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].