Earnings release
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- 1 - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (a foreign-invested joint stock limited company incorporated in the People’s Republic of China) 2026 INTERIM RESULTS ANNOUNCEMENT FINANCIAL HIGHLIGHTS • In the first half of 2026, the aircraft movements of Beijing Capital Airport reached 216,706 sorties, representing a decrease of approximately 0.3% as compared with the same period of the previous year. The passenger throughput reached 35,758,194 person-times, representing an increase of approximately 4.7% as compared with the same period of the previous year. The cargo and mail throughput reached 754,410 tonnes, representing an increase of approximately 1.1% as compared with the same period of the previous year. • In the first half of 2026, the revenues of the Company were RMB2,817,907,000, representing an increase of approximately 2.3% as compared with the same period of the previous year. • In the first half of 2026, the aeronautical business revenues of the Company were RMB1,384,737,000, representing an increase of approximately 3.0% as compared with the same period of the previous year. • In the first half of 2026, the non-aeronautical business revenues of the Company were RMB1,433,170,000, representing an increase of approximately 1.6% as compared with the same period of the previous year. • In the first half of 2026, the operating expenses of the Company were RMB2,692,410,000, representing a decrease of approximately 3.1% as compared with the same period of the previous year. • In the first half of 2026, the net profit after tax of the Company was RMB16,772,000 (the earnings per share was approximately RMB0.004), representing a turnaround from loss to profit during the period and an increase of approximately 110.2% as compared with the net loss after tax of RMB163,861,000 for the same period of the previous year. • The Board did not recommend the distribution of any interim dividend for the six months ended 30 June 2026.
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- 2 - The board (the “Board”) of directors of Beijing Capital International Airport Company Limited (the “Company”) announces the unaudited financial position and operating results of the Company as at 30 June 2026 and for the six months ended on that date, which have been reviewed by the audit and risk management committee of the Company (the “Audit and Risk Management Committee”), together with the comparative figures for the corresponding period of 2025 as follows: CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 June 2026 For the six months ended 30 June Notes 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Revenue Aeronautical 4 1,384,737 1,344,510 Non-aeronautical 4 1,433,170 1,410,064 2,817,907 2,754,574 Operating expenses Depreciation and amortisation (735,652) (755,600) Repairs and maintenance (418,012) (424,844) Aviation safety and security guard costs (380,805) (427,720) Staff costs (299,872) (282,939) Utilities and power (234,037) (247,410) Operating contracted services (204,321) (209,525) Concession management fees (133,651) (137,616) Real estate and other taxes (130,968) (128,224) Greening and environmental maintenance (99,276) (104,826) Other costs (55,816) (59,849) (2,692,410) (2,778,553) Impairment gains/(losses) (including reversals of impairment losses) on financial assets 35,871 (50,390) Other income 1,895 1,307 Other gains and losses, net (4,407) (1,433) Operating profit/(loss) 158,856 (74,495) Finance income 5 7,090 9,707 Finance costs 5 (131,411) (144,722) Share of results of an associate (2,179) (719) (126,500) (135,734)
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- 3 - For the six months ended 30 June Notes 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Profit/(loss) before tax 32,356 (210,229) Income tax (expense)/credit 6 (15,584) 46,368 Profit/(loss) for the period 16,772 (163,861) Other comprehensive income/(expense) Item that will not be reclassified subsequently to profit or loss: Remeasurements of retirement benefit obligations 5,138 (8,405) Other comprehensive income/(expense) for the period, net of income tax 5,138 (8,405) Total comprehensive income/(expense) for the period 21,910 (172,266) Earnings/(loss) per share, basic and diluted (RMB) 7 0.004 (0.036) The above condensed statement of profit or loss and other comprehensive income/(expense) should be read in conjunction with the accompanying notes.
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- 4 - CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 Notes As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (unaudited) (audited) ASSETS Non-current assets Property, plant and equipment 20,373,292 20,970,352 Right-of-use assets 1,686,533 1,784,295 Investment properties 2,489,582 2,535,417 Intangible assets 54,178 61,158 Investment in an associate 30,386 32,566 Deferred tax assets 1,188,302 1,205,601 Other non-current assets 54,633 53,149 25,876,906 26,642,538 Current assets Inventories 176,286 178,079 Trade receivables 8 969,084 1,062,050 Prepayments 17,650 17,421 Other financial assets at amortised cost 48,874 46,198 Financial assets at fair value through profit or loss 8,062 12,468 Notes receivables 13,498 15,117 Cash and cash equivalents 1,917,562 1,851,806 Other current assets 100,343 187,618 3,251,359 3,370,757 Total assets 29,128,265 30,013,295 EQUITY AND LIABILITIES Capital and reserves Share capital 4,579,179 4,579,179 Share premium 6,300,867 6,300,867 Capital reserve 9(a) 250,250 250,250 Other reserve (66,172) (71,310) Statutory and discretionary reserves 9(b) 3,818,989 3,818,989 Accumulated losses (2,003,010) (2,019,782) Total equity 12,880,103 12,858,193
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- 5 - Notes As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (unaudited) (audited) LIABILITIES Non-current liabilities Long-term borrowings 11 1,183,218 1,193,220 Lease liabilities 459,940 523,111 Deferred income 18,531 20,215 Retirement benefit obligations 154,499 164,470 1,816,188 1,901,016 Current liabilities Trade and other payables 10 5,349,323 5,473,651 Short-term borrowings 11 5,319,639 7,277,052 Short-term debentures 12 2,001,712 – Current portion of long-term borrowings 11 11,720 800,831 Current portion of bonds payable 13 1,537,252 1,514,232 Current portion of lease liabilities 201,981 178,614 Current portion of retirement benefit obligations 10,347 9,706 14,431,974 15,254,086 Total liabilities 16,248,162 17,155,102 Total equity and liabilities 29,128,265 30,013,295 The above condensed statement of financial position should be read in conjunction with the accompanying notes.
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- 6 - NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 1. GENERAL INFORMATION Beijing Capital International Airport Company Limited (the “Company”) was incorporated as a joint stock company with limited liability in the People’s Republic of China (the “PRC”) on 15 October 1999 and has been listed on The Stock Exchange of Hong Kong Limited since 1 February 2000. The Company is majority owned by Capital Airports Holdings Co., Ltd. (“CAH” or the “Parent Company”), a state-owned enterprise established in the PRC under the control of the Civil Aviation Administration of China (“CAAC”). The Company is principally engaged in the ownership and operation of the international airport in Beijing, the PRC (“Beijing Capital Airport”) and the provision of related services. The address of its registered office is Capital Airport, Beijing, the PRC. These condensed financial statements are presented in Renminbi (“RMB”), unless otherwise stated, and were approved for issue by the Board of Directors (the “Directors”) on 26 August 2026. The condensed financial statements have not been audited. 2. BASIS OF PREPARATION The condensed financial statements for the six-month period ended 30 June 2026 have been prepared in accordance with International Accounting Standard 34 (“IAS 34”) “Interim Financial Reporting” issued by the International Accounting Standards Board (the “IASB”) as well as the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The condensed financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s financial statements for the year ended 31 December 2025. As at 30 June 2026, the Company’s current liabilities exceeded its current assets by RMB11,180,615,000 (as at 31 December 2025: RMB11,883,329,000). Management has given careful consideration to the future liquidity and performance of the Company and its available sources of financing in assessing whether the Company will have sufficient funds to fulfil its financial obligations and continue as a going concern. As at 30 June 2026, there were sufficient banking facilities available to the Company for its operations and the repayments of the financial obligations as at and when they fall due in the twelve months from 30 June 2026. Management has prepared a cash flow projection, which covers a period of not less than twelve months from 30 June 2026. The Directors of the Company have reviewed the Company’s cash flow projection and are of the opinion that the Company will have sufficient financial resources, to finance its operations and to meet its financial obligations as at and when they fall due within twelve months from 30 June 2026. Accordingly, the Directors of the Company have prepared the condensed financial statements on a going concern basis.
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- 7 - 3. PRINCIPAL ACCOUNTING POLICIES The condensed financial statements have been prepared on the historical cost basis except for certain financial instruments, which are measured at fair values. Other than change in accounting policies resulting from application of amendments to IFRS Accounting Standards, the accounting policies and methods of computation used in the condensed financial statements for the six months ended 30 June 2026 are the same as those presented in the Company’s annual financial statements for the year ended 31 December 2025. Application of amendments to IFRS Accounting Standards In the current interim period, the Company has applied the following amendments to IFRS Accounting Standards issued by the IASB, for the first time, which are mandatorily effective for the Company’s annual period beginning on 1 January 2026 for the preparation of the Company’s condensed financial statements: Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity Amendments to IFRS Accounting Standards Annual Improvements to IFRS Accounting Standards -Volume 11 The application of the amendments to IFRS Accounting Standards in the current interim period has had no material impact on the Company’s financial position and performance for the current and prior periods and/or on the disclosures set out in the condensed financial statements. 4. REVENUE AND SEGMENT INFORMATION The chief operating decision-maker has been identified as the Directors. The Directors reviews the Company’s internal reporting in order to assess performance and allocate resources. The Company is principally engaged in a single business of operating and managing an airport and provision of related services in the Mainland China. Resources are allocated based on what is beneficial to the Company in enhancing the value as a whole rather than any special unit. The Directors considers the performance assessment of the Company should be based on the results of the Company as a whole. Therefore, the Directors considers that there is only one operating segment under the requirement of IFRS 8.
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- 8 - For the six months ended 30 June Analysis of revenue by category 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Aeronautical Aircraft movement fees and related income 684,321 689,412 Passenger income 700,416 655,098 1,384,737 1,344,510 Non-aeronautical Concession revenue 773,566 749,271 Rental income 528,405 523,774 Resources usage income 98,557 104,307 Others 32,642 32,712 1,433,170 1,410,064 Total Revenue 2,817,907 2,754,574 As the Company is domiciled in the Mainland China from where all of its revenue from external customers for the six months ended 30 June 2026 and 2025 are derived and in where all of its assets are located, no geographical segment information is shown. Aeronautical revenue and non-aeronautical revenue – others are recognised over time by reference to the progress towards complete satisfaction of the performance obligation at the reporting date. 5. FINANCE INCOME/(COSTS) For the six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Finance income Interest income 7,090 9,707 7,090 9,707 Finance costs Interest expenses on borrowings (90,597) (104,463) Interest expenses on bonds payable (23,020) (23,020) Interest expenses on lease liabilities (13,527) (15,267) Interest expenses on short-term debentures (2,053) – Imputed interest expenses on defined benefit obligations (1,918) (1,919) Bank charges (94) (21) Exchange losses, net (202) (32) (131,411) (144,722) Net finance costs (124,321) (135,015)
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- 9 - 6. INCOME TAX (EXPENSE)/CREDIT The Company is subject to corporate income tax at a rate of 25% (six months ended 30 June 2025: 25%) on its taxable income as determined in accordance with the relevant PRC income tax laws and regulations. For the six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Deferred tax (15,584) 46,368 (15,584) 46,368 Deferred income tax assets are recognised for tax loss carry-forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. 7. EARNINGS/(LOSS) PER SHARE Basic earnings/loss per share is calculated by dividing the earnings/loss attributable to owners of the Company by the weighted average number of 4,579,178,977 (six months ended 30 June 2025: 4,579,178,977) ordinary shares in issue during the six-month periods. Diluted earnings/loss per share equals basic earnings/ loss per share as there were no potential dilutive ordinary shares outstanding during the six-month periods. 8. TRADE RECEIVABLES As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (unaudited) (audited) Trade receivables – CAH’s subsidiaries 501,345 474,989 – third parties 955,855 1,111,048 1,457,200 1,586,037 Less: allowance for credit losses (488,116) (523,987) 969,084 1,062,050
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- 10 - The ageing analysis of the trade receivables based on the revenue recognition date is as follows: As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (unaudited) (audited) Less than 3 months 729,526 747,416 4 – 6 months 72,956 76,012 7 – 12 months 115,689 202,030 1 – 2 years 133,957 98,764 2 – 3 years 59,480 126,101 Over 3 years 345,592 335,714 1,457,200 1,586,037 The credit terms given to trade customers are determined on an individual basis with normal credit period mainly within 3 months. 9. RESERVES (a) Capital reserve Capital reserve represents equity contributions from CAH in cash to which CAH is fully entitled. In accordance with relevant government authorities’ instruction, this amount is to be accounted for as capital reserve of the Company for the benefit of the Parent Company and it is not to be distributed as dividend. In the future, when the Company increases its share capital, the capital reserve may be converted into ordinary shares of the Company to be held by CAH, provided appropriate conditions are met. The conversion is however subject to obtaining prior approval from the relevant government authorities and shareholders. (b) Statutory and discretionary reserves In accordance with the relevant laws and regulations of the PRC and the Articles of Association of the Company, when distributing the net profit of each year, the Company shall set aside 10% of its profit after taxation (based on the Company’s statutory financial statements) for the statutory surplus reserve fund (except where the reserve balance has reached 50% of the Company’s registered capital), and, at the recommendation of the Directors and the approval by the Annual General Meeting, to the discretionary surplus reserve fund. These reserves cannot be used for purposes other than those for which they are created and are not distributable as cash dividends. As at 30 June 2026, the statutory reserve balance had reached 50% of the Company’s registered capital, none of the annual statutory surplus reserve has been set aside. Pursuant to the shareholders’ resolution at the Annual General Meeting on 17 June 2026: no profit was appropriated to the discretionary surplus reserve fund for the year ended 31 December 2025.
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- 11 - 10. TRADE AND OTHER PAYABLES As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (unaudited) (audited) Trade payables Amounts due to related parties – CAH – 478 – CAH’s subsidiaries 1,298,532 1,291,666 1,298,532 1,292,144 Repairs and maintenance charges payable 472,292 472,360 Accounts payable for purchases 59,892 68,138 Operating contracted services payable 218,212 176,888 Greening and environmental maintenance service payables 53,587 68,161 Others 218,248 225,691 2,320,763 2,303,382 Advances and other payables Amounts due to related parties – CAH 103,679 99,360 – CAH’s subsidiaries 49,021 48,722 152,700 148,082 Accrued liabilities for the acquisition consideration of the GTC Assets 1,508,693 1,508,693 Deed taxes in respect of the acquisition of the Phase III Assets, the T3D Assets and the GTC Assets 465,948 465,948 Construction payables 433,917 529,914 Receipts on behalf of concession operators 168,543 31,633 Deposits received 108,247 223,183 Payroll and welfare payables 104,320 176,860 Advance from customers 60,104 47,495 Other tax payables 12,720 13,149 Others 13,368 25,312 3,028,560 3,170,269 5,349,323 5,473,651
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- 12 - The ageing analysis of trade payables based on the transaction date is as follows: As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (unaudited) (audited) Less than 3 months 626,474 558,934 4 – 6 months 487,478 341,279 7 – 12 months 112,932 360,585 Over 12 months 1,093,879 1,042,584 2,320,763 2,303,382 11. BORROWINGS As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (unaudited) (audited) Short-term borrowings – Principals 5,286,448 7,223,611 – Interest payable within one year 33,191 53,441 5,319,639 7,277,052 Long-term borrowings – Non-current portion 1,183,218 1,193,220 – Current portion 11,007 799,607 – Interest payable within one year 713 1,224 1,194,938 1,994,051 6,514,577 9,271,103
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- 13 - The movements in principals of borrowings are analysed as follows: For the six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Opening amount as at 1 January 9,216,438 9,495,634 Proceeds of new borrowings 4,786,448 6,623,611 Repayments of borrowings (7,522,213) (6,001,402) Closing amount as at 30 June 6,480,673 10,117,843 (a) The borrowings from banks and CAH’s subsidiary are denominated in RMB and unsecured. (b) Loan covenants In respect of long-term bank loans with outstanding principal amount of RMB1,194,000,000 as at 30 June 2026, the Company is required to comply with the following financial covenants which are tested as long as the loans are outstanding: • the total annual inflows into the fund supervision account must not be less than RMB200,000,000, and • the account balance must not fall below RMB80,000,000 on 30 June and 31 December of each year. The Company complied with these covenants throughout or at the end of the reporting period and classified the related bank loans balance of RMB1,183,000,000 as non-current and RMB11,000,000 as current according to the repayment schedule. (c) The Company has entered into certain supplier finance arrangements with bank. Under these arrangements, the banks pay suppliers the amounts owed by the Company in advance of the original due dates. The Company’s obligations to suppliers are legally extinguished on settlement by the relevant banks. The Company then settles with the banks within six months after settlement by the banks with interest ranges from 0.65%-0.8% per annum. These arrangements have extended the payment terms, which may be extended beyond the original due dates of respective invoices. 12. SHORT-TERM DEBENTURES As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (unaudited) (audited) Principals 2,000,000 – Interest payable within one year 1,712 – 2,001,712 –
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- 14 - On 8 May 2026, the Company has received approval from the National Association of Financial Market Institutional Investors for the registration of short-term debentures in an aggregate amount of no more than RMB4,000,000,000 to be issued in multiple tranches. On 2 June 2026 and 4 June 2026, the Company issued the first and the second tranche of short-term debenture with a principal amount of RMB1,000,000,000 respectively with a maturity period of 1 year. The debenture is unsecured and interest-bearing at 1.37% per annum. The interest is payable once due and the principal amount is wholly repayable on 3 June 2027 and 5 June 2027. 13. BONDS PAYABLE As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (unaudited) (audited) Principal amount 1,500,000 1,500,000 Bonds issuance cost (1,565) (1,565) Net proceeds 1,498,435 1,498,435 Interest payable 37,349 14,587 Accumulated amortisation amounts of bonds issuance cost 1,468 1,210 1,537,252 1,514,232 Current liabilities (1,537,252) (1,514,232) On 31 August 2023, the Company has received approval from the National Association of Financial Market Institutional Investors for the registration of medium-term notes in an aggregate amount of no more than RMB4,000,000,000 to be issued in multiple tranches. On 8 September 2023, the Company issued the first tranche of medium-term bonds with a principal amount of RMB1,500,000,000 with a maturity period of 3 years. The bonds are unsecured and interest-bearing at 3.06% per annum. The interest is payable annually and the principal amount is wholly repayable on 8 September 2026.On 8 May 2026, the Company has received approval from the National Association of Financial Market Institutional Investors for the registration of medium-term notes in an aggregate amount of no more than RMB4,000,000,000 to be issued in multiple tranches. 14. EVENTS AFTER THE REPORTING DATE Subsequent to the reporting period, on 20 August 2026, the Company issued medium-term notes in the China Interbank Bond Market with an aggregate principal amount of RMB1,500,000,000 which will be matured on 21 August 2029.
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- 15 - MANAGEMENT DISCUSSION AND ANALYSIS Overview of Aeronautical Business In the first half of 2026, Beijing Capital Airport experienced a slight decline in air traffic volumes. In particular, air traffic volumes of international routes and Hong Kong, Macau and Taiwan routes continued to expand at a steady pace, while the domestic air traffic volumes saw a modest reduction due to airlines’ cancellation of domestic flights with low passenger load factors in response to the prevailing international environment and significant hike in jet fuel cost. In the first half of 2026, the cumulative aircraft movements at Beijing Capital Airport reached 216,706 sorties, representing a decrease of approximately 0.3% as compared with the same period of the previous year. The cumulative passenger throughput reached 35,758,194 person-times, representing an increase of approximately 4.7% as compared with the same period of the previous year. The cumulative cargo and mail throughput reached 754,410 tonnes, representing an increase of approximately 1.1% as compared with the same period of the previous year. Detailed information is set out in the table below: For the six months ended 30 June 2026 2025 Change Aircraft Movements (unit: sorties) 216,706 217,305 -0.3% Domestic 177,602 178,430 -0.5% Including: Hong Kong, Macau & Taiwan 8,221 8,175 0.6% International 39,104 38,875 0.6% Passenger Throughput (unit: person-times) 35,758,194 34,168,396 4.7% Domestic 28,131,530 27,267,253 3.2% Including: Hong Kong, Macau & Taiwan 1,414,695 1,233,113 14.7% International 7,626,664 6,901,143 10.5% Cargo and Mail Throughput (unit: tonnes) 754,410 746,268 1.1% Domestic 400,468 408,063 -1.9% Including: Hong Kong, Macau & Taiwan 44,082 38,546 14.4% International 353,942 338,205 4.7%
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- 16 - Aeronautical Revenues Unaudited For the six months ended 30 June 2026 2025 RMB’000 RMB’000 Change Aircraft movement fees and related income 684,321 689,412 -0.7% Passenger service income 700,416 655,098 6.9% Total aeronautical revenues 1,384,737 1,344,510 3.0% In the first half of 2026, the total aeronautical revenues of the Company were RMB1,384,737,000, representing an increase of approximately 3.0% as compared with the same period of the previous year. In the first half of 2026, the aircraft movement fees and related income of the Company were RMB684,321,000, representing a decrease of approximately 0.7% as compared with the same period of the previous year. This was mainly attributable to the decline in demand from the domestic aviation market, which constituted a more significant proportion of the business, causing the decline in aircraft movement fees and related income to be slightly higher than that in aircraft movements at Beijing Capital Airport during the current period. The passenger service income of the Company amounted to RMB700,416,000 in the first half of 2026, representing an increase of approximately 6.9% as compared with the same period of the previous year, which was mainly attributable to higher passenger volumes of international routes and Hong Kong, Macau & Taiwan routes. In addition, as international flights and Hong Kong, Macau & Taiwan flights charged higher passenger service fees than domestic flights, the growth of passenger service revenue outpaced that of passenger throughput.
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- 17 - Non-Aeronautical Revenues Unaudited For the six months ended 30 June 2026 2025 RMB’000 RMB’000 Change Concession revenues 773,566 749,271 3.2% Including: Advertising 336,766 343,747 -2.0% Retailing 284,940 262,090 8.7% Restaurants and food shops 62,761 62,029 1.2% VIP services 39,138 37,535 4.3% Car parking services 36,611 30,316 20.8% Other concessions 13,350 13,554 -1.5% Rental income 528,405 523,774 0.9% Resources usage income 98,557 104,307 -5.5% Other revenues 32,642 32,712 -0.2% Total non-aeronautical revenues 1,433,170 1,410,064 1.6% In the first half of 2026, the total non-aeronautical revenues of the Company were RMB1,433,170,000, representing an increase of 1.6% as compared with the same period of the previous year. In the first half of 2026, the concession revenues of the Company were RMB773,566,000, representing an increase of approximately 3.2% as compared with the same period of the previous year. Among these, the revenues from advertising were RMB336,766,000, representing a decrease of approximately 2.0% as compared with the same period of the previous year. This was mainly attributable to the decrease in prices of certain new contracts. The revenues from retailing were RMB284,940,000, representing an increase of approximately 8.7% as compared with the same period of the previous year. This was partially attributable to higher revenues from duty-free shops as their new contracts had adopted a minimum guaranteed operating revenues plus sales-based commission approach with higher guaranteed revenues than before; and partially attributable to the increase in revenues from international duty-paid retail business at Terminal 3. The revenues from restaurants and food shops were RMB62,761,000, representing an increase of approximately 1.2% as compared with the same period of the previous year. This was mainly attributable to higher passenger throughput and increased revenues from newly opened shops. The revenues from VIP services were RMB39,138,000, representing an increase of approximately 4.3% as compared with the same period of the previous year. This was attributable to the increase in operating fee of the frequent travellers’ paid membership scheme since August 2025, resulting in a corresponding increase in revenues from VIP services. The revenues from car parking services were RMB36,611,000, representing an increase of approximately 20.8% as compared with the same period of the previous year, which was mainly attributable to the increase in commercial revenue from the car parking buildings in Beijing Capital Airport, leading to an increase in revenues from car parking services for this period. The revenues from other concessions were RMB13,350,000, representing a decrease of approximately 1.5% as compared with the same period of the previous year, which was mainly attributable to the transfer of part of the concession revenue to rental income as a result of the optimisation of the business contracts with certain telecom operators.
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- 18 - In the first half of 2026, the rental income of the Company was RMB528,405,000, representing an increase of approximately 0.9% as compared with the same period of the previous year, which was mainly due to higher rentals charged in the terminals and commercial premises, leading to a corresponding increase in rental income. In the first half of 2026, the resources usage income of the Company was RMB98,557,000, representing a decrease of approximately 5.5% as compared with the same period of the previous year, which was mainly due to adjustments in the number of certain domestic retail stores, resulting in a decrease in related resources usage income. Operating expenses Unaudited For the six months ended 30 June 2026 2025 RMB’000 RMB’000 Change Depreciation and amortisation 735,652 755,600 -2.6% Repair and maintenance 418,012 424,844 -1.6% Aviation safety and security guard costs 380,805 427,720 -11.0% Staff costs 299,872 282,939 6.0% Utilities and power 234,037 247,410 -5.4% Operating contracted services costs 204,321 209,525 -2.5% Concession management fees 133,651 137,616 -2.9% Real estate tax and other taxes 130,968 128,224 2.1% Greening and environmental maintenance costs 99,276 104,826 -5.3% Other costs 55,816 59,849 -6.7% Operating expenses 2,692,410 2,778,553 -3.1% In the first half of 2026, the operating expenses of the Company were RMB2,692,410,000, representing a decrease of approximately 3.1% as compared with the same period of the previous year. In the first half of 2026, the depreciation and amortisation expenses of the Company were RMB735,652,000, representing a decrease of approximately 2.6% as compared with the same period of the previous year. This was mainly because the Company adjusted the costs and depreciation of certain fixed assets in the first half of 2025 based on the final completion settlement, resulting in higher depreciation amounts for the same period of the previous year compared to the current period.
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- 19 - In the first half of 2026, the repair and maintenance expenses of the Company were RMB418,012,000, representing a decrease of approximately 1.6% as compared with the same period of the previous year. This was mainly because the Company continued to strengthen cost control and reduced certain contractual amounts while ensuring the routine repair and maintenance standards, which led to a corresponding decrease in repair and maintenance related expenses. In the first half of 2026, the aviation safety and security guard costs of the Company were RMB380,805,000, representing a decrease of approximately 11.0% as compared with the same period of the previous year. This was mainly attributable to the Company’s continued efforts to advance technological and management innovations, which enabled job-roles optimisation and labor cost savings, resulting in a decrease in aviation safety and security-related expenses. In the first half of 2026, the staff costs of the Company were RMB299,872,000, representing an increase of approximately 6.0% as compared with the same period of the previous year, which was mainly attributable to the timing difference in recognition of the relevant costs. In the first half of 2026, the utilities and power expenses of the Company were RMB234,037,000, representing a decrease of approximately 5.4% as compared with the same period of the previous year. This was mainly because the Company enhanced the refined management of energy conservation, resulting in a decrease in the related energy consumption. In the first half of 2026, the operating contracted services costs of the Company were RMB204,321,000, representing a decrease of approximately 2.5% as compared with the same period of the previous year. This was mainly because the Company continued to deeply tap into the internal management potentials and controlled the expenditures on certain projects while ensuring normal airport operations, which reduced the operating contracted services costs. In the first half of 2026, the concession management fees of the Company were RMB133,651,000, representing a decrease of approximately 2.9% as compared with the same period of the previous year. This was mainly because the Company further optimised the calculations of the fees of concession management contracts, resulting in a further decrease in concession management fees. In the first half of 2026, the real estate tax and other taxes of the Company were RMB130,968,000, representing an increase of approximately 2.1% as compared with the same period of the previous year, which was mainly due to the growth in rental income of the Company, which led to a corresponding increase in real estate tax. In the first half of 2026, the greening and environmental maintenance costs of the Company were RMB99,276,000, representing a decrease of approximately 5.3% as compared with the same period of the previous year, mainly benefiting from the Company’s strict cost control, enhanced operational efficiency and optimised expenditures in non-core services, leading to a decrease in the greening and environmental maintenance costs.
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- 20 - In the first half of 2026, other costs of the Company were RMB55,816,000, representing a decrease of approximately 6.7% as compared with the same period of the previous year, which was mainly due to a further decrease in costs relating to dedicated services and consulting fees. OTHER ITEMS IN THE STATEMENT OF COMPREHENSIVE INCOMES During the six months ended 30 June 2026, the net finance costs of the Company after deduction of the finance incomes were RMB124,321,000, representing a decrease of approximately 7.9% as compared with the same period of the previous year, which was mainly attributable to the decrease in capital costs. PROSPECTS FOR THE SECOND HALF OF THE YEAR OF 2026 In the second half of the year, the Company will face challenges in development initiatives amid the pronounced uncertainties in the external environment. The Company needs to objectively analyse the development landscape, capitalise on favourable factors, overcome difficulties and obstacles, and strengthen capability development, counter external uncertainties with the certainty of its committed efforts, and thereby maintain the initiative in its development. From an objective perspective, the current landscape presents both opportunities and challenges. On the positive side, the aviation market is benefiting from significant policy support. The Civil Aviation Administration of China has approved adjustments to the slot capacity standards for the three airports in Beijing and Tianjin, and has implemented temporary slot additions during the Spring Festival and the summer peak travel season and enhanced performance assessments, so as to facilitate the conversion of newly added slot resources into tangible business growth. At the same time, however, the situation in the Middle East has constrained the supply of aviation fuel and driven a sharp increase in fuel prices, resulting in higher operating costs. The upward adjustment of airfares has, to a certain extent, inhibited passengers’ willingness to travel. In addition, hub renovation and upgrading works have caused temporary disruptions to operations and services, which may reduce operating efficiency and affect the travel experience of passengers for a period of time. Against this backdrop, the Company will maintain its strategic focus, accurately strike a balance between opportunities and challenges, advance its tasks with innovative approaches, and promote the high-quality development of Beijing Capital Airport. In the second half of the year, the Company will firmly uphold safety, operations and services as its fundamental principle. The Company will also adhere to its base-line requirement of “striking a fine balance between development and safety”, ensuring that development is grounded on safety and that safety is strengthened through development, thereby safeguarding the new development model with a new safety framework . The Company will jointly advance efforts to enhance its full-process operating efficiency, with specific measures tackling the operational bottlenecks. Guided by customer needs, the Company will coordinate operational efficiency, marketing initiatives and passenger services, vigorously promote the integrated development of service, operations and marketing and implement full-process and full-element improvements on service shortcomings, so as to elevate the service experience and foster its competitive edge in service quality.
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- 21 - The Company will seize the opportunity arising from the temporary slot additions for summer vacation to closely align with the strategic priority of “expanding the international aviation market”. It will closely monitor the policies on the allocation of aviation rights and other resources, and strive to ensure the effective implementation of slot expansion, thereby promoting the steady growth in business volume and continuously enhancing the hub quality of Beijing Capital Airport. It will strengthen collaboration with airlines, focus on key intercontinental destinations and emerging markets, and promote the concentration of aviation rights and slot resources on high-value long-haul routes. It will actively encourage airlines to launch new international destinations to further expand the international aviation market. Additionally, to stimulate spending among inbound passengers, the Company will conduct in-depth analyses of the behaviour pattern and demand characteristics of the international passengers, design tailored products and commercial scenarios, driving the conversion from traffic advantages into value advantages, thus enhancing the profitability of the international aviation market. At the same time, it will make all-out efforts to advance the quality and efficiency enhancement project construction of Terminal 3, and fully leverage its role in coordination mechanisms to ensure steady and efficient operations of Beijing Capital Airport during the implementation period. Achieving a turnaround to profitability in 2026 will be an unwavering strategic task of the Company as well as a mission necessary for the Company to fulfill its economic and social responsibilities as a state-owned enterprise. The Company will remain firmly aligned with the annual objectives, actively explore new business formats, identify new scenarios, and strategically position itself in the new non-aeronautical business sectors, accelerating the transition from resource leasing to value-driven operations. The Company will launch dedicated initiatives to improve its business environment, and foster an efficient, transparent and robust commercial ecosystem, advancing the dynamic optimisation and upgrading of Beijing Capital Airport’s commercial brand. Upholding a customer-first mindset, the Company will establish a regular mechanism for demand insights and service response for airlines, passengers and tenants, and strive to achieve the turnaround target as scheduled through comprehensive enhancement of quality and efficiency. INTERIM DIVIDENDS The Board did not recommend distribution of any interim dividend for the six months ended 30 June 2026. LIQUIDITY AND FINANCIAL RESOURCES As at 30 June 2026, the Company had cash and cash equivalents amounting to RMB1,917,562,000, while the cash and cash equivalents of the Company amounted to RMB1,851,806,000 as at 31 December 2025. As at 30 June 2026, the Company’s principal amount of short-term and long-term borrowings were RMB5,286,448,000 and RMB1,194,225,000, respectively, the principal amount of bonds payable due within one year was RMB1,500,000,000, and the principal amount of short-term debentures was RMB2,000,000,000.
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- 22 - As at 30 June 2026, the current ratio of the Company was 0.23, while the current ratio of the Company was 0.22 as at 31 December 2025. Such ratios were computed by dividing the amount of the total current assets by the amount of the total current liabilities as at those respective dates. As at 30 June 2026, the gearing ratio of the Company was 55.78%, while the gearing ratio of the Company was 57.16% as at 31 December 2025. Such ratios were computed by dividing the amount of total liabilities by the amount of total assets as at those respective dates. As at 30 June 2026, the capital and reserves of the Company were RMB12,880,103,000, while the capital and reserves of the Company were RMB12,858,193,000 as at 31 December 2025. For the first half of 2026, the Company’s net cash generated from operating activities amounted to RMB1,377,919,000, while the Company’s net cash generated from operating activities amounted to RMB982,758,000 in the same period of the previous year. For the first half of 2026, the Company’s net cash used in investing activities amounted to RMB87,113,000, while the Company’s net cash used in investing activities amounted to RMB131,010,000 in the same period of the previous year. For the first half of 2026, the Company’s net cash used in financing activities amounted to RMB1,224,565,000, while the Company’s net cash generated from financing activities amounted to RMB437,559,000 in the same period of the previous year. CHARGE ON ASSETS As at 30 June 2026, there was no charge or pledge on the assets of the Company. MERGER, ACQUISITION AND DISPOSAL During the six months ended 30 June 2026, the Company did not conduct any material merger, acquisition or disposal. PURCHASE, SALE AND REDEMPTION OF LISTED SECURITIES OF THE COMPANY During the six months ended 30 June 2026, the Company did not purchase, sell and redeem any of its listed securities, nor was there any sale or transfer of treasury shares (if any) of the Company. As at 30 June 2026, the Company did not hold any treasury shares.
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- 23 - EXPOSURE TO FLUCTUATIONS IN EXCHANGE RATES AND ANY RELATED HEDGES The Company’s businesses are principally denominated in RMB, except for payment of part of intermediaries fees in US dollars. As at 30 June 2026, the assets and liabilities of the Company denominated in US dollars included cash, cash equivalents and other receivables of approximately RMB15,454,000 (as at 31 December 2025: RMB15,826,000) and trade and other payables of approximately RMB8,747,000 (as at 31 December 2025: RMB9,026,000). For the first half of 2026, the Company recorded net exchange losses of RMB202,000. EXPOSURE TO FLUCTUATIONS IN INTEREST RATES As at 30 June 2026, the Company’s principal amount of short-term borrowings at floating interest rate and long-term borrowings at floating interest rate were RMB4,970,000,000 and RMB1,194,225,000, respectively. The interest rates of the above borrowings were referenced to the benchmark interest rates of the National Interbank Funding Centre of China. SIGNIFICANT INVESTMENTS The Company had no significant investments (including any investment in an investee company with a value of 5% or more of the Company’s total assets as at 30 June 2026) for the six months ended 30 June 2026. FUTURE PLANS FOR MATERIAL INVESTMENTS, CAPITAL ASSETS AND MATERIAL FINANCING As at 30 June 2026, save as disclosed in the announcements of the Company dated 17 March 2026 and 10 May 2026 in relation to the registration by the National Association of Financial Market Institutional Investors (“NAFMII”) and proposed issuance of medium-term notes and short-term debentures, and the announcement of the Company dated 3 June 2026 in respect of the issuance of the first tranche of short-term debentures registered with NAFMII, the Company did not have any plan for material investments, capital assets or material financing. CONTINGENT LIABILITIES As at 30 June 2026, the Company did not have any significant contingent liabilities. MATERIAL LITIGATION OR ARBITRATION The Company was not involved in any material litigation or arbitration for the six months ended 30 June 2026.
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- 24 - EMPLOYEES AND EMPLOYEE WELFARE 1. Employees and Remuneration Policy The number of employees of the Company as at 30 June 2026, together with the comparative figures as at the same date in the previous year, was as follows: As at 30 June 2026 As at 30 June 2025 Number of employees 1,486 1,497 The remuneration policy of employees of the Company is determined by the management based on market practice. The Company adopted a skill-based and performance-based position salary system, which was based on the value of the position and the skill level of employees with performance appraisal as its core. Such remuneration system took into account the external competition and internal fairness under dynamic management, with which the increase in employee’s salaries could be in line with the Company’s business development and the increase of labor remuneration could be in line with the increase of labour productivity. 2. Employees’ basic medical insurance and commercial medical insurance Since 1 January 2003, the Company has complied with the regulations of the Beijing Municipal Government for basic medical insurance in Beijing. According to the regulations, the Company pays the basic employee medical insurance (including maternity insurance) for its employees at 9.8% of the average monthly salaries of its employees in the previous year. In addition, the Company may on a voluntary basis provide supplemental medical insurance benefits to its employees with an amount within 4% of the average monthly salaries of its employees in the previous year. Meanwhile, the Company no longer pays medical subsidies or medical compensations in cash to its employees. As such, the implementation of the aforesaid basic medical insurance regulations did not have any material impact on the balance sheet or statement of comprehensive income of the Company.
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- 25 - 3. Staff retirement scheme Since 2011, the Company has implemented a corporate pension scheme according to the relevant national policies of the PRC. Pursuant to the corporate pension scheme, the Company and the staff who participate in the scheme shall make monthly contributions to the corporate pension funds according to a certain proportion. ENTRUSTED DEPOSITS AND OVERDUE FIXED DEPOSITS As at 30 June 2026, the Company did not have any entrusted deposits or uncollected fixed deposits upon maturity placed with any financial institutions or any other entities. ISSUED SHARE CAPITAL As at 30 June 2026, the total issued share capital of the Company was RMB4,579,178,977 and the total number of its issued shares was 4,579,178,977 shares of RMB1 each, comprising: Number of shares Percentage of shareholding to the total issued shares Domestic shares 2,699,814,977 58.96% H shares 1,879,364,000 41.04% INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL SHAREHOLDERS As at 30 June 2026, the interests and short positions held in the shares and underlying shares of the Company by the following persons, other than the directors or general manager of the Company, as recorded in the register required to be kept by the Company under section 336 of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (“SFO”) were as follows:
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- 26 - Name of substantial shareholder Class of shares Number of shares Capacity/nature of interest Percentage of shareholding to the relevant class of shares Percentage of shareholding to the total issued shares CAH (Note 1) Domestic shares 2,699,814,977 (L) Beneficial owner 100% 58.96% Mitsubishi UFJ Financial Group, Inc. (Note 2) H shares 169,692,000 (L) Interest of corporation controlled by substantial shareholder 9.02% 3.71% BlackRock, Inc. H shares 150,239,492 (L) Interest of corporation controlled by substantial shareholder 7.99% 3.28% 13,700,000 (S) Interest of corporation controlled by substantial shareholder 0.73% 0.30% WBT Value Limited H shares 131,677,194 (L) Beneficial owner 7.00% 2.88% Aberdeen Asset Management PLC and its associates (Note 3) H shares 114,868,000 (L) Investment manager 6.11% 2.51% Causeway Capital Management LLC (Note 3) H shares 105,506,700 (L) Investment manager 5.61% 2.30% Hermes Investment Funds PLC H shares 94,613,662 (L) Beneficial owner 5.03% 2.07% (L) = Long position (S) = Short position (P) = Lending pool Notes: 1. CAH was incorporated in the PRC and is the controlling shareholder of the Company. As at the date of this announcement, Mr. Song Kun, the chairman of the Board and an executive director of the Company, is the chairman of the board and the secretary of the Party Committee of CAH. As at the date of this announcement, Mr. Li Yongbing, an executive director and the general manager of the Company, is a member of the Party Committee of CAH. As at the date of this announcement, Mr. Du Qiang, a non-executive director of the Company, is a director, the general manager and the deputy secretary of the Party Committee of CAH. As at the date of this announcement, Mr. Xue Rongguo, a non-executive director of the Company, is a director, the deputy secretary of the Party Committee and the chairman of the labor union of CAH. As at the date of this announcement, Mr. Shen Lancheng, a non-executive director of the Company, is the chief accountant and a member of the Party Committee of CAH.
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- 27 - 2. Based on the disclosure form dated 26 November 2025 of Mitsubishi UFJ Financial Group, Inc. (being the latest disclosure form filed by it up to 30 June 2026), as at 24 November 2025, among its interests in the shares of the Company, (i) 144,097,900 shares were held by First Sentier Investors (Australia) IM Ltd; and (ii) 25,594,100 shares were held by First Sentier Investors (Australia) RE Ltd. First Sentier Investors (Australia) IM Ltd and First Sentier Investors (Australia) RE Ltd was wholly-owned by First Sentier Group Limited, which is in turn wholly-owned by Mitsubishi UFJ Trust and Banking Corporation. Mitsubishi UFJ Trust and Banking Corporation was wholly-owned by Mitsubishi UFJ Financial Group, Inc.. 3. These shares are held in the capacity of investment manager. 4. The information in the above table is based on information publicly available to the Company as at 30 June 2026. 5. The numbers in the above table have been subject to rounding adjustments. Any discrepancies in the number are due to roundings. Save as disclosed above, as at 30 June 2026, the register required to be kept under section 336 of the SFO indicated that the Company had not been notified of any other interests or short positions in the shares and underlying shares of the Company. INTERESTS AND SHORT POSITIONS OF DIRECTORS AND GENERAL MANAGER AND THEIR SECURITIES TRANSACTIONS As at 30 June 2026, none of the directors or general manager of the Company had any interests or short positions in the shares, underlying shares or debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register of the Company required to be kept under section 352 of the SFO or as otherwise required to be notified to the Company and The Stock Exchange of Hong Kong Limited pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix C3 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). During the six months ended 30 June 2026, none of the directors or general manager of the Company, or their associates, had been granted the right to subscribe for any shares or debentures of the Company, nor had any of them exercised any such right during the same period. EVENTS OCCURRING AFTER THE REPORTING PERIOD From 1 July 2026 to the date of this announcement, save as disclosed in the inside information announcement of the Company dated 20 July 2026 in relation to the expected net profit to be recorded by the Company for the six months ended 30 June 2026, and the inside information announcement of the Company dated 24 August 2026 in relation to the issuance of the first tranche of medium-term notes registered with NAFMII, there was no important event or transaction affecting the Company and which is required to be disclosed by the Company to its shareholders.
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- 28 - AUDIT AND RISK MANAGEMENT COMMITTEE The Audit and Risk Management Committee (formerly known as the Audit Committee) was established on 10 January 2000. On 28 June 2017, the Audit Committee was renamed as the Audit and Risk Management Committee, and meanwhile its terms of reference were extended. On 20 June 2023, the ninth session of the Board of the Company re-appointed the members of the Audit and Risk Management Committee whose term would expire on the date on which the Company’s general meeting elects a new session of the Board. At present, the Audit and Risk Management Committee is composed of four independent non-executive directors, namely, Mr. Wang Huacheng (chairman of the Audit and Risk Management Committee), Mr. Zhang Jiali, Mr. Stanley Hui Hon-chung and Ms. Duan Donghui. Auditors are invited to attend the Audit and Risk Management Committee meetings regularly and they can communicate with the Audit and Risk Management Committee individually, as they deem necessary. The Audit and Risk Management Committee fulfils its supervisory responsibility as delegated by the Board through examining matters relating to the Company’s financial reporting systems, internal control procedures and risk management, and considering auditing issues of the Company. The Audit and Risk Management Committee shall meet at least twice a year to review auditors’ reports, reports of internal audit and risk management departments, and the interim and annual accounts of the Company prior to making recommendation to the Board for approval. The Audit and Risk Management Committee is responsible for the review and evaluation of the Company’s internal control system and risk management level. The Audit and Risk Management Committee has reviewed the Company’s condensed interim financial information for the six months ended 30 June 2026, as well as the accounting principles and policies adopted by the Company for the relevant accounts. The Audit and Risk Management Committee considers that the disclosure of the financial information in the unaudited condensed interim financial information and in the interim results complies with the applicable accounting standards and the relevant requirements of the Listing Rules and the laws of Hong Kong. COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE The Board confirms that the Company has complied with all the code provisions under Part 2 of the Corporate Governance Code (the “CG Code”) as set out in Appendix C1 to the Listing Rules for the six months ended 30 June 2026 and up to the date of this announcement.
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- 29 - COMPLIANCE WITH THE MODEL CODE The Company has formulated “the Code for Securities Transactions by Directors and Staff” on terms no less exacting than the required standard of the Model Code. For the six months ended 30 June 2026, the Company strictly implemented “the Code for Securities Transactions by Directors and Staff”. Having made specific enquiries to the directors and chief executive of the Company, the Company has confirmed that each of them complied with the Model Code during the six months ended 30 June 2026. By order of the Board Li Bo Secretary to the Board Beijing, the PRC 26 August 2026 As at the date of this announcement, the directors of the Company are: Executive directors: Mr. Song Kun and Mr. Li Yongbing Non-executive directors: Mr. Du Qiang, Mr. Xue Rongguo and Mr. Shen Lancheng Employee director: Mr. Liu Jiliang Independent non-executive directors: Mr. Zhang Jiali, Mr. Stanley Hui Hon-chung, Mr. Wang Huacheng and Ms. Duan Donghui An announcement containing details of the matter is available for viewing on the website of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk under “Latest Listed Company Information” and the website of the Company at www.bcia.com.cn.