Guangzhou Baiyun International Airport Company (600004) investor relations material

Executive summary

• Revenue for H1 2026 reached RMB 4.06 billion, up 8.95% year-over-year, while net profit attributable to shareholders dropped 43.13% to RMB 426.54 million due to increased costs from the T3 terminal and phase III expansion.

• Passenger throughput was 43.33 million, up 8.24% year-over-year, maintaining the top position among Chinese airports; aircraft movements and cargo volumes also grew.

• The company enhanced its hub network, opened 20 new or increased international routes, and deepened integration with tourism and cultural services.

• Service quality and safety management continued to improve, with multiple industry awards and successful completion of major events.

Financial highlights

• Operating income: RMB 4.06 billion (+8.95% YoY); operating cost: RMB 3.19 billion (+20.48% YoY).

• Total profit: RMB 571.63 million (-41.54% YoY); net profit attributable to shareholders: RMB 426.54 million (-43.13% YoY).

• Basic and diluted EPS: RMB 0.17 (-46.88% YoY); net cash from operating activities: RMB 1.74 billion (flat YoY).

• Gross margin declined due to higher depreciation and operating costs from new assets.

Outlook and guidance

• The company expects continued capacity release from the phase III expansion, but short-term profit pressure remains due to increased asset usage fees and depreciation.

• Focus remains on expanding international routes, improving service, and leveraging the Greater Bay Area's strategic position.