SIA(SH:600009) Xin Lang Cai Jing·2025-08-31 10:34Core Viewpoint - The company reported a revenue of 6.353 billion yuan for the first half of 2025, reflecting a year-on-year increase of 4.8%, while the net profit attributable to shareholders reached 1.044 billion yuan, up 28.1% year-on-year. The growth in non-aeronautical revenue remains under pressure, particularly in the duty-free segment, which requires further observation for recovery [1][3][4]. Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 3.181 billion yuan, marking a 4.8% increase year-on-year, with a net profit of 525 million yuan, up 22.4% year-on-year [1][2]. - For the first half of 2025, the total passenger throughput at Pudong and Hongqiao airports reached 65.76 million, a year-on-year increase of 8.9%, with aeronautical revenue at 2.916 billion yuan, up 8.4% [3][4]. - The company's operating costs for the first half of 2025 were 4.676 billion yuan, a decrease of 0.3%, leading to a gross profit of 1.677 billion yuan, which increased by 22.3% [4]. Group 2: Non-Aeronautical Business - Non-aeronautical revenue for the first half of 2025 was 3.437 billion yuan, showing only a 1.9% increase, with duty-free supplementary agreement revenue declining to 628 million yuan, down 0.2 million yuan [3][4]. - The company is focusing on enhancing the monetization potential of non-aeronautical services, including retail and dining, as the duty-free segment continues to face challenges [1][4]. Group 3: Future Outlook and Valuation - The company anticipates steady growth in airport traffic, although it is still recovering from the impacts on its duty-free business. The potential for revenue generation from non-aeronautical services remains a key area for future growth [1][4]. - The profit forecasts for 2025-2027 have been adjusted downwards due to slow growth in non-aeronautical revenue, with projected net profits of 2.195 billion, 2.686 billion, and 3.071 billion yuan respectively [5].