GBIAC(SH:600004) Mei Ri Jing Ji Xin Wen·2026-01-05 05:14Core Viewpoint - Baiyun Airport has successfully strengthened its capital structure and operational capabilities, marking a significant milestone in its development as a major aviation hub in the Guangdong-Hong Kong-Macao Greater Bay Area, supported by a successful private placement and the launch of new infrastructure [1][2][7]. Capital Market and Financial Structure - In December 2025, Baiyun Airport completed a non-public issuance of shares, raising a total of 1.6 billion yuan from its controlling shareholder, Guangdong Airport Management Group [2]. - The funds raised will be used to supplement working capital, which is crucial for the airport's rapid business recovery and expansion [2][3]. - The company reported a revenue of 5.7 billion yuan for the first three quarters of 2025, a year-on-year increase of 7.5%, and a net profit of 1.1 billion yuan, up 64% year-on-year [2]. Infrastructure Development - The official operation of the T3 terminal and the fifth runway marks a historic leap for Baiyun Airport, enhancing its capacity to handle 120 million passengers and 3.8 million tons of cargo annually [4]. - The T3 terminal represents a transformation towards a "super hub" integrating air and rail transport, significantly improving connectivity and operational capabilities [4][5]. Market Demand and Performance - Baiyun Airport's passenger throughput reached a historical high of approximately 76.37 million in 2024, and after the T3 terminal's launch, it surpassed 80 million passengers by December 17, 2025, with over 16.6 million international passengers [6]. - The strong recovery in air traffic and the anticipated growth in non-aeronautical revenue, particularly from duty-free operations, are expected to drive future profitability [6][7]. Strategic Positioning - Baiyun Airport is positioned as a key player in the Greater Bay Area's airport cluster, collaborating with the upcoming Guangzhou New Airport to enhance competitive advantages [5][6]. - The airport aims to strengthen its international network, focusing on markets in Southeast Asia, the Middle East, Australia, New Zealand, and Africa, while expanding its coverage of European and American routes [5][6].