HK Stock Market Move | Capital airport (00694) fell more than 3%, annual net loss far exceeded market expectations. Morgan Stanley believes that the current stock price still has downward potential for the company.

Capital Airport (00694) fell more than 3%, as of press time, down 3.09% to HK$2.51, with a turnover of HK$43.74 million. On the news front, recently, Capital Airport issued a profit warning for its 2025 performance. A Morgan Stanley research report pointed out that Capital Airport's net loss in 2025 is far beyond market expectations, estimated between 600 million and 760 million RMB, significantly higher than the market forecast of 216 million RMB. Even excluding tax effects, its pre-tax loss still reached 480 million to 560 million RMB, performing below expectations. The bank believes that the company's stock price still has downward potential. The bank further pointed out that the company's pre-tax loss range for the fourth quarter of 2025 is between 170 million and 250 million RMB, with a larger year-on-year loss. This result indicates that the company's operating pressure continued to intensify in that quarter, as it failed to achieve effective cost control or revenue growth to alleviate the loss situation. In addition, the expansion of the scale of annual losses also reflects the severe challenges faced by the industry environment and the company's own operations.