本公司根據中國人民銀行及中國銀行間市場交易商協會的相關規則及法規，公佈本公司 截至二零二五年三月三十一日止三個月按中國企業會計準則編製的未經審核季度財務業 績（「相關資料」），有關資料載列於本公告的附錄內。 相關資料亦已於本公告同日刊載於上海清算所網站（www.shclearing.com）、北京金融資產 交易所網站（www.cfae.cn）及中國貨幣網（www.chinamoney.com.cn）。 - 1 - 於本公告披露及刊載於中國相關網站的相關資料乃根據中國企業會計準則編製且未經審 核。股東及有意投資者不應過分倚賴該等資料，且於買賣本公司證券時務請審慎行事。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 公告 內幕消息 本公告由北京首都國際機場股份有限公司（「本公司」）根據香港聯合交易所有限公司證券 上市規則（「上市規則」）第13.09(2)(a)條及香港法例第571章證券及期貨條例第XIVA部項下 的內幕消息條文（定義見上市規則）作出。 ...

北京首都國際機場股份有限公司 （於中華人民共和國註冊成立的外商投資股份有限公司） 股份編號：00694 2024 年度報告 北京首都國際機場股份有限公司 中國北京首都機場 (100621) 傳真電話： 8610 6450 7700 電郵地址： ir@bcia.com.cn 2024 年度報告 北京首都國際機場股份有限公司 目錄 | 2 | 財務概要 | | --- | --- | | 4 | 公司簡介 | | 6 | 董事長報告 | | 13 | 董事會報告 | | 50 | 管理層討論與分析 | | 59 | 公司管治報告 | | 78 | 監事會報告 | | 80 | 獨立核數師報告 | | 86 | 損益及其他綜合收益表 | | 88 | 財務狀況表 | | 90 | 權益變動表 | | 91 | 現金流量表 | | 92 | 財務報表附註 | | 170 | 公司基本資料 | | 172 | 股價及成交額歷史數據 | 北京首都國際機場股份有限公司 二零二四年年報 02 財務概要 北京首都國際機場股份有限公司 二零二四年年報 03 財務概要(續) （除每股（虧損）╱盈利外，其餘單位為人民幣千元） | | ...

Investment Rating - The report maintains a "Buy" rating for Beijing Capital International Airport Co., Ltd. [2][5] Core Views - The company achieved a revenue of 5.492 billion yuan in 2024, representing a year-on-year growth of 20.5%. The pre-tax net loss significantly narrowed to 629 million yuan from a loss of 1.719 billion yuan in the same period last year. However, the income tax expense rose to 760 million yuan due to the large reversal of deferred tax assets, resulting in a post-tax net loss of 1.39 billion yuan, which is an 18.1% improvement compared to the previous year's loss of 1.697 billion yuan [3][5]. - Passenger throughput reached 67.37 million, a year-on-year increase of 27.4%, driving a 27.2% growth in aviation revenue to 2.668 billion yuan. Domestic passenger volume grew by 17.4%, while international passenger volume surged by 103.0%. Notably, passenger service revenue increased by 35.2% due to higher service fees for international flights compared to domestic ones [3][5]. - Non-aeronautical revenue was 2.824 billion yuan, up 14.7%, with concession revenue at 1.570 billion yuan, growing by 12.2%. However, the growth in duty-free revenue lagged behind international passenger growth due to reduced commission rates [4][5]. - The company effectively controlled costs, with total operating costs decreasing by 1.0% to 5.857 billion yuan. Concession management fees dropped significantly by 18.7% to 274 million yuan, contributing to the reduction in pre-tax losses [4][5]. - The company is expected to approach breakeven in 2025 as the international aviation hub status remains intact, and profitability is anticipated to improve with the recovery of international routes [5][10]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 5.492 billion yuan, a 20.5% increase from 2023. The aviation revenue was 2.668 billion yuan, up 27.2%, while non-aeronautical revenue reached 2.824 billion yuan, growing by 14.7% [3][10]. - The pre-tax net loss narrowed to 629 million yuan, and the post-tax net loss was 1.39 billion yuan, reflecting an 18.1% improvement year-on-year [3][10]. Revenue Breakdown - Aviation revenue growth was driven by a 27.4% increase in passenger throughput, with international passenger volume increasing by 103.0% [3][4]. - Non-aeronautical revenue growth was limited, with concession revenue growing by 12.2% and duty-free revenue growth lagging behind international passenger growth [4][5]. Cost Management - The company successfully reduced total operating costs by 1.0%, with a significant decrease in concession management fees contributing to the overall cost control [4][5]. Future Outlook - The company is projected to achieve near breakeven in 2025, with expectations of improved profitability as international routes continue to recover [5][10].

Investment Rating - The report maintains a "Buy" rating for Beijing Capital International Airport Co., Ltd. [2][5] Core Views - The company achieved a revenue of 5.492 billion yuan in 2024, representing a year-on-year growth of 20.5%. The pre-tax net loss significantly narrowed to 629 million yuan from a loss of 1.719 billion yuan in the same period last year. However, the high deferred tax asset write-back led to a total income tax of 760 million yuan, resulting in a post-tax net loss of 1.39 billion yuan, which is an 18.1% improvement compared to the previous year's loss of 1.697 billion yuan [3][5]. Revenue Breakdown - The company's passenger throughput reached 67.37 million, a year-on-year increase of 27.4%, driving aviation revenue to 2.668 billion yuan, up 27.2%. Domestic passenger volume grew by 17.4%, while international passenger volume surged by 103.0%. Revenue from aircraft takeoff and landing increased by 20.8%, and passenger service revenue rose by 35.2% [3][4]. Non-Aviation Revenue - Non-aviation revenue totaled 2.824 billion yuan, reflecting a 14.7% year-on-year increase, with concession revenue at 1.570 billion yuan, up 12.2%. Advertising revenue grew by 5.9% to 702 million yuan, while retail (duty-free) revenue increased by 10.0% to 512 million yuan. The growth in duty-free revenue lagged behind international passenger growth due to reduced commission rates [4]. Cost Management - The company effectively controlled costs, with total operating costs amounting to 5.857 billion yuan, a decrease of 1.0%. Concession management fees dropped significantly by 18.7% to 274 million yuan. Other cost items such as maintenance, utilities, and property taxes saw increases, while general and administrative expenses decreased notably [4]. Future Outlook - Despite the slow recovery from the dual impacts of the pandemic and the diversion of traffic to Daxing Airport, the company's position as an international aviation hub remains intact. The report forecasts that the company will approach breakeven in 2025, with projected net profits of -140 million yuan, 361 million yuan, and 759 million yuan for 2025, 2026, and 2027, respectively [5][10].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 3.40 [6][7]. Core Views - The company is expected to narrow its losses in 2024, with a forecasted revenue increase of 20.5% to HKD 5.492 billion, while the net loss is projected to be HKD 1.39 billion, a reduction of 18.1% year-on-year. The company aims to achieve profitability by 2025 [1][4]. - The recovery in passenger traffic is ongoing, with a 16.4% year-on-year increase in passenger throughput in the second half of 2024, reaching 34.67 million, which is 68% of the levels seen in 2019 [2][3]. - The company is focusing on cost control and operational efficiency, which is expected to contribute positively to its financial performance in the coming years [1][3]. Summary by Sections Financial Performance - In 2024, the company recorded a revenue of HKD 5.492 billion, a 20.5% increase from the previous year, while the net loss was HKD 1.39 billion, down 18.1% year-on-year. The second half of 2024 saw a net loss of HKD 1.013 billion, compared to HKD 655 million in the same period of 2023 [1][2]. - The operating costs in the second half of 2024 decreased by 6.3% to HKD 2.956 billion, primarily due to a reduction in franchise management fees [3]. Revenue and Profit Forecast - The company expects to achieve a net profit of HKD 743 million in 2025, following a net loss of HKD 1.39 billion in 2024. The revenue is projected to grow to HKD 6.101 billion in 2025, reflecting an 11.08% increase [4][5]. - The earnings per share (EPS) is expected to turn positive in 2025, with a forecast of HKD 0.02, and further increase to HKD 0.10 in 2026 [5][20]. Valuation Metrics - The target price has been slightly adjusted to HKD 3.40 based on a discounted cash flow (DCF) valuation method, with a weighted average cost of capital (WACC) of 11.4% [4][6]. - The company’s price-to-earnings (PE) ratio is projected to improve significantly from a negative 8.76 in 2024 to 25.95 in 2026, indicating a recovery in profitability [5][20].

Core Insights - Beijing Capital International Airport Company reported a revenue of RMB 5.492 billion for 2024, representing a year-on-year growth of approximately 20.5% [1] - The company experienced a net loss after tax of approximately RMB 1.39 billion, which is a reduction in loss of about 18.1% compared to the previous year [1] - Earnings per share were reported at a loss of RMB 0.3 [1] Aviation Business Performance - Total revenue from aviation-related services amounted to RMB 2.668 billion, reflecting a year-on-year increase of approximately 27.2% [1] - Revenue from aircraft takeoff and related services was RMB 1.395 billion, up about 20.8% year-on-year, primarily due to the recovery in flight operations at Beijing Capital International Airport [1] - Passenger service revenue reached RMB 1.272 billion, marking a year-on-year increase of approximately 35.2%, driven by the recovery of international routes and higher service fees for international passengers compared to domestic ones [1] Non-Aviation Business Performance - Non-aviation revenue totaled RMB 2.8245 billion, showing a year-on-year growth of approximately 14.7% [2] - The company's concession revenue was RMB 1.57 billion, an increase of about 12.2% year-on-year, with advertising revenue at RMB 702 million, up 5.9% due to increased advertising from higher passenger throughput [2] - Retail revenue reached RMB 511 million, growing by 10.0% year-on-year, attributed to the increase in international passenger volume [2] - Catering revenue surged to RMB 173 million, a significant increase of 79.1%, due to enhanced catering resources and increased international passenger throughput [2] - VIP service revenue decreased by approximately 3.8% to RMB 82.061 million, impacted by the temporary suspension of some VIP areas [2] - Parking service concession revenue increased by about 20.6% to RMB 7.1388 million, driven by rising passenger traffic [2] - Other concession income slightly decreased by 1.9% to RMB 28.862 million [2] Rental Income - Rental income was reported at RMB 980 million, reflecting a year-on-year growth of approximately 13.9%, primarily due to the overall increase in business volume at Beijing Capital International Airport [3]

Financial Performance - In 2024, Beijing Capital International Airport recorded 433,572 aircraft movements, an increase of approximately 14.2% year-over-year[3]. - Passenger throughput reached 67,367,428, representing a year-over-year growth of about 27.4%[3]. - Operating revenue for 2024 was RMB 5,492,205,000, reflecting a year-over-year increase of approximately 20.5%[3]. - Aviation revenue amounted to RMB 2,667,662,000, up approximately 27.2% from the previous year[3]. - Non-aviation revenue was RMB 2,824,543,000, which is a year-over-year increase of about 14.7%[3]. - The net loss after tax for 2024 was RMB 1,389,745,000, improving by about 18.1% from a net loss of RMB 1,696,788,000 in the previous year[3]. - Total revenue for the year ended December 31, 2024, was RMB 5,492,205 thousand, an increase of 20.5% from RMB 4,558,524 thousand in 2023[18]. - The company reported a net loss of RMB 1,389,745 thousand for the year, an improvement from a loss of RMB 1,696,788 thousand in 2023[26]. - Basic loss per share was RMB 0.30, compared to RMB 0.37 in the previous year, indicating a reduction in loss per share[26]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 30,675,358,000, down from RMB 32,589,339,000 in the previous year[6]. - Total liabilities decreased to RMB 17,219,480,000 from RMB 17,701,536,000 year-over-year[7]. - As of December 31, 2024, the total equity of the company decreased to RMB 13,455,878,000 from RMB 14,887,803,000 at the beginning of the year, reflecting a decline of approximately 9%[9]. - The company's accumulated losses increased to RMB 4,380,344,000 by December 31, 2024, up from RMB 2,990,599,000 at the end of 2023, representing an increase of approximately 46%[9]. - The company's current liabilities exceeded current assets by RMB 10,079,058,000 as of December 31, 2024, compared to RMB 10,479,796,000 a year earlier, showing a decrease of about 4%[16]. Revenue Breakdown - The company's non-aeronautical revenue for 2024 was RMB 2,824,543,000, which grew by approximately 14.7% compared to the previous year[36]. - Franchise income, a component of non-aviation revenue, grew to RMB 1,569,928 thousand, reflecting a 12.2% increase from RMB 1,399,417 thousand[19]. - Rental income increased by 13.9% to RMB 979,803,000, driven by overall business growth at Beijing Capital Airport[40]. - Other income rose by 24.0% to RMB 5,209,000, while net financial costs decreased to RMB 278,580,000 from RMB 311,333,000 in the previous year[45]. Operating Expenses - Operating expenses decreased to RMB 5,856,756,000, a reduction of approximately 1.0% compared to the previous year[3]. - The total operating expenses for 2024 were RMB 5,856,756,000, a decrease of about 1.0% from the previous year, despite increased business volume[36]. - Depreciation and amortization costs were down by 2.6% to RMB 1,509,409,000[42]. Cash Flow and Financial Health - In 2024, the company's net cash generated from operating activities was RMB 97,602,000, compared to a net cash used of RMB 575,863,000 in 2023[51]. - As of December 31, 2024, the company's cash and cash equivalents amounted to RMB 1,427,698,000, an increase from RMB 1,281,806,000 on December 31, 2023[51]. - The company's current ratio as of December 31, 2024, was 0.23, slightly up from 0.22 on December 31, 2023[52]. - The debt-to-asset ratio increased to 56.13% as of December 31, 2024, from 54.32% a year earlier[52]. Strategic Initiatives and Future Plans - The company plans to enhance safety measures and improve operational management in 2025 to adapt to the evolving market conditions[64]. - The company aims to enhance operational efficiency and service quality through lean management and resource optimization[66]. - Plans to expand international flight routes and enhance the international route network at Beijing Capital Airport[67]. - The company is actively developing integrated transportation and air transit products to support international hub construction[67]. - Continuous optimization of contract revenue models and cost reduction strategies to boost business vitality[66]. - The company will increase the proportion of renewable energy at Beijing Capital Airport to support green airport initiatives[66]. Regulatory and Compliance - The company has adopted new and revised International Financial Reporting Standards (IFRS) effective from January 1, 2024, which are not expected to have a significant impact on its financial statements[11]. - The company has not early adopted any new IFRS that have been issued but are not yet effective, indicating a cautious approach to regulatory changes[12]. - The annual performance announcement for the year ending December 31, 2024, has been reviewed by the audit and risk management committee[69]. - The preliminary financial figures for the year ending December 31, 2024, have been approved by Deloitte, the company's auditor[68]. Shareholder Information - The company did not recommend a final dividend for the year ending December 31, 2024[3]. - The annual report and shareholder meeting notice will be timely distributed to shareholders and published on relevant websites[69].

Financial Performance - The company reported an operating revenue of RMB 4,108,678,447.31 for the nine months ended September 30, 2024, representing a 27.3% increase compared to RMB 3,226,580,134.29 for the same period in 2023[7]. - The net loss for the nine months ended September 30, 2024, was RMB 459,891,571.18, a significant improvement from a net loss of RMB 1,335,563,444.84 in the same period of 2023[7]. - The company’s investment income decreased to RMB 1,674,398.57 for the nine months ended September 30, 2024, down from RMB 4,352,420.77 in the same period of 2023[7]. Assets and Liabilities - Total assets as of September 30, 2024, were RMB 32,499,785,108.54, slightly down from RMB 32,589,339,015.34 as of December 31, 2023[6]. - Current assets increased to RMB 3,948,616,795.00 as of September 30, 2024, compared to RMB 3,015,656,034.22 at the end of 2023, marking a 30.8% increase[5]. - Short-term borrowings rose to RMB 7,375,257,495.55 as of September 30, 2024, up from RMB 6,564,715,088.89 at the end of 2023, indicating a 12.3% increase[6]. - The company's total liabilities increased to RMB 18,091,420,387.66 as of September 30, 2024, compared to RMB 17,701,534,403.11 at the end of 2023[6]. - The company’s total equity decreased to RMB 14,408,364,720.88 as of September 30, 2024, from RMB 14,887,804,612.23 at the end of 2023, indicating a decline of 3.2%[6]. Cash Flow - Operating cash inflow for the nine months ended September 30, 2024, was RMB 3,930,008,605.58, an increase from RMB 2,754,899,054.85 in the same period of 2023, representing a growth of approximately 42.5%[8]. - Net cash flow from operating activities was RMB 485,191,349.97, a significant improvement compared to a net outflow of RMB 691,901,737.10 in the prior year[8]. - Cash inflow from financing activities totaled RMB 7,005,234,000.00, down from RMB 8,800,000,000.00 in the previous year, indicating a decrease of about 20.4%[9]. - The net cash flow from financing activities was RMB 476,753,679.02, compared to RMB 674,531,408.81 in the same period last year, reflecting a decline of approximately 29.3%[9]. - The company reported a net increase in cash and cash equivalents of RMB 671,559,794.54, contrasting with a decrease of RMB 289,858,188.09 in the prior year[9]. - The ending balance of cash and cash equivalents as of September 30, 2024, was RMB 1,953,365,653.23, up from RMB 1,300,554,695.07 in the same period of 2023, marking an increase of approximately 50.3%[9]. Expenditures - Cash outflow for purchasing goods and services was RMB 2,623,604,440.12, slightly lower than RMB 2,714,872,344.36 in the previous year, showing a decrease of about 3.4%[8]. - Cash paid to employees increased to RMB 541,019,450.96 from RMB 503,185,629.62, representing an increase of approximately 7.5%[8]. - Cash outflow for investment activities was RMB 299,198,768.67, compared to RMB 282,964,592.18 in the previous year, indicating an increase of about 5.7%[8]. - The company received RMB 8,994,337.68 from other investment-related cash inflows, slightly down from RMB 9,884,799.04 in the same period last year[8]. Liquidity Management - The company issued RMB 1.5 billion of three-year medium-term notes in September 2023 to enhance liquidity[1].

Financial Performance - For the first half of 2024, the company reported total revenue of RMB 2,683,873,000, a 35.2% increase compared to RMB 1,985,073,000 in the same period of 2023[3] - The company's aviation business revenue totaled RMB 1,285,649,000, marking a 41.3% increase from RMB 910,071,000 in the previous year[7] - Non-aeronautical business revenue rose to RMB 1,398,224,000, a 30.1% increase compared to RMB 1,075,002,000 in the same period last year[10] - The company reported a net loss attributable to shareholders of RMB 376,494,000, a 63.9% improvement from a loss of RMB 1,041,495,000 in the same period last year[3] - Total comprehensive loss for the period was RMB 401,042,000, down from RMB 1,036,895,000 in the same period of 2023, indicating a 61.3% improvement[45] Operational Metrics - The total number of aircraft movements reached 211,420, representing a growth of approximately 20.2% year-on-year, while passenger throughput increased by 41.6% to 32,703,380[5] - The company's aircraft landing and related revenue was RMB 676,343,000, up 31.5% year-on-year, driven by an increase in international aircraft movements[8] - Retail revenue surged by 66.6% to RMB 258,946,000, attributed to an increase in store openings and the recovery of international passenger traffic[10] Assets and Liabilities - The company’s total assets as of June 30, 2024, were RMB 33,988,344,000, reflecting a 4.3% increase from RMB 32,589,339,000 at the end of 2023[3] - The total liabilities increased by 10.2% to RMB 19,501,583,000 from RMB 17,701,536,000 at the end of 2023[3] - The company's total liabilities to total assets ratio increased to 57.38% as of June 30, 2024, from 54.32% as of December 31, 2023[20] Cash Flow and Financing - As of June 30, 2024, the company's cash and cash equivalents amounted to RMB 3,254,497,000, up from RMB 1,281,806,000 as of December 31, 2023, representing a significant increase of 153.5%[20] - The company's net cash generated from operating activities for the first half of 2024 was RMB 136,046,000, compared to a net cash outflow of RMB 1,058,184,000 in the same period last year[20] - The net cash generated from financing activities for the first half of 2024 was RMB 2,078,974,000, an increase from RMB 1,084,800,000 in the same period last year[21] Expenses - In the first half of 2024, the company's operating expenses amounted to RMB 2,900,362,000, representing a year-on-year increase of approximately 5.2%[12] - Employee expenses rose by approximately 17.3% to RMB 284,489,000, mainly due to timing differences in expense recognition[14] - Repair and maintenance expenses increased by approximately 11.7% to RMB 447,042,000, primarily due to increased business volume and equipment usage[14] Corporate Governance - The company has adhered to the Corporate Governance Code, with no deviations except for reasonable causes as specified[39] - The Audit and Risk Management Committee has reviewed the company's interim financial information for the six months ending June 30, 2024, confirming compliance with applicable accounting standards and regulations[38] - The company has implemented a strict Securities Trading Code for directors and employees, ensuring compliance during the reporting period[41] Future Outlook - The company anticipates continued recovery in both domestic and international air traffic, supported by the easing of travel restrictions and increased international mobility[5] - The company aims to enhance operational efficiency and service quality in the second half of 2024, focusing on improving passenger experience and optimizing flight operations[19] - The company plans to leverage strategic collaborations with airlines and enhance its international route network to boost market recovery and operational efficiency[19]

Financial Performance - The company's operating revenue for the first half of 2024 was RMB 2,683,873,000, representing a year-on-year growth of approximately 35.2%[2] - Total revenue for the six months ended June 30, 2024, was RMB 2,683,873,000, representing a 35.1% increase from RMB 1,985,073,000 for the same period in 2023[14] - The revenue from aviation-related businesses was RMB 1,285,649,000, an increase of approximately 41.3% compared to the same period last year, while non-aviation revenue was RMB 1,398,224,000, up about 30.1% year-on-year[2] - The net loss after tax for the first half of 2024 was RMB 376,494,000, a decrease of approximately 63.9% compared to the net loss of RMB 1,041,495,000 in the same period last year[2] - The company reported a net financial cost of RMB (141,690,000) for the six months ended June 30, 2024, compared to RMB (173,209,000) for the same period in 2023[15] Operational Metrics - In the first half of 2024, Beijing Capital International Airport recorded 211,420 aircraft movements, an increase of approximately 20.2% year-on-year[2] - Passenger throughput reached 32,703,380, up about 41.6% year-on-year, and cargo and mail throughput was 704,681 tons, an increase of approximately 48.9% year-on-year[2] - The number of aircraft takeoffs and landings increased to 211,420, representing a growth of 20.2% year-over-year, with international flights seeing a significant increase of 124.0%[29] - Passenger throughput reached 32,703,380, up 41.6% from the previous year, with international passenger numbers increasing by 225.7%[29] Expenses and Costs - Operating expenses for the first half of 2024 amounted to RMB 2,900,362,000, reflecting a year-on-year increase of approximately 5.2%[2] - The company's depreciation and amortization expenses decreased by 4.1% to RMB 743,864,000, attributed to changes in asset depreciation schedules[34] - Repair and maintenance costs rose by 11.7% to RMB 447,042,000, driven by increased business volume and equipment usage[34] - The company's utility expenses for the first half of 2024 were RMB 261,073,000, reflecting a growth of about 13.6% year-on-year, primarily due to increased electricity consumption from operational improvements at Beijing Capital Airport[35] - The company's employee expenses amounted to RMB 284,489,000, an increase of approximately 17.3% compared to the same period last year[35] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 33,988,344,000, compared to RMB 32,589,339,000 as of December 31, 2023[6] - Total liabilities as of June 30, 2024, were RMB 19,501,583,000, an increase from RMB 17,701,536,000 as of December 31, 2023[7] - As of June 30, 2024, the company's short-term borrowings amounted to RMB 8,860,000,000, an increase from RMB 6,560,000,000 as of December 31, 2023[22] - The company's asset-liability ratio was 57.38% as of June 30, 2024, compared to 54.32% at the end of 2023[39] Shareholder Information - The total issued share capital as of June 30, 2024, is 4,579,178,977 shares, with domestic shares accounting for 58.96% and H shares for 41.04%[50] - Capital Airport Group Co., Ltd. holds 100% of the domestic shares, representing 58.96% of the total issued shares[52] - Mitsubishi UFJ Financial Group, Inc. holds 152,506,000 H shares, which is 8.11% of the H shares and 3.33% of the total issued shares[52] Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code, except for a specific deviation due to reasonable causes[61] - The company strictly enforced the Securities Trading Code for directors and employees during the six months ending June 30, 2024[62] - The board of directors includes two executive directors and four independent non-executive directors[64] Future Outlook - The overall increase in passenger traffic and flight operations is expected to continue supporting revenue growth in the upcoming quarters[30] - The company plans to enhance operational efficiency and service quality in the second half of 2024, focusing on improving flight bridge rates and optimizing passenger processing[38]