Core Viewpoint - Baiyun Airport's performance shows a stable recovery, with significant growth in both revenue and net profit in the first half of 2025, reflecting the overall recovery of the aviation market in China [1][2]. Financial Performance - In the first half of 2025, Baiyun Airport achieved operating revenue of 3.726 billion yuan, a year-on-year increase of 7.68%, and a net profit of 750 million yuan, up 71.32% [1][2]. - The non-recurring net profit reached 562 million yuan, growing by 32.17% year-on-year [1]. - The airport's aviation revenue, including aircraft takeoffs and passenger transit, was 1.575 billion yuan, up 9.38%, while non-aviation revenue was 2.151 billion yuan, increasing by 6.47% [2]. Passenger and Cargo Volume - Baiyun Airport's passenger throughput reached 40.036 million in the first half of 2025, and cargo throughput was 1.1689 million tons, both showing year-on-year growth [1][4]. - International passenger throughput surged to 7.8592 million, marking a 23.86% increase [1][4]. Future Outlook - Baiyun Airport anticipates passenger throughput to exceed 80 million in 2025, with the third-phase project expected to accommodate annual passenger capacity of 120 million and terminal capacity of 140 million [1][5]. - The airport has successfully opened or enhanced 19 international and regional passenger routes, expanding its network to cover 93 international and regional destinations [1][4]. Profitability Metrics - The net profit margin improved from 13.50% in the first half of 2024 to 20.66% in 2025, while the gross profit margin increased from 27.56% to 28.85% [3]. - The return on equity reached 4.02%, reflecting a year-on-year growth of 1.56 percentage points [3].

Group 1 - The core viewpoint of the article highlights the increasing travel demand in China's civil aviation market as the summer travel peak approaches, with China Eastern Airlines planning to operate over 1,150 passenger routes and more than 3,200 flights daily, representing a 5% year-on-year increase [1][3] - China Eastern Airlines has received a new C919 aircraft, bringing its total to 11, all of which are set to enter commercial operation during the summer travel season [1][3] - The airline plans to open 38 new domestic routes, focusing on popular tourist destinations in regions such as Xinjiang, Inner Mongolia, Gansu, Qinghai, and Ningxia [3] Group 2 - International routes are also expanding, with China Eastern Airlines recently launching new routes from Shanghai to Geneva, Milan, and from Xi'an to Istanbul within a short span [3] - Future plans include new routes from Yantai to Tokyo, Shanghai to Songshan, and several other international destinations, with a total of 210 new and enhanced international and regional routes expected, executing over 300 international and regional flights weekly [3]