海南机场(600515) - 2025 Q2 - 季度财报

Glossary Defines key terms, entities, and the reporting period for the 2025 semi-annual report Definitions of Common Terms 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] - Actual controller: Hainan Provincial State-owned Assets Supervision and Administration Commission[13] - Controlling shareholder: Hainan Airport Group Co., Ltd.[13] - Reporting period: First half of 2025[13] Company Profile and Key Financial Indicators Provides an overview of the company's basic information and a summary of its key financial performance for the reporting period Company Information 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] - Company Stock Abbreviation: Hainan Airport, Stock Code: 600515, Listed Exchange: Shanghai Stock Exchange[19] Company's Key Accounting Data and Financial Indicators 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 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 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][28] - 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][32] - 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] - 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][34] - 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] - 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] - 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] Discussion and Analysis of Operations 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] - 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] - 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][39] - 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] - Property management business achieved operating revenue of 360 million yuan[39] - Flight simulator training business recorded approximately 79,000 training hours in H1, an approximate 8% increase compared to H1 2024[40] Analysis of Core Competencies During the Reporting Period 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][42] - 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] - 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] - 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] Key Operating Performance During the Reporting Period 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][50] - 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][50] - 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][50] - 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][50] - 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][50] 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] 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 Details profit distribution decisions, environmental protection initiatives, and efforts in poverty alleviation and rural revitalization Profit Distribution or Capital Reserve Conversion Plan 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] Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law 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] - 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] - 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] - 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] - 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] Specifics of Work on Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization 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] - 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] - 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] - 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] - 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] Significant Matters Covers commitment fulfillment, major litigation, significant related party transactions, and major contract performance during the reporting period Fulfillment of Commitments 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] - 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] - Hainan Airport Group committed to ensuring the independence of the listed company's personnel, assets, finance, organization, and business[77][78] - 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] - 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][80] - 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][81] Major Litigation and Arbitration Matters 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][85] - 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][180] - 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] - 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] - Hainan Haidao Airport Industrial Group Co., Ltd. and others were involved as defendants in 132 litigation cases, totaling 20.8135 million yuan[183] Significant Related Party Transactions 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] - 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] Major Contracts and Their Performance 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] - Total outstanding guarantees to subsidiaries at the end of the reporting period amounted to 273,834,519.51 yuan[95] - Total guarantees (A+B) were 273,834,519.51 yuan, accounting for 1.16% of the company's net assets[95] Share Changes and Shareholder Information 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 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] Shareholder Information 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] 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 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 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] - 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] Financial Report Presents comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity Financial Statements 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][115][118][123][126][128][132][142] Company's Basic Information 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] - 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] - 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] Basis of Preparation of Financial Statements 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][148] - 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][148] Significant Accounting Policies and Accounting Estimates 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] - The company provides for impairment of financial assets based on expected credit losses, using either a general or simplified approach[188] - 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] - Revenue is recognized when the customer obtains control of the related goods, considering variable consideration and significant financing components[247][248][249][250] - 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] Taxation 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][282] - 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][286][287] Notes to Consolidated Financial Statement Items 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][53] - 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][49] - 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] - 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][54] - 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][423] - Total equity attributable to parent company owners was 23.51266173398 billion yuan, with retained earnings of -14.42812701084 billion yuan[114][442] - 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][445] Changes in Consolidation Scope 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] - 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] Interests in Other Entities 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][492][493][494] - 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][496] - 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] 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 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] - 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] - 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][508] Risks Related to Financial Instruments 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] - 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] - 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][514] - 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] - 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] Disclosure of Fair Value 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] - 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] - 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] Related Parties and Related Party Transactions 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] - 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][534] - The company, as lessor, recognized related lease income totaling approximately 119 million yuan in the current period[538] - Key management personnel compensation for the current period amounted to 2.3889 million yuan[540] - 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] - 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][547] Commitments and Contingencies 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] - 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] - 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] - 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][180][181][182][183] - 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] Events After the Balance Sheet Date 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] Other Significant Matters 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] 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 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][190] - 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][194][195] - 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][197] - Parent company other business income for the current period was 2,032,453.23 yuan, with a cost of 880,268.43 yuan[600] - 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] Supplementary Information 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 |