Core Viewpoint - Baiyun Airport aims to achieve a passenger throughput of over 80 million for the year 2025 despite slow growth in Q1 due to ongoing construction impacts [2]. Financial Performance - In Q1 2025, Baiyun Airport reported a main revenue of 1.822 billion yuan, an increase of 9.52% year-on-year; net profit attributable to shareholders was 296 million yuan, up 57.71% year-on-year; and net profit excluding non-recurring items was 265 million yuan, a rise of 42.38% year-on-year [5]. - The company's debt ratio stands at 31.0%, with investment income of 28.53 million yuan and financial expenses of 19.58 million yuan, resulting in a gross profit margin of 27.85% [5]. Asset Depreciation - The depreciation period for terminal buildings is set at 40 years, while the main runway has a depreciation period of 30 years; other related facilities and equipment have varying depreciation periods from 4 to 15 years [4]. Profit Distribution Policy - The company emphasizes investor returns, with a historical dividend payout ratio of approximately 47%. It has established a medium to long-term cash dividend plan and aims to provide continuous and stable cash dividends to investors, sharing development results [5]. Market Ratings - Over the past 90 days, four institutions have rated the stock, with two buy ratings and two hold ratings. The average target price from institutions is 10.95 yuan [5]. Financing and Margin Data - In the last three months, the stock has seen a net outflow of 121 million yuan in financing, with a decrease in financing balance; however, there has been a net inflow of 1.4481 million yuan in securities lending, indicating an increase in securities lending balance [7].

Group 1: Investor Relations Activity Overview - The investor relations activity was conducted on May 15, 2025, at Chengdu Oukang Pharmaceutical Co., Ltd. [3] - Attendees included representatives from Kaiyuan Securities, Huayuan Securities, Zhongrui Huyin, and Luxin Chuangtou [3] - Company representatives included Chairman Zhao Zhuojun and CFO Cao Yongqiang [3] Group 2: Impact of Industry Trends - The overall price decline in the vitamin industry has limited impact on the company's product pricing, which is primarily influenced by raw material supply and market demand [5] - The company specializes in flavonoid products, a niche within the vitamin sector, using raw materials like bitter orange and sophora flower [5] Group 3: Production Capacity and Utilization - The new plant's production lines for bitter orange are expected to achieve over 50% capacity utilization by the end of 2025 [6] - The production lines for sophora flower are also projected to reach 50% capacity utilization by year-end 2025, with a focus on fine management and market expansion [6] Group 4: Market Expansion and Partnerships - The company has established strong partnerships in Japan for its sophora flower and bitter orange products, focusing on the food additive and health product markets [7] - Ongoing efforts are being made to deepen cooperation with clients and expand market influence in Japan [7] Group 5: Facility Upgrades and Compliance - Upgrades to the Diosmin and Rutin production lines have been completed, meeting both domestic and international GMP standards [8] - The upgraded lines have passed domestic GMP compliance checks and are in the process of obtaining EuGMP certification [8] Group 6: Financial Projections - The company anticipates a 160% increase in depreciation expenses for 2025 compared to 2024 due to the completion of investment projects [9] - Strategies will be implemented to enhance sales revenue to offset increased depreciation costs [9] Group 7: Profitability and Market Trends - The company's gross margin has declined due to production challenges and increased costs in Q1 2025, but is expected to recover as production lines stabilize [11] - The market for quercetin is projected to grow significantly due to rising health awareness and demand for natural ingredients, particularly in health supplements and functional foods [12]