Beijing Capital International Airport Company Limited (Beijing Airport) released its audited 2025 results, showing continued top-line growth and a sharply narrower loss.
Revenue and Traffic • Total revenue grew 2.50% year on year to RMB 5.63 billion, driven by a 3.8% increase in aeronautical income to RMB 2.77 billion and a 1.3% rise in non-aeronautical income to RMB 2.86 billion. • Passenger throughput reached 70.74 million (+5.0%), aircraft movements 442,046 sorties (+2.0%) and cargo & mail volume 1.55 million tonnes (+7.5%).
Profitability • Operating expenses fell 1.2% to RMB 5.78 billion, reflecting lower repair & maintenance, security and outsourced service costs. • Net loss after tax narrowed 54.7% to RMB 0.63 billion (loss per share: RMB 0.14) against RMB 1.39 billion in 2024, aided by higher revenue, tighter cost control and lower finance costs. • No final dividend was proposed.
Segment Performance • Passenger service fees climbed 7.4% to RMB 1.37 billion, outpacing the 5.0% traffic growth as international routes recovered. • Retail concession revenue improved 6.0% to RMB 0.54 billion, while advertising income slipped 4.0% to RMB 0.67 billion on contract adjustments. • Rental income rose 10.1% to RMB 1.08 billion following contract optimisation; restaurant and VIP concession income declined as portions were rebilled under rental.
Balance Sheet and Liquidity • Total assets stood at RMB 30.01 billion; equity was RMB 12.86 billion, implying a gearing ratio of 57.16%. • Cash and cash equivalents increased to RMB 1.85 billion (2024: RMB 1.43 billion). • Interest-bearing debt comprised RMB 9.22 billion in bank borrowings and RMB 1.50 billion in medium-term notes maturing September 2026. • Current liabilities exceeded current assets by RMB 11.88 billion; management cited sufficient unused banking lines to meet obligations.
Cash Flow • Net operating cash inflow surged to RMB 1.61 billion (2024: RMB 0.10 billion) on stronger collections and tighter working-capital management. • Net investing outflow was RMB 0.53 billion, largely capital expenditure. • Net financing outflow amounted to RMB 0.65 billion, reflecting debt service.
Outlook Management signalled focus on exploiting newly approved slot capacity, advancing terminal upgrades and deepening cost and efficiency reforms to pursue a return to profitability in 2026. Passenger throughput in the first two months of 2026 grew 8.6% year on year, with international traffic up 10.4%.
No significant post-balance-sheet events were disclosed beyond the March 2026 application to register up to RMB 4 billion in medium-term notes and RMB 4 billion in short-term debentures with NAFMII.
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