SACL(SZ:000089)2025-11-21 10:50Group 1: Company Performance and Market Position - The stock price of Shenzhen Airport has underperformed despite the Shanghai and Shenzhen stock markets reaching a ten-year high, indicating challenges in market value management [2] - The company has focused on enhancing its core business and resource value, aiming for balanced growth in business scale and quality [2][3] Group 2: Infrastructure Developments - The third runway project is expected to be operational by the end of November 2025, which will improve the airport's passenger and cargo handling capacity [3][4] - The design capacity for the T3 terminal and satellite hall is set at 45 million and 22 million passengers, respectively [5] Group 3: Financial Performance - In the first three quarters, the operating cost growth rate was 8%, lower than the revenue growth rate of 11%, indicating effective cost management [4][5] - The company plans to continue cost reduction measures to ensure that variable costs grow at a slower rate than revenue [5] Group 4: Future Business Outlook - The duty-free business has seen a 10% increase in sales since October 2025, reflecting a recovery in international passenger flow [4] - The company is preparing to enhance its duty-free operations by leveraging peak travel seasons and potential new policies [4]