GBIAC(SH:600004) Xin Lang Cai Jing·2025-09-01 12:33Core Viewpoint - The response from Lixin Certified Public Accountants regarding the inquiry from the Shanghai Stock Exchange provides critical insights into the operational status and development plans of Guangzhou Baiyun International Airport Co., Ltd, particularly focusing on financing scale, business operations, and financial investments [1] Financing Scale Reasonableness Analysis - The total amount to be raised by Baiyun Airport through the issuance to specific targets is expected to not exceed 160 million yuan, which will be used entirely to supplement working capital after deducting issuance costs [2] - As of June 30, 2025, the company's unaudited cash balance is 573.08 million yuan, with 571.02 million yuan available for use, indicating a liquidity pressure as the current and quick ratios are slightly above 1 but below the industry average [2] - The estimated funding gap over the next three years is 201.77 million yuan, considering existing cash balances, minimum cash reserve requirements, future cash inflows and outflows, and capital expenditures, making the financing scale aligned with the company's actual development needs [2] Business and Operational Conditions - Baiyun Airport's operating revenue, net profit, and gross margin experienced a significant decline in 2022 but showed signs of recovery in 2023, with continuous growth projected for 2024 and the first half of 2025, primarily due to market environment changes and the recovery of the global aviation industry [3] - The company's cost structure has a relatively rigid nature, impacting profitability, but the trends in operating revenue, gross margin, and net profit excluding non-recurring items are consistent with comparable companies in the industry [3] - The accounts receivable aging is generally short, with the top ten customers matching the top ten sales customers, although some differences exist due to customer credit situations and settlement cycles [3] Financial Investment Situation - As of June 30, 2025, the company holds financial investments in other equity instruments, specifically listed company stocks, accounting for 0.95% of the net assets attributable to the parent company, with no significant financial investments being made recently [4] - The company is involved in three litigation/arbitration cases with a total amount of 61.95 million yuan, with some cases still under review and others having been adjudicated, but it has not recognized any provisions for these cases, indicating no significant impact on financial status [4] - The inventory value and its proportion of current assets are low, with no impairment indications found except for a provision made for unsold expired wine in 2021, and the inventory impairment provision is consistent with industry peers [4]