Guangzhou Baiyun International Airport Company (600004) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached ¥3.73 billion, up 7.68% year-over-year, with net profit attributable to shareholders rising 71.32% to ¥750 million.

• Aircraft movements, passenger throughput, and cargo/mail volumes increased 7.03%, 9.23%, and 1.96% year-over-year, respectively.

• International passenger volume surged 23.86% year-over-year, reflecting robust recovery in international travel.

• Baiyun Airport was ranked third in Asia-Pacific for air connectivity by ACI and maintained a strong safety and service record.

Financial highlights

• Operating income: ¥3.73 billion, up 7.68% year-over-year; operating cost: ¥2.65 billion, up 5.76%.

• Net profit attributable to shareholders: ¥750 million, up 71.32% year-over-year.

• Basic and diluted EPS: ¥0.32, up 77.78% year-over-year.

• Operating cash flow: ¥1.74 billion, down 11.88% year-over-year.

• Gross margin improved as cost growth lagged revenue growth by 2.63 percentage points.

Outlook and guidance

• 2025 is a critical year for the completion of the third-phase expansion and digital transformation.

• The company aims to further enhance international hub status and shareholder returns, leveraging expansion and digital initiatives.