北京首都机场股份(00694) - 2025 - 中期业绩

Financial Performance - In the first half of 2025, Beijing Capital International Airport recorded 217,305 aircraft movements, an increase of approximately 2.8% year-on-year[3]. - Passenger throughput reached 34,168,396, representing a year-on-year growth of about 4.5%[3]. - Operating revenue for the first half of 2025 was RMB 2,754,574,000, up approximately 2.6% compared to the same period last year[3]. - Aviation business revenue increased to RMB 1,344,510,000, reflecting a growth of about 4.6% year-on-year[3]. - Non-aviation business revenue was RMB 1,410,064,000, showing a modest increase of about 0.8% year-on-year[3]. - The net loss after tax for the first half of 2025 was RMB 163,861,000, a reduction of about 56.5% compared to a net loss of RMB 376,494,000 in the same period last year[3]. - Total revenue for the six months ended June 30, 2025, was RMB 2,754,574,000, an increase from RMB 2,683,873,000 for the same period in 2024, representing a growth of approximately 2.6%[14]. - The company reported a total of 217,305 aircraft movements in the first half of 2025, representing a year-on-year increase of about 2.8%[31]. - Passenger throughput reached 34,168,396 in the first half of 2025, up approximately 4.5% from 32,703,380 in the same period last year[31]. - The total revenue from aviation-related services was RMB 1,344,510,000, reflecting a growth of about 4.6% compared to RMB 1,285,649,000 in the previous year[32]. Revenue Breakdown - Aviation-related revenue amounted to RMB 1,344,510,000, up from RMB 1,285,649,000 in the previous year, with a notable increase in passenger service revenue to RMB 655,098,000 from RMB 609,306,000[14]. - Non-aviation revenue totaled RMB 1,410,064,000, slightly increasing from RMB 1,398,224,000, with franchise income contributing RMB 749,271,000, down from RMB 784,931,000[14]. - The company’s aircraft landing and related revenue was RMB 689,412,000, an increase of approximately 1.9% year-on-year[33]. - The company’s passenger service revenue was RMB 655,098,000, which grew by about 7.5% compared to the previous year, driven by an increase in international passenger traffic[33]. - Franchise revenue decreased to RMB 749,271,000, down approximately 4.5% year-on-year, with advertising revenue falling by 3.5% to RMB 343,747,000 due to media impacts and limited international passenger flow recovery[35]. - Retail revenue increased by 1.2% to RMB 262,090,000, driven by growth in international passenger traffic[35]. - Rental income rose by 6.3% to RMB 523,774,000, attributed to increased departure system revenue and optimization of contracts in various business segments[36]. - Resource usage income grew by 15.4% to RMB 104,307,000, supported by a gradual recovery in passenger volume at Beijing Capital Airport[36]. Operating Expenses and Financial Costs - Operating expenses decreased to RMB 2,778,553,000, down approximately 4.2% from the previous year[3]. - Financial costs for the six months were RMB 144,722,000, a decrease from RMB 151,012,000 in the prior year, leading to a net financial cost of RMB 135,015,000 compared to RMB 141,690,000[16]. - The company’s financial costs net of financial income decreased by approximately 4.7% to RMB 135,015,000, primarily due to lower funding costs[42]. - Operating expenses decreased by 4.2% to RMB 2,778,553,000, with significant reductions in franchise management fees by 24.9% to RMB 137,616,000 due to contract negotiations[40]. Assets and Liabilities - Total assets as of June 30, 2025, amounted to RMB 31,556,376,000, compared to RMB 30,675,358,000 at the end of 2024[6]. - Total liabilities increased to RMB 18,261,557,000 from RMB 17,219,480,000 at the end of 2024[7]. - As of June 30, 2025, accounts receivable totaled RMB 1,697,907,000, an increase from RMB 1,454,691,000 as of December 31, 2024, with a credit impairment provision of RMB 487,012,000[20]. - The company’s long-term borrowings as of June 30, 2025, included a non-current portion of RMB 1,194,232,000, down from RMB 1,992,834,000 as of December 31, 2024[24]. - As of June 30, 2025, the total borrowings amounted to RMB 10,136,722,000, an increase of approximately 6.5% from RMB 9,517,913,000 as of December 31, 2024[24]. - The company’s current ratio as of June 30, 2025, was 0.29, up from 0.23 as of December 31, 2024[47]. - The company's debt-to-asset ratio was 57.87% as of June 30, 2025, compared to 56.13% as of December 31, 2024[47]. Cash Flow and Investments - The company’s net cash generated from operating activities for the first half of 2025 was RMB 982,758,000, compared to RMB 136,046,000 in the same period last year[48]. - The company reported a net cash outflow from investing activities of RMB 131,010,000 for the first half of 2025, down from RMB 242,442,000 in the same period last year[48]. - As of June 30, 2025, the company's cash and cash equivalents amounted to RMB 2,716,935,000, an increase from RMB 1,427,698,000 as of December 31, 2024[47]. Corporate Governance and Compliance - The company did not recommend any interim dividend for the six months ended June 30, 2025[3]. - The company has complied with the Corporate Governance Code, with a minor deviation noted for reasonable cause[76]. - The Audit and Risk Management Committee has reviewed the interim financial data for the six months ending June 30, 2025, and found it compliant with applicable accounting standards[75]. - The company’s internal control and risk management systems are under regular review by the Audit and Risk Management Committee[75]. - The company strictly implemented the "Securities Trading Code for Directors and Employees" during the six-month period ending June 30, 2025[78]. - All directors and senior executives confirmed compliance with the standard code during the same period[78]. Shareholder Information - Major shareholders include Causeway Capital with 105,506,700 shares (5.61%) and The Bank of New York with 101,726,056 shares (5.41%)[66]. - Hermes Investment Funds holds 94,613,662 shares (5.03%) and Employees Provident Fund holds 94,154,000 shares (5.01%)[66]. - The company’s major shareholders collectively control approximately 18.06% of the total shares issued[66]. - The company has not received any notifications regarding interests or short positions in its shares as of June 30, 2025[70]. - The company has not granted any rights to subscribe for shares or bonds to directors or their associates during the reporting period[72]. Future Plans - The company plans to enhance operational efficiency and improve passenger experience by focusing on safety and service quality in the second half of 2025[43]. - The company aims to optimize resource allocation and maximize value through accelerated duty-free business bidding and improved procurement management[44]. - The company plans to issue up to RMB 40 billion in medium-term notes and RMB 40 billion in short-term financing bonds[73]. - The company had no significant mergers or disposals during the six months ending June 30, 2025[51]. - The company’s board of directors has been restructured, with new appointments made effective August 28, 2025[73]. - The annual general meeting held on June 27, 2025, successfully passed six ordinary resolutions[77].