香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00696） 公告 (1)建議修訂公司章程並取消監事會 及 (2)建議修訂董事會工作規則 建議修訂公司章程及取消監事會 董事會建議修訂公司章程，建議修訂內容主要基於《公司法》及境內外監管要求，並 結合本公司實際作出。建議修訂之詳情載於本公告附錄。 本次公司章程修訂完成後，本公司將不再設置監事會和監事，董事會轄下的審核及 風險管理委員會（監督委員會）更名為審計委員會，並行使《公司法》規定的監事會職 權，監事會工作規則相應廢止，本公司現任全體監事將被視為於本次章程修訂完成 時離任生效。 建議修訂董事會工作規則 董事會建議修訂董事會工作規則，以與公司章程的建議修訂相匹配。建議修訂詳情 載於本公告附錄。 – 1 – 一般事項 建議修訂公司章程並取消監事會及修訂董事會工作規則須待股東於本公司股東大會 批准後方可作實。本公司將盡快向股東發送一份載有建議修訂公司 ...

Core Viewpoint - The article discusses the launch of the "official direct sales platform" by Hanglv Zongheng, which integrates resources from 38 airlines to sell tickets directly, aiming for transparency and no hidden fees, but faces mixed reactions from users regarding pricing and service quality [5][6][17]. Summary by Sections Launch of the Platform - Hanglv Zongheng announced the integration of 38 airlines to create a direct sales platform for tickets, promising "0 markup, 0 bundling, 0 tricks" [5][6]. - Major airlines like Air China, China Southern Airlines, and China Eastern Airlines support this initiative, treating it as an important direct sales channel [5][17]. User Reactions - The platform has received both praise and criticism; some users appreciate the additional channel, while others question its motives and pricing strategies [5][6]. - Complaints on platforms like Black Cat have surged, with over 13,000 complaints related to ticketing issues by August 18 [5][6]. Pricing and Value Proposition - The "source ticket" concept is central to Hanglv Zongheng's strategy, but initial pricing comparisons show that tickets are often more expensive than those on other platforms like Ctrip [8][10]. - The pricing structure involves a complex system where airlines set base fares, which are then distributed through GDS, leading to potential price discrepancies [10][11]. Industry Dynamics - The article outlines the historical context of the airline and OTA relationship, highlighting a shift towards direct sales initiated by airlines to reduce reliance on OTAs [17][20]. - The 2024 regulation aims to increase direct sales to 40% by 2025, indicating a growing trend towards self-distribution by airlines [20][22]. Competitive Landscape - Hanglv Zongheng faces significant competition from established OTAs, which have diversified revenue streams and strong customer service capabilities [30][31]. - The platform's unique position as a state-backed entity may not guarantee exclusive pricing advantages, as airlines maintain consistent pricing across all channels [32]. Future Outlook - While Hanglv Zongheng may capture a niche market of price-sensitive customers, it is unlikely to disrupt the existing OTA landscape significantly in the short term [32][33]. - The entry of a state-backed platform could lead to more competitive practices among OTAs, ultimately benefiting consumers with better options [33].

Core Viewpoint - The article discusses the launch of the "official direct sales platform" by Hanglv Zongheng, which integrates resources from 38 airlines to sell tickets directly, aiming for transparency and eliminating hidden fees, but faces skepticism regarding its pricing strategy and potential competition with existing OTA platforms [5][6][16]. Group 1: Launch and Support - Hanglv Zongheng announced the integration of 38 airlines to create a direct sales platform for tickets, promising "0 markup, 0 bundling, 0 tricks" [6]. - Major airlines like Air China, China Southern Airlines, and China Eastern Airlines have expressed support for this initiative, positioning it as a significant direct sales channel [16][17]. - The platform is compared to "the civil aviation version of 12306," indicating its official backing and potential to reshape the ticketing landscape [6][8]. Group 2: Pricing and Market Position - Despite the promise of "source tickets," prices on Hanglv Zongheng are often higher than those on OTA platforms like Ctrip, with differences ranging from 50 to 100 yuan for certain routes [8][10]. - The pricing structure in the airline industry is complex, with airlines setting base fares influenced by various factors, and the final price often includes additional fees from OTAs or agents [10][12]. - Hanglv Zongheng's "source tickets" are not necessarily cheaper, as the platform aims to build trust through transparency rather than competing solely on price [12][14]. Group 3: Industry Dynamics - The relationship between airlines and OTAs has been historically contentious, with airlines seeking to reduce dependency on OTAs and increase direct sales [19][22]. - The introduction of Hanglv Zongheng is seen as a strategic move to balance the power dynamics between airlines and OTAs, allowing airlines to gain more control over pricing and distribution [22][23]. - The push for direct sales is further supported by regulatory changes aimed at increasing the proportion of direct sales by airlines [20][21]. Group 4: Challenges and Future Outlook - Hanglv Zongheng faces significant challenges in competing with established OTAs, particularly in user experience, customer service, and comprehensive travel solutions [26][27]. - The platform's ability to attract price-sensitive customers may be limited, as many users prioritize price over transparency, making it difficult to disrupt the existing OTA market [29][30]. - While Hanglv Zongheng may capture a niche market of users seeking transparency, it is unlikely to significantly alter the competitive landscape in the short term [30].

Group 1 - The core viewpoint of the article is that China Civil Aviation Information Network (00696) has reported a projected net profit increase for the first half of 2025, compared to the previous year, despite a decrease in total revenue due to specific project impacts [1] - The company expects a net profit of approximately RMB 14.5 billion for the six months ending June 30, 2025, which is an increase from the net profit of about RMB 13.8 billion reported for the same period in 2024 [1] - The revenue from aviation information technology services is expected to show stable year-on-year growth, while the revenue from system integration services is projected to decrease due to the impact of airport system integration project construction and acceptance progress [1] Group 2 - The overall operating revenue for the first half of 2025 is anticipated to decline year-on-year, influenced by the aforementioned factors [1] - There is an improvement in the collection of receivables, leading to an increase in the reversal amount of credit impairment losses year-on-year for the first half of 2025 [1] - The combination of these factors is expected to result in a year-on-year increase in net profit for the company in the first half of 2025 [1]

Core Viewpoint - China Civil Aviation Information Network (00696) has shown a positive market response with a nearly 3% increase in stock price, reflecting investor confidence in the company's future profitability and performance [1] Financial Performance - The company announced a projected net profit of approximately RMB 1.45 billion for the six months ending June 30, 2025, which represents an increase from the net profit of about RMB 1.38 billion reported for the same period in 2024 [1] - The revenue from aviation information technology services is expected to show stable year-on-year growth for the first half of 2025 [1] Revenue Impact Factors - Despite the stable growth in aviation information technology services, the overall operating revenue for the first half of 2025 is anticipated to decline year-on-year due to the impact of airport system integration project construction and acceptance progress [1] - The company has experienced an improvement in cash collection, leading to an increase in the reversal amount of credit impairment losses for the first half of 2025 compared to the previous year [1]

Group 1 - The core point of the article is that China Civil Aviation Information Network (00696) has reported an expected increase in net profit for the first half of 2025, projecting approximately RMB 1.45 billion compared to RMB 1.38 billion for the same period in 2024 [1] - The company’s revenue from aviation information technology services is expected to show stable year-on-year growth for the first half of 2025 [1] - However, the revenue from system integration services is anticipated to decrease year-on-year due to the impact of airport system integration project construction and acceptance progress [1] Group 2 - The overall operating revenue for the first half of 2025 is expected to decline year-on-year due to the reduction in system integration service revenue [1] - There is an improvement in cash collection, leading to an increase in the reversal amount of credit impairment losses year-on-year for the first half of 2025 [1] - The combination of these factors is expected to result in a year-on-year increase in net profit for the company in the first half of 2025 [1]

Core Viewpoint - The company forecasts a net profit of approximately 1.45 billion yuan for the first half of 2025, representing a year-on-year growth of about 5% [1] Group 1: Financial Performance - The company expects a total revenue decrease in 1H25 due to a decline in system integration service revenue, influenced by the progress of airport system integration projects [1] - The company reported a 5% year-on-year increase in AIT business processing volume for 1H25, with domestic inbound and outbound flights growing by 4% and 21% respectively, while international outbound flights decreased by 8% [1] - The company has slightly adjusted its revenue forecasts for 2025 and 2026 down by 3% to 9.175 billion yuan and 9.823 billion yuan respectively, while maintaining profit forecasts for the same years at 2.327 billion yuan and 2.581 billion yuan [2] Group 2: Business Operations - The company is advised to monitor the operational trends of its joint venture, China Aviation Information Technology Co., Ltd., which operates the "Travel Companion" app, particularly its user engagement and potential commercialization impacts [2] - The company noted improvements in cash collection, leading to an increase in the reversal amount of credit impairment losses in 1H25 compared to the previous year [1] Group 3: Market Outlook - The company suggests paying attention to the progress of project-based business revenue recognition, especially given the high revenue base from system integration services in 2024 [1] - The current stock price corresponds to 14.5 and 12.9 times the earnings for 2025 and 2026, respectively, with a target price of 13 HKD, indicating a potential upside of 5% from the current price [2]

Core Viewpoint - TravelSky Technology preannounced a net profit growth of approximately 5% YoY to around Rmb1.45 billion for 1H25, driven by steady revenue growth from aviation information technology services [1]. Revenue and Financial Performance - Revenue from aviation information technology services showed steady growth, while revenue from system integration services declined YoY due to construction and acceptance progress of airport system integration projects, leading to an overall decrease in total revenue [2]. - In 1H25, flight bookings increased by mid-single digits YoY, with domestic flight bookings rising by 4% and international flight bookings by domestic airlines increasing by 21%, while international flights provided by overseas airlines fell by 8% YoY [3]. - The firm slightly lowered its revenue forecasts for 2025 and 2026 by 3% to Rmb9.18 billion and Rmb9.82 billion, respectively, primarily due to lower assumptions on bookings for the AIT business and revenue from system integration services [6]. Business Segments and Trends - The firm expects a decline in the unit price for the AIT business in 1H25 due to changes in contracts and a decrease in the proportion of bookings for international flights provided by domestic airlines [3]. - The firm suggests monitoring the revenue recognition progress for project-based businesses, including system integration services and technical support, given the high revenue base in 2024 [4]. Associate Performance - The operation of TravelSky Mobile Technology, which holds a 20.66% stake by the firm, is noteworthy, especially after the launch of a direct-sale platform for the Umetrip app, allowing users to compare and purchase tickets without agency fees [5]. Valuation Metrics - The stock is currently trading at 14.5x 2025 estimated P/E and 12.9x 2026 estimated P/E, with an OUTPERFORM rating maintained and a target price of HK$13, reflecting a 15x 2025 estimated P/E with a 5% upside [6].

Core Viewpoint - China Civil Aviation Information Network (00696) anticipates a net profit of approximately RMB 1.45 billion for the six months ending June 30, 2025, compared to a net profit of about RMB 1.38 billion for the same period in 2024, indicating a positive growth outlook for the company [1] Financial Performance - The company expects stable year-on-year growth in aviation information technology service revenue for the first half of 2025 [1] - However, revenue from system integration services is projected to decrease year-on-year due to the impact of airport system integration project construction and acceptance progress [1] - Overall, the company's total operating revenue is expected to decline year-on-year for the first half of 2025 [1] Credit and Recovery - There has been an improvement in collection situations, leading to an increase in the reversal amount of credit impairment losses year-on-year for the first half of 2025 [1] - This improvement in credit recovery is expected to contribute positively to the net profit growth for the company [1]

Core Viewpoint - China Civil Aviation Information Network (00696.HK) anticipates a net profit of approximately RMB 1.45 billion for the six months ending June 30, 2025, compared to a net profit of about RMB 1.38 billion for the same period in 2024 [1] Group 1: Financial Performance - The company expects a stable year-on-year growth in aviation information technology service revenue for the first half of 2025 [1] - However, revenue from system integration services is projected to decrease year-on-year due to the impact of airport system integration project construction and acceptance progress [1] - Overall, the company's total operating revenue is expected to decline year-on-year for the first half of 2025 [1] Group 2: Credit and Profitability - There is an improvement in the collection situation, leading to an increase in the reversal amount of credit impairment losses year-on-year for the first half of 2025 [1] - As a result of the aforementioned factors, the company is expected to achieve a year-on-year increase in net profit for the first half of 2025 [1]