Hainan Airport Infrastructure(SH:600515) Zhong Guo Ji Jin Bao·2025-10-15 06:22Core Viewpoint - Hainan Airport has undergone a significant transformation from bankruptcy restructuring to focusing on its core airport business, aiming to become a major player in the aviation industry and a key driver of the Hainan Free Trade Port's economic development [1][2][3]. Group 1: Business Transformation - After completing its bankruptcy restructuring in December 2021, Hainan Airport has shifted its focus from a diversified business model to concentrating solely on airport operations [1][2]. - The company has restructured its revenue model, with airport management now accounting for 41.66% of total revenue, up from 21.22% in 2020, while real estate revenue has decreased to 20.97% from 62.76% [3][4]. Group 2: Operational Performance - In 2024, Hainan Airport is projected to handle 24.6262 million passengers and 161,100 aircraft movements, with a cargo throughput of 123,400 tons [4]. - The acquisition of Meilan Airport will unify operations across three airports in Hainan, potentially increasing passenger throughput to over 50 million [4][5]. Group 3: Strategic Initiatives - Hainan Airport is expanding its international flight routes, having opened 79 overseas passenger routes covering 21 countries and 39 cities, marking a 30% increase in route numbers compared to 2024 [5][6]. - The company is enhancing its infrastructure with ongoing expansions at Sanya Phoenix Airport and Qionghai Boao Airport, aiming to increase passenger capacity significantly [6][7]. Group 4: Economic Development and Policy - The Hainan Free Trade Port is set to officially launch its closed-off operation on December 18, 2023, with Hainan Airport playing a crucial role in implementing policies like the "seventh freedom" and visa-free entry [8][9]. - The company is leveraging the advantages of the Free Trade Port to enhance its duty-free business, currently operating five duty-free stores with a total area of approximately 81,000 square meters, accounting for about 17% of the island's duty-free sales [10][11]. Group 5: Future Prospects - With the upcoming opening of the T3 terminal at Sanya Phoenix Airport, the commercial area is expected to increase by 15,000 square meters, enhancing the airport's duty-free shopping experience [11]. - Hainan Airport is also focusing on developing the low-altitude economy, establishing a dedicated company to manage low-altitude industry operations and services [12][13].