Hainan Airport Infrastructure(SH:600515) Zheng Quan Shi Bao Wang·2025-08-25 11:52Core Viewpoint - Hainan Airport reported stable operational performance and significant growth in passenger throughput, with plans to enhance its market position through strategic acquisitions and the development of an international aviation hub [1][2][3][4][5][6]. Financial Performance - In the first half of 2025, Hainan Airport achieved operating revenue of 2.311 billion yuan and a net profit attributable to shareholders of 128 million yuan [1]. - As of June 30, 2025, total assets amounted to 52.943 billion yuan, with net assets of 23.513 billion yuan and a debt-to-asset ratio of 51.39%, reflecting a decrease of 0.78 percentage points from the beginning of the period [1]. Operational Highlights - The company managed 9 airports, facilitating 84,500 flight takeoffs and landings, and serving 13.3711 million passengers in the first half of 2025 [2]. - Sanya Phoenix International Airport recorded 70,000 flight takeoffs and landings, with a passenger throughput of 11.8138 million, marking year-on-year increases of 11.59% and 8.49%, respectively [2]. Strategic Acquisitions - On June 27, 2025, the shareholders approved the acquisition of controlling interest in Meilan Airport, which is expected to enhance revenue and asset scale, potentially creating a large airport operating group with an annual passenger throughput exceeding 50 million [2]. Development of International Hub - The full closure operation of Hainan Free Trade Port is set to commence on December 18, 2025, with key projects at Sanya Phoenix Airport and Qionghai Boao Airport completed [3]. - In the first half of 2025, the outbound passenger throughput from Hainan exceeded 1.12 million, a year-on-year increase of 34.5%, with Sanya Phoenix Airport alone transporting approximately 444,000 outbound passengers [3]. Future Plans - Hainan Airport aims to leverage the open air rights policy of the Free Trade Port to enhance route development towards Europe, Australia, Southeast Asia, and the Middle East, thereby stimulating the local tourism market [4]. - The company is actively involved in the development of the Haikou Jiangdong New District and plans to establish a demonstration base for aviation logistics and processing industries [5]. Low-altitude Economy Initiatives - Hainan Airport is committed to a "de-real estate" strategy and is responding to the Hainan Province's three-year action plan for low-altitude economic development [5]. - The acquisition of Hainan General Aviation Flight Service Station, the first in China to receive dual certification, positions the company to capitalize on low-altitude economic opportunities [5].