Investment Value Analysis of Xiamen Airports Xiang'an New Airport

Based on the data and information I have collected, the following is a detailed analysis of the expected doubling of passenger throughput at Xiamen Airports Xiang’an New Airport:

is the largest under-construction airport in China during the “14th Five-Year Plan” period. Currently, the north-south runways have achieved double-line connection, and it is expected to [1]. According to official plans, after completion, the new airport will meet:

• Annual passenger throughput: 45 million
• Cargo and mail throughput: 750,000 tons
• Aircraft takeoffs and landings: 380,000 sorties

This means that after relocating from the existing Xiamen Gaoqi International Airport (with an annual passenger throughput of approximately 29 million) to the new airport, the passenger throughput will achieve an increase of approximately

[1][2], approaching the doubling target.

Indicator	2025 Data	Design Target	Growth Rate
Passenger Throughput	29.19 million	45 million	+54%
Cargo & Mail Throughput	~400,000 tons	750,000 tons	+87.5%
Aircraft Movements	~210,000 sorties	380,000 sorties	+81%

From the data comparison, the design capacity of the new airport is indeed significantly higher than the existing operational capacity, but this expansion scale is a

in the construction cases of large international airports.

According to the latest financial data of Xiamen Airports (600897.SS)[0]:

• Earnings Per Share (EPS): 1.03 yuan (2024), up 21% year-on-year
• Return on Equity (ROE): 9.65%, an increase from 8.54% in 2023
• Price-to-Earnings Ratio (P/E): 14.79x, within a reasonable range for the industry

• Extremely low asset-liability ratio, with a debt-to-equity ratio of only 4.3%
• Current ratio as high as 3.49, with abundant liquidity
• Sufficient operating cash flow, with good quality of free cash flow

• Price-to-Book Ratio (P/B): 1.43x
• EV/EBITDA: 7.37x

The company’s financial status shows that it

, which provides a solid financial foundation for undertaking the new airport’s operations in the future.

From the perspective of technical analysis[0]:

• Current Price
  : 17.20 yuan (December 31, 2025)
• Price Range
  : 16.80-18.02 yuan (sideways consolidation range)
• Trend Judgment
  : Sideways consolidation, no clear direction
• Beta Coefficient
  : 0.42 (low correlation with the broader market)

From the trend from September to December 2025, the share price fluctuated widely in the range of

, and the latest closing price of 17.20 yuan rose by compared to the beginning of September, indicating that the market holds a towards the new airport project.

1. Significant Location Advantages
   : As a core city in the southeast coast and a hub for cross-strait exchanges, Xiamen has a stable customer base
2. Clear Policy Support
   : Xiamen has been included in the regional aviation hub of the “3+7+N” international aviation hub functional system[1]
3. Recovery of International Routes
   : The civil aviation industry recovered significantly in 2025, with the three major airlines turning profitable in the first three quarters[2]
4. Regional Economic Driving
   : The development plan for the Xiamen-Zhangzhou-Quanzhou metropolitan area has been approved and implemented, which will form a larger aviation demand market

1. Capacity Ramp-up Period
   : It usually takes 2-3 years for a new airport to reach 70-80% of its design capacity after operation
2. Market Competition Pressure
   : Surrounding cities such as Fuzhou and Quanzhou have airports competing
3. Macroeconomic Fluctuations
   : Air travel demand is highly correlated with the economic cycle
4. Diversion Effect
   : Short-term passenger flow fluctuations may occur during the transition from Gaoqi Airport to the new airport

: Considering Xiamen Airports’ , as well as the brought by the new airport’s operation, the current valuation level has a certain .

:

• The construction progress of the new airport may be affected by engineering factors
• Fluctuations in jet fuel prices may affect airlines’ operating costs
• Macroeconomic downward pressure may suppress air travel demand
• Intensified regional competition may affect market share

[1] The Paper - “Aiming for an International Aviation Hub! Xiamen is Rising as an ‘Airport City’” (https://m.thepaper.cn/newsDetail_forward_32135998)

[2] Sina Finance - “These Airports’ Passenger Throughput Hit Records! Civil Aviation Industry Recovery Accelerates Again” (https://finance.sina.com.cn/jjxw/2025-12-22/doc-inhcsrpa9076272.shtml)

[3] Wikipedia - “Xiamen Gaoqi International Airport” (https://zh.wikipedia.org/wiki/厦门高崎国际机场)