Core Viewpoint - Capital Airport is expected to report a net loss of 600 million to 760 million yuan for 2025, which, while significantly reduced compared to 2024, still indicates a considerable distance from achieving profitability [2][6]. Financial Performance - From 2020 to 2025, Capital Airport has incurred a cumulative net loss of approximately 11.5 billion yuan [3][5]. - The annual net losses are as follows: 2.035 billion yuan in 2020, 2.117 billion yuan in 2021, 3.527 billion yuan in 2022, 1.697 billion yuan in 2023, and 1.39 billion yuan in 2024, with an expected loss of around 700 million yuan in 2025 [4][5]. Operational Recovery - In 2025, three key operational indicators are projected to show growth: - Aircraft takeoffs and landings are expected to reach 442,040, a 2.0% increase year-on-year [10]. - Passenger throughput is anticipated to exceed 70.74 million, reflecting a 5.0% year-on-year growth [10]. - Cargo and mail throughput is projected to reach 1.5509 million tons, marking a 7.5% increase [10]. - These figures indicate a robust recovery in travel demand and reaffirm Capital Airport's status as a key national hub [11]. Challenges Ahead - Despite the reduction in losses, achieving profitability remains a significant challenge due to several factors: - The ongoing impact of Daxing Airport diverting traffic, which affects operational data [7]. - Non-aeronautical revenue, particularly from duty-free sales, is unlikely to return to previous levels, compounded by a high fixed cost structure [8]. - An increase in income tax expenses due to the reversal of deferred tax assets is expected to further widen net losses [8][9]. - The ability to achieve profitability in 2026 remains uncertain, as Capital Airport is currently the only listed airport that has not yet turned a profit, unlike its peers [10]. Strategic Focus - To move towards profitability, the company needs to focus on: - Accelerating the growth of international routes, which are crucial for generating high revenue [14]. - Capturing non-aeronautical income from sectors such as duty-free, dining, and advertising, which are vital for profit generation [15]. - Reassessing its unique value proposition within the dual-hub framework created by Daxing Airport [15].

当然，正如深圳机场所称，随着恢复双航站楼运行，双流机场业绩转机正在来临。 据《四川日报》，随着双流机场1号航站楼正式投入使用，双流机场将重回"双航站楼时代"，可满足年 旅客吞吐量5000万人次的需求。 由双流机场和天府机场组成的成都国际航空枢纽，是中西部最大的航空门户，2024年旅客吞吐量已超 8700万人次。投运不到4年的天府机场，全年旅客吞吐量达5490.6万人次，逼近6000万人次的设计流 量。据预测，2027年成都国际航空枢纽年旅客吞吐量将突破1亿人次。 另外，21世纪经济报道记者在双流机场发现，大量酒企广告布满在双流机场。 这都是双流机场恢复盈利的动力。 6月10日，上证消费80指数报收4760.73点，跌幅0.35%。 21世纪经济报道记者贺泓源、实习生谭伊亭 报道 资本市场呼唤着成都双流机场盈利。 2025年6月9日，深圳机场（000089）披露的机构交流纪要显示，双流机场盈利问题再次成为焦点。对 此，深圳机场表示，其作为双流机场的第三大股东，对双流机场的发展一直高度关注。 "受外部环境和天府机场分流的影响，双流机场的投资收益出现亏损。双流机场目前已完成 T1 航站楼 提质改造，恢复双航站楼运行 ...