BEIJING AIRPORT(HK:00694) Ge Long Hui·2025-09-05 20:02Group 1 - The company achieved a revenue of 2.755 billion yuan in the first half of 2025, representing a year-on-year growth of 2.6%, with aviation revenue at 1.345 billion yuan, up 4.6%, and non-aviation revenue at 1.410 billion yuan, up 0.8% [1] - The company's net loss after tax was 164 million yuan, a significant reduction from a loss of 376 million yuan in the same period last year [1] - Passenger throughput reached 34.17 million, a year-on-year increase of 4.5%, with international passenger throughput growing by 21.3%, increasing its share from 17.4% to 20.2% [1] Group 2 - Non-aviation revenue was 1.410 billion yuan, with a slight year-on-year increase of 0.8%, while franchise income decreased by 4.5% to 749 million yuan [2] - Advertising revenue fell by 3.5% to 343 million yuan due to the impact of new media, while retail (duty-free) revenue grew by 1.2% to 262 million yuan, which was below the growth rate of international passenger volume [2] - Operating costs totaled 2.779 billion yuan, a decrease of 4.2% year-on-year, with franchise management fees down by 24.9% to 138 million yuan [2] Group 3 - The company maintains a strong position as an international aviation hub, with long-term commercial value expected to gradually release profitability [3] - Short-term challenges include the diversion of traffic to Daxing Airport and a slowdown in duty-free consumption growth, leading to a slower-than-expected recovery in non-aviation revenue [3] - Net profit forecasts for 2025-2027 have been adjusted to -173 million, 88 million, and 342 million yuan respectively, while maintaining a "recommended" rating [3]