Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. is planning to issue A-shares to specific investors, with an adjusted issue price of 7.60 yuan per share, aimed at raising 1.6 billion yuan to supplement working capital [1][3]. Group 1: Company Overview - The company was established on September 19, 2000, and is listed on the Shanghai Stock Exchange under the stock code 600004 [6]. - The registered capital of the company is 2,366,718,283 yuan [6]. - The controlling shareholder is Guangdong Airport Management Group Co., Ltd., which holds 57.20% of the shares [10]. Group 2: Financial Performance - In 2023, the company reported revenues of 397,095.99 million yuan, 643,086.83 million yuan, 742,359.72 million yuan, and 372,604.62 million yuan for the respective periods [5]. - The net profit attributable to the parent company for the same periods was -107,120.46 million yuan, 44,190.57 million yuan, 92,584.75 million yuan, and 75,004.59 million yuan [5]. Group 3: Market and Industry Risks - The aviation industry is closely tied to macroeconomic conditions, which can significantly impact demand for air travel and freight [3][4]. - Increased competition from rail and road transport, particularly with the development of high-speed rail networks, poses a risk to the airline sector [4]. - The company faces potential market share decline if it does not effectively respond to competitive pressures in the Guangdong-Hong Kong-Macao Greater Bay Area [4]. Group 4: Regulatory Environment - The civil aviation industry in China is regulated under a "two-level government, three-tier management" system, with the Civil Aviation Administration of China (CAAC) as the highest authority [11]. - Various laws and regulations govern the operation and management of civil airports, including the Civil Aviation Law and specific airport management regulations [13][15]. Group 5: Future Development Plans - The company aims to enhance its operational capabilities and service levels in line with national policies promoting the development of international aviation hubs [16][17]. - The government has outlined plans to build a world-class airport cluster in the Greater Bay Area, which will support the company's growth [16].