沪指9月12日下跌0.12%，申万所属行业中，今日上涨的有9个，涨幅居前的行业为有色金属、房地产， 涨幅分别为1.96%、1.51%。房地产行业位居今日涨幅榜第二。跌幅居前的行业为通信、综合，跌幅分 别为2.13%、1.95%。 资金面上看，两市主力资金全天净流出536.40亿元，今日有6个行业主力资金净流入，有色金属行业主 力资金净流入规模居首，该行业今日上涨1.96%，全天净流入资金21.68亿元，其次是建筑装饰行业，日 涨幅为0.96%，净流入资金为7.21亿元。 | 000402 | 金融街 | 5.05 | 3.88 | 3222.15 | | --- | --- | --- | --- | --- | | 000926 | 福星股份 | 2.37 | 6.01 | 3150.58 | | 600606 | 绿地控股 | 4.26 | 2.40 | 2763.23 | | 600736 | 苏州高新 | 3.21 | 4.08 | 2699.40 | | 001979 | 招商蛇口 | 0.11 | 0.83 | 2616.75 | | 000620 | 盈新发展 | 4.68 | 5.74 | 2 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002305 | *ST南置 | 2.46 | -5.02% | 70.74万 | 1.74亿 | | 600173 | 卧龙新能 | 6.39 | -4.77% | 83.07万 | 6.89亿 | | 600246 | 万通发展 | 13.80 | -4.50% | 293.43万 | 40.89 乙 | | 000809 | 和展能源 | 3.30 | -2.94% | 45.61万 | 1.51亿 | | 600503 | 华丽家族 | 3.74 | -2.09% | 104.38万 | 3.97亿 | | 000656 | *ST #科 | 1.42 | -2.07% | 160.69万 | 2.30亿 | | 600463 | 空港股份 | 11.43 | -1.04% | 4.47万 | 5127.90万 | | 600208 | 衢州发展 | 4.65 | -0.64% | 69.25万 | 3.22亿 | | 600658 | 电 ...

证券代码：600515 证券简称：海南机场 公告编号：2025-068 海南机场设施股份有限公司 关于为控股子公司提供担保的公告 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： 担 保 对 象 被担保人名称 海南海岛商业管理有限公司（以下 简称"海岛商业"） 本次担保金额 10,000 万元 实际为其提供的担保余额 0 元 是否在前期预计额度内 是 □否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ 担保对象及基本情况 近日，海南机场设施股份有限公司（以下简称"公司"）全资子公司海岛商 业与中信银行股份有限公司海口分行（以下简称"贷款人"）签署了《综合授信 合同》，向贷款人借款人民币 20,000 万元。同时，公司与贷款人签署了《最高额 保证合同（线下版）》，以连带责任保证方式为上述贷款业务中的部分贷款额度提 供保证担保，担保金额为人民币 10,000 万元，担保期间为主合同约定的债务履 行期限届满之日起 3 年。本次担保不存在反担保。本次担保提供前，公司实际为 海 ...

Group 1 - The core viewpoint of the news is that Hainan Airport's stock has shown fluctuations in price and trading volume, with a recent increase of 2.12% on September 5, 2023, reaching a price of 3.86 CNY per share and a total market capitalization of 441.02 billion CNY [1] - Hainan Airport's stock has experienced a year-to-date increase of 2.25%, with a decline of 1.28% over the last five trading days and a 15.74% increase over the last 60 days [1] - The company has seen significant trading activity, with a net inflow of 15.17 million CNY from major funds and a notable presence on the trading leaderboard, with a net buy of 95.44 million CNY on July 24, 2023 [1] Group 2 - Hainan Airport Facilities Co., Ltd. was established on May 12, 1993, and listed on August 6, 2002, with its main business activities including airport investment and management, as well as real estate development [2] - The revenue composition of Hainan Airport includes 42.31% from airport management, 23.41% from real estate, 15.57% from property management, and 4.63% from duty-free and commercial operations [2] - As of July 31, 2023, the number of shareholders increased by 44.62% to 131,300, while the average circulating shares per person decreased by 30.86% to 69,873 shares [2] Group 3 - Hainan Airport has distributed a total of 60.21 million CNY in dividends since its A-share listing, with 57.13 million CNY distributed over the past three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 166.7 million shares, an increase of 7.25 million shares from the previous period [3] - Huatai-PB CSI 300 ETF is the tenth-largest circulating shareholder, holding 102 million shares, a decrease of 10.01 million shares from the previous period [3]

Core Insights - During the summer transportation period (July 1 - August 31), Hainan Airport Group's three major airports in Hainan completed a total of 55,700 flight takeoffs and landings, accommodating 8.385 million passengers and handling 42,900 tons of cargo and mail [1] Group 1: Flight and Passenger Statistics - Haikou Meilan Airport completed 31,600 flight takeoffs and landings, serving 4.5878 million passengers and handling 30,400 tons of cargo [1] - Sanya Phoenix Airport completed 23,300 flight takeoffs and landings, serving 3.6973 million passengers and handling 12,200 tons of cargo, with cargo volume increasing by 25.3% year-on-year, reaching a historical high [1] - Qionghai Boao Airport completed 728 flight takeoffs and landings, serving over 100,000 passengers and handling 269.08 tons of cargo, with cargo volume increasing by 47.71% year-on-year [1] Group 2: International Flight Operations - During the summer transportation period, the airports completed 3,016 international flight takeoffs and landings, accommodating 417,900 international passengers, representing year-on-year increases of 10.44% and 23.87% respectively [2] - Sanya Phoenix Airport launched three new international routes, including the first fifth freedom route connecting Europe to Hainan [2] Group 3: Passenger Services and Experience - Haikou Meilan Airport implemented various service initiatives targeting key passenger groups such as students and unaccompanied minors, enhancing the travel experience with special activities and convenient services [2] - Sanya Phoenix Airport adjusted its operations based on passenger flow patterns, increasing the number of open channels and security personnel to minimize wait times [2] - Qionghai Boao Airport introduced a "green channel" for study groups, providing priority services throughout the travel process [2] Group 4: Service Quality and Future Plans - Hainan Airport Group emphasized its commitment to passenger needs, continuously innovating service formats and improving service quality to provide efficient and warm experiences [4] - The group aims to optimize processes and enhance service professionalism based on summer operation experiences, laying a solid foundation for upcoming holiday travel during the Mid-Autumn Festival and National Day [4]

Market Overview - The Shanghai Composite Index rose by 0.46% on September 1, with 24 out of the 28 sectors experiencing gains, led by the communication and comprehensive sectors, which increased by 5.22% and 4.27% respectively [1] - The real estate sector also saw an increase of 0.76% [1] - The non-bank financial and banking sectors faced declines of 1.28% and 1.03% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets reached 51.3 billion yuan, with 8 sectors experiencing net inflows [1] - The pharmaceutical and biological sector had the highest net inflow, totaling 3.475 billion yuan, while the communication sector followed with a net inflow of 1.291 billion yuan [1] - The non-bank financial sector led the net outflows, with a total of 8.079 billion yuan, followed by the computer sector with 7.010 billion yuan [1] Real Estate Sector Performance - The real estate sector had a net inflow of 658 million yuan, with 58 out of 100 stocks rising, including 2 hitting the daily limit [2] - The top stock in terms of net inflow was Wantong Development, which saw an inflow of 1.1 billion yuan, followed by Zhangjiang High-Tech and Quzhou Development with inflows of 44.547 million yuan and 41.756 million yuan respectively [2] - The sector also had 6 stocks with net outflows exceeding 30 million yuan, with Poly Development leading at 248.458 million yuan [3] Real Estate Sector Inflow and Outflow Rankings - The top inflow stocks included: - Wantong Development: +10.02%, 20.24% turnover, 1,099.6933 million yuan [2] - Zhangjiang High-Tech: +1.50%, 7.06% turnover, 44.5472 million yuan [2] - Quzhou Development: +3.91%, 2.80% turnover, 41.756 million yuan [2] - The top outflow stocks included: - Poly Development: -0.88%, 2.14% turnover, -248.4583 million yuan [3] - *ST Nan Zhi: -4.95%, 6.06% turnover, -90.6333 million yuan [3] - Hainan Airport: -1.02%, 1.04% turnover, -67.5094 million yuan [3]

在泰国期间，海南旅文推广团会见亚太旅游协会主席Peter Semone，双方就海南旅游国际推广与品 牌建设达成合作共识，计划在海南设立亚太地区入境旅游研究中心，建立长效旅游营销合作机制。推广 团同期亮相2025亚太旅游协会交易会(PTM)，设立"自贸港文旅新机遇"主题展区，推介海南特色旅游线 路及入境旅游优惠政策。 海南日报讯(海南日报全媒体记者 刘晓惠 邵长春 通讯员 李艺娜 实习生 劳兰婷)近日，海南省旅游 和文化广电体育厅组织海南机场集团及旅游业代表赴泰国、印度尼西亚开展系列旅游文化推广交流活 动，通过政企会谈、展会参展、专场推介及实地调研等形式，全面推介海南自贸港旅文资源与体育产业 发展潜力。 在印尼推广活动中，海南旅文推广团与印尼旅游协会、机场集团及航空企业举行专题会谈，围绕加 密直飞航班、优化中转服务等达成系列合作。海南机场集团与印尼机场集团计划签署合作备忘录，推动 雅加达⇌海口航线增至每周8班。 推介期间，海南旅游企业在雅加达举办旅游文化推介会。印尼(雅加达)阳光海南旅游门店同期正式 揭牌，将为当地游客提供行程定制等服务。 省旅文厅还于曼谷和芭堤雅分别举办阳光海南(曼谷)旅游文化体育推介座谈活动 ...

[Glossary](index=4&type=section&id=First%20Section%20Glossary) Defines key terms, entities, and the reporting period for the 2025 semi-annual report [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines key terms and entities used in the report, including company names, regulatory bodies, and associated parties - Company full name: **Hainan Airport Facilities Co., Ltd.**, stock code: **600515**[13](index=13&type=chunk) - Actual controller: **Hainan Provincial State-owned Assets Supervision and Administration Commission**[13](index=13&type=chunk) - Controlling shareholder: **Hainan Airport Group Co., Ltd.**[13](index=13&type=chunk) - Reporting period: **First half of 2025**[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Second%20Section%20Company%20Profile%20and%20Key%20Financial%20Indicators) Provides an overview of the company's basic information and a summary of its key financial performance for the reporting period [Company Information](index=5&type=section&id=I.%20Company%20Information) Presents the company's basic information, including its name, legal representative, and stock overview, confirming its listing on the Shanghai Stock Exchange - Company Legal Representative: **Yang Xiaobin**[15](index=15&type=chunk) - Company Stock Abbreviation: **Hainan Airport**, Stock Code: **600515**, Listed Exchange: **Shanghai Stock Exchange**[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) H1 2025 operating revenue slightly increased, but total profit and net profit attributable to shareholders significantly declined 2025 Semi-Annual Key Accounting Data (Units: Yuan) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,310,576,913.64 | 2,250,775,570.99 | 2.66 | | Total Profit | 180,392,716.93 | 327,930,514.98 | -44.99 | | Net Profit Attributable to Shareholders of Listed Company | 127,631,764.24 | 289,489,480.16 | -55.91 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 60,768,989.08 | 137,424,880.87 | -55.78 | | Net Cash Flow from Operating Activities | -882,309,873.49 | -363,775,091.33 | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (Period End) | 23,512,661,733.98 | 23,519,272,178.33 | -0.03 | | Total Assets (Period End) | 52,942,593,017.68 | 53,691,111,395.90 | -1.39 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.0112 | 0.0253 | -55.73 | | Diluted Earnings Per Share (Yuan/Share) | 0.0112 | 0.0253 | -55.73 | | Basic EPS (Excluding Non-Recurring Items) (Yuan/Share) | 0.0053 | 0.0120 | -55.83 | | Weighted Average Return on Net Assets (%) | 0.54 | 1.26 | -0.72 | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 0.26 | 0.60 | -0.34 | Non-Recurring Gains and Losses Items and Amounts (Units: Yuan) | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 12,648,492.76 | | Government grants recognized in current profit/loss | 80,503,999.88 | | Fair value changes and disposal gains/losses of financial assets and liabilities held by non-financial enterprises | 805,510.18 | | Debt restructuring gains/losses | 7,823,876.80 | | Other non-operating income and expenses apart from the above | -4,760,557.02 | | Less: Income tax impact | 3,724,691.54 | | Minority interest impact (after tax) | 26,433,855.90 | | **Total** | **66,862,775.16** | [Management Discussion and Analysis](index=7&type=section&id=Third%20Section%20Management%20Discussion%20and%20Analysis) Provides management's perspective on the company's industry, business operations, core competencies, and key financial changes [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) Company businesses include airport management, duty-free, real estate, and property management, with civil aviation reaching new highs but duty-free sales declining - Company controls 7 airports, has stakes in 2, and manages 2 others, with business divided into aeronautical and non-aeronautical services[27](index=27&type=chunk)[28](index=28&type=chunk) - In H1 2025, civil aviation's total transport turnover, passenger traffic, and cargo/mail throughput increased by **11.4%**, **6%**, and **14.6%** year-on-year respectively, reaching new highs[31](index=31&type=chunk)[32](index=32&type=chunk) - In H1 2025, Haikou Customs supervised offshore duty-free sales of **16.76 billion yuan**, a **9.2%** year-on-year decrease; shopping visits were **2.482 million**, a **26.2%** year-on-year decrease[33](index=33&type=chunk) - In H1 2025, national real estate development investment decreased by **11.2%** year-on-year; Hainan Province's real estate development investment decreased by **7.2%** year-on-year, but new commercial housing sales area increased by **15%** and sales value increased by **21.7%**[33](index=33&type=chunk)[34](index=34&type=chunk) - The company manages 166 property and catering projects, with a managed area exceeding **21 million square meters**, a **41.64%** year-on-year increase[29](index=29&type=chunk) - The company established Hainan Linghang Low-Altitude Industry Co., Ltd. with a registered capital of **10 million yuan**, covering general aviation services, civil airport operations, flight training, currently in planning[36](index=36&type=chunk) - Controlling shareholder Hainan Airport Group completed the acquisition of Hainan General Aviation Flight Service Station, and the company will leverage this resource to actively plan its low-altitude economy layout[37](index=37&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) H1 2025 operating revenue was 2.311 billion yuan and net profit attributable to the parent was 128 million yuan, with diverse business contributions - In H1 2025, the company achieved operating revenue of **2.311 billion yuan** and net profit attributable to the parent of **128 million yuan**[38](index=38&type=chunk) - Airport management business achieved operating revenue of **978 million yuan**, with 9 controlled and managed airports handling **13.3711 million passengers**, **84,500 aircraft movements**, and **80,500 tons of cargo and mail throughput**[38](index=38&type=chunk) - Duty-free and commercial business achieved operating revenue of **107 million yuan**, including **40 million yuan** from duty-free store site leases; indirectly participating 5 offshore duty-free stores had offline sales of approximately **2.7 billion yuan**, accounting for **16%** of Hainan's island-wide duty-free sales[38](index=38&type=chunk)[39](index=39&type=chunk) - Real estate business achieved operating revenue of approximately **541 million yuan**; project investment completed **1.341 billion yuan**, with new completed area of **42,200 square meters**; contracted sales area of **48,500 square meters** and contracted sales value of **666 million yuan**[39](index=39&type=chunk) - Property management business achieved operating revenue of **360 million yuan**[39](index=39&type=chunk) - Flight simulator training business recorded approximately **79,000 training hours** in H1, an approximate **8%** increase compared to H1 2024[40](index=40&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) Core competitiveness stems from Hainan Free Trade Port policies, certified airport management, multi-business synergy, and state-controlled advantages - Hainan Free Trade Port's island-wide customs closure is set to officially launch on **December 18, 2025**, with zero tariffs, low tax rates, and visa-free policies continuously implemented, providing policy support for the company's development[41](index=41&type=chunk)[42](index=42&type=chunk) - The company's Sanya Phoenix International Airport and Manzhouli Xijiao International Airport are **SKYTRAX four-star airports**, with Sanya Phoenix International Airport winning the 2024 Civil Airport Service Quality Evaluation "Excellent Airport for Complaint Management (over 10 million passengers)"[43](index=43&type=chunk) - The company has built an integrated free trade port airport industrial park platform for planning, development, investment, operation, service, and incubation, fostering a model where "airport traffic drives airport industry, and airport industry promotes regional development"[44](index=44&type=chunk) - As Hainan Province's largest state-controlled listed company, it deepens market-oriented reforms, enhances core functions and competitiveness, and leverages state capital to guide social capital towards effective investment in free trade port airport construction, airport-related development, and commercial properties[45](index=45&type=chunk) [Key Operating Performance During the Reporting Period](index=12&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Financial statements show significant changes in costs, expenses, and cash flows, alongside asset-liability adjustments and subsidiary performance - Operating costs increased by **13.26%** year-on-year, mainly due to the change in Qionghai Boao International Airport's operating license and lower gross profit margin in the real estate business[47](index=47&type=chunk)[50](index=50&type=chunk) - Financial expenses increased by **43.63%** year-on-year, mainly due to the recognition and recovery of interest on outstanding payments from the Tangshan project in the prior year[47](index=47&type=chunk)[50](index=50&type=chunk) - Net cash flow from operating activities saw an expanded net outflow, primarily due to increased construction payments and payment of land balance and deed tax for the Fuzhou Mawei Kuai'an project in the current period[47](index=47&type=chunk)[50](index=50&type=chunk) - Net cash flow from investing activities saw a significant increase in net outflow, mainly due to new fixed deposits of **1.639 billion yuan** in the current period[47](index=47&type=chunk)[50](index=50&type=chunk) - Net cash flow from financing activities shifted from a net outflow to a net inflow, mainly due to new long-term borrowings by subsidiaries and new short-term working capital borrowings by the parent company, Sanya Phoenix International Airport, and Qionghai Boao International Airport[47](index=47&type=chunk)[50](index=50&type=chunk) Major Asset Restrictions (Units: Yuan) | Item | Period-End Book Value (Yuan) | Restriction Reason | | :--- | :--- | :--- | | Cash and Bank Balances | 3,733,502,464.79 | Pledged time deposits, real estate pre-sale fund supervision, etc | | Inventories | 7,487,246,827.54 | Mortgages, etc | | Investment Properties | 9,556,039,034.17 | Mortgages, seizures | | Fixed Assets | 4,757,141,171.94 | Mortgages, other restrictions, etc | | Intangible Assets | 482,857,315.73 | Mortgages, etc | | **Total** | **27,526,644,941.21** | | - As of June 30, 2025, the company's long-term equity investments were **1.5914176 billion yuan**, a **6.06%** decrease from the beginning of the period; other equity instrument investments were **2.8057083 billion yuan**, an **8.52%** decrease from the beginning of the period[55](index=55&type=chunk) Financial Data of Major Controlled and Invested Companies (Units: 10,000 Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sanya Phoenix International Airport Co., Ltd. | Subsidiary | Airport operation and management | 576,992.73 | 1,248,126.59 | 592,893.14 | 87,340.23 | 26,685.45 | 26,841.88 | | Hainan Boao Airport Co., Ltd. | Subsidiary | Airport operation and management | 132,700.00 | 213,669.21 | 148,830.39 | 3,945.97 | -3,195.31 | -3,194.75 | | Hainan Haidao Airport Industrial Group Co., Ltd. | Subsidiary | Real estate development and operation | 530,000.00 | 1,957,379.97 | 565,578.11 | 52,697.12 | -12,786.19 | -14,634.92 | | Hainan Property Management Group Co., Ltd. | Subsidiary | Property management services | 14,360.00 | 98,123.77 | 42,234.84 | 46,178.36 | 4,199.99 | 4,111.03 | | Yichang Sanxia International Airport Co., Ltd. | Associate | Airport operation and management | 32,510.20 | 295,786.54 | 113,370.93 | 9,387.98 | -6,419.53 | -6,453.43 | [Corporate Governance, Environment, and Society](index=18&type=section&id=Fourth%20Section%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) Details profit distribution decisions, environmental protection initiatives, and efforts in poverty alleviation and rural revitalization [Profit Distribution or Capital Reserve Conversion Plan](index=18&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The board resolved not to carry out profit distribution or capital reserve conversion for the first half of 2025 - The company will not carry out profit distribution or capital reserve conversion for the first half of 2025[64](index=64&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=18&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company actively practices ESG principles, reducing CO2 emissions by 17,922.62 tons in H1 2025 through various green initiatives - The company actively practices ESG principles, with its units collectively reducing carbon dioxide equivalent emissions by **17,922.62 tons** in H1 2025[65](index=65&type=chunk) - Sanya Phoenix International Airport's new energy vehicle penetration reached **42.17%**, equipped with 38 charging piles, reducing carbon emissions by **413.04 tons** in H1[66](index=66&type=chunk) - Sanya Phoenix International Airport deployed 31 APU alternative devices, reducing carbon by **12,996.69 tons** in H1, with green electricity usage accounting for **29.12%**[67](index=67&type=chunk) - Hainan Haidao Commercial Company's Haikou Riyue Plaza rooftop photovoltaic power station generated **2.2503 million kWh** in H1, reducing carbon by **1,408.68 tons**[67](index=67&type=chunk) - Sanya Phoenix International Airport standardized hazardous waste disposal, controlled dust, installed 124 classified waste bins, and achieved a **100%** rectification rate for plastic ban inspections[68](index=68&type=chunk) [Specifics of Work on Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization](index=19&type=section&id=V.%20Specifics%20of%20Work%20on%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The company actively consolidates poverty alleviation and promotes rural revitalization through air transport, consumer assistance, and industrial investment - The company empowers through air transport, establishing fast channels for agricultural products; Sanya Phoenix International Airport transported **2,798.52 tons** of Hainan lychees in H1, and Qionghai Boao International Airport helped transport **280.42 tons** of lychees off the island[69](index=69&type=chunk) - The company and its units collectively invested **424,000 yuan** in consumer assistance, with Hainan Airport headquarters purchasing **63,000 yuan** worth of agricultural products[69](index=69&type=chunk) - Hainan Airport actively engaged in industrial investment promotion, collaborating with Singapore CapitaLand Investment to build a green and low-carbon international cooperation demonstration project, and successfully signed key projects like the Aviation Science Academy Zhongyu cooperation and general aviation service station[70](index=70&type=chunk) - Sanya Phoenix International Airport established a **13-mu** pomelo planting demonstration base in Mingyue Village, attracting two quality enterprises and driving **8.5 million yuan** in industrial investment[72](index=72&type=chunk) - Qionghai Boao International Airport organized 30 young employees to go deep into aid villages, carrying out village clean-up and care for elderly activities, and jointly held a blood donation event with the Blood Center[73](index=73&type=chunk) [Significant Matters](index=21&type=section&id=Fifth%20Section%20Significant%20Matters) Covers commitment fulfillment, major litigation, significant related party transactions, and major contract performance during the reporting period [Fulfillment of Commitments](index=21&type=section&id=I.%20Fulfillment%20of%20Commitments) Actual controller and controlling shareholder strictly fulfilled commitments regarding competition, related party transactions, and independence - Hainan Airport Group committed to resolving horizontal competition in the airport sector within the transition period (5 years from the completion of the transfer of Hainan Airport's capital reserve converted shares) through equity injection or changes in airport operating licenses[76](index=76&type=chunk) - Hainan Airport Group committed to strictly abide by laws, regulations, and the company's articles of association, not to exploit its controlling position for undue benefits, and not to harm the legitimate interests of the listed company and other shareholders[77](index=77&type=chunk) - Hainan Airport Group committed to ensuring the independence of the listed company's personnel, assets, finance, organization, and business[77](index=77&type=chunk)[78](index=78&type=chunk) - Hainan Provincial Development Holdings Co., Ltd. committed to resolving horizontal competition in the airport sector within the transition period (5 years from the completion of this transaction) through equity injection or changes in airport operating licenses[79](index=79&type=chunk) - Hainan Provincial Development Holdings Co., Ltd. committed to standardizing related party transactions with the listed company, ensuring fair transaction prices, and not exploiting its shareholder position for undue benefits[79](index=79&type=chunk)[80](index=80&type=chunk) - Hainan HNA No. 2 Trust Management Services Co., Ltd. and HNA Industrial Group Co., Ltd. committed to avoiding and reducing related party transactions with the listed company as much as possible, and to follow market fairness, impartiality, and openness principles when unavoidable[80](index=80&type=chunk)[81](index=81&type=chunk) [Major Litigation and Arbitration Matters](index=27&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company was involved in multiple significant litigation and arbitration cases, with some finalized and entering enforcement, involving substantial amounts - Sanya Airport Infrastructure Construction Co., Ltd. vs. Shenzhen Qianhai Tianji Wealth Management Co., Ltd. and others, an equity transfer contract dispute case, with a disputed amount of **285.4888 million yuan**, judgment effective, won and entered enforcement[84](index=84&type=chunk)[85](index=85&type=chunk) - Xi'an Caotangshanju Real Estate Co., Ltd., Hainan Haidao Airport Industrial Group Co., Ltd. vs. Shaanxi Huashan Construction Group Co., Ltd., a construction project contract dispute case, with a disputed amount of **67.2928 million yuan**, currently in first instance[179](index=179&type=chunk)[180](index=180&type=chunk) - Hainan Haidao Airport Industrial Group Co., Ltd. vs. Ruochuang Villagers Group of Jinwen Village Committee, Meilan District, Haikou City, a contract dispute case, with a disputed amount of **34.3451 million yuan**, currently in first instance[180](index=180&type=chunk) - Hubei HNA General Aviation Investment Management Co., Ltd. vs. Zhongyuan Hongyu Construction Group Co., Ltd., a construction project contract dispute case, with a disputed amount of **17.9068 million yuan**, second instance ruled the defendant to pay the plaintiff **17.6664 million yuan** in project fees and overdue payment liquidated damages[180](index=180&type=chunk) - Hainan Haidao Airport Industrial Group Co., Ltd. and others were involved as defendants in 132 litigation cases, totaling **20.8135 million yuan**[183](index=183&type=chunk) [Significant Related Party Transactions](index=28&type=section&id=X.%20Significant%20Related%20Party%20Transactions) Estimated annual related party transactions for 2025 are 3.8615 billion yuan, with 1.7106765 billion yuan already incurred - The company's estimated daily related party transactions for 2025 are **3.8615 billion yuan**; as of the end of this reporting period, the company incurred **1.7106765 billion yuan** in daily related party transactions[87](index=87&type=chunk) - The company has approved the "Proposal on Acquiring a Controlling Stake in Hainan Meilan International Airport Co., Ltd. and Related Party Transactions", and the effective preconditions for this transaction have been met[89](index=89&type=chunk) [Major Contracts and Their Performance](index=31&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Performance) The company primarily provided guarantees for subsidiaries, with total guarantees of 144.0455721 million yuan and a period-end balance of 273.83451951 million yuan - Total guarantees provided to subsidiaries during the reporting period amounted to **144,045,572.10 yuan**[95](index=95&type=chunk) - Total outstanding guarantees to subsidiaries at the end of the reporting period amounted to **273,834,519.51 yuan**[95](index=95&type=chunk) - Total guarantees (A+B) were **273,834,519.51 yuan**, accounting for **1.16%** of the company's net assets[95](index=95&type=chunk) [Share Changes and Shareholder Information](index=32&type=section&id=Sixth%20Section%20Share%20Changes%20and%20Shareholder%20Information) Details any changes in the company's share capital and provides an overview of its shareholder structure at the end of the reporting period [Changes in Share Capital](index=32&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, the company's total share capital and share structure remained unchanged[97](index=97&type=chunk) [Shareholder Information](index=32&type=section&id=II.%20Shareholder%20Information) As of period-end, the company had 90,803 common shareholders, with Hainan Airport Group as the largest shareholder (24.87%) - As of the end of the reporting period, the total number of common shareholders was **90,803**[98](index=98&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (Shares) | Percentage (%) | Share Status | Number (Shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Hainan Airport Group Co., Ltd. | 2,841,792,448 | 24.87 | Pledged | 1,400,000,000 | State-owned Legal Person | | HNA Infrastructure Holding Group Co., Ltd. | 2,249,297,094 | 19.69 | Pledged | 2,249,296,969 | Other | | HNA Infrastructure Investment Group Co., Ltd. Bankruptcy Enterprise Property Disposal Special Account | 700,761,208 | 6.13 | Unrestricted | 0 | Other | | Chongqing International Trust Co., Ltd. | 267,287,793 | 2.34 | Unrestricted | 0 | Unknown | | China Great Wall Asset Management Co., Ltd. | 219,791,560 | 1.92 | Unrestricted | 0 | State-owned Legal Person | | Teda Manulife Fund - SPD Bank - Industrial International Trust - Industrial Trust · Jinxin No. 8 Collective Fund Trust Plan | 216,255,505 | 1.89 | Unrestricted | 0 | Unknown | | Hong Kong Securities Clearing Company Limited | 166,632,246 | 1.46 | Unrestricted | 0 | Overseas Legal Person | | Shengjing Bank Co., Ltd. | 160,597,089 | 1.41 | Unrestricted | 0 | State-owned Legal Person | | HNA Industrial Group Co., Ltd. | 131,140,457 | 1.15 | Pledged/Frozen | 103,210,000/109,500,600 | Other | | Western Trust Co., Ltd. - Western Trust · Sanya New Airport Single Fund Trust | 124,332,354 | 1.09 | Unrestricted | 0 | Unknown | Top Ten Shareholders with Restricted Shares and Restriction Conditions | No. | Name of Shareholder with Restricted Shares | Number of Restricted Shares Held (Shares) | Restriction Conditions | | :--- | :--- | :--- | :--- | | 1 | HNA Infrastructure Holding Group Co., Ltd. | 2,249,297,094 | Infrastructure Holdings has fulfilled its performance commitments and met the conditions for lifting restrictions, but the procedures for lifting restrictions have not yet been completed | [Bond-Related Information](index=37&type=section&id=Seventh%20Section%20Bond-Related%20Information) Provides an update on the company's bond issuance activities, including a completed private placement and ongoing work for medium-term notes [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=37&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company completed its first tranche of non-public corporate bonds and is progressing with the registration and issuance of medium-term notes - The company plans to apply for a non-public issuance of corporate bonds not exceeding **1 billion yuan** (inclusive), with a term not exceeding 10 years, and completed the issuance of the first tranche in August 2025[109](index=109&type=chunk) - The company is applying for the registration and issuance of medium-term notes totaling no more than **1 billion yuan** (inclusive), with a term not exceeding 10 years, and related work is currently in progress[109](index=109&type=chunk) [Financial Report](index=38&type=section&id=Eighth%20Section%20Financial%20Report) Presents comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [Financial Statements](index=38&type=section&id=II.%20Financial%20Statements) Provides H1 2025 consolidated and parent company financial statements, presenting financial position, operating results, and cash flows - Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, Parent Company Statement of Changes in Owners' Equity[112](index=112&type=chunk)[115](index=115&type=chunk)[118](index=118&type=chunk)[123](index=123&type=chunk)[126](index=126&type=chunk)[128](index=128&type=chunk)[132](index=132&type=chunk)[142](index=142&type=chunk) [Company's Basic Information](index=62&type=section&id=III.%20Company's%20Basic%20Information) Established in 1993, the company engages in airport management, duty-free, real estate, property management, and hotel catering, with Hainan SASAC as ultimate controller - The company was registered and established on **May 12, 1993**, approved by Hainan Provincial Market Supervision Administration, with its registered address at No. 5 Guoxing Avenue, Meilan District, Haikou City, Hainan Province[146](index=146&type=chunk) - The company and its subsidiaries primarily engage in airport management, duty-free and commercial, real estate development and sales, property management, and hotel catering businesses[146](index=146&type=chunk) - The company's parent company is **Hainan Airport Group**, and the ultimate controlling party is **Hainan Provincial State-owned Assets Supervision and Administration Commission**[146](index=146&type=chunk) [Basis of Preparation of Financial Statements](index=62&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) Financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and CSRC disclosure rules - The Group's financial statements are prepared on a going concern basis, based on actual transactions and events, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the disclosure requirements of the China Securities Regulatory Commission's "Information Disclosure Compilation Rules for Companies Issuing Securities No. 15"[147](index=147&type=chunk)[148](index=148&type=chunk) - In accordance with relevant provisions of Enterprise Accounting Standards, the Group's accounting is based on the accrual basis; except for certain financial instruments and investment properties, these financial statements are measured at historical cost[147](index=147&type=chunk)[148](index=148&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=62&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) Details specific accounting policies and significant estimates for revenue, financial asset impairment, inventory, long-term assets, deferred tax, and fair value Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Significant individually impaired receivables | Receivables balance ≥ 50 million yuan | | Significant construction in progress | Single construction project budget, current period increase, or balance ≥ 50 million yuan | | Significant non-wholly owned subsidiaries | Non-wholly owned subsidiary revenue ≥ 10% of total revenue or net profit ≥ 5% of total net profit | | Significant long-term equity investments in joint ventures and associates | Carrying value ≥ 0.5% of total assets or current period investment income ≥ 5% of net profit | - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[176](index=176&type=chunk) - The company provides for impairment of financial assets based on expected credit losses, using either a general or simplified approach[188](index=188&type=chunk) - The company depreciates fixed assets using the straight-line method, with depreciation periods of **15-50 years** for buildings, **6-28 years** for machinery, **5-12 years** for transportation equipment, and **3-5 years** for office equipment[226](index=226&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, considering variable consideration and significant financing components[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk) - In applying accounting policies, the company made significant accounting judgments and estimates for revenue recognition, financial asset impairment, inventory write-down provisions, long-term asset impairment provisions, deferred income tax assets, and fair value measurement[272](index=272&type=chunk) [Taxation](index=86&type=section&id=VI.%20Taxation) Main taxes include VAT, corporate income tax, and property tax, with various tax incentives for Hainan Free Trade Port enterprises and small businesses Major Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | 7%, 5% | | Education Surcharge | 3% | | Local Education Surcharge | 2%, 1.5% | | Property Tax | 1.2%, 12% | | Land Use Tax | 1.5 to 30 yuan per square meter | | Land Appreciation Tax | 2%-8%, 30%-60% | | Corporate Income Tax | 15%, 25% | - Enterprises registered and substantially operating in encouraged industries within the Hainan Free Trade Port are subject to a reduced corporate income tax rate of **15%**, including 7 subsidiaries such as Sanya Phoenix International Airport Co., Ltd[284](index=284&type=chunk)[282](index=282&type=chunk) - The company enjoys tax incentives for employing self-employed retired soldiers, as well as "six taxes and two fees" reductions for eligible small and micro enterprises[285](index=285&type=chunk)[286](index=286&type=chunk)[287](index=287&type=chunk) [Notes to Consolidated Financial Statement Items](index=88&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) Detailed notes on consolidated financial statement items, including assets, liabilities, equity, income, and expenses, with restricted assets totaling 27.527 billion yuan - Period-end cash and bank balances were **4.61690768046 billion yuan**, of which **3.73350246479 billion yuan** was restricted, mainly for pledged time deposits and real estate pre-sale fund supervision[289](index=289&type=chunk)[53](index=53&type=chunk) - Trading financial assets period-end balance was **201,021,616.44 yuan**, a **32,533.38%** increase from the beginning of the period, mainly due to new purchases of **200 million yuan** in structured deposits[291](index=291&type=chunk)[49](index=49&type=chunk) - Inventories period-end balance was **14.04465143024 billion yuan**, including development costs of **8.67468845638 billion yuan** and developed products of **5.35920780191 billion yuan**[326](index=326&type=chunk) - Investment properties are measured at fair value, with a period-end balance of **12.27387022748 billion yuan**, of which **9.55603903417 billion yuan** is restricted by mortgages and seizures[343](index=343&type=chunk)[54](index=54&type=chunk) - Long-term borrowings period-end balance was **14.62893806365 billion yuan**, primarily mortgage loans and mortgage/guarantee loans, with interest rates ranging from **1.20% to 3.25%**[412](index=412&type=chunk)[423](index=423&type=chunk) - Total equity attributable to parent company owners was **23.51266173398 billion yuan**, with retained earnings of **-14.42812701084 billion yuan**[114](index=114&type=chunk)[442](index=442&type=chunk) - Current period operating revenue was **2.31057691364 billion yuan**, operating cost was **1.43602372708 billion yuan**, with airport management business revenue of **977.52708808 million yuan** and real estate business revenue of **541.01017760 million yuan**[444](index=444&type=chunk)[445](index=445&type=chunk) [Changes in Consolidation Scope](index=149&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company's consolidation scope changed, with one subsidiary deregistered and four new subsidiaries established during the reporting period - The Group deregistered **1 subsidiary**, Jian De International Co., Ltd., in the current period[487](index=487&type=chunk) - The Group established **4 new entities** in the current period and included them in the consolidation scope: Hainan Airport Facilities (Hong Kong) Co., Ltd., Anqing Ordovician Aviation Technology Co., Ltd., Hainan Haimai Supply Chain Management Co., Ltd., and Hainan Linghang Low-Altitude Industry Co., Ltd[489](index=489&type=chunk) [Interests in Other Entities](index=151&type=section&id=X.%20Interests%20in%20Other%20Entities) The company's group comprises over 70 subsidiaries, with Sanya Phoenix International Airport being a significant non-wholly owned subsidiary, and important associates - The company's enterprise group consists of over **70 subsidiaries**, covering multiple business areas such as airport operations, real estate development, property management, and hotel management[491](index=491&type=chunk)[492](index=492&type=chunk)[493](index=493&type=chunk)[494](index=494&type=chunk) - Sanya Phoenix International Airport Co., Ltd. is a significant non-wholly owned subsidiary, with minority shareholders holding **22.644%**, and profit/loss attributable to minority shareholders in the current period was **60,770,026.66 yuan**[495](index=495&type=chunk)[496](index=496&type=chunk) - The company holds significant associates such as Yichang Sanxia International Airport Co., Ltd., HNA Aviation Technology Co., Ltd., Hainan Duty-Free Haikou Meilan Airport Duty-Free Store Co., Ltd., and China Duty-Free Phoenix Airport Duty-Free Goods Co., Ltd., accounted for using the equity method[498](index=498&type=chunk) Key Financial Information of Significant Associates (Units: 10,000 Yuan) | Subsidiary Name | Total Assets | Total Liabilities | Equity Attributable to Parent Company Shareholders | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | HNA Aviation Technology Co., Ltd. | 823,466.08 | 825,185.88 | 24,112.94 | 265,640.37 | -5,767.55 | | Hainan Duty-Free Haikou Meilan Airport Duty-Free Store Co., Ltd. | 91,519.86 | 41,696.60 | 49,823.26 | 131,430.35 | 880.11 | | China Duty-Free Phoenix Airport Duty-Free Goods Co., Ltd. | 62,920.42 | 52,201.96 | 10,718.46 | 63,669.87 | -207.24 | | Yichang Sanxia International Airport Co., Ltd. | 295,786.53 | 182,415.60 | 113,370.93 | 9,387.98 | -6,453.43 | [Government Grants](index=159&type=section&id=XI.%20Government%20Grants) The company received multiple government grants, with a deferred income balance of 508.51960977 million yuan and 78.45043624 million yuan recognized in current profit/loss - The period-end balance of liabilities related to government grants (deferred income) was **508,519,609.77 yuan**, with new grants of **39,280,004.00 yuan** in the current period, and **17,599,107.04 yuan** recognized in other income[504](index=504&type=chunk) - Total government grants recognized in current profit or loss for the period amounted to **78,450,436.24 yuan**, of which **9,994,107.04 yuan** was asset-related and **68,456,329.20 yuan** was income-related[506](index=506&type=chunk) - Details of government grants recognized in current profit or loss include transfers from civil aviation development funds, subsidies for small and medium airports, route subsidies, operating subsidies, amortization of airport expansion investments, stable employment subsidies, maternity allowances, and aviation hub construction incentive fees[507](index=507&type=chunk)[508](index=508&type=chunk) [Risks Related to Financial Instruments](index=162&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market, credit, and liquidity risks, managed through strategies like high-rated bank deposits and continuous receivables monitoring - The company faces market risks (foreign exchange risk, interest rate risk, other price risks), credit risk, and liquidity risk[509](index=509&type=chunk) - Foreign exchange risk is mainly related to USD, EUR, and HKD, but the main business is denominated and settled in RMB, so the impact is limited[510](index=510&type=chunk) - Liquid funds are deposited in banks with high credit ratings, resulting in low credit risk; receivables are continuously monitored to ensure no significant bad debt risk[513](index=513&type=chunk)[514](index=514&type=chunk) - As of June 30, 2025, individually impaired accounts receivable amounted to **365,737,126.91 yuan**, with a bad debt provision of **96.66%**, effectively mitigating risk[515](index=515&type=chunk) - The company manages liquidity risk by maintaining and monitoring what management considers sufficient cash and cash equivalents to meet operational needs and mitigate the impact of cash flow fluctuations[516](index=516&type=chunk) [Disclosure of Fair Value](index=163&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) Disclosed period-end fair values of assets and liabilities totaling 15.286 billion yuan, with detailed valuation methodologies for Level 1, 2, and 3 items Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 201,021,616.44 | 0 | 0 | 201,021,616.44 | | Other Equity Instrument Investments | 563,527,396.23 | 0 | 2,242,180,937.71 | 2,805,708,333.94 | | Investment Properties | 0 | 1,761,402,667.32 | 10,512,467,560.16 | 12,273,870,227.48 | | Other Non-Current Assets | 3,004,843.06 | 0 | 2,586,834.34 | 5,591,677.40 | | **Total Assets Continuously Measured at Fair Value** | **767,553,855.73** | **1,761,402,667.32** | **12,757,235,332.21** | **15,286,191,855.26** | - Level 1 fair value items (precious metal products, listed company stocks) are determined based on active market quotes or closing prices on stock exchanges at period-end[520](index=520&type=chunk) - Level 2 fair value items (leased buildings and land use rights) use the market approach, with significant observable inputs being average prices of similar products in the vicinity[522](index=522&type=chunk) - Level 3 fair value items (leased buildings and land use rights) use the discounted cash flow method, with significant unobservable inputs being net income annual growth rate (**1.50-4.00%**), long-term net operating income margin (**62.10-78.55%**), and discount rate (**5.10-7.10%**)[524](index=524&type=chunk) [Related Parties and Related Party Transactions](index=166&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) Significant related party transactions occurred, including purchases, sales, services, leases, and fund transfers, with key management compensation also disclosed - The company's parent company is **Hainan Airport Group Co., Ltd.**, and the ultimate controlling party is **Hainan Provincial State-owned Assets Supervision and Administration Commission**[526](index=526&type=chunk) - Related party transactions for purchases/sales of goods and receipt/provision of services totaled approximately **218 million yuan** for purchases and **990 million yuan** for sales in the current period[533](index=533&type=chunk)[534](index=534&type=chunk) - The company, as lessor, recognized related lease income totaling approximately **119 million yuan** in the current period[538](index=538&type=chunk) - Key management personnel compensation for the current period amounted to **2.3889 million yuan**[540](index=540&type=chunk) - The company cumulatively invested **1.575 billion yuan** in time deposits with Hainan Bank Co., Ltd. in the current period, with a period-end balance of **1.251 billion yuan** and current period income of **1.2808 million yuan**[542](index=542&type=chunk) - Receivables from related parties totaled approximately **270 million yuan** at period-end, and payables to related parties totaled approximately **400 million yuan** at period-end[544](index=544&type=chunk)[547](index=547&type=chunk) [Commitments and Contingencies](index=177&type=section&id=XVI.%20Commitments%20and%20Contingencies) Significant commitments related to land development, tax, and output/revenue targets, multiple pending lawsuits, and stage-based joint liability guarantees for homebuyers - Subsidiary Haikou Airport Science and Technology Research and Development Industry Development Co., Ltd. committed that the total fixed asset investment for plot LK11-13-03 will be no less than **147 million yuan**, cumulative tax payments over five years no less than **25 million yuan**, and cumulative output/revenue over five years no less than **170 million yuan**[550](index=550&type=chunk) - Subsidiary Haikou Airport Logistics Industry Development Co., Ltd. committed that the total fixed asset investment for plot LK11-16-02-01 will be no less than **400 million yuan**, cumulative tax payments over five years no less than **140 million yuan**, and cumulative output/revenue over five years no less than **1.368 billion yuan**[551](index=551&type=chunk) - Subsidiary Haikou Airport Aviation Manufacturing Industry Development Co., Ltd. committed that the total fixed asset investment for plot LK11-19-01-01 will be no less than **400 million yuan**, cumulative tax payments over five years no less than **170 million yuan**, and cumulative output/revenue over five years no less than **3.26 billion yuan**[552](index=552&type=chunk) - The company is involved in multiple pending lawsuits and arbitrations, with significant disputed amounts, some of which have become effective judgments and entered enforcement[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) - The company provides stage-based joint liability guarantees for homebuyers' bank loans, as per real estate industry practice, until the real estate mortgage registration is completed and the other rights certificate is delivered[184](index=184&type=chunk) [Events After the Balance Sheet Date](index=185&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) As of the report date, the company has no other significant non-adjusting events after the balance sheet date that require disclosure - As of the report date, the company has no other significant non-adjusting events after the balance sheet date that require disclosure[564](index=564&type=chunk) [Other Significant Matters](index=185&type=section&id=XVIII.%20Other%20Significant%20Matters) Operating segments are categorized into airport management, duty-free, real estate, property management, and other businesses, with financial information for each - The company's operating segments are categorized into airport management business, duty-free and commercial business, real estate business, property management business, and other businesses[566](index=566&type=chunk) Financial Information of Reporting Segments (Units: Yuan) | Item | Airport Management Business | Duty-Free and Commercial | Real Estate Business | Property Management Business | Other Businesses | Inter-segment Eliminations | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | External Operating Revenue | 977,527,088.08 | 106,985,944.79 | 541,010,177.60 | 359,788,070.57 | 325,265,632.60 | 0 | 2,310,576,913.64 | | Total Profit (Loss) | 200,478,611.03 | 27,587,892.16 | -998,801,285.50 | 43,348,889.97 | 234,228,645.03 | -673,549,964.24 | 180,392,716.93 | | Total Assets | 18,716,115,275.15 | 1,332,887,575.15 | 39,865,410,542.13 | 1,138,725,550.85 | 92,432,090,370.43 | 100,542,636,296.03 | 52,942,593,017.68 | | Total Liabilities | 13,109,846,808.13 | 579,538,309.25 | 27,307,791,919.71 | 559,269,485.24 | 29,637,257,838.93 | 43,986,640,543.47 | 27,207,063,817.79 | [Notes to Parent Company Financial Statement Items](index=188&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) Parent company financial statements show accounts receivable of 1.698942 million yuan, other receivables of 18.19700317483 billion yuan, and long-term equity investments in subsidiaries - Parent company accounts receivable period-end book balance was **63,698,064.70 yuan**, bad debt provision was **61,999,122.70 yuan**, and carrying value was **1,698,942.00 yuan**[189](index=189&type=chunk)[190](index=190&type=chunk) - Parent company other receivables period-end book balance was **18,197,182,720.27 yuan**, bad debt provision was **179,545.44 yuan**, and carrying value was **18,197,003,174.83 yuan**, with related party balances accounting for **99.99%**[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk) - Parent company long-term equity investments period-end carrying value was **28,766,330,062.02 yuan**, all of which are investments in subsidiaries[196](index=196&type=chunk)[197](index=197&type=chunk) - Parent company other business income for the current period was **2,032,453.23 yuan**, with a cost of **880,268.43 yuan**[600](index=600&type=chunk) - Parent company investment income for the current period was **436,065.88 yuan**, mainly from investment income on trading financial assets held during the period[602](index=602&type=chunk) [Supplementary Information](index=199&type=section&id=XX.%20Supplementary%20Information) Provides a detailed statement of non-recurring gains and losses totaling 66.86277516 million yuan, and discloses H1 2025 net asset return and earnings per share Current Period Non-Recurring Gains and Losses Details | Item | Amount (Yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets, including reversal of impairment provisions | 12,648,492.76 | | Government grants recognized in current profit/loss, excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on company profit/loss | 80,503,999.88 | | Fair value changes and disposal gains/losses of financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal business operations | 805,510.18 | | Debt restructuring gains/losses | 7,823,876.80 | | Other non-operating income and expenses apart from the above | -4,760,557.02 | | Less: Income tax impact | 3,724,691.54 | | Minority interest impact (after tax) | 26,433,855.90 | | **Total** | **66,862,775.16** | Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan/Share) | Diluted Earnings Per Share (Yuan/Share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 0.54 | 0.0112 | 0.0112 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 0.26 | 0.0053 | 0.0053 |

（编辑 李家琪） 证券日报网讯 8月27日晚间，海南机场发布公告称，公司全资子公司海南空港开发产业集团有限公司拟 将持有的海南天羽飞行训练有限公司100%股权以人民币79，907.00万元的价格转让至海南航空控股股 份有限公司，本次股权转让完成后，海南空港将不再持有天羽飞训的股权。经交易双方友好协商，海南 空港与海航控股签署《股权转让补充协议》，对本次交易方案进行调整，主要增加对标的公司减值测试 及补偿安排相关内容，并对过渡期损益安排进行补充约定。本次签署补充协议事项已经公司第十届董事 会第三十四次会议审议通过，无需提交公司股东会审议批准。 ...

财务报表中对有大幅变动的财务项目的原因说明如下： 据证券之星公开数据整理，近期海南机场(600515)发布2025年中报。根据财报显示，海南机场增收不增 利。截至本报告期末，公司营业总收入23.11亿元，同比上升2.66%，归母净利润1.28亿元，同比下降 55.91%。按单季度数据看，第二季度营业总收入12.2亿元，同比上升15.36%，第二季度归母净利润 2724.0万元，同比下降61.52%。 本次财报公布的各项数据指标表现一般。其中，毛利率37.85%，同比减13.32%，净利率6.78%，同比减 52.44%，销售费用、管理费用、财务费用总计6.17亿元，三费占营收比26.71%，同比增5.56%，每股净 资产2.06元，同比增1.19%，每股经营性现金流-0.08元，同比减142.54%，每股收益0.01元，同比减 55.73% 长期应付款变动幅度为598.15%,原因:本期营口空港置业将1年以上的履约保证金从其他应付款重分类 到长期应付款。 交易性金融资产变动幅度为32533.38%,原因:本期新增购买结构性存款2亿元。 应收票据变动幅度为45.1%,原因:用票据结算的应收款项增加。 应收款项融 ...