GBIAC(SH:600004) Zheng Quan Zhi Xing·2025-09-01 16:09Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. is responding to the Shanghai Stock Exchange's inquiry regarding its application for a specific stock issuance, emphasizing the necessity and reasonableness of the proposed fundraising amount of up to 1.6 billion yuan to enhance liquidity and support ongoing operations and capital expenditures [1][18]. Financing Scale - The company plans to raise a total of 1.6 billion yuan, which will be used entirely to supplement working capital after deducting issuance costs [1][18]. - As of June 30, 2025, the company had a cash balance of approximately 573 million yuan, with a liquidity ratio of 1.16 and a quick ratio of 1.14, indicating slight liquidity pressure compared to other A-share listed airport companies [1][2][18]. - Post-fundraising, the liquidity ratio and quick ratio are expected to improve to 1.42 and 1.40, respectively [2][18]. Financial Needs Assessment - The company estimates a total funding gap of approximately 201.77 million yuan over the next three years, considering existing cash reserves, future cash inflows, and capital expenditures [1][18]. - The projected cash flow from operations over the next three years is estimated at approximately 710.23 million yuan, with a minimum cash reserve requirement of about 329.27 million yuan [1][4][18]. - Future capital expenditures are projected to be around 325.34 million yuan, alongside other payment obligations totaling approximately 360.62 million yuan [1][18]. Revenue and Profitability - The company's revenue for the reporting periods was 518.02 million yuan, 397.10 million yuan, 643.09 million yuan, and 530.05 million yuan, with net profits fluctuating significantly due to market conditions [1][20]. - The gross profit margin has shown variability, with a notable recovery in 2023 and continued growth into 2024 and 2025, driven by increased passenger throughput and operational efficiency [1][20][24]. Market Environment - The global aviation market is recovering, with IATA reporting a 36.9% increase in global passenger traffic in 2023, and a projected 10.4% growth in 2024 [5][24]. - The Chinese civil aviation sector is also experiencing growth, with passenger throughput reaching approximately 125.98 million in 2023, a 142.2% increase year-on-year [24]. Investment and Future Projects - The company has several ongoing and planned projects requiring significant investment, with a total expected expenditure of approximately 288.94 million yuan for key infrastructure upgrades [1][18]. - The company aims to enhance its operational capabilities and service offerings to support the development of the Guangdong-Hong Kong-Macao Greater Bay Area's world-class airport cluster [3][18].