BEIJING AIRPORT (00694) declined more than 4% in Hong Kong trading, extending recent losses. At the time of writing, the stock was down 4.3% to HK$1.78, with a turnover of HK$23.77 million. JPMorgan issued a research report downgrading the stock's investment rating from "Neutral" to "Underweight" and slashing its target price by 40% from HK$3 to HK$1.8. This adjustment is primarily based on short-term challenges from structural headwinds. The report noted that BEIJING AIRPORT's removal from the Hong Kong Stock Connect list could lead to selling pressure on approximately 25% of its issued shares, further weighing on the stock price. The bank also indicated that the company's net loss for 2025 is projected to be between RMB 600 million and RMB 760 million, significantly higher than market expectations. This suggests limited earnings recovery capacity, with the new duty-free contract revenue sharing ratio at only 5% to 8%, structurally constraining future profitability. These changes in the business model have weakened the company's competitive advantages within the industry, significantly limiting its profit-generating ability.