格隆汇8月21日丨中国民航信息网络(00696.HK)公告，集团2025年上半年总收入为人民币3,894.5百万 元，较2024年上半年的人民币4,041.8百万元，减少了人民币147.3百万元或3.6%。2025年上半年，集团 利润总额为人民币1,677.9百万元，较2024年上半年的人民币1,605.7百万元，增加了约4.5%。公司归属 于母公司股东的净利润为人民币1,447.7百万元，较2024年上半年的人民币1,367.2百万元，增加了约 5.9%。 ...

[Announcement Overview](index=1&type=section&id=Announcement%20Overview) [Company Basic Information](index=1&type=section&id=Company%20Basic%20Information) This is the unaudited interim results announcement of TravelSky Technology Limited (Stock Code: 00696) for the six months ended June 30, 2025, prepared in accordance with China Accounting Standards for Business Enterprises - This announcement is the unaudited interim results for the six months ended June 30, 2025[2](index=2&type=chunk) - The financial statements are prepared in accordance with the China Accounting Standards for Business Enterprises[2](index=2&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group's total operating revenue was RMB 3,894.5 million, with a net profit of RMB 1,448.8 million and basic earnings per share of RMB 0.49 Key Data from Consolidated Income Statement (For the six months ended June 30, 2025, RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 3,894,500 | 4,041,791 | | Total Operating Costs | 2,427,877 | 2,535,291 | | Operating Profit | 1,689,988 | 1,613,656 | | Profit Before Tax | 1,677,920 | 1,605,722 | | Net Profit | 1,448,783 | 1,376,815 | | Net Profit Attributable to Shareholders of the Parent Company | 1,447,651 | 1,367,221 | | Basic Earnings Per Share (RMB/Share) | 0.49 | 0.47 | | Diluted Earnings Per Share (RMB/Share) | 0.49 | 0.47 | - **Net profit attributable to shareholders of the parent company increased by 5.9%** year-on-year to RMB 1,447,651 thousand[3](index=3&type=chunk) [Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the Group's total assets reached RMB 32,121.5 million, an increase of approximately 8.1% from the end of the previous year, with total liabilities at RMB 8,445.1 million Key Data from Consolidated Balance Sheet (As of June 30, 2025, RMB'000) | Item | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | **Assets** | | | | Total Current Assets | 23,384,427 | 20,498,211 | | Total Non-current Assets | 8,737,037 | 9,196,434 | | Total Assets | 32,121,464 | 29,694,646 | | **Liabilities and Equity** | | | | Total Current Liabilities | 7,707,128 | 6,724,716 | | Total Non-current Liabilities | 737,944 | 72,944 | | Total Liabilities | 8,445,071 | 6,797,660 | | Total Equity | 23,676,393 | 22,896,986 | | Total Liabilities and Equity | 32,121,464 | 29,694,646 | - **Total assets increased by approximately 8.1%** compared to the end of the previous year[5](index=5&type=chunk)[6](index=6&type=chunk) - **Total current liabilities increased by 14.6%** year-on-year, while **total non-current liabilities surged by 911.7%**[7](index=7&type=chunk) [Notes to the Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [Basic Information of the Company](index=8&type=section&id=Basic%20Information%20of%20the%20Company) The company, incorporated in Beijing on October 18, 2000, provides IT services for the aviation industry, with its ultimate controlling entity being the State-owned Assets Supervision and Administration Commission of the State Council - The company was incorporated in Beijing on October 18, 2000, with a total issued share capital of 2,926,209,589 shares[9](index=9&type=chunk) - Principal activities include air passenger service processing, electronic travel distribution, airport passenger processing, air cargo data processing, and internet travel platform services[9](index=9&type=chunk) - The ultimate controlling entity is the State-owned Assets Supervision and Administration Commission of the State Council of the PRC[9](index=9&type=chunk) [Basis of Preparation of Financial Statements](index=8&type=section&id=Basis%20of%20Preparation%20of%20Financial%20Statements) The interim results are prepared in accordance with China Accounting Standards for Business Enterprises on a going concern basis and comply with Hong Kong's disclosure requirements - The financial statements are prepared in accordance with the China Accounting Standards for Business Enterprises issued by the Ministry of Finance of the PRC[11](index=11&type=chunk) - The statements comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Hong Kong Companies Ordinance[11](index=11&type=chunk) - The financial statements are prepared on a going concern basis[12](index=12&type=chunk) [Changes in Accounting Policies](index=9&type=section&id=Changes%20in%20Accounting%20Policies) There were no changes in accounting policies during the reporting period - There were no changes in accounting policies during the period[13](index=13&type=chunk) [Taxation](index=9&type=section&id=Taxation) The Group is subject to VAT, Urban Maintenance and Construction Tax, and Corporate Income Tax, enjoying a preferential rate of 15% as a "High and New Technology Enterprise" and a further reduced rate of 10% as a "Key Software Enterprise" Major Taxes and Tax Rates | Tax Type | Applicable Rate (%) | | :--- | :--- | | Value-added Tax (VAT) | 3.00–23.00 | | Urban Maintenance and Construction Tax | 5.00, 7.00 | | Corporate Income Tax | 8.25–25.00 | - The company is recognized as a "High and New Technology Enterprise" and is entitled to a **preferential Corporate Income Tax rate of 15%**, valid until 2025[15](index=15&type=chunk) - The company is recognized as a "Key Software Enterprise" and is entitled to a **further reduced preferential tax rate of 10%**, with the difference to be refunded subsequently[16](index=16&type=chunk) [Notes to Key Items in the Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Key%20Items%20in%20the%20Consolidated%20Financial%20Statements) This section details key financial statement items, including receivables, investments, payables, revenue composition, and earnings per share, providing comparative data against prior periods [Accounts Receivable](index=11&type=section&id=Accounts%20Receivable) As of June 30, 2025, total accounts receivable were RMB 5,331.2 million, with provisions for bad debts totaling RMB 930.1 million Aging Analysis of Accounts Receivable (RMB'000) | Aging | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | Within 1 year | 4,148,447 | 4,364,621 | | 1 to 2 years | 1,235,590 | 886,221 | | 2 to 3 years | 342,556 | 402,296 | | Over 3 years | 434,794 | 407,659 | | Subtotal | 6,261,288 | 6,060,796 | | Less: Provision for bad debts | 930,067 | 1,101,521 | | Total | 5,331,221 | 4,959,275 | Analysis of Accounts Receivable by Provision Method (As of period-end, RMB'000) | Category | Carrying Amount | Proportion (%) | Provision for Bad Debts | Provision Rate (%) | Book Value | | :--- | :--- | :--- | :--- | :--- | :--- | | Individually assessed | 871,967 | 13.93 | 589,703 | 67.63 | 282,264 | | Collectively assessed | 5,389,321 | 86.07 | 340,364 | 6.32 | 5,048,957 | | Total | 6,261,288 | 100.00 | 930,067 | | 5,331,221 | [Other Equity Instrument Investments](index=12&type=section&id=Other%20Equity%20Instrument%20Investments) The Group holds a 13.26% stake in China Merchants Renhe Life Insurance, with a fair value of RMB 1,043.8 million, designated as a financial asset at FVTOCI Details of Other Equity Instrument Investments (RMB'000) | Item | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | China Merchants Renhe Life Insurance Co, Ltd | 1,043,827 | 1,004,312 | | Total | 1,043,827 | 1,004,312 | - Holds a **13.26% equity interest** in China Merchants Renhe Life Insurance Co, Ltd, with a fair value of **RMB 1,043,827 thousand**[22](index=22&type=chunk) - The investment is designated as a financial asset at fair value through other comprehensive income (FVTOCI)[22](index=22&type=chunk) [Other Non-current Financial Assets](index=13&type=section&id=Other%20Non-current%20Financial%20Assets) The Group's investment in CMSC Equity Fund has a carrying amount of RMB 996.9 million, with a focus on the 5G and information communication industry chain Details of Other Non-current Financial Assets (RMB'000) | Item | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | Financial assets at fair value through profit or loss | 996,867 | 1,017,412 | | Of which: Equity instrument investments | 996,867 | 1,017,412 | | Total | 996,867 | 1,017,412 | - This asset represents an investment in CMSC Equity Fund, with a paid-in capital of **RMB 852,175 thousand** and a carrying amount of **RMB 996,867 thousand**[23](index=23&type=chunk) - CMSC Equity Fund primarily invests in companies related to the 5G and information communication industry chain[23](index=23&type=chunk) [Accounts Payable](index=14&type=section&id=Accounts%20Payable) As of June 30, 2025, total accounts payable were RMB 2,209.3 million, a slight increase from the previous year-end, with balances aged within one year accounting for 60.5% Details of Accounts Payable (RMB'000) | Aging | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | Within 1 year (inclusive) | 1,335,823 | 1,549,348 | | 1–2 years (inclusive) | 620,571 | 340,986 | | 2–3 years (inclusive) | 135,545 | 186,807 | | Over 3 years | 117,341 | 110,259 | | Total | 2,209,280 | 2,187,400 | [Contract Liabilities](index=14&type=section&id=Contract%20Liabilities) As of June 30, 2025, contract liabilities amounted to RMB 815.5 million, an increase of 26.3% from the previous year-end, primarily from system integration services Details of Contract Liabilities (RMB'000) | Item | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | Contracts for system integration services, etc | 815,475 | 645,608 | | Total | 815,475 | 645,608 | [Revenue and Cost of Sales](index=15&type=section&id=Revenue%20and%20Cost%20of%20Sales) For the six months ended June 30, 2025, the Group's revenue was RMB 3,894.5 million and cost of sales was RMB 1,606.5 million, with system integration service revenue declining significantly Revenue and Cost of Sales (RMB'000) | Item | Current Period Revenue | Current Period Cost | Prior Period Revenue | Prior Period Cost | | :--- | :--- | :--- | :--- | :--- | | Main business | 3,881,068 | 1,601,054 | 4,020,211 | 1,628,051 | | Other business | 13,431 | 5,472 | 21,581 | 6,072 | | Total | 3,894,500 | 1,606,526 | 4,041,791 | 1,634,123 | Breakdown of Revenue (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Aviation information technology services | 2,313,440 | 2,265,033 | | Settlement and clearing services | 312,470 | 277,972 | | System integration services | 418,355 | 679,849 | | Data network services | 189,533 | 216,410 | | Technical support and product revenue | 384,961 | 295,310 | | Other revenue | 275,742 | 307,218 | | Total | 3,894,500 | 4,041,791 | - **Revenue from system integration services decreased by 38.5% year-on-year**, mainly affected by the progress of project construction[25](index=25&type=chunk) [Investment Income](index=16&type=section&id=Investment%20Income) For the six months ended June 30, 2025, total investment income was RMB 28.7 million, a decrease from the prior period due to lower returns from trading financial assets Details of Investment Income (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Income from long-term equity investments under the equity method | 11,043 | 2,121 | | Investment income from disposal of long-term equity investments | 115 | 7,673 | | Investment income from trading financial assets during the holding period | 8,859 | 29,540 | | Interest income from debt investments during the holding period | 8,697 | — | | Total | 28,714 | 39,335 | [Credit Impairment Losses](index=16&type=section&id=Credit%20Impairment%20Losses) For the six months ended June 30, 2025, credit impairment losses were RMB 176.5 million, a significant increase from the prior period mainly due to higher bad debt losses on accounts receivable Details of Credit Impairment Losses (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Bad debt losses on notes receivable | 5,637 | 7,791 | | Bad debt losses on accounts receivable | 170,908 | 57,873 | | Total | 176,545 | 65,664 | [Asset Impairment Losses](index=17&type=section&id=Asset%20Impairment%20Losses) For the six months ended June 30, 2025, asset impairment losses amounted to RMB 2.1 million, primarily related to contract assets Details of Asset Impairment Losses (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Impairment losses on contract assets | 2,069 | –6,021 | | Total | 2,069 | –6,021 | [Earnings Per Share](index=17&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted earnings per share were RMB 0.49, an increase from RMB 0.47 in the prior period Earnings Per Share Calculation | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Profit (RMB'000) | 1,447,651 | 1,367,221 | | Number of shares ('000 shares) | 2,926,210 | 2,926,210 | | Earnings per share (basic and diluted) | 0.49 | 0.47 | [Dividend Distribution](index=17&type=section&id=Dividend%20Distribution) A final cash dividend of RMB 0.239 per share for 2024, totaling RMB 699.4 million, was approved and recorded as a distribution of retained earnings - The final cash dividend for 2024 was **RMB 0.239 per share** (tax inclusive), totaling **RMB 699,364 thousand**[28](index=28&type=chunk) - This dividend was recognized in shareholders' equity for the six months ended June 30, 2025, as a distribution of retained earnings[28](index=28&type=chunk) [Asset Disposal](index=18&type=section&id=Asset%20Disposal) For the six months ended June 30, 2025, the Group recorded a gain on asset disposal of RMB 2.7 million, mainly from the disposal of right-of-use assets - Gain on disposal of assets amounted to **RMB 2,734 thousand**[29](index=29&type=chunk) - This primarily includes a gain of RMB 2,770 thousand from the disposal of right-of-use assets (lease modification gain) and a loss of RMB 36 thousand from office and electronic equipment[29](index=29&type=chunk) [Supplementary Information to the Income Statement by Nature of Expense](index=18&type=section&id=Supplementary%20Information%20to%20the%20Income%20Statement%20by%20Nature%20of%20Expense) For the six months ended June 30, 2025, staff costs were RMB 968.2 million and depreciation and amortization were RMB 438.1 million, with system integration sales costs decreasing by 52.1% Expenses by Nature (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Staff costs | 968,206 | 937,785 | | Depreciation and amortization | 438,094 | 531,602 | | Cost of sales for integration business | 200,792 | 418,795 | | Technical support and maintenance fees | 285,498 | 286,074 | | Departure and distribution support fees | 307,218 | 303,275 | | Network usage fees | 42,631 | 44,190 | | Finance costs | –55,907 | –78,654 | | Other operating costs | 196,526 | 47,556 | | Total | 2,383,057 | 2,490,623 | - **Cost of sales for integration business decreased by 52.1%**, mainly affected by the progress of system integration projects[30](index=30&type=chunk) - **Depreciation and amortization decreased by 17.6%**, mainly because certain fixed assets and intangible assets were fully depreciated or amortized[30](index=30&type=chunk) [Business Review](index=19&type=section&id=Business%20Review) [Business Review for the First Half of 2025](index=19&type=section&id=Business%20Review%20for%20the%20First%20Half%20of%202025) In H1 2025, the Group capitalized on the civil aviation market recovery, advanced its core businesses, enhanced innovation, and strategically entered emerging industries like AI and the low-altitude economy - The civil aviation passenger market hit a new record high, with both domestic and international passenger volumes surpassing the same period in 2019[31](index=31&type=chunk) - The Electronic Travel Distribution (ETD) system processed approximately **370.7 million passengers** for domestic and foreign airlines, a **year-on-year increase of 5.3%**[32](index=32&type=chunk) - The settlement and clearing system handled approximately **628.4 million transactions**, up **3.7% year-on-year**, with settled revenue exceeding **RMB 35.61 billion**, a **20.0% increase**[34](index=34&type=chunk) - Actively participated in smart airport construction projects and promoted new-generation departure front-end systems, facial recognition travel platforms, and full-process baggage tracking systems[36](index=36&type=chunk) - Expanded value-added data center services, upgraded cargo terminal production systems, and developed applications for the "Aviation-Travel Chain" blockchain and digital RMB payments[37](index=37&type=chunk) - Ensured stable operation of mainframe and open platform systems with an availability rate exceeding **99.99%** and expanded data center resources[38](index=38&type=chunk) - Led research into AI applications for the civil aviation industry and actively developed the low-altitude economy sector, signing the first user for its collaborative platform[39](index=39&type=chunk) [Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) [Overview](index=23&type=section&id=Overview) In H1 2025, the Group's profit before tax grew 4.5% to RMB 1,677.9 million, and net profit attributable to shareholders rose 5.9% to RMB 1,447.7 million, driven by stable revenue growth and improved collections - **Profit before tax was RMB 1,677.9 million**, an increase of approximately **4.5%** compared to H1 2024[40](index=40&type=chunk) - **Net profit attributable to shareholders of the parent company was RMB 1,447.7 million**, an increase of approximately **5.9%** compared to H1 2024[40](index=40&type=chunk) - The profit growth was mainly attributable to stable revenue growth from aviation information technology services and improved collection of payments[40](index=40&type=chunk) [Total Revenue](index=23&type=section&id=Total%20Revenue) Total revenue for H1 2025 was RMB 3,894.5 million, a 3.6% decrease year-on-year, impacted by a significant 38.5% decline in system integration service revenue despite growth in other segments - **Total revenue was RMB 3,894.5 million**, a **year-on-year decrease of 3.6%**[41](index=41&type=chunk) Revenue Changes by Business Segment (RMB million) | Business Segment | H1 2025 | H1 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Aviation information technology services | 2,313.4 | 2,265.0 | +2.1% | | Settlement and clearing services | 312.5 | 278.0 | +12.4% | | System integration services | 418.4 | 679.8 | -38.5% | | Data network services | 189.5 | 216.4 | -12.4% | | Technical support and product revenue | 385.0 | 295.3 | +30.4% | | Other revenue | 275.7 | 307.2 | -10.2% | - The decrease in system integration service revenue was mainly affected by the progress of project construction[42](index=42&type=chunk) [Total Operating Costs](index=25&type=section&id=Total%20Operating%20Costs) Total operating costs for H1 2025 decreased by 4.2% to RMB 2,427.9 million, driven by a 52.1% reduction in integration business sales costs and a 17.6% drop in depreciation and amortization - **Total operating costs were RMB 2,427.9 million**, a **year-on-year decrease of 4.2%**[44](index=44&type=chunk) - **Credit impairment losses were RMB -176.5 million**, mainly due to improved payment collection from certain customers, resulting in a decrease in the provision for bad debts on accounts receivable[44](index=44&type=chunk) Changes in Major Cost Items | Cost Item | Change Rate | | :--- | :--- | | Staff costs | +3.2% | | Depreciation and amortization | -17.6% | | Cost of sales for integration business | -52.1% | | Technical support and maintenance fees | -0.2% | | Departure and distribution support fees | +1.3% | [Corporate Income Tax](index=26&type=section&id=Corporate%20Income%20Tax) The company accrued corporate income tax for H1 2025 at a preferential rate of 15% as a "High and New Technology Enterprise" and is eligible for a further reduced rate of 10% as a "Key Software Enterprise" - The company accrued corporate income tax for H1 2025 at a **preferential rate of 15%** due to its "High and New Technology Enterprise" status[46](index=46&type=chunk) - The company has been recognized as a "Key Software Enterprise" from 2006 to 2024, entitling it to a **10% preferential tax rate**, with the difference to be refunded subsequently[46](index=46&type=chunk) [Net Profit Attributable to Shareholders of the Parent Company](index=26&type=section&id=Net%20Profit%20Attributable%20to%20Shareholders%20of%20the%20Parent%20Company) Net profit attributable to shareholders of the parent company increased by RMB 80.4 million, from RMB 1,367.2 million in H1 2024 to RMB 1,447.7 million in H1 2025 - Net profit attributable to shareholders of the parent company **increased by RMB 80.4 million year-on-year** to **RMB 1,447.7 million**[48](index=48&type=chunk) [Liquidity and Capital Structure](index=27&type=section&id=Liquidity%20and%20Capital%20Structure) [Liquidity and Capital Structure](index=27&type=section&id=Liquidity%20and%20Capital%20Structure) In H1 2025, the Group generated a net cash inflow from operating activities of RMB 1,314.8 million, holding cash and cash equivalents of RMB 6,621.2 million against total borrowings of RMB 1,396.1 million - **Net cash inflow from operating activities was RMB 1,314.8 million**[49](index=49&type=chunk) - **Total borrowings amounted to RMB 1,396.1 million**, comprising short-term bank loans of RMB 924.6 million and entrusted loans of RMB 471.5 million[49](index=49&type=chunk) - **Cash and cash equivalents stood at RMB 6,621.2 million**, of which 95.3% was denominated in RMB[49](index=49&type=chunk) [Restricted Bank Deposits](index=27&type=section&id=Restricted%20Bank%20Deposits) As of June 30, 2025, restricted bank deposits totaled RMB 1,821.6 million, primarily consisting of provisions for customers' payments used as performance guarantees for settlement-related businesses - Restricted bank deposits amounted to **RMB 1,821.6 million**, of which **RMB 1,794.3 million** was provisions for customers' payments[50](index=50&type=chunk) - These funds are mainly held in designated accounts as performance guarantees for settlement-related businesses[50](index=50&type=chunk) [Entrusted Deposits and Irrecoverable Overdue Time Deposits](index=27&type=section&id=Entrusted%20Deposits%20and%20Irrecoverable%20Overdue%20Time%20Deposits) As of June 30, 2025, the Group had no entrusted deposits or irrecoverable overdue time deposits - The Group had no entrusted deposits or irrecoverable overdue time deposits[51](index=51&type=chunk) [Foreign Exchange Risk](index=27&type=section&id=Foreign%20Exchange%20Risk) The Group's foreign exchange risk arises from commercial transactions and assets and liabilities denominated in foreign currencies, with potential impacts from RMB exchange rate fluctuations - Foreign exchange risk arises from commercial transactions and assets and liabilities denominated in foreign currencies[52](index=52&type=chunk) - Fluctuations in the exchange rate of RMB against foreign currencies may affect operating results[52](index=52&type=chunk) [Investment in Financial Assets](index=27&type=section&id=Investment%20in%20Financial%20Assets) The Group prudently invests in principal-protected wealth management products with returns higher than bank deposit rates, including structured deposits, certificates of deposit, and equity funds - The Group's fund management strategy typically involves selecting principal-protected wealth management products with interest rates higher than bank deposits to maximize returns[53](index=53&type=chunk) [Trading Financial Assets](index=28&type=section&id=Trading%20Financial%20Assets) As of June 30, 2025, the Group held structured bank deposits totaling RMB 6,000 million with annual interest rates ranging from 0.45% to 2.30% - Held structured bank deposits totaling **RMB 6,000 million**, with annual interest rates of **0.45%–2.30%** and tenors of 92 to 186 days[54](index=54&type=chunk) [Financial Assets at Amortized Cost](index=28&type=section&id=Financial%20Assets%20at%20Amortized%20Cost) As of June 30, 2025, the Group held certificates of deposit totaling RMB 670 million and reverse repurchase agreements of RMB 1,000 million - Held certificates of deposit totaling **RMB 670 million**, with annual interest rates of **1.75%–3.10%** and tenors of 365 to 1,097 days[55](index=55&type=chunk) - Held reverse repurchase agreements of **RMB 1,000 million** with an annualized interest rate of **1.66%** and a tenor of 28 days[55](index=55&type=chunk) [Financial Assets at Fair Value through Other Comprehensive Income](index=28&type=section&id=Financial%20Assets%20at%20Fair%20Value%20through%20Other%20Comprehensive%20Income) The Group holds a 13.26% stake in China Merchants Renhe Life Insurance, with a fair value of RMB 1,043.8 million as of June 30, 2025 Investment in China Merchants Renhe Life Insurance (RMB'000) | Investment Name | Shareholding (%) | Fair Value as at June 30, 2025 | Fair Value as at Dec 31, 2024 | Gain for the six months ended June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | China Merchants Renhe Life | 13.26 | 1,043,827 | 1,004,312 | 39,515 | - China Merchants Renhe Life Insurance recorded a **profit of RMB 173.33 million** in H1 2025[57](index=57&type=chunk) - The insurer will continue to promote product transformation and strengthen asset-liability management around its strategic initiatives[59](index=59&type=chunk) [Financial Assets at Fair Value through Profit or Loss](index=30&type=section&id=Financial%20Assets%20at%20Fair%20Value%20through%20Profit%20or%20Loss) The Group has made a capital contribution of RMB 852.2 million to the CMSC Equity Fund, which invests in the 5G industry and information communication supply chain - A capital contribution of **RMB 852.2 million** has been made to the CMSC Equity Fund[60](index=60&type=chunk) - The CMSC Equity Fund primarily invests in companies related to 5G industry applications and the information communication industry chain[60](index=60&type=chunk) [Pledge of Assets](index=31&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no pledged assets - The Group had no pledged assets[61](index=61&type=chunk) [Contingent Liabilities](index=31&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - The Group had no material contingent liabilities[62](index=62&type=chunk) [Gearing Ratio](index=31&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was 26.3%, an increase from 22.9% at the end of 2024 - The gearing ratio was **26.3%** (December 31, 2024: 22.9%)[63](index=63&type=chunk) [Progress in Data Resource Capitalization](index=31&type=section&id=Progress%20in%20Data%20Resource%20Capitalization) During the period, the Group did not recognize any new data resources as intangible assets, with the existing balance reported at RMB 20.2 million - No new data resources were recognized as intangible assets during the period[64](index=64&type=chunk) - The financial statements report "Intangible assets – of which: data resources" at **RMB 20.2 million**[64](index=64&type=chunk) [Significant Investment or Financing Plans](index=31&type=section&id=Significant%20Investment%20or%20Financing%20Plans) The Group had no significant acquisitions, disposals, or investment plans as of June 30, 2025, with capital expenditure in H1 2025 totaling RMB 133.8 million - As of June 30, 2025, the Group had no significant acquisitions, disposals, or plans for major investments or capital asset purchases[65](index=65&type=chunk) - Total capital expenditure for H1 2025 was **RMB 133.8 million** (H1 2024: RMB 141.5 million)[65](index=65&type=chunk) - Capital expenditure commitments amounted to approximately **RMB 1,518.7 million**, mainly for operations, system maintenance, and R&D upgrades[65](index=65&type=chunk) [Employees](index=32&type=section&id=Employees) As of June 30, 2025, the Group had 6,740 employees, with staff costs for H1 2025 amounting to RMB 968.2 million, representing 39.9% of total operating costs - As of June 30, 2025, the Group had a total of **6,740 employees**[67](index=67&type=chunk) - Staff costs for H1 2025 were approximately **RMB 968.2 million**, accounting for about **39.9% of total operating costs**[67](index=67&type=chunk) - Total enterprise annuity expenses were approximately **RMB 47.3 million** (H1 2024: RMB 40.9 million)[67](index=67&type=chunk) [Subsequent Events](index=32&type=section&id=Subsequent%20Events) [Subsequent Events](index=32&type=section&id=Subsequent%20Events) In July and August 2025, the company received a tax refund of RMB 89.7 million related to its "Key Software Enterprise" status, with no other significant events to disclose - In July and August 2025, the company received a tax refund of **RMB 89.7 million** related to its "Key Software Enterprise" status[68](index=68&type=chunk) - There were no other significant events to disclose from June 30, 2025, to the date of this announcement[68](index=68&type=chunk) [Outlook and Dividend Policy](index=33&type=section&id=Outlook%20and%20Dividend%20Policy) [Outlook for the Second Half of 2025](index=33&type=section&id=Outlook%20for%20the%20Second%20Half%20of%202025) For H2 2025, the Group will focus on high-quality development, technology-led innovation, strengthening its industrial position, and accelerating its layout in strategic emerging industries - In H2, the focus will be on high-quality development, strengthening technology-led innovation, and enhancing industrial control capabilities[69](index=69&type=chunk) - The Group will accelerate its layout in strategic emerging industries, cultivate new quality productive forces, and consolidate its core business advantages[69](index=69&type=chunk) [Interim Dividend](index=33&type=section&id=Interim%20Dividend) The Board of Directors has recommended not to declare an interim dividend for the first half of 2025 - The Board of Directors recommended **no interim dividend** for the first half of 2025[70](index=70&type=chunk) [Purchase, Sale or Redemption of Securities](index=33&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Securities) The company and its subsidiaries did not purchase, sell, or redeem any of its listed securities during the first half of 2025 and held no treasury shares - In H1 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of its listed securities[71](index=71&type=chunk) - As of June 30, 2025, the company did not hold any treasury shares[71](index=71&type=chunk) [Corporate Governance](index=34&type=section&id=Corporate%20Governance) [Corporate Governance](index=34&type=section&id=Corporate%20Governance) The company adheres to high standards of corporate governance but has two deviations from the code provisions: the concurrent roles of Chairman and CEO and a delayed board election - The company has adopted the code provisions in the Corporate Governance Code and Corporate Governance Report in Appendix C1 to the Listing Rules[72](index=72&type=chunk) - **Deviation from code provision C.2.1**: The roles of Chairman and Chief Executive Officer are held by the same individual as a transitional arrangement[72](index=72&type=chunk) - **Deviation from code provision B.2.2**: The re-election of the Board of Directors has been postponed but will not affect normal operations[73](index=73&type=chunk) - Apart from the above deviations, the company fully complied with all other code provisions during H1 2025[73](index=73&type=chunk) [Audit and Risk Management Committee (Supervisory Committee)](index=35&type=section&id=Audit%20and%20Risk%20Management%20Committee%20(Supervisory%20Committee)) The Audit and Risk Management Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and discussed related matters - The Audit and Risk Management Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025[75](index=75&type=chunk) - The committee discussed matters including internal control, risk management, and financial reporting[75](index=75&type=chunk) [Other Information](index=35&type=section&id=Other%20Information) [Publication of Interim Results on the Internet](index=35&type=section&id=Publication%20of%20Interim%20Results%20on%20the%20Internet) This results announcement is available on the websites of Hong Kong Exchanges and Clearing Limited and the company - This results announcement is available on the website of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk) and the company's website (www.travelskyir.com)[76](index=76&type=chunk) [Board of Directors](index=35&type=section&id=Board%20of%20Directors) As of the announcement date, the Board comprises one executive director, three non-executive directors, three independent non-executive directors, and one employee representative director - Executive Director: Mr. Huang Rongshun (Chairman)[78](index=78&type=chunk) - Non-executive Directors: Mr. Sun Yuquan, Mr. Qu Guangji, and Ms. He Xiaoqun[78](index=78&type=chunk) - Independent Non-executive Directors: Mr. Liu Zehong, Mr. Chan Wing Tak, and Mr. Xu Hongzhi[78](index=78&type=chunk) - Employee Representative Director: Ms. Liang Shuang[77](index=77&type=chunk)

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].

公告称，本集团2025年上半年航空信息技术服务收入同比稳定增长，但是受机场系统集成项目建设及验 收进度影响，系统集成服务收入同比减少，最终导致本集团2025年上半年营业总收入同比有所减少。此 外，由于回款情况进一步改善，2025年上半年信用减值损失的冲回金额同比增加。综合以上因素，本集 团2025年上半年净利润实现同比增长。 本文源自：智通财经网 消息面上，近日，中国民航信息网络发布公告，与2024年中期业绩公告中所披露的截至2024年6月30日 止6个月取得净利润约人民币13.8亿元相比，预期本集团截至2025年6月30日止6个月将取得净利润人民 币14.5亿元左右。 智通财经获悉，中国民航信息网络(00696)涨近3%，截至发稿，涨2.37%，报12.5港元，成交额3149.82 万港元。 ...

中国民航信息网络(00696)涨近3%，截至发稿，涨2.37%，报12.5港元，成交额3149.82万港元。 公告称，本集团2025年上半年航空信息技术服务收入同比稳定增长，但是受机场系统集成项目建设及验 收进度影响，系统集成服务收入同比减少，最终导致本集团2025年上半年营业总收入同比有所减少。此 外，由于回款情况进一步改善，2025年上半年信用减值损失的冲回金额同比增加。综合以上因素，本集 团2025年上半年净利润实现同比增长。 消息面上，近日，中国民航信息网络发布公告，与2024年中期业绩公告中所披露的截至2024年6月30日 止6个月取得净利润约人民币13.8亿元相比，预期本集团截至2025年6月30日止6个月将取得净利润人民 币14.5亿元左右。 ...

公告称，本集团2025年上半年航空信息技术服务收入同比稳定增长，但是受机场系统集成项目建设及验 收进度影响，系统集成服务收入同比减少，最终导致本集团2025年上半年营业总收入同比有所减少。此 外，由于回款情况进一步改善，2025年上半年信用减值损失的冲回金额同比增加。综合以上因素，本集 团2025年上半年净利润实现同比增长。 智通财经APP获悉，中国民航信息网络(00696)涨近3%，截至发稿，涨2.37%，报12.5港元，成交额 3149.82万港元。 消息面上，近日，中国民航信息网络发布公告，与2024年中期业绩公告中所披露的截至2024年6月30日 止6个月取得净利润约人民币13.8亿元相比，预期本集团截至2025年6月30日止6个月将取得净利润人民 币14.5亿元左右。 ...

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].