Core Insights - The Greater Bay Area is experiencing a significant expansion in airport infrastructure, driven by increasing passenger and cargo traffic growth in the first half of the year [1][6] - Major projects include the construction of the T2 terminal at Shenzhen Airport and the expansion of Guangzhou Baiyun International Airport to become the first airport in the country with five runways [3][6] Infrastructure Development - The T2 terminal project at Shenzhen Airport is a complex undertaking, with a total length of 420 meters and construction challenges due to its proximity to the metro system [3][4] - Advanced technologies such as GPS positioning and modular construction methods are being utilized to ensure safety and quality during the construction process [4] Cargo and Passenger Growth - The cargo throughput for Hong Kong, Guangzhou, and Shenzhen airports is projected to reach 9.2 million tons by 2024, accounting for 7.2% of global cargo volume [7] - Shenzhen Airport's international and regional cargo volume increased by 16.3% year-on-year, reaching nearly 500,000 tons in the first half of 2025 [11] International Demand - The demand for international passenger travel is also on the rise, with over 4.5 million people traveling through Shenzhen Bao'an International Airport since 2025, marking a 24.4% increase year-on-year [13]

Core Viewpoint - Shenzhen Airport is expected to report a significant increase in net profit for the first half of 2025, driven by the recovery in civil aviation market demand, with projected profits ranging from 287 million to 337 million yuan, representing a year-on-year growth of 64.78% to 93.47% [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 287 million to 337 million yuan for the first half of 2025, marking a substantial increase compared to the previous year [1] - Passenger throughput increased by 10.9% year-on-year, while flight takeoffs and landings rose by 7.2%, and cargo and mail throughput grew by 14.1% [1] Group 2: Infrastructure Development - The construction of the third runway, which began in 2021, is progressing as planned, with completion expected by 2026, enhancing the airport's capacity [1] - The third runway's operation is anticipated to significantly increase the airport's capacity limits [1] Group 3: International Market Expansion - Shenzhen Airport has launched or increased flights on 12 international and regional routes, including destinations like Vientiane, Mexico City, Riyadh, and Singapore, contributing to the growth of the international passenger market [1] - In the first half of the year, international and regional passenger volume reached 3.055 million, a year-on-year increase of 30.7%, with international and regional flight numbers exceeding 20,000, up 26.1% from last year [2] - The airport aims to achieve a 20% share of international routes through differentiated competition, with plans for a comprehensive transportation hub integrating various modes of transport [2]

Core Viewpoint - Shenzhen Airport (000089) expects a significant increase in net profit for the first half of 2025, driven by rising demand in the civil aviation market and steady growth in passenger and cargo operations [1] Financial Performance - The net profit attributable to shareholders is projected to be between 287 million yuan and 337 million yuan, representing a year-on-year growth of 64.78% to 93.47% compared to 174 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is expected to be between 236 million yuan and 286 million yuan, marking a year-on-year increase of 93.79% to 134.85% from 122 million yuan [1] - Basic earnings per share are anticipated to be between 0.14 yuan and 0.1644 yuan, compared to 0.085 yuan in the same period last year [1] Operational Metrics - Passenger throughput is expected to increase by 10.9% year-on-year [1] - The number of flight takeoffs and landings is projected to rise by 7.2% year-on-year [1] - Cargo and mail throughput is anticipated to grow by 14.1% year-on-year [1]