成本费用拆分：1）人工成本yoy+3.2%，员工数量小幅提升2.5%；2）折旧及摊销yoy-17.6%，主要系部 分固定资产和无形资产折旧摊销完成所致；3）集成业务销售成本yoy-52.1%，受项目进度影响；4）技 术支持及维护费yoy-0.2%；5）离港分销支持费yoy+1.3%，主要系离港服务保障费、代理人外航订座奖 励业务增长以及对账确认进度等因素所致。 经营数据：2025 年1-6 月，中国航司系统处理总量3.6 亿人次，yoy+5.5%，其中国内航段系统处理量3.2 亿人次，yoy+3.6%，国际航段系统处理量4581 万人次，yoy+21.5%。 同期，外国航司系统处理总量581 万人次，yoy-7.8%，上半年外国航司恢复相对停滞，主要原因包括： 1）受到对空域飞行安全性影响，外国航司飞往中国的成本增加，在飞机运力有限情况下，以经济效益 出发，部分外国航司宣布停飞或缩减中国航线；2）国际旅客运输市场竞争加剧，受到国内航国际段运 力增长，叠加价格优势、时刻丰富等影响，抢占了外航市场份额。值得注意的是，6 月单月外航系统处 理量同比增加3%，打破了连续3 个月同比下降局面，展望未来，单方面免签国家范 ...

Core Viewpoint - The company reported a mixed performance for 1H25, with revenue declining by 3.6% to 3.895 billion yuan, while net profit attributable to shareholders increased by 5.9% to 1.448 billion yuan, aligning with the company's profit forecast [1] Group 1: Financial Performance - The company's AIT processing volume grew steadily by 5.3%, while system integration revenue experienced fluctuations [1][2] - AIT revenue increased by 2.1% to 2.313 billion yuan, although this growth was lower than the processing volume increase [2] - The company benefited from a reversal of credit impairment losses amounting to 177 million yuan, contributing positively to net profit [2] Group 2: Business Segments - Technical support and product revenue surged by 30.4% to 385 million yuan, driven by increased IT service demands from civil aviation-related companies [2] - The system integration business saw a significant decline of 38.5% to 418 million yuan, attributed to project completion timing and a high base from 1H24 [2] - Data network business revenue fell by 12.4% to 190 million yuan, influenced by high usage baselines from certain customers [2] Group 3: Future Outlook - The company maintains a positive long-term outlook on civil aviation demand growth, expecting continued profitability driven by its leading market position and technological expertise [1][3] - The net profit forecast for 2025-2027 has been slightly adjusted to 2.194 billion, 2.476 billion, and 2.776 billion yuan respectively, with an EPS of 0.75, 0.85, and 0.95 yuan [3] - The target price is set at 15.60 HKD, reflecting a PE ratio of 19 times for 2025 earnings [3]

Financial Performance - Total revenues decreased by 3.6%, from RMB 4041.8 million in 2024 1H to RMB 3894.5 million in 2025 1H[28] - Aviation information technology services revenue increased by 2.1%, from RMB 2265.0 million in 2024 1H to RMB 2313.4 million in 2025 1H[33] - Settlement and clearing services revenue increased by 12.4%, from RMB 278.0 million in 2024 1H to RMB 312.5 million in 2025 1H[33] - System integration services revenue decreased significantly by 38.5%, from RMB 679.8 million in 2024 1H to RMB 418.4 million in 2025 1H[33] - Income from technical support and products increased by 30.4%, from RMB 295.3 million in 2024 1H to RMB 385.0 million in 2025 1H[33] - Other income decreased by 10.2%, from RMB 307.2 million in 2024 1H to RMB 275.7 million in 2025 1H[33] - Total operating expenses decreased by 4.2%, from RMB 2535.3 million in 2024 1H to RMB 2427.9 million in 2025 1H[41] Operational Data - Total volume processed by the systems increased by 5.31% compared to 2024 1H and increased by 9.91% compared to 2019 1H[12] - The processing volume of China Airlines' system handled by China Aviation Information Corporation is about 360 million people, a year-on-year increase of 5.5% and a year-on-year increase of 12.5% compared to the same period in 2019[17] Future Investments - The company's capital expenditure commitment amounted to approximately RMB 1518.7 million as of June 30, 2025[47] - The relevant budget for Beijing Shunyi Park Phase II is approximately RMB 938.0 million, and the total expenditures for Shunyi Phase II Project not exceeding RMB 1032.0 million[51]

Core Viewpoint - The performance of China Civil Aviation Information Network in the first half of 2025 shows growth in several core business indicators against the backdrop of a record high in the civil aviation passenger market. However, challenges such as a decline in foreign airline business processing volume, cost control pressures, and adjustments in business structure warrant attention [1]. Group 1: Core Business Growth - The electronic travel distribution system processed approximately 370.7 million passengers, a year-on-year increase of 5.3%, primarily driven by strong performance from domestic airlines, with processing volume for Chinese airlines up by 5.5% [3]. - The company has solidified its monopoly position in the domestic aviation tourism information technology solutions market, but the processing volume for foreign and regional airlines decreased by 7.8%, indicating challenges in international business expansion [3]. - The self-developed universal self-service check-in system is used in 240 major domestic and international airports, with online check-in services applied in 360 airports, processing approximately 239.6 million outbound passengers [3]. Group 2: Settlement and Clearing Business Growth - The settlement and clearing business became a highlight in the first half of the year, with approximately 628.4 million transactions processed, a year-on-year increase of 3.7%, and agency settlement amounts exceeding 35.61 billion RMB, a significant increase of 20.0% [4]. - The growth in settlement amounts outpaced transaction volume growth, indicating a notable increase in the average transaction value [4]. - The company has optimized its third-generation passenger revenue management platform in line with IATA's new distribution capability standards, successfully integrating with 11 airlines [4]. Group 3: Technology Innovation and Commercialization Challenges - The company has made significant investments in technology innovation, with a cumulative total of 19 signed clients for digital retail middle platform solutions and 29 airlines served by the enterprise-level data middle platform [6]. - The company is actively exploring emerging technologies such as artificial intelligence, blockchain, and digital currency, with the low-altitude economy business collaboration platform signing its first user [6]. - However, the commercialization level and profitability contribution of these technology innovation projects remain unclear, posing a challenge for the company to convert its technological advantages into market competitiveness and economic benefits [6].

中金发布研报称，维持中国民航信息网络(00696)2025、2026年盈利预测23.27亿元、25.81亿元不变。当 前股价对应13.6倍2025年市盈率和12.1倍2026年市盈率。维持跑赢行业评级和目标价13港元不变(对应15 倍2025年市盈率和13倍2026年市盈率)，较当前股价有10.2%的上行空间。公司1H25收入38.95亿元，同 比下滑3.6%;归母净利润14.48亿元，同比增长5.9%，符合市场预期。 中金主要观点如下： 建议关注联营企业中航信移动科技("航旅纵横"经营方)经营动向 根据公司2024年年报，截至2024年末公司持有中航信移动科技有限公司20.66%的股权。根据中国民用 航空网，航旅纵横App于7月正式上线"民航官方直销平台"功能，用户可在单一界面完成多家航司直销 机票的比价和购买;航旅纵横作为平台方，不收取机票代理费。该行建议继续关注近期航旅纵横用户活 跃度变化，以及对其商业化的潜在影响。 风险提示：民航需求不及预期;成本增长高于预期;大额减值准备计提。 1H25公司AIT业务收入同比增长2.1%，公司总订座量同比增长5.3%。根据公司运营数据公告，1H25公 司中国航司处理 ...

1H25 民航出行需求稳步提升，公司航空信息技术（AIT）业务处理量同增 5.3%，其中内航同增 5.5%，不过单价较高的外航恢复较慢，公司外航处理 量同降 7.8%，仅为 19 年同期的 45%。AIT 营收同比上升 2.1%至 23.13 亿， 涨幅低于处理量增速。同时技术支持与产品收入同增 30.4%至 3.85 亿，或 主因为民航相关公司提供 IT 服务及产品等业务增多，该业务或将成为公司 业绩新增量来源。另外民航需求提升也推动结算及清算营收同增 12.4%至 3.12 亿。 系统集成业务下滑，拖累整体营收 系统集成业务或由于项目竣工节奏影响，且 1H24 存在高基数，营收同降 38.5%至 4.18 亿，全年该业务营收需关注可达竣工条件的项目数及规模。 数据网络业务受到部分用户使用量基数较高影响，营收同降 12.4%至 1.90 亿。其余业务营收同降 10.2%至 2.76 亿，或主要随相关业务量波动。 证券研究报告 中国民航信息网络 (696 HK) 港股通 盈利小幅提升，关注 AIT 外业务表现 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | ...

Core Viewpoint - The report from CICC maintains the profit forecast for China Civil Aviation Information Network (00696) at 2.327 billion yuan for 2025 and 2.581 billion yuan for 2026, with a target price of 13 HKD, indicating a potential upside of 10.2% from the current stock price [1]. Group 1: Financial Performance - In 1H25, the company's revenue was 3.895 billion yuan, a year-on-year decline of 3.6%, while the net profit attributable to shareholders was 1.448 billion yuan, a year-on-year increase of 5.9%, aligning with market expectations [1]. - The company's operating costs decreased by 4.2% year-on-year, primarily due to a 17.6% decline in depreciation costs and a 52.1% drop in sales costs related to integration business [3]. - The company recognized a net reversal of credit impairment losses of 177 million yuan in 1H25, compared to 66 million yuan in 1H24, attributed to improved customer payments and a reduction in accounts receivable bad debt [3]. Group 2: Business Segments - The AIT business showed stable performance with a revenue growth of 2.1% in 1H25, while the total booking volume increased by 5.3% [2]. - The processing volume for Chinese airlines grew by 5.5% in 1H25, but the processing volume for foreign and regional airlines declined by 7.8%, indicating a slower recovery [2]. - The system integration business experienced a significant revenue decline of 38.5%, negatively impacting overall revenue growth due to project construction progress [2]. Group 3: Strategic Focus - The company holds a 20.66% stake in China Aviation Information Technology Co., Ltd., which operates the "Travel Companion" app, recently launching a "Civil Aviation Official Direct Sales Platform" feature [4]. - The app allows users to compare and purchase tickets from multiple airlines on a single interface without charging ticket agency fees, suggesting potential for increased user engagement and commercialization [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][13]. Core Views - The company reported total revenue of 3.89 billion yuan for H1 2025, a year-on-year decrease of 3.6%. The gross margin was 58.8%, down 0.8 percentage points year-on-year. The net profit attributable to shareholders was 1.45 billion yuan, an increase of 5.9% year-on-year, with a net profit margin of 37.2%, up 3.3 percentage points year-on-year [2]. - The company is expected to achieve net profits of 2.3 billion yuan, 2.5 billion yuan, and 2.7 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 14X, 13X, and 12X [4]. Financial Performance Summary - For 2025, the company is projected to have total revenue of 9.11 billion yuan, with a growth rate of 3.27%. The net profit is expected to be 2.3 billion yuan, reflecting a growth rate of 10.75% [9]. - The company’s revenue breakdown includes: - Aviation information technology services revenue of 2.31 billion yuan, up 2% year-on-year - Settlement and clearing revenue of 310 million yuan, up 12% year-on-year - System integration services revenue of 420 million yuan, down 38% year-on-year - Data network revenue of 190 million yuan, down 12% year-on-year - Technical support and product revenue of 380 million yuan, up 30% year-on-year - Other revenue of 280 million yuan, down 10% year-on-year [10]. - The company’s operating data for H1 2025 shows a total processing volume of 360 million passengers for Chinese airlines, a year-on-year increase of 5.5% [10].

Core Insights - China Civil Aviation Information Network (00696) reported a total revenue of 3.8945 billion yuan for the first half of 2025, representing a year-on-year decrease of 3.64% [1] - The net profit attributable to shareholders was approximately 1.448 billion yuan, showing a year-on-year increase of 5.88% [1] - Basic earnings per share were reported at 0.49 yuan [1] Revenue Analysis - The decline in total revenue is attributed to various factors affecting the aviation sector [1] - Despite the revenue drop, the company experienced stable growth in aviation information technology service income [1] - Improved cash collection further contributed to the net profit increase [1]

公告称，盈利实现同比增长，主要是航空信息技术服务收入同比稳定增长，公司回款情况进一步改善所 致。 智通财经APP讯，中国民航信息网络(00696)公布2025年中期业绩，营业总收入为38.945亿元，同比减少 3.64%;归属于母公司股东的净利润约14.48亿元，同比增长5.88%;基本每股收益0.49元。 ...