《中国民航报》、中国民航网 记者钱擘 报道：7月15日起，东航由武汉飞往东京、曼谷、新加坡、吉隆 坡和香港等地的10条国际及地区航线，其通程业务全面开通。购买东航联程客票的旅客，从其他航点出 港、经武汉中转后出入境，均可享受"一票到底、行李直挂"的便捷服务，省去在武汉中转二次值机、提 取及重新托运行李的环节，实现"无忧中转"。由此，东航武汉公司也成为湖北地区首家全面开通国际及 地区通程业务的航司。 东航在武汉的此次服务升级恰逢暑运高峰，丰富的航线网络叠加便捷通程服务，将为旅客暑期出行提供 更多选择。（编辑：李季威 校对：张彤 审核：韩磊） 天河机场运行的东航机队（东航武汉公司供图） 去年10月，东航在武汉天河机场以悉尼航线为试点，首次开通国际通程业务，截至目前，该航线已累计 保障国际通程旅客超9500人次，高效转运行李超7100件。通过试点，东航在武汉不断优化保障流程，明 确旅客流、行李流人员配置，充分评估地面保障能力，推进了资源匹配和效率提升。 此次通程业务全面开通后，东航在武汉的国际通程航班最短衔接时间（MCT）由前期运行的120分钟压 缩至100分钟。为做好国际通程业务的服务保障，东航武汉公司在东航总部 ...

Core Viewpoint - The three major airlines in China reported significant losses for the first half of 2025, with noticeable performance differentiation among them. While Air China and China Eastern Airlines managed to reduce their losses, China Southern Airlines faced an increase in losses due to various challenges, including slow recovery of international routes and competitive disadvantages [1][3]. Group 1: Financial Performance - Air China is expected to report a net loss of 17 billion to 22 billion yuan, a reduction of 5.82 billion to 10.82 billion yuan compared to the previous year [2][3]. - China Eastern Airlines anticipates a net loss of 12 billion to 16 billion yuan, reducing losses by 11.68 billion to 15.68 billion yuan year-on-year [2][3]. - China Southern Airlines, however, is projected to incur a net loss of 11.68 billion to 15.68 billion yuan, an increase in losses by 1.1 billion to 5.28 billion yuan compared to the previous year [2][3]. Group 2: Market Conditions - The domestic passenger market is showing signs of steady recovery, but factors such as declining ticket prices and competition from high-speed rail continue to pressure airline revenues [1][6]. - The average ticket price for domestic economy class in the first half of 2025 was 740 yuan, a decrease of 6.9% year-on-year [6][7]. - The competitive landscape is shifting, with high-speed rail increasingly attracting high-end travelers away from airlines, while discounted airfares are drawing ordinary travelers to aviation [7][9]. Group 3: Operational Strategies - The three major airlines are focusing on expanding their routes in 2025, with Air China emphasizing the importance of both domestic and international route growth for profitability [5][10]. - Air China and China Eastern Airlines reported increases in passenger capacity and turnover, with Air China's capacity up by 3.5% and passenger turnover up by 5.5% in the first five months of the year [5][10]. - China Southern Airlines is also working to enhance its business travel market and international routes to mitigate its geographical disadvantages [10][13]. Group 4: Challenges and Outlook - China Southern Airlines faces significant operational challenges due to its geographical position, which has hindered the recovery of its international routes and increased competition in the domestic market [10][12]. - The airline's performance is further impacted by structural changes in passenger demographics and external factors such as international uncertainties and supply chain disruptions [10][12]. - As the critical summer travel season begins, all three airlines must navigate the dual challenges of revenue management and capacity allocation to improve their financial standings [1][13].

Macro News - The Central Committee of the Communist Party of China emphasizes strict punishment for financial crimes such as market manipulation, insider trading, illegal fundraising, loan fraud, and money laundering to promote healthy financial market development [1][5] - The People's Bank of China (PBOC) will conduct a 14 trillion yuan reverse repurchase operation on July 15, 2025, to maintain ample liquidity in the banking system, with 8 trillion yuan for 3-month operations and 6 trillion yuan for 6-month operations [3][6] - In the first half of 2025, the total social financing increased by 22.83 trillion yuan, with new loans amounting to 12.92 trillion yuan, and M2 growth of 8.3% year-on-year [4][6] Company News - China Eastern Airlines expects a net loss of 12 billion to 16 billion yuan for the first half of 2025 [12] - Greenland Holdings anticipates a net loss of 30 billion to 35 billion yuan for the first half of 2025 [13] - Longi Green Energy expects a net loss of 24 billion to 28 billion yuan for the first half of 2025, although it represents a reduction in losses compared to the previous year [13] - Perfect World anticipates a net profit of 4.8 billion to 5.2 billion yuan for the first half of 2025, marking a turnaround from losses [17] - Wen Tai Technology expects a net profit increase of 178% to 317% year-on-year for the first half of 2025 [18] - China Rare Earth anticipates a net profit of 136 million to 176 million yuan for the first half of 2025, indicating a return to profitability [21] Investment Opportunities - The Robotaxi industry is expected to experience rapid growth due to technological advancements and supportive policies, with 2025 projected as a year of mass production [29] - The solid-state battery market is anticipated to see significant growth, with expectations for small-scale production by 2027 and larger-scale shipments by 2030, driven by increasing demand for high-performance batteries [30] - The humanoid robot market is projected to grow significantly, with a record order of 124 million yuan for humanoid robot manufacturing services, indicating strong market potential [31] - The successful production of the first barrel of uranium from China's largest natural uranium production project is expected to enhance the country's energy resource security and influence in uranium resource development [32]

Group 1 - Cathay Pacific Haikou expects a net profit increase of 205%-218% for the first half of 2025, with a projected profit of 15.283 billion to 15.957 billion yuan [1] - The main reason for the profit increase is the merger with Haitong Securities, which has led to significant growth in wealth management and trading revenues [1] - Shenyuan Hongyuan anticipates a net profit increase of 92.66%-111.46% for the first half of 2025, with a projected profit of 4.1 billion to 4.5 billion yuan [6][7] Group 2 - Southern Airlines expects a net loss of 1.338 billion to 1.756 billion yuan for the first half of 2025, primarily due to changes in passenger structure and international uncertainties [2] - China Eastern Airlines projects a net loss of 1.2 billion to 1.6 billion yuan for the first half of 2025, influenced by intense domestic market competition [3] - Air China anticipates a net loss of 1.7 billion to 2.2 billion yuan for the first half of 2025, affected by market supply imbalances and international uncertainties [4] Group 3 - HNA Group expects to turn a profit in the first half of 2025, with a projected net profit of 45 million to 65 million yuan, attributed to improved market conditions and operational adjustments [5] - CICC forecasts a net profit increase of 55%-78% for the first half of 2025, with a projected profit of 3.453 billion to 3.966 billion yuan [8] - CITIC Securities anticipates a net profit increase of 55%-60% for the first half of 2025, with a projected profit of 4.43 billion to 4.573 billion yuan [9] Group 4 - Shandong Gold expects a net profit of 2.55 billion to 3.05 billion yuan for the first half of 2025, representing an increase of 84.3%-120.5% [10] - Poly Developments anticipates a net profit decrease of 63.15% for the first half of 2025, with a projected profit of 2.735 billion yuan [11] - Luoyang Molybdenum expects a net profit increase of 51%-68% for the first half of 2025, with a projected profit of 8.2 billion to 9.1 billion yuan [13] Group 5 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, but with a significant reduction in losses compared to the previous year [14] - Tongwei Co. anticipates a net loss of 4.9 billion to 5.2 billion yuan for the first half of 2025, influenced by ongoing industry challenges [15] - Ganfeng Lithium expects a net loss of 300 million to 550 million yuan for the first half of 2025, an improvement from the previous year's loss [16] Group 6 - Jianghuai Automobile expects a net loss of approximately 680 million yuan for the first half of 2025, primarily due to increased competition in the international market [21] - Yonghui Supermarket anticipates a net loss of 240 million yuan for the first half of 2025, attributed to ongoing transformation challenges [22] - ST Huatuo expects a net profit increase of 107.2%-159% for the first half of 2025, with a projected profit of 2.4 billion to 3 billion yuan [23] Group 7 - New Hope anticipates a net profit of 680 million to 780 million yuan for the first half of 2025, marking a turnaround from losses [25] - Linyi Intelligent Manufacturing expects a net profit increase of 32%-67% for the first half of 2025, with a projected profit of 900 million to 1.14 billion yuan [27] - Pengding Holdings expects a net profit increase of 52.79%-60.62% for the first half of 2025, with a projected profit of 1.198 billion to 1.26 billion yuan [29] Group 8 - Hengtong Electronics expects a net profit increase of 740.95% for the first half of 2025, with a projected profit of approximately 251 million yuan [30] - Shengyi Technology anticipates a net profit increase of 50%-56% for the first half of 2025, with a projected profit of 1.4 billion to 1.45 billion yuan [31] - Founder Securities expects a net profit increase of 70%-80% for the first half of 2025, with a projected profit of 2.299 billion to 2.43 billion yuan [33]

Group 1: Core Insights - The three major state-owned airlines in China have released their performance forecasts for the first half of 2025, indicating significant improvement but still reporting losses [2][3][4][5] - Air China (国航) expects a net loss of approximately 1.7 billion to 2.2 billion yuan, showing a reduction from a net loss of 2.782 billion yuan in the same period last year [2] - China Eastern Airlines (东航) anticipates a net loss of 1.2 billion to 1.6 billion yuan, a notable improvement from a net loss of 2.768 billion yuan in the previous year [3][4] - China Southern Airlines (南航) projects a net loss of 1.338 billion to 1.756 billion yuan, with no significant improvement compared to a net loss of 1.228 billion yuan in the same period last year [5] Group 2: Factors Influencing Performance - Air China's performance improvement is attributed to steady economic growth in China, enhanced operational efficiency, and strict cost control measures [2] - China Eastern Airlines credits its reduced losses to a favorable domestic economic environment, robust civil aviation market, and expansion of international routes [4] - China Southern Airlines cites multiple challenges including changes in passenger demographics, competition from high-speed rail, and global supply chain disruptions as factors maintaining significant operational pressure [5] Group 3: Strategic Initiatives - Air China is focusing on improving aircraft utilization, precise marketing strategies, and cost management to enhance operational efficiency [2] - China Eastern Airlines has rapidly expanded its international routes, launching numerous new flights and increasing its European destinations to 14 [4] - China Southern Airlines reports a significant increase in net profit excluding non-recurring items, indicating potential for future recovery despite current losses [5]

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。 2025年1月1日至2025年6月30日。 （二）業績預告情況 1 1. 經本公司初步測算，按中國企業會計準則，預計2025年半年度歸屬於上市公 司股東的淨虧損約為人民幣12億元至16億元，具體業績將在本公司2025年半 年度報告中進行詳細披露。 2. 預計歸屬於上市公司股東的扣除非經常性損益的淨虧損約為人民幣16億元至 21億元。 3. 本業績預告所涉及的財務數據未經註冊會計師審計。 二、上年同期業績情況 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00670） 2025 年半年度業績預告 一、本期業績預告情況 本公告是由中國東方航空股份有限公司（「本公司」）根據香港法例第571章《證券及期貨條 例》第XIVA部項下的內幕消息條文及香港聯合交易所有限公司證券上市規則第13.09(2)(a) 條及第13.10B條而作出。 （一）業績預告期間 本公司及董事會全體成員保證公告內容的真實、準確和完 ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2025-049 中国东方航空股份有限公司 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。 （二）业绩预告情况 公司股东的净利润约为人民币-12 亿元至-16 亿元，具体业绩将在公司 2025 年半 年度报告中进行详细披露。 亿元至-21 亿元。 二、上年同期业绩情况 （一）2024 年上半年，公司利润总额为人民币-28.41 亿元；归属于上市公司 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 重要内容提示： ? 中国东方航空股份有限公司（以下简称"公司"）预计 2025 年半年度归属 于上市公司股东的净利润约为人民币-12 亿元至-16 亿元。 ? 公司预计扣除非经常性损益事项后，公司 2025 年半年度归属于上市公司 股东的净利润约为人民币-16 亿元至-21 亿元。 一、本期业绩预告情况 （一）业绩预告期间 （二）2024 年 ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 中国东方航空股份有限公司 2025 年半年度业绩预告 证券代码：600115 证券简称：中国东航 公告编号：临 2025-049 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。 重要内容提示： 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. 经公司初步测算，按中国企业会计准则，预计 2025 年半年度归属于上市 公司股东的净利润约为人民币-12 亿元至-16 亿元，具体业绩将在公司 2025 年半 年度报告中进行详细披露。 2. 预计归属于上市公司股东的扣除非经常性损益的净利润约为人民币-16 亿元至-21 亿元。 3. 本业绩预告所涉及的财务数据未经注册会计师审计。 二、上年同期业绩情况 （一）2024 年上半年，公司利润总额为人民币-28.41 亿元；归属于上市公司 1 中国东方航空股份有限公司（以下简称"公司"）预计 2025 年半年度归属 于 ...

中国东航（600115）公告，预计2025年半年度归属于上市公司股东的净利润约为人民币-12亿元至-16亿 元。公司预计扣除非经常性损益事项后，2025年半年度归属于上市公司股东的净利润约为人民币-16亿 元至-21亿元。 ...

Core Points - China Eastern Airlines (CEA) and Starbucks China have officially launched a comprehensive partnership to create a new "Aviation + Coffee" cross-industry ecosystem experience for their nearly 200 million members [1][6] - The partnership allows for mutual member benefits, including free airport beverages and Wi-Fi for travelers and consumers [1] Group 1: Membership Benefits - CEA's "Eastern Miles" and Starbucks' "Star Club" will have fully integrated member benefits, allowing members to enjoy various perks through official channels [4] - Members of CEA can receive a free medium coffee at Starbucks locations in airports on the day of their flight, while Starbucks' Diamond members can enjoy free in-flight Wi-Fi after making a purchase at Starbucks [4] - Activation bonuses include CEA members receiving one Starbucks star upon activating their Starbucks membership, and Starbucks members receiving 100 CEA mileage points upon activating their CEA membership [4] Group 2: Promotional Activities - The partnership will leverage CEA's global route network and Starbucks' over 7,700 stores in China to launch "Aviation + Coffee" themed cultural tourism activities [5] - Joint initiatives will include "green flight" projects to promote low-carbon travel and environmental awareness [5] - CEA will support the Yunnan coffee industry by launching "Yunnan Coffee Themed Flights," allowing members to taste Yunnan coffee at high altitudes [5]