上海机场前三季度营收97.14亿元同比增5.69%，归母净利润16.34亿元同比增35.98%

Core Insights - Shanghai Airport reported a revenue of 9.714 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.69% [1] - The net profit attributable to shareholders reached 1.634 billion yuan, up 35.98% year-on-year, while the net profit excluding non-recurring items was 1.609 billion yuan, reflecting a 36.29% increase [1] - Basic earnings per share stood at 0.66 yuan [1] Financial Performance - The gross profit margin for the first three quarters was 26.63%, an increase of 4.07 percentage points year-on-year, while the net profit margin was 19.36%, up 3.80 percentage points from the previous year [2] - In Q3 2025, the gross profit margin was 27.05%, showing a year-on-year increase of 4.62% and a quarter-on-quarter increase of 1.12% [2] - The net profit margin for Q3 was 20.30%, which is a 5.57% increase year-on-year and a 1.03 percentage point increase from the previous quarter [2] Cost Structure - Total operating expenses for the period were 0.812 billion yuan, an increase of 31.31 million yuan year-on-year, with an expense ratio of 8.36%, down 0.14 percentage points from the previous year [2] - Management expenses increased by 12.29% year-on-year, while research and development expenses surged by 190.37%, and financial expenses decreased by 7.53% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 181,100, a decrease of 2,982 or 1.62% from the end of the previous half [2] - The average market value per shareholder increased from 429,400 yuan at the end of the previous half to 438,100 yuan, reflecting a growth of 2.03% [2] Company Overview - Shanghai International Airport Co., Ltd. is located at 900 Qihang Road, Pudong New District, Shanghai, and was established on February 11, 1998, with its listing date on February 18, 1998 [3] - The company primarily provides ground handling services for domestic and international airlines and passengers, with non-aeronautical revenue accounting for 54.10% and aeronautical revenue for 45.90% of total revenue [3] - Key revenue sources include passenger and cargo airline services (27.63%), other non-aeronautical income (23.81%), flight-related income (18.27%), commercial catering (17.17%), and logistics services (13.12%) [3]