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Operator of Shanghai Pudong International Airport, earning aeronautical fees plus duty-free and retail concession revenue.
Operator of Shanghai Pudong International Airport, earning aeronautical fees plus duty-free and retail concession revenue.
Airlines pay aeronautical fees for each landing and passenger, set under government guidance, while the retail concession pays a share of duty-free sales, so passenger traffic and spending per traveller drive revenue. Shanghai Airport (Group), a Shanghai municipal state company, controls it.
In one line: A Chinese Aena/Fraport for airport operations.
Moat: wide (regulatory licence, installed base). Sole operator of Shanghai's main international gateway airport, an irreplaceable infrastructure asset.
Headquarters: Shanghai, China · Founded: 1998 · Employees: 13,329
Size Shanghai International Airport (600009.SS) is a China Industrials company (Other Transportation) with a market value of $9.22B, the 268th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥24.71 on 6 Nov 2026.
Performance Over six months the shares fell 9.3%, against +1.5% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 6.8% over the last twelve months (peer median +8.9%); the operating margin is 18.5% (peer median 23.1%).
Valuation It trades at 23.7× forward earnings against a peer median of 16.4× (3rd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.1 points above its cost of capital (5.0% WACC).
Next results Next results expected around 5 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥13.7B | CN¥13.3B | CN¥12.3B | CN¥10.8B | CN¥5.47B |
| Revenue growth | — | +8% | +14% | +97% | — |
| Gross profit | CN¥5.86B | CN¥3.61B | CN¥2.66B | CN¥1.55B | -CN¥3.46B |
| EBITDA | n/a | CN¥5.52B | CN¥4.64B | CN¥3.89B | -CN¥1.25B |
| Net income | CN¥2.35B | CN¥2.12B | CN¥1.93B | CN¥934M | -CN¥2.99B |
| Free cash flow | CN¥4.86B | CN¥5.35B | CN¥4.07B | CN¥3.33B | -CN¥869M |
| Capital expenditure | CN¥1.46B | CN¥1.31B | CN¥1.96B | CN¥1.24B | CN¥1.24B |
| Total debt | CN¥19.8B | CN¥22.4B | CN¥22.0B | CN¥22.7B | CN¥22.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shanghai International Airport 600009.SS | $9.22B | -9% | +7% | 19% | 23.7× | -2.6% |
| Beijing Capital International Airport 0694.HK | $914M | -21% | +6% | 0% | 183.1× | 40.5% |
| Guangzhou Baiyun International Airport 600004.SS | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% |
| Shenzhen Airport 000089.SZ | $2.08B | -5% | +5% | 17% | 14.2× | -6.4% |
| Xiamen International Airport 600897.SS | $892M | -12% | +33% | 28% | 12.1× | -16.5% |
| Hainan Meilan International Airport 0357.HK | n/a | -41% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600009.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.7% | +8.1% | 8th highest of 21 |
| 6-month return | -9.3% | +1.5% | 5th lowest of 21 |
| Distance from 52-week high | -29.2% | -18.2% | 4th lowest of 21 |
| Revenue growth (TTM) | +6.8% | +8.9% | 9th lowest of 21 |
| Operating margin | 18.5% | 23.1% | 7th lowest of 21 |
| Forward P/E | 23.7× | 16.4× | 3rd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | -2.6% | 4.7% | 5th least demanding of 16 |
| Growth delivered (Del g) | +25.4% | +16.9% | 6th highest of 16 |
| Hurdle (Req g minus delivered) | -28.0 pp | -15.2 pp | 3rd least demanding of 16 |
| ROIC minus cost of capital | +2.1 pp | -0.1 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai International Airport 600009.SS | China | $9.22B | -9% | +7% | 19% | 23.7× | -2.6% | +25.4% |
| China Merchants Port 001872.SZ | China | $9.20B | +14% | +8% | 32% | 12.9× | 2.1% | +6.2% |
| StandardAero SARO | United States | $9.14B | +10% | +13% | 10% | 16.4× | 10.9% | +13.5% |
| Qingdao Port International 601298.SS | China | $8.98B | +10% | +4% | 31% | 12.0× | -12.0% | +7.2% |
| Jiangsu Expressway 0177.HK | Hong Kong | $9.54B | +6% | +8% | 26% | 10.1× | n/a | n/a |
| Shandong Hi-speed 600350.SS | China | $8.06B | +4% | -4% | 20% | 18.0× | 4.7% | +13.0% |
| China Merchants Expressway Network & Technology 001965.SZ | China | $10.6B | +10% | +26% | 15% | 14.6× | 6.7% | +13.7% |
| Grupo Aeroportuario del Sureste SAB de CV Sponsored ADR ASR | United States | $7.95B | -15% | +26% | 41% | 12.2× | -2.3% | +27.0% |
| Flughafen Zurich FHZN.SW | Switzerland | $7.94B | -3% | +4% | 35% | 20.3× | 0.3% | +16.9% |
| GMR Airports GMRAIRPORT.NS | India | $11.1B | -2% | +29% | 27% | 296.2× | n/a | n/a |
| Fraport FRA.DE | Germany | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% | +21.5% |
| Hankyu Hanshin 9042.T | Japan | $7.03B | +3% | +6% | 10% | 13.2× | n/a | n/a |
| Kobenhavns Lufthavne A/S KBHL.CO | Denmark | $6.60B | -6% | +9% | 34% | n/a | 6.7% | +28.5% |
| Aeroports de Paris ADP.PA | France | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% | +25.7% |
| Lyft LYFT | United States | $6.47B | +19% | +11% | -2% | 21.9× | -6.1% | +21.7% |
| Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR PAC | United States | $14.5B | +1% | +20% | 44% | 17.1× | 8.2% | +31.3% |
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% | +7.4% |
| Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR OMAB | United States | $5.21B | +2% | +21% | 53% | 13.2× | -5.1% | +27.2% |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 5.9× | n/a | n/a |
| Hainan Airport Infrastructure 600515.SS | China | $4.56B | -26% | +25% | -5% | 133.0× | n/a | n/a |
| Liaoning Port 601880.SS | China | $4.54B | -10% | -3% | 21% | n/a | -10.7% | -1.3% |