Credit Brief — Shanghai International Airport Co., Ltd. (上海机场)
600009.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 冯昕
- Registered address: 上海市浦东新区启航路900号
- Office address: 上海市浦东新区启航路 900 号
- Controlling shareholder: 上海机场（集团）有限公司
- Actual controller: 上海市国资委
- Employees: 13,329
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 13,876.6 | 14,615.3 | 14,852.9 | 16,763.1 | 15,666.9 |
| Trading financial assets | 0.1 | 406.9 | 2,333.7 | 310.8 | 1,522.2 |
| Accounts receivable | 2,102.1 | 2,590.4 | 2,338.0 | 2,413.9 | 2,685.3 |
| Other receivables | 165.5 | 46.3 | 243.4 | 220.4 | 60.2 |
| Inventories | 48.3 | 47.5 | 43.3 | 41.1 | 43.8 |
| Long-term equity investments | 2,755.6 | 4,328.0 | 4,414.3 | 4,573.4 | 5,044.4 |
| Fixed assets | 24,574.1 | 24,121.1 | 24,150.0 | 23,049.5 | 22,713.3 |
| Construction in progress | 2,032.2 | 1,928.7 | 1,057.0 | 1,434.1 | 1,672.5 |
| Intangible assets | 437.4 | 471.1 | 474.4 | 483.8 | 497.3 |
| Total assets | 67,775.1 | 69,480.5 | 70,046.2 | 71,678.5 | 71,734.5 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 749.7 | 1,200.4 | 700.4 | 7.0 | 7.0 |
| Notes payable | — | 452.4 | 880.3 | 654.7 | 201.5 |
| Accounts payable | 1,134.3 | 955.1 | 940.5 | 909.7 | 1,086.8 |
| Contract liabilities | 62.4 | 55.6 | 53.2 | 46.9 | 47.8 |
| Other payables | 2,206.9 | 2,404.4 | 1,985.2 | 2,049.7 | 2,192.9 |
| Current portion of non-current liabilities | 1,331.1 | 1,230.8 | 1,232.2 | 1,275.6 | 1,543.6 |
| Long-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 27,071.6 | 27,454.0 | 26,516.1 | 27,139.4 | 26,777.1 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,488.5 | 2,488.5 | 2,488.5 | 2,488.3 | 2,488.3 |
| Capital reserve | 16,503.9 | 16,503.9 | 16,384.8 | 16,420.5 | 16,436.7 |
| Retained earnings | 19,111.2 | 20,045.2 | 21,431.7 | 22,279.4 | 22,850.2 |
| Minority interests | 1,095.9 | 1,484.9 | 1,876.5 | 1,999.3 | 1,830.5 |
| Total equity | 40,703.5 | 42,026.6 | 43,530.1 | 44,539.1 | 44,957.4 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 5,480.4 | 11,047.0 | 12,368.8 | 13,346.2 | 6,502.8 |
| Cost of sales | 8,901.0 | 9,223.0 | 9,655.8 | 9,674.1 | 4,894.2 |
| Selling expenses | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Administrative expenses | 483.9 | 564.4 | 736.3 | 739.9 | 353.6 |
| Finance costs | 466.4 | 422.8 | 466.5 | 420.0 | 123.0 |
| Investment income | 176.5 | 660.9 | 799.7 | 821.0 | 586.8 |
| Operating profit | -3,894.1 | 1,378.0 | 2,718.0 | 3,012.5 | 1,707.4 |
| Profit before tax | -3,825.0 | 1,388.0 | 2,714.6 | 3,020.0 | 1,707.0 |
| Net profit | -2,790.0 | 1,189.1 | 2,225.0 | 2,410.6 | 1,365.1 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.85x | 1.84x | 2.10x | 2.46x | 2.53x |
| Quick ratio | 1.84x | 1.83x | 2.10x | 2.45x | 2.52x |
| Debt-to-asset ratio | 39.9% | 39.5% | 37.9% | 37.9% | 37.3% |
| Total debt / EBITDA | -1.64x | 0.63x | 0.38x | 0.24x | 0.42x |
| EBITDA interest coverage | -2.72x | 9.14x | 11.05x | 12.71x | 29.93x |
| Gross margin | -62.4% | 16.5% | 21.9% | 27.5% | 24.7% |
| Net margin | -50.9% | 10.8% | 18.0% | 18.1% | 21.0% |
| Return on equity (ROE) | -6.9% | 2.8% | 5.1% | 5.4% | 3.0% |
| Revenue growth | — | 101.6% | 12.0% | 7.9% | -51.3% |
| Net profit growth | — | 142.6% | 87.1% | 8.3% | -43.4% |
| Receivable days | 140 | 86 | 69 | 66 | 151 |
| Cash received / revenue | 99.3% | 103.5% | 106.1% | 103.7% | 102.0% |
| Operating CF / net profit | 0.04x | 3.38x | 2.49x | 2.48x | 1.66x |
| Free cash flow | -215.8 | 1,745.9 | 3,202.4 | 6,423.7 | 986.5 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.38 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 738.7 vs 738.8 CNY mn (deviation 0.0%, severity low)
Sources: 2023年年度报告.pdf p.76 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.68 「货币资金」. CF-statement figure below the balance-sheet movement by 0.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 219.9 vs 237.5 CNY mn (deviation 7.41%, severity mid)
Sources: 2024年年度报告.pdf p.80 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.72 「货币资金」. CF-statement figure below the balance-sheet movement by 17.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: 1,848.1 vs 1,910.2 CNY mn (deviation 3.25%, severity mid)
Sources: 2025年年度报告.pdf p.75 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.67 「货币资金」. CF-statement figure below the balance-sheet movement by 62.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: -1,039.9 vs -1,096.2 CNY mn (deviation 5.13%, severity mid)
Sources: 2026年半年度报告.pdf p.41 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.33 「货币资金」. CF-statement figure above the balance-sheet movement by 56.3 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 16,763.1 | 2025年年度报告.pdf | 67 | 货币资金 | 16763111526.17 (元) |
| Total assets | 2025 | 71,678.5 | 2025年年度报告.pdf | 68 | 资产总计 | 71678547661.74 (元) |
| Accounts receivable | 2025 | 2,413.9 | 2025年年度报告.pdf | 67 | 应收账款 | 2413946140.48 (元) |
| Fixed assets | 2025 | 23,049.5 | 2025年年度报告.pdf | 67 | 固定资产 | 23049536921.62 (元) |
| Short-term borrowings | 2025 | 7.0 | 2025年年度报告.pdf | 68 | 短期借款 | 7006853.04 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.