Hainan Airport Infrastructure (600515) Q3 2026 earnings summary

Executive summary

• YTD revenue rose 29.17% to RMB 4.237bn, while total profit turned to a RMB 167.8m loss and net profit attributable to shareholders was a RMB 13.8m loss.

• Revenue growth reflected consolidation of Meilan Airport; lower real estate and other business revenue partly offset the increase.

Financial highlights

• Q3 revenue was RMB 1.225bn, up 26.31% YoY; Q3 attributable net loss was RMB 132.6m and adjusted attributable net loss was RMB 148.3m.

• YTD operating costs totaled RMB 4.687bn versus revenue of RMB 4.237bn; operating loss was RMB 251.0m versus operating profit of RMB 128.8m a year earlier.

• YTD consolidated net loss was RMB 81.0m, compared with net income of RMB 97.4m in the prior-year period.

Segment performance

• Airport activity drove the revenue mix shift: Meilan Airport consolidation lifted overall revenue, while real estate and other business revenue declined YoY.

• Meilan Airport remained in a passenger-traffic ramp-up phase; Sanya Phoenix International Airport T3 entering service increased airport operating costs.