上海机场（600009.SH）2026年度日常关联交易公告深度解读

一、公告要点概述

• 本公告披露了上海国际机场股份有限公司（以下简称“公司”或“上海机场”）2026年度日常关联交易的详细内容、金额、定价政策及主要关联方信息。
• 2026年度日常关联交易无需提交公司股东会审议，属于公司持续经营所必须，主业收入对关联交易无依赖。
• 公司2025年与2026年日常关联交易预计金额与前一年基本持平，未出现大幅度波动，显示公司经营稳定。

二、关联交易详细情况

1. 2026年度关联交易类别及金额

公司2026年主要与控股股东上海机场（集团）有限公司及其控制企业发生多项日常关联交易，涵盖劳务提供与接受、资产场地出租与承租、经营权转让等五类：

2. 交易定价政策

• 定价原则以市场价或成本加成为主，并参考独立第三方评估报告，确保交易公平、公开、公正。
• 部分土地及房屋租赁价格采用收益还原法、剩余法等估值技术，参考区域市场案例，具备合理性。

3. 主要关联方背景

• 控股股东上海机场（集团）有限公司持股58.39%，为绝对控股方。
• 涉及的关联公司包括保安服务公司、贵宾服务公司、华美达、波音改装、机场国旅、尚捷商务、沪港机场公司等，业务覆盖机场运营、保安、酒店、物流、工程、保险等多个领域。
• 太平洋人寿作为持股5%以上股东，也纳入关联方范围。

4. 重要合同与交易内容

• 与集团公司、控股子公司签署各类资产租赁、劳务委托、特许经营权转让协议，涵盖浦东、虹桥机场主要生产经营资源。
• 合同金额大、内容广，涉及机场主业核心生产要素。
• 部分租赁合同（如虹桥机场土地等）仅签署至2026年中，后续续租条款、价格调整需关注。

三、对投资者和股东的影响及需关注事项

• 公司主业并不依赖关联交易，业务独立性较强，显示公司治理结构健全。
• 2026年与关联方的交易金额规模大，若未来交易方式、价格或合作关系发生重大调整，将对公司业绩产生显著影响，需持续关注。
• 土地、房产等核心资源租赁定价依赖第三方评估，若市场环境或监管政策变化，相关成本可能发生较大波动。
• 部分子公司的盈利能力较弱（如华美达、虹珠花园等2025年净资产为负或亏损），若持续亏损可能影响公司整体利润表现，值得投资者注意。
• 本次公告未披露新增重大关联交易，2026年度预计与2025年基本持平，短期对公司股价影响较小。但长期看，机场集团资源整合、资产注入、租赁政策变化等仍是二级市场关注焦点。

四、结论及投资建议

本次公告显示公司经营稳健，关联交易透明、合规，短期内不会对公司主营业务独立性和业绩稳定性造成不利影响。但投资者应持续跟踪：1）公司与控股股东及其下属单位的合作关系是否发生结构性变化；2）资产租赁及价格政策调整；3）部分子公司盈利能力变化；4）监管政策变动对机场资源配置、租金等的影响。若未来出现上述重大变动，可能对公司估值及股价产生影响。

免责声明： 本文仅为公开信息基础上的解读和分析，不构成任何投资建议。投资者据此操作，风险自担。请投资者注意公司后续公告及相关政策变化。

English Version

In-depth Analysis of Shanghai International Airport’s 2026 Related Party Transactions

Key Points of the Announcement

• This announcement discloses in detail the 2026 routine related party transactions of Shanghai International Airport Co., Ltd. (“the Company” or “Shanghai Airport”), including transaction types, amounts, pricing policies, and main related parties.
• The 2026 transactions do not require shareholder approval and are necessary for ongoing operations. The main business does not depend on related transactions.
• The total forecasted transaction amounts for 2026 are largely in line with 2025 actuals, reflecting stable operations.

Transaction Details

1. Transaction Types and Amounts for 2026

The Company will conduct multiple routine transactions with its controlling shareholder, Shanghai Airport Group, and its affiliates, covering labor provision and acceptance, asset leasing and subleasing, and transfer of operating rights, as follows:

2. Pricing Policy

• Transaction pricing is mainly based on market price or cost-plus method, with reference to independent third-party assessment reports to ensure fairness and transparency.
• Some land and property rental prices are set using income capitalization and residual methods, referencing comparable market cases in the region.

3. Main Related Parties

• The controlling shareholder, Shanghai Airport Group, holds 58.39% shares.
• Other related parties include Security Services, VIP Services, Huameida, Boeing Conversion, Airport Travel, Shangjie Business, HKG Airport Management, etc. covering airport operation, security, hotel, logistics, engineering, insurance, etc.
• China Pacific Life, holding over 5%, is also a related party.

4. Key Contracts and Contents

• Multiple asset leasing, service contracts, and franchise transfer agreements signed with the Group and subsidiaries, covering core operating resources at both Pudong and Hongqiao airports.
• Some lease agreements (e.g., Hongqiao airport land) only run until mid-2026, so subsequent renewals or price adjustments should be monitored.

Impact on Investors and Shareholders

• The Company’s main business is not dependent on related transactions, indicating strong corporate governance and independence.
• Large transaction amounts with related parties mean any changes in cooperation, pricing, or transaction modes could significantly impact the Company’s financials, requiring ongoing attention.
• Rental pricing for core assets is based on third-party assessment; changes in market or regulatory policy could alter costs substantially.
• Some subsidiaries have weak profitability (e.g., Huameida, Hongzhu Garden had negative equity or losses in 2025), and continued losses may impact group results.
• No new significant related transactions disclosed; 2026 expected to be stable compared to 2025, with minor impact on share price in the short term. However, resource integration, asset injection, and policy changes remain market focus points.

Conclusion & Investment Advice

This announcement shows stable operations and transparent, compliant related party dealings, with no adverse effect on core business independence. Investors should continue to monitor: 1) any structural changes in cooperation with the Group/affiliates; 2) asset lease and pricing policy changes; 3) profitability of certain subsidiaries; 4) regulatory changes affecting airport resource allocation and rental. Any major changes could affect valuation and share price.

Disclaimer: This article is an interpretation and analysis based on public information only and does not constitute investment advice. Investors act at their own risk and should pay attention to subsequent company announcements and policy changes.

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