Group 1 - The Board of Directors has approved the interim report for the period from January 1 to March 31, 2025 [1] - The report pertains to Copenhagen Airports A/S [2] - The contact for further information is Rasmus Lund, CFO of Copenhagen Airports [2] Group 2 - The report is attached as the Q1 2025 Report of Copenhagen Airports [2] - The company is located at Lufthavnsboulevarden 6, DK-2770 Kastrup, Denmark [2] - The company’s CVR number is 14 70 72 04 [2]

《中国民航报》、中国民航网 记者王诗彧 通讯员郜乐扬 报道：5月8日~9日，由中国民用机场协会主 办、湖北机场集团协办的民用机场属地管理二十周年座谈会在武汉举行。此次座谈会汇聚了民航行业管 理部门、地方政府机场管理部门、机场集团公司代表及专家学者，旨在交流民用机场属地管理以来的实 践经验与创新成果，聚焦管理体制机制、运营效益提升、民用机场与区域协同发展等关键问题，凝聚各 方智慧和力量，促进我国民用机场进一步深化改革和高质量发展。 座谈会现场 2003年，中国民航总局依据《国务院关于印发民航体制改革方案的通知》精神，在湖南、山东和青海省 监管局改革试点的基础上，除北京首都机场、天津机场和西藏机场外，将中国民航管理的民用机场移交 地方政府。20多年来，我国民用机场规划建设、安全运行、服务保障、融合发展成绩斐然。截至2024年 底，我国境内颁证运输机场达263个，较2003年净增93.2%，千万级运输机场从6个激增至40个，航空服 务覆盖全国93.2%的地级行政单元、91.6%的人口、94.5%的经济总量，机场体系覆盖更广泛、功能更完 善，多个大型机场迈向世界一流航空枢纽行列，为地方经济社会发展和人文交流发挥了重要 ...

Summary of Key Points from Conference Call Records Company Overview - **Zhonghe Technology (众合科技)**: Focuses on intelligent transportation, semiconductor materials, and computing services, with a core business in the three-dimensional transportation industry [1][2][3] - **Tuoer Technology (拓尔思)**: Engaged in artificial intelligence products and services, with a strong emphasis on digital government and financial technology [4][5][6][7] - **Hainan Airport (海南机场)**: Primarily involved in airport management, duty-free and commercial businesses, and real estate management [8][9] Core Insights and Arguments Zhonghe Technology - **Financial Management**: The company was found to have transferred 120 million yuan from its fundraising account to a peer's margin account for short-term deposits, prompting a reinforcement of internal controls to prevent recurrence [1] - **Business Expansion**: Plans to develop a national computing network through the Qinyang Time-Space Big Data Cloud Center, aiming for a computing capacity of 250P [2] - **AI Development**: Launched the UniChat AI model tailored for smart transportation, featuring applications in various traffic scenarios [3] - **Semiconductor Focus**: The semiconductor business is centered on single crystal silicon materials, with ongoing efforts to expand into semiconductor equipment and integrated circuits [3] Tuoer Technology - **Revenue Growth**: Reported a revenue of 258 million yuan from AI software products and services in 2024, with a 8.99% year-on-year increase [4] - **AI Model Applications**: Successfully delivered over 40 benchmark projects in AI models and agents across various sectors, including government and finance [4] - **Data Resource Development**: Established a data resource system with over 500 billion entries, enhancing AI model training and industry digitalization [6] - **Cloud Computing Strategy**: Utilizes a combination of self-built and public cloud models for computing power, enhancing efficiency and reducing resource requirements for AI models [6] Hainan Airport - **Acquisition Plans**: Proposed to acquire a 50.19% stake in Meilan International Airport for 2.339 billion yuan, aiming to enhance management efficiency across three airports in Hainan [8] - **Duty-Free Business**: Engaged in duty-free operations through partnerships and property leasing, holding significant stakes in various airport duty-free shops [9] Additional Important Information - **Data Governance**: Zhonghe Technology emphasizes data security and governance, implementing strict measures for data mapping and protection [4] - **Strategic Partnerships**: Tuoer Technology has formed strategic collaborations to enhance its AI capabilities and expand its market reach [5][6] - **Market Positioning**: Both Zhonghe Technology and Tuoer Technology are positioning themselves to leverage advancements in AI and data analytics to capture market opportunities in their respective fields [3][4][5][6]

Group 1 - The company Grupo Aeroportuario del Pacífico (GAP) made a payment of Ps. 2,500.0 million for the maturity of the debt securities "GAP 21" on May 2, 2025, which corresponds to 25 million long-term debt securities with a face value of Ps. 100.0 each [1] - GAP operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, and tourist destinations such as Puerto Vallarta and Los Cabos [2] - The company was listed on the New York Stock Exchange in February 2006 and acquired a majority stake in MBJ Airports Limited in April 2015, which operates Sangster International Airport in Jamaica [2] Group 2 - GAP entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica, in October 2018 and took control of the operation in October 2019 [2] - The company has implemented a whistleblower program in accordance with the Sarbanes-Oxley Act, allowing anonymous reporting of suspected criminal conduct or violations [4]

Core Insights - Grupo Aeroportuario del Sureste (ASUR) reported a total passenger traffic of 6.0 million in April 2025, marking a year-over-year increase of 3.8% compared to April 2024 [1][2] Passenger Traffic Summary - Passenger traffic increased by 13.5% in Puerto Rico, 4.8% in Colombia, and 0.5% in Mexico [2][4] - In Puerto Rico, international traffic surged by 29.6% and domestic traffic rose by 11.6% [2][5] - Colombia experienced a 15.6% increase in international traffic and a 2.0% increase in domestic traffic [2][5] - Mexico saw a 3.3% decrease in international traffic, which was partially offset by a 5.1% increase in domestic traffic [2][5] Detailed Traffic Data - For April 2025, Mexico's total passenger traffic was 3,511,745, a slight increase of 0.5% from 3,495,197 in April 2024 [4][5] - Domestic traffic in Mexico reached 1,653,649, up 5.1% from the previous year, while international traffic decreased to 1,858,096, down 3.3% [4][5] - San Juan, Puerto Rico, recorded 1,174,568 passengers, reflecting a 13.5% increase from 1,034,830 in April 2024 [5] - Colombia's total passenger traffic was 1,340,348, an increase of 4.8% from 1,278,688 in April 2024 [5] Year-to-Date Performance - Year-to-date figures for total traffic show a slight increase of 1.0% from 24,371,251 in 2024 to 24,626,734 in 2025 [4] - Domestic traffic year-to-date increased by 4.1%, while international traffic saw a decrease of 3.1% [4] Company Overview - ASUR operates 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia [6] - The company is a significant player in the airport sector, particularly with its operations at Cancun Airport, a major tourist destination [6] - ASUR is also involved in a joint venture for the operation of Luis Muñoz Marín International Airport in San Juan, Puerto Rico [6]

Core Points - Pierre Anjolras has been appointed as the Chief Executive Officer of VINCI as of May 1, 2025, and chaired his first Executive Committee meeting on May 5, 2025 [2] - Sabine Granger and Rémi Maumon de Longevialle have been appointed to VINCI's Executive Committee, with Granger serving as the Chief Executive Officer of VINCI Autoroutes and Maumon de Longevialle as the Chief Executive Officer of VINCI Airports [2][3][4] Company Overview - VINCI is a global leader in concessions, energy solutions, and construction, employing 285,000 people across more than 120 countries [9] - The company focuses on designing, financing, building, and operating infrastructure and facilities that enhance daily life and mobility [9] VINCI Autoroutes - VINCI Autoroutes operates a network of 4,443 km of motorways in France, serving over 2.5 million customers daily, which can increase to 4 million during summer [5] - The company is committed to transforming its motorway infrastructure into a low-carbon model in response to climate change [7] VINCI Airports - VINCI Airports is the leading private airport operator globally, managing over 70 airports in 14 countries [8] - The company aims to achieve zero net emissions (scope 1 and 2) across its network by 2050, supporting local climate transitions [8]

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) reported strong financial results for the first quarter of 2025, with significant increases in revenues, passenger traffic, and comprehensive income compared to the same period in 2024. Financial Position - As of March 31, 2025, the company had cash and cash equivalents of Ps. 16,227.8 million. It issued long-term bonds for Ps. 6,000.0 million to refinance debt and fund capital investments [3] - The company refinanced its credit facility with Banamex for USD$40.0 million and extended the maturity date of another credit facility until October 4, 2029 [3] Passenger Traffic - Total passengers at GAP's 14 airports increased by 660.0 thousand, or 4.2%, compared to 1Q24 [4] - New domestic and international routes were opened, enhancing connectivity [4][5] Revenue Growth - Total revenues increased by Ps. 2,560.2 million, or 30.1%, driven by a 26.1% increase in aeronautical and non-aeronautical services revenues [6][17] - Aeronautical services revenues rose by Ps. 1,037.0 million, or 20.9%, while non-aeronautical services revenues increased by Ps. 699.5 million, or 41.3% [17] Cost and Income Analysis - Cost of services increased by Ps. 412.9 million, or 38.5%, leading to total operating costs rising by Ps. 1,850.0 million, or 41.0% [6][19] - Income from operations increased by Ps. 710.2 million, or 17.8%, with EBITDA rising by Ps. 979.8 million, or 21.1% [6][25] Comprehensive Income - Comprehensive income increased by Ps. 650.2 million, or 30.0%, from Ps. 2,164.2 million in 1Q24 to Ps. 2,814.4 million in 1Q25 [6][26] Financial Metrics - EBITDA margin (excluding IFRIC-12 effects) decreased from 69.8% in 1Q24 to 67.1% in 1Q25 [6][25] - Net income increased by Ps. 387.4 million, or 15.7%, compared to 1Q24 [26] Asset and Liability Overview - Total assets increased by Ps. 14,765.7 million, primarily due to improvements to concession assets and cash equivalents [27] - Total liabilities rose by Ps. 10,438.4 million, mainly due to long-term bond certificates and bank loans [28] Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region and has expanded its operations to include airports in Jamaica [29]

Core Insights - The global trade war has negatively impacted many stocks in the past quarter, but a stealth bull market is emerging in certain overseas stocks, particularly in Latin America, which has significantly outperformed in 2025 [1]. Group 1 - Latin American equities have shown strong performance, indicating potential investment opportunities in this region [1]. - The article suggests that despite broader market challenges, specific sectors or regions may still present favorable conditions for investors [1]. Group 2 - The investing group led by Ian offers various features including market analysis, trade alerts, and direct access to insights, which can be beneficial for investors looking for new opportunities [2]. - Ian Bezek, with a decade of experience in Latin America, provides valuable on-the-ground research for investors interested in markets like Mexico, Colombia, and Chile [3].

Core Insights - Qingdao Airport ranked first in Cathay Pacific's 2024 Global Airport Passenger Service Satisfaction Survey, reflecting recognition from both domestic and international travelers for its service quality [1] Group 1: Service Efficiency Improvements - Qingdao Airport has implemented a paperless customs clearance service for international travelers, significantly enhancing travel efficiency by approximately 40% [3] - The airport has collaborated with various units to break down data barriers and innovate system functionalities to optimize the international passenger clearance process [3] Group 2: Service Quality Enhancements - The airport has improved signage and guidance in check-in areas, introduced differentiated signage, and established a communication mechanism with local immigration authorities to provide personalized solutions for travelers with expired or unprocessed travel documents [3] - Qingdao Airport has enhanced its "wheelchair door-to-door" service, offering comprehensive assistance to special passenger groups, ensuring they feel welcomed [3] Group 3: Recognition and Awards - In 2024, Qingdao Airport received over 70 commendation letters from various domestic and international airlines, including All Nippon Airways and Korean Air, and won more than 20 awards, such as the "All Nippon Airways 18th Quality Award for On-time Performance" and "Hainan Airlines 2024 Best Service Award" [5] - The airport aims to continue deepening cooperation with airlines to create a more efficient, warm, and human-centered travel experience for passengers [5]

Core Points - Grupo Aeroportuario del Pacífico (GAP) held its Annual General Ordinary Shareholders' Meeting with a quorum of 88.5% and approved several key resolutions regarding financial statements, dividend payments, and board appointments [1][2][3]. Financial Resolutions - The financial statements for the fiscal year 2024 were approved on both unconsolidated and consolidated bases, adhering to MFRS and IFRS standards respectively [2]. - The net income for the fiscal year ended December 31, 2024, was reported at Ps. 8,279,790,417 (approximately 8.28 billion pesos), with the entire amount allocated to retained earnings without separating for legal reserves [3]. - A dividend of Ps. 16.84 per share was approved, to be paid from the retained earnings account totaling Ps. 18,864,285,272 (approximately 18.86 billion pesos), with payment expected within 12 months after April 24, 2025 [4]. Share Repurchase Program - The cancellation of outstanding amounts under the previous share repurchase program of Ps. 2,500,000,000 (2.5 billion pesos) was approved, along with a new allocation of the same amount for share repurchases in the upcoming 12-month period [5]. Board of Directors - The meeting ratified the appointments of four proprietary members and their alternates to the Board of Directors, including Laura Díez Barroso Azcárraga as Chairwoman [6][7]. - Compensation for the Board of Directors for the fiscal year 2024 was approved, along with the proposed compensation for 2025 [8]. Compliance and Reporting - The company reported compliance with regulations regarding significant transactions exceeding US$ 3,000,000 [10]. - Special delegates were approved to formalize the resolutions adopted at the meeting [11]. Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations, and has expanded its operations internationally [12].