广州白云国际机场股份有限公司：2025年度关联交易及2026年度日常关联交易预计公告深度解读

一、公告要点及投资者须关注重点

• 2026年度日常关联交易预计金额达到157,119.68万元（含税），同比2025年度79,746.28万元增长近一倍，主要源于三期扩建工程资产使用费大幅增加。
• 三期扩建工程资产使用费2026年预计为91,000万元，远高于2025年（14,980万元），是2026年度关联交易大幅增长的核心驱动。
• 关联交易包括资产租赁、接受劳务和提供劳务，涉及集团公司及其多家子公司，相关交易均按照市场价格或公开定价协议协商确定，董事会及独立董事认为条款公平合理。
• 2026年度日常关联交易预计需提交股东大会审议，关联股东需回避表决。
• 关联交易不会影响公司财务状况、经营成果及上市公司独立性，董事会声明不存在损害中小股东利益的情形。

二、2025年度关联交易详细情况

2025年公司与关联方发生的日常关联交易累计为79,746.28万元（含税），主要类别及金额如下：

• 关联租赁：65,727.43万元，包括飞行区资产、各类土地、用地、酒店地块、三期扩建工程资产使用费等。
• 接受劳务：3,222.33万元，包括安保服务、灯光设施运维、UPS线路优化、贵宾服务等。
• 提供劳务：10,796.52万元，包括水电管理、飞行区管理、道口监护、货邮安检、车辆维修、后勤保障、会务培训等。

主要交易均为此前已审议通过协议正常履约，新增交易均已履行相应决策程序。

三、2026年度日常关联交易预计及详细类别

2026年度预计关联交易金额为157,119.68万元，主要类别及金额：

• 关联租赁：142,682.55万元（2026年一季度已发生34,587.43万元），其中三期扩建工程资产使用费预计为91,000万元，其他包括飞行区、航站楼、酒店地块等土地资产租赁。
• 接受劳务：1,514.96万元（2026年一季度已发生75.93万元），包括三期扩建工程管理、物业运维、贵宾服务等。
• 提供劳务：12,922.17万元（2026年一季度已发生2,876.75万元），包括水电管理、飞行区管理、货邮安检、车辆维修、后勤保障、信息系统维护等。

公司及分子公司可在同一控制下的不同关联方之间进行额度内部调剂。

四、主要关联方及财务情况

涉及广东省机场管理集团有限公司（控股股东，持股60.7%，资产总额109.46亿元，净资产66.86亿元，2025年净利润13.16亿元）、安保公司、新科宇航、集团物流、翼通公司、产发公司、建发公司等。部分子公司如安保公司、产发公司2025年度净利润为负。

五、交易主要内容及定价政策

• 资产租赁：包括飞行区、航站楼、三期扩建工程等土地资产，租金按协议及经营指标（起降服务收入、旅客吞吐量等）动态调整，部分资产租赁期限长达8至20年。
• 三期扩建工程资产使用费定价综合考虑资产类别、暂估价值、折旧摊销、资金成本等因素，初期给予公司一定年限租金折扣，后续待完成决算后调整。
• 集团物流资源使用费按年度营业收入4%收取。
• 接受/提供劳务：包括工程建设管理、安保、机务、货邮安检、车辆维修、后勤保障等，按市场价格或协商定价。

六、对公司及投资者影响分析

• 三期扩建工程资产使用费大幅增加将显著影响公司2026年度经营成本与利润，投资者需重点关注相关资产运营状况及财务表现。
• 关联交易体量大增可能影响公司现金流及盈利能力，尤其在资产折旧、租金支出等方面。
• 公告已明确交易不损害中小股东利益，不影响公司独立性，但大额关联交易如未有效控制成本或提高资产运营效率，可能对利润增长带来压力。
• 股东大会审议需关注相关议案，关联股东需回避，可影响表决结果。

七、公告结论及投资者建议

公告显示2026年度关联交易金额大幅提升，主要源于三期扩建工程资产使用费的激增。此举体现公司扩张及资产投放，但也带来成本压力。投资者应关注后续资产运营效率、租赁成本控制及相关议案股东大会表决动态。

若三期扩建工程投放后未能有效提升收入或利润，可能对公司业绩形成压力，属于价格敏感信息，建议投资者密切跟踪相关信息与公司后续经营数据。

免责声明：本文仅为信息解读，不构成投资建议。投资者应结合自身情况及公司后续公告、财报、市场变化，审慎决策。

English Version

Guangzhou Baiyun International Airport Co., Ltd: In-Depth Analysis of 2025 Annual Related Party Transactions and 2026 Estimated Daily Related Transactions

Key Points & Investor Focus

• Estimated related party transactions for 2026 will reach RMB 1,571.2 million (including tax), nearly doubling the 2025 figure of RMB 797.5 million, mainly due to a surge in asset usage fees for the Phase III expansion project.
• Phase III asset usage fee for 2026 is projected at RMB 910 million, far above 2025 (RMB 149.8 million), making it the main driver for the increase in related party transactions.
• Transactions span asset leasing, provision and acceptance of services, involving the parent group and numerous subsidiaries, all priced by market benchmarks or negotiated agreements deemed fair and reasonable by the board and independent directors.
• 2026 daily related transactions forecast will be submitted to the shareholder meeting for approval, with related shareholders abstaining from voting.
• Company claims such related transactions will not adversely affect financial status, performance, or independence, and will not harm minority shareholders’ interests.

2025 Annual Related Party Transaction Details

In 2025, related party transactions totaled RMB 797.5 million (including tax), broken down as:

• Asset Leasing: RMB 657.3 million – airport assets, land, hotel plots, Phase III asset usage fees, etc.
• Accepting Services: RMB 32.2 million – security services, facility maintenance, VIP services, etc.
• Providing Services: RMB 107.9 million – utility management, runway operations, security checks, cargo screening, vehicle maintenance, logistics, events, training, etc.

Mainly from previously approved agreements, with new transactions having followed internal approval procedures.

2026 Estimated Related Transactions & Categories

Estimated RMB 1,571.2 million for 2026, categorized as:

• Asset Leasing: RMB 1,426.8 million (RMB 345.9 million in Q1), including Phase III asset usage fee (RMB 910 million), other land/asset leases.
• Accepting Services: RMB 15.1 million (RMB 0.76 million in Q1), covering construction management, property maintenance, VIP services, etc.
• Providing Services: RMB 129.2 million (RMB 28.8 million in Q1), covering utility management, runway operations, cargo screening, vehicle maintenance, logistics, IT maintenance, etc.

Internal adjustment of transaction quotas among related parties under common control is allowed.

Main Related Parties & Financials

Includes Guangdong Airport Group (parent, 60.7% stake, assets RMB 109.46bn, net assets RMB 66.86bn, 2025 net profit RMB 1.32bn), security, logistics, FBO, development, and construction subsidiaries. Note that some subsidiaries, such as Security Co and Development Co, posted losses in 2025.

Transaction Details & Pricing

• Asset leasing covers runways, terminals, land, Phase III assets. Lease terms range from 8 to 20 years, rents dynamically adjusted based on business metrics (takeoff/landing revenue, passenger throughput).
• Phase III asset usage fee is decided considering asset category, estimated value, depreciation, cost, with initial period discounts; final fee to be adjusted post completion.
• Logistics resource usage fee is 4% of annual revenue.
• Service provision/acceptance covers construction management, security, maintenance, cargo screening, vehicle service, IT, logistics, etc., priced by market or negotiated rates.

Impact Analysis for Investors

• The sharp increase in Phase III asset usage fees will directly impact operating costs and profit in 2026. Investors should closely monitor asset operation efficiency and financial performance.
• The surge in related transactions may affect cash flow and profitability, especially regarding depreciation and rental costs.
• While the company claims no harm to minority shareholders or independence, excessive cost or inefficient asset utilization could pressure profits.
• Shareholders should watch the AGM for approval of related party transaction resolutions, with related shareholders abstaining, which could affect outcomes.

Conclusion & Investor Advice

The announcement signals a significant increase in related party transactions for 2026, mainly due to Phase III asset usage fees. This reflects expansion and asset deployment but brings cost risks. Investors should watch asset utilization efficiency, rental cost control, and AGM voting dynamics.

If post-expansion assets do not generate sufficient revenue or profit, company performance may be pressured, making this price-sensitive information. Investors are advised to closely track subsequent announcements and financials.

Disclaimer: This article is for information analysis only and does not constitute investment advice. Investors should make decisions based on subsequent disclosures, financials, and market developments.

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