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厦门空港(600897) - 2025 Q2 - 季度财报
XIACXIAC(SH:600897)2025-07-30 08:25

Company Profile and Key Financial Indicators This section provides an overview of Xiamen Airport's basic information, key financial performance, and non-recurring gains and losses for the reporting period Company Basic Information This chapter provides basic information about Yuanxiang (Xiamen) International Airport Co., Ltd. (Xiamen Airport, stock code: 600897), including its name, legal representative, contact details, and information disclosure channels, noting no changes during the reporting period - The company's legal representative is Lin Shuangzhi13 - The company's designated information disclosure newspaper is "Shanghai Securities News", and its website is the official Shanghai Stock Exchange website (www.sse.com.cn)[16](index=16&type=chunk) Key Accounting Data and Financial Indicators During the reporting period, the company achieved operating revenue of RMB 991 million, a 7.10% year-on-year increase, with net profit attributable to shareholders reaching RMB 253 million, up 1.10%, and RMB 219 million after non-recurring items, indicating enhanced core business profitability Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 990,535,110.77 | 924,839,519.12 | 7.10 | | Net Profit Attributable to Shareholders | 252,968,296.53 | 250,215,574.65 | 1.10 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 218,587,445.50 | 189,399,638.58 | 15.41 | | Net Cash Flow from Operating Activities | 317,433,011.76 | 335,901,376.06 | -5.50 | | Balance Sheet Data | End of Current Period (RMB) | End of Prior Year (RMB) | YoY Change (%) | | Net Assets Attributable to Shareholders | 4,586,158,681.49 | 4,466,609,264.96 | 2.68 | | Total Assets | 6,038,260,887.39 | 5,759,673,023.51 | 4.84 | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.6067 | 0.6001 | 1.10 | | Basic EPS (Excluding Non-Recurring Items) (RMB/share) | 0.5243 | 0.4543 | 15.41 | | Weighted Average Return on Net Assets (%) | 5.53 | 5.88 | Decrease of 0.35 percentage points | | Weighted Average RONAN (Excluding Non-Recurring Items) (%) | 4.78 | 4.45 | Increase of 0.33 percentage points | Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to RMB 34.38 million, primarily driven by fair value changes and disposal gains/losses from financial assets and liabilities totaling RMB 46.405 million, alongside government grants and other non-operating income/expenses Non-Recurring Items | Non-Recurring Items | Amount (RMB) | | :--- | :--- | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 46,404,959.30 | | Government Grants Recognized in Current Profit/Loss | 2,753,863.81 | | Gains/Losses on Disposal of Non-Current Assets | 325,175.00 | | Other Non-Operating Income and Expenses | 584,192.40 | | Less: Income Tax Impact | 12,517,047.63 | | Less: Impact on Minority Interests (After Tax) | 3,170,291.85 | | Total | 34,380,851.03 | Management Discussion and Analysis This section provides a comprehensive analysis of the company's operational performance, industry trends, core competencies, and financial position during the reporting period Industry and Principal Business Overview In the first half of 2025, China's civil aviation industry saw stable growth in both passenger and cargo markets, with significant international recovery, while the company's core operations, including aeronautical and non-aeronautical services, adhere to CAAC regulations and market-based pricing - In the first half of 2025, national airport passenger throughput, cargo and mail throughput, and aircraft movements increased by 5.0%, 9.2%, and 0.1% year-on-year, respectively23 - The company's business is categorized into aeronautical and non-aeronautical services, with aeronautical fees primarily regulated by CAAC documents and key non-aeronautical fees subject to market-based pricing25 Discussion and Analysis of Operations In the first half of 2025, Xiamen Airport achieved record operational metrics, with passenger throughput reaching 14.3164 million, up 5.96% year-on-year, and international passenger growth of 15.51%, resulting in RMB 219 million net profit attributable to shareholders after non-recurring items, a 15.41% increase Operating Metrics (H1 2025) | Operating Metrics (H1 2025) | Quantity | YoY Growth | | :--- | :--- | :--- | | Aircraft Movements | 9.70 10,000 movements | 3.83% | | Passenger Throughput | 1431.64 million passengers | 5.96% | | - Domestic Passengers | 1224.50 million passengers | 4.50% | | - International Passengers | 207.14 million passengers | 15.51% | | Cargo and Mail Throughput | 18.54 10,000 tons | 3.91% | - The company was awarded the first National Civil Aviation Blue Sky Commendation, being one of only five airport companies nationwide and the sole recipient in East China27 Aeronautical Business During the reporting period, the company optimized its route network, achieving record aircraft movements and passenger throughput, including increased domestic express flights, new international routes to Dili and Kuala Lumpur, exceeding 280 weekly international flights, and a new all-cargo route to East Midlands, UK - New international routes include Xiamen-Dili and Xiamen-Kuala Lumpur (with Batik Air Malaysia), increasing weekly international flights to over 28027 - In cargo, the first regular freight flight from Xiamen to East Midlands, UK, was launched27 Commercial Aspects The company made positive commercial progress by introducing new brands like Yinchuantang and Guming, boosting terminal retail occupancy and revenue, and by attracting Huawei's first airport selective store in Southeast China, while innovating revenue streams through cultural tourism and exhibition collaborations - The terminal's duty-paid commercial areas introduced several new brands, including Huawei's first selective store in Southeast China's airports, boosting occupancy and revenue28 - Innovative revenue generation was achieved by leveraging concert economy and exhibition pick-up services28 Safety Management During the reporting period, Xiamen Airport maintained stable and controllable safety operations by improving its responsibility system, enhancing safety capabilities, and strengthening core risk management, with a focus on hazardous materials, bird strikes, FOD prevention, and apron operations, deepening its dual prevention mechanism for risks and hazards - The company focused on managing core risks such as hazardous materials, bird strikes, FOD prevention, and apron operations, deepening the dual prevention mechanism for risks and hazards29 Operational Support The company significantly improved operational efficiency by optimizing airspace structure and flight procedures, leading to a year-on-year decrease in delayed flights, with leading gate turnaround frequency and a flight cut-off time within 30 minutes, ranking first among airports with over 20 million passengers, and successfully completing a city-level aircraft emergency rescue drill - The daily turnaround frequency of C/D class close-in gates ranks first nationwide31 - Flight cut-off time remained within 30 minutes, ranking first among airports with annual passenger throughput exceeding 20 million31 Service Enhancement The company received multiple service quality awards, including "Excellent Service Quality Airport" and "Best Airport (10 Million+ Passengers)" for 11 consecutive years, continuously enhancing passenger experience by upgrading city terminals, innovating sea-air intermodal mechanisms, and exploring "aviation+X" service models - Awarded "Excellent Service Quality Airport" in the 2024 Civil Airport Service Quality Evaluation and named "Best Airport (10 Million+ Passengers)" for 11 consecutive years32 - Exploring the "aviation+X" model, building service systems such as "aviation+hotel", "aviation+exhibition", and "aviation+sports events"32 Analysis of Core Competencies The company's core competencies include its strategic position as a leading airport and regional aviation hub in the West Coast Economic Zone, exceptional lean management ensuring continuous profitability since listing, consistent safety assurance, a "humanistic airport" experience featuring Fujian-Taiwan marine culture, and highly efficient single-runway operations ranking among the industry's best - As a leading airport in the West Coast Economic Zone, its route network covers 129 cities, serving as a crucial air hub for the "Belt and Road" initiative33 - Leveraging excellent lean management capabilities, the company has maintained continuous profitability since its listing in 1996, setting a benchmark for profitability in the civil aviation airport industry3435 - The single-runway peak hour capacity reaches 35 (+1) movements/hour, representing the highest level among single-runway airports in China38 Analysis of Key Operating Conditions This section details the financial performance during the reporting period, highlighting a 42.06% year-on-year decrease in financial expenses due to reduced lease interest, an 81.56% drop in other income primarily from lower government grants, a 138.26% increase in other payables due to dividend accruals, and the company's financial assets, including trust and asset management products, valued at approximately RMB 3.171 billion at period-end Analysis of Financial Statement Item Changes During the reporting period, the company's financial expenses decreased by 42.06% year-on-year due to reduced lease interest, net cash flow from financing activities changed by 86.65% due to timing differences in rent payments, other income decreased by 81.56% primarily due to lower government grants, and credit impairment losses decreased by 313.88% due to increased bad debt provisions for accounts receivable Financial Statement Item Changes | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 990,535,110.77 | 924,839,519.12 | 7.10 | | Operating Cost | 609,934,924.62 | 596,347,942.14 | 2.28 | | Financial Expenses | 1,869,205.97 | 3,226,002.17 | -42.06 | | Other Income | 8,047,704.23 | 43,647,002.48 | -81.56 | | Credit Impairment Losses | -1,981,983.79 | 926,666.54 | -313.88 | | Net Cash Flow from Financing Activities | -2,536,241.35 | -19,002,537.09 | 86.65 | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets were RMB 6.038 billion; other non-current assets increased by 154.98% due to higher capital expenditures on equipment, while other payables surged by 138.26% due to accrued dividends, and lease liabilities decreased by 49.19% as lease terms shortened - Other payables increased by 138.26% at period-end compared to the prior year-end, primarily due to dividends accrued based on shareholder meeting resolutions4143 - Lease liabilities decreased by 49.19% at period-end compared to the prior year-end, primarily due to the natural shortening of remaining lease terms over time4143 Financial Assets Measured at Fair Value At the end of the reporting period, the company's financial assets measured at fair value, primarily trust and asset management products, totaled RMB 3.171 billion in book value, an increase from RMB 2.791 billion at the beginning of the period, generating RMB 18.3392 million in fair value change gains during the period Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gain/Loss for Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Trust Products | 1,151,930,675.92 | -17,585,949.42 | 409,344,726.50 | | Asset Management Products | 1,625,122,777.78 | 35,630,003.09 | 2,589,752,780.87 | | Other | 13,824,113.85 | 295,194.78 | 171,819,308.63 | | Total | 2,790,877,567.55 | 18,339,248.45 | 3,170,916,816.00 | Analysis of Major Holding and Participating Companies The company's major subsidiaries, including Yuanxiang Air Cargo Terminal, Yuanxiang Air Cargo Services, Yuanxiang Aircraft Engineering, and Xiamen Airport Terminal Investment Co., Ltd., all achieved profitability during the reporting period, with Yuanxiang Air Cargo Terminal (Xiamen) Co., Ltd. contributing RMB 18.34 million in net profit and Xiamen Airport Terminal Investment Co., Ltd. contributing RMB 18.74 million, serving as significant profit sources for the company Major Holding and Participating Companies | Company Name | Type | Operating Revenue (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | | Yuanxiang Air Cargo Terminal (Xiamen) Co., Ltd. | Subsidiary | 5,233.41 | 1,833.96 | | Yuanxiang Air Cargo Services (Xiamen) Co., Ltd. | Subsidiary | 1,094.09 | 988.23 | | Yuanxiang Aircraft Engineering (Fujian) Co., Ltd. | Subsidiary | 8,432.92 | 1,415.94 | | Xiamen Airport Terminal Investment Co., Ltd. | Subsidiary | 4,685.71 | 1,874.25 | Risks and Opportunities The company faces key risks including global economic uncertainty, challenges from the industry's "natural growth" cycle, and competition from other transport modes like high-speed rail and neighboring airports, while also benefiting from China's economic resilience, civil aviation policy dividends (e.g., "Belt and Road", visa-free policies), and regional industrial planning opportunities, though some trust products held by the company are at risk of overdue redemption - Risks include insufficient global economic growth momentum, trade policy uncertainties, high-speed rail network competition, and industry-specific risks such as oil prices and capacity45 - Opportunities arise from China's economic resilience, civil aviation policy dividends like "Belt and Road" and visa-free policies, and regional development opportunities such as the Fujian Free Trade Zone and Xiamen-Zhangzhou-Quanzhou integration46 - Significant risk alert: The company's Zhonghang Trust · Tianji Huicai No. 1 and No. 2 trust plans have experienced overdue unrecovered situations, and the company is actively taking measures to recover the funds47 Corporate Governance, Environment, and Society This section outlines changes in the company's senior management, profit distribution plans, and efforts in social responsibility, particularly in rural revitalization Changes in Directors, Supervisors, and Senior Management During the reporting period, the company experienced changes in senior management, with Deputy General Managers Ms. Wu Huifang and Mr. Lin Qinglin departing due to work adjustments, and Ms. Shi Xiaoyan appointed as the new Deputy General Manager - In April 2025, Deputy General Managers Wu Huifang and Lin Qinglin resigned, and Shi Xiaoyan was appointed as the new Deputy General Manager49 Profit Distribution Plan The company has no profit distribution or capital reserve capitalization plan for the first half of 2025 - The proposed semi-annual profit distribution plan is "No"50 Social Responsibility (Rural Revitalization) The company actively fulfilled its social responsibility by procuring over RMB 1.1 million in aid products from Ningxia during the reporting period, while also providing targeted assistance to Xidong Village in Xiamen's Tongan District through industrial support, donating RMB 0.25 million for a "fitness park," and aiding in the construction of a rural revitalization exhibition hall - Over RMB 1.1 million was spent on purchasing aid products from the Ningxia region during the reporting period52 - Provided targeted assistance to Xidong Village in Tongan District, Xiamen, investing RMB 0.25 million to build a "fitness park" and assisting in the construction of a rural revitalization exhibition hall52 Significant Matters This section details significant related party transactions, including operational dealings with the parent company and its subsidiaries, financial service agreements, and joint venture arrangements Significant Related Party Transactions The company engages in extensive daily related party transactions with its parent company, Xiamen Xiangye Group, and its subsidiaries, including significant payments for maintenance services to Xiamen Zhaoxiang Smart Technology (RMB 15.80 million) and property management fees to Xiamen Zhaoxiang Property (RMB 14.54 million), while also providing services like media services to Fujian Baixiang Media (RMB 21.04 million), and maintaining financial service agreements with Xiamen Xiangye Group Finance Co., Ltd. for deposits and credit lines - The company has extensive daily related party transactions with its parent company, Xiamen Xiangye Group, and its subsidiaries, involving services received, goods purchased, services provided, goods sold, and leases, all priced at market rates5556 - The company signed a "Financial Services Agreement" with Xiamen Xiangye Group Finance Co., Ltd., with a deposit balance of RMB 71.39 million and a credit line of RMB 310 million at the end of the reporting period575869 - The company entered into a 20-year "Underground Parking Lot Cooperative Joint Venture Agreement" with Xiamen Xiangye Group Co., Ltd. to jointly construct and operate an underground parking lot, with profits distributed at an 85% (company) to 15% (Xiangye Group) ratio60 Share Changes and Shareholder Information This section details the company's share capital stability and shareholder structure, including the total number of shareholders and the top ten shareholders Changes in Share Capital During the reporting period, there were no changes in the company's total share capital or share structure - No changes occurred in the company's total share capital or share structure during the reporting period72 Shareholder Information At the end of the reporting period, the company had 17,169 common shareholders, with controlling shareholder Xiamen Xiangye Group Co., Ltd. holding 68.00%, indicating a stable equity structure, and the top ten shareholders, excluding the controlling shareholder, primarily comprising domestic individual and institutional investors, suggesting a relatively dispersed ownership - As of the end of the reporting period, the company had 17,169 common shareholders73 Top Shareholders | Shareholder Name (Full) | Shares Held at Period-End | Proportion (%) | | :--- | :--- | :--- | | Xiamen Xiangye Group Co., Ltd. | 283,500,000 | 68.00 | | Huang Jujin | 7,500,000 | 1.80 | | Wang Wenfeng | 4,340,000 | 1.04 | | Hong Kong Securities Clearing Company Limited | 3,978,860 | 0.95 | | Chen Xiaoling | 1,648,380 | 0.40 | Bond-Related Information This section confirms that the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments during the reporting period Corporate Bond Information During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company has no applicable corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments79 Financial Report This section presents the company's unaudited financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with significant accounting policies and notes Audit Report This semi-annual financial report is unaudited - This semi-annual report is unaudited581 Financial Statements This chapter presents the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flows during the reporting period Financial Statements Summary | Statement Item | Period-End/Current Period Amount (Consolidated) (RMB) | Period-Beginning/Prior Period Amount (Consolidated) (RMB) | | :--- | :--- | :--- | | Balance Sheet | | | | Total Assets | 6,038,260,887.39 | 5,759,673,023.51 | | Total Liabilities | 1,149,141,244.58 | 1,008,327,711.54 | | Equity Attributable to Parent Company Owners | 4,586,158,681.49 | 4,466,609,264.96 | | Income Statement | | | | Total Operating Revenue | 990,535,110.77 | 924,839,519.12 | | Net Profit | 271,193,210.84 | 267,985,620.86 | | Cash Flow Statement | | | | Net Cash Flow from Operating Activities | 317,433,011.76 | 335,901,376.06 | Significant Accounting Policies and Estimates This chapter details the company's fundamental accounting policies and estimates for financial statement preparation, including accounting standards, period, and functional currency, along with specific policies for financial instruments, revenue recognition, long-term equity investments, fixed assets, and leases, all prepared on a going concern basis in accordance with enterprise accounting standards - The company's financial statements are prepared on a going concern basis and comply with the requirements of enterprise accounting standards110113 - Revenue recognition policy: The company recognizes revenue when customers obtain control of goods or services; aeronautical business revenue is recognized when services are provided, while non-aeronautical lease and concession income is recognized monthly based on agreed proportions or amounts177181 - Financial instrument impairment: The company recognizes loss provisions for financial assets measured at amortized cost based on expected credit losses, and for accounts receivable, loss provisions are measured based on expected credit losses over the entire lifetime, regardless of significant financing components136138 Notes to Consolidated Financial Statement Items This chapter provides detailed notes and explanations for key consolidated financial statement items, including cash and cash equivalents, financial assets held for trading, accounts receivable, fixed assets, accounts payable, and revenue and cost, covering their composition, aging analysis, impairment provisions, and reasons for changes, along with detailed related party transactions Accounts Receivable At the end of the reporting period, the company's accounts receivable had a book balance of RMB 262 million, with a bad debt provision of RMB 11.60 million, resulting in a carrying value of RMB 251 million, primarily within one year aging, and the top five debtors accounted for 33.78% of the total ending balance Accounts Receivable Summary | Item | Ending Balance (RMB) | | :--- | :--- | | Accounts Receivable Book Balance | 262,362,741.57 | | Bad Debt Provision | 11,601,199.39 | | Accounts Receivable Carrying Value | 250,761,542.18 | - The top five debtors by ending balance are: Shandong Airlines, China Civil Aviation Information Network, Yuanxiang (Fuzhou) International Airport, Fujian Baixiang Media, and Air China212 Long-Term Equity Investments At the end of the reporting period, the company's long-term equity investments in associates had a carrying value of RMB 52.91 million, with an investment loss of RMB 0.24 million recognized under the equity method for the current period, primarily involving Xiamen Civil Aviation Kaiya Co., Ltd. and Fujian Zhaoxiang Airport Construction Co., Ltd. Long-Term Equity Investments Summary | Investee | Beginning Balance (RMB) | Investment Gain/Loss Recognized by Equity Method for Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Xiamen Civil Aviation Kaiya Co., Ltd. | 46,797,745.28 | -245,445.74 | 46,552,299.54 | | Fujian Zhaoxiang Airport Construction Co., Ltd. | 6,353,173.98 | 5,178.67 | 6,358,352.65 | | Total | 53,150,919.26 | -240,267.07 | 52,910,652.19 | Operating Revenue and Operating Cost During the reporting period, the company achieved operating revenue of RMB 991 million, with principal business revenue at RMB 980 million, accounting for 98.9% of total revenue, and operating costs at RMB 610 million, with principal business costs at RMB 609 million Operating Revenue and Cost Summary | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Principal Business | 980,367,855.83 | 609,486,629.58 | | Other Business | 10,167,254.94 | 448,295.04 | | Total | 990,535,110.77 | 609,934,924.62 |