上海机场(600009) - 2021 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,803,863,038.32, a decrease of 26.97% compared to the same period last year[15]. - The net profit attributable to shareholders of the listed company was a loss of CNY 740,717,531.86, compared to a loss of CNY 385,786,191.82 in the previous year[15]. - The basic earnings per share for the first half of 2021 was -CNY 0.38, compared to -CNY 0.20 in the same period last year[16]. - The weighted average return on net assets was -2.57%, a decrease of 1.36 percentage points compared to the previous year[16]. - The company reported a total comprehensive income of CNY -428,746,358.72 for the first half of 2021[90]. - The total profit for the first half of 2021 was a loss of approximately ¥1.06 billion, compared to a loss of ¥514.76 million in the same period of 2020[80]. - The total comprehensive income for the period was a loss of RMB 740.72 million, reflecting a significant decline in performance[87]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 190,127,940.92, a significant improvement from a negative cash flow of CNY 639,091,204.22 in the same period last year[15]. - The cash flow from financing activities saw a substantial increase to CNY 3,447,961,923.52, compared to a negative CNY 4,461,667.42 in the previous year[24]. - The company raised ¥8,000,000,000.00 through borrowings, contributing to a net cash flow from financing activities of ¥3,447,961,923.52, a turnaround from a net outflow of -¥4,461,667.42 in the previous year[85]. - Cash and cash equivalents at the end of the reporting period amounted to 10,771,987,492.44 CNY, a 40.71% increase from the previous year[31]. - The company reported a significant reduction in short-term borrowings and other current liabilities, reflecting improved liquidity[161]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 52,270,504,430.57, an increase of 57.43% compared to the end of the previous year[15]. - Total liabilities increased to 23,635,348,858.67 yuan, compared to 3,643,284,563.25 yuan at the end of the previous year, indicating a substantial rise in financial obligations[74]. - The company's equity attributable to shareholders decreased to 28,474,757,708.74 yuan from 29,215,475,240.60 yuan, reflecting a decline in retained earnings[74]. - The company reported a loan repayment rate of 100%, indicating effective management of its debt obligations[71]. - The asset-liability ratio increased by 312.22% to 45.22% from 10.97% at the end of the previous year, mainly due to the implementation of new leasing standards and the issuance of short-term financing bonds[71]. Operational Metrics - In the first half of 2021, the company achieved a total of 190,016 aircraft takeoffs and landings, a year-on-year increase of 36.64%[21]. - Passenger throughput reached 18.25 million, representing a year-on-year growth of 49.45%[21]. - Cargo and mail throughput was 212.59 thousand tons, with a year-on-year increase of 24.39%[21]. - Domestic passenger transport volume reached 1.75 million, up 118.30% year-on-year, while international passenger transport volume decreased by 90.26%[22]. - The average flight release rate was 90.04%, an increase of 2.75% year-on-year, ranking 9th among 22 major airports in China[21]. Investment and Growth Plans - The company plans to issue shares to acquire 100% equity of Shanghai Hongqiao International Airport and related assets, along with a private placement for additional funding[23]. - The company plans to invest 200 million CNY in the first phase of the airport aviation industry development equity investment fund[34]. - The company is actively enhancing its hub operations and expanding its service offerings to improve passenger experience[19]. Risks and Challenges - The company faces significant macroeconomic risks due to the ongoing global pandemic, which has led to suppressed social demand and uneven economic recovery[38]. - The airline industry is heavily influenced by government policies, creating uncertainty for the company's future performance[38]. - Competition from other transportation modes, particularly high-speed rail, poses a risk to air travel demand[38]. - The international pandemic situation remains a major uncertainty affecting the recovery of the airline market, with global passenger demand continuing to be low[38]. Shareholder Information - The total number of ordinary shareholders reached 342,373 by the end of the reporting period[61]. - The largest shareholder, Shanghai Airport (Group) Co., Ltd., holds 1,026,177,895 shares, representing 53.25% of total shares[63]. - The company has a total of 833,482,051 restricted shares that will become tradable on March 2, 2022[65]. - The company has voluntarily locked up 833,482,051 shares with limited sale conditions for an additional year starting from March 2, 2021[51]. Accounting and Financial Reporting - The financial statements were prepared in accordance with the accounting standards issued by the Ministry of Finance of China[94]. - The company has maintained its ability to continue as a going concern for at least 12 months from the reporting date[93]. - The company recognizes investment income from equity investments held prior to the acquisition date based on fair value adjustments at the acquisition date[99]. - The company applies the equity method for investments in joint ventures, recognizing its share of assets, liabilities, and income[100]. Inventory and Receivables - The company’s inventory increased to 19,349,772.27 yuan from 17,184,783.32 yuan, suggesting a rise in stock levels[72]. - The total accounts receivable balance increased to CNY 15,374,753.42, up from CNY 13,351,514.13 at the end of the previous year, representing a growth of approximately 15.1%[185]. - The provision for bad debts amounted to CNY 1,344,151.13, with a provision ratio of 8.74% for the total accounts receivable[184]. Depreciation and Asset Management - The company uses the straight-line method for depreciation of fixed assets, with depreciation rates varying by asset category and estimated useful life[123]. - The accumulated depreciation at the end of the period was ¥12,878,113,199.93, compared to ¥12,280,212,849.05 at the beginning of the period, indicating an increase of approximately 4.9%[200]. - The company continues to focus on optimizing its asset base while managing depreciation and disposals effectively[200].