Core Insights - The 2025 North Bund International Aviation Forum was held in Shanghai, focusing on innovation and intelligence in the aviation industry [1][3] - Nearly 300 leaders and experts from various sectors gathered to discuss emerging trends and strategies [3][4] Industry Developments - China Eastern Airlines introduced its Global Passenger and Cargo Network Development Report during the forum [3] - Shanghai Airport Authority launched a new transfer service brand, "Shanghai to the World, Seamless Transfers" [3] - The Science and Technology Commission of Shanghai Municipality, Shanghai Airport Authority, and East China Normal University presented outcomes related to Sustainable Aviation Fuel (SAF) [3] - The China Civil Airports Association released the CCAA·2025 China Transport Airport Development Index [3] Technological Integration - Experts analyzed global aviation network development from both "physical chain" and "technology chain" perspectives [4] - China Eastern Airlines showcased AI integration in aviation services, including a digital visualization of its "Air Silk Road" network and the launch of AI digital assistants [5] New Business Models - The "Aviation+" initiative was discussed, focusing on integrating aviation with culture, tourism, and other sectors [4] - China Eastern Airlines introduced the "China Pass," offering exclusive benefits for passengers, enhancing inbound tourism spending [6] Cultural Initiatives - A cultural collection titled "Pulse of the Silk Road, Symphony of Airways" was presented, blending aviation with cultural heritage [7] Flight Experience Enhancements - China Eastern Airlines rolled out a themed experience on nearly 400 flights, showcasing Shanghai's culture [8] Strategic Growth - China Eastern Airlines has launched 23 new international routes since 2024, connecting to 21 "Belt and Road" partner countries [9] - The airline facilitated 8.358 million international transfer passengers in 2024, with a 26.8% year-on-year increase in the first half of 2025 [10]

Core Viewpoint - Shanghai Airport's stock has shown a slight increase recently, with a year-to-date decline of 3.92%, but a 3.03% rise in the last five trading days, indicating potential recovery in investor sentiment [1] Company Overview - Shanghai International Airport Co., Ltd. was established on February 11, 1998, and listed on February 18, 1998. The company provides ground support services for domestic and international airlines and passengers [1] - The revenue composition includes 54.10% from non-aeronautical sources and 45.90% from aeronautical sources, with passenger and cargo airline service revenue accounting for 27.63% [1] Financial Performance - For the period from January to September 2025, Shanghai Airport achieved an operating income of 9.714 billion yuan, representing a year-on-year growth of 5.69%. The net profit attributable to shareholders was 1.634 billion yuan, reflecting a significant increase of 35.98% [2] - Cumulative cash dividends since the A-share listing amount to 13.162 billion yuan, with 1.817 billion yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders is 181,100, a decrease of 1.62% from the previous period. The average number of tradable shares per person increased by 8.41% to 11,297 shares [2] - Major shareholders include China Securities Finance Corporation, holding 57.617 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 29.2402 million shares [3]

Core Points - The Shanghai Airport has optimized its logistics processes to ensure efficient air cargo services for the upcoming China International Import Expo (CIIE) [1][2] - A total of 23 batches, 88 items, and 6.4 tons of exhibition materials have been secured from various countries including the USA, Italy, and Kazakhstan [1] - The airport has implemented a 24-hour green channel service with dedicated pathways and priority handling for the exhibition goods [2] Group 1 - The Shanghai Airport has enhanced its cargo handling efficiency by summarizing past experiences and optimizing processes for the CIIE [1] - The logistics company has collaborated with customs and airlines to create a seamless connection from flight arrival to goods pickup [2] - The "Aviport" platform integrates information from customs and other entities to provide a one-stop service for tracking imported goods [2] Group 2 - The dedicated services include specialized channels, windows, vehicles, and teams to expedite the handling of exhibition items [2] - For goods that were not pre-declared, a priority processing procedure is initiated upon confirming the identity of the exhibition items [2] - The fastest processing time for imported goods from the cargo station to pickup can be completed in as little as 30 minutes [2]

Core Viewpoint - Shanghai Airport (600009.SH) reported a revenue of 9.714 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 5.69% [1] - The net profit attributable to shareholders reached 1.634 billion yuan, marking a significant year-on-year increase of 35.98% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.609 billion yuan, with a year-on-year growth of 36.29% [1] - Basic earnings per share stood at 0.66 yuan [1] Financial Performance - Revenue for the first three quarters: 9.714 billion yuan, up 5.69% year-on-year [1] - Net profit attributable to shareholders: 1.634 billion yuan, up 35.98% year-on-year [1] - Net profit after deducting non-recurring items: 1.609 billion yuan, up 36.29% year-on-year [1] - Basic earnings per share: 0.66 yuan [1]

Core Insights - Shanghai Airport (600009.SH) reported a revenue of 3.361 billion yuan for Q3 2025, representing a year-on-year growth of 7.46% [1] - The net profit attributable to shareholders reached 590 million yuan, marking a significant increase of 52.52% year-on-year [1] - Basic earnings per share stood at 0.24 yuan for Q3 2025 [1] Financial Performance - For the first three quarters, the company achieved a total revenue of 9.714 billion yuan, reflecting a year-on-year growth of 5.69% [1] - The net profit attributable to shareholders for the first three quarters was 1.634 billion yuan, which is a year-on-year increase of 35.98% [1] - Basic earnings per share for the first three quarters were reported at 0.66 yuan [1]

Core Insights - Shanghai Airport reported a revenue of 3,360,558,477.71 yuan for the third quarter of 2025, representing a year-on-year increase of 7.46% [2] - The net profit attributable to shareholders of the listed company was 589,859,706.85 yuan, showing a significant year-on-year growth of 52.52% [2] Financial Performance - The company's revenue for Q3 2025 reached approximately 3.36 billion yuan, indicating a positive growth trend compared to the previous year [2] - The net profit for the same period was around 590 million yuan, reflecting a strong increase in profitability [2]

Core Insights - Shanghai Airport reported a revenue of 9.714 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.69% [1] - The net profit attributable to shareholders reached 1.634 billion yuan, up 35.98% year-on-year, while the net profit excluding non-recurring items was 1.609 billion yuan, reflecting a 36.29% increase [1] - Basic earnings per share stood at 0.66 yuan [1] Financial Performance - The gross profit margin for the first three quarters was 26.63%, an increase of 4.07 percentage points year-on-year, while the net profit margin was 19.36%, up 3.80 percentage points from the previous year [2] - In Q3 2025, the gross profit margin was 27.05%, showing a year-on-year increase of 4.62% and a quarter-on-quarter increase of 1.12% [2] - The net profit margin for Q3 was 20.30%, which is a 5.57% increase year-on-year and a 1.03 percentage point increase from the previous quarter [2] Cost Structure - Total operating expenses for the period were 0.812 billion yuan, an increase of 31.31 million yuan year-on-year, with an expense ratio of 8.36%, down 0.14 percentage points from the previous year [2] - Management expenses increased by 12.29% year-on-year, while research and development expenses surged by 190.37%, and financial expenses decreased by 7.53% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 181,100, a decrease of 2,982 or 1.62% from the end of the previous half [2] - The average market value per shareholder increased from 429,400 yuan at the end of the previous half to 438,100 yuan, reflecting a growth of 2.03% [2] Company Overview - Shanghai International Airport Co., Ltd. is located at 900 Qihang Road, Pudong New District, Shanghai, and was established on February 11, 1998, with its listing date on February 18, 1998 [3] - The company primarily provides ground handling services for domestic and international airlines and passengers, with non-aeronautical revenue accounting for 54.10% and aeronautical revenue for 45.90% of total revenue [3] - Key revenue sources include passenger and cargo airline services (27.63%), other non-aeronautical income (23.81%), flight-related income (18.27%), commercial catering (17.17%), and logistics services (13.12%) [3]

证券代码：600009 证券简称：上海机场 公告编号：临2025-051 上海国际机场股份有限公司 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： 回购注销原因： 根据《上海国际机场股份有限公司A股限制性股票激励计划（草案修订稿）》（以 下简称"《激励计划》"或"本激励计划"）的相关规定及上海国际机场股份有限公司 （以下简称"上海机场"或"公司"）2024年第一次临时股东大会的授权，鉴于本激励 计划首次授予的289名激励对象中13名激励对象存在解除劳动关系、职务变动等情况， 经公司董事会审议决定，公司将回购注销该13名激励对象的部分已获授但尚未解除限售 的限制性股票合计168,300股。 本次注销股份的有关情况： | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | --- | --- | --- | | 168,300 | 168,300 | 2025年11月4日 | 一、本次限制性股票回购注销的决策和信息披露 2025年8月28日，公司召开第九届董事会第二十六次会议，审议通过了《关于回购 注 ...

上海市锦天城律师事务所 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海国际机场股份有限公司 限制性股票回购注销相关事项之 关于上海国际机场股份有限公司 限制性股票回购注销相关事项之 法律意见书 致：上海国际机场股份有限公司 敬启者： 为出具本法律意见书，本所声明如下： 1. 本所及本法律意见书的签字律师已依据《证券法》、《律师事务所从事证 券法律业务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律 意见书出具日以前已经发生或者存在的事实，严格履行法定职责，遵循勤勉尽责 和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、 准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或 者重大遗漏； 2. 为出具本法律意见书，本所律师审查了公司提供的与出具本法律意见书 1 第一部分 引言 上海市锦天城律师事务所（以下简称"本所"）受上海国际机场股份有限公司 （以下简称"上海机场"或"公司" ...

Financial Performance - The company's operating revenue for the third quarter reached ¥3,360,558,477.71, an increase of 7.46% compared to the same period last year[4] - Total profit for the quarter was ¥842,102,996.75, reflecting a significant increase of 54.46% year-on-year[4] - Net profit attributable to shareholders was ¥589,859,706.85, up by 52.52% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥581,978,919.64, marking a 55.15% increase year-on-year[4] - Basic earnings per share for the quarter were ¥0.24, a rise of 50.00% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥9,713,925,367.87, an increase of 5.68% compared to ¥9,190,859,564.62 in the same period of 2024[22] - Net profit for the first three quarters of 2025 was ¥1,881,040,256.74, representing a growth of 31.4% from ¥1,430,649,327.85 in the first three quarters of 2024[23] - Operating profit increased to ¥2,305,148,785.11 in 2025, up from ¥1,673,180,545.19 in 2024, marking a growth of 37.7%[23] - The basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.66, up from ¥0.48 in 2024, reflecting enhanced profitability[24] - The company's total profit for the first three quarters of 2025 was ¥1,212,006,785.46, an increase of 89.8% compared to ¥637,579,149.16 in the same period of 2024[34] Assets and Liabilities - Total assets at the end of the reporting period were ¥69,678,818,106.02, a slight decrease of 0.52% from the previous year-end[5] - As of September 30, 2025, the total current assets were RMB 20.6 billion, an increase from RMB 19.8 billion in the previous year[17] - The cash and cash equivalents stood at RMB 16.05 billion, compared to RMB 14.85 billion as of December 31, 2024[16] - The long-term equity investments increased to RMB 4.73 billion from RMB 4.41 billion year-on-year[17] - Total assets decreased slightly to ¥69,678,818,106.02 in 2025 from ¥70,046,212,107.27 in 2024[19] - Total liabilities decreased to ¥25,678,150,851.94 in 2025 from ¥26,516,115,116.03 in 2024, reflecting improved financial health[19] - The company's equity increased to ¥44,000,667,254.08 in 2025, up from ¥43,530,096,991.24 in 2024, indicating a stronger balance sheet[19] - The total liabilities increased to ¥23,254,795,795.09 from ¥22,913,456,762.84, reflecting a rise in financial obligations[31] - The owner's equity totaled ¥40,216,994,210.28, down from ¥40,446,533,739.79, showing a decrease in shareholder value[31] Cash Flow - The company reported cash generated from operating activities of ¥4,186,339,795.80, which increased by 10.06% year-to-date[4] - Cash flow from operating activities for the first three quarters of 2025 was ¥10,411,912,964.38, an increase from ¥9,603,977,154.10 in 2024, showing improved cash generation[25] - The net cash flow from operating activities increased to ¥4,186,339,795.80, up from ¥3,803,714,946.70, representing a growth of approximately 10.1% year-over-year[26] - Cash inflow from investment activities totaled ¥5,314,200,245.91, significantly higher than the previous year's ¥1,165,111,540.58, indicating a substantial increase in investment returns[26] - The net cash flow from financing activities showed a negative balance of -¥3,029,055,768.40, compared to -¥2,118,174,629.99 in the prior year, reflecting increased cash outflows for debt repayment and dividends[27] - The total cash and cash equivalents at the end of the period reached ¥16,032,904,325.20, an increase from ¥14,876,915,799.31, marking a growth of approximately 7.8%[27] - The cash inflow from recovering investments was ¥4,928,835,987.76, a significant increase from ¥886,216,603.30, highlighting improved investment recovery efforts[26] - The cash outflow for purchasing fixed assets was ¥892,506,086.30, down from ¥1,561,316,541.95, indicating a reduction in capital expenditures[26] - Cash flow from operating activities for the first three quarters of 2025 was ¥2,579,376,058.39, compared to ¥2,411,912,027.51 in the same period of 2024, reflecting a 6.9% increase[36] Strategic Initiatives - The increase in profits was primarily driven by a year-on-year growth in aviation business volume at Shanghai's two airports[9] - The company is focusing on enhancing its competitive position in the duty-free market through strategic agreements[15] - The company has signed supplementary agreements for the transfer of duty-free store operating rights to strengthen its market position[15] - The company is committed to ensuring the long-term and sustainable development of its duty-free business[15] - The company has not reported any changes in the top 10 shareholders or their participation in margin financing[14] - Research and development expenses rose significantly to ¥5,034,692.91 in 2025, compared to ¥1,733,886.36 in 2024, indicating a focus on innovation[23] - The company's investment activities generated a net cash flow of ¥134,364,576.79 in the first three quarters of 2025, a significant improvement from a net outflow of ¥1,158,207,131.73 in the same period of 2024[36] - The total revenue from advertising contracts during the reporting period amounted to RMB 170 million[14] - The revenue from duty-free contracts during the reporting period reached RMB 314 million[15] - The total number of ordinary shareholders at the end of the reporting period was 181,121[11]