Core Viewpoint - China National Airlines (00753) reported an increase in passenger turnover and capacity for August 2025, indicating a positive trend in both domestic and international operations [1] Passenger Operations - The group's consolidated passenger turnover (measured in revenue passenger kilometers) increased by 3.2% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 2.3% year-on-year [1] - Domestic passenger capacity decreased by 1.2%, with passenger turnover remaining flat [1] - International passenger capacity increased by 12.6%, with passenger turnover rising by 12.9% [1] - Regional passenger capacity fell by 5.7%, with passenger turnover declining by 2.2% [1] - The average passenger load factor was 83.7%, up by 0.8 percentage points year-on-year [1] - Domestic routes saw an increase of 1.1 percentage points in load factor, while international routes increased by 0.2 percentage points and regional routes by 2.9 percentage points [1] Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) increased by 1.5% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 10.2% year-on-year [1] - The cargo load factor was 42.1%, up by 3.3 percentage points year-on-year [1] Fleet Development - In August 2025, the group introduced 3 A320 series aircraft and 3 B737 series aircraft [1] - As of the end of August 2025, the group operated a total of 941 aircraft, including 419 owned, 228 under finance leases, and 294 under operating leases [1]

Core Insights - The company reported an increase in passenger turnover volume by 3.2% year-on-year, measured in revenue passenger kilometers, for the combined group in August 2025 [1] - The average passenger load factor improved to 83.7%, up by 0.8 percentage points year-on-year [1] Passenger Operations - Passenger capacity input, measured in available seat kilometers, increased by 2.3% year-on-year [1] - Domestic passenger capacity input decreased by 1.2%, with passenger turnover remaining flat year-on-year [1] - International passenger capacity input rose by 12.6%, with passenger turnover increasing by 12.9% year-on-year [1] - Regional passenger capacity input fell by 5.7%, with passenger turnover declining by 2.2% year-on-year [1] - The average load factor for domestic routes increased by 1.1 percentage points, for international routes by 0.2 percentage points, and for regional routes by 2.9 percentage points [1] Cargo Operations - Cargo capacity input, measured in available cargo ton kilometers, increased by 1.5% year-on-year [1] - Cargo mail turnover, measured in revenue cargo ton kilometers, rose by 10.2% year-on-year [1] - The cargo load factor improved to 42.1%, up by 3.3 percentage points year-on-year [1]

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。 中國北京，二零二五年九月十五日 於本公告日期，本公司的董事為馬崇賢先生、王明遠先生、崔曉峰先生、Patrick Healy （賀以禮）先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 证券代码：601111 股票简称：中国国航 公告编号：2025-040 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 二零二五年八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」）於二零二五年九 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 二五年八月的合併營運數據。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 ...

Group 1 - The core viewpoint is that the inbound tourism market in Beijing is experiencing significant recovery, with a notable increase in the number of foreign tourists and tourism consumption [1] - As of July 2023, the number of inbound tourists reached 2.916 million, representing a year-on-year growth of 46.2%, and tourism consumption amounted to $3.78 billion, up 49.6% [1] - Since March 2023, the monthly inbound tourist numbers have consistently exceeded 300,000, with significant peaks in April, May, and June, averaging over 500,000 [1] Group 2 - Various measures have been implemented to promote inbound tourism, including the release of a special action plan focusing on product, promotion, service, and support [1] - Beijing Border Inspection Station has adopted a "dual-channel inspection" model to reduce waiting times for travelers and enhance customs efficiency [2] - Airlines are actively restoring and increasing international routes, with Air China operating over 1,200 destinations globally and launching 71 routes under the Belt and Road Initiative [2]

中新社北京9月15日电 (记者 刘文文)截至目前，中国国际航空股份有限公司(简称"国航")航线网络已通 达全球1200余个目的地，开通"一带一路"航线71条。记者15日从在北京举办的"凤启山海，云迎天下 客"2025年入境游主题产品发布会获悉这一数据。 国航作为国内唯一载旗航司，在保障入境旅游顺畅出行中发挥了关键作用。记者了解到，国航当前运营 129条国际及地区航线，每日有254班航班往返于中国与全球各大城市之间，构建起高效便捷的空中通 道。在服务国家战略方面，国航积极响应"一带一路"倡议，开通了71条相关航线。在全球网络布局上， 国航打造亚太枢纽，以52条航线连接了21个国家的30座城市，同时搭建洲际通道，用16条航线贯通了8 个国家的9个城市。 当天，国航还介绍了其"登机前-行程中-落地后"入境游全流程解决方案，并与中外文化和旅游交流中心 签署了《"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交流 中心将建立长期合作关系。 国航方面表示，未来将持续发挥航线网络与服务优势，推动航空+文旅深度融合，优化入境游服务，让 更多境外旅客体验中国丰富多彩的旅游资源和中华传统文化的独特 ...

Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover and cargo turnover for August 2025, indicating a positive trend in operational performance [1] Passenger Operations - The company's consolidated passenger turnover (measured in revenue passenger kilometers) increased by 3.2% year-on-year [1] - Passenger capacity input (measured in available seat kilometers) rose by 2.3% year-on-year [1] - Domestic passenger capacity input decreased by 1.2%, with passenger turnover remaining flat [1] - International passenger capacity input increased by 12.6%, with passenger turnover rising by 12.9% [1] - Regional passenger capacity input fell by 5.7%, with passenger turnover declining by 2.2% [1] - The average passenger load factor was 83.7%, up by 0.8 percentage points year-on-year [1] - Domestic routes saw an increase in load factor by 1.1 percentage points, international routes by 0.2 percentage points, and regional routes by 2.9 percentage points [1] Cargo Operations - Cargo capacity input (measured in available cargo ton kilometers) increased by 1.5% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 10.2% year-on-year [1] - The cargo load factor was 42.1%, up by 3.3 percentage points year-on-year [1]

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。 智通财经APP讯，中国国航(601111.SH)公告，2025年8月，公司及所属子公司合并旅客周转量(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: 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。 ...