证券代码：600004 证券简称：白云机场 公告编号：2025－039 广州白云国际机场股份有限公司 关于子公司涉及仲裁的公告 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。 （一）仲裁当事人 申请人：迪岸公司 案件所处的仲裁阶段：仲裁受理阶段 上市公司子公司所处的当事人地位：被申请人 涉案的金额：2,098.09 万元 被申请人：广告公司 （二）仲裁事由 广州仲裁委员会于 2025 年 7 月就广告公司与迪岸公司《2023 年 广州白云国际机场 T1 航站楼广告经营合同》仲裁案件作出裁决（详 见公司 2025 年 8 月 5 日披露的《关于子公司收到仲裁裁决书的公告》 （公告编号：2025-034）），广告公司于 2025 年 8 月 6 日向申请人 发送《付款通知书》，因申请人对《付款通知书》内容存在异议，向 广州仲裁委员会提出仲裁申请。 明如下： 一、本次仲裁的基本情况 重要内容提示： 公司全资子公司广州白云国际广告有限公司（以下简称"广告公 司"、"被申请人"）近日收到广州仲裁委员会《仲裁通知书》，广 州仲裁委员会受理 ...

羊城晚报讯 记者詹淑真、通讯员机场宣摄影报道：记者从广州白云国际机场了解到，为推动服务品牌升级、持续提升服务质量，白云机场全面启用全新设计的登机牌。此次升级从旅客体验出发 新版登机牌特别放大航班号、登机口、登机时间、座位号等关键信息的字体尺寸，并优化排版布局、强化信息层级，提升老年旅客及视力不便人群的读取便捷性。 此外，新版登机牌还隐藏着一项实用"彩蛋"。旅客只需扫描登机牌上的专属二维码，即可快速关注"机场通"服务平台，实时查询航班动态、行李状态、机场交通指引等一站式出行信息。现场正 新版登机牌首次采用了"三色飞机舷窗"设计来直观显示航班登机状态。舷窗造型选用"天际蓝、金穗黄、春风绿"三种颜色，分别对应白云机场三座航站楼的外观主色调，以"一色一楼"的视觉语 编辑：邬嘉宏 ...

Core Insights - The aviation and airport sector saw a slight increase of 0.39% on August 28, with Baiyun Airport leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Baiyun Airport (600004) closed at 9.94, up 1.02% with a trading volume of 289,200 shares and a turnover of 286 million yuan [1] - China Eastern Airlines (600115) closed at 4.15, up 0.97% with a trading volume of 1,051,800 shares and a turnover of 43.5 million yuan [1] - HNA Holding (600221) closed at 1.58, up 0.64% with a trading volume of 5,617,700 shares and a turnover of 887 million yuan [1] - Shenzhen Airport (000089) closed at 7.21, up 0.42% with a trading volume of 224,900 shares and a turnover of 162 million yuan [1] - Shanghai Airport (600009) closed at 32.65, up 0.40% with a trading volume of 159,000 shares and a turnover of 519 million yuan [1] - China National Aviation (601111) closed at 7.55, up 0.40% with a trading volume of 718,000 shares and a turnover of 538 million yuan [1] - Xiamen Airport (600897) closed at 14.94, up 0.34% with a trading volume of 29,500 shares and a turnover of 43.81 million yuan [1] - China Southern Airlines (600029) closed at 6.03, up 0.33% with a trading volume of 654,400 shares and a turnover of 393 million yuan [1] - Spring Airlines (601021) closed at 54.00, unchanged with a trading volume of 62,700 shares and a turnover of 337 million yuan [1] - Juneyao Airlines (603885) closed at 12.54, down 0.08% with a trading volume of 209,000 shares and a turnover of 262 million yuan [1] Capital Flow - The aviation and airport sector experienced a net outflow of 232 million yuan from institutional investors, while retail investors saw a net inflow of 219 million yuan [2] - The detailed capital flow for individual stocks shows varying trends, with some stocks experiencing significant outflows from institutional investors [3] Individual Stock Capital Flow - Shenzhen Airport (000089) had a net outflow of 30.91 million yuan from institutional investors, with a retail net inflow of 22.64 million yuan [3] - Juneyao Airlines (603885) had a net inflow of 3.39 million yuan from institutional investors, but a net outflow of 10.06 million yuan from retail investors [3] - China National Aviation (601111) saw a net outflow of 8.40 million yuan from institutional investors, with a retail net inflow of 7.28 million yuan [3] - China Eastern Airlines (600115) had a net outflow of 37.44 million yuan from institutional investors, with a retail net inflow of 22.91 million yuan [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a significant increase in profit for the first half of 2025, with total revenue reaching 3.73 billion yuan, a year-on-year growth of 7.7%, and a net profit attributable to shareholders of 750 million yuan, up 71.3% [7] - The operational data shows a steady increase in various business metrics, including flight takeoffs and landings at 265,800 times, passenger throughput of 40.04 million, and cargo throughput of 116,890 tons, reflecting year-on-year growth of 7%, 9%, and 2% respectively [7] - The third phase expansion project of the airport is expected to be operational by the end of the year, which will significantly enhance the airport's capacity [7] Financial Data Summary - For the first half of 2025, the company achieved total revenue of 3.73 billion yuan, with aviation revenue at 1.57 billion yuan (up 9.4%) and non-aviation revenue at 2.15 billion yuan (up 6.5%) [7] - The gross profit margin improved to 28.9%, an increase of 1.3 percentage points year-on-year, due to a lower growth rate in operating costs [7] - The forecast for net profit attributable to shareholders for 2025 is adjusted to 1.376 billion yuan, with estimates for 2026 and 2027 at 935 million yuan and 1.005 billion yuan respectively [7][8]

Shipping Industry - Crude oil freight rates continue to recover, while freight rates for the Europe and America routes are declining. As of August 21, the Shanghai Shipping Exchange's CTFI index was at 1154.72 points, an increase of 8.5% from August 14. The VLCC market is seeing increased transaction volumes, particularly in the Atlantic and Gulf routes, with shipowners maintaining a firm pricing stance despite sufficient available capacity [3][2][1] - For the Europe route, the market is showing signs of weakness, with freight rates dropping. On August 22, the freight rate from Shanghai to European ports was $1668 per TEU, down 8.4% from the previous period. For the US routes, demand growth is weak, with rates from Shanghai to the West and East coasts at $1644 per FEU and $2613 per FEU, down 6.5% and 3.9% respectively [3][2][1] Aviation Industry - In the first half of the year, the number of newly opened international air cargo routes in China increased by over 50%, with international routes accounting for a growing share of cargo volume. By June 30, 2025, a total of 145 new air cargo routes were opened, including 117 international routes, a year-on-year increase of 58.1% [3][2][1] - Baiyun Airport reported a net profit of 750 million yuan in the first half of the year, with total revenue of 3.726 billion yuan, a year-on-year increase of 7.68% [3][2][1] Logistics and New Transportation Models - In the first seven months of the year, the postal industry in China generated over 1 trillion yuan in revenue, reflecting a year-on-year growth of 8.3%. This indicates a steady growth trend in the postal sector, showcasing the resilience of the consumer market [3][2][1] - SF Holding reported a business volume of 1.377 billion parcels in July 2025, with logistics revenue reaching 18.657 billion yuan, a year-on-year increase of 14.97% [3][2][1] Industry Trends - The logistics sector is experiencing a stable growth trend, with the express delivery business volume increasing by 15.04% year-on-year in July 2025, and revenue rising by 8.91% [5][2] - The overall trend for air logistics routes to the Asia-Pacific region remains stable, while domestic shipping rates are rising and dry bulk freight rates are declining [5][2]

问：未来新的航站楼投产之后，结算方式如何？是否会带来成本明显增加？ 答：包括航站楼在内的整个三期资产尚未确定使用方式，具体结算方式需根据使用方式确定。上市公司作 为航空性资产的使用方，需要为此付出使用成本，将对公司未来成本费用带来一定压力。 问：新的航站楼投入使用后，公司对未来旅客量增长的测算？ 证券之星消息，2025年8月27日白云机场（600004）发布公告称公司于2025年8月25日接受机构调研，国金 证券王凯婕、国寿资产和川、嘉实基金归凯、建信资管杨晨、太平养老高瑜参与。 具体内容如下： 答：预计白云机场今年的旅客吞吐量将超过8000万，三期工程投产后，满足白云机场年旅客吞吐量达到 1.2亿人次，终端旅客吞吐量1.4亿人次需求，白云机场的产能将逐渐提升。 问：未来是否会存在半年度报告中类似营业外收入？ 答：半年度报告中营业外收入主要为公司根据裁决结果，确认北京沃捷文化传媒股份有限公司补偿空置期 损失等1.53亿元，根据公司目前已知的法律纠纷案件，初步判断应该不会存在类似大额营业外收入情况。 问：本期管理费用降低的原因是什么？ 答：主要是原负责T2运营管理的子公司与原T1管理分公司整合为第一航站区管理分 ...

Market Overview - On August 27, the aviation and airport sector declined by 1.27% compared to the previous trading day, with CITIC Hainan leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Spring Airlines closed at 54.00, up 0.52% with a trading volume of 113,200 shares and a transaction value of 616 million yuan [1] - China Southern Airlines closed at 6.01, down 0.99% with a trading volume of 852,200 shares and a transaction value of 516 million yuan [1] - Shanghai Airport closed at 32.52, down 1.90% with a trading volume of 191,200 shares and a transaction value of 629 million yuan [1][2] Capital Flow Analysis - The aviation and airport sector experienced a net outflow of 369 million yuan from institutional investors, while retail investors saw a net inflow of 217 million yuan [2][3] - Major stocks like Shenzhen Airport and China Eastern Airlines had significant net outflows from institutional investors, indicating a shift in investment sentiment [3] Detailed Stock Capital Flow - Shenzhen Airport had a net inflow of 33.24 million yuan from retail investors but a net outflow of 19.39 million yuan from institutional investors [3] - China Eastern Airlines saw a net outflow of 54.94 million yuan from institutional investors, while retail investors contributed a net inflow of 41.58 million yuan [3] - The overall trend indicates a preference for retail investment in certain stocks despite the overall sector decline [3]

交通运输 | 证券研究报告 — 行业周报 2025 年 8 月 27 日 强于大市 交通运输行业周报 原油运价持续回暖，白云机场上半年净利润同 比大幅增长 航运方面，原油运价持续回暖，欧美线集运运价继续下跌。航空方面，上半 年我国新开国际航空货运航线数量同比增长超 50%，白云机场上半年实现 净利润 7.50 亿元。物流与交通新业态方面，前 7 个月邮政行业业务收入超 万亿元，顺丰控股 7 月业务量 13.77 亿票。 核心观点 ①原油运价持续回暖，美线集运运价继续下跌。8 月 21 日，上海航运交 易所发布的 CTFI报 1154.72 点，较 8月 14日上涨 8.5%。本周 VLCC市场 中东航线 9 月上旬货盘开始收尾，成交量持续增加；大西洋和美湾航线活 跃度明显提升，成交运价不断回暖。船东延续上周挺价情绪，租家仍通过 私下寻盘降低货盘曝光程度，避免市场过热。目前，整体可用运力仍然足 够，尽管 OPEC+9 月增产确认，但供给端增加可能更大程度上会对油价产 生影响，间接才影响到需求端。欧线集运方面，本周运输市场供需基本面 略显疲软，市场运价继续下跌。8 月 22 日，上海港出口至欧洲基本港市 场运价为 ...

开幕现场设置14个主题展台，覆盖香氛、科技美妆、健康养生等领域。其中，美妆互动彩车、AI机器 时代科技展区等成为人气打卡点，为旅客带来沉浸式、科技感十足的互动体验。 相关附件 8月26日上午，"2025白云机场美妆节"活动开幕仪式在白云机场二号航站楼出发大厅举行，活动为期5 天，覆盖T1、T2两座航站楼。 为期两个月的暑运进入尾声，白云机场出发和到达大厅内人头攒动。暑运以来，白云机场累计接送旅客 1285.1万人次，日均进出港旅客超23万人次。为持续做好暑运保障，提升旅客候机体验，8月26日至30 日，白云机场联合两楼商铺运营商和品牌方共同举办"2025白云机场美妆节"活动，为过往旅客带来一场 兼具品质与趣味的美妆盛宴。 本次美妆节以"香化美妆、科技美妆、滋补美妆"为主题，联动33家商铺，创新采用"体验+优惠"双驱动 模式，不仅为旅客提供高品质、多品类的美妆消费服务，更助力商铺运营商精准把握暑运商业新机，实 现旅客体验与商业效益的双向提升。 ...

Core Insights - The first city duty-free store in Guangzhou officially opened on August 26, marking a significant step in the city's development as an international consumption center [1] - This store is part of the first batch of city duty-free stores established following the Ministry of Finance's policy announcement in August 2024 [1][2] - The store features a dual-track model of "duty-free + taxable" products, covering key categories such as cosmetics, bags, jewelry, and high-end alcoholic beverages [1][3] Company and Industry Summary - The city duty-free store is a collaboration among major players including China Duty Free Group, Guangzhou Baiyun International Airport, and others, strategically located in a prime commercial area [1][2] - Consumers can shop in the city up to 60 days before departure, benefiting from a seamless "in-city ordering, port pickup" service without purchase limits, adhering to customs regulations [2] - The store offers promotional activities such as discounts up to 45% and membership rewards, enhancing customer engagement and shopping experience [3] - The integration of duty-free shopping with tourism and cultural experiences aims to create a vibrant commercial ecosystem, linking dining, accommodation, and cultural activities [3] - The Guangzhou Municipal Bureau of Commerce plans to enhance the product mix and service quality of city duty-free stores, positioning them as a new landmark for international consumption and trade [3]