Shanghai International Airport (600009) H2 2025 earnings summary

Executive summary

• Achieved revenue of ¥13.35 billion in 2025, up 7.9% year-over-year, with net profit attributable to shareholders of ¥2.12 billion, up 9.45% year-over-year.

• Passenger throughput at Pudong Airport reached 84.99 million (+10.69%), and Hongqiao Airport 50.15 million (+4.6%), both hitting record highs.

• Cargo and mail throughput at Pudong exceeded 4 million tons (+8.3%), ranking second globally.

• Maintained high operational safety: Pudong Airport achieved 26 consecutive safe years, Hongqiao 38 years.

Financial highlights

• Operating income: ¥13.35 billion (+7.9% YoY); operating cost: ¥9.67 billion (+0.19% YoY).

• Net profit attributable to shareholders: ¥2.12 billion (+9.45% YoY); basic EPS: ¥0.85 (+8.97% YoY).

• Net cash flow from operating activities: ¥5.98 billion (+8.15% YoY).

• Gross margin for aviation and related services: 25.22% (+0.49pp YoY); other income: ¥792 million.

• Adjusted net profit (excluding non-recurring items): ¥2.05 billion (+45.76% YoY).

Outlook and guidance

• 2026 targets: 851,000 aircraft movements, 138 million passengers, 4.6 million tons cargo/mail.

• Focus on high-quality development, safety, hub function enhancement, and innovation.

• Strategic priorities: expand international hub, digital and green transformation, value creation, and organizational reform.