Record Passenger Traffic, Vastly Different Profit Margins – A Review of the Performance of Six Airports in 2025 and Q1 2026
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With the release of their 2025 annual reports and 2026 Q1 reports, a review of the latest financial reports from Beijing Capital International Airport, Shanghai International Airport, Guangzhou Baiyun International Airport, Shenzhen International Airport, Hainan International Airport, and Xiamen International Airport reveals that while all six airports achieved positive year-on-year growth in core operational indicators such as passenger throughput, cargo and mail throughput, and aircraft movements in 2025, their profitability varied significantly.
Shenzhen Airport: Q1 Net Profit Surges by Nearly 60%
In 2025, Shenzhen Airport set new historical records in all three major indicators: passenger volume, cargo throughput, and aircraft movements. In terms of operational data, Shenzhen Airport's passenger throughput reached 66.485 million, a year-on-year increase of 8.2%; cargo and mail throughput exceeded two million tons, reaching 2.051 million tons, a year-on-year increase of 9.0%; and aircraft movements reached 448,000, a year-on-year increase of 4.6%. In 2025, Shenzhen Airport's operating revenue was RMB 5.128 billion (up 8.21% year-on-year); net profit attributable to shareholders was RMB 525 million (up 18.55% year-on-year). Of this, aeronautical revenue was RMB 2.253 billion (43.94% of total revenue); non-aeronautical revenue was RMB 2.875 billion (56.06% of total revenue, including RMB 1.017 billion from leasing and concessions and RMB 563 million from logistics). In the first quarter of 2026, Shenzhen Airport's operating revenue was RMB 1.344 billion (up 7.08% year-on-year); net profit attributable to shareholders was RMB 258 million (up 58.51% year-on-year).
Shenzhen Airport's strong performance is attributed to its "passenger and cargo parity" strategy. The financial report indicates that in 2025, Shenzhen Airport opened and increased the frequency of several international passenger and cargo routes, with international and regional passenger volume reaching 6.341 million, a year-on-year increase of 22.4%. Entering the first quarter of 2026, its profitability further surged, with a single-quarter net profit of 258 million yuan, nearly half of the total profit for 2025. This was mainly due to a significant increase in investment income from joint ventures and associates, as well as the inclusion of the express mail supervision center in the consolidated financial statements.
Beijing Capital International Airport: Returns to Profitability in the First Quarter
As China's "first gateway to the world," Beijing Capital International Airport's recovery in recent years has been quite bumpy. Affected by the diversion of passengers to Daxing International Airport and the pace of recovery of international routes, its profit recovery has lagged behind. However, the latest financial report releases a strong signal of a bottoming out and rebound.
In 2025, Beijing Capital International Airport handled 70.744 million passengers, a year-on-year increase of 5.00%; cargo and mail throughput reached 1.5509 million tons, a year-on-year increase of 7.50%; and takeoffs and landings totaled 442,000, a year-on-year increase of 2.00%. In 2025, Beijing Capital International Airport's operating revenue reached RMB 5.632 billion (up 2.5% year-on-year); net loss was RMB 630 million (a significant reduction of 54.7% compared to the RMB 1.39 billion loss in the previous year). Aeronautical revenue was RMB 2.77 billion (up 3.8% year-on-year); non-aeronautical revenue was RMB 2.861 billion (up 1.3% year-on-year, including RMB 1.511 billion in franchise revenue and RMB 1.079 billion in rental income). In the first quarter of 2026, Beijing Capital International Airport's operating revenue reached RMB 1.413 billion (up 5.1% year-on-year); net profit was RMB 9.266 million (a turnaround from a loss of RMB 125 million in the same period last year). In 2025, Beijing Capital International Airport focused on both increasing revenue and reducing expenditures, with operating expenses decreasing by 1.2% year-on-year. Entering 2026, with the further increase in international routes and the release of slot resources, Beijing Capital International Airport finally achieved profitability in the first quarter. This landmark turning point signifies that Beijing Capital International Airport has largely emerged from the initial pain of the pandemic and the "one city, two airports" model, and its hub value is being re-released.
Baiyun International Airport: Q1 Net Profit Declines
In 2025, Baiyun International Airport achieved a passenger throughput of 83.583 million, a year-on-year increase of 9.5%, entering the global "80 million passenger club" for the first time; cargo and mail throughput reached 2.44 million tons, a year-on-year increase of 2.4%; and flight takeoffs and landings reached 550,000, a year-on-year increase of 7.5%. All three indicators reached record highs. In 2025, Baiyun Airport's operating revenue reached 7.955 billion yuan, a year-on-year increase of 7.16%, and net profit attributable to the parent company was 1.468 billion yuan, a year-on-year increase of 58.6%. The revenue growth of Baiyun Airport in 2025 was mainly due to the double growth in both aeronautical business revenue (+10.15%) and non-aeronautical revenue (+5.18%). Among them, aeronautical revenue accounted for 40.88%, and non-aeronautical revenue accounted for 59.12%, with non-aeronautical business continuing to be an important pillar of revenue growth. Cost pressures became apparent, with airport operating costs increasing by 9.69% year-on-year in 2025, exceeding revenue growth by 2.53 percentage points, leading to a 1.73 percentage point decrease in gross profit margin. Significant increases were seen in labor costs (+11.93%), direct costs (+52.56%), and other operating costs (+94.80%), primarily due to increased asset depreciation and maintenance expenses following the commissioning of the Phase III expansion project. In the first quarter of 2026, Baiyun Airport achieved operating revenue of RMB 1.977 billion, a year-on-year increase of 8.54%; net profit attributable to shareholders was RMB 168 million, a year-on-year decrease of 43.32%. The company explained that the main reason was the significant increase in costs due to the additional asset usage fees and depreciation/amortization expenses after the Phase III expansion project assets were put into use.
Hainan Airport: Revenue Soars in the First Quarter
Hainan Airport's business structure is more complex, encompassing airport management, duty-free retail, real estate, and property management. This diversified structure had a double-edged sword effect on its profits in 2025. In 2025, Hainan Airport's controlled and managed airports handled 52.5589 million passengers, a year-on-year increase of 2.02%; cargo and mail throughput reached 355,500 tons, a year-on-year increase of 6.85%; and aircraft takeoffs and landings totaled 350,100, a year-on-year increase of 1.09%.
For the full year of 2025, Hainan Airport's operating revenue was RMB 4.42 billion (a year-on-year increase of 1.19%); net profit attributable to shareholders was RMB 219 million (a year-on-year decrease of 52.33%). Of this, airport business revenue was RMB 1.807 billion (gross profit margin 18.35%); duty-free and commercial business revenue was RMB 193 million; real estate business revenue was RMB 1.153 billion; property management revenue was RMB 690 million; and other businesses revenue was RMB 577 million. In the first quarter of 2026, Hainan Airport's operating revenue was RMB 1.743 billion (a year-on-year increase of 59.87%); and net profit attributable to shareholders was RMB 112 million (a year-on-year increase of 12.02%).
Shanghai Airports: Double-Digit Net Profit Growth in Q1
Shanghai Pudong International Airport achieved a historic breakthrough in 2025. Financial reports show that Pudong Airport handled 557,000 aircraft takeoffs and landings in 2025, a year-on-year increase of 5.49%. Passenger throughput reached 84.9945 million, a year-on-year increase of 10.69%, exceeding 80 million passengers for the first time in history, maintaining its leading position among airports nationwide. International passenger throughput recovered strongly, reaching 37.9984 million, a significant year-on-year increase of 19.47%, demonstrating Shanghai's strong appeal as an international aviation hub. Cargo throughput also performed impressively, reaching 4.0919 million tons, a year-on-year increase of 8.30%, exceeding 4 million tons for the first time. In addition, Hongqiao Airport's passenger throughput reached 50.151 million in 2025, a year-on-year increase of 4.60%, and cargo throughput reached 445,300 tons, a year-on-year increase of 4.12%.
Driven by a full recovery in business volume, Shanghai Airport achieved operating revenue of RMB 13.346 billion in 2025, a year-on-year increase of 7.90%; net profit attributable to shareholders of the listed company was RMB 2.117 billion, a year-on-year increase of 9.45%. In terms of revenue structure, the company's aeronautical revenue was RMB 5.989 billion, a year-on-year increase of 7.71%, accounting for 44.87% of total revenue; while non-aeronautical revenue reached RMB 7.357 billion, a year-on-year increase of 8.06%, accounting for a significant 55.13% of total revenue. The growth in non-aeronautical revenue was mainly due to the increase in revenue from commercial catering and logistics services. The financial report disclosed that in 2025, the company's commercial catering revenue reached RMB 2.206 billion (a year-on-year increase of 7.32%), and logistics service revenue reached RMB 1.83 billion (a year-on-year increase of 8.73%). Particularly noteworthy was the successful completion of a new round of duty-free bidding, introducing leading international companies to jointly participate in duty-free operation and management. During the reporting period in 2025, revenue from duty-free contracts reached RMB 1.257 billion, and advertising contract revenue reached RMB 645 million, becoming a significant cornerstone of the company's profits.
In addition, Shanghai Airport achieved operating revenue of RMB 3.198 billion in the first quarter, a year-on-year increase of 0.81%; net profit attributable to shareholders of the listed company was RMB 578 million, a year-on-year increase of 11.33%. The double-digit growth in net profit in the first quarter was mainly attributed to the year-on-year increase in air traffic volume at Shanghai's two airports and a significant increase in investment income. Data shows that the company's investment income reached RMB 289 million in the first quarter, a year-on-year increase of 37.72%, mainly due to the improved operating efficiency of some investee companies and the increased returns of some equity investment funds. Furthermore, revenue from duty-free contracts reached RMB 176 million and advertising contract revenue reached RMB 193 million in the first quarter, continuing to contribute stable cash flow to the company.
Xiamen Airport: Non-Aeronautical Revenue Surpasses Aeronautical Revenue
In 2025, Xiamen Airport handled 196,700 aircraft takeoffs and landings, 29.1937 million passengers, and 377,200 tons of cargo and mail, representing year-on-year increases of 2.77%, 4.61%, and 0.42% respectively, all three key performance indicators reaching record highs. Among these, international passenger traffic reached 4.2 million, recovering to 115% of 2019 levels, ranking among the top airports in China handling over 10 million passengers annually.
In 2025, Xiamen Airport achieved operating revenue of 2.071 billion yuan, a year-on-year increase of 10.05%; net profit attributable to shareholders of the listed company was 518 million yuan, a year-on-year increase of 20.23%. In 2025, aeronautical revenue at Xiamen Airport was 1.013 billion yuan, accounting for 48.92% of total revenue, a year-on-year increase of 17.14%; non-aeronautical revenue was 1.058 billion yuan, accounting for 51.08% of total revenue, a year-on-year increase of 4.01%. The growth in aeronautical revenue was mainly driven by increased business volume, while non-aeronautical revenue maintained stable growth. Notably, non-aeronautical revenue accounted for a larger share than aeronautical revenue, indicating significant success in the company's expansion into non-aeronautical businesses such as commercial leasing and advertising, further optimizing its revenue structure. Furthermore, in the first quarter of 2026, Xiamen Airport achieved operating revenue of 493 million yuan, a year-on-year increase of 1.03%; net profit attributable to shareholders of the listed company was 117 million yuan, a year-on-year decrease of 7.00%.
Industry Insight: Traffic Dividend Peaks, Non-Aeronautical Business and Asset Integration Become Key to Breaking the Bottleneck
Based on the financial reports of the six major airports, the development logic of China's core hub airports is undergoing a profound transformation:
First, the core aviation business has entered a "stock game" stage. Data from 2025 shows that the growth rates of takeoffs and landings and passenger throughput at Shenzhen, Beijing, and Hainan airports have gradually returned to normal (single-digit growth). With slot resources approaching saturation, the era of "traffic dividends" driven solely by increased flight volume is over. Increasing the proportion of wide-body aircraft, optimizing the international route structure, and improving load factors have become the core means to boost aeronautical revenue. Secondly, non-aeronautical revenue has become the key to profitability. In airport revenue structures, non-aeronautical revenue (commercial, duty-free, advertising, logistics, etc.) now accounts for half or more of the total. Shanghai Airport's significant profit increase in the first quarter is inseparable from the contribution of optimized logistics and advertising business models (such as adjusting the advertising revenue model to "guaranteed minimum + revenue sharing"); Beijing Capital International Airport's reduced losses also benefited from the implementation of the new duty-free bidding mechanism; and Hainan Airport is deeply integrated with the free trade port's duty-free policy. In the future, whoever can better convert massive passenger traffic into consumer spending will be able to widen the gap in profitability.
