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擴建美好將來
New Future
Contents目錄
2 Corporate Information
5 Financial Highlights
6 Management Discussion and Analysis
管理層討論與分析
30 Other Information
40 Consolidated and Company Balance Sheet
合併及公司資產負債表
42 Consolidated and Company Income Statements
合併及公司利潤表
44 Consolidated and Company Cash Flow Statements
合併及公司現金流量表
46 Consolidated Statement of Changes in Shareholders’ Equity
合併股東權益變動表
47 Company Statement of Changes in Shareholders’ Equity
公司股東權益變動表
48 Notes to the Financial Statements
財務報表附註
NAME IN CHINESE
海航基礎股份有限公司
NAME IN ENGLISH
HNA Infrastructure Company Limited
CORPORATE WEBSITE
www.mlairport.com
EXECUTIVE DIRECTORS
Wang Zhen, Chairman
Yang Xiaobin, President
Zhang Peihua
Liu Shanbin
NON-EXECUTIVE DIRECTORS
Hu Wentai, Vice Chairman
Chan Nap Kee, Joseph
INDEPENDENT NON-EXECUTIVE DIRECTORS
Deng Tianlin
Fung Ching, Simon
George F MENG
SUPERVISORS
Dong Guiguo, Chairman
Zhang Shusheng
COMPANY SECRETARY
Xing Zhoujin
AUTHORISED REPRESENTATIVES
Xing Zhoujin
海航基礎股份有限公司
HNA Infrastructure Company Limited
www.mlairport.com
王貞，董事長
楊小濱，總裁
非執行董事
胡文泰，副董事長
獨立非執行董事
董桂國，主席
AUDIT COMMITTEE
Deng Tianlin, Committee Chairman
Fung Ching, Simon
George F MENG
REMUNERATION COMMITTEE
Deng Tianlin, Committee Chairman
Fung Ching, Simon
Zhang Peihua
NOMINATION COMMITTEE
He Linji, Committee Chairman
Deng Tianlin
STRATEGIC COMMITTEE
Fung Ching, Simon, Committee Chairman
Deng Tianlin
LEGAL ADDRESS AND HEAD OFFICE
Office Building of Meilan Airport
Haikou City
Hainan Province, the PRC
PLACE OF BUSINESS IN HONG KONG
Suites , 58/F
Two International Finance Centre
No. 8 Finance Street
Central, Hong Kong
LEGAL ADVISER (HONG KONG LAWS)
Orrick, Herrington & Sutcliffe
43rd Floor, Gloucester Tower, the Landmark
15 Queen’s Road Central
Central, Hong Kong
審核委員會
鄧天林，主席
薪酬委員會
鄧天林，主席
提名委員會
何霖吉，主席
戰略委員會
馮　征，主席
法定地址及總辦事處
中國海南省
美蘭機場辦公樓
香港營業地點
國際金融中心2期
法律顧問（香港法律）
奧睿律師事務所
皇后大道中15號
置地廣場告羅士打大廈43樓
PricewaterhouseCoopers Zhong Tian LLP
11/F PricewaterhouseCoopers Center
2 Corporate Avenue, 202 Hu Bin Road
Huangpu District
Shanghai, China
PRINCIPAL BANKER
Bank of China, Hainan Province Branch
Haikou Jinyu Sub-branch
1/F, Yazhuang Garden
82 Haixiu Central Road
Haikou City
Hainan Province, the PRC
China Everbright Bank,
Haikou Yingbin Sub-branch
1/F Longquan Garden
56 Longkun South Road
Haikou City
Hainan Province, the PRC
H SHARE REGISTRAR AND TRANSFER OFFICE
Computershare Hong Kong Investor Services Limited
17th Floor Hopewell Centre
183 Queen’s Road East
Wanchai, Hong Kong
STOCK CODE
普華永道中天會計師事務所
（特殊普通合夥）
中國上海市
黃浦區湖濱路202號企業天地2號樓
普華永道中心11樓
主要往來銀行
中國銀行海南省分行
海口金宇支行
中國海南省
海秀中路82號
雅莊花園一樓
中國光大銀行
海口迎賓支行
中國海南省
龍昆南路56號
龍泉花園首層
H股過戶登記處
香港中央證券登記有限公司
皇后大道東183號
合和中心17樓
The board of directors (the “Board”) of HNA Infrastructure Company Limited (“HNA
Infrastructure”, “Meilan Airport” or the “Company”, together with its subsidiaries,
the “Group”) is pleased to announce the operating results, the unaudited financial
results of the Group for the six months ended 30 June 2016, which have been
reviewed by the audit committee of the Company (the “Audit Committee”), and
the prospects for the second half of 2016.
海航基礎股份有限公司（「航基股份」、「美蘭機
場」或「本公司」，連同其附屬公司統稱「本集
團」）董事會（「董事會」）欣然公佈本公司截至二
零一六年六月三十日止六個月之運營情況、經本
公司審核委員會（「審核委員會」）審閱之本集團
未經審計財務業績及二零一六年下半年展望。
Six months ended 30 June
截至六月三十日止六個月
(RMB’000)
二零一六年
2015 Changes
（人民幣千元）
二零一五年變動
571,694 9.73%
Turnover營業額
345,284 12.36%
Gross profit毛利
232,036 9.16%
Net profit attributable to shareholders股東應佔純利
0.49 10.20%
Earnings per share – basic (RMB)每股盈利－基本（人民幣元）
215,548 82.46%
Net operating cash flow運營現金淨流量
EBITDA EBITDA
376,785 19.26%
於二零一六年
六月三十日
31 December
(RMB’000)
於二零一五年Changes（人民幣千元）
十二月三十一日
6,962,243 11.62%
Total assets總資產
3,710,852 6.90%
Total liabilities總負債
3,251,391 17.01%
Total equity股東權益
0.92 -7.61%
Current ratio流動比率
53.30% -2.26%
Gearing ratio資產負債率
For the six months ended 30 June 2016, the total revenue of the Group amounted
to RMB627,310,083, representing an increase of 9.73% as compared to the
corresponding period of 2015. Net profit attributable to shareholders amounted
to RMB253,298,200, representing an increase of 9.16% as compared to the
corresponding period of 2015. Earnings per share amounted to RMB0.54 (the
corresponding period of 2015: earnings per share RMB0.49).
OPERATING ENVIRONMENT
CIVIL AVIATION INDUSTRY OF CHINA
With the “One Belt One Road” initiative successfully launched, the civil aviation
industry of China has entered into a stage of rapid internationalization. In the first
half of 2016, the market-oriented pricing reforms for domestic air transportation
continued, gradually extending ranges on passenger air ticket fares of domestic
routes decided by airlines. While the price reform is being pushed through,
low-cost airlines are rapidly emerging to meet the increasingly diversified
demands of the market.
In 2016, China plans to launch 11 key civil aviation projects and 52 extension
projects. It is expected that a total investment of RMB77 billion in fixed asset
will be made across the industry. During the period of the 13th Five-Year Plan,
the total number of aircrafts is expected to have a net increase of thousands of
planes, and that the number of transport airports will increase by 66 to a total
of 272 by 2020.
At the same time, general aviation is also gaining momentum. With the
“Guiding Opinions on Promoting the Development of the General Aviation
Industry” promulgated by the State Council, general aviation was regarded as
a “strategically emerging industrial system”. In the first half of 2016, 21 general
aviation companies were newly established across the industry, bringing the
number of general aviation companies to a total of 302. It is expected that by
2020, the number of general airports will be doubled.
In the first half of 2016, the total traffic turnover of the civil aviation industry of
China was 45.59 billion tons/km, the passenger traffic volume was 230 million
and the cargo and mail traffic volume was 3.133 million tons, representing a
year-on-year growth of 12.5%, 10.8% and 4%, respectively.
截至二零一六年六月三十日止六個月，本集團總
收入為人民幣627,310,083元，較二零一五年同期
增長9.73%；股東應佔純利為人民幣253,298,200
元，較二零一五年同期增加
9.16%；每股盈利為
0.54元（二零一五年同期：每股盈利人民
幣0.49元）。
中國民用航空業
「一帶一路」倡議提出以來，中國民航業進入了快
速國際化的階段。二零一六年上半年，國內航空
運輸價格市場化改革持續推進，逐步擴大國內航
線客運票價由航空公司自主決定的範圍。在價格
改革推進的同時，為滿足市場上愈發多樣化的需
求，低成本航空快速崛起。
二零一六年，中國計劃新開工的民航重點項目
個，續建項目
52個，全行業預計固定資產投資人
民幣770億元。「十三五」期間，預計飛機總數將
淨增數千架，預計至二零二零年，運輸機場數量
將新增66家，達272家。
與此同時，通用航空亦蓄勢待發。隨着國務院
「關於促進通用航空業發展的指導意見」的出台，
通用航空被確定為「戰略性新興產業體系」，僅二
零一六年上半年，全行業新增通航企業
到302家。預計至二零二零年，通用機場數量將
二零一六年上半年，中國民航全行業共完成運輸
總周轉量455.9億噸
╱公里，同比增長
客運輸量2.3億人次，同比增長
10.8%；貨郵運輸
量313.3萬噸，同比增長4%。
In the first half of 2016, the Civil Aviation Administration of China (“CAAC”)
vigorously promoted the concept of “devoted service”, and implemented
specific remedial measures with an objective to resolve issues relating to air
transport services such as air passengers complaints that are mainly focused on
“punctuality, baggage check, ticket agency and quality of in-flight catering” and
achieved impressive results. In the first half of 2016, punctuality rate of the whole
industry was 77.03%, representing a year-on-year increase of 11.86 percentage
points. Complaints in relation to luggage decreased by 8.66 percentage points as
compared with the same period last year. CAAC further regulated the operations
of the platforms for online ticket sales, penalized 91 non-compliance agencies
and off line 39 agencies seriously in violation of regulations, and as a result, the
level of service of China’s civil aviation industry has improved significantly. In
addition, measures such as special passenger transport service and the green
channel for transport of human organs donation are well received by all walks
of the society.
The Group will keep abreast of the development trend of the civil aviation
industry of China in the second half of 2016, put ourselves in a well-prepared
position and make an in-depth study of national policies so as to strive for an
increase in transport capacity by airlines on the premise of safe flight, as well
as further consolidation of Meilan Airport’s position among the major airports
TOURISM IN HAINAN PROVINCE
In the first half of 2016, the tourism of Hainan Province maintained rapid growth.
For the period ended 30 June 2016, the number of domestic and foreign tourists
received by the province who stayed overnight amounted to 27.9631 million,
representing a year-on-year growth of 12.27%. The total revenue from tourism
was RMB29.622 billion, representing a year-on-year increase of 11.80%.
In response to the call of National Tourism Development Bureau in relation to the
development of comprehensive tourism and to further promote Hainan Province
as an exemplary province for comprehensive tourism, Hainan Province convened
the commencement meeting regarding exemplary province for comprehensive
tourism on 30 March 2016, planning to build Hainan Province into an exemplary
province of comprehensive tourism in 2 to 3 years with a view to facilitating
the improvement and upgrading of international tourist island, achieving a
new level of comprehensive tourism that has characteristic of “brilliant sky lit
up by twinkling stars with the beautiful scenery pervasive in every corner of the
province”.
二零一六年上半年，中國民用航空局（「民航局」）
大力推行「真情服務」理念，針對旅客反映強
烈、投訴集中的「航班正常、行李托運、票務代
理、機上餐食品質」等航空運輸服務問題開展專
項整治並取得良好成果：二零一六年上半年，全
行業航班正常率達77.03%，同比提高11.86個百分
點；行李問題投訴佔比同比下降
8.66個百分點；
進一步規範了互聯網機票銷售平台經營行為，處
罰違規代理企業
91家、下線嚴重違規代理企業
家，中國民航業服務水平顯著提升。此外，特殊
旅客運輸服務、人體捐獻器官轉運綠色通道等工
作的開展，贏得社會各界贊譽。
本集團將密切關注中國民航業二零一六年下半年
的發展趨勢，未雨綢繆，深入研究國家政策，在
確保安全運營的前提下，全力爭取航空公司加大
運力投放，不斷提升鞏固美蘭機場在國內大型機
場中的地位。
海南旅遊業
二零一六年上半年，海南省旅遊業持續保持高速
增長。截至二零一六年六月三十日止期間，全省
接待國內外過夜遊客總計2,796.31萬人次，同比
增長12.27%，旅遊總收入達人民幣296.22億元，
同比增長11.80%。
為響應國家旅遊局發展全域旅遊的號召，進一步
推進海南全域旅遊示范省創建工作，海南省於二
零一六年三月三十日召開全域旅遊示范省建設動
員大會，計劃用
2-3年時間基本建成全域旅遊示
范省，以此推動國際旅遊島建設提質升級，實現
「日月同輝滿天星，全省處處是美景」的全域旅遊
Haikou was successfully nominated the title of Top Ten Outstanding Cities
of 2016 “Internet + Travel” in the summit of “Internet + Travel” held in China
on 16 June 2016. In addition, the Hainan Provincial Tourism Development
Commission entered into a strategic cooperation framework agreement with
Tencent Technology (Beijing) Co., Ltd. on the same day, pursuant to which Hainan
tourism, regarded as a Pilot Zone and Exemplary Zone for the development of
tourism sector of Tencent in the next three years, will create a new model for the
development of tourism in Hainan “Internet + Travel”, boosting the development
of international tourism in Hainan Island and significantly enhancing the
reputation of tourism in Hainan.
KEY TOURISM PROJECTS IN HAINAN PROVINCE
In the first half of 2016, the government at all levels of Hainan Province strived
to drive the development of key tourism projects.
On 30 June 2016, Boao Happy City International Medical & Tourism Pilot Zone,
China’s first ever state-level development zone integrating international medical
and tourism services, low-carbon ecological community and international
organisations, has signed 5 projects in the World Medical Tourism and Global
Health Congress, bringing the number of projects entering the Pilot Zone to a
total of 25 projects with total investment of RMB27.1 billion up to that moment,
of which the first batch of construction of Hainan Cancer Hospital and Chengmei
International Medical Rehabilitation Center (phase I project) was completed on
17 March 2016, and Kangle Road, Kangxiang Road, Letian Road and Xinyi Road
connecting the Pilot Zone were opened to traffic.
The “Sea Flower Island Tourism Complex Project” with planned investment of over
RMB160 billion and covering a total area of approximately 12,000 mu, is a tourist
resort complex integrating 28 segments such as tourism, culture, conference,
exhibition, business, etc. It is also a No. 1 industry engineering in western Hainan
and No. 1 industrial projects in Danzhou, with planned investment of RMB5
billion in 2016. As at May 2016, a total investment of RMB2.94 billion was made
to the Sea Flower Island Tourism Complex and other supporting facilities. The
construction of Sea Flower Island is in line with the development strategy of
Hainan international tourist island, which will greatly enhance the image and
quality of coastal tourism in Hainan.
在二零一六年六月十六日召開的中國「互聯網
旅遊」高峰論壇上，海口成功入圍二零一六年中
國「互聯網
+旅遊」十大優秀城市。此外，海南省
旅遊發展委員會也於當日與騰訊科技（北京）有
限公司簽署戰略合作框架協議。根據協議，在未
來三年，海南旅遊作為騰訊旅遊板塊建設的先行
區和示范區，將為海南「互聯網
+旅遊」發展創造
新模式，助推海南國際旅遊島智慧旅遊建設，全
面提升海南旅遊品牌影響力。
海南重點旅遊項目
二零一六年上半年，海南省各級政府繼續大力推
進重點旅遊項目建設。
二零一六年六月三十日，備受矚目的中國第一家
以國際醫療旅遊服務、低碳生態社區和國際組織
聚集地為主要內容的國家級開發園區－「博鰲樂
城國際醫療旅遊先行區」在世界醫療旅遊與全球
健康大會上接獲五個項目簽約，至此已有總投資
額為人民幣271億元的25個項目入駐先行區。其
中，首批建設的海南省腫瘤醫院成美國際醫學中
心（一期工程）已於二零一六年三月十七日竣工
落成，先行區「六路一廠」的康樂路、康祥路、
樂天路以及心怡路已實現功能性通車。
計劃投資逾人民幣1,600億元，總佔地面積約
12,000畝的海花島旅遊綜合體項目是集旅遊、文
化、會議、會展、商務等
28大業態於一體的旅遊
度假綜合體，也是海南西部一號產業工程和儋州
一號產業項目，二零一六年全年計劃完成投資人
民幣50億元。截至二零一六年五月，海花島旅遊
綜合體及對岸配套工程共完成投資人民幣29.4億
元。海花島的建設順應海南國際旅遊島的發展戰
略，將極大地提升海南濱海旅遊的形象和品質。
To boost the construction of international tourist island of Hainan and the
strategic support construction of Haikou under the “One Belt One Road” initiative,
Haikou Cultural Industry Park was officially inaugurated on 30 June 2016, with
21 films and television companies and culture enterprises of Hainan Province
entering to the Haikou Cultural Industry Park. From 2016 to 2018, it is expected
that Haikou Cultural Industry Park will attract over 300 enterprises and provide
more than 5,000 jobs, which makes it a comprehensive cultural industry zone
covering an area of over 60,000 square meters with annual output value of RMB10
billion and tax revenue of RMB500 million.
It is expected that the gradual completion of these key tourism projects will
bring new vitality to the tourism of Northern Hainan and reveal a new era of the
tourism of Hainan Province.
The Group will pay close attention to the development trend of the tourism of the
northern area of Hainan Province, actively cooperate with the local government
to carry out promotion of the characteristic tourism products of the northern
area of Hainan Province, and grasp the opportunities to drive the passenger
throughput of Meilan Airport to hit a new record.
TRANSPORTATION WITHIN THE ISLAND
As for the water transportation, the new Xiuying Port scheduled to
commence construction in September 2016, will have a planned land area
of approximately over 470,000 square meters and a planned reclamation
area of approximately 130,000 square meters, and it will be built into an
international cruise homeport in Haikou with a complex functional area
comprising ultra-star hotels, tourism and shopping, recreational squares
and parks. This project is expected to be put into full operation by 2020.
The land sand backfill of Sanya Phoenix Island International Cruise Port
Phase II Project was completed on 30 May 2016. Upon the completion of
this project, the Phoenix Island can accommodate the world’s largest cruise
ship, and the annual reception capacity will reach 2,000,000 tourists, thus it
will become one of the largest international cruise homeports in the world.
The project is expected to be completed by the end of 2016.
為助力海南國際旅遊島建設和海口「一帶一路」
戰略支點城市建設，「海口文化產業園」於二零
一六年六月三十日正式揭牌成立，並有
公司及海南省內文化企業入駐園區。二零一六年
至二零一八年，海口文化產業園將吸納
上企業和機構入駐，預計將提供
5,000人以上的就
業機會，形成面積
6萬多平米、年產值人民幣
億元、稅收人民幣5億元規模的文化產業集聚區。
這些重點旅遊項目的逐步落成，預期將為海南旅
遊業特別是瓊北旅遊業增添新活力，開創海南旅
遊新的篇章。
本集團將密切關注瓊北地區旅遊發展態勢，協同
當地政府大力推廣瓊北特色旅遊產品，緊抓發展
機遇，助力美蘭機場旅客吞吐量再創新高。
－水運方面，計劃於二零一六年九月開工的新
秀英港，將建成包括陸域規劃用地約
平方米及填海規劃造地約13萬平方米，集超
星酒店、旅遊購物、休閒廣場、公園為一體
的功能區，成為海口國際郵輪母港。該項目
預計二零二零年全部投入運營。三亞鳳凰島
國際郵輪港二期工程已於二零一六年五月
三十日完成陸域回填砂工作，建成後鳳凰島
可停靠目前世界上最大的豪華郵輪，年旅客
接待能力達到200萬人次，成為全球最大的
國際郵輪母港之一。該項目預計二零一六年
– As for the highways, in the first half of 2016, Hainan Province vigorously －公路方面，二零一六年上半年海南省大力推
promoted the construction of key transportation projects including “One 進「一橋四路」等交通重點項目建設。總長
Bridge and Four Highways”. Qiongzhong- Wuzhishan- Ledong highway 128.8公里的瓊中－五指山－樂東高速公路
has a total length of 128.8 km, and with the construction of the left 已於二零一六年六月三十日貫通林嶺隧道左
line of Linling tunnel completed on 30 June 2016, it is symbolized that 線，標志着項目施工已進入快行線。鋪前大
the construction of this project has entered into an accelerated stage. 橋、文昌至鋪前濱海旅遊公路、文昌至博鰲
The construction of Puqian bridge, Wenchang to Puqian coastal tourism 高速公路、萬寧至洋浦高速公路也正加緊建
highway, Wenchang to Boao highway and Wanning to Yangpu highway 設中。此外，東起海口市國興大道西段，西
has also been accelerated. In addition, Haixiu Expressway, which starts from 至火車站，全長
18.42公里，總投資人民幣
the West Section of Guoxing Avenue, Haikou in the east, and connects to 70.5億元的海秀快速路作為海南省、海口市
the Railway Station in the west, has a total length of 18.42 km and a total 重點項目工程，一期主橋及
7對匝道已於二
investment of RMB7.05 billion. As a key construction project of Hainan 零一六年七月二十日實現功能性通車，並有
Province and Haikou City, the Phase I main bridge and 7 pairs of ramps have 望於二零一六年年內全線竣工。
been effectively put into operation on 20 July 2016, and the whole project
is expected to be completed in 2016.
– As for the investment and construction of airports, Qionghai Boao Airport －機場投資建設方面，瓊海博鰲機場已於二零
was put into operation on 17 March 2016, and the Phase II expansion has 一六年三月十七日通航，現正啟動二期擴
been officially launched. The runway is planned to be extended to 3,200 建工程，跑道計劃延長至
3,200米，新建一
meters, and a separate new international terminal is planned to be built, and 座單體國際航站樓，並按
4E級飛行區標準完
relevant auxiliary facilities will be completed in accordance with 4E flight 成相關配套工程建設。機場擴建工作預計將
area standards. The expansion of the airport is expected to be completed 在二零一七年博鰲亞洲論壇年會前完成。位
before the annual meeting of Boao Forum for Asia in 2017. Yongshujiao 於南沙群島的永暑礁機場已於二零一六年一
Airport, which is located in the Nansha Islands, successfully completed 月六日試飛成功；位於西沙群島的永興島機
the flight test on 6 January 2016. Yongxingdao Airport, which is located in 場，其相關民航的業務配套設施如航站樓等
the Xisha Islands, and relevant supporting facilities for civil aviation such 已初步建成，現正處於民用航班試航階段，
as terminals have been initially completed, and its civil flights have been 有望於二零一六年年內開通民用航班。三沙
launched for trial operation and are expected to be launched into operation 市的該兩個機場將提升南海地區空中交通服
in 2016. These two airports located in Sansha City will enhance the air 務能力，同時帶動三沙旅遊業的同步發展。
traffic service capability in the South China Sea region, and promote the
simultaneous development of tourism in Sansha at the same time.
OFFSHORE DUTY FREE
In the first half of 2016, with the further unwinding of Hainan’ offshore duty free
policies, the sales of duty free commodities of Haimian Haikou Meilan Airport
Duty-Free Shop Co., Ltd. (海免海口美蘭機場免稅店有限公司
) (the “Meilan
Airport Offshore Duty-Free Shop”) once again reached a record high.
For the six months ended 30 June 2016, Meilan Airport Offshore Duty-Free Shop
recorded sales revenue of RMB757.0022 million, a total number of shopping
tourists of 393,697 and a total sales number of commodities of 1,227,007,
representing a year-on-year increase of 10.61%, 6.66% and 16.54%, respectively.
As at 20 April 2016, the Hainan offshore duty-free policies have been implemented
for five anniversary years. During the past five years, it has gradually driven the
transformation and upgrading of tourism and economic development in Hainan
by adjusting duty-free quota, enriching product offerings and changing the way
of claim and supervision. Below is a review of four adjustments in the offshore
duty-free policies in the past five years:
On 20 April 2011, the offshore duty-free shopping policies were officially
implemented.
On 1 December 2012, the offshore duty-free shopping policies were adjusted
to increase the duty-free quota from RMB5,000 to RMB8,000, and the limit on
the number of certain commodities for each purchase was loosened gradually.
In the course of policy implementation afterwards, in order to further provide
travellers with convenient shopping experience, the shopping model featuring
“Claim Upon Purchase, Tax Return after Payment” was adopted to improve the
convenience of consumers’ shopping of duty free commodities.
On 20 March 2015, 17 kinds of consumer goods including infant formula milk
powder, espresso and health food were added as duty free commodities, and
the limit on the number of 10 kinds of hot sellers including perfumes, cosmetics
and watches for each purchase were relaxed, with an aim to cater for tourists’
various needs for duty free commodities.
二零一六年上半年，隨着國家對海南離島免稅政
策的進一步放開，海免海口美蘭機場免稅店有限
公司（「美蘭機場離島免稅店」）離島免稅品銷售
業績再創新高。
截至二零一六年六月三十日止的六個月內，美
蘭機場離島免稅店銷售收入為人民幣75,700.22
萬元，購物總人次達
393,697人次，銷售商品
數量1,227,007件，較二零一五年同期分別增長
10.61%、6.66%和16.54%。
截至二零一六年四月二十日，海南離島免稅政策
實施滿五周年。五年期間，經歷了免稅額度的調
整、經營品類的增加、提貨及監管方式的改變，
海南離島免稅政策正逐步拉動海南旅遊轉型升
級，促進經濟發展。離島免稅政策「五年四調整」
歷程回顧如下：
二零一一年四月二十日，海南離島免稅政策正式
二零一二年十二月一日，海南離島免稅政策進行
調整，免稅購物限額從人民幣
5,000元提高到人
民幣8,000元，並逐步放開一些商品的單次購物數
量。隨後在政策執行過程中，為了進一步給旅客
提供便捷的購物體驗，實行了「即購即提、先徵
後退」購物模式，提升消費者購買免稅商品的方
二零一五年三月二十日，再次增加了嬰兒配方奶
粉、濃縮咖啡、保健食品等
17種消費品，並放寬
了廣受消費者歡迎的香水、化妝品、手表等
熱銷商品的單次購物數量限制，滿足了遊客對於
免稅商品的不同需求。
On 1 February 2016, the offshore duty-free policies were adjusted once again
to loosen the limit on the number of purchases for non-local tourists, and the
aggregate purchase value of duty free commodities allowed for each tourist
each year shall not exceed RMB16,000. In the meantime, the online sales service
for duty free commodities was also launched. This move further released the
effect of the Hainan offshore duty-free policies, providing new impetus for the
development of tourism and economy in Hainan Province.
Looking back to the past five years, the sales of duty free commodities in Hainan
increased steadily thanks to the growing effect of stimulus policies. According to
relevant statistics, two duty free shops in Haikou and Sanya realized total sales
of RMB997 million in 2011, RMB2.367 billion in 2012, RMB3.369 billion in 2013,
RMB4.33 billion in 2014 and RMB5.54 billion in 2015, representing a year-on-year
growth of 1.37 times, 42%, 28% and 28.3%, respectively. As at the end of 2015,
Sanya Haitangwan duty-free shop (Sanya International Duty-free City (三亞國
際免稅城)) and Meilan Airport duty-free shop posted total sales of duty free
commodities amounting to RMB16.6 billion and more than 5,730,000 shoppers of
duty free commodities. Offshore duty-free shopping has truly become a “golden
visiting card” for touring in Hainan in five years.
The sustainably flourishing development of duty-free industry in Hainan Province
has not only enhanced the international recognition of Hainan, but also boosted
the rapid growth of local tourism and consumption. It has also, directly or
indirectly, driven the continued surge in the passenger traffic of Meilan Airport.
二零一六年二月一日，海南離島免稅政策再次調
整，非島內居民旅客取消購物次數限制，每人每
年累計免稅購物限額不超過人民幣16,000元。同
時，開設網上免稅銷售窗口。此舉進一步釋放了
海南離島免稅政策的效應，為海南旅遊及經濟發
展帶來全新的動力。
回顧過去的五年，海南免稅商品銷售額穩步增
長，政策效應不斷擴大。據統計，海口和三亞兩
家免稅店二零一一年合共實現銷售額人民幣9.97
億元；二零一二年合共實現銷售額人民幣
億元，比上年增長
1.37倍；二零一三年合共實現
銷售額人民幣33.69億元，比上年增長
一四年合共實現銷售額人民幣43.3億元，比上年
增長28%；二零一五年銷售額合共達人民幣55.4
億元，比二零一四年增長
28.3%。截至二零一五
年底，三亞海棠灣免稅店（三亞國際免稅城）和
美蘭機場離島免稅店累計實現免稅銷售額人民幣
166億元，逾
573萬人次購買了免稅商品，離島免
稅購物在短短五年間，已經成為了海南旅遊的一
張金名片。
海南省免稅產業的持續蓬勃發展，不僅全面提高
了海南的國際知名度，而且有效拉動了當地旅遊
購物消費的快速增長，同時也直接或間接地帶動
了美蘭機場客流量的持續快速增長。
BUSINESS AND REVENUE REVIEW
In the first half of 2016, in compliance with the industrial safety at work objective
of the State, the Group has strengthened and improved its safety management
to ensure a safe and stable environment for the operation of Meilan Airport.
The Group also successfully fulfilled the transportation security tasks for major
events, including the Boao Forum for Asia Annual Conference, and has won high
recognitions from various sectors.
The Group continued its success in brand building in the first half of 2016.
Leveraging on its excellent staff performance, professional image and warm
hospitality service, the Group was nominated as one of the “Best Regional Airports
in China” by SKYTRAX, and became the first domestic airport to be awarded
“China’s Best Airport with Excellent Staff Performance” in two consecutive years.
Meanwhile, the Group also made significant progress in its development as a
green and efficient airport and obtained the “Green Efficient Airport Award”
at the 6th Airport Construction and Development International Summit. In the
second half of 2016, the Group will continue to implement its key renovation
project of becoming a SKYTRAX five-star airport, aiming to achieve the goal of
five-star airport within this year.
In the first half of 2016, the Group continued to expand the construction of
intelligent airport with primary focus on three aspects, including security, services
and operation, among which, a series of security systems including access
control system, CCTV monitoring system, covert alarming system, 4G wireless
station site and panoramic surveillance system have been launched. Leveraging
on CCTV monitoring, biometric identification, numbers and plates identification
and satellite positioning technologies, security management of Meilan Airport
has been effectively enhanced. The one-stop passport control system has been
deployed, which will change the mode of travel via airport by passengers
and provide more convenient travel service to them. The Group commenced
development of the production and operation management system V2.0, which
will optimise the existing systems and improve Meilan Airport operation efficiency
by analysing, processing and transmitting operation management data and flight
information.
業務及收入回顧
二零一六年上半年，本集團謹遵國家及行業年度
安全工作部署，深化落實安全管理提升工作，保
證美蘭機場的生產運營安全平穩。本集團亦高質
量地完成了博鰲亞洲論壇年會等重大活動的運輸
保障工作，贏得各界贊譽。
二零一六年上半年，本集團品牌創建工作再創佳
績：憑借良好的員工素養、專業化的職業形象及
熱情友善的服務態度，被
SKYTRAX評審機構授予
「中國區最佳區域機場入圍獎」，並成為國內唯一
蟬聯「中國區最佳機場員工獎」的機場；綠效機
場建設方面也有較大突破，榮獲第六屆機場建設
發展國際峰會「綠色高效機場獎」。二零一六年下
半年，本集團將繼續落實
SKYTRAX五星機場創建
工作重點整改項目，力爭年內實現
SKYTRAX五星
機場達標。
二零一六年上半年，本集團繼續深化智能化機場
建設，成果覆蓋安全、服務、運行三個方面。其
中，門禁系統、視頻監控、隱蔽報警、
站坪系統以及全景監控系統陸續上線運行，通過
視頻監控、生物識別、號牌識別及衛星定位等技
術，有效地提升了美蘭機場的安全管理水平。一
證通關係統實行推廣，將改變旅客傳統的機場出
行方式，為旅客提供更加便利的出行服務。生產
運行指揮系統V2.0進入建設階段，將通過分析、
處理和傳輸運行管理的數據和航班信息，優化現
有系統，提高美蘭機場運行效率。
The feasibility report in respect of the Phase II expansion project of Meilan Airport
has been approved by the National Development and Reform Commission,
and this project broke ground for laying a cornerstone on 18 November 2015.
In order to develop this project successfully and smoothly, certain procedures
including land expropriation, demolishing and relocation, project design, project
examination and approval, budgeting and procurement, and engineering
construction have commenced simultaneously. Meanwhile, the Company is
applying on a planned basis for loans related to provide sufficient funds for Phase
II expansion project jointly with Haikou Meilan International Airport Company
Limited (the “Parent Company”).
The terminal complex project containing three major business portions, namely
parking building, commercial building (including duty-free and duty-imposed
commercial portions) and hotel building, completed topping-out on 20 June
2016 and is expected to open for business within 2016. In order to take full
advantage of the terminal complex being adjacent with the terminal building,
the Company will create a security area within the terminal complex equipped
with airport facilities of the same specifications as the terminal building, so that
the terminal complex can help the terminal complex to divert passenger traffic
and further enhance the security capacity of Meilan Airport.
In addition, in the first half of 2016, adhering to the “people-oriented” principle,
the Group continued to organise comprehensive caring activities for its staff
by enriching their cultural life with an aim to increase their cohesiveness and
sense of belonging. As for cultural and sports activities, the Group organised
the First Staff Sports Games of Meilan Airport from 16 July 2016 to 19 July 2016.
Meanwhile, the Group also established football and basketball clubs to organise
periodic club activities and friendly matches. As for the leisure life of the staff,
the Group organised an outing activity themed “Outbound for Happiness” and
birthday parties for the staff. With respect to humanity and caring, the Group
established “Meilan Airport Caring Fund”, sent condolences to and visited needy
and sick leave colleagues, cheered up front-line colleagues at holidays and
conducted periodic activities such as health care seminars to build a “Happy
Meilan Family”. At the same time, the Group spared no effort in social welfare
activities such as participation in blood donation, visiting charity houses, tree
planting and actively performed its social responsibility.
美蘭機場二期擴建項目可行性研究報告已通過國
家發改委審批，項目已於二零一五年十一月十八
日破土奠基，為順利平穩推進項目，現已同步開
展徵地拆遷、項目設計、項目審批、成本採購、
工程建設等工作。同時，本公司協同海口美蘭國
際機場有限責任公司（「母公司」）正在有計劃地
申請相關貸款項目，為二期擴建項目儲備足量資
內含三大業態工程－停車樓、商業樓（含免稅及
有稅商業）及酒店樓的站前綜合體項目已於二零
一六年六月二十日全面封頂，計劃於二零一六年
年內開業。為進一步充分利用站前綜合體與候機
樓毗鄰的地理優勢，本公司將在站前綜合體內設
置安檢區域、並配備與候機樓同等規格的機場配
套設備，使站前綜合體盡可能幫助候機樓旅客分
流，進一步提升美蘭機場保障能力。
此外，二零一六年上半年，本集團繼續秉承「以
人為本」的企業理念，全面開展各項員工關愛活
動，豐富員工文化生活，增強員工凝聚力與歸
屬感。在文體活動方面，本集團於二零一六年七
月十六日至十九日舉辦了美蘭機場第一屆員工運
動會，創立足球、籃球協會並定期舉行協會活
動、開展聯誼比賽等；在員工業餘活動方面，開
展「向快樂出發」主題郊游活動、舉辦員工生日
會等；在人文關懷方面，成立美蘭機場愛心基金
會，慰問及探望困難和病休員工，節假日慰問一
線員工，定期開展健康知識講座等活動，全力構
建「幸福美蘭大家庭」。同時，本集團繼續開展無
償獻血、福利院走訪、綠化植樹等公益活動，積
極履行企業社會責任。
OVERVIEW OF AVIATION BUSINESS
Against a backdrop of overall rapid development of the civil aviation industry,
together with various favourable factors such as the development of Hainan
Tourism International Island and offshore duty-free policy, on 7 July 2016, Meilan
Airport has achieved passenger throughput of over 10 million for six consecutive
years. The Group hit a record throughput high this year with 172 days earlier than
2011, when the record of over 10 million was achieved for the first time, and
37 days earlier than 2015, respectively. The Company continued to strengthen
its marketing efforts in major aviation markets. The market expansion efforts
were conducted in three major directions, namely “seek favourable policies
from the government, tap customers from the market and secure aviation
capacity from the airlines”. To avoid the lower flight execution rates during the
summer and autumn off-peak flight season of previous years, the Company
entered into cooperation agreements with 24 airlines to increase the number
of flights by airlines, thereby promoting steady growth in flight volume and
passenger traffic during the off-peak seasons and successfully meeting the
market anticipation of “busy during off-peak season”. In June 2016, the Company
realised passenger throughput of 1.183 million in a single month, representing
a year-on-year increase of 21.96%. This was the first time for Meilan Airport to
record a single-month passenger throughput of over one million in June since
commencement of operation of the airport.
In the first half of 2016, Meilan Airport operated 201 originating routes,
representing a year-on-year increase of 75 routes, including 188 domestic routes,
3 regional routes and 10 international routes. These routes cover 104 navigable
cities, including 92 domestic cities, 3 regional cities and 9 international cities.
There are 37 airlines operating at Meilan Airport, including 28 domestic airlines, 3
regional airlines and 6 international airlines. Since entering into the summer and
autumn flight seasons in 2016 (from 27 March to 30 June 2016), the overall flight
execution rate stood at 80.26% and passenger throughput increased by 18.51%
as compared with the summer and autumn flight seasons in 2015.
The Group scientifically and rationally formulated customized marketing strategies
and targets, actively participated in various domestic tourism market promotion
and overseas routes forums to introduce Haikou air travel market, resulting in
constantly optimised coverage density and service range of our route network.
The Group newly launched “Haikou- Chongqing- Rome” intercontinental route,
introducing flights between Hainan and Europe for the first time. Route network
now covers major capital cities and major tourist cities all over Mainland China,
Hong Kong, Macau and Taiwan, as well as Russia, Japan, South Korea, Thailand,
Singapore, Italy, etc. and achieved remarkable results. For the six months ended
30 June 2016, international and regional passenger throughput amounted to
322,700, representing a year-on-year growth of 21.18%.
航空業務綜述
在民航業整體快速發展的背景下，加之海南國際
旅遊島建設及離島免稅等利好因素的促進，美
蘭機場在二零一六年七月七日實現連續六年旅客
吞吐量突破千萬人次，較二零一一年首次「破千
172天，較二零一五年提前
37天，再次
刷新紀錄。本公司繼續堅持不懈加大航空主營市
場營銷力度，圍繞「向政府要政策、向市場要客
源、向航空公司要運力」三大方向開展市場開拓
工作。針對往年夏秋淡季航班執行率普遍偏低的
24家航空公司簽訂合作協議，加大航空
公司航班投入力度，促進淡季航班量、旅客量穩
步增長，成功實現了「淡季不淡」的市場預估。
二零一六年六月，單月旅客吞吐量完成
次，同比增長
21.96%，這是美蘭機場通航史上首
次六月單月旅客吞吐量突破百萬人次。
二零一六年上半年，美蘭機場已開通航線
條，同比增加
75條新開航線，其中國內航線
條、地區航線
3條、國際航線
10條；通航城市
個，其中國內通航城市
92個、地區通航城市
個、國際通航城市
37家航空公司在此運
營，其中國內
28家，地區
6家。自二零
一六年夏秋航季換季（二零一六年三月二十七日
至六月三十日期間）以來，累計整體航班執行率
為80.26%，旅客吞吐量與二零一五年夏秋季同期
相比增長18.51%。
本集團通過科學合理地制定具有針對性的營銷策
略與目標，積極參與各類國內旅遊市場推介及境
外航線論壇，推介海口航空旅遊市場，航線網絡
覆蓋密度、輻射範圍不斷優化；新開「海口
慶=羅馬」洲際航線，首次實現海南與歐洲的通
航。航線網絡覆蓋全國主要省會城市、重點旅遊
城市、港澳台以及俄羅斯、日本、韓國、泰國、
新加坡、意大利等，取得良好效果。截至二零
一六年六月三十日止六個月，國際及地區旅客吞
吐量累計完成32.27萬人次，同比增長21.18%。
Details of the aviation traffic throughput of the first half of 2016 and the 二零一六年上半年航空交通流量詳情及與去年同
comparative figures with the corresponding period of 2015 are set out below: 期對比數據載列如下：
First half of
二零一六年
First half of
2015 Change
二零一五年
上半年變動
150,076.20
144,343.70
63,117 11.26%
Aircraft takeoff and landing (flights)飛機起降架次（架次）
60,575 11.32%
international and regional國際及地區
in which: domestic其中：國內
2,542 9.76%
Passenger throughput
(headcount in ten thousand)旅客吞吐量（萬人次）
845.07 14.96%
818.44 14.76%
international and regional國際及地區
in which: domestic其中：國內
26.63 21.18%
137,546.40 9.11%
Cargo throughput (tons)貨郵行吞吐量（噸）
132,167.10 9.21%
international and regional國際及地區
in which: domestic其中：國內
5,379.30 6.57%
The Group’s revenue from aviation business for the six months ended 30 June
2016 was RMB357,635,509, representing an increase of approximately 16.99% as
compared to the corresponding period of 2015. Details are as follows:
截至二零一六年六月三十日止六個月，本集團航
空業務收入為人民幣357,635,509元，較二零一五
年同期增長約16.99%，詳情如下：
corresponding
Amount period of
(RMB) 2015
金額較二零一五年
（人民幣元）同期變動
Passenger service charges旅客服務費
138,621,709 13.16%
Refund of Civil Aviation Development Fund民航發展基金返還補貼
114,120,285 17.22%
Ground handling service income地面服務費
57,726,146 30.88%
Fees and related charges on aircraft takeoff and landing飛機起降及相關收費
47,167,369 12.98%
Total revenue from aviation business航空業務總收入
357,635,509 16.99%
OVERVIEW OF NON-AVIATION BUSINESS
In the first half of 2016, the non-aviation business of the Group maintained a
stable increase. For the six months ended 30 June 2016, the Group achieved
a revenue from its non-aviation business of RMB269,674,574, representing an
increase of 1.39% as compared with the corresponding period of 2015. The
growth in revenue from the non-aviation business was mainly due to the
substantial increase in the franchise income of Meilan Airport Offshore Duty-Free
Shop and the VIP room income.
非航空業務綜述
二零一六年上半年，本集團非航空業務繼續保
持穩定增長。截至二零一六年六月三十日止
六個月，本集團實現非航空業務收入人民幣
269,674,574元，較二零一五年同期增長
非航空業務收入的增長主要得益於美蘭機場離島
免稅店特許經營權收入和貴賓室收入的大幅增
corresponding
Amount period of
(RMB) 2015
金額較二零一五年
（人民幣元）同期變動
Franchise income特許經營權收入
156,066,065 15.75%
Freight and packaging income貨運及包裝收入
42,799,102 -40.77%
Rental income租金收入
18,256,191 -3.64%
VIP room income貴賓室收入
10,507,918 45.70%
Parking fee income停車場收入
9,256,545 7.81%
Other income其他收入
32,788,753 35.73%
Total revenue from non-aviation business非航空業務總收入
269,674,574 1.39%
Franchise Income
In the first half of 2016, the franchise income of the Group aggregated to
RMB156,066,065, representing a year-on-year increase of 15.75%, which was
mainly attributable to factors such as the increase of shopping quota of offshore
duty free commodities due to the further unwinding offshore duty free policies,
and innovative promotion activities of Meilan Airport Offshore Duty Free Shop,
resulting in the substantial growth in the franchise income of the Group.
Freight and Packaging Income
In the first half of 2016, the freight and packaging income of the Group
aggregated to RMB42,799,102, representing a year-on-year decrease of 40.77%,
which was due to the expiration of the freight service contracted by the Company
with Hainan Airlines Company Limited.
特許經營權收入
二零一六年上半年，本集團特許經營權收入累計
完成人民幣156,066,065元，同比增長
15.75%。主
要得益於離島免稅政策的進一步放開使得離島免
稅購物限額提升，加之美蘭機場離島免稅店豐富
多樣的促銷活動，使得本集團特許經營權收入大
貨運及包裝收入
二零一六年上半年，本集團貨運及包裝收入累計
實現人民幣
42,799,102元，同比下降
40.77%。乃
因本公司原承包的股份有限公司貨運業
務到期所致。
Rental Income
In the first half of 2016, the rental income of the Group aggregated to
RMB18,256,191, representing a year-on-year decrease of 3.64%, which was
mainly affected by the terminal building reconstruction project, which resulted
in a decrease in the rentable space resources and the lower area-effectiveness
for commercial use.
VIP Room Income
In the first half of 2016, the VIP room income of the Group aggregated to
RMB10,507,918, representing a year-on-year increase of 45.70%, which was mainly
attributable to the Company’s great efforts to innovate the VIP service business
and explore the VIP service market, leading to an increase in the reception of
VIP customers.
Parking Fee Income
In the first half of 2016, the parking fee income of the Group aggregated to
RMB9,256,545, representing a year-on-year increase of 7.81%, which was mainly
due to the fact that the Company strengthened the management of the parking
lot and its surrounding areas to fully utilise the existing parking resources, and
that there was a continuous increase in the passenger traffic of Meilan Airport,
which resulted in a growth in parking fee income.
FINANCIAL REVIEW
ASSET ANALYSIS
As at 30 June 2016, the total assets of the Group amounted to RMB7,771,188,846,
among which, the current assets amounted to RMB1,475,811,455, and the
non-current assets amounted to RMB6,295,377,391. The total assets increased
by 11.62% as compared with that as at 31 December 2015.
COST AND EXPENSE ANALYSIS
In the first half of 2016, the Group’s operating costs amounted to RMB230,749,265,
and the administrative expenses amounted to RMB31,218,565, totalling
RMB261,967,830, which represented a year-on-year increase of 8.18%. The
increase in costs and expenses was attributable to:
the staff cost recorded an increase of RMB10,067,810 as compared with
that of the corresponding period of 2015 due to a normal rise in the
remuneration level and increas
二零一六年上半年，本集團租金收入累計實現人
民幣18,256,191元，同比下降
3.64%，主要原因是
受候機樓改造影響，可租賃的場地資源減少導致
整體商業坪效降低。
貴賓室收入
二零一六年上半年，本集團貴賓室收入累計實現
10,507,918元，同比上升
45.70%。主要原
因是本公司積極創新貴賓服務業務，開拓貴賓服
務市場，使得貴賓接待量上升所致。
停車場收入
二零一六年上半年，本集團停車場收入累計實現
人民幣9,256,545元，同比增長
7.81%，主要原因
是本公司通過加強停車場周邊地帶的規範管理，
使現有停車場資源得到充分利用，加之美蘭機場
客流量的持續增長，從而帶來收入的增長。
於二零一六年六月三十日，本集團資產總額為
7,771,188,846元，其中流動資產為人民幣
1,475,811,455元，非流動資產為人民幣
6,295,377,391
元。資產總額較二零一五年十二月三十一日上升
成本費用分析
二零一六年上半年，本集團營業成本為人民幣
230,749,265元，管理費用為人民幣
31,218,565元，
營業成本和管理費用合計人民幣261,967,830元，
較去年同期增長
8.18%。成本費用增長原因如下：
員工薪酬水平提高以及職員人數的正常增
加，導致人工成本較二零一五年同期增加人
民幣10,067,810元；
the expenses of dispatched employees increased by RMB9,063,706 due to
an increase in the number of dispatched employees and an improvement
in the remuneration level in line with the business development of the
the depreciation cost of the Company increased by RMB14,918,021, which
was due to the commencement of operation of the West Gallery and the
auxiliary facilities.
In the first half of 2016, the finance expenses of the Group amounted to
RMB44,790,586, representing an increase of RMB33,426,935 as compared with
that of the corresponding period of 2015. The increase was mainly due to an
increase in loans and corporate bonds and the exchange loss resulted from a
rise in the USD exchange rate.
GEARING RATIO
As at 30 June 2016, the Group had total current assets of RMB1,475,811,455,
total assets of RMB7,771,188,846, total current liabilities of RMB1,743,517,819
and total liabilities of RMB3,966,749,758. As at 30 June 2016, the Group’s gearing
ratio (total liabilities/total assets) was 51.04%, representing a decrease of 2.26%
as compared to that as at 31 December 2015. The decrease was caused by an
increase in the other capital reserve attributable to Group as a result of the
increased capital reserve of HNA Airport Holdings Group Company Limited (“HNA
Airport Holdings”), an associated company of the Company, following additional
capital injection from its minority interest.
PLEDGE/CHARGE OF THE GROUP’S ASSETS
The Group’s long-term borrowing of US$250,000,000 from Taiwan syndication
was secured by the 51% equity interests in Hainan Meilan International Airport
Cargo Co., Ltd. (“Meilan Cargo”) held by the Group and certain land use rights
of the Group with book value amounting to RMB8,345,359. As at 30 June 2016,
outstanding balance of the borrowing was US$139,000,000 (equivalent to
RMB921,736,800).
Certain land use rights for the construction of the West Gallery and the
international terminal have been pledged to secure a long-term borrowing
granted to the Group and the Parent Company (being the joint borrowers) by
China Development Bank. As at 30 June 2016, the balance of such long-term
borrowing was RMB545,000,000.
因本公司業務發展的需要，僱傭的勞務派遣
人數增加以及薪酬標準的提高，導致勞務派
遣費用增加人民幣9,063,706元；
本公司折舊成本增加人民幣14,918,021元，
主要是西指廊及附屬設備設施投入使用所
二零一六年上半年，本集團財務費用為人民幣
44,790,586元，較二零一五年同期增加人民幣
33,426,935元，主要原因是貸款及公司債券的增
加以及美元匯率增長帶來的匯兌損失。
資產負債率
於二零一六年六月三十日，本集團的流動資產
總額為人民幣1,475,811,455元，資產總額為人
民幣7,771,188,846元，流動負債總額為人民幣
1,743,517,819元，負債總額為人民幣
3,966,749,758
元。於二零一六年六月三十日，本集團資產負
債率（負債總額
╱資產總額）為
51.04%，較二零
一五年十二月三十一日下降2.26%，主要是由於
聯營公司海航機場控股（集團）有限公司（「海航
機場控股」）少數股東對其子公司追加投資導致其
資本公積增加，本集團按所佔權益份額相應調增
本集團的其它資本公積所致。
集團資產之抵押
本集團以持有海南美蘭國際機場貨運有限責任公
司（「美蘭貨運」）51%股權及本集團賬面價值為人
民幣8,345,359元之土地使用權作為抵押擔保，從
台灣銀團借入長期借款250,000,000美元。截至二
零一六年六月三十日，該借款餘額為
139,000,000
美元（折合人民幣
921,736,800元）。
本集團與母公司作為共同借款人，以西指廊及國
際航站樓建設的若干土地使用權作為抵押擔保從
國家開發銀行借入長期借款。截至二零一六年六
月三十日，該長期借款餘額為人民幣
545,000,000
On 2 July 2015, the Company entered into an arrangement with a trust whereby
the Company obtained financing from the trust of RMB1,100,000,000 under which
the Company’s entitlements to aviation service income from 1 May 2015 to 30
April 2020 were pledged to the trust for issuing an asset-backed security. As at
30 June 2016, the remaining balance of the external borrowings of the asset-back
security (“ABS”) amounted to RMB950,907,964.
On 27 April 2016, the Company raised a borrowing of US$24,508,400 at an interest
rate of 0.20% from Nanyang Commercial Bank (China) Limited (“Nanyang Bank”),
which is secured by the fixed deposits of RMB160,000,000. As at 30 June 2016,
the balance of the borrowing is US$24,508,400 (equivalent to RMB162,520,102).
CAPITAL STRUCTURE OF THE GROUP
As at 30 June 2016, the total issued share capital of the Company was
RMB473,213,000. The long-term liabilities of the Group primarily consisted of bank
loans, ABS borrowings, corporate bonds and long-term payables. Currently, the
Group has borrowings from Taiwan syndication of US$139,000,000 (equivalent to
RMB921,736,800) with an interest rate of Libor (“London InterBank Offered Rate”)
plus 3.3%; the ABS borrowings of RMB950,907,964; seven-year corporate bonds
of RMB800,000,000 with coupon rate of 7.8% per annum issued in 2012; threeyear
corporate bonds of RMB500,000,000 with coupon rate of 7.3% per annum
issued in 2016 and long-term payables under finance leases of RMB85,550,063.
SIGNIFICANT INVESTMENTS HELD AND THEIR
PERFORMANCES
As at 30 June 2016, the Company held 24.5% equity interests in HNA Airport
Holdings. In the first half of 2016, the Company recorded an investment income
of RMB24,337,214 based on the net profit attributable to parent company of
HNA Airport Holdings.
MATERIAL ACQUISITIONS AND DISPOSALS
As at 30 June 2016, the Company did not carry out any new and major
acquisitions and disposals.
於二零一五年七月二日，本公司以二零一五年五
月一日至二零二零年四月三十日期間內本公司航
空服務經營收入權利為質押，與一家信託公司訂
立了一項資產證券化安排，借入信託貸款人民幣
1,100,000,000元。於二零一六年六月三十日，該
項資產證券化對外借款餘額為人民幣950,907,964
本公司以人民幣160,000,000元定期存款作為質
押，於二零一六年四月二十七日向南洋商業銀行
（中國）有限公司（「南洋銀行」）借入短期借款美
元24,508,400元，利率為
0.20%。於二零一六年六
月三十日，該項借款餘額為美元
24,508,400元（折
合人民幣162,520,102元）。
集團資本結構
於二零一六年六月三十日，本公司已發行的總
股本為人民幣473,213,000元，本集團的長期負債
主要是銀行貸款、資產證券化借款、公司債券
和長期應付款。本集團目前尚有台灣銀團借款
139,000,000美元（折合人民幣
921,736,800元），以
Libor（「倫敦同業拆借利率」）+3.3%計算其利息；
資產證券化借款人民幣950,907,964元；二零一二
年發行的7年期票面利率為7.8%的公司債券人民
幣800,000,000元；二零一六年發行的
利率為7.3%的公司債券人民幣500,000,000元以及
融資租賃長期應付款人民幣85,550,063元。
所持的重大投資及其表現
截至二零一六年六月三十日，本公司持有海航機
場控股24.5%的股份權益。二零一六年上半年，
本公司根據海航機場控股歸屬母公司淨利潤確認
投資收益人民幣24,337,214元。
重大收購及出售
截至二零一六年六月三十日，本公司無新的重大
收購及出售。
EMPLOYEES AND REMUNERATION POLICY
As at 30 June 2016, the Group had a total of 787 employees, representing an
increase of 54 employees as compared to the beginning of this year. Such
increase was mainly due to normal staff recruitment. Employees of the Group
are remunerated based on their performance, experience and prevailing industry
practices. The Group reviews its remuneration policy and packages on a regular
basis. Bonuses and commissions may be awarded to employees as incentives
based on performance assessment.
ENTRUSTED DEPOSITS AND OVERDUE FIXED
As at 30 June 2016, the Group did not have any entrusted deposits and overdue
fixed deposits.
CONTINGENT LIABILITIES
As at 30 June 2016, the Group did not have any significant contingent liabilities.
EXPOSURE TO FOREIGN EXCHANGE RISKS
The businesses of the Group are principally conducted in RMB, except certain
revenue from aviation business, purchase of equipment and consultation fee
which are denominated in US$ or HK$. The dividends to H-share holders are
declared in RMB but paid in HK$. As at 30 June 2016, the deposit denominated
in US$ of the Group amounted to US$352,548 (equivalent to RMB2,337,815).
Meanwhile, the balance of the US$ denominated syndicated borrowing from
Taiwan syndication to finance the construction of the terminal complex project
was US$139,000,000 (equivalent to RMB921,736,800). The balance of the US$
denominated borrowing from Nanyang Bank was US$24,508,400 (equivalent to
RMB162,520,102). The interests and principals of these two borrowings should
be borne by the Group. Therefore, any fluctuation in the exchange rate of RMB
against US$ will affect the financial performance of the Group. The Group has not
entered into any forward contract to hedge its exposure to foreign exchange risk.
僱員及薪酬政策
於二零一六年六月三十日，本集團僱員人數為
787人，與年初相比增加
54人。僱員增加的原因
為正常的人員引進。本集團根據僱員工作表現、
資歷及當時的行業慣例給予僱員報酬，而酬金政
策及組合會定期檢討。根據僱員的工作表現評
估，僱員或會獲發花紅及獎金，這些都是對個人
表現的獎勵。
委託存款及逾期定期存款
於二零一六年六月三十日，本集團未有委託存款
及逾期定期存款。
於二零一六年六月三十日，本集團未有重大或然
除部分航空性收入、購買某些設備、支付諮詢
費使用美元或港幣外，本集團的業務主要以人
民幣進行結算。
H股股東的股利分配以人民幣宣
派，以港幣支付。於二零一六年六月三十日，
本集團以美元列值的銀行存款餘額為352,548美
元（折合人民幣
2,337,815元）。同時，根據站前
綜合體整體建設安排，從台灣銀團借入的以美元
計價的銀行貸款餘額139,000,000美元（折合人民
幣921,736,800元）；從南洋銀行借入的以美元計
價的銀行貸款餘額
24,508,400美元（折合人民幣
162,520,102元）。此兩筆貸款的相關利息和本金
由本集團承擔償還，因此，人民幣兌美元的匯率
波動將會相應影響本集團財務業績。本集團並未
訂立任何遠期合約以對沖外幣匯兌風險。
INTEREST RATE RISK
The Group’s interest rate risk arises from long-term interest bearing borrowings
including long-term borrowings, corporate bonds and long-term payables.
Financial liabilities issued at floating rates expose the Group to cash flow interest
rate risk. Financial liabilities issued at fixed rates expose the Group to fair value
interest rate risk. As at 30 June 2016, the Group’s long-term interest bearing
borrowings with floating rates were mainly US$-denominated bank borrowings
granted by Taiwan syndication amounted to US$139,000,000 (equivalent to
RMB921,736,800). Any changes in Libor and interest rate adjustment by the
People’s Bank of China will affect the interest expenses and results of the Group.
NO OTHER MATERIAL CHANGE
Other than those discussed in this interim report, there has been no material
change in relation to the information disclosed in the Company’s 2015 annual
report in accordance with Rule 32 set out in Appendix 16 to the Rules Governing
the Listing of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong
Limited (the “HK Stock Exchange”).
PROGRESS OF THE RENEWAL OF “FRANCHISE
CONTRACT” AND “VENUE LEASING CONTRACT”
WITH MEILAN AIRPORT OFFSHORE DUTY-FREE
The franchise contract in respect of leasing of venue for offshore duty-free
business and the Meilan Airport venue leasing contract (collectively, the
“Duty-Free Contracts”) entered into between the Group and Meilan Airport
Offshore Duty-Free Shop have been expired. Both parties are in the process of
friendly negotiations for the renewal of the Duty-Free Contracts and have reached
a consensus regarding key terms.
With the effect of the Hainan offshore duty-free policies continuously extending,
the Meilan Airport, as always, shows its immense support to the development
of Meilan Airport Offshore Duty-Free Shop. Meanwhile, Meilan Airport Offshore
Duty-Free Shop will enhance the “traveling and shopping experience (遊購行)”
of the tourists passing through Meilan Airport by offering quality services and
rich variety of duty-free commodities.
本集團的利率風險主要產生於長期借款、公司債
券及長期應付款等長期帶息債務。浮動利率的金
融負債使本集團面臨現金流量利率風險，固定利
率的金融負債使本集團面臨公允價值利率風險。
於二零一六年六月三十日，本集團長期浮動利率
帶息債務主要是從台灣銀團借入的以美元計價的
銀行借款，餘額為
139,000,000美元（折合人民幣
921,736,800元），相關Libor的變動及中國人民銀
行利率調整，將對本集團利息支出和業績產生影
無其它重大變更
除本中期報告所述，其它在香港聯合交易所有限
公司（「香港聯交所」）證券上市規則（「《上市規
則》」）附錄十六
32條所列並已於二零一五年年度
報告披露的信息無重大變更。
與美蘭機場離島免稅店續簽
《特許經營合同》及《場地租賃
合同》進展情況
本集團與美蘭機場離島免稅店簽署的《關於離島
免稅場地租賃之特許經營合同》及《美蘭機場場
地租賃合同》（並稱「免稅合同」）已期滿。雙方正
在就續簽免稅合同事宜進行友好協商，並已就核
心條款達成一致意見。
隨着海南離島免稅政策效應的持續擴大，美蘭機
場將一如既往地大力支持美蘭機場離島免稅店的
業務發展。同時，美蘭機場離島免稅店也將用其
出色的銷售服務及豐富的免稅商品提升美蘭機場
進出港旅客的「游購行」體驗。
In recent years, benefited from seamless mutual cooperation, the current
operating area of Meilan Airport Offshore Duty-Free Shop has expanded to
7,804 square meters from 2,200 square meters at business inception. The sales
performance of Meilan Airport Offshore Duty-Free Shop increased from RMB0.38
billion in 2012 to RMB1.239 billion in 2015, and the sales amount of duty-free
commodities was recorded at RMB0.757 billion in the first half of 2016. It is
expected that the sales target of RMB1.5 billion will be achieved in 2016.
Both parties acknowledge that the win-win situation will be reached through
sustainably perfect integration of resources from the airport and the duty-free
shop under the basis of mutual benefits in the future such that the interests of
the companies and their shareholders will be safeguarded. Therefore, both parties
will try to reach the Duty-Free Contracts at arm’s length basis as soon as possible.
ACQUISITION PROGRESS
According to the announcement of the Company dated 13 November 2015 and
the circular of the Company dated 4 December 2015:
On 13 November 2015, the Company and the Parent Company entered into an
equity transfer agreement (the “Equity Transfer Agreement”), pursuant to which,
the Company agreed to acquire 100% of the equity interest in Hainan Meilan
Airport Assets Management Co., Ltd. (“Meilan Airport Assets Management”),
a wholly-owned subsidiary of the Parent Company, at a consideration of
RMB604,800,000.
The consideration of the acquisition was determined with reference to the
valuation of the total assets of Meilan Airport Assets Management as at 30
September 2015, being the base date of evaluation, conducted by Vigers
Appraisal & Consulting Limited. The payment of the entire consideration of
the equity transfer by the Company is subject to the fulfillment of the capital
contribution obligation by the Parent Company to Meilan Airport Assets
Management.
近年來，得益於雙方的無間合作，使得美蘭機場
離島免稅店營業面積由開業初始的2,200平方米擴
大至如今的7,804平方米；免稅商品銷售業績自二
零一二年的人民幣
3.8億元攀升至二零一五年的人
民幣12.39億元，二零一六年上半年已完成銷售額
人民幣7.57億元，二零一六年全年銷售額有望突
破人民幣15億元大關。
雙方深知，未來繼續本着互惠互利的原則實現機
場資源與免稅資源的完美融合，才能獲得共贏局
面，切實維護雙方公司及股東利益。因此，雙方
將本着公平、公正的態度盡快完成新免稅合同的
收購項目進展情況
根據本公司日期分別為二零一五年十一月十三日
之公告及二零一五年十二月四日之通函作出之披
本公司與母公司於二零一五年十一月十三日訂立
《股權轉讓協議》（「《股權轉讓協議》」）。據此，本
公司以人民幣60,480萬元的價格收購母公司全資
子公司海南美蘭機場資產管理有限公司（「美蘭機
場資管公司」）100%股權。
本公司收購價格乃參考威格斯資產評估顧問有限
公司於二零一五年九月三十日（估值基準日）根
據美蘭機場資管公司總資產之估值釐定。本公司
支付全部股權代價是基於母公司向美蘭機場資管
公司履行注資義務。
The consideration was paid by two installments as follows:
RMB574,560,000 (being 95% of the total consideration) shall be payable
within 60 business days from the date of approval of the Equity Transfer
Agreement and the transaction contemplated thereunder by the
extraordi and
RMB30,240,000 (being 5% of the total consideration) shall be payable within
15 business days from the date of completion of the necessary industrial
and commercial registrations and filings relating to the Equity Transfer
Agreement and the transaction contemplated thereunder in the Industrial
and Commercial Bureau of Hainan Province.
As at the date of this interim report, the Company paid the first installment
of the consideration to the Parent Company in accordance with the Equity
Transfer Agreement. Upon the fulfillment of the capital contribution obligation
by the Parent Company, the Company will pay the second installment of the
consideration in accordance with the Equity Transfer Agreement.
As at the date of this interim report, the Parent Company was conducting
the assets transferring procedure in accordance with relevant provisions. The
Company will notify the shareholders of the Company and potential investors
with the information on the latest progress under the Equity Transfer Agreement
in the future, and make disclosure timely to the public according to the provisions
of the Listing Rules.
RISK MANAGEMENT AND INTERNAL CONTROLS
The Group completed the construction work for the Group’s risk management
framework and identified key risk points in “Promotion Work over the Risk
Management and Internal Control System” of 2015. In the first half of 2016, the
Group has actively conducted scientific analysis, assessed and determined the
risk prevention/management procedures towards the recognized risk points, in
order to organize systematically, mitigate and monitor potential risks and to build
a g