Core Viewpoint - The company is seeking to raise up to 1.6 billion yuan through a private placement to enhance liquidity and support ongoing operational and capital expenditure needs, as well as to optimize its capital structure and improve its debt repayment capacity [1][3][11]. Financing Scale - The total amount expected to be raised from the issuance is not more than 1.6 billion yuan, which will be used entirely to supplement working capital after deducting issuance costs [1][3]. - As of June 30, 2025, the company had a cash balance of approximately 573 million yuan, with a liquidity ratio of 1.16 and a quick ratio of 1.14, indicating slight liquidity pressure compared to other A-share listed airport companies [1][3]. Financial Needs Assessment - The company estimates a total funding gap of approximately 2.017 billion yuan over the next three years, considering existing cash reserves, future cash inflows, and capital expenditures [2][3][11]. - The projected cash flow from operations over the next three years is estimated at approximately 710 million yuan, with a significant portion of future cash needs driven by capital expenditures and rental payments [3][5][11]. Business and Operational Performance - The company reported fluctuating revenues over the past few years, with significant recovery in 2023 and continued growth expected in 2024 and 2025, driven by increased passenger throughput and operational efficiency [8][14]. - The revenue for 2023 was approximately 643 million yuan, with a net profit of about 38 million yuan, indicating a recovery from previous losses [8][14]. Industry Context - The aviation industry is experiencing a strong recovery, with the International Air Transport Association (IATA) projecting a 5.1% annual growth rate in passenger traffic in the Asia-Pacific region over the next 20 years [3][14]. - The company’s operational metrics, such as passenger throughput and flight operations, are closely aligned with industry trends, reflecting a robust recovery in demand for air travel [14].

Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. is preparing for a specific issuance of A-shares in 2024, aiming to enhance its capital structure and support its operational growth [1][2]. Company Overview - Company Name: Guangzhou Baiyun International Airport Co., Ltd. - Registered Capital: 236,671.8283 million RMB - Established: September 19, 2000 - Listed on: Shanghai Stock Exchange on April 28, 2003 - Main Business: Provides passenger transit services, ground services related to air transport, and various aviation-related services [2][3]. Financial Data - Total Assets: 2,734,215.96 million RMB (2022), 2,699,793.48 million RMB (2023), 2,619,004.56 million RMB (2024) - Total Liabilities: 834,923.94 million RMB (2022), 840,596.07 million RMB (2023), 838,370.27 million RMB (2024) - Operating Revenue: 397,095.99 million RMB (2022), 643,086.83 million RMB (2023), 742,359.72 million RMB (2024), 372,604.62 million RMB (2025, 1-6 months) - Net Profit: -109,178.99 million RMB (2022), 48,100.37 million RMB (2023), 96,575.30 million RMB (2024), 76,977.14 million RMB (2025, 1-6 months) [6][10][11]. Business Operations - The company operates as a composite hub airport, being one of the three major gateway airports in China, with a focus on both aviation services and aviation-related extended services [10][12]. - The main revenue sources include aviation services (42.27% of total revenue) and aviation-related extended services (57.73% of total revenue) [10]. Issuance Details - The company plans to issue A-shares to specific investors, with a maximum of 210,526,315 shares and total fundraising not exceeding 160,000 million RMB [19][20]. - The issuance price is set at 7.60 RMB per share, which is not less than 80% of the average trading price over the previous 20 trading days [18][19]. Regulatory Compliance - The issuance has been approved by the company's board and requires further approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [25][26].

Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. is responding to the Shanghai Stock Exchange's inquiry regarding its application for a specific stock issuance, emphasizing the necessity and reasonableness of the proposed fundraising amount of up to 1.6 billion yuan to enhance liquidity and support ongoing operations and capital expenditures [1][18]. Financing Scale - The company plans to raise a total of 1.6 billion yuan, which will be used entirely to supplement working capital after deducting issuance costs [1][18]. - As of June 30, 2025, the company had a cash balance of approximately 573 million yuan, with a liquidity ratio of 1.16 and a quick ratio of 1.14, indicating slight liquidity pressure compared to other A-share listed airport companies [1][2][18]. - Post-fundraising, the liquidity ratio and quick ratio are expected to improve to 1.42 and 1.40, respectively [2][18]. Financial Needs Assessment - The company estimates a total funding gap of approximately 201.77 million yuan over the next three years, considering existing cash reserves, future cash inflows, and capital expenditures [1][18]. - The projected cash flow from operations over the next three years is estimated at approximately 710.23 million yuan, with a minimum cash reserve requirement of about 329.27 million yuan [1][4][18]. - Future capital expenditures are projected to be around 325.34 million yuan, alongside other payment obligations totaling approximately 360.62 million yuan [1][18]. Revenue and Profitability - The company's revenue for the reporting periods was 518.02 million yuan, 397.10 million yuan, 643.09 million yuan, and 530.05 million yuan, with net profits fluctuating significantly due to market conditions [1][20]. - The gross profit margin has shown variability, with a notable recovery in 2023 and continued growth into 2024 and 2025, driven by increased passenger throughput and operational efficiency [1][20][24]. Market Environment - The global aviation market is recovering, with IATA reporting a 36.9% increase in global passenger traffic in 2023, and a projected 10.4% growth in 2024 [5][24]. - The Chinese civil aviation sector is also experiencing growth, with passenger throughput reaching approximately 125.98 million in 2023, a 142.2% increase year-on-year [24]. Investment and Future Projects - The company has several ongoing and planned projects requiring significant investment, with a total expected expenditure of approximately 288.94 million yuan for key infrastructure upgrades [1][18]. - The company aims to enhance its operational capabilities and service offerings to support the development of the Guangdong-Hong Kong-Macao Greater Bay Area's world-class airport cluster [3][18].