Group 1: Industry Overview - The domestic aviation industry in mainland China showed a strong rebound in the second quarter, but the performance during the summer holiday was not as ideal due to weak business travel demand [1] - International ticket prices have significantly dropped mainly due to oversupply on the China-Japan routes, as airlines overestimated demand during the Japan Expo [1] - Future projections indicate that net demand growth rates for 2025 to 2027 will be 3%, 1%, and 1%, respectively, leading to a significant narrowing of the year-on-year decline in international ticket prices [1] - Domestic ticket prices are expected to improve from September, supported by a decrease in oil prices, which will positively impact airline profitability [1] Group 2: Company Recommendations - China National Aviation (00753) is favored due to its high market share in profitable routes, with target prices raised to HKD 7.3 for H-shares and RMB 9.6 for A-shares, rated "Buy" [2] - China Eastern Airlines (00670) has its H-share target price increased to HKD 3.7 and A-share target price to RMB 5.1, also rated "Buy" [2] - China Southern Airlines (01055) sees its H-share target price raised to HKD 4.6 and A-share target price to RMB 6.2, rated "Buy" for H-shares and "Neutral" for A-shares [2]

证券代码：601111 股票简称：中国国航 公告编号：2025-040 中国国际航空股份有限公司 2025年8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 8 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 2.3%，旅客周转量同比上升 3.2%。 其中，国内客运运力投入同比下降 1.2%，旅客周转量同比持平；国际客运运力 投入同比上升 12.6%，旅客周转量同比上升 12.9%；地区客运运力投入同比下降 5.7%，旅客周转量同比下降 2.2%。平均客座率 83.7%，同比上升 0.8 个百分点。 其中，国内航线同比上升 1.1 个百分点，国际航线同比上升 0.2 个百分点，地区 航线同比上升 2.9 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 1.5%，货邮周 转量（按收入货运吨公里计）同比上升 10.2%。货运载运率为 42.1%，同比上升 3 ...

2025年8月，本集团共引进3架A320系列飞机和3架B737系列飞机。截至2025年8月底，本集团合计运营 941架飞机，其中自有飞机419架，融资租赁228架，经营租赁294架。 货运方面，货运运力投入(按可用货运吨公里计)同比上升1.5%，货邮周转量(按收入货运吨公里计)同比 上升10.2%。货运载运率为42.1%，同比上升3.3个百分点。 格隆汇9月15日丨中国国航(601111.SH)公布，2025年8月，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2.3%，旅客周转量同 比上升3.2%。其中，国内客运运力投入同比下降1.2%，旅客周转量同比持平;国际客运运力投入同比上 升12.6%，旅客周转量同比上升12.9%;地区客运运力投入同比下降5.7%，旅客周转量同比下降2.2%。平 均客座率83.7%，同比上升0.8个百分点。其中，国内航线同比上升1.1个百分点，国际航线同比上升0.2 个百分点，地区航线同比上升2.9个百分点。 ...

Group 1 - The passenger turnover volume of China International Airlines and its subsidiaries increased year-on-year as of August 2025, measured by revenue passenger kilometers [1] - The capacity input for passenger transport, measured by available seat kilometers, rose by 2.3% year-on-year [1] - The overall passenger turnover volume increased by 3.2% year-on-year [1] Group 2 - Domestic passenger capacity input decreased by 1.2% year-on-year, with passenger turnover volume remaining flat [1] - International passenger capacity input increased by 12.6% year-on-year, with passenger turnover volume rising by 12.9% [1] - Regional passenger capacity input decreased by 5.7% year-on-year, with passenger turnover volume declining by 2.2% [1] Group 3 - The average passenger load factor was 83.7%, an increase of 0.8% year-on-year [1] - The load factor for domestic routes increased by 1.1% year-on-year [1] - The load factor for international routes increased by 0.2% year-on-year, while regional routes saw an increase of 2.9% year-on-year [1]

Core Viewpoint - China National Airlines significantly reduced its net loss in the first half of the year, achieving profitability in Q2 2025, with a net profit of 240 million yuan compared to a net loss of 1.11 billion yuan in the same period last year [1] Financial Performance - In the first half of the year, the company reported a net loss attributable to shareholders of 1.81 billion yuan, a year-on-year reduction in loss of 980 million yuan [1] - Q2 2025 saw a net profit of 240 million yuan, marking a turnaround from a net loss of 1.11 billion yuan in the same quarter of the previous year [1] Future Outlook - The company is expected to benefit from the recovery of international flights, declining oil prices, industry supply-demand rebalancing, and improvements in operational efficiency, leading to stabilized revenue levels and gradual recovery in profitability [1] - However, short-term challenges include weak demand for business travel and pressure on peak season ticket prices, prompting a downward revision of the company's net profit forecasts for 2025-2027 to 1.53 billion, 3.47 billion, and 3.89 billion yuan respectively [1] Strategic Positioning - The company has a strong strategic position with its hub at Beijing Capital Airport, covering economically developed and densely populated regions of China, which is expected to continue benefiting from business travel and the recovery of international long-haul routes [1] - The company maintains a "buy" rating, reflecting confidence in its long-term advantages and market positioning [1]

转自：北京日报客户端 国航航线网络通达全球1200余个目的地，已开通"一带一路"航线71条，架起推动全球互联互通的空中桥 梁。 这是记者9月15日从国航在京举办的"凤启山海，云迎天下客"2025年入境游主题产品发布会上获得的消 息。 据了解，作为中国唯一载旗航空公司以及世界最大航空联盟星空联盟的重要成员，国航精心打造入境游 全流程解决方案：登机前，为全球旅客提供多样化语言、支付及平台服务，上线AR中转引导、实时行 李追踪等智慧功能；行程中，依托星空联盟优势，使会员旅客可在全球范围内享受星盟权益，同时提供 通程登机、快速通关、选餐服务；落地后，从快速通关、中转住宿、中转引导至空巴联运，保障地空衔 接无缝顺畅。 发布会上，国航与中外文化和旅游交流中心签署《"你好！中国"入境旅游合作伙伴计划合作协议》。根 据合作协议，国航与中外文化和旅游中心将建立长期合作关系。未来，国航将持续发挥航线网络与服务 优势，不断推动航空和文旅深度融合，以更优质的航空服务、更完善的文旅协同体系，构建航空入境文 旅新生态。 来源：新华社 作者: 叶昊鸣 ...

Core Insights - The company announced an increase in passenger turnover volume by 3.2% year-on-year as of August 2025, measured in revenue passenger kilometers [1] - Passenger capacity input rose by 2.3% year-on-year, measured in available seat kilometers [1] - Cargo capacity input increased by 1.5% year-on-year, measured in available cargo ton kilometers [1] - The volume of cargo mail turnover grew by 10.2% year-on-year, measured in revenue cargo ton kilometers [1] - The cargo load factor reached 42.1%, an increase of 3.3 percentage points year-on-year [1] - As of the end of August 2025, the company operated a total of 941 aircraft [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][7]. Core Views - The company achieved a revenue of 80.76 billion yuan in the first half of 2025, a year-on-year increase of 1.6%, with a net loss of 1.81 billion yuan, which is a reduction in loss by 0.98 billion yuan compared to the previous year [6]. - In Q2 2025, the company turned profitable with a net profit of 240 million yuan, compared to a net loss of 1.11 billion yuan in the same period last year [6]. - The international flight capacity is steadily recovering, while domestic flight capacity has slightly decreased, supporting an increase in passenger load factor [6]. - The company expects to benefit from the recovery of international flights, declining oil prices, and improved operational efficiency, leading to a stabilization of revenue levels and gradual recovery of profitability [7]. Financial Performance - In H1 2025, the company reported a passenger revenue of 73.2 billion yuan, a slight increase of 0.08% year-on-year, while cargo and mail revenue rose by 7.5% to 3.58 billion yuan [6]. - The unit cost per seat kilometer decreased by 2.2% year-on-year, with fuel costs per seat kilometer down by 13.3% [6]. - The company achieved a gross profit of 2.41 billion yuan in H1 2025, representing a year-on-year increase of 17.4% [6]. Operational Metrics - In H1 2025, the company's available seat kilometers (ASK) and revenue passenger kilometers (RPK) increased by 3.4% and 5.2% year-on-year, respectively, with a passenger load factor of 80.7%, up by 1.4 percentage points [6]. - The international ASK and RPK grew by 16.7% and 17% year-on-year, with a load factor of 76.5% [6]. Future Outlook - The company is positioned to benefit from its strategic hub at Beijing Capital Airport, which covers economically developed and densely populated areas, and is expected to continue to gain from business travel and international long-haul routes [7]. - The report projects a decline in net profit for 2025-2027, estimating 1.53 billion yuan, 3.47 billion yuan, and 3.89 billion yuan, respectively [7].

Core Points - The C909 regional jet, a domestically produced aircraft, has successfully delivered over 160 units and is now expanding its operational network, including its first regional route from Nanchang to Macau [2][3] - China Eastern Airlines (CEA) has initiated a direct flight route between Nanchang and Macau, operating three round trips weekly, which enhances connectivity between Jiangxi and Macau [3] - CEA's C909 fleet has grown to 28 aircraft, with over 50,000 flights and more than 3.6 million passengers carried since its commercial launch [3] - The C909 has been adopted by 12 domestic airlines, with Air China having the largest fleet of 35 units, and it has also begun international operations [4] - Internationally, the C909 has made inroads with TransNusa in Indonesia and Laos Airlines, marking its entry into new markets [5] - The C909's operational metrics indicate a need for expanded routes and increased delivery volumes to enhance its market presence [6] - A memorandum of understanding was signed with Air Cambodia for the procurement of 20 C909 aircraft, indicating growing international interest [7] - The C909 is recognized as China's most delivered regional jet, with a total of 166 units delivered by mid-2025, and it serves 143 airports domestically [8] - The C909 has diversified into various platform derivatives, including cargo, emergency rescue, medical, and business aircraft [9] - The delivery of the first C909 medical aircraft marks a significant development in the series' capabilities, aimed at enhancing emergency medical services [10] - The establishment of the C9 Life Wing Aviation Medical Alliance aims to integrate resources across various sectors to improve aviation medical rescue services [11]

Core Viewpoint - The Chinese civil aviation market is experiencing growth in transport scale and competition, with overall transport turnover, passenger transport volume, and seat occupancy rate increasing year-on-year, despite challenges from excessive competition and a complex demand environment [1] Domestic Market - The domestic market is characterized by a "volume increase and price decrease" phenomenon, leading to a decline in operational revenue for most airlines on domestic routes [1][5] - In the first half of 2025, the total transport turnover in the domestic market grew by 11.4%, and passenger transport volume increased by 3.9%, while the average ticket price for economy class fell by 6.9% compared to the same period in 2024 [5] - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported varying degrees of revenue growth, with respective revenues of 862.91 billion, 807.57 billion, and 668.22 billion yuan, reflecting year-on-year growth rates of 1.77%, 1.6%, and 4.09% [1][3] Profitability - Despite pressure on domestic route prices, factors like falling oil prices and currency appreciation have alleviated some cost pressures for airlines [2] - Among the three major airlines, China Eastern Airlines had the least net profit loss, while China Southern Airlines saw an increase in its net profit loss [2] - The four major private airlines showed varying degrees of improvement in profitability [2] International Market - The international market saw significant capacity expansion, with a net increase of 123 international routes and a 28.5% year-on-year growth in international passenger transport volume in the first half of 2025 [11] - The three major airlines increased their international route capacity by 24.38%, 16.7%, and 22.5%, respectively, leading to growth in international passenger revenue despite some decline in passenger kilometer revenue [12][14] - Private airlines also expanded their international capacity significantly, with Spring Airlines, Juneyao Airlines, and Hainan Airlines increasing their international capacity by 41.04%, 65.55%, and 60.09%, respectively [13][14] Operational Strategies - Airlines are focusing on expanding international routes, particularly in Northeast Asia and Southeast Asia, with significant capacity increases noted for routes to Japan and South Korea [15][16] - Domestic airlines are also enhancing their route networks, particularly in the Yangtze River Delta region, to improve connectivity and operational efficiency [16][17] Industry Regulations - The "anti-involution" policy has been initiated in the domestic aviation industry, with the release of the "Self-Regulation Convention for Air Passenger Transport" aimed at curbing unhealthy market practices [8][9]