August 31，Baiyun 188bet Live Casino’s 2017 interim report has been disclosed，During the reporting period，Achieve operating income 32.1.4 billion yuan，YoY growth 6.44%，Operating cost 19.4.5 billion yuan，YoY growth of 5.48%，Net profit attributable to mother 7.8.1 billion yuan，Same increase as 11.69%，Basic earnings per share is 0.55 yuan，Decrease of 9 compared with the same period last year.84%，As of August 31st，Baiyun 188bet Live Casino Report 13.4 yuan/share。

Baiyun 188bet Live Casino is one of the three major gateway complex hub airports in China，Is the core 188bet Live Casino of the Central South 188bet Live Casino Group。Currently the base 188bet Live Casino of China Southern Airlines，It is also the only core gateway hub 188bet Live Casino in the Central South 188bet Live Casino Group established by the country。Currently，Baiyun 188bet Live Casino has one terminal，Three runways。Mainly engaged in aircraft、Passengers and Cargo、Email is the object，Provide aircraft take-off, landing and parking、Comprehensive passenger services、Safety inspection, aviation ground support and other aviation services and cargo and mail agency services、Commercial space rental service in the terminal building、Franchise Services、Ground transportation services and advertising services and other aviation extended service businesses。

Performance analysis:

1、Passenger throughput increased by 10.7%，The average gross profit margin continues to 188bet Live Casino year-on-year:

Benefited from the heavy volume in the second half of last year，First half of 2017，Baiyun 188bet Live Casino completed 22 aircraft takeoffs and landings.680,000 flights，Passenger throughput 3191.960,000 people，Cargo and mail throughput 84.070,000 tons，A year-on-year increase of 7 respectively.5%、10.7% and 8.8%；Benefit from base company China Southern Airlines’ Guangzhou hub strategy，First half of 2017，To strengthen the construction of international hub，13 new international routes、5 international navigation points，International and regional passenger throughput 763.230,000 people，16 year-on-year increase.5%，The proportion of international lines increased to 23.9%。

Based on the analysis of Baiyun 188bet Live Casino’s existing business structure，Aviation service revenue accounts for approximately 78% of total revenue，With the steady increase in aviation business volume in the first half of the year，The company’s revenue increased by 6% year-on-year.44%，Also，Benefit from good cost control，Maolida 12.6.8 billion yuan，An increase of 93 million yuan compared with the same period last year，The overall gross profit margin level is 39.46%，YoY increase 0.55%。

2、Three charges decreased by 8 year-on-year.44%，Investment income contributes to profit growth

During the reporting period，The company’s net profit growth is faster than revenue growth mainly due to proper cost control and rising investment income，Main business gross profit margin reaches 40.2%，Higher than the 38 in the first quarter of 2017.7%，YoY is higher than 38 in the same period last year.5%；Also，Benefited from reduced expenses in employee salaries and other aspects，Management sales expenses decreased significantly year-on-year，The decrease is 13.16%&12.5%，The absolute amount decreased by approximately 28.6 million yuan，The total of the three charges is reduced by 8.44%，The absolute amount decreased by approximately 20.39 million yuan；Also，During the reporting period，Investment income increased by approximately 6 million yuan compared with the same period last year，Mainly due to the profit growth of Guangzhou 188bet Live Casino International Logistics Co., Ltd.。

3、Adjustment of charging standards，Upgraded to a Class 1 188bet Live Casino to highlight its strategic position

During the reporting period，The production capacity of Baiyun 188bet Live Casino is at saturation，The terminal capacity utilization rate exceeded 170% in 2016，Making the resource increase unable to be fully reflected，Terminal 2 is expected to be commissioned in 2018，Production capacity may reach 80 million passengers，The production capacity bottleneck will be broken by then，The company will usher in a new round of high development。Starting from April 1, 2017，Adjustment of 188bet Live Casino charges，Baiyun 188bet Live Casino upgraded to a Category 1 188bet Live Casino，Joined with Beijing Capital and Shanghai Pudong 188bet Live Casino as one of the three major gateway hub airports in the country，Prominent strategic position，It is expected that the proportion of international tourists will be on the rise in the future，13 new international routes were added during the reporting period，5 new international navigation stations，International and regional passenger throughput increased by 16% year-on-year.5%；Transit passengers increased by 28% year-on-year.3%。

4、T2 three major non-aviation tenders are gradually coming to fruition，Profit increased

As of now，The main project of Baiyun 188bet Live Casino T2 Terminal has been capped，Entering the interior decoration stage，Estimated to be put into production in early 2018。Although the terminal building will bring about a significant increase in costs (depreciation and labor costs)，However, due to the increase in passenger spending power at the 188bet Live Casino，The commercial value of the hub 188bet Live Casino will be further released，New non-aviation revenue is expected to cover new costs，And provide profit increment，Performance is likely to go through the traditional 188bet Live Casino cycle，Commercial leasing tender、The advertising tender and the tender for new entry duty-free shops are expected to contribute at least 1.5 billion yuan in revenue to Baiyun 188bet Live Casino。The growth of this type of superimposed production，Not only covers all costs， It can also increase profits，As the bidding results are announced one after another，Performance certainty continues to increase，Non-aeronautical business has become a new engine for 188bet Live Casino revenue growth。

5、Medium and long-term negative factors cannot be realized yet，There is still the possibility of positive changes 188bet Live Casino short term

From the perspective of aviation business，Baiyun 188bet Live Casino positioned as an international hub，The accelerated increase in international proportion in the future will rapidly increase the company's single flight profit level，Terminal 2 is expected to be put into use in early 2018，Although in the long run，There are unstable factors: excessive non-aviation bidding prices bring potential default risks，The return of civil aviation development funds is still uncertain，The commissioning of Beijing Second 188bet Live Casino has caused the main base company China Southern Airlines to shift its focus northward，The fourth runway construction plan has not yet started, resulting in a shortage of future production capacity。But in the short term，T2 outbound tax-free bidding has not yet been confirmed，There is a possibility of exceeding expectations。