FF301 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國國際航空股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00753 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,955,610,672 | RMB | | 1 RMB | | 4,955,610,672 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 4,955,610,672 | RMB | | 1 RMB | | 4,955,610,672 | | 2. 股份分類 | 普通股 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國國際航空股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00753 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,955,610,672 | | 0 | | 4,955,610,672 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 4,955,610,672 | | 0 | | 4,955,610,672 | | 2. 股份分類 | 普通股 | ...

国泰海通证券指出，近期国内重要会议期间，客座率与国内票价保持同比上升，公商出行延续9月活跃趋势，估算10月国 内含油票价同比上升3-4%。根据预售观察传统换季影响弱于往年，业界看好公商需求继续向好。A股航司业绩2025Q3实 现逆势增长，连续三年再次高于19Q3，初步展现盈利上行趋势与潜力。"反内卷"将保障Q4淡季减亏与全年扭亏。中国航 空具长逻辑，考虑票价市场化，需求稳健增长与客源结构优化将驱动2026年航司盈利中枢开启上升。 11月3日消息，航空股悉数回暖，截至发稿，涨超4%，涨超3.5%，涨近3%，涨超1%。 消息面上，近期航司机场发布三季报，其中三季度国航归母净利润同比减少11%，东航归母净利润同比增加34%，南航 归母净利润同比增加20%。大摩此前表示，由于国航第三季盈利表现欠佳，加上母公司建议注资，该股股价有所下跌， 惟该行认为这两项因素不会改变其对内地航空公司上升周期的建设性看法。该行仍然相信，如果商务旅游需求逐渐改 善，内地航空公司较高的资产利用率将可支持其定价能力。 | 代码 = | 名称 | 最新价 | 涨跌额 | - 涨跌幅量量 | 成交量 | 成交额 | | --- | --- | - ...

Core Viewpoint - Hong Kong airline stocks have shown a recovery, with notable increases in share prices for major airlines as of November 3rd [1] Group 1: Stock Performance - China National Aviation (00753.HK) increased by 3.33%, reaching HKD 5.9 [1] - Eastern Airlines (00670.HK) rose by 3.01%, trading at HKD 4.11 [1] - Southern Airlines (01055.HK) saw a rise of 2.78%, priced at HKD 4.81 [1] - Cathay Pacific (00293.HK) gained 1.26%, with shares at HKD 11.21 [1]

Group 1 - The aviation stocks have shown a recovery, with China National Aviation (601111) up 3.33% to HKD 5.9, Eastern Airlines (00670) up 3.01% to HKD 4.11, Southern Airlines (600029) up 2.78% to HKD 4.81, and Cathay Pacific (00293) up 1.26% to HKD 11.21 [1] - Recent quarterly reports indicate that in Q3, China National Aviation's net profit attributable to the parent company decreased by 11%, while Eastern Airlines' net profit increased by 34% and Southern Airlines' net profit increased by 20% [1] - Morgan Stanley noted that despite the poor Q3 performance of China National Aviation and the parent company's suggestion for capital injection, these factors do not alter their constructive view on the upward cycle of mainland airlines [1] Group 2 - Cathay Securities pointed out that during recent important domestic meetings, passenger load factors and domestic ticket prices have shown a year-on-year increase, with estimates indicating a 3-4% rise in domestic oil-inclusive ticket prices for October [2] - The traditional seasonal impact on pre-sales is weaker than in previous years, and the industry remains optimistic about continued demand from business travelers [2] - A-share airline companies are expected to achieve counter-cyclical growth in Q3 2025, exceeding Q3 2019 levels for three consecutive years, indicating an upward trend and potential for profitability [2]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [15] Core Insights - The transportation industry shows signs of recovery with various segments experiencing different levels of performance, driven by factors such as fuel cost reduction, normalization of travel demand, and strategic adjustments by companies [2][41] Summary by Sections Aviation - In Q3 2025, listed airlines saw significant improvement in fuel costs, leading to a notable divergence in profitability among carriers. The international growth rate outpaced domestic, with a 19% increase in available seat kilometers (ASK) and a 22% increase in revenue passenger kilometers (RPK) compared to the same period in 2019 [6][23] - The average fuel price decreased by 11% year-on-year, contributing to improved profitability for airlines like China Eastern and Southern, while others faced challenges due to maintenance issues [31][37] Airports - Listed airport companies benefited from the normalization of travel, with gradual increases in passenger flow and stable costs leading to improved profitability. For instance, Shanghai Airport reported a 52.5% year-on-year increase in net profit for Q3 2025 [7][45][47] Express Delivery - The express delivery sector saw improvements in franchise profitability, while direct operations faced pressure due to increased strategic investments aimed at solidifying core business foundations. The overall market trend indicated a "weak volume, stable price" scenario [8][49] Cross-Border Logistics - Cross-border logistics continued to face external pressures, with significant declines in shipping prices due to geopolitical factors. However, cargo airlines maintained relatively stable profits due to fleet expansions [9][10] Bulk Supply Chain - Despite weak domestic demand, the implementation of "anti-involution" policies since July has led to improved operational efficiency and profitability for leading supply chain companies [10] Maritime Transport - The maritime sector showed signs of recovery, with oil and bulk shipping profitability improving. Container shipping, while still under pressure, showed better-than-expected performance due to seasonal demand and easing trade tensions [11][12] Ports - Port operations benefited from increased imports of bulk commodities, leading to year-on-year growth in performance, particularly in dry bulk and container segments [12][45] Highways - The highway sector experienced a recovery in traffic volume in Q3 2025, resulting in positive year-on-year profit growth for major listed companies [13] Railways - Railway passenger and freight demand showed slight growth, with companies diversifying into non-coal freight and logistics services to enhance profitability [14]

长江商报消息●长江商报记者 徐佳 值得关注的是，在民航强势复苏的背景下，三大航司中的中国国航再次获得大股东真金白银支持。10月30日晚 间，中国国航抛出定增预案，公司拟向控股股东中国航空集团有限公司（以下简称"中航集团"）及其全资子公司 定增募资不超过200亿元，全部用于偿还债务和补充流动资金。 由于航空业具有显著的资本密集型特征，保持合理的资本结构是航司实现长期稳健发展的重要基础。直接获得大 股东注入资金，中国国航的资金实力将得到提升。 长江商报记者粗略计算，包括本次定增在内，三年间，中航集团方面合计将向中国国航注资超333.12亿元。 燃油成本下降毛利率集体回升 在油价下行与需求改善的共同驱动下，三大航司集体实现盈利。 数据显示，2025年前三季度，中国国航实现营业收入1298.26亿元，同比增长1.31%；净利润18.7亿元，同比增长 37.31%；扣除非经常性损益后的净利润（以下简称"扣非净利润"）16.44亿元，同比增长279.95%。 同期，南方航空实现营业收入1376.65亿元，同比增长2.23%；净利润和扣非净利润分别为23.07亿元、14.23亿元， 同比增长17.4%、345.77%。中国 ...

Core Viewpoint - Major domestic airlines in China have collectively turned profitable in the first three quarters of 2023 after five consecutive years of losses, indicating a significant recovery in the industry [1] Group 1: Financial Performance - Air China, China Eastern Airlines, and China Southern Airlines achieved profitability in the first three quarters of 2023, marking a turning point in the industry's recovery [1] - Hainan Airlines topped the profitability rankings with a net profit of 2.845 billion yuan, a year-on-year increase of 30.93% [1] - China Southern Airlines led the three major airlines with a net profit of 2.307 billion yuan, reflecting a year-on-year growth of 17.40% [1] - China Eastern Airlines reported a net profit of 2.103 billion yuan, successfully turning around from losses [1] - Air China achieved a net profit of 1.870 billion yuan, with a year-on-year increase of 37.31% [1] Group 2: Operational Metrics - International routes have become the core driver of profitability for the three major airlines [1] - Passenger turnover for international routes significantly outpaced that of domestic routes: Air China's international and domestic passenger turnover increased by 14.9% and 1.2% respectively; China Eastern Airlines saw increases of 24.16% and 6.08%; China Southern Airlines reported increases of 19.54% and 4.10% [1] - China Southern Airlines' international business performance is particularly notable, with its international seat occupancy rate and revenue per seat kilometer exceeding pre-pandemic levels in 2019 [1]

10月31日中国国航（601111）收盘报7.86元，跌8.07%，当日成交2.51亿元，已连续2日下跌。前10个交 易日主力资金累计净流出4.88亿元，股价累计下跌7.2%；融资余额累计减少2168.27万元，融券余量累 计减少2.18万股。近90天内有10家机构给予评级，其中买入评级5家，增持评级5家，机构目标均价为 9.18元。 截至2025年10月31日收盘，中国国航(601111)报收于7.86元，下跌8.07%，换手率2.16%，成交量250.84 万手，成交额19.9亿元。 当日关注点 资金流向方面，10月31日主力资金净流出2.91亿元，占总成交额14.64%；游资资金净流入1.74亿元，占 总成交额8.73%；散户资金净流入1.18亿元，占总成交额5.91%。 股本股东变化 中国国际航空股份有限公司拟向特定对象发行A股股票，发行对象为控股股东中航集团及其全资子公司 中航控股，募集资金总额不超过200亿元，以现金全额认购。发行数量不超过3,044,140,030股，不超过 发行前总股本的30%。当前公司总股本为17,448,421,000股，中航集团直接和间接合计持股约53.71%。 发行完成 ...

Core Viewpoint - The three major airlines in China have collectively achieved a profit of 6.28 billion yuan in the first three quarters of 2025, marking their first overall profit since reducing losses in 2023, driven by market demand recovery, international route expansion, and lower oil costs [1][3]. Financial Performance - In the first three quarters, Air China, China Eastern Airlines, and China Southern Airlines reported net profits of 1.87 billion yuan, 2.103 billion yuan, and 2.307 billion yuan, respectively [3]. - In Q3 alone, Air China reported a net profit of 3.676 billion yuan, a year-on-year decrease of 11.31%, while China Eastern Airlines and China Southern Airlines saw increases of 34.37% and 20.26% in net profit, reaching 3.534 billion yuan and 3.84 billion yuan, respectively [3][4]. - The overall revenue growth for the three airlines was modest, with Air China, China Eastern Airlines, and China Southern Airlines reporting year-on-year revenue increases of 1.31%, 3.73%, and 2.23% [3]. Market Demand and Operations - The recovery in market demand, particularly in international routes, has been a significant factor in the airlines' improved performance, with a notable increase in passenger numbers [5][6]. - In Q3, the total number of civil aviation passengers reached 210 million, a year-on-year increase of 3.9%, with international passenger transport growing by 13.3% [6]. - China Eastern Airlines has notably expanded its international routes, with a 20.08% increase in capacity and a 24.16% rise in passenger turnover from January to September [7]. Future Outlook - The fourth quarter is expected to maintain a growth trend, driven by the National Day and Mid-Autumn Festival holidays, with an anticipated 5% increase in passenger volume [8]. - The airlines are focusing on reducing losses during the off-peak season and enhancing international route recovery, with strategies to optimize production organization and improve revenue management [8][9].