（来源：中国航空报） CADAS数据显示，2025年中国境内机场旅客吞吐量达到15.29亿人次，不仅全面恢复并超过2019年水 平，也标志着中国航空市场进入"量稳，结构分化加速"的新阶段。上海浦东、广州白云、北京首都三大 机场继续领跑，揭阳潮汕国际机场以18.0%的增速首次跻身千万级机场行列，而十堰、奇台等中小机场 则实现了跨越式增长。市场整体复苏：全年旅客吞吐量突破15亿人次大关 2025年，中国民航业展现出强劲的复苏势头，境内机场合计完成旅客吞吐量15.29亿人次，同比增长 4.8%，这一增幅不仅高于全球平均水平，也标志着中国航空市场已全面恢复至疫情前水平并实现新的 突破。从历史数据对比来看，这一成绩尤为显著：2019年中国机场旅客吞吐量为135162万人次，2025年 数据已较疫情前增长13.3%，反映出中国航空市场长期增长的韧性和潜力。 2025年，中国旅客吞吐量超过1000万人次的机场数量达到41座，较2024年增加1座，揭阳潮汕国际机场 成为新晋成员，以1023万人次的吞吐量和18.0%的同比增速，首次迈入千万级机场行列，这也是广东省 内第四座千万级机场，进一步巩固了广东作为中国航空运输第一大省的 ...

2025年，首都机场集团成员机场完成旅客吞吐量2.23亿人次，同比增长4.1%；保障运输航班起降149.5 万架次，同比增长1.9%；完成货邮吞吐量243.5万吨，同比增长6.0%。其中，石家庄、南昌机场旅客吞 吐量分别完成1200万人次、1194万人次，增速保持较高水平，同比分别增长6.1%、5.9%。哈尔滨机场 旅客吞吐量完成2465万人次，再次突破历史新高，冰雪季期间三大运输生产指标均突破单日历史纪录。 在机场联通赋能方面，邢台机场于2024年7月通航，2025年全年运营稳定，实现旅客吞吐量15.4万人 次；绥芬河机场和瑞金机场分别于2025年3月和9月正式通航，全年分别运送旅客5.0万人次和4.3万人 次，赋能老区振兴，完善功能布局。 本报讯（记者李博 通讯员武骁宇 娄皓）2025年，北京地区航空市场旅客数量再创新高。记者日前从首 都机场集团了解到，2025年北京两座机场完成旅客吞吐量1.24亿人次，同比增长6.5%。其中，首都机场 旅客吞吐量7076万人次，同比增长5.0%；大兴机场旅客吞吐量5361万人次，同比增长8.4%。 ...

根据喜娜AI异动分析，海南机场涨停原因可能如下，国际航线增长+机场收购+航站楼投运： 1、公司近 期公告显示，国际航线业务高速增长，国际旅客吞吐量累计增长48 - 59%，国际货运增长超250%，显示 国际业务复苏强劲。同时美兰空港收购已完成主要审批，将形成海南三大机场协同运营格局，年吞吐量 超5000万人次；三亚T3航站楼竣工，商业面积1.5万㎡，年保障能力提升至3000万人次，免税业务潜力 大。这些因素都增强了公司的长期竞争力。 2、行业方面，近期海南旅游市场热度持续升温，带动机场 相关业务发展。同板块中，一些涉及机场运营和免税概念的股票近期也表现活跃，形成了一定的板块联 动效应。随着海南自由贸易港建设的推进，机场作为重要的交通枢纽和商业载体，将受益于政策红利和 旅游市场的发展。 3、从资金流向来看，同花顺资金监控显示，当日超大单资金呈现净流入状态，表明 有主力资金关注并介入。技术形态上，该股MACD指标近期有金叉迹象，且股价突破了短期均线的压 制，显示出一定的上涨动能。 声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指 ...

智通财经APP讯，海南机场(600515.SH)发布公告，公司2025年11月旅客吞吐量209.09万人次，同比增长 8.16%;货邮吞吐量11061吨，同比增长28.09%。 ...

Financial Data and Key Metrics Changes - Total revenues increased by 16.6%, significantly outpacing passenger traffic growth of 9.3% [12] - Adjusted EBITDA rose 34% to $194 million, marking a new record for the company [5][15] - Adjusted EBITDA margin expanded by 5.2 percentage points to 41.2% [16] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 15.2%, driven primarily by Argentina, with a notable 22.1% increase in aeronautical revenues from Argentina [12][13] - Commercial revenues grew by 18%, supported by strong performance in cargo, VIP lounges, and other passenger-related services [12][13] - Cargo revenues were up 20% year-over-year, with Argentina seeing a 23% increase [10] Market Data and Key Metrics Changes - Passenger traffic across the airport network increased by over 9%, with Argentina showing a 13% increase in total passenger traffic [4][6] - Domestic traffic in Argentina grew nearly 11%, while international traffic increased by 16% [6] - Brazil and Italy also reported strong traffic growth, with Brazil's total traffic up over 8% [8][9] Company Strategy and Development Direction - The company is advancing its investment plans, with CAPEX program approvals underway in Armenia and Italy [5][20] - Strategic initiatives include enhancing passenger experience and expanding commercial offerings, such as new rental hubs and duty-free stores [19][20] - The company is pursuing inorganic expansion opportunities, including a recent award agreement for Baghdad Airport [20] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued positive traffic trends into the fourth quarter, albeit with a more moderate pace of domestic traffic growth in Argentina [20] - The company remains focused on maintaining a competitive cost structure while enhancing cargo capabilities [11] - Overall, management expressed confidence in the resilience of the business model and the quality of assets [21] Other Important Information - The company ended the quarter with a total liquidity position of $661 million, up 26% from the previous year [17] - Total debt at quarter-end was $1.1 billion, with net debt decreasing to $579 million [17] Q&A Session Summary Question: Update on the rebalance in Argentina and commercial revenues outlook - Management confirmed progress in discussions regarding the rebalance of the concession agreement but could not provide a specific timetable [23][24] - Commercial revenues were reported to be up 8% versus last year, with expectations of continued positive trends [24] Question: Investment opportunities in Armenia and Italy - In Italy, the environmental assessment approval has been obtained, with the next steps expected to commence towards the end of the first quarter [27][28] - Discussions regarding investment opportunities in Armenia are ongoing, with no specific timeline provided [28] Question: Size of the opportunity at Baghdad Airport - Management indicated a constructive view on potential traffic growth in the region, with further details to be provided once the concession agreement is finalized [33][34]

Core Insights - The opening of Bozhou Airport marks a significant milestone for civil aviation development in Anhui province [1][4] - The airport is expected to boost the economic and social development of the northern Anhui region [4] Infrastructure Details - Bozhou Airport has a flight area classification of 4C, with a runway length of 2,600 meters, 8 C-class aircraft parking spaces (including 4 jet bridge positions), and 1 C-class isolation area [4] - The terminal building covers an area of 11,600 square meters, designed to handle an annual passenger throughput of 1 million and a cargo/mail throughput of 2,650 tons [4] Airline Operations - Several airlines have already launched routes from Bozhou Airport, including Donghai Airlines with the Shenzhen-Bozhou-Shenyang route, Capital Airlines with routes from Beijing Daxing and Haikou, and Beibu Gulf Airlines with a route from Nanning to Harbin [7] - Future plans include additional routes such as Changchun-Bozhou-Kunming to enhance the route network [7] Transportation Connectivity - A ground transportation system has been established to facilitate easy access to the airport, allowing travelers from Bozhou city to reach the airport within 30 minutes via the G35 and Bo-Meng highways [8] - The airport has also introduced shuttle bus services from the city center and established six off-site city terminals in nearby counties to create a comprehensive transportation network [8]

Summary of Baiyun Airport Conference Call Company Overview - Baiyun Airport reported a total profit of approximately 1.347 billion yuan for the first three quarters of 2025, showing strong profitability despite a quarter-on-quarter decline in Q3 [2][3] - As of the end of October 2025, Baiyun Airport had handled 450,000 flights, a year-on-year increase of 7.6%, and passenger throughput reached 68.74 million, up 8.8% year-on-year [2][4] Key Financial Metrics - Revenue showed a quarterly upward trend: Q1 revenue exceeded 1.82 billion yuan, Q2 reached 1.905 billion yuan, and Q3 further increased to 1.97 billion yuan [3] - Net profit for Q3 was approximately 450 million yuan, with a notable non-recurring gain of over 100 million yuan in Q2 [3] Revenue Breakdown - For the first three quarters of 2025, aviation revenue was approximately 2.37-2.38 billion yuan, while non-aviation revenue was around 3.3 billion yuan [2][13] - Non-aviation revenue included duty-free income of 360 million yuan, ground service income of 830 million yuan, and VIP lounge and flight delay service income of 330 million yuan [2][14] Duty-Free Business Insights - Duty-free business showed limited growth, with average sales per passenger still lagging behind 2019 levels [15][16] - The newly established indoor duty-free store contributed minimally to overall revenue, as the company holds only a 10% stake [17] Infrastructure Developments - The T3 terminal was put into operation on October 30, 2025, enhancing the airport's capacity with a peak hour capacity approved to increase to 93 flights [2][6][9] - The airport aims for an annual passenger throughput target of 120 million by 2030 [6] Cost and Expense Management - Management expenses increased in Q3 due to rising labor costs and slight increases in office rental fees [7] - The company is currently negotiating the asset usage model post the third runway's operation, with a cautious financial accounting approach [8] Future Outlook and Challenges - The recovery of international passenger volume remains uncertain, with geopolitical factors impacting routes to India and Europe [12] - The company anticipates challenges in fully recovering to 2019 levels by year-end, with a gap of 3-4 million passengers compared to 2019 figures [12] Advertising and Non-Aviation Business - The advertising business is significantly affected by the economic environment, with plans to invite stronger operators through bidding processes [5][21] - The T2 airport's duty-free agreement will expire in 2026, with renewal or re-bidding pending government approval [20] Shareholder Returns - The company has updated its dividend policy to ensure a payout ratio of no less than 50% from 2024 to 2026, reflecting a commitment to shareholder returns [5][26] Conclusion - Baiyun Airport's performance in 2025 shows resilience with a focus on cost control and revenue generation strategies, despite external challenges impacting recovery and growth potential [27]

Core Viewpoint - Baiyun Airport has shown significant performance growth in Q3 2023, achieving the best net profit since 2019, driven by increased international flight routes and improved operational capacity [1][2][4] Financial Performance - In Q3 2023, Baiyun Airport reported an operating income of 1.971 billion yuan, a year-on-year increase of 7.11% - The net profit attributable to shareholders reached 346 million yuan, up 50.24% year-on-year - For the first three quarters of 2023, the total operating income was 5.697 billion yuan, reflecting a growth of 7.48%, while the net profit attributable to shareholders was 1.096 billion yuan, increasing by 64.06% [1] Operational Developments - Baiyun Airport has opened, restored, and increased over 30 international passenger routes in collaboration with airlines this year, contributing to revenue growth [2] - The airport's weekly passenger flight schedule has reached 10,728 flights as the new winter-spring flight season begins [3] Infrastructure Enhancements - The T3 terminal at Baiyun Airport has officially opened, marking the airport's transition to a "5-runway + 3-terminal" operational model - The T3 terminal features 31 domestic and 9 international security check channels, utilizing advanced technology for efficient passenger processing [3] - The fifth runway commenced operations on October 30, 2023, enhancing the airport's capacity during peak hours and improving flight scheduling efficiency [4]

Financial Data and Key Metrics Changes - In Q3 2025, OMA's passenger traffic reached 7.6 million, an 8% year-over-year increase, with seat capacity rising by 11% [3] - Aeronautical revenues increased by 11%, with aeronautical revenue per passenger rising by 3% [4] - Adjusted EBITDA grew by 9% to MXN 2.7 billion, with an adjusted EBITDA margin of 74.8% [5][10] - Consolidated net income for the quarter was MXN 1.5 billion, reflecting a 9.1% increase compared to the same quarter last year [10] - Cash generated from operating activities amounted to MXN 1.9 billion, with a cash position of MXN 4.4 billion at the end of the quarter [11] Business Line Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily driven by Monterrey Airport, contributing significantly to overall growth [3] - International passenger traffic increased by 11%, with notable contributions from routes to San Francisco, Atlanta, and Dallas [4] - Commercial revenues grew by 7%, with commercial revenue per passenger at MXN 60, driven by parking, restaurants, VIP lounges, and retail [4][8] - Industrial services revenues surged by 53%, mainly due to increased leased square meters in the industrial park [9] Market Data and Key Metrics Changes - The occupancy rate for commercial space was 96% at the end of the quarter, indicating strong demand [4] - The overall investment level for the next Master Development Program is expected to remain similar in real terms to the previous program [7] Company Strategy and Development Direction - The company plans to allocate around half of its Master Development Program (MDP) investment to Monterrey, focusing on capacity expansion and commercial opportunities [23] - OMA is exploring international expansion opportunities, although no concrete transactions are currently in place [23] Management Comments on Operating Environment and Future Outlook - Management expects overall traffic growth for the year to be between 7% and 8%, with a forecast of low to mid-single-digit growth for the following year [14] - Cost pressures from AG&E and utility costs are viewed as not permanent, with ongoing efforts to manage costs effectively [19] Other Important Information - Total debt at the end of September was MXN 13.6 billion, with a net debt to adjusted EBITDA ratio of 0.9x, indicating a solid financial position [11] Q&A Session Summary Question: Traffic expectations for Q4 and early thoughts on 2026 - Management anticipates overall traffic growth for the year to be between 7% and 8%, with expectations for next year in the low to mid-single digits [14] Question: Drivers behind the decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in future quarters [17] Question: Outlook on AG&E and utility cost pressures - Cost pressures are not expected to be permanent, with management analyzing alternatives to maintain costs [19] Question: Capital allocation for the next MDP and potential international expansion - Half of the MDP will be allocated to Monterrey, focusing on capacity and commercial opportunities, while international expansion opportunities are being explored [23]

Financial Data and Key Metrics Changes - In Q3 2025, total passenger traffic increased by 8% year over year, totaling 7.6 million passengers [4] - Aeronautical revenues rose by 11%, with aeronautical revenue per passenger increasing by 3% [6] - Adjusted EBITDA grew by 9% to MXN 2.7 billion, with an EBITDA margin of 74.8% [7][13] - Consolidated net income for the quarter was MXN 1.5 billion, reflecting a 9.1% increase compared to the same quarter last year [13] - Total debt at the end of the quarter was MXN 13.6 billion, with a net debt to adjusted EBITDA ratio of 0.9 times [14] Business Line Data and Key Metrics Changes - Commercial revenues increased by 7%, driven by parking, restaurants, VIP lounges, and retail, with occupancy rates for commercial space at 96% [6][10] - Industrial services revenue surged by 53%, attributed to higher square meters leased and contractual rent increases [11] - Non-aeronautical revenues grew by 7.3%, with significant contributions from parking and retail [9][10] Market Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily due to increased routes from Monterrey Airport [5] - International passenger traffic increased by 11%, with notable growth on routes to San Francisco, Atlanta, and Dallas [5] Company Strategy and Development Direction - The company is focusing on expanding capacity and commercial opportunities at Monterrey Airport, which accounts for half of its traffic [30] - The Master Development Program (MDP) is under negotiation, with expectations for final resolution in December [7][8] Management Comments on Operating Environment and Future Outlook - Management anticipates overall traffic growth for the year to be between 7% to 8%, with expectations for low to mid-single-digit growth in 2026 [19] - Cost pressures from SG&A and utility costs are viewed as temporary, with management exploring alternatives to maintain cost control [24] Other Important Information - Total investments in Q3 amounted to MXN 472 million, including major maintenance and strategic investments [7] - Cash generated from operating activities was MXN 1.9 billion, with cash position at MXN 4.4 billion at the end of the quarter [13][14] Q&A Session Summary Question: Traffic expectations for Q4 and 2026 - Management expects overall traffic growth for the year to be between 7% to 8%, with low to mid-single-digit growth anticipated for next year [19] Question: Decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in the following quarters [22] Question: SG&A and utility cost pressures - Management views these cost pressures as temporary and is analyzing alternatives to maintain cost control [24] Question: Capital allocation for the next MDP - Half of the capital will be allocated to Monterrey for capacity expansion and commercial opportunities [30]