证券代码：600004 股票简称：白云机场 公告编号：2026－005 广州白云国际机场股份有限公司关于2025年度业绩预告的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 1.广州白云国际机场股份有限公司（以下简称"公司"）预计2025年度实现归属于母公司所有者的净利润 127,961.01万元到 156,396.79万元，与上年同期相比，将增加35,376.26万元到 63,812.04万元，同比增加 38.21%到68.92%。 2.经财务部门初步测算，公司预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利润 73,182.12万元到101,617.90万元，与上年同期相比，将增加-17,429.23万元到11,006.55万元，同比增 加-19.24%到12.15%。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1.经财务部门初步测算，预计2025年度实现归属于母公司所有者的净利润127,961.01万元到156,396. ...

证券日报网讯1月27日，上海机场（600009）在互动平台回答投资者提问时表示，公司统一管理上海两 场，经营业务主要分为航空性业务和非航空性业务，航空性业务指与飞机、旅客及货物服务直接关联的 基础性业务；其余类似延伸的商业、办公室租赁、值机柜台出租、货运站操作业务等都属于非航空性业 务。 ...

证券日报网讯 1月19日，上海机场在互动平台回答投资者提问时表示，公司统一管理上海两场，经营业 务主要分为航空性业务和非航空性业务，航空性业务指与飞机、旅客及货物服务直接关联的基础性业 务；其余类似延伸的商业、办公室租赁、值机柜台出租、货运站操作业务等都属于非航空性业务。根据 公司2025年半年度报告，2025年1月-6月公司航空性收入为29.16亿元，占总收入比重为45.9%。2025年 以来，在国内市场保持旺盛、国际市场加快恢复的背景下，上海机场围绕民航局"一圈、六廊、五通 道"规划，积极服务航司织密全球航网，新增了塞尔维亚贝尔格莱德、摩洛哥卡萨布兰卡、瑞士日内 瓦、阿根廷布宜诺斯艾利斯4个洲际航点。上海机场航线网络覆盖全球54个国家的302个航点，其中通航 国家数量创下历史新高。 （文章来源：证券日报） ...

Core Insights - The company reported a revenue of 6.35 billion in H1 2025, representing a year-on-year increase of 4.8%, and a profit of 1.04 billion, up 28.1% year-on-year [1] - The company is adjusting its profit forecasts for 2025-2026 due to the recovery of international travelers and changes in non-aviation business [4] Financial Performance - H1 2025 revenue was 6.35 billion, with a profit of 1.04 billion and a non-recurring profit of 1.03 billion, showing increases of 4.8%, 28.1%, and 27.5% respectively [1] - In Q2 2025, revenue reached 3.18 billion, with a profit of 0.53 billion and a non-recurring profit of 0.51 billion, reflecting year-on-year increases of 4.8%, 22.4%, and 21.6% respectively [1] - Investment income for H1 2025 was 0.46 billion, up 26.7% year-on-year, while Q2 2025 investment income was 0.247 billion, a 4.1% increase [2] Cost and Expense Analysis - H1 2025 operating costs were 4.68 billion, a slight decrease of 0.34% year-on-year, with labor costs increasing by 0.43%, amortization costs decreasing by 0.76%, and operational maintenance costs increasing by 0.76% [2] - Financial expenses amounted to 0.23 billion, up 16.6% year-on-year, primarily due to a decrease in bank deposit interest income, while management expenses were 0.32 billion, an 8.0% increase [2] Business Segment Performance - Aviation revenue for H1 2025 was 2.92 billion, up 8.35% year-on-year, while non-aviation revenue was 3.44 billion, a 1.93% increase [3] - Within non-aviation, commercial catering revenue was 1.09 billion, down 1.9%, logistics service revenue was 0.83 billion, up 0.76%, and other non-aviation revenue was 1.51 billion, up 2.3% [3] - Duty-free revenue for H1 2025 was 0.628 billion, down 3.1%, and advertising contract revenue was 0.297 billion, down 8.0% [3] Operational Data - At Pudong Airport, takeoffs and passenger throughput increased by 5.71% and 11.61% year-on-year respectively in H1 2025, with domestic passenger throughput up 3.8% and international passenger throughput up 23.1% [3] - At Hongqiao Airport, takeoffs and passenger throughput increased by 3.06% and 4.75% year-on-year respectively in H1 2025 [3] Dividend Information - The company announced a cash dividend of 2.1 yuan per 10 shares (including tax), totaling 0.52 billion (including tax), with a mid-year cash dividend payout ratio of 50.05% for 2025 [3] Investment Outlook - The profit forecasts for 2025 and 2026 have been adjusted to 2.17 billion and 2.70 billion respectively, with a new forecast for 2027 at 3.06 billion, leading to EPS estimates of 0.87, 1.08, and 1.23 yuan for 2025-2027 [4] - The company is expected to benefit from the ongoing recovery of international travelers, positioning airports as significant duty-free sales channels, and anticipates a long-term value return from international hub airports [4]

Investment Rating - The investment rating for the company is "Buy" [3] Core Insights - In Q2 2025, the company's net profit attributable to shareholders increased by 81.5% year-on-year, with a total revenue of 3.73 billion yuan, up 7.7% year-on-year [1][2] - The company is undergoing a significant expansion project, with a total investment exceeding 50 billion yuan, expected to be completed by 2025, which will increase annual passenger throughput capacity to 120 million [2] - The company is expected to see a recovery in both aviation and non-aviation revenues as passenger traffic continues to recover [2] Financial Summary - For H1 2025, the company achieved a net profit of 750 million yuan, a year-on-year increase of 71.3%, with a forecasted net profit of 1.37 billion yuan for 2025 [3][8] - The projected revenue for 2025 is 7.98 billion yuan, reflecting a 7% increase from 2024 [3] - The company's earnings per share (EPS) is expected to be 0.58 yuan in 2025, with a price-to-earnings (P/E) ratio of 17.03 [3][8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 11.50, up from the previous target of HKD 11.00 [6][5][17] Core Views - The company reported a revenue of RMB 1.079 billion for 1H25, a decrease of 6.1% year-on-year, with a net loss attributable to shareholders of RMB 70 million, which is a 71.7% improvement compared to the previous year [1][3] - The weak performance in passenger traffic, which decreased by 4.1% to 13.91 million passengers, is attributed to changes in popular travel destinations and competition from other airports and transport modes [2][4] - The company is expected to benefit from the upcoming Hainan Free Trade Port policies, which are anticipated to stimulate passenger flow and enhance the operational efficiency of the airport [4][5] Financial Performance Summary - The company's operating costs for 1H25 were RMB 1.046 billion, an increase of 5.5% year-on-year, leading to a gross profit decline to RMB 33 million [3] - The report projects a downward revision of the company's net profit for 2025 to a loss of RMB 76 million, with subsequent years showing a recovery to profits of RMB 271 million in 2026 and RMB 499 million in 2027 [5][10] - The earnings per share (EPS) are forecasted to be -0.16 for 2025, 0.57 for 2026, and 1.05 for 2027 [10][5] Market Position and Future Outlook - The establishment of a joint venture with Changi Airport Group is expected to enhance the company's ability to monetize non-aeronautical revenues [1][4] - The anticipated completion of the acquisition of control over Hainan Airport is expected to improve the utilization of aviation resources on Hainan Island, reinforcing the company's hub status [4][5] - The report highlights the potential for long-term profitability improvements driven by the Free Trade Port's benefits and the company's capacity expansion [5][4]