Guangzhou Baiyun International Airport Company (600004) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 1.98 billion, up 8.54% year-over-year, while net profit attributable to shareholders dropped 43.32% to RMB 167.68 million due to increased costs from new asset deployment.

• The company began operating new assets from the Phase III expansion, including the T3 terminal and related infrastructure, leading to higher depreciation and usage fees.

Financial highlights

• Operating income: RMB 1,976,980,741.33, up 8.54% year-over-year.

• Net profit attributable to shareholders: RMB 167,680,773.45, down 43.32% year-over-year.

• Total assets at quarter-end: RMB 29.96 billion, up 0.94% from year-end 2025.

• Net cash flow from operating activities: RMB 761.84 million, down 16.68% year-over-year.

• Basic and diluted EPS: RMB 0.07, down 46.15% year-over-year.

Outlook and guidance

• Short-term performance may fluctuate due to increased costs from new asset usage and depreciation following the Phase III expansion.

• The company is implementing changes in accounting estimates effective January 1, 2026.