Core Viewpoint - Meilan Airport reported a total revenue of RMB 1.079 billion in the first half of 2025, a year-on-year decrease of 6.3%, with a net loss attributable to shareholders of approximately RMB 70.2024 million, narrowing by 71.7% compared to the previous year [1][2] Revenue Analysis - The aviation business revenue decreased to RMB 576 million, down 4.64% year-on-year, influenced by a decline in business volume [2] - Despite the overall decline in aviation-related income, the special operating rights revenue increased by 2.51% to RMB 243 million due to enhanced advertising rights [2] - Non-aviation revenues from hotels, VIP services, and rentals also saw a decline due to reduced business volume [2] Operational Performance - In the first half of 2025, Meilan Airport recorded 95,500 aircraft movements, a decrease of 3.43% year-on-year, with domestic movements dropping by 3.86% to 89,700 [1] - Passenger throughput totaled 13.907 million, down 4.05% from 14.494 million in the same period last year, with domestic passenger numbers decreasing by 4.87% [1] - International and regional routes showed growth, with passenger numbers increasing by 15.53% to 675,600 [1] Cargo and Mail Performance - Total cargo and mail throughput remained stable at 116,700 tons, a slight increase of 0.29% year-on-year [1] - Domestic cargo volume decreased by 0.73% to 106,100 tons, while international and regional cargo volume increased by 11.84% to 10,600 tons [1] Future Outlook - The acquisition of Meilan Airport's controlling stake by Hainan Airport is expected to enhance competitive strength through unified operations of the three major international airports in Hainan [3] - The commencement of Hainan Free Trade Port operations in December 2025 is anticipated to provide policy benefits and accelerate the development of an international hub [3] - Profit forecasts for 2025-2026 have been adjusted downwards due to underperformance in business volume, with new profit estimates of RMB 92 million and RMB 268 million respectively [3] - The 2027 profit forecast is projected at RMB 529 million, with a valuation basis of 18.7x PE, which remains below the industry average of 28x [3]
美兰空港(00357.HK)：25H1净亏损同比收窄 封关运作后优势可期