# Shanghai International Airport (600009.SHG)

Canonical: https://gigainvestors.com/s/600009.SHG

Analysis as of: 2026-10-16T07:36:12.241Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 23.34 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 2.74×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.53×

- FY2017: 0.60×

- FY2018: 0.61×

- FY2019: 0.61×

- FY2020: -0.35×

- FY2021: -0.23×

- FY2022: -0.71×

- FY2023: 0.12×

- FY2024: 0.22×

- FY2025: 0.20×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.1%

- ROIC, second-lowest year: -4.4%

- Typical minus recent gross margin: 2.8 pp

- Typical gross margin (annual median): 24.7%

- Recent gross margin (lower of latest and 3-year median): 21.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 23.0%

- ROIC including acquisitions, ten-year median: -1.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.0%

- FY2017: 23.6%

- FY2018: 22.8%

- FY2019: 24.3%

- FY2020: -3.1%

- FY2021: -4.4%

- FY2022: -6.7%

- FY2023: 2.4%

- FY2024: 5.3%

- FY2025: 4.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -35.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -15B

- Net income, five-year total: CNY 412M

- Return on incremental invested capital: -9.6%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -2.9 pp

- Working capital / revenue, final three-year average: 9.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 2.98×

- FY2022: 2.11×

- FY2023: -2.37×

- FY2024: -0.76×

- FY2025: -0.01×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 22.8% vs 4.9%

- Per-share earnings: 1.45 to 0.78 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.6%

- Ordinary dilution, 5-year annual growth: 5.0%

- Market cap gain: CNY 30B

- Cumulative retained earnings: CNY 5.8B

- Diluted shares, 10-year annual growth: 2.6%

- Diluted shares, 5-year annual growth: 5.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.4%

- Per-share value change: CNY -0.67

- Per-share value, starting three-year median: CNY 1.45

- Per-share value, ending three-year median: CNY 0.78

- Average buyback yield: 0.3%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 210M

- Cumulative net income, 10 years: CNY 15B

- ROIC, first three-year median: 22.8%

- ROIC, last three-year median: 4.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.45

- FY2017: CNY 1.92

- FY2018: CNY 2.19

- FY2019: CNY 2.60

- FY2020: CNY -0.65

- FY2021: CNY -0.83

- FY2022: CNY -1.26

- FY2023: CNY 0.38

- FY2024: CNY 0.78

- FY2025: CNY 0.85

### accounting: pass

- Sloan accruals: -5.4%

- Receivables to sales index (DSRI): 0.87×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.83×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.9%

- FY2017: -1.6%

- FY2018: -0.8%

- FY2019: 0.4%

- FY2020: -0.1%

- FY2021: -6.7%

- FY2022: -4.2%

- FY2023: -4.4%

- FY2024: -5.1%

- FY2025: -5.4%

## Holders

## Price story

Down 61% since Jan 2023 · sales +7.9%

Story as of 2026-10-16T10:00:07.057Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +7.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 7.0B 

- FY2017: CNY 8.1B 

- FY2018: CNY 9.3B 

- FY2019: CNY 11B 

- FY2020: CNY 4.3B 

- FY2021: CNY 8.2B 

- FY2022: CNY 5.5B 

- FY2023: CNY 11B 

- FY2024: CNY 12B 

- FY2025: CNY 13B 

### Gross margin · FY2025

gross margin 27.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 45.1% 

- FY2017: 49.8% 

- FY2018: 51.7% 

- FY2019: 51.2% 

- FY2023: 16.5% 

- FY2024: 21.9% 

- FY2025: 27.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in airports & air services; annual sales are CNY 13.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.241Z); FY2025: revenue 13346192164.12; grossProfit 3672113652.28; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600009.SHG: Shanghai International Airport Co., Ltd. provides ground support services for domestic and foreign air transport companies and passengers in China. It offers long-distance passenger stations, parking lot management, and parking services, as well as freight forwarding, customs declaration, inspection, and other services. The company is also involved in the operating and leasing aviation business premises, commercial premises, and office premises, domestic trade; foreign air transport businesses and passengers; advertising management; air transport relevant business; comprehensive development, operating other investment projects permitted by national policies; parking lot management and parking extension services; inspection and customs declaration agent businesses. In addition, it is involved in the operation of restaurants and hotels; air freight; and air logistics businesses. The company was founded in 1997 and is headquartered in Shanghai, China. Shanghai International Airport Co., Ltd. is a subsidiary of Shanghai Airport (Group) Co., Ltd.

### Why customers stay

Margins ranged from 16.5% to 27.5% during 2023–25; it earns 5.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.241Z); FY2023: grossProfit / revenue = 16.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.241Z); FY2024: grossProfit / revenue = 21.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.241Z); FY2025: grossProfit / revenue = 27.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.241Z); 10-year return on capital observations [[2016,0.19992531960897056],[2017,0.23565535515975336],[2018,0.22766073394085964],[2019,0.2433120136032281],[2020,-0.03125086556452061],[2021,-0.044227272571788906],[2022,-0.0668121712721407],[2023,0.024498026067245344],[2024,0.052843283462996035],[2025,0.04869990931440355]]; median 0.0507715963886998. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.241Z); FY2016: growth capex 1343045728.454591; upkeep 1240473624.545409; owner earnings 2393282680.454591. Growth capex / owner earnings = 0.5611730446315213.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.241Z); FY2017: growth capex 1458371992; upkeep 833013158; owner earnings 3683408503. Growth capex / owner earnings = 0.39593001721427584.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.241Z); FY2018: growth capex 2274844773.2941647; upkeep 1294674760.7058353; owner earnings 3720573239.2941647. Growth capex / owner earnings = 0.6114231939500078.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.241Z); FY2019: growth capex 1418630352; upkeep 883496000; owner earnings 5030210000. Growth capex / owner earnings = 0.28202209291460995.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.241Z); Dividend observations: [[2016,950945426],[2017,973515881],[2018,1103480830],[2019,1307240930],[2020,1502127214],[2021,84476073],[2022,71125745],[2023,79531627],[2024,612856019],[2025,1318545878.44]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 59.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600009.SHG SharesStats.PercentInsiders = 59.316 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.241Z); Closing price 23.34 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 5.359219854716959; price multiple 4.355111496210986. FY2025 cash earnings/share -0.005426298785279705. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 27.11 per share

- 2016-11: CNY 27.39 per share

- 2016-12: CNY 26.52 per share

- 2017-01: CNY 27.50 per share

- 2017-02: CNY 27.44 per share

- 2017-03: CNY 29.98 per share

- 2017-04: CNY 34.25 per share

- 2017-05: CNY 37.79 per share

- 2017-06: CNY 37.31 per share

- 2017-07: CNY 37.45 per share

- 2017-08: CNY 39.05 per share

- 2017-09: CNY 37.98 per share

- 2017-10: CNY 43.75 per share

- 2017-11: CNY 41.76 per share

- 2017-12: CNY 45.01 per share

- 2018-01: CNY 46.89 per share

- 2018-02: CNY 48.87 per share

- 2018-03: CNY 48.86 per share

- 2018-04: CNY 49.79 per share

- 2018-05: CNY 53.87 per share

- 2018-06: CNY 55.48 per share

- 2018-07: CNY 60.27 per share

- 2018-08: CNY 54.88 per share

- 2018-09: CNY 58.77 per share

- 2018-10: CNY 49.55 per share

- 2018-11: CNY 50.10 per share

- 2018-12: CNY 50.76 per share

- 2019-01: CNY 49.30 per share

- 2019-02: CNY 57.26 per share

- 2019-03: CNY 62.15 per share

- 2019-04: CNY 66.08 per share

- 2019-05: CNY 69.14 per share

- 2019-06: CNY 83.78 per share

- 2019-07: CNY 82.78 per share

- 2019-08: CNY 84.05 per share

- 2019-09: CNY 79.78 per share

- 2019-10: CNY 76.25 per share

- 2019-11: CNY 75.13 per share

- 2019-12: CNY 78.75 per share

- 2020-01: CNY 68.98 per share

- 2020-02: CNY 65.71 per share

- 2020-03: CNY 60.81 per share

- 2020-04: CNY 70.70 per share

- 2020-05: CNY 72.39 per share

- 2020-06: CNY 72.07 per share

- 2020-07: CNY 67.93 per share

- 2020-08: CNY 76.40 per share

- 2020-09: CNY 68.78 per share

- 2020-10: CNY 66.10 per share

- 2020-11: CNY 78.52 per share

- 2020-12: CNY 75.66 per share

- 2021-01: CNY 79.00 per share

- 2021-02: CNY 61.88 per share

- 2021-03: CNY 57.90 per share

- 2021-04: CNY 49.14 per share

- 2021-05: CNY 49.49 per share

- 2021-06: CNY 48.13 per share

- 2021-07: CNY 38.55 per share

- 2021-08: CNY 43.27 per share

- 2021-09: CNY 44.25 per share

- 2021-10: CNY 52.80 per share

- 2021-11: CNY 43.16 per share

- 2021-12: CNY 46.69 per share

- 2022-01: CNY 50.49 per share

- 2022-02: CNY 52.35 per share

- 2022-03: CNY 49.20 per share

- 2022-04: CNY 49.40 per share

- 2022-05: CNY 50.41 per share

- 2022-06: CNY 56.70 per share

- 2022-07: CNY 51.58 per share

- 2022-08: CNY 56.42 per share

- 2022-09: CNY 57.78 per share

- 2022-10: CNY 53.38 per share

- 2022-11: CNY 55.48 per share

- 2022-12: CNY 57.71 per share

- 2023-01: CNY 60.50 per share

- 2023-02: CNY 58.64 per share

- 2023-03: CNY 55.73 per share

- 2023-04: CNY 53.70 per share

- 2023-05: CNY 46.60 per share

- 2023-06: CNY 45.42 per share

- 2023-07: CNY 47.40 per share

- 2023-08: CNY 39.23 per share

- 2023-09: CNY 37.89 per share

- 2023-10: CNY 37.21 per share

- 2023-11: CNY 35.88 per share

- 2023-12: CNY 32.78 per share

- 2024-01: CNY 33.10 per share

- 2024-02: CNY 35.18 per share

- 2024-03: CNY 36.26 per share

- 2024-04: CNY 37.64 per share

- 2024-05: CNY 34.75 per share

- 2024-06: CNY 32.25 per share

- 2024-07: CNY 34.58 per share

- 2024-08: CNY 33.13 per share

- 2024-09: CNY 38.42 per share

- 2024-10: CNY 34.96 per share

- 2024-11: CNY 34.91 per share

- 2024-12: CNY 34.15 per share

- 2025-01: CNY 33.16 per share

- 2025-02: CNY 32.49 per share

- 2025-03: CNY 32.33 per share

- 2025-04: CNY 32.10 per share

- 2025-05: CNY 32.36 per share

- 2025-06: CNY 31.77 per share

- 2025-07: CNY 32.18 per share

- 2025-08: CNY 32.32 per share

- 2025-09: CNY 31.89 per share

- 2025-10: CNY 32.29 per share

- 2025-11: CNY 31.66 per share

- 2025-12: CNY 32.76 per share

- 2026-01: CNY 30.80 per share

- 2026-02: CNY 30.51 per share

- 2026-03: CNY 27.62 per share

- 2026-04: CNY 27.24 per share

- 2026-05: CNY 25.07 per share

- 2026-06: CNY 23.10 per share

- 2026-07: CNY 24.68 per share

- 2026-08: CNY 23.33 per share

- 2026-09: CNY 22.58 per share

- 2026-10: CNY 23.18 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 26.31 per share, central CNY 35.41 per share, high CNY 40.71 per share

- FY2017: low CNY 29.42 per share, central CNY 40.11 per share, high CNY 46.33 per share

- FY2018: low CNY 30.88 per share, central CNY 42.20 per share, high CNY 48.80 per share

- FY2019: low CNY 36.25 per share, central CNY 49.54 per share, high CNY 57.27 per share

- FY2020: low CNY 13.49 per share, central CNY 14.82 per share, high CNY 16.59 per share

- FY2021: low CNY 23.92 per share, central CNY 26.51 per share, high CNY 29.95 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.