Group 1 - The article discusses British Airways' request for China to include British citizens in its 30-day visa-free policy to boost market demand for the China-UK route [3][4][10] - Since the suspension of the Beijing-London route last year, British Airways has been observing the situation, indicating a potential urgency to return to the Beijing market [6][10] - The article highlights that many foreign airlines, including British Airways, have left the Chinese market but have not made definitive statements about permanently exiting [12][20][38] Group 2 - The current state of China's inbound and outbound travel market is not fully recovered, with statistics showing low recovery rates for international arrivals from countries like the US (45.24%) and Germany (56.19%) as of June [31][32] - The geopolitical situation, including the Russia-Ukraine war, has complicated air travel routes, increasing costs and reducing the feasibility for foreign airlines to return to the Chinese market [35][36][38] - Chinese airlines have rapidly filled the void left by foreign carriers, with significant increases in seat capacity on European routes compared to 2019, such as Air China increasing capacity by 24% [41][42] Group 3 - Despite the expansion of international routes by Chinese airlines, profitability remains a challenge, with major airlines reporting significant losses in the first quarter of 2025 [49][50] - The competitive landscape has led to complaints from foreign airlines about unfair competition, as Chinese carriers benefit from lower costs and subsidies [51][52] - The article concludes that while Chinese airlines have captured market share, the sustainability of this growth is uncertain if revenues do not keep pace with expansion efforts [53]

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 二零二五年六月的主要營運數據公告 隨附公告（「上交所公告」）乃由中國國際航空股份有限公司（「中國國航」）於二零二五年七 月十五日在上海證券交易所刊發，其中載有中國國航及其附屬公司（統稱「本集團」）二零 二五年六月的合併營運數據。本公告附上上交所公告乃由中國國航根據香港聯合交易所 有限公司證券上市規則（「上市規則」）第13.09條及第13.10B條，以及香港法例第571章證 券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而作出。 隨附上交所公告載列的數據來自本集團內部統計，可能與相關期間定期報告披露的數據 有差異。投資者應注意不恰當信賴或使用以上信息可能造成投資風險。 承董事會命 中國國際航空股份有限公司 聯席公司秘書 肖烽 浩賢 中國北京，二零二五年七月十五日 於本公告日期，本公司的董事為馬崇賢先生、王明遠先生、崔曉峰先 ...

中国国际航空股份有限公司 2025年6月主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 6 月，中国国际航空股份有限公司（以下简称"本公司"）及所属 子公司（以下简称"本集团"）合并旅客周转量（按收入客公里计）同比上升。 客运运力投入（按可用座位公里计）同比上升 2.5%，旅客周转量同比上升 3.9%。 其中，国内客运运力投入同比下降 0.2%，旅客周转量同比上升 1.4%；国际客运 运力投入同比上升 9.9%，旅客周转量同比上升 11.1%；地区客运运力投入同比 下降 2.2%，旅客周转量同比上升 1.5%。平均客座率 81.1%，同比上升 1.1 个百 分点。其中，国内航线同比上升 1.3 个百分点，国际航线同比上升 0.8 个百分点， 地区航线同比上升 2.8 个百分点。 货运方面，货运运力投入（按可用货运吨公里计）同比上升 3.6%，货邮周 转量（按收入货运吨公里计）同比上升 6.8%。货运载运率为 45.7%，同比上升 1.4 个百分点。 证券代码：601111 股票简称：中国国航 公 ...

Group 1 - New Yi Sheng expects a net profit increase of 327.68%-385.47% for the first half of 2025, reaching between 37 billion to 42 billion yuan, driven by growth in AI-related computing power demand and product structure optimization [2][4] - Xinghui Entertainment plans to sell 99.66% of its stake in the Spanish club Espanyol for 1.3 billion euros, with half of the payment in cash and the other half in shares [3] - *ST Yushun intends to acquire 100% of three companies for a total of 33.5 billion yuan, aiming to diversify its business into data center infrastructure services and related products [4] Group 2 - Salted Fish plans to reduce its shareholding by up to 2.04%, with a major shareholder intending to sell 5,455,572 shares [5] - Lian Microelectronics expects a net loss of approximately 1.21 billion yuan for the first half of 2025 [6] - Meinian Health anticipates a net loss of 1.92 billion to 2.36 billion yuan for the first half of 2025, with revenue expected to decline by 0.12%-5.83% [7] Group 3 - Chengdi Xiangjiang forecasts a net profit of 28 million to 42 million yuan for the first half of 2025, marking a turnaround from a loss of 69.29 million yuan in the previous year [8] - Jinpu Titanium plans to acquire 100% of Nanjing Lide Oriental Rubber and Plastic Technology Co., Ltd., with stock resuming trading after the announcement [9] - Bohai Leasing expects a net loss of 1.8 billion to 2.4 billion yuan for the first half of 2025 due to goodwill impairment from a subsidiary's asset sale [10] Group 4 - Foton Motor anticipates a net profit increase of approximately 87.5% for the first half of 2025, reaching about 777 million yuan [11] - Shenwan Hongyuan expects a net profit growth of 92.66%-111.46% for the first half of 2025, estimating profits between 4.1 billion to 4.5 billion yuan [12] - Ganfeng Lithium predicts a net loss of 5.5 billion to 3 billion yuan for the first half of 2025, an improvement from a loss of 7.6 billion yuan in the previous year [13] Group 5 - Suzhou Planning intends to acquire 100% of Beijing Dongjin Aviation Technology Co., Ltd., with stock resuming trading after the announcement [14] - Xiangyang Bearing expects a net loss of approximately 13 million yuan for the first half of 2025, slightly worse than the previous year's loss [15] - Tianqi Lithium forecasts a net profit of 0 to 1.55 billion yuan for the first half of 2025, a significant improvement from a loss of 5.2 billion yuan in the previous year [16] Group 6 - Shandong Gold anticipates a net profit increase of 84.3%-120.5% for the first half of 2025, estimating profits between 2.55 billion to 3.05 billion yuan [17] - Yunnan Geology expects a net profit of 16 million to 23 million yuan for the first half of 2025, marking a turnaround from a loss in the previous year [18] - Four-dimensional Map expects a net loss of 319 million to 268 million yuan for the first half of 2025, with revenue growth of 3.07%-14.30% [19] Group 7 - Tangrenshen anticipates a net loss of 54 million to 69 million yuan for the first half of 2025, a significant decline from the previous year's profit [20] - Changbai Mountain expects a net loss of 2.58 million to 1.58 million yuan for the first half of 2025, with revenue decreasing by approximately 7.48% [21] - Jiu Gui Jiu predicts a net profit of 8 million to 12 million yuan for the first half of 2025, a decline of 90.08%-93.39% compared to the previous year [22] Group 8 - Hengsheng Electronics expects a net profit increase of 740.95% for the first half of 2025, estimating profits around 251 million yuan [23] - Qixia Construction anticipates a net profit of 5.5 million to 8 million yuan for the first half of 2025, driven by increased project completions [24] - Poly Development expects a net profit decrease of 63.15% for the first half of 2025, estimating profits around 27.35 billion yuan [25] Group 9 - Anyuan Coal anticipates a net loss of 259 million to 310 million yuan for the first half of 2025, worsening from the previous year's loss [26] - Zhonghua Equipment plans to acquire 100% of Yiyang Rubber Machine and Beihua Machine, with stock suspension expected for no more than 10 trading days [27] - Bayi Steel expects a net loss of 650 million to 700 million yuan for the first half of 2025, primarily due to weak market conditions [28] Group 10 - Yuegui Co. anticipates a net profit increase of 58.67%-77.12% for the first half of 2025, estimating profits between 215 million to 240 million yuan [29] - Dalian Friendship expects a net loss of 38 million to 30 million yuan for the first half of 2025, with revenue impacted by tax-related issues [30] - Hangfa Power expects a net profit decrease of 84.53%-86.55% for the first half of 2025, estimating profits around 80 million to 92 million yuan [31] Group 11 - Dongfang Zirconium anticipates a net profit increase of 141.77%-156.80% for the first half of 2025, estimating profits between 25 million to 34 million yuan [32] - Hangzhou Steel expects a net profit decrease of 2% from a major shareholder's planned reduction [33] - Jingao Technology predicts a net loss of 2.5 billion to 3 billion yuan for the first half of 2025, worsening from the previous year's loss [34] Group 12 - Shanshan Co. expects a net profit increase of 810.41%-1265.61% for the first half of 2025, estimating profits between 160 million to 240 million yuan [35] - Guocheng Mining anticipates a net profit increase of 1046.75%-1174.69% for the first half of 2025, estimating profits between 493 million to 548 million yuan [36] - Jindi Group expects a net loss of 3.4 billion to 4.2 billion yuan for the first half of 2025, with significant declines in revenue [37] Group 13 - Founder Securities anticipates a net profit increase of 70%-80% for the first half of 2025, estimating profits between 22.96 billion to 24.32 billion yuan [38] - Hasi Lian expects a net loss of 98 million to 80 million yuan for the first half of 2025, a significant decline from the previous year [39] - Lanhua Ketech expects a net profit decrease of 89.12%-92.75% for the first half of 2025, estimating profits between 40 million to 60 million yuan [40] Group 14 - Shanxi Securities anticipates a net profit increase of 58.17%-70.72% for the first half of 2025, estimating profits between 5.04 billion to 5.44 billion yuan [41] - Xinda Real Estate expects a net loss of 3.5 billion to 3.9 billion yuan for the first half of 2025, with significant declines in revenue [42] - Xiangcai Co. anticipates a net profit increase of 63.64%-118.19% for the first half of 2025, estimating profits between 12 million to 16 million yuan [43] Group 15 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, despite an increase in sales volume [44] - Wentai Technology anticipates a net profit increase of 178%-317% for the first half of 2025, estimating profits between 390 million to 585 million yuan [45] - Ruida Futures expects a net profit increase of 50.56%-83.15% for the first half of 2025, estimating profits between 206 million to 251 million yuan [46] Group 16 - Debang Co. anticipates a net profit decrease of 84.26%-87.86% for the first half of 2025, estimating profits between 40 million to 52 million yuan [47] - Jin Yi Culture expects a net loss of 20 million to 32 million yuan for the first half of 2025, a significant decline from the previous year [48] - Hongdian Film expects a net profit increase of 103.55%-160.09% for the first half of 2025, estimating profits between 180 million to 230 million yuan [49] Group 17 - Qiaqia Food anticipates a net profit decrease of 71.05%-76.25% for the first half of 2025, estimating profits between 80 million to 97.5 million yuan [50] - Guotai Haitong expects a net profit increase of 205%-218% for the first half of 2025, estimating profits between 15.283 billion to 15.957 billion yuan [51] - Xining Special Steel expects a net loss of approximately 234 million yuan for the first half of 2025, with revenue impacted by low steel prices [52]

盈利預警 本公告由中國國際航空股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市 規則（「上市規則」）第13.09條和第13.10B條，以及香港法例第571章證券及期貨條例第 XIVA部項下之內幕消息條文（定義見上市規則）而作出。 一、本期業績預告情況 （一）業績預告期間 2025年1月1日至2025年6月30日。 （二）業績預告情況 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之內容概不負責，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。 00753 （二）每股收益：人民幣-0.18元。 三、本期業績預虧的主要原因 2025年中國經濟平穩增長，航空市場持續發展，本公司抓住機遇全力推進提質增 效。加強生產組織，提升可用飛機利用率夯實投入基本盤；精細營銷把控，推動「保 價爭量」穩定收益品質；嚴格成本管控，降低成本水平拓展效益空間；上半年經營效 益穩步改善，同比實現大幅減虧。但受市場供給不均衡、客源結構下沉、高鐵網絡 衝擊，以及國際環境不確定性加深、全球產業鏈供應鏈變化等因素影響，本公司上 半年仍處於虧損 ...

证券代码：601111 股票简称：中国国航 公告编号：2025-030 中国国际航空股份有限公司 2025 年半年度业绩预亏公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 1. 中国国际航空股份有限公司（以下简称"公司"）预计 2025 年半年度归 属于上市公司股东的净亏损约为 17 亿元到 22 亿元。 2. 扣除非经常性损益事项后，公司归属于上市公司股东扣除非经常性损益 后的净亏损约为 18 亿元到 24 亿元。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 1. 经公司财务部门初步测算，公司 2025 年半年度将出现亏损，预计归属于 上市公司股东的净亏损约为 17 亿元到 22 亿元，归属于上市公司股东扣除非经常 性损益后的净亏损约为 18 亿元到 24 亿元。 2. 本次业绩预告未经注册会计师审计。 二、上年同期业绩情况 （一）归属于上市公司股东的净亏损：27.82 亿元。 归属于上市公司股东的扣除非经常性损益 ...

Core Viewpoint - China National Airlines (Air China) has experienced a continuous decline in stock price for 10 consecutive trading days, with a cumulative drop of -5.79% during this period [1]. Financial Performance - The Huatai-PineBridge CSI 300 ETF, managed by Huatai-PineBridge Fund, is among the top ten shareholders of Air China and has reduced its holdings in the first quarter of this year [1]. - The year-to-date return for the Huatai-PineBridge CSI 300 ETF is 3.57%, ranking 1989 out of 3351 in its category [1][2]. Fund Management - The fund manager of Huatai-PineBridge CSI 300 ETF is Liu Jun, who has extensive experience in fund management, having held various positions since 2004 [3][4]. - Liu Jun has been managing the Huatai-PineBridge CSI 300 ETF since May 2012 and has a cumulative management experience of over 16 years [4].

时隔近十年，阿联酋航空公司（下称"阿航"）再次开启了在中国航线版图的拓展。在短短一个月之内， 这家已经进入中国超过二十年的中东霸主就将完成在中国两座一线城市——深圳与杭州与其总部迪拜之 间的直飞连接，从而将其在中国内地的航点迅速提升至五个。 大湾区"通关" "深圳人均GDP在国内名列前茅，也是创新企业聚集的城市，有一大批世界知名企业，而且深圳经济活 力非常旺盛，也会吸引很多海外游客前来经商或是旅游，足够支撑起这条航线的需求。"阿航中国区总 经理李旬在深圳航线开航仪式上接受包括《华夏时报》在内媒体记者采访时表示。 "我们期待为更多乘客和企业在深圳和迪拜之间、及往返我们不断扩展的全球航点搭建空中桥梁。"阿航 副总裁兼首席商务官阿德南·卡兹姆也对深圳航线的前景表示出充分的信心："深圳是中国最具活力与创 新精神的城市之一，我们非常高兴能够开通直飞深圳的每日航班。这一重要里程碑彰显了阿联酋航空持 续深耕中国内地市场、支持中国经贸及旅游发展宏图的不变承诺。新航线的开通是顺应中阿两国深化合 作的大势之举，更是通过搭建空中通道，助力迪拜与粤港澳大湾区创新走廊——这一旨在吸引全球创新 资源的国际化科创中心，实现无缝连接的战略布 ...

Investment Rating - The investment rating for the aviation industry is "Positive" [2] Core Viewpoints - The aviation industry's profitability framework is influenced by capacity supply, travel demand, load factor, ticket price performance, fuel prices, and exchange rate fluctuations, which ultimately affect company profit performance [16][2] - Domestic travel demand is steadily increasing, while international routes have largely recovered to 2019 levels [3][31] - Supply chain disruptions are delaying aircraft deliveries, leading to a contraction in capacity supply [4][6] Summary by Sections Demand - Domestic air passenger traffic increased by 4.2% year-on-year from January to May 2025, with high load factors sustained [3] - International passenger traffic has nearly returned to 2019 levels, with recovery rates of 106.3% for passenger volume and 101.0% for turnover by May 2025 [31][33] - Policies aimed at boosting consumption are expected to enhance public leisure travel demand, thereby increasing aviation travel demand [3][37] Supply - The growth rate of capacity introduction is slowing, and aircraft leasing prices are rising due to ongoing supply chain issues [4] - The average fleet utilization rate is expected to have limited improvement during peak seasons, with a significant gap remaining compared to 2019 levels [5] - The number of grounded aircraft for maintenance has increased, exacerbating capacity constraints [6] Supply and Demand Balance - The industry is experiencing a tight supply-demand balance, with load factors returning to high levels, and ticket prices are expected to rise during peak seasons [6] - In 2023, ticket prices reached historical highs, but are projected to decline in 2024 before rebounding in 2025 [7] - Airlines are likely to benefit from rising ticket prices and declining fuel costs, leading to high earnings elasticity [8] Revenue and Cost Sensitivity - Airlines can maximize revenue through high load factors and unit revenue per route, with domestic capacity growth slowing and international capacity gradually recovering [8] - Fuel cost pressures are expected to ease, with average fuel prices declining year-on-year [8] - Sensitivity analysis indicates that a 1% increase in ticket prices could significantly boost profits for major airlines [8] Investment Recommendations - The report recommends a positive outlook for the aviation industry, emphasizing the potential for improved supply-demand dynamics and ticket price recovery during peak seasons [8]

Core Viewpoint - The article highlights the significant progress made by Chinese airlines, particularly Air China, in operating domestically manufactured aircraft, specifically the C909 model, on international routes, marking a crucial step in the internationalization of Chinese civil aviation products [3][4][5]. Group 1: Domestic Operations and Achievements - Air China has successfully operated the C909 aircraft on the international route from Hohhot to Ulaanbaatar, which is a notable milestone in promoting the international operation of domestically produced aircraft [4][5]. - The C909 aircraft, developed by COMAC, has a capacity of 78-97 seats and a range of 2,225-3,700 kilometers, and has been in commercial operation for nine years, with a total of 166 units delivered and over 700 routes operated, transporting more than 24 million passengers [7][8]. - Air China has a fleet of 35 C909 aircraft, achieving over 110,000 flight hours and transporting over 4.13 million passengers since its introduction [3][4]. Group 2: Strategic Importance and Market Expansion - The introduction of the C909 is part of Air China's strategy to enhance its regional flight capacity and improve its overall route network, aligning with the Belt and Road Initiative [4][5]. - The C909's operational efficiency on short-haul routes, such as the 1,100-kilometer Hohhot-Ulaanbaatar route, allows for significant cost savings compared to larger aircraft, thus improving operational efficiency [5][6]. - The C909 has been showcased in international airshows, with plans for further market penetration in Southeast Asia, where demand for civil aviation is high and competition is fierce [8][10]. Group 3: Internationalization Efforts - Other airlines, such as Chengdu Airlines and China Southern Airlines, have also begun operating the C909 on international routes, indicating a growing acceptance of this aircraft model in the global market [8][10]. - The C909 has received type acceptance certificates from various countries, facilitating its operation in international markets, with Laos being the latest to issue such a certificate [9][10]. - COMAC is actively preparing for the international launch of its C919 model, with plans to increase production capacity and establish a presence in overseas markets [10][11].