业绩短期波动不改长期价值，海南机场仍需耐心“静待花开”

Core Viewpoint - Hainan Airport's performance shows signs of recovery in the first half of 2025, driven by stable core business development and positive future expectations, including the upcoming closure of the Hainan Free Trade Port and the acquisition of Meilan Airport [1][11][15]. Financial Performance - In the first half of 2025, Hainan Airport achieved operating revenue of 2.311 billion yuan, a year-on-year increase of 2.66% [1][11]. - The total profit for the period was 180 million yuan, with a net profit attributable to shareholders of 128 million yuan [1]. Business Segments - The company's main business segments include airport management, duty-free and commercial operations, real estate, property management, and others. Non-real estate businesses contributed over 62% of total revenue [8][12]. - Airport management generated revenue of 978 million yuan, duty-free and commercial operations brought in 107 million yuan, and property management contributed 360 million yuan [8]. Strategic Transformation - Hainan Airport is actively pursuing a "de-real estate" strategy, gradually exiting traditional real estate development to focus on sustainable profit-generating businesses [8][9]. - The company is enhancing its airport management business through the acquisition of a 50.19% stake in Meilan Airport for 2.339 billion yuan, which will allow for integrated operations across three major airports on Hainan Island [10][11]. Future Growth Drivers - The completion of key projects related to the Hainan Free Trade Port is expected to provide significant support for Hainan Airport's growth, with the potential to establish it as a world-class aviation hub [15][16]. - The expansion of international routes and the increase in passenger traffic, particularly from Europe, are anticipated to further boost the airport's performance [12][18]. Long-term Value - Despite short-term performance fluctuations, the long-term investment value of Hainan Airport is becoming increasingly solid due to the steady growth of non-real estate businesses and the rapid expansion of international routes [11][17]. - The upcoming closure of the Hainan Free Trade Port is expected to enhance the airport's hub status and flow value, benefiting various business segments [16][18].