Beijing Airport (00694) fell more than 3%, with the stock down 3.09% to HK$2.51 at the time of writing. Trading volume reached HK$43.74 million. The drop follows the company's recent profit warning for its 2025 performance. A Morgan Stanley research report noted that Beijing Airport's projected net loss for 2025 is significantly higher than market expectations. The estimated loss ranges between RMB 600 million and RMB 760 million, far exceeding the market forecast of RMB 216 million. Even after excluding tax impacts, the pre-tax loss is still expected to be between RMB 480 million and RMB 560 million, underperforming expectations. The report suggests that the current share price may still have room to decline. It further highlighted that the company's pre-tax loss for the fourth quarter of 2025 is estimated to be between RMB 170 million and RMB 250 million, representing a year-on-year widening of losses. This result indicates continued operational pressure during the quarter, with the company failing to achieve effective cost control or revenue growth to mitigate the losses. Additionally, the expanded full-year loss reflects the severe challenges facing both the industry environment and the company's own operations.