格隆汇12月18日丨中国民航信息网络(00696.HK)宣布，临时股东会(12月18日)结束后，江波出任公司执 行董事。 ...

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，並明確表示概不就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)於臨時股東會通過的決議案的投票結果 (2)委任執行董事 董事會宣佈，於二零二五年十二月十八日，本公司已於臨時股東會上以投票表決 方式正式通過載列於日期為二零二五年十一月二十七日的臨時股東會通告中的決 議案。 茲提述中國民航信息網絡股份有限公司（「本公司」）日期為二零二五年十一月二十七 日的通函（「通函」）。除文義另有所指外，本公告所採用詞彙與通函所定義者具有相 同涵義。 I. 臨時股東會投票結果 董事會宣佈，臨時股東會已於二零二五年十二月十八日（星期四）上午九時三十 分如期舉行，日期為二零二五年十一月二十七日的臨時股東會通告（「臨時股東 會通告」）所載的決議案已經股東以投票表決方式正式通過。於二零二五年十二 月十八日，擁有2,926,209,589股股份的股東有權出席臨時股東會。股東有權出 席臨時股東會上投票贊成或反對臨時股 ...

Core Viewpoint - China Aviation Information Network Group Union (航信工会) has been awarded the title of "National Advanced Unit in Mass Sports" by the National Sports Administration, recognizing its contributions to promoting sports among employees [1] Group 1: Sports Activities and Employee Engagement - The union has implemented a series of targeted and effective mass sports activities, enhancing employees' overall quality and enriching their leisure lives [3] - The "航信杯" series of sports events, including football, basketball, table tennis, and badminton, has attracted over 1,000 employees annually, fostering physical health and camaraderie among staff [3] Group 2: Cultural and Sports Associations - The union has established 15 cultural and sports associations, attracting an average of over 1,400 members each year, to meet diverse employee interests and enhance community [4] - Regular activities, competitions, and training sessions are organized to strengthen employee engagement and sense of belonging [4] Group 3: Infrastructure Development - From 2021 to 2024, the union has developed nearly 4,000 square meters of specialized sports facilities, including basketball courts, badminton courts, and yoga rooms, to provide convenient and comfortable fitness spaces for employees [4] - The union's efforts in facility development have received widespread praise and positive responses from employees [4] Group 4: Future Outlook - The union aims to deepen existing achievements by optimizing event content, enhancing association management, and improving service quality, contributing to the development of mass sports within the industry [5] - The focus will be on integrating employee fitness with health initiatives, expanding the influence of mass sports work in the industry [5]

Group 1: China Civil Aviation Information Network (00696) - The company is a leading GDS provider globally and the largest in China, with a global market share of approximately 28% and a domestic market share of about 95% [10] - The company's performance is highly correlated with the growth of the civil aviation industry, with expected flight bookings reaching 732 million in 2024, surpassing the 2019 peak [10] - The launch of the "official direct sales platform" in July 2025 positions the company to enter the trillion-yuan OTA market, aiming to reduce reliance on traditional OTAs [10] - The company is projected to achieve net profits of 2.21 billion, 2.43 billion, and 2.65 billion yuan from 2025 to 2027, with a maintained "buy" rating based on recovery in the civil aviation sector [10] Group 2: Xiangsheng Medical (688358) - Xiangsheng Medical has focused on ultrasound technology since its establishment in 1996, holding over 400 intellectual property rights and offering a comprehensive range of ultrasound products [11] - The company aims to leverage its "portable + intelligent" advantage, with products like SonoFamily series that include high-end and portable ultrasound devices, enhancing its competitive edge [11] - The company is expected to achieve revenues of 517 million, 620 million, and 744 million yuan from 2025 to 2027, with net profits projected at 146 million, 182 million, and 229 million yuan, respectively, maintaining a "buy" rating [13] Group 3: CIMC Enric (03899.HK) - CIMC Enric is a clean energy equipment platform under CIMC, focusing on LNG transportation, storage, and processing, with a projected net profit CAGR of 17% from 2020 to 2024 [13] - The company has a robust order backlog of 30.8 billion yuan, with 27.3 billion yuan in clean energy equipment orders, benefiting from the LNG market's growth [14] - The company is expected to achieve net profits of 1.13 billion, 1.47 billion, and 1.76 billion yuan from 2025 to 2027, with a "buy" rating based on a 29% upside potential from its current valuation [15] Group 4: PVA Industry (皖维高新 600063) - The company has established a comprehensive PVA industrial chain, with a focus on cost advantages and long-term growth potential, aiming to expand into high-value new materials [23] - The company is positioned to benefit from a recovery in demand for PVA products, with a projected increase in production capacity and profitability in the coming years [23] - The company is expected to achieve revenues of 8.064 billion, 8.881 billion, and 9.768 billion yuan from 2025 to 2027, with net profits projected at 473 million, 622 million, and 862 million yuan, respectively, maintaining an "overweight" rating [25] Group 5: Social Services Industry - The introduction of spring and autumn holidays has stimulated tourism demand, with significant increases in travel and spending during these periods [26] - The winter "snow holiday" policy has also contributed to the recovery of the ice and snow tourism industry, with various incentives driving participation [26] - The overall service consumption is expected to benefit from government policies aimed at boosting demand, with a focus on tourism and related sectors [27]

Core Viewpoint - The report maintains a "buy" rating for China Civil Aviation Information Network (00696), citing the recovery of the civil aviation industry, increased marketing investments, and improved operational efficiency as key factors for growth [1] Group 1: Company Overview - China Civil Aviation Information Network is a leading supplier of IT solutions for the aviation travel industry in China, deeply involved in the construction, technological iteration, and service upgrades of civil aviation information systems since its inception [2] - The company is one of the top three global GDS suppliers, with a global market share of approximately 28% and a domestic market share of around 95% [2] Group 2: Industry Growth - The civil aviation industry's growth is positively correlated with the company's performance, with a strong relationship between aviation information technology services and flight booking volumes [3] - The number of travelers is expected to reach new highs, with the company's ETD system projected to handle 732 million flight bookings in 2024, surpassing the peak in 2019 [4] - Over the next decade, the per capita flight frequency in China is expected to double, with a CAGR of approximately 6%, and the number of airports increasing from 263 to 400, with a CAGR of around 4% [4] Group 3: Market Opportunities - The launch of the "official direct sales platform" by Hanglv Zongheng in July 2025 marks the company's entry into the trillion-yuan OTA market, addressing airlines' over-reliance on traditional OTAs [5] - Airlines are expected to return to near breakeven in 2024, which will positively impact the company's average selling price (ASP) [4]

Core Viewpoint - The report maintains a "Buy" rating for China Civil Aviation Information Network (00696), citing the recovery of the civil aviation industry, increased marketing investments, and improved operational efficiency as key factors for growth [1] Group 1: Company Overview - China Civil Aviation Information Network is a leading supplier of IT solutions for the aviation travel industry, deeply involved in the construction, technological iteration, and service upgrades of civil aviation information systems since its inception [1] - The company is the largest GDS supplier in China and ranks among the top three globally, with a market share of approximately 28% worldwide and about 95% domestically [1] Group 2: Industry Growth - The civil aviation industry is experiencing stable growth in both volume and price, with a strong correlation between the company's performance and the industry's growth [2] - The number of passengers is expected to reach new highs, with the company's ETD system projected to handle 732 million flight bookings in 2024, surpassing the peak in 2019 [3] - Over the next decade, the average number of flights per person in China is expected to double, with a CAGR of approximately 6%, and the number of airports increasing from 263 to 400, with a CAGR of around 4% [3] Group 3: Market Opportunities - The launch of the "Civil Aviation Official Direct Sales Platform" in July 2025 marks the company's entry into the trillion-yuan OTA market, addressing airlines' over-reliance on traditional OTAs [4] - Airlines are expected to return to near breakeven in 2024, which will positively impact the company's average selling price (ASP) [3] - The increase in visa-free policies is expected to boost the volume of cross-border tourists, leading to an improvement in ASP [3]

Investment Rating - The report maintains a positive outlook on the computer industry, particularly highlighting the advancements in AI technology and its implications for enterprise applications [5][6]. Core Insights - The release of OpenAI's GPT 5.2 marks a significant improvement in reasoning and professional knowledge capabilities, achieving human expert-level performance in various assessments [7][8]. - The Chinese civil aviation information network is positioned as a leader in aviation IT, showing signs of recovery and growth, with a strong market presence [28][39]. - Key company updates include the acquisition activities of Gaon Electronics and the launch of TicNote Pods by Out the Door, indicating strategic expansions in their respective markets [47][51]. Summary by Sections OpenAI GPT 5.2 Release - OpenAI's GPT 5.2 was launched on December 11, 2025, showcasing substantial improvements in reasoning and professional knowledge tasks, achieving scores of 70.9% in GDPval and 86.2% in ARC-AGI-1 [7][8]. - The competition among large models is shifting from a focus on parameter size to niche differentiation, with OpenAI, Google, and Anthropic each excelling in different areas [5][27]. - The enhanced capabilities of GPT 5.2 are expected to benefit enterprise-level applications, particularly in complex reasoning and planning tasks [21][27]. Chinese Civil Aviation Information Network - The Chinese civil aviation information network is the largest provider of aviation IT services in China, deeply integrated into the industry's information system development [28][30]. - The company has a significant market share, with approximately 95% in the domestic market and around 28% globally, ranking among the top three GDS providers [35][36]. - The recovery of the aviation industry post-pandemic is reflected in the increasing number of flight bookings, with a projected growth in passenger numbers and IT investment in the sector [39][41]. Company Updates - Gaon Electronics announced the acquisition of 100% of Ruicheng Chip Micro and 45.64% of Nengneng Micro, with a total transaction value of 2.174 billion yuan, aimed at enhancing its competitive position in the semiconductor industry [47][49]. - Out the Door launched TicNote Pods, a 4G AI recording headset, marking a strategic shift towards independent AI hardware, which is expected to enhance user experience and operational efficiency [51][55].

Core Viewpoint - The company, China Civil Aviation Information Network, is a leading supplier of IT solutions for the aviation industry in China, deeply integrated with the development of civil aviation information systems and poised for growth as the industry recovers and expands [1][2]. Group 1: Company Overview - The company has evolved from its inception in 1984, participating in the establishment and upgrading of civil aviation information systems, and is now the largest GDS supplier in China with a global market share of approximately 28% and a domestic market share of about 95% [1]. - The company is set to launch the "Civil Aviation Official Direct Sales Platform" in July 2025, marking its entry into the trillion-yuan OTA market [2]. Group 2: Market Dynamics - The civil aviation industry is expected to see a steady increase in passenger numbers, with the company's ETD system projected to handle 732 million flight bookings in 2024, surpassing the peak in 2019 [1]. - The number of airports in China is anticipated to grow from 263 to 400 over the next decade, with a compound annual growth rate (CAGR) of approximately 4% [1]. Group 3: Financial Performance - The company is expected to benefit from the recovery of airlines, with airlines nearing breakeven in 2024, which will positively impact the company's average selling price (ASP) [2]. - The company has adjusted its profit forecasts, expecting net profits of 2.21 billion, 2.43 billion, and 2.65 billion yuan for the years 2025 to 2027, respectively [2]. Group 4: Strategic Outlook - The company aims to leverage its relationship with China Aviation Information Technology and its partnership with Meituan to become a leading OTA platform, competing with major players like Ctrip and Tongcheng [2]. - The company maintains a "Buy" rating based on the recovery of the civil aviation industry and improved operational efficiency [2].

Investment Rating - The report maintains a "Buy" rating for China Civil Aviation Information Network (00696) based on the recovery of the civil aviation industry, increased marketing investments, and improved operational efficiency [7][6][15]. Core Insights - China Civil Aviation Information Network is a leading IT solution provider in the civil aviation sector, deeply involved in the construction and upgrade of civil aviation information systems since its inception [6][15]. - The company is the largest Global Distribution System (GDS) provider in China, with a global market share of approximately 28% and a domestic market share of around 95% [6][32]. - The recovery of the civil aviation industry is expected to drive steady growth in passenger numbers and revenue, with the company projecting a significant increase in flight bookings processed by its ETD system [6][49]. - The launch of the "official direct sales platform" by the company marks its entry into the trillion-yuan Online Travel Agency (OTA) market, aiming to reduce airlines' reliance on traditional OTAs [6][15]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 6,984 million RMB - 2024: 8,823 million RMB (34.04% YoY growth) - 2025E: 9,245 million RMB (4.79% YoY growth) - 2026E: 9,863 million RMB (6.68% YoY growth) - 2027E: 10,541 million RMB (6.88% YoY growth) [5][6]. - Net profit attributable to ordinary shareholders is expected to reach: - 2023: 1,399 million RMB - 2024: 2,074 million RMB (123.10% YoY growth) - 2025E: 2,209 million RMB (6.51% YoY growth) - 2026E: 2,429 million RMB (9.94% YoY growth) - 2027E: 2,648 million RMB (9.04% YoY growth) [5][6]. Key Assumptions - Revenue growth rates for various segments from 2025 to 2027 are projected as follows: - Aviation IT services: 5%/6%/6% - Settlement and clearing services: 20%/7%/7% - System integration services: -5%/5%/5% - Data network services and other businesses: 10%/10%/10% [8]. Market Position and Competitive Landscape - The company is positioned as a key player in the civil aviation IT sector, with a robust growth trajectory supported by the increasing demand for air travel and the expansion of airport infrastructure in China [6][58]. - The civil aviation industry is expected to see a doubling of per capita air travel frequency over the next decade, indicating significant growth potential for the company [56][57]. Catalysts for Stock Performance - The civil aviation industry is entering a high-growth phase, with airlines recovering profitability and an increase in cross-border travel [10][6]. - The expansion of the company's overseas business and the successful launch of its OTA platform are expected to exceed market expectations [10].

Investment Rating - The report maintains a "Buy" rating for the company, citing the recovery of the civil aviation industry and the company's increased marketing investments as key factors for growth [2][7]. Core Insights - The company is a leading IT solution provider in China's civil aviation sector, deeply involved in the construction and upgrade of aviation information systems since its inception [6][19]. - The company has a significant market share, being the largest GDS provider in China with approximately 95% domestic market share and around 28% globally [6][37]. - The report highlights a strong correlation between the company's performance and the growth of the civil aviation industry, with expectations for steady growth in passenger numbers and revenue [6][43]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 6,984 million RMB - 2024: 8,823 million RMB (34.04% YoY growth) - 2025E: 9,245 million RMB (4.79% YoY growth) - 2026E: 9,863 million RMB (6.68% YoY growth) - 2027E: 10,541 million RMB (6.88% YoY growth) [5] - Net profit attributable to ordinary shareholders is expected to grow significantly: - 2023: 1,399 million RMB - 2024: 2,074 million RMB (123.10% YoY growth) - 2025E: 2,209 million RMB (6.51% YoY growth) - 2026E: 2,429 million RMB (9.94% YoY growth) - 2027E: 2,648 million RMB (9.04% YoY growth) [5] Business Overview - The company’s core business includes: - Aviation Information Technology Services - Settlement and Clearing Services - System Integration Services - Data Network Services [28][36] - The company has launched an official direct sales platform, entering the OTA market, which is projected to be a significant growth area [6][22]. Market Dynamics - The civil aviation industry is expected to see a robust recovery, with passenger numbers projected to exceed pre-pandemic levels by 2024 [6][58]. - The report anticipates a doubling of per capita flight frequency in China over the next decade, indicating substantial growth potential [60][61]. - The number of operational airports in China is expected to increase from 263 to around 400 by 2035, supporting the growth of the aviation sector [62][63].