白云机场(600004) - 2022 Q2 - 季度财报

Definitions This section defines key terms "Airport Group" and "Company" as used throughout the report - The term "Airport Group" refers to Guangdong Airport Management Group Co., Ltd., while "Company/This Company/The Company" refers to Guangzhou Baiyun International Airport Co., Ltd[8] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period Company Information This section discloses the official Chinese name, abbreviation, English name, and legal representative of Guangzhou Baiyun International Airport Co., Ltd - The company's Chinese name is Guangzhou Baiyun International Airport Co., Ltd., abbreviated as Baiyun Airport, with the English abbreviation GBIAC[9] Contacts and Contact Information This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Qi Yaoming, and the Securities Affairs Representative is Dong Xinling, both located at Guangzhou Baiyun International Airport South District, Self-compiled No. 1, Company Headquarters Office Building[10] Brief Introduction to Changes in Basic Information This section presents the company's registered address, office address, postal code, website, and email, noting no significant changes during the reporting period - The company's registered and office addresses are both located at Guangzhou Baiyun International Airport South Working Area, Self-compiled No. 1, and its website is **www.baiyunport.com**[11](index=11&type=chunk) Brief Introduction to Changes in Information Disclosure and Document Custody Locations This section specifies the designated newspapers for information disclosure, the website address for semi-annual reports, and the document custody location, with no changes during the reporting period - The company's information disclosure newspapers are "China Securities Journal," "Shanghai Securities News," and "Securities Times," with the website address **www.sse.com.cn**[12](index=12&type=chunk) Brief Introduction to Company Shares This section provides details on the company's A-shares, including the listing exchange, stock abbreviation, and stock code - The company's A-shares are listed on the Shanghai Stock Exchange, with the stock abbreviation "Baiyun Airport" and stock code "600004"[13] Company's Key Accounting Data and Financial Indicators This section presents key accounting data and financial indicators for the reporting period, showing declines in revenue and net profit, and a significant decrease in net cash flow from operating activities, reflecting operational pressures 2022 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,032,359,107.90 Yuan | 2,395,562,379.95 Yuan | -15.16 | | Net Profit Attributable to Shareholders of Listed Company | -517,233,391.47 Yuan | -410,046,869.28 Yuan | (Loss expanded) | | Net Cash Flow from Operating Activities | 166,837,065.95 Yuan | 348,335,314.11 Yuan | -52.10 | | End of Current Period | End of Prior Year | Change (%) | | | Net Assets Attributable to Shareholders of Listed Company | 17,786,024,559.48 Yuan | 18,313,274,402.02 Yuan | -2.88 | | Total Assets | 27,674,281,064.39 Yuan | 27,545,031,652.74 Yuan | 0.47 | 2022 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.22 | -0.17 | (Loss expanded) | | Diluted Earnings Per Share (Yuan/share) | -0.22 | -0.17 | (Loss expanded) | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | -0.23 | -0.18 | (Loss expanded) | | Weighted Average Return on Net Assets (%) | -2.87 | -2.20 | Decreased by 0.67 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -2.97 | -2.32 | Decreased by 0.65 percentage points | Non-Recurring Gains and Losses Items and Amounts This section details the company's non-recurring gains and losses items and their respective amounts for the reporting period, totaling 18,666,647.18 Yuan 2022 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 189,052.31 | | Government grants recognized in current profit or loss | 27,919,875.28 | | Other non-operating income and expenses apart from the above | 369,332.52 | | Less: Income tax impact | 2,881,232.91 | | Impact on minority interests (after tax) | 6,930,380.02 | | Total | 18,666,647.18 | Management Discussion and Analysis This section discusses the company's industry, core competencies, operational performance, and financial results, highlighting challenges and strategic responses Industry and Main Business The company, as the manager and operator of Baiyun Airport, primarily engages in aviation services and extended aviation services, with aviation services subject to government pricing and extended services market-driven, positioning Baiyun Airport as a core hub in the Greater Bay Area - The company's main businesses include aviation services (aircraft take-off/landing, parking, comprehensive passenger services, security, aviation ground support) and extended aviation services (commercial space leasing, concessions, ground transportation, advertising, hotels)[18][19] - Baiyun Airport is one of China's three major gateway hub airports and a core airport in the Pearl River Delta world-class airport cluster and the Guangdong-Hong Kong-Macao Greater Bay Area[19] - Aviation service fees are regulated by the Civil Aviation Administration of China and the National Development and Reform Commission, while extended aviation service fees are primarily determined by market conditions and service quality[19] Analysis of Core Competencies The company's core competencies stem from its national international aviation hub status, strategic geographical location, expanding business and infrastructure scale (leading passenger throughput, record cargo throughput, Phase III expansion), and superior operational efficiency, robust safety foundation, outstanding service quality, and advanced informatization - The company benefits from its national designation as an international aviation hub and its strategic location in the core of the Pearl River Delta[21] - During the reporting period, Baiyun Airport's passenger throughput ranked first among domestic airports, cargo and mail throughput reached a historical high, and the Phase III expansion project, including T3 construction, is progressing on schedule, aiming for a terminal capacity of 140 million passengers and 6 million tons of cargo[21][22] - The company maintains industry-leading positions in operational efficiency, safety management, service quality (ranked joint first in ACI global airport service quality satisfaction for the second consecutive year), and informatization construction[22] Discussion and Analysis of Operations During the reporting period, the company balanced pandemic prevention and safe production and operations, experiencing a year-on-year decrease in aircraft movements and passenger throughput, a slight increase in cargo and mail throughput, and effectively controlled costs across various categories 2022 Semi-Annual Key Operational Data | Indicator | Current Period (Jan-Jun) | Prior Year Period (%) | | :--- | :--- | :--- | | Aircraft Movements | 13.24 10,000 movements | 72.1% | | Passenger Throughput | 1233.55 10,000 passengers | 57.4% | | Cargo and Mail Throughput | 99.32 10,000 tons | 102.9% | - The company enhanced service quality through its "Spring Breeze Service Brand Construction," achieving a joint first-place ranking in the ACI Q1 airport service quality assessment[23] - The company continued its cost reduction and efficiency improvement initiatives, effectively controlling and reducing expenses related to personnel, energy, procurement, maintenance, consumption, and travel[23] Key Operating Performance This section analyzes the changes in key financial statement items for the reporting period, where operating revenue declined due to the pandemic, but cost-saving policies led to reductions in operating costs, selling expenses, administrative expenses, and R&D expenses, while the asset-liability structure remained stable, with monetary funds and bonds payable increasing due to the issuance of ultra-short-term financing bonds (I) Analysis of Main Business Operating revenue decreased by 15.16% year-on-year due to the ongoing pandemic, but the company's cost-saving and efficiency-enhancing policies effectively controlled and reduced operating costs, selling expenses, administrative expenses, and R&D expenses, while finance costs slightly increased due to lower interest income 2022 Semi-Annual Financial Statement Related Item Changes | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,032,359,107.90 | 2,395,562,379.95 | -15.16 | Ongoing impact of the pandemic led to a decline in production and operating data | | Operating Cost | 2,462,346,239.12 | 2,617,475,284.37 | -5.93 | Implementation of cost reduction and efficiency improvement policies to cut expenses | | Selling Expense | 43,152,649.35 | 43,702,235.83 | -1.26 | Implementation of cost reduction and efficiency improvement policies to cut expenses | | Administrative Expense | 161,348,528.90 | 176,652,135.74 | -8.66 | Implementation of cost reduction and efficiency improvement policies to cut expenses | | Finance Expense | 56,741,493.88 | 54,409,394.08 | 4.29 | Interest income decreased compared to the prior year period | | R&D Expense | 12,273,517.65 | 13,819,604.21 | -11.19 | Implementation of cost reduction and efficiency improvement policies to cut expenses | | Net Cash Flow from Operating Activities | 166,837,065.95 | 348,335,314.11 | -52.10 | Decrease in cash received from sales of goods and provision of services | | Net Cash Flow from Investing Activities | -471,898,153.58 | -532,504,031.08 | (Decrease in outflow) | Investment progress was temporarily slowed by the pandemic in the first half of the year | | Net Cash Flow from Financing Activities | 894,446,156.81 | -68,991,883.00 | (Turned from outflow to inflow) | Primarily due to the issuance of ultra-short-term financing bonds | (III) Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets slightly increased, with monetary funds and bonds payable significantly rising due to the issuance of ultra-short-term financing bonds, while inventory grew due to the procurement of information project equipment, and fixed assets and construction in progress slightly decreased 2022 Semi-Annual Asset and Liability Status Changes | Item Name | End of Current Period Amount (Yuan) | Proportion of Total Assets at End of Current Period (%) | End of Prior Year Amount (Yuan) | Proportion of Total Assets at End of Prior Year (%) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,158,029,416.99 | 7.80 | 1,573,258,139.64 | 5.71 | 37.17 | Issuance of ultra-short-term financing bonds in current period | | Inventory | 97,856,001.94 | 0.35 | 68,040,485.72 | 0.25 | 43.82 | Procurement of information project equipment | | Bonds Payable | 1,000,000,000.00 | 3.61 | 0 | 0.00 | 100.00 | Issuance of ultra-short-term financing bonds in current period | | Total Assets | 27,674,281,064.39 | | 27,545,031,652.74 | | 0.47 | | (VI) Analysis of Major Holding and Associate Companies This section outlines the basic information of the company's major holding subsidiaries and associate companies, including registered capital, shareholding percentage, business scope, total assets, and net profit, noting that most subsidiaries incurred net losses during the reporting period, reflecting overall operational challenges Net Profit of Major Holding Subsidiaries and Associate Companies (Unit: 10,000 Yuan) | Company Name | Registered Capital (10,000 Yuan) | Shareholding (%) | Total Assets (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Baiyun International Airport Ground Handling Services Co., Ltd. | 10,000 | 51% | 35,103.94 | -2,629.15 | | Guangzhou Baiyun International Airport Business Travel Services Co., Ltd. | 1,500 | 100% | 19,745.31 | -4,539.46 | | Guangzhou Baiyun International Advertising Co., Ltd. | 3,000 | 100% | 186,747.99 | 5,616.54 | | Guangzhou Baiyun International Airport Lufthansa Airline Catering Co., Ltd. | 6,500 | 70% | 16,638.73 | -1,042.52 | | Guangzhou Baiyun International Airport Express Transportation Co., Ltd. | 5,000 | 75% | 10,056.85 | -2,816.19 | | Guangdong Airport Baiyun Information Technology Co., Ltd. | 4074.55 | 33.13% | 45,996.14 | 1,141.80 | | Guangzhou Baiyun International Airport Terminal 2 Management Co., Ltd. | 2,800 | 100% | 163,686.97 | 412.33 | | Guangzhou Baiyun Airport Equipment Technology Development Co., Ltd. | 2019.56 | 75% | 10,937.11 | 719.98 | | Guangdong Airport Group Logistics Co., Ltd. | 10,000 | 49% | 139,323.86 | 11,698.91 | | Guangdong Yitong Business Aviation Development Co., Ltd. | 5,000 | 28% | 26,559.04 | 345.04 | Other Disclosure Matters This section primarily highlights potential risks the company may face, including macroeconomic risks, industry policy risks, industry competition risks, and internal management and market response capability bottlenecks and challenges - The company faces multiple external risks, including macroeconomic factors, industry policies (government policy adjustments), and industry competition (impact from high-speed rail development)[34] - Internal challenges for the company include improving professional capabilities, work style, talent pipeline structure, and enhancing sensitivity, foresight, and response capabilities to market fluctuations[34] Corporate Governance This section covers shareholder meeting details, changes in directors, supervisors, and senior management, and profit distribution plans Brief Introduction to Shareholder Meetings This section discloses the date of the 2021 Annual General Meeting, the website where resolutions were published, and the disclosure date, noting that the meeting reviewed and approved reports from the Board of Directors and Supervisory Board, financial settlement reports, annual reports, profit distribution plans, and the appointment of audit firms - The company's 2021 Annual General Meeting was held on June 22, 2022, approving several key proposals, including the annual report and profit distribution plan[35][36] Changes in Directors, Supervisors, and Senior Management During the reporting period, Chairman Qiu Jiachen and Deputy General Manager Yu Hongcai resigned due to personal reasons, while Qi Yaoming and Zhang Jiancheng were appointed as Deputy General Managers Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Qiu Jiachen | Director, Chairman | Resigned | | Yu Hongcai | Deputy General Manager | Resigned | | Qi Yaoming | Deputy General Manager | Appointed | | Zhang Jiancheng | Deputy General Manager | Appointed | Profit Distribution or Capital Reserve Conversion Plan The company has no profit distribution or capital reserve conversion plan for the reporting period - The company has no profit distribution or capital reserve conversion plan for this reporting period[39] Environmental and Social Responsibility This section details the company's environmental performance, including pollution control measures, and efforts to reduce carbon emissions Environmental Information As a key pollutant-discharging entity, the company provides detailed information on its wastewater treatment plant operations, confirming that pollutant emission concentrations and total amounts comply with standards, with no exceedances, and that comprehensive emergency and self-monitoring plans are in place (I) Environmental Protection Status of Key Pollutant Discharging Units Baiyun Airport's wastewater treatment plant utilizes the "AAO" process, treating 3.5738 million tons of wastewater and disposing of 481.62 tons of dry sludge during the reporting period, with no exceedances; the company holds a valid pollutant discharge permit and has established emergency and self-monitoring plans Main Pollutant Emission Data (H1 2022) | Pollutant Name | Emission Concentration (mg/L) | Emission Volume (tons/half-year) | | :--- | :--- | :--- | | Chemical Oxygen Demand (CODcr) | 10.94 | 37.262 | | Ammonia Nitrogen (NH3-N) | 0.277 | 1.132 | | Total Nitrogen (as N) | 3.46 | 11.841 | | Total Phosphorus (as P) | 0.06 | 0.202 | - Baiyun Airport's wastewater treatment plant uses the "AAO" process, treating 3.5738 million tons of wastewater and disposing of 481.62 tons of dry sludge during the reporting period, with effluent quality meeting standards and no exceedances[43] - The company holds a valid pollutant discharge permit issued by the Guangzhou Ecological Environment Bureau, effective until December 31, 2026[46] - The company has filed the "Guangzhou Baiyun International Airport Co., Ltd. Airport Wastewater Treatment Plant Emergency Plan for Environmental Incidents," classified as a general risk source[47] (IV) Information on Ecological Protection, Pollution Prevention, and Environmental Responsibility Fulfillment The company actively promotes the "Civil Aviation Blue Sky Defense War" by accelerating the electrification of on-site vehicles, promoting the use of APU alternative facilities for aircraft at gates, and optimizing aircraft taxiing routes, thereby effectively reducing pollutant emissions - Since January 1, 2021, the company has achieved 100% electrification for new and updated on-site vehicles, except for special circumstances[51] - The utilization rate of APU alternative facilities for aircraft at gates remains at 100%, significantly reducing aircraft emissions during gate stays[51] (V) Measures and Effects of Carbon Emission Reduction During the Reporting Period The company continuously promotes green airport construction and enhances energy utilization efficiency to reduce carbon emissions through various measures, including improving operational management systems, adhering to intensive and economical principles (efficient chiller rooms, BMS optimization, LED lighting upgrades), and embracing ecological harmony (APU alternative facilities, solar PV, charging station construction, increased new energy vehicle proportion) - The company promotes integrated management of energy, environment, and carbon emissions, achieving "Internet of Everything" for green airport management[52] - Measures include constructing efficient chiller rooms, optimizing building control systems, creating green data centers, and comprehensively upgrading to LED energy-saving lighting to improve energy utilization efficiency[52] - Initiatives include promoting the construction and upgrade of APU alternative facilities, solar photovoltaic installations, charging stations, and increasing the proportion of new energy vehicles[52] Significant Matters This section covers the fulfillment of commitments, major lawsuits and arbitrations, integrity status, and significant related-party transactions Fulfillment of Commitments This section discloses the Airport Group's various commitments to the company, including the right to repurchase logistics company equity, resolution of land title defects, and profit forecast compensation for the Pullman and Novotel hotels, all of which were timely and strictly fulfilled during the reporting period - The Airport Group committed that the listed company would have a one-time right to repurchase logistics company equity within five years of the asset swap completion, which has been timely and strictly fulfilled[54] - The Airport Group committed to resolving title defects for the target properties (Pullman and Novotel hotels) and ensuring priority renewal of land lease agreements before expiration, which has been timely and strictly fulfilled[54] - The Airport Group committed to providing cash compensation for the actual net profit of the Pullman and Novotel hotels during the compensation period, which has been timely and strictly fulfilled[54] Major Lawsuits and Arbitrations During the reporting period, the company was involved in several major lawsuits and arbitration cases, involving substantial amounts, with some cases already ruled or judged, and others still pending 2022 Semi-Annual Major Lawsuits and Arbitrations | Plaintiff (Applicant) | Defendant (Respondent) | Type of Lawsuit/Arbitration | Amount Involved in Lawsuit/Arbitration (Yuan) | Progress | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Baiyun International Airport Terminal 2 Management Co., Ltd. | Wuhan Jiacheng Zhide Commercial Development Co., Ltd., Qiu Hao, Liu Fengxian, Dong Yanli | Arbitration | 150,908,662.08 | Ruled | | Guangzhou Baiyun International Airport Terminal 2 Management Co., Ltd. | Guangzhou Mingderui Investment Co., Ltd. | Lawsuit | 154,396,384.38 | Judged | | Guangzhou Mingderui Investment Co., Ltd. | Guangzhou Baiyun International Airport Terminal 2 Management Co., Ltd. | Lawsuit | 154,396,384.38 | Judged | | Guangzhou Di'an Airport Culture Communication Co., Ltd. | Guangzhou Baiyun International Advertising Co., Ltd. | Arbitration | 432,181,124.00 | Ruled | | CITIC Publishing Group Co., Ltd. | Guangzhou Baiyun International Airport Co., Ltd. | Arbitration | 17,851,700 | Accepted | Explanation of Integrity Status During the reporting period, the company and its controlling shareholder maintained good integrity, with no unfulfilled court judgments or overdue large debts - During the reporting period, the company and its controlling shareholder maintained good integrity, with no unfulfilled court judgments or overdue large debts[59] Significant Related-Party Transactions This section discloses the subsequent progress of the company's asset swap and related-party transaction, where the original performance commitment period has been adjusted to 2022-2024, with the original annual committed performance amounts remaining unchanged and the timeline extended - The performance commitment period for the company's asset swap and related-party transaction has been extended from 2020-2022 to 2022-2024, with the original committed performance amounts unchanged[60] Share Changes and Shareholder Information This section details changes in share capital and shareholder structure, including the total number of shares, restricted shares, and top shareholders Changes in Share Capital During the reporting period, there were no changes in the company's total share capital or share structure, and the Airport Group's 297,397,769 restricted shares were released - During the reporting period, there were no changes in the company's total share capital or share structure[64] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released During Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Date of Release | | :--- | :--- | :--- | :--- | :--- | :--- | | Airport Group | 297,397,769 | 297,397,769 | 0 | Non-public offering | 2022-5-5 | Shareholder Information As of the end of the reporting period, the company had 61,551 common shareholders, with Guangdong Airport Management Group Co., Ltd. being the largest shareholder, holding 57.20% of the shares - As of the end of the reporting period, the company had 61,551 common shareholders[66] Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at End of Period (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Guangdong Airport Management Group Co., Ltd. | 1,353,744,552 | 57.20 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 74,707,821 | 3.16 | Other | | Ping An An Ying Stock-type Pension Product - Bank of China Limited | 22,511,849 | 0.95 | Other | | Xintai Life Insurance Co., Ltd. - Traditional Products | 21,765,803 | 0.92 | Other | | Aberdeen Standard Investments (Asia) Limited - Aberdeen Standard - China A-Share Equity Fund | 20,491,168 | 0.87 | Overseas Legal Person | | Huaxia Life Insurance Co., Ltd. - Proprietary Funds | 19,718,245 | 0.83 | Other | | China Construction Bank Corporation - Hua An State-owned Enterprise Reform Theme Flexible Allocation Mixed Securities Investment Fund | 15,622,465 | 0.66 | Other | | Industrial and Commercial Bank of China Limited - Oriental Red Shanghai-Hong Kong-Shenzhen Flexible Allocation Mixed Securities Investment Fund | 14,204,800 | 0.60 | Other | | Norges Bank - Proprietary Funds | 13,704,139 | 0.58 | Overseas Legal Person | | Ping An Asset - Industrial and Commercial Bank - Ping An Asset Ruyi No. 28 Insurance Asset Management Product | 12,466,881 | 0.53 | Other | Preferred Share Related Information The company has no preferred share related information - The company has no preferred share related information[68] Bond Related Information The company has no corporate bonds, company bonds, or non-financial enterprise debt financing instruments - The company has no corporate bonds, company bonds, or non-financial enterprise debt financing instruments[69] - The company has no convertible corporate bonds[69] Financial Report This section presents the company's financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with accounting policies and notes Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[2] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, reflecting the financial position and operating results at the end of the reporting period Consolidated Balance Sheet As of June 30, 2022, the company's consolidated total assets were 27.674 billion Yuan, a slight increase from the beginning of the period, with a significant rise in monetary funds within current assets and a notable increase in bonds payable within non-current liabilities Key Consolidated Balance Sheet Data (End of Period) | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 2,158,029,416.99 | 1,573,258,139.64 | | Accounts Receivable | 1,371,222,805.11 | 1,272,619,920.66 | | Inventory | 97,856,001.94 | 68,040,485.72 | | Long-term Equity Investments | 602,512,086.92 | 544,836,300.73 | | Fixed Assets | 18,827,595,598.44 | 19,398,670,497.75 | | Construction in Progress | 590,474,462.42 | 688,824,404.30 | | Right-of-Use Assets | 1,966,270,038.42 | 2,075,805,551.84 | | Bonds Payable | 1,000,000,000.00 | 0 | | Lease Liabilities | 2,345,771,199.48 | 2,309,456,426.51 | | Owners' Equity Attributable to Parent Company | 17,786,024,559.48 | 18,313,274,402.02 | | Total Assets | 27,674,281,064.39 | 27,545,031,652.74 | | Total Liabilities | 9,613,947,584.11 | 8,944,058,011.55 | Parent Company Balance Sheet As of June 30, 2022, the parent company's total assets were 26.672 billion Yuan, a slight decrease from the beginning of the period, with monetary funds and bonds payable also showing significant increases Key Parent Company Balance Sheet Data (End of Period) | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 1,913,793,252.86 | 1,212,525,026.99 | | Accounts Receivable | 909,121,443.24 | 1,285,586,476.80 | | Long-term Equity Investments | 777,708,055.81 | 719,377,582.17 | | Fixed Assets | 18,477,106,026.52 | 19,011,486,901.84 | | Bonds Payable | 1,000,000,000.00 | 0 | | Total Liabilities | 10,760,945,952.59 | 10,495,221,256.82 | | Total Owners' Equity | 15,910,773,104.18 | 16,403,916,918.40 | | Total Assets | 26,671,719,056.77 | 26,899,138,175.22 | Consolidated Income Statement During the reporting period, the company's consolidated total operating revenue was 2.032 billion Yuan, a 15.16% year-on-year decrease, with both operating profit and net profit being negative and losses expanding year-on-year, reflecting severe operational challenges Key Consolidated Income Statement Data (Jan-Jun 2022) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,032,359,107.90 | 2,395,562,379.95 | | Total Operating Cost | 2,800,748,177.81 | 2,954,114,222.79 | | Operating Profit | -678,619,702.62 | -476,178,040.53 | | Total Profit | -678,250,370.10 | -472,305,707.87 | | Net Profit | -530,623,709.84 | -398,967,903.86 | | Net Profit Attributable to Parent Company Shareholders | -517,233,391.47 | -410,046,869.28 | | Basic Earnings Per Share (Yuan/share) | -0.22 | -0.17 | Parent Company Income Statement The parent company's income statement shows a year-on-year decrease in operating revenue and negative net profit with expanding losses, consistent with the trends observed in the consolidated financial statements Key Parent Company Income Statement Data (Jan-Jun 2022) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,561,038,892.51 | 1,767,607,191.55 | | Operating Profit | -644,373,513.06 | -438,714,831.61 | | Total Profit | -644,169,817.53 | -435,768,236.60 | | Net Profit | -483,127,363.15 | -328,394,816.89 | Consolidated Cash Flow Statement During the reporting period, net cash flow from operating activities significantly decreased by 52.10% year-on-year, investing cash outflow decreased, and net cash flow from financing activities turned positive, primarily due to the issuance of ultra-short-term financing bonds Key Consolidated Cash Flow Statement Data (Jan-Jun 2022) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 166,837,065.95 | 348,335,314.11 | -52.10 | | Net Cash Flow from Investing Activities | -471,898,153.58 | -532,504,031.08 | (Decrease in outflow) | | Net Cash Flow from Financing Activities | 894,446,156.81 | -68,991,883.00 | (Turned from outflow to inflow) | | Net Increase in Cash and Cash Equivalents | 589,395,977.35 | -253,162,949.62 | (Turned from decrease to increase) | Parent Company Cash Flow Statement The parent company's net cash flow from operating activities decreased year-on-year, investing cash outflow decreased, and net cash flow from financing activities turned positive, consistent with the trends observed in the consolidated financial statements Key Parent Company Cash Flow Statement Data (Jan-Jun 2022) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 274,053,598.01 | 379,510,714.86 | | Net Cash Flow from Investing Activities | -470,893,436.40 | -532,407,953.73 | | Net Cash Flow from Financing Activities | 898,097,156.09 | -9,399,069.67 | | Net Increase in Cash and Cash Equivalents | 701,268,225.87 | -162,298,658.19 | Consolidated Statement of Changes in Owners' Equity During the reporting period, total owners' equity attributable to the parent company decreased by 2.88%, primarily due to net losses Consolidated Statement of Changes in Owners' Equity (Jan-Jun 2022) | Item | Beginning of Period Balance (Yuan) | Change Amount for Current Period (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 18,313,274,402.02 | -527,249,842.54 | 17,786,024,559.48 | | Minority Interests | 287,699,239.17 | -13,390,318.37 | 274,308,920.80 | | Total Owners' Equity | 18,600,973,641.19 | -540,640,160.91 | 18,060,333,480.28 | Parent Company Statement of Changes in Owners' Equity The parent company's total owners' equity decreased, primarily due to net losses, consistent with the trends observed in the consolidated financial statements Parent Company Statement of Changes in Owners' Equity (Jan-Jun 2022) | Item | Beginning of Period Balance (Yuan) | Change Amount for Current Period (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 16,403,916,918.40 | -493,143,814.22 | 15,910,773,104.18 | Company Basic Information This section describes the company's establishment background, share capital evolution history, registered capital, domicile, business scope, and clarifies the scope of consolidated financial statements for the current period - The company was registered on September 19, 2000, jointly initiated by Guangzhou Baiyun International Airport Group Company and four other enterprises[90] - After multiple share issuances and transfers, as of September 2020, the total share capital was 2,366,718,283 shares, with a registered capital of 2,366.718283 million Yuan[90][91] - The company's business scope is broad, covering aviation services, transportation, warehousing, aviation facility use, maintenance, agency, commercial leasing, advertising, and hotels[91][92] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant regulations from the China Securities Regulatory Commission - Financial statements are prepared on a going concern basis, complying with enterprise accounting standards and CSRC's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports"[94] Significant Accounting Policies and Estimates This section details the company's adherence to enterprise accounting standards, accounting period, operating cycle, functional currency, business combination accounting, consolidated financial statement preparation, joint arrangement classification, cash and cash equivalents, foreign currency transactions and translation, financial instruments, notes receivable, accounts receivable, inventories, contract assets, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, right-of-use assets, intangible assets, long-term deferred expenses, contract liabilities, employee benefits, lease liabilities, provisions, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases, outlining important accounting policies and estimates - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[97] - Financial instruments are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[109] - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, using either over-time or point-in-time recognition based on the nature of the performance obligation[159][160][161] - Fixed assets are depreciated using the straight-line method, with depreciation periods of 8-40 years for buildings, 10-15 years for machinery, 6 years for transportation equipment, and 4-9 years for other equipment[132] Taxation This section lists the company's main tax types and rates, and details various tax incentives, including VAT exemptions, additional deductions, corporate income tax benefits, and property tax reductions Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13, 9, 6, 5, 3, 0 | | Urban Maintenance and Construction Tax | Actually paid VAT and consumption tax | 7 | | Corporate Income Tax | Taxable income | 25, 15 | | Education Surcharge | Actually paid VAT and consumption tax | 3 | | Local Education Surcharge | Actually paid VAT and consumption tax | 2 | | Property Tax | Rental income | 12 | | Property Tax | 70% of original value of buildings | 1.2 | - The company enjoys multiple tax incentives, including VAT exemption for logistics auxiliary services sold to overseas entities and a 15% additional deduction for VAT on lifestyle services[185] - Subsidiary Guangdong Airport Baiyun Information Technology Co., Ltd. enjoys a 15% corporate income tax preferential rate, valid until December 31, 2022[185] - Baiyun Airport Phase II project enjoys corporate income tax incentives for key publicly supported infrastructure projects, with a three-year exemption followed by a three-year 50% reduction, starting from 2018[186][187] Notes to Consolidated Financial Statements This section provides detailed notes and explanations for various consolidated financial statement items, including assets, liabilities, owners' equity, revenue, costs, and expenses, covering period-end balances, beginning balances, period changes, and related accounting treatments Restricted Monetary Funds (End of Period) | Item | End of Period Balance (Yuan) | | :--- | :--- | | Credit Guarantee Deposits | 5,659,779.00 | | Performance Guarantee Deposits | 1,762,026.00 | | Total | 7,421,805.00 | - At the end of the reporting period, the top five accounts receivable accounted for 59.61% of the total accounts receivable, with Guangzhou Di'an Airport Culture Communication Co., Ltd. having the largest balance[197] - At the end of the reporting period, the book value of buildings, runways, and aprons for which property certificates had not been obtained totaled 12.707 billion Yuan, primarily due to the land being leased from the Airport Group[218] Changes in Bonds Payable (H1 2022) | Bond Name | Face Value (Yuan) | Issue Date | Bond Term | Issue Amount (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Baiyun International Airport Co., Ltd. 2022 First Tranche Ultra-Short-Term Financing Bonds | 100 | 2022.06.28 | 180 days | 1,000,000,000.00 | 1,000,000,000.00 | Changes in Consolidation Scope During the reporting period, the company experienced no non-same control business combinations, same control business combinations, reverse acquisitions, or disposals of subsidiaries resulting in loss of control - During the reporting period, there were no significant changes in the company's consolidation scope[306][307] Interests in Other Entities This section discloses the company's interests in subsidiaries, joint ventures, and associates, including the enterprise group's composition, key financial information of important non-wholly-owned subsidiaries, and important associate companies - The company owns several wholly-owned or controlling subsidiaries, with businesses covering ground handling services, business travel services, advertising, airline catering, transportation, equipment technology development, and terminal area management[309] - The shareholding in Guangdong Airport Baiyun Information Technology Co., Ltd. decreased from 45% to 33.13%, but control was not lost[309] Minority Shareholder Profit/Loss and Equity of Important Non-Wholly-Owned Subsidiaries (H1 2022) | Subsidiary Name | Minority Shareholding (%) | Profit/Loss Attributable to Minority Shareholders for Current Period (Yuan) | Minority Interests Balance at End of Period (Yuan) | | :--- | :--- | :--- | :--- | | Guangzhou Baiyun International Airport Ground Handling Services Co., Ltd. | 49.00 | -12,882,841.94 | 72,121,152.38 | | Guangzhou Baiyun Airport Equipment Technology Development Co., Ltd. | 25.00 | 1,799,951.22 | 19,895,479.29 | | Guangzhou Baiyun International Airport Lufthansa Airline Catering Co., Ltd. | 30.00 | -3,127,557.01 | 7,587,980.02 | | Guangzhou Baiyun International Airport Express Transportation Co., Ltd. | 25.00 | -7,040,472.45 | -12,257,448.16 | | Guangdong Airport Baiyun Information Technology Co., Ltd. | 66.87 | 7,635,241.13 | 187,166,947.09 | - Guangdong Airport Group Logistics Co., Ltd. is an important associate of the company, accounted for using the equity method[316][318] Risks Related to Financial Instruments This section analyzes the company's exposure to credit risk, liquidity risk, and market risk (including interest rate risk, foreign currency risk, and other price risks), and outlines the policies adopted to manage these risks - The company's main financial instruments include monetary funds, accounts receivable, and other receivables, exposing it to credit risk, market risk (interest rate risk, foreign currency risk, other price risks), and liquidity risk[322] - Credit risk primarily arises from bank deposits and receivables, which the company manages by depositing funds with state-owned banks and ensuring regular settlements with third-party regulatory agencies[323] - Liquidity risk is managed by continuously monitoring cash balances, marketable securities, and 12-month cash flow forecasts to ensure sufficient funds are available to meet debt obligations[325] - Interest rate risk mainly stems from long-term borrowings, with the company's policy being 100% fixed-rate borrowings for external debt, while foreign currency risk is minimal[326][327] Disclosure of Fair Value This section discloses the fair value of assets and liabilities measured at fair value at the end of the reporting period, primarily other equity instrument investments, and explains the basis for determining market prices for Level 1 fair value measurement items Fair Value of Assets Measured at Fair Value (End of Period) | Item | Level 1 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 129,675,345.10 | 129,675,345.10 | - The company's recurring Level 1 fair value measurement item is its investment in Everbright Bank shares, with the closing price at the end of the reporting period used as the market price determination basis[330] Related Parties and Related Party Transactions This section details the company's parent company, other related parties, and related-party transactions during the reporting period, including purchases/sales of goods, provision/acceptance of services, related-party leases, and key management personnel compensation, along with revenue allocation and settlement agreements, entrusted construction management, and project payment arrangements 1、Parent Company Information The company's parent company is Guangdong Airport Management Group Co., Ltd., with the ultimate controlling party being the People's Government of Guangdong Province Parent Company Basic Information | Parent Company Name | Registered Address | Registered Capital (10,000 Yuan) | Shareholding (%) | Voting Rights (%) | | :--- | :--- | :--- | :--- | :--- | | Guangdong Airport Management Group Co., Ltd. | Guangzhou Airport Road | 350,000 | 57.20 | 57.20 | 5、Related Party Transactions During the reporting period, the company engaged in various related-party transactions, including purchases and sales of goods, provision and acceptance of services, and leasing transactions; specifically, the company paid security service fees and departure system maintenance fees to related parties, provided services to related parties, and, as a lessee, leased land and outdoor advertising usage rights from Guangdong Airport Management Group Co., Ltd., and office space from Guangdong Airport Property Co., Ltd Related Party Transactions for Purchase of Goods/Acceptance of Services (H1 2022) | Related Party | Related Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Guangdong Airport Security Services Co., Ltd. | Security service fees | 20,905,650.31 | 36,957,721.66 | | Guangzhou Airport Hangyi Information Technology Co., Ltd. | Departure system maintenance fees | 11,741,981.19 | 11,528,301.87 | | Other subsidiaries of Guangdong Airport Management Group Co., Ltd. | Acceptance of services | 6,263,702.46 | 3,924,727.98 | Related Party Transactions for Provision of Services (H1 2022) | Related Party | Related Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Guangdong Airport Group Logistics Co., Ltd. | Provision of services | 15,338,313.33 | 15,180,063.73 | | Guangdong Yitong Business Aviation Development Co., Ltd. | Provision of services | 3,112,071.64 | 2,280,864.43 | | Guangzhou Newco Aerospace Technology Co., Ltd. | Provision of services | 3,557,544.04 | 2,276,333.25 | Related Party Leases (Company as Lessee, H1 2022) | Lessor Name | Type of Leased Asset | Rent Paid for Current Period (Yuan) | Lease Liability Interest Expense for Current Period (Yuan) | | :--- | :--- | :--- | :--- | | Guangdong Airport Management Group Co., Ltd. | Land Lease | 95,600,410.05 | 62,607,260.05 | | Guangdong Airport Property Co., Ltd. | Office Space Lease | 8,477,838.60 | 1,272,158.63 | - The company signed a revenue allocation and settlement agreement with Guangdong Airport Management Group Co., Ltd., defining the revenue split for core aviation businesses, with passenger service fees 100% owned by the company after the asset swap on February 29, 2020[344] - The company entrusted Guangdong Civil Aviation Airport Construction Co., Ltd. to manage the construction of the Guangzhou Baiyun International Airport Expansion Project, with management fees calculated on a progressive basis according to project cost[345] 6、Receivables and Payables from Related Parties This section lists the period-end balances of the company's accounts receivable, prepayments, other receivables, accounts payable, other payables, advances from customers, and contract liabilities with related parties Related Party Accounts Receivable End of Period Balance (Yuan) | Related Party | End of Period Book Balance | Provision for Bad Debts | | :--- | :--- | :--- | | Guangdong Airport Group Logistics Co., Ltd. | 61,851,664.18 | 3,092,583.23 | | Guangdong Airport Management Group Co., Ltd. Engineering Construction Command | 3,318,962.21 | 165,948.12 | | Guangdong Yitong Business Aviation Development Co., Ltd. | 2,103,632.51 | 325,057.87 | Related Party Accounts Payable End of Period Balance (Yuan) | Related Party | End of Period Book Balance | | :--- | :--- | | Guangdong Airport Management Group Co., Ltd. | 101,037,568.29 | | Guangzhou Airport Hangyi Information Technology Co., Ltd. | 6,186,016.69 | | Guangdong Airport Security Services Co., Ltd. | 8,936,961.96 | 7、Related Party Commitments This section discloses several significant land and asset lease contracts between the company and the Airport Group, clearly defining the lease terms, annual rent calculation methods, and total amounts - The company has signed multiple asset lease contracts with the Airport Group, including for the North Taxiway System, Southeast Apron, Third Runway land use rights, Phase I land use rights (excluding runway land), and Terminal 2 and its apron land use rights[349][350] - Lease terms commenced from 2014 or 2015, with some contracts extending until 2033, and annual rents adjusted based on changes in take-off/landing service revenue or passenger throughput[349][350][351] Commitments and Contingencies During the reporting period, the company had no significant commitments or contingencies requiring disclosure - The company has no significant commitments or contingencies requiring disclosure[351] Other Significant Matters This section discloses the company's participation in the Guangdong Airport Management Group Co., Ltd. enterprise annuity plan and provides detailed financial information by operating segment, including revenue, costs, assets, liabilities, and net profit for nine reporting segments 4、Annuity Plan The company and its subsidiaries have participated in the Guangdong Airport Management Group Co., Ltd. enterprise annuity plan since 2007, contributing a fixed percentage of the previous year's total wages - The company and its subsidiaries have participated in the Guangdong Airport Management Group Co., Ltd. enterprise annuity plan since 2007, contributing a fixed percentage of the previous year's total wages[353] 6、Segment Information The company has identified nine reporting segments based on its internal organizational structure and management requirements: aviation services, catering services, ground transportation, VIP services, ground handling, advertising, information technology services, equipment maintenance services, and others, and has disclosed their respective financial information - The company has identified nine reporting segments, including aviation services, catering services, ground transportation, VIP services, ground handling, advertising, information technology services, equipment maintenance services, and others[355] Financial Information by Reporting Segment (H1 2022) | Item | Aviation Services | Ground Handling Services | Advertising Business | Ground Transportation Services | VIP Services | Catering Services | Information Technology | Equipment Maintenance | Other | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 1,766,237,868.44 | 209,429,790.45 | 397,527,756.00 | 60,245,251.39 | 79,408,092.06 | 46,611,657.99 | 96,877,777.89 | 74,423,819.50 | 85,925,476.05 | | Operating Cost (Yuan) | 2,246,528,773.32 | 222,730,141.48 | 261,427,566.46 | 94,553,376.69 | 107,783,804.64 | 49,141,436.07 | 70,245,154.46 | 57,502,640.86 | 131,952,876.72 | | Net Profit (Yuan) | -488,610,065.64 | -26,291,514.17 | 111,955,578.62 | -28,161,889.79 | -45,394,637.04 | -10,425,190.04 | 11,418,036.69 | 7,199,804.86 | -46,184,181.05 | Notes to Parent Company Financial Statement Major Items This section provides detailed notes for the parent company's financial statement items such as accounts receivable, other receivables, and long-term equity investments, including aging disclosure, bad debt provision, top five debtors by period-end balance, and investment income - Among the top five accounts receivable for the parent company, Guangzhou Baiyun International Airport Terminal 2 Management Co., Ltd. has the largest balance, accounting for 35.91% of the total accounts receivable at period-end[363] Parent Company Long-Term Equity Investments (End of Period) | Item | Book Balance (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | | Investments in Subsidiaries | 278,888,332.05 | 278,888,332.05 | | Investments in Associates and Joint Ventures | 498,819,723.76 | 498,819,723.76 | | Total | 777,708,055.81 | 777,708,055.81 | Parent Company Investment Income (H1 2022) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using the equity method | 58,330,473.64 | 59,417,854.74 | | Dividend income from other equity instrument investments held during the period | 8,659,383.51 | | | Total | 66,989,857.15 | 59,417,854.74 | Supplementary Information This section provides supplementary information, including a detailed statement of non-recurring gains and losses, and net asset return rates and earnings per share 2022 Semi-Annual Non-Recurring Gains and Losses Details | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 189,052.31 | | Government grants recognized in current profit or loss | 27,919,875.28 | | Other non-operating income and expenses apart from the above | 369,332.52 | | Less: Income tax impact | 2,881,232.91 | | Impact on minority interests (after tax) | 6,930,380.02 | | Total | 18,666,647.18 | 2022 Semi-Annual Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan) | Diluted Earnings Per Share (Yuan) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | -2.87 | -0.22 | -0.22 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | -2.97 | -0.23 | -0.23 |