Core Viewpoint - Xiamen Airport (600897) has shown steady growth in both business volume and net profit, leading to an "Accumulate" rating by Pacific Securities [1] Financial Performance - For the first half of 2025, Xiamen Airport reported total revenue of 991 million, a year-on-year increase of 7.1% - The net profit attributable to shareholders was 253 million, up 1.1% year-on-year - The net profit excluding non-recurring items was 219 million, reflecting a year-on-year increase of 15.41% - Basic earnings per share for the half-year stood at 0.61, with a weighted ROE of 5.53% - The net cash flow from operating activities was 317 million [2] Dividend Policy - The company plans to distribute cash dividends of approximately 133 million for the fiscal year 2024, which represents 31% of the annual net profit - The annual dividend will be distributed once, with a per-share dividend of 0.32 (including tax) - The dividend yield, based on the closing price on the annual report disclosure date, is approximately 2.3% [2] Operational Highlights - Xiamen Airport serves as a regional aviation hub, covering an area where the GDP exceeds 60% of Fujian Province's total - In 2024, the airport opened 225 flight routes to 136 cities, including 175 domestic and 50 international routes - The passenger throughput reached a historical high of 27.91 million in 2024 - In the first half of 2025, the airport completed 97,000 takeoffs and landings, with passenger throughput of 14.32 million and cargo throughput of 185,400 tons, representing year-on-year growth of 3.83%, 5.96%, and 3.91% respectively [3] Business Segmentation - The company's operations are primarily divided into aviation and non-aviation businesses - In the 2024 annual report, aviation transportation revenue was 1.22 billion, accounting for 64.9% of total revenue, while leasing and franchise income was 440 million, making up 23.4% [3] Future Outlook - The company has indicated that the new Xiang'an Airport is under the investment and management of the controlling shareholder, with no undisclosed matters related to it - The new airport is expected to commence operations by the end of 2026, with the relocation of the existing Gaoqi Airport being a high-probability event - The integration of operations between the new and old airports is anticipated to be a focal point for the market - The company has shown growth in both business volume and profits, and the shareholder return plan for 2025-2027 covers the transition period between the two airports, instilling market confidence [4]