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Operator of Hainan province airports (incl. Meilan/Sanya) and related duty-free/real-estate assets.
Operator of Hainan province airports (incl. Meilan/Sanya) and related duty-free/real-estate assets.
Airlines pay it landing, parking and passenger fees at regulated rates, while shops and duty-free operators pay concession fees or rent, so passenger numbers drive both lines. Property development adds uneven income. It grew out of the HNA group, which went through a court-supervised restructuring in 2021.
In one line: A small, single-province Chinese airport operator.
Moat: narrow (regulatory licence, scale). Sole operator of Hainan's main airports, a licensed, capital-intensive local monopoly.
Headquarters: Haikou, Hainan, China · Employees: 14,571
Size Hainan Airport Infrastructure (600515.SS) is a China Industrials company (Other Transportation) with a market value of $4.56B, the 557th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥2.66 on 6 Nov 2026.
Performance Over six months the shares fell 26.3%, against -0.5% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 25.2% over the last twelve months (peer median +6.1%); the operating margin is -4.8% (peer median 18.7%).
Valuation It trades at 133.0× forward earnings against a peer median of 16.5× (most expensive of 18).
Capital Return on invested capital runs 4.1 points below its cost of capital (5.0% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.32B | CN¥4.40B | CN¥4.35B | CN¥6.73B | CN¥4.68B |
| Revenue growth | — | +1% | -35% | +44% | — |
| Gross profit | CN¥1.70B | CN¥1.17B | CN¥1.65B | CN¥3.11B | CN¥1.45B |
| EBITDA | n/a | CN¥730M | CN¥1.22B | CN¥2.28B | CN¥571M |
| Net income | CN¥140M | CN¥219M | CN¥459M | CN¥953M | CN¥1.85B |
| Free cash flow | -CN¥10.9M | -CN¥346M | -CN¥1.22B | -CN¥880M | -CN¥3.37B |
| Capital expenditure | CN¥704M | CN¥521M | CN¥581M | CN¥1.66B | CN¥484M |
| Total debt | CN¥24.8B | CN¥21.5B | CN¥18.3B | CN¥20.1B | CN¥19.8B |
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 |
|---|---|---|---|---|---|---|
| Hainan Airport Infrastructure 600515.SS | $4.56B | -26% | +25% | -5% | 133.0× | n/a |
| Shenzhen Airport 000089.SZ | $2.08B | -5% | +5% | 17% | 14.2× | -6.4% |
| Guangzhou Baiyun International Airport 600004.SS | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% |
| Xiamen International Airport 600897.SS | $892M | -12% | +33% | 28% | 12.1× | -16.5% |
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 | 600515.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.5% | +2.1% | 4th lowest of 21 |
| 6-month return | -26.3% | -0.5% | lowest of 21 |
| Distance from 52-week high | -54.9% | -18.0% | lowest of 21 |
| Revenue growth (TTM) | +25.2% | +6.1% | highest of 21 |
| Operating margin | -4.8% | 18.7% | 2nd lowest of 21 |
| Forward P/E | 133.0× | 16.5× | most expensive of 18 |
| ROIC minus cost of capital | -4.1 pp | +0.6 pp | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Taiwan High Speed Rail 2633.TW | Taiwan | $4.36B | -3% | +4% | 39% | 19.2× | 0.8% | +6.9% |
| SATS S58.SI | Singapore | $4.34B | +15% | +9% | 9% | 17.6× | -0.2% | +45.6% |
| Anhui Expressway 600012.SS | China | $4.29B | +13% | -14% | 42% | 14.5× | -5.4% | +18.0% |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 5.9× | n/a | n/a |
| Tangshan Port 601000.SS | China | $4.27B | +3% | +10% | 39% | 13.9× | -11.0% | -6.2% |
| Kintetsu 9041.T | Japan | $4.23B | +5% | +2% | 5% | 13.5× | n/a | n/a |
| Corporacion America Airports CAAP | United States | $4.00B | -3% | +16% | 23% | 9.6× | -6.3% | +26.4% |
| Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR OMAB | United States | $5.21B | +2% | +21% | 53% | 13.2× | -5.1% | +27.2% |
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% | +7.4% |
| Wilh. Wilhelmsen WWI.OL | Norway | $3.87B | +23% | -4% | 10% | 8.4× | 6.2% | +11.0% |
| Atlas Arteria ALX.AX | Australia | $3.78B | -21% | +2% | -20% | 20.6× | -3.5% | +8.9% |
| Guangzhou Port 601228.SS | China | $3.54B | -3% | -18% | 11% | n/a | n/a | n/a |
| Japan Airport Terminal 9706.T | Japan | $3.46B | +16% | +8% | 17% | 19.2× | -2.3% | +40.7% |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% | +10.9% |
| Lyft LYFT | United States | $6.47B | +19% | +11% | -2% | 21.9× | -6.1% | +21.7% |
| ENAV ENAV.MI | Italy | $3.19B | +8% | +3% | 9% | 26.9× | 13.8% | +6.0% |
| Guangzhou Baiyun International Airport 600004.SS | China | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% | +8.8% |
| Kobenhavns Lufthavne A/S KBHL.CO | Denmark | $6.60B | -6% | +9% | 34% | n/a | 6.7% | +28.5% |
| Beibu Gulf Port 000582.SZ | China | $3.14B | -25% | -1% | 21% | 18.6× | n/a | n/a |