Investment Rating - The report maintains a "Recommended" rating for Beijing Capital International Airport Co., Ltd. [3][5] Core Views - The company has shown a significant reduction in net loss due to effective cost control, with a tax-adjusted net loss of 164 million yuan in the first half of 2025, compared to a loss of 376 million yuan in the same period last year [1][3] - Revenue for the first half of 2025 reached 2.755 billion yuan, a year-on-year increase of 2.6%, driven by a 4.6% increase in aviation revenue and a 0.8% increase in non-aviation revenue [1][2] - The recovery in passenger volume is ongoing, with a total of 34.17 million passengers in the first half of 2025, representing a 4.5% year-on-year increase, and international passenger volume growing by 21.3% [1][2] Revenue and Profitability - Non-aviation revenue for the first half of 2025 was 1.41 billion yuan, with a decline of 4.5% in concession revenue, primarily due to a decrease in advertising revenue [2][3] - The company has successfully reduced operating costs by 4.2% year-on-year, with concession management fees down by 24.9% [2][3] - Profit forecasts for 2025-2027 have been adjusted to -173 million yuan, 88 million yuan, and 342 million yuan respectively, indicating a gradual recovery in profitability [3][4] Financial Metrics - Projected revenue for 2023 is 4.558 billion yuan, with a growth rate of 104.33%, and expected to reach 6.473 billion yuan by 2027 [4] - The net profit margin is projected to improve from -37.22% in 2023 to 5.28% in 2027, reflecting a positive trend in profitability [4] - The return on equity (ROE) is expected to turn positive by 2026, reaching 2.49% in 2027 [4]