Hainan Airport Infrastructure (600515) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was RMB 1.09 billion, down 8.61% year-over-year; net profit attributable to shareholders fell 54.09% to RMB 100.39 million.

• Airport management business revenue grew 9.82% to RMB 570 million, while real estate revenue dropped 54.6% to RMB 113 million.

• Core airport Sanya Phoenix saw aircraft movements up 16.39% and passenger throughput up 9.73% year-over-year.

Financial highlights

• Operating income: RMB 1.09 billion, down 8.61% year-over-year.

• Net profit attributable to shareholders: RMB 100.39 million, down 54.09% year-over-year.

• Operating cash flow: -RMB 881.35 million, a larger outflow than -RMB 490.53 million last year.

• Basic and diluted EPS: RMB 0.0088, down 53.93% year-over-year.

• Total assets at quarter-end: RMB 53.16 billion, down 1% from year-end 2024.

Outlook and guidance

• Company will continue to focus on core airport business and advance its “de-real estate” strategy for high-quality growth.