Core Viewpoint - Hainan Airport is actively progressing with the acquisition of Meilan Airport's controlling stake, which will enable unified operations of three major international airports on Hainan Island, significantly increasing passenger throughput capacity [2] Group 1: Company Overview - Hainan Airport's stock price is reported at 4.95 yuan, with a market capitalization of 56.555 billion yuan, and a rolling P/E ratio of 182.44, ranking 9th in the aviation airport industry [1] - The company is primarily engaged in airport management, along with related businesses such as duty-free and commercial operations, real estate, property management, and hotels [1] Group 2: Acquisition Progress - The acquisition of Meilan Airport's controlling stake has received approval from relevant shareholders and the Hainan Provincial State-owned Assets Supervision and Administration Commission, and is currently advancing through the necessary regulatory processes [2] - Upon completion, the company will operate Haikou Meilan, Sanya Phoenix, and Qionghai Boao airports, forming a large airport operation group with an annual passenger throughput capacity exceeding 50 million [2] Group 3: Operational Performance - From January to October 2025, the company managed 9 airports, achieving 136,300 aircraft movements, 21.1992 million passenger throughput, and 114,300 tons of cargo and mail throughput, representing year-on-year growth of 3.22%, 4.11%, and 13.36% respectively [2] - The T3 terminal expansion project at Sanya Phoenix Airport has been completed and passed inspection, enhancing its annual passenger throughput capacity to 30 million [2] Group 4: Shareholder Information - As of September 30, 2025, Hainan Airport had 111,409 shareholders, with an average holding value of 507,600 yuan and an average shareholding of 102,600 shares [3] - Ruiyuan Fund, a participant in the recent research, focuses on value investment and has seen a 53.96% increase in the net value of its Ruiyuan Growth Value Mixed A fund over the past year [3]