection, Pollution Prevention, and Environmental Responsibility Fulfillment](index=16&type=section&id=(四)%20有利于保护生态、防治污染、履行环境责任的相关信息) The company actively promotes the "Civil Aviation Blue Sky Defense War" by accelerating the electrification of on-site vehicles, promoting the use of APU alternative facilities for aircraft at gates, and optimizing aircraft taxiing routes, thereby effectively reducing pollutant emissions - Since January 1, 2021, the company has achieved **100% electrification** for new and updated on-site vehicles, except for special circumstances[51](index=51&type=chunk) - The utilization rate of APU alternative facilities for aircraft at gates remains at **100%**, significantly reducing aircraft emissions during gate stays[51](index=51&type=chunk) [(V) Measures and Effects of Carbon Emission Reduction During the Reporting Period](index=16&type=section&id=(五)%20在报告期内为减少其碳排放所采取的措施及效果) The company continuously promotes green airport construction and enhances energy utilization efficiency to reduce carbon emissions through various measures, including improving operational management systems, adhering to intensive and economical principles (efficient chiller rooms, BMS optimization, LED lighting upgrades), and embracing ecological harmony (APU alternative facilities, solar PV, charging station construction, increased new energy vehicle proportion) - The company promotes integrated management of energy, environment, and carbon emissions, achieving "Internet of Everything" for green airport management[52](index=52&type=chunk) - Measures include constructing efficient chiller rooms, optimizing building control systems, creating green data centers, and comprehensively upgrading to LED energy-saving lighting to improve energy utilization efficiency[52](index=52&type=chunk) - Initiatives include promoting the construction and upgrade of APU alternative facilities, solar photovoltaic installations, charging stations, and increasing the proportion of new energy vehicles[52](index=52&type=chunk) [Significant Matters](index=17&type=section&id=第六节%20重要事项) This section covers the fulfillment of commitments, major lawsuits and arbitrations, integrity status, and significant related-party transactions [Fulfillment of Commitments](index=17&type=section&id=一、承诺事项履行情况) This section discloses the Airport Group's various commitments to the company, including the right to repurchase logistics company equity, resolution of land title defects, and profit forecast compensation for the Pullman and Novotel hotels, all of which were timely and strictly fulfilled during the reporting period - The Airport Group committed that the listed company would have a one-time right to repurchase logistics company equity within five years of the asset swap completion, which has been timely and strictly fulfilled[54](index=54&type=chunk) - The Airport Group committed to resolving title defects for the target properties (Pullman and Novotel hotels) and ensuring priority renewal of land lease agreements before expiration, which has been timely and strictly fulfilled[54](index=54&type=chunk) - The Airport Group committed to providing cash compensation for the actual net profit of the Pullman and Novotel hotels during the compensation period, which has been timely and strictly fulfilled[54](index=54&type=chunk) [Major Lawsuits and Arbitrations](index=18&type=section&id=七、重大诉讼、仲裁事项) During the reporting period, the company was involved in several major lawsuits and arbitration cases, involving substantial amounts, with some cases already ruled or judged, and others still pending 2022 Semi-Annual Major Lawsuits and Arbitrations | Plaintiff (Applicant) | Defendant (Respondent) | Type of Lawsuit/Arbitration | Amount Involved in Lawsuit/Arbitration (Yuan) | Progress | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Baiyun International Airport Terminal 2 Management Co., Ltd. | Wuhan Jiacheng Zhide Commercial Development Co., Ltd., Qiu Hao, Liu Fengxian, Dong Yanli | Arbitration | 150,908,662.08 | Ruled | | Guangzhou Baiyun International Airport Terminal 2 Management Co., Ltd. | Guangzhou Mingderui Investment Co., Ltd. | Lawsuit | 154,396,384.38 | Judged | | Guangzhou Mingderui Investment Co., Ltd. | Guangzhou Baiyun International Airport Terminal 2 Management Co., Ltd. | Lawsuit | 154,396,384.38 | Judged | | Guangzhou Di'an Airport Culture Communication Co., Ltd. | Guangzhou Baiyun International Advertising Co., Ltd. | Arbitration | 432,181,124.00 | Ruled | | CITIC Publishing Group Co., Ltd. | Guangzhou Baiyun International Airport Co., Ltd. | Arbitration | 17,851,700 | Accepted | [Explanation of Integrity Status](index=19&type=section&id=九、报告期内公司及其控股股东、实际控制人诚信状况的说明) During the reporting period, the company and its controlling shareholder maintained good integrity, with no unfulfilled court judgments or overdue large debts - During the reporting period, the company and its controlling shareholder maintained good integrity, with no unfulfilled court judgments or overdue large debts[59](index=59&type=chunk) [Significant Related-Party Transactions](index=19&type=section&id=十、重大关联交易) This section discloses the subsequent progress of the company's asset swap and related-party transaction, where the original performance commitment period has been adjusted to 2022-2024, with the original annual committed performance amounts remaining unchanged and the timeline extended - The performance commitment period for the company's asset swap and related-party transaction has been extended from 2020-2022 to **2022-2024**, with the original committed performance amounts unchanged[60](index=60&type=chunk) [Share Changes and Shareholder Information](index=21&type=section&id=第七节%20股份变动及股东情况) This section details changes in share capital and shareholder structure, including the total number of shares, restricted shares, and top shareholders [Changes in Share Capital](index=21&type=section&id=一、股本变动情况) During the reporting period, there were no changes in the company's total share capital or share structure, and the Airport Group's 297,397,769 restricted shares were released - During the reporting period, there were no changes in the company's total share capital or share structure[64](index=64&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released During Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Date of Release | | :--- | :--- | :--- | :--- | :--- | :--- | | Airport Group | 297,397,769 | 297,397,769 | 0 | Non-public offering | 2022-5-5 | [Shareholder Information](index=21&type=section&id=二、股东情况) As of the end of the reporting period, the company had 61,551 common shareholders, with Guangdong Airport Management Group Co., Ltd. being the largest shareholder, holding 57.20% of the shares - As of the end of the reporting period, the company had **61,551** common shareholders[66](index=66&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at End of Period (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Guangdong Airport Management Group Co., Ltd. | 1,353,744,552 | 57.20 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 74,707,821 | 3.16 | Other | | Ping An An Ying Stock-type Pension Product - Bank of China Limited | 22,511,849 | 0.95 | Other | | Xintai Life Insurance Co., Ltd. - Traditional Products | 21,765,803 | 0.92 | Other | | Aberdeen Standard Investments (Asia) Limited - Aberdeen Standard - China A-Share Equity Fund | 20,491,168 | 0.87 | Overseas Legal Person | | Huaxia Life Insurance Co., Ltd. - Proprietary Funds | 19,718,245 | 0.83 | Other | | China Construction Bank Corporation - Hua An State-owned Enterprise Reform Theme Flexible Allocation Mixed Securities Investment Fund | 15,622,465 | 0.66 | Other | | Industrial and Commercial Bank of China Limited - Oriental Red Shanghai-Hong Kong-Shenzhen Flexible Allocation Mixed Securities Investment Fund | 14,204,800 | 0.60 | Other | | Norges Bank - Proprietary Funds | 13,704,139 | 0.58 | Overseas Legal Person | | Ping An Asset - Industrial and Commercial Bank - Ping An Asset Ruyi No. 28 Insurance Asset Management Product | 12,466,881 | 0.53 | Other | [Preferred Share Related Information](index=22&type=section&id=第八节%20优先股相关情况) The company has no preferred share related information - The company has no preferred share related information[68](index=68&type=chunk) [Bond Related Information](index=23&type=section&id=第九节%20债券相关情况) The company has no corporate bonds, company bonds, or non-financial enterprise debt financing instruments - The company has no corporate bonds, company bonds, or non-financial enterprise debt financing instruments[69](index=69&type=chunk) - The company has no convertible corporate bonds[69](index=69&type=chunk) [Financial Report](index=24&type=section&id=第十节%20财务报告) This section presents the company's financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with accounting policies and notes [Audit Report](index=24&type=section&id=一、审计报告) This semi-annual report is unaudited - This semi-annual report is unaudited[2](index=2&type=chunk) [Financial Statements](index=24&type=section&id=二、财务报表) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, reflecting the financial position and operating results at the end of the reporting period [Consolidated Balance Sheet](index=24&type=section&id=合并资产负债表) As of June 30, 2022, the company's consolidated total assets were 27.674 billion Yuan, a slight increase from the beginning of the period, with a significant rise in monetary funds within current assets and a notable increase in bonds payable within non-current liabilities Key Consolidated Balance Sheet Data (End of Period) | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 2,158,029,416.99 | 1,573,258,139.64 | | Accounts Receivable | 1,371,222,805.11 | 1,272,619,920.66 | | Inventory | 97,856,001.94 | 68,040,485.72 | | Long-term Equity Investments | 602,512,086.92 | 544,836,300.73 | | Fixed Assets | 18,827,595,598.44 | 19,398,670,497.75 | | Construction in Progress | 590,474,462.42 | 688,824,404.30 | | Right-of-Use Assets | 1,966,270,038.42 | 2,075,805,551.84 | | Bonds Payable | 1,000,000,000.00 | 0 | | Lease Liabilities | 2,345,771,199.48 | 2,309,456,426.51 | | Owners' Equity Attributable to Parent Company | 17,786,024,559.48 | 18,313,274,402.02 | | Total Assets | 27,674,281,064.39 | 27,545,031,652.74 | | Total Liabilities | 9,613,947,584.11 | 8,944,058,011.55 | [Parent Company Balance Sheet](index=27&type=section&id=母公司资产负债表) As of June 30, 2022, the parent company's total assets were 26.672 billion Yuan, a slight decrease from the beginning of the period, with monetary funds and bonds payable also showing significant increases Key Parent Company Balance Sheet Data (End of Period) | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 1,913,793,252.86 | 1,212,525,026.99 | | Accounts Receivable | 909,121,443.24 | 1,285,586,476.80 | | Long-term Equity Investments | 777,708,055.81 | 719,377,582.17 | | Fixed Assets | 18,477,106,026.52 | 19,011,486,901.84 | | Bonds Payable | 1,000,000,000.00 | 0 | | Total Liabilities | 10,760,945,952.59 | 10,495,221,256.82 | | Total Owners' Equity | 15,910,773,104.18 | 16,403,916,918.40 | | Total Assets | 26,671,719,056.77 | 26,899,138,175.22 | [Consolidated Income Statement](index=29&type=section&id=合并利润表) During the reporting period, the company's consolidated total operating revenue was 2.032 billion Yuan, a 15.16% year-on-year decrease, with both operating profit and net profit being negative and losses expanding year-on-year, reflecting severe operational challenges Key Consolidated Income Statement Data (Jan-Jun 2022) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,032,359,107.90 | 2,395,562,379.95 | | Total Operating Cost | 2,800,748,177.81 | 2,954,114,222.79 | | Operating Profit | -678,619,702.62 | -476,178,040.53 | | Total Profit | -678,250,370.10 | -472,305,707.87 | | Net Profit | -530,623,709.84 | -398,967,903.86 | | Net Profit Attributable to Parent Company Shareholders | -517,233,391.47 | -410,046,869.28 | | Basic Earnings Per Share (Yuan/share) | -0.22 | -0.17 | [Parent Company Income Statement](index=31&type=section&id=母公司利润表) The parent company's income statement shows a year-on-year decrease in operating revenue and negative net profit with expanding losses, consistent with the trends observed in the consolidated financial statements Key Parent Company Income Statement Data (Jan-Jun 2022) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,561,038,892.51 | 1,767,607,191.55 | | Operating Profit | -644,373,513.06 | -438,714,831.61 | | Total Profit | -644,169,817.53 | -435,768,236.60 | | Net Profit | -483,127,363.15 | -328,394,816.89 | [Consolidated Cash Flow Statement](index=33&type=section&id=合并现金流量表) During the reporting period, net cash flow from operating activities significantly decreased by 52.10% year-on-year, investing cash outflow decreased, and net cash flow from financing activities turned positive, primarily due to the issuance of ultra-short-term financing bonds Key Consolidated Cash Flow Statement Data (Jan-Jun 2022) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 166,837,065.95 | 348,335,314.11 | -52.10 | | Net Cash Flow from Investing Activities | -471,898,153.58 | -532,504,031.08 | (Decrease in outflow) | | Net Cash Flow from Financing Activities | 894,446,156.81 | -68,991,883.00 | (Turned from outflow to inflow) | | Net Increase in Cash and Cash Equivalents | 589,395,977.35 | -253,162,949.62 | (Turned from decrease to increase) | [Parent Company Cash Flow Statement](index=35&type=section&id=母公司现金流量表) The parent company's net cash flow from operating activities decreased year-on-year, investing cash outflow decreased, and net cash flow from financing activities turned positive, consistent with the trends observed in the consolidated financial statements Key Parent Company Cash Flow Statement Data (Jan-Jun 2022) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 274,053,598.01 | 379,510,714.86 | | Net Cash Flow from Investing Activities | -470,893,436.40 | -532,407,953.73 | | Net Cash Flow from Financing Activities | 898,097,156.09 | -9,399,069.67 | | Net Increase in Cash and Cash Equivalents | 701,268,225.87 | -162,298,658.19 | [Consolidated Statement of Changes in Owners' Equity](index=36&type=section&id=合并所有者权益变动表) During the reporting period, total owners' equity attributable to the parent company decreased by 2.88%, primarily due to net losses Consolidated Statement of Changes in Owners' Equity (Jan-Jun 2022) | Item | Beginning of Period Balance (Yuan) | Change Amount for Current Period (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 18,313,274,402.02 | -527,249,842.54 | 17,786,024,559.48 | | Minority Interests | 287,699,239.17 | -13,390,318.37 | 274,308,920.80 | | Total Owners' Equity | 18,600,973,641.19 | -540,640,160.91 | 18,060,333,480.28 | [Parent Company Statement of Changes in Owners' Equity](index=39&type=section&id=母公司所有者权益变动表) The parent company's total owners' equity decreased, primarily due to net losses, consistent with the trends observed in the consolidated financial statements Parent Company Statement of Changes in Owners' Equity (Jan-Jun 2022) | Item | Beginning of Period Balance (Yuan) | Change Amount for Current Period (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 16,403,916,918.40 | -493,143,814.22 | 15,910,773,104.18 | [Company Basic Information](index=42&type=section&id=三、公司基本情况) This section describes the company's establishment background, share capital evolution history, registered capital, domicile, business scope, and clarifies the scope of consolidated financial statements for the current period - The company was registered on **September 19, 2000**, jointly initiated by Guangzhou Baiyun International Airport Group Company and four other enterprises[90](index=90&type=chunk) - After multiple share issuances and transfers, as of September 2020, the total share capital was **2,366,718,283 shares**, with a registered capital of **2,366.718283 million Yuan**[90](index=90&type=chunk)[91](index=91&type=chunk) - The company's business scope is broad, covering aviation services, transportation, warehousing, aviation facility use, maintenance, agency, commercial leasing, advertising, and hotels[91](index=91&type=chunk)[92](index=92&type=chunk) [Basis of Financial Statement Preparation](index=43&type=section&id=四、财务报表的编制基础) The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant regulations from the China Securities Regulatory Commission - Financial statements are prepared on a going concern basis, complying with enterprise accounting standards and CSRC's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports"[94](index=94&type=chunk) [Significant Accounting Policies and Estimates](index=44&type=section&id=五、重要会计政策及会计估计) This section details the company's adherence to enterprise accounting standards, accounting period, operating cycle, functional currency, business combination accounting, consolidated financial statement preparation, joint arrangement classification, cash and cash equivalents, foreign currency transactions and translation, financial instruments, notes receivable, accounts receivable, inventories, contract assets, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, right-of-use assets, intangible assets, long-term deferred expenses, contract liabilities, employee benefits, lease liabilities, provisions, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases, outlining important accounting policies and estimates - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[97](index=97&type=chunk) - Financial instruments are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[109](index=109&type=chunk) - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, using either over-time or point-in-time recognition based on the nature of the performance obligation[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **8-40 years** for buildings, **10-15 years** for machinery, **6 years** for transportation equipment, and **4-9 years** for other equipment[132](index=132&type=chunk) [Taxation](index=71&type=section&id=六、税项) This section lists the company's main tax types and rates, and details various tax incentives, including VAT exemptions, additional deductions, corporate income tax benefits, and property tax reductions Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13, 9, 6, 5, 3, 0 | | Urban Maintenance and Construction Tax | Actually paid VAT and consumption tax | 7 | | Corporate Income Tax | Taxable income | 25, 15 | | Education Surcharge | Actually paid VAT and consumption tax | 3 | | Local Education Surcharge | Actually paid VAT and consumption tax | 2 | | Property Tax | Rental income | 12 | | Property Tax | 70% of original value of buildings | 1.2 | - The company enjoys multiple tax incentives, including VAT exemption for logistics auxiliary services sold to overseas entities and a **15% additional deduction** for VAT on lifestyle services[185](index=185&type=chunk) - Subsidiary Guangdong Airport Baiyun Information Technology Co., Ltd. enjoys a **15% corporate income tax preferential rate**, valid until **December 31, 2022**[185](index=185&type=chunk) - Baiyun Airport Phase II project enjoys corporate income tax incentives for key publicly supported infrastructure projects, with a three-year exemption followed by a three-year **50% reduction**, starting from 2018[186](index=186&type=chunk)[187](index=187&type=chunk) [Notes to Consolidated Financial Statements](index=72&type=section&id=七、合并财务报表项目注释) This section provides detailed notes and explanations for various consolidated financial statement items, including assets, liabilities, owners' equity, revenue, costs, and expenses, covering period-end balances, beginning balances, period changes, and related accounting treatments Restricted Monetary Funds (End of Period) | Item | End of Period Balance (Yuan) | | :--- | :--- | | Credit Guarantee Deposits | 5,659,779.00 | | Performance Guarantee Deposits | 1,762,026.00 | | Total | 7,421,805.00 | - At the end of the reporting period, the top five accounts receivable accounted for **59.61%** of the total accounts receivable, with Guangzhou Di'an Airport Culture Communication Co., Ltd. having the largest balance[197](index=197&type=chunk) - At the end of the reporting period, the book value of buildings, runways, and aprons for which property certificates had not been obtained totaled **12.707 billion Yuan**, primarily due to the land being leased from the Airport Group[218](index=218&type=chunk) Changes in Bonds Payable (H1 2022) | Bond Name | Face Value (Yuan) | Issue Date | Bond Term | Issue Amount (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Baiyun International Airport Co., Ltd. 2022 First Tranche Ultra-Short-Term Financing Bonds | 100 | 2022.06.28 | 180 days | 1,000,000,000.00 | 1,000,000,000.00 | [Changes in Consolidation Scope](index=118&type=section&id=八、合并范围的变更) During the reporting period, the company experienced no non-same control business combinations, same control business combinations, reverse acquisitions, or disposals of subsidiaries resulting in loss of control - During the reporting period, there were no significant changes in the company's consolidation scope[306](index=306&type=chunk)[307](index=307&type=chunk) [Interests in Other Entities](index=119&type=section&id=九、在其他主体中的权益) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including the enterprise group's composition, key financial information of important non-wholly-owned subsidiaries, and important associate companies - The company owns several wholly-owned or controlling subsidiaries, with businesses covering ground handling services, business travel services, advertising, airline catering, transportation, equipment technology development, and terminal area management[309](index=309&type=chunk) - The shareholding in Guangdong Airport Baiyun Information Technology Co., Ltd. decreased from **45% to 33.13%**, but control was not lost[309](index=309&type=chunk) Minority Shareholder Profit/Loss and Equity of Important Non-Wholly-Owned Subsidiaries (H1 2022) | Subsidiary Name | Minority Shareholding (%) | Profit/Loss Attributable to Minority Shareholders for Current Period (Yuan) | Minority Interests Balance at End of Period (Yuan) | | :--- | :--- | :--- | :--- | | Guangzhou Baiyun International Airport Ground Handling Services Co., Ltd. | 49.00 | -12,882,841.94 | 72,121,152.38 | | Guangzhou Baiyun Airport Equipment Technology Development Co., Ltd. | 25.00 | 1,799,951.22 | 19,895,479.29 | | Guangzhou Baiyun International Airport Lufthansa Airline Catering Co., Ltd. | 30.00 | -3,127,557.01 | 7,587,980.02 | | Guangzhou Baiyun International Airport Express Transportation Co., Ltd. | 25.00 | -7,040,472.45 | -12,257,448.16 | | Guangdong Airport Baiyun Information Technology Co., Ltd. | 66.87 | 7,635,241.13 | 187,166,947.09 | - Guangdong Airport Group Logistics Co., Ltd. is an important associate of the company, accounted for using the equity method[316](index=316&type=chunk)[318](index=318&type=chunk) [Risks Related to Financial Instruments](index=124&type=section&id=十、与金融工具相关的风险) This section analyzes the company's exposure to credit risk, liquidity risk, and market risk (including interest rate risk, foreign currency risk, and other price risks), and outlines the policies adopted to manage these risks - The company's main financial instruments include monetary funds, accounts receivable, and other receivables, exposing it to credit risk, market risk (interest rate risk, foreign currency risk, other price risks), and liquidity risk[322](index=322&type=chunk) - Credit risk primarily arises from bank deposits and receivables, which the company manages by depositing funds with state-owned banks and ensuring regular settlements with third-party regulatory agencies[323](index=323&type=chunk) - Liquidity risk is managed by continuously monitoring cash balances, marketable securities, and 12-month cash flow forecasts to ensure sufficient funds are available to meet debt obligations[325](index=325&type=chunk) - Interest rate risk mainly stems from long-term borrowings, with the company's policy being **100% fixed-rate borrowings** for external debt, while foreign currency risk is minimal[326](index=326&type=chunk)[327](index=327&type=chunk) [Disclosure of Fair Value](index=126&type=section&id=十一、公允价值的披露) This section discloses the fair value of assets and liabilities measured at fair value at the end of the reporting period, primarily other equity instrument investments, and explains the basis for determining market prices for Level 1 fair value measurement items Fair Value of Assets Measured at Fair Value (End of Period) | Item | Level 1 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 129,675,345.10 | 129,675,345.10 | - The company's recurring Level 1 fair value measurement item is its investment in Everbright Bank shares, with the closing price at the end of the reporting period used as the market price determination basis[330](index=330&type=chunk) [Related Parties and Related Party Transactions](index=128&type=section&id=十二、关联方及关联交易) This section details the company's parent company, other related parties, and related-party transactions during the reporting period, including purchases/sales of goods, provision/acceptance of services, related-party leases, and key management personnel compensation, along with revenue allocation and settlement agreements, entrusted construction management, and project payment arrangements 1、[Parent Company Information](index=128&type=section&id=1、本企业的母公司情况) The company's parent company is Guangdong Airport Management Group Co., Ltd., with the ultimate controlling party being the People's Government of Guangdong Province Parent Company Basic Information | Parent Company Name | Registered Address | Registered Capital (10,000 Yuan) | Shareholding (%) | Voting Rights (%) | | :--- | :--- | :--- | :--- | :--- | | Guangdong Airport Management Group Co., Ltd. | Guangzhou Airport Road | 350,000 | 57.20 | 57.20 | 5、[Related Party Transactions](index=129&type=section&id=5、关联交易情况) During the reporting period, the company engaged in various related-party transactions, including purchases and sales of goods, provision and acceptance of services, and leasing transactions; specifically, the company paid security service fees and departure system maintenance fees to related parties, provided services to related parties, and, as a lessee, leased land and outdoor advertising usage rights from Guangdong Airport Management Group Co., Ltd., and office space from Guangdong Airport Property Co., Ltd Related Party Transactions for Purchase of Goods/Acceptance of Services (H1 2022) | Related Party | Related Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Guangdong Airport Security Services Co., Ltd. | Security service fees | 20,905,650.31 | 36,957,721.66 | | Guangzhou Airport Hangyi Information Technology Co., Ltd. | Departure system maintenance fees | 11,741,981.19 | 11,528,301.87 | | Other subsidiaries of Guangdong Airport Management Group Co., Ltd. | Acceptance of services | 6,263,702.46 | 3,924,727.98 | Related Party Transactions for Provision of Services (H1 2022) | Related Party | Related Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Guangdong Airport Group Logistics Co., Ltd. | Provision of services | 15,338,313.33 | 15,180,063.73 | | Guangdong Yitong Business Aviation Development Co., Ltd. | Provision of services | 3,112,071.64 | 2,280,864.43 | | Guangzhou Newco Aerospace Technology Co., Ltd. | Provision of services | 3,557,544.04 | 2,276,333.25 | Related Party Leases (Company as Lessee, H1 2022) | Lessor Name | Type of Leased Asset | Rent Paid for Current Period (Yuan) | Lease Liability Interest Expense for Current Period (Yuan) | | :--- | :--- | :--- | :--- | | Guangdong Airport Management Group Co., Ltd. | Land Lease | 95,600,410.05 | 62,607,260.05 | | Guangdong Airport Property Co., Ltd. | Office Space Lease | 8,477,838.60 | 1,272,158.63 | - The company signed a revenue allocation and settlement agreement with Guangdong Airport Management Group Co., Ltd., defining the revenue split for core aviation businesses, with passenger service fees **100% owned by the company** after the asset swap on February 29, 2020[344](index=344&type=chunk) - The company entrusted Guangdong Civil Aviation Airport Construction Co., Ltd. to manage the construction of the Guangzhou Baiyun International Airport Expansion Project, with management fees calculated on a progressive basis according to project cost[345](index=345&type=chunk) 6、[Receivables and Payables from Related Parties](index=134&type=section&id=6、关联方应收应付款项) This section lists the period-end balances of the company's accounts receivable, prepayments, other receivables, accounts payable, other payables, advances from customers, and contract liabilities with related parties Related Party Accounts Receivable End of Period Balance (Yuan) | Related Party | End of Period Book Balance | Provision for Bad Debts | | :--- | :--- | :--- | | Guangdong Airport Group Logistics Co., Ltd. | 61,851,664.18 | 3,092,583.23 | | Guangdong Airport Management Group Co., Ltd. Engineering Construction Command | 3,318,962.21 | 165,948.12 | | Guangdong Yitong Business Aviation Development Co., Ltd. | 2,103,632.51 | 325,057.87 | Related Party Accounts Payable End of Period Balance (Yuan) | Related Party | End of Period Book Balance | | :--- | :--- | | Guangdong Airport Management Group Co., Ltd. | 101,037,568.29 | | Guangzhou Airport Hangyi Information Technology Co., Ltd. | 6,186,016.69 | | Guangdong Airport Security Services Co., Ltd. | 8,936,961.96 | 7、[Related Party Commitments](index=136&type=section&id=7、关联方承诺) This section discloses several significant land and asset lease contracts between the company and the Airport Group, clearly defining the lease terms, annual rent calculation methods, and total amounts - The company has signed multiple asset lease contracts with the Airport Group, including for the North Taxiway System, Southeast Apron, Third Runway land use rights, Phase I land use rights (excluding runway land), and Terminal 2 and its apron land use rights[349](index=349&type=chunk)[350](index=350&type=chunk) - Lease terms commenced from **2014 or 2015**, with some contracts extending until **2033**, and annual rents adjusted based on changes in take-off/landing service revenue or passenger throughput[349](index=349&type=chunk)[350](index=350&type=chunk)[351](index=351&type=chunk) [Commitments and Contingencies](index=137&type=section&id=十四、承诺及或有事项) During the reporting period, the company had no significant commitments or contingencies requiring disclosure - The company has no significant commitments or contingencies requiring disclosure[351](index=351&type=chunk) [Other Significant Matters](index=138&type=section&id=十六、其他重要事项) This section discloses the company's participation in the Guangdong Airport Management Group Co., Ltd. enterprise annuity plan and provides detailed financial information by operating segment, including revenue, costs, assets, liabilities, and net profit for nine reporting segments 4、[Annuity Plan](index=138&type=section&id=4、年金计划) The company and its subsidiaries have participated in the Guangdong Airport Management Group Co., Ltd. enterprise annuity plan since 2007, contributing a fixed percentage of the previous year's total wages - The company and its subsidiaries have participated in the Guangdong Airport Management Group Co., Ltd. enterprise annuity plan since **2007**, contributing a fixed percentage of the previous year's total wages[353](index=353&type=chunk) 6、[Segment Information](index=138&type=section&id=6、分部信息) The company has identified nine reporting segments based on its internal organizational structure and management requirements: aviation services, catering services, ground transportation, VIP services, ground handling, advertising, information technology services, equipment maintenance services, and others, and has disclosed their respective financial information - The company has identified **nine reporting segments**, including aviation services, catering services, ground transportation, VIP services, ground handling, advertising, information technology services, equipment maintenance services, and others[355](index=355&type=chunk) Financial Information by Reporting Segment (H1 2022) | Item | Aviation Services | Ground Handling Services | Advertising Business | Ground Transportation Services | VIP Services | Catering Services | Information Technology | Equipment Maintenance | Other | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 1,766,237,868.44 | 209,429,790.45 | 397,527,756.00 | 60,245,251.39 | 79,408,092.06 | 46,611,657.99 | 96,877,777.89 | 74,423,819.50 | 85,925,476.05 | | Operating Cost (Yuan) | 2,246,528,773.32 | 222,730,141.48 | 261,427,566.46 | 94,553,376.69 | 107,783,804.64 | 49,141,436.07 | 70,245,154.46 | 57,502,640.86 | 131,952,876.72 | | Net Profit (Yuan) | -488,610,065.64 | -26,291,514.17 | 111,955,578.62 | -28,161,889.79 | -45,394,637.04 | -10,425,190.04 | 11,418,036.69 | 7,199,804.86 | -46,184,181.05 | [Notes to Parent Company Financial Statement Major Items](index=141&type=section&id=十七、母公司财务报表主要项目注释) This section provides detailed notes for the parent company's financial statement items such as accounts receivable, other receivables, and long-term equity investments, including aging disclosure, bad debt provision, top five debtors by period-end balance, and investment income - Among the top five accounts receivable for the parent company, Guangzhou Baiyun International Airport Terminal 2 Management Co., Ltd. has the largest balance, accounting for **35.91%** of the total accounts receivable at period-end[363](index=363&type=chunk) Parent Company Long-Term Equity Investments (End of Period) | Item | Book Balance (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | | Investments in Subsidiaries | 278,888,332.05 | 278,888,332.05 | | Investments in Associates and Joint Ventures | 498,819,723.76 | 498,819,723.76 | | Total | 777,708,055.81 | 777,708,055.81 | Parent Company Investment Income (H1 2022) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using the equity method | 58,330,473.64 | 59,417,854.74 | | Dividend income from other equity instrument investments held during the period | 8,659,383.51 | | | Total | 66,989,857.15 | 59,417,854.74 | [Supplementary Information](index=149&type=section&id=十八、补充资料) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, and net asset return rates and earnings per share 2022 Semi-Annual Non-Recurring Gains and Losses Details | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 189,052.31 | | Government grants recognized in current profit or loss | 27,919,875.28 | | Other non-operating income and expenses apart from the above | 369,332.52 | | Less: Income tax impact | 2,881,232.91 | | Impact on minority interests (after tax) | 6,930,380.02 | | **Total** | **18,666,647.18** | 2022 Semi-Annual Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan) | Diluted Earnings Per Share (Yuan) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | -2.87 | -0.22 | -0.22 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | -2.97 | -0.23 | -0.23 |

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 2,395,562,379.95, representing a 1.79% increase compared to CNY 2,353,508,327.45 in the same period last year[16]. - The net profit attributable to shareholders was a loss of CNY 410,046,869.28, worsening from a loss of CNY 168,377,102.34 in the previous year[16]. - The net cash flow from operating activities decreased by 7.99%, amounting to CNY 348,335,314.11 compared to CNY 378,581,239.86 in the same period last year[16]. - The total assets increased by 7.27% to CNY 28,209,953,073.34 from CNY 26,298,285,795.68 at the end of the previous year[16]. - The net assets attributable to shareholders decreased by 4.82%, totaling CNY 18,333,147,431.35 compared to CNY 19,261,238,530.43 at the end of the previous year[16]. - The basic earnings per share for the first half of 2021 was -CNY 0.17, compared to -CNY 0.08 in the same period last year[17]. - The weighted average return on equity decreased by 1.19 percentage points to -2.20% from -1.01% in the previous year[17]. - The total comprehensive income for the first half of 2021 was approximately -CNY 405.75 million, compared to -CNY 195.26 million in the first half of 2020, indicating a worsening of overall financial performance[110]. - The company reported a decrease in undistributed profits by CNY 100,112,183.37 during the first half of 2021[124]. Operational Highlights - In the reporting period, the company completed 183,700 flight takeoffs and landings, with a passenger throughput of 21.4975 million and cargo throughput of 955,600 tons, representing year-on-year growth of 25.99%, 37.63%, and 23.40% respectively[30]. - The average on-time performance rate for flights reached 89.53% in the first half of the year, with an average taxi-out time of 15.88 minutes and taxi-in time of 7.22 minutes[31]. - The company has been recognized as the first in the world for airport service quality, achieving a score of 5.0 in the ACI airport service quality assessment[31]. - The company is actively expanding its aviation-related services, including ground transportation, advertising, and commercial operations, leveraging its passenger and cargo throughput advantages[23]. - The company is pursuing international route expansion, having successfully negotiated new international routes with airlines such as Tanzania Airlines and Cathay Pacific[31]. Environmental and Safety Initiatives - The company has implemented strict pandemic prevention measures, including centralized management for high-risk personnel and providing nucleic acid testing services for passengers[30]. - The company has completed the first large-scale application of low color temperature LED lighting in domestic airports, achieving energy savings of over 40%[32]. - The company has initiated the expansion of its data center and research on 5G technology applications[32]. - The company has committed to achieving 100% electrification of new and updated vehicles on-site, excluding emergency and insufficient supply vehicles, starting from January 1, 2021[67]. - The airport has maintained a 100% usage rate of APU (Auxiliary Power Unit) facilities for bridge aircraft, significantly reducing pollution emissions during ground operations[67]. - The company is actively promoting green airport initiatives, including the construction of energy management platforms and the optimization of cooling systems to enhance energy efficiency[68]. Challenges and Risks - The company faces macroeconomic risks due to the close correlation of the aviation industry with economic conditions, exacerbated by the ongoing COVID-19 pandemic and global economic instability[48]. - The competitive landscape is challenging, with emerging hubs like Chengdu, Chongqing, and Kunming diverting passenger traffic from major hubs, leading to increased resource competition[49]. - The company is experiencing challenges in professional capacity and market sensitivity, which need to be addressed for better strategic alignment[49]. - The company is navigating industry policy risks that could impact future performance due to government regulations and resource allocation challenges[48]. Shareholder and Capital Structure - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for this reporting period[4]. - The company has not proposed any profit distribution or capital reserve increase for the current period, indicating a focus on reinvestment[55]. - The company’s total number of ordinary shareholders reached 109,276 by the end of the reporting period[85]. - The company’s total share capital structure remained unchanged during the reporting period[82]. - Guangdong Airport Management Group Co., Ltd. holds 1,353,744,552 shares, accounting for 57.2% of total shares[88]. Financial Position and Assets - The total current assets as of June 30, 2021, amount to ¥3,789,163,203.60, a decrease from ¥3,911,363,058.29 at the end of 2020[97]. - Cash and cash equivalents decreased from ¥2,325,009,406.75 to ¥2,085,929,817.06[97]. - Long-term equity investments increased from ¥456,745,320.11 to ¥516,163,174.85[97]. - Fixed assets decreased from ¥20,596,842,513.82 to ¥19,838,840,816.97[97]. - The company reported a total cash dividend distribution of 528,033,510.52 RMB in 2017, alongside a bonus share distribution of 642,202,918 shares[135]. Governance and Compliance - The company has made changes in its board structure, with new appointments aimed at enhancing governance and oversight[54]. - The company has not reported any non-compliance issues or significant debts that remain unpaid during the reporting period[76]. - The company has not disclosed any new major contracts or guarantees during the reporting period[81]. - The company has not reported any significant related party transactions that have not been disclosed in temporary announcements[77]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern principle, in accordance with the accounting standards issued by the Ministry of Finance[139]. - The company adheres to the accounting policies that ensure the financial statements reflect the true and complete financial status, operating results, and cash flows[141]. - The company’s accounting currency is RMB, and it follows specific accounting treatments for mergers and acquisitions[145]. - The company recognizes the difference between the proceeds from the disposal of financial assets and their carrying amount as profit or loss in the current period[159].