GBIAC(SH:600004) Zheng Quan Ri Bao·2026-01-05 08:39Core Viewpoint - Guangzhou Baiyun International Airport has received approval for a capital increase, with the controlling shareholder injecting 1.6 billion yuan, enhancing the airport's cash flow and supporting its goal of becoming a world-class airport [2][7]. Group 1: T3 Terminal and Infrastructure Development - The T3 terminal officially commenced operations on October 30, 2025, as part of the airport's Phase III expansion, which includes a total investment of 53.77 billion yuan [3]. - The T3 terminal and the fifth runway mark the airport's entry into the "3.0 era," making it the first airport in China to operate five commercial runways [3]. - The airport's capacity will increase to accommodate 140 million passengers and 600,000 tons of cargo annually, a significant leap from the 76.36 million passengers and 238,190 tons of cargo in 2024 [3]. Group 2: Operational Efficiency and Design - T3 terminal features a design inspired by local culture, emphasizing high operational efficiency, short walking distances for passengers, and advanced digital management through BIM technology [4]. - The terminal integrates multiple transportation modes, including high-speed rail and metro, aiming for seamless passenger transfers and positioning the airport as a central transportation hub in the Greater Bay Area [4]. Group 3: Financial Performance and Growth - Following the T3 terminal's launch, the airport's annual passenger throughput surpassed 80 million for the first time, making it the second airport in China to achieve this milestone [5]. - The airport's revenue for 2025 is projected to continue growing, with a reported revenue of 5.697 billion yuan in the first nine months of 2025, a year-on-year increase of 7.48% [9]. - The net profit attributable to shareholders for the same period reached 1.096 billion yuan, reflecting a significant year-on-year growth of 64.06% [9]. Group 4: Future Outlook and Strategic Goals - The airport aims to enhance its international route network and capitalize on the recovery of the aviation market, with plans to open and restore over 30 international routes [9][11]. - By 2035, the aviation passenger demand in the Greater Bay Area is expected to reach 420 million, prompting the airport to accelerate its development as a world-class airport [10]. - The airport is positioned as a key international aviation hub, enhancing its connectivity to Southeast Asia, Europe, and Australia, while also serving as a vital gateway for southern China to Africa and the Middle East [10].