Core Insights - CITIC Limited (00267) announced the performance of CITIC Heli (000099) for the first three quarters of 2025, reporting a revenue of approximately 1.633 billion yuan, representing a year-on-year growth of 9.05% [1] - The net profit attributable to shareholders of the listed company was approximately 245 million yuan, showing a year-on-year increase of 25.53% [1] - The basic earnings per share stood at 0.3154 yuan [1]

Core Viewpoint - CITIC Limited (00267) reported the performance of CITIC Heli (000099.SZ) for the first three quarters of 2025, showing positive growth in both revenue and net profit [1] Financial Performance - The operating revenue reached approximately 1.633 billion yuan, representing a year-on-year increase of 9.05% [1] - The net profit attributable to shareholders was about 245 million yuan, reflecting a year-on-year growth of 25.53% [1] - The basic earnings per share stood at 0.3154 yuan [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依賴該等內容而引致的任何損失承擔任何責任。 中信海洋直升机股份有限公司 2025 年第三季度报告 证券代码：000099 证券简称：中信海直 公告编号：2025-035 中信海洋直升机股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 海外監管公告 此乃中信海洋直升機股份有限公司登載於中華人民共和國深圳證券 交易所網站（www.szse.cn）關於 2025 年第三季度報告。中信海洋直 升機股份有限公司為中國中信股份有限公司的附屬公司。 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 ...

Core Viewpoint - CITIC Hainan Airlines (000099.SZ) reported a 9.05% year-on-year increase in operating revenue for the first three quarters, amounting to 1.63 billion yuan, and a 25.53% increase in net profit attributable to shareholders, reaching 245 million yuan [1] Financial Performance - The operating revenue for the first three quarters was 1.63 billion yuan, reflecting a growth of 9.05% compared to the previous year [1] - The net profit attributable to shareholders was 245 million yuan, showing a year-on-year increase of 25.53% [1] - The net profit after deducting non-recurring gains and losses was also 245 million yuan, with a growth rate of 26.97% year-on-year [1]

Group 1 - Company reported Q3 performance with revenue of approximately 1.633 billion yuan, a year-on-year increase of 9.05% [1] - Net profit attributable to shareholders was about 245 million yuan, reflecting a year-on-year increase of 25.53% [1] - Basic earnings per share reached 0.3154 yuan, up 25.56% year-on-year [1] Group 2 - As of the report, the market capitalization of the company is 17.1 billion yuan [2]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥594,584,302.84, representing an increase of 11.11% compared to the same period last year[5] - Net profit attributable to shareholders was ¥91,244,957.95, a significant increase of 46.02% year-on-year[5] - The basic earnings per share (EPS) for the period was ¥0.1177, reflecting a growth of 46.21% compared to the previous year[5] - Total operating revenue for the current period reached ¥1,632,628,946.24, an increase of 9.05% compared to ¥1,497,180,609.00 in the previous period[24] - Net profit for the current period was ¥237,575,470.16, representing a 24.61% increase from ¥190,669,870.80 in the previous period[25] - Total comprehensive income for the period reached ¥237,575,470.16, compared to ¥190,669,870.80 in the previous period, reflecting an increase of approximately 24.6%[26] - Basic and diluted earnings per share increased to ¥0.3154 from ¥0.2512, representing a growth of 25.5%[26] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥7,787,725,241.34, marking a 10.12% increase from the end of the previous year[5] - The company's total assets increased to ¥7,787,725,241.34 from ¥7,071,877,990.36, marking a growth of 10.12%[22] - Current assets totaled ¥3,770,615,379.36, up from ¥3,268,961,652.13, indicating a rise of 15.36%[22] - Non-current assets reached ¥4,017,109,861.98, compared to ¥3,802,916,338.23, reflecting an increase of 5.63%[22] - The company's total liabilities increased to ¥2,211,904,909.62 from ¥1,636,661,869.02, a rise of 35.05%[24] - The company’s total liabilities increased by 53.03% to ¥989,580,500.00, primarily due to new lease liabilities for helicopters and drones[10] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥684,263,941.89, up 33.03% year-on-year[5] - Net cash flow from operating activities was ¥684,263,941.89, up from ¥514,368,520.73, indicating a rise of 32.9%[26] - Cash inflow from operating activities totaled ¥1,997,604,810.21, compared to ¥1,634,451,430.46 in the prior period, marking an increase of 22.2%[26] - Cash outflow from operating activities was ¥1,313,340,868.32, up from ¥1,120,082,909.73, which is an increase of 17.3%[26] - Net cash flow from investing activities was -¥205,890,257.48, worsening from -¥96,084,716.15 in the previous period[27] - Cash and cash equivalents at the end of the period stood at ¥713,040,498.55, down from ¥1,380,349,869.35, a decrease of 48.3%[27] - The company’s net increase in cash and cash equivalents for the period was ¥204,471,529.83, compared to ¥157,335,003.54 in the previous period, an increase of 30%[27] Investments and Subsidies - The company received government subsidies amounting to ¥26,757.27 for the reporting period, contributing positively to its financial performance[7] - The company received government compensation of RMB 263,582,542.00 for the relocation of the Nantuo Helicopter Airport, expected to be paid in September 2025[17] - The company received government subsidies of RMB 30,040,000.00 in April 2025[19] - The company’s subsidiary, Haizhi General Aviation Co., Ltd., received government subsidies of RMB 29,730,000.00 in January 2025[19] - The company increased its long-term equity investments by 38.09%, totaling ¥24,084,000, due to new investments in Zhejiang General Helicopter Co., Ltd.[9] Shareholder Information - Total number of common shareholders at the end of the reporting period is 124,959[15] - The largest shareholder, China Ocean Aviation Limited Liability Company, holds 30.18% of shares, totaling 234,119,474 shares[15] - The second largest shareholder, CITIC Investment Holdings Limited, holds 8.45% of shares, totaling 65,555,001 shares[15] - The top ten shareholders include various investment funds, with the largest being Southern CSI 1000 ETF holding 4,968,610 shares[16] - The company has no preferred shareholders or related party transactions that require disclosure[17] Operating Costs and Expenses - Total operating costs amounted to ¥1,357,481,411.85, up from ¥1,301,655,985.68, reflecting a growth of 4.29%[24] - Research and development expenses for the current period were ¥3,280,445.47, up from ¥2,051,626.09, indicating a significant increase of 59.83%[24]

Market Overview - The aviation and airport sector increased by 0.71% on October 29, with HNA Holding leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - HNA Holding (600221) closed at 1.75, up 3.55% with a trading volume of 8.84 million shares [1] - Xiamen Airport (600897) saw a decline of 3.30%, closing at 17.02 with a trading volume of 326,800 shares [2] - China Eastern Airlines (600115) decreased by 0.62%, closing at 4.81 with a trading volume of 1.0752 million shares [2] Capital Flow - The aviation and airport sector experienced a net inflow of 134 million yuan from institutional investors, while retail investors saw a net outflow of 26.71 million yuan [2] - HNA Holding had a net inflow of 195 million yuan from institutional investors, but a net outflow of 108 million yuan from retail investors [3] Individual Stock Analysis - China Southern Airlines (600029) had a net outflow of 8.09 million yuan from institutional investors, but a net inflow of 19.41 million yuan from retail investors [3] - Spring Airlines (601021) experienced a net outflow of 2.76 million yuan from institutional investors, while retail investors contributed a net inflow of 16.35 million yuan [3]

Core Insights - The aviation and airport sector saw a rise of 0.61% on October 28, with Xiamen Airport leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Xiamen Airport (600897) closed at 17.60, up 10.00% with a trading volume of 132,700 shares and a transaction value of 229 million yuan [1] - Southern Airlines (600029) closed at 6.70, up 1.52% with a trading volume of 927,600 shares and a transaction value of 626 million yuan [1] - Other notable performances include: - Hainan Airlines (600221) up 0.60% to 1.69 [1] - China Eastern Airlines (600115) up 0.21% to 4.84 [1] Capital Flow - The aviation and airport sector experienced a net inflow of 22.1 million yuan from institutional investors, while retail investors saw a net inflow of 42.8 million yuan [2] - However, speculative funds recorded a net outflow of 64.9 million yuan [2] Individual Stock Capital Flow - Xiamen Airport had a net inflow of 45.72 million yuan from institutional investors, but a net outflow of 20.31 million yuan from speculative funds [3] - Shenzhen Airport saw a net inflow of 16.57 million yuan from institutional investors, with a net outflow of 5.96 million yuan from speculative funds [3] - China Eastern Airlines experienced a net outflow of 9.82 million yuan from institutional investors, while retail investors contributed a net inflow of 5.52 million yuan [3]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - Crude oil freight rates have decreased month-on-month, while container shipping rates on long-distance routes have increased. The China Import Crude Oil Comprehensive Index (CTFI) reported 1632.26 points on October 23, down 8.9% from October 16. The VLCC market remains cautious due to the implementation of special port fees between China and the US, leading to a weak sentiment among shipowners [2][13] - Guangdong Province has released a high-quality development plan for the low-altitude economy, aiming to establish itself as a national leader in this sector. The civil aviation industry has shown steady growth in the first three quarters of 2025, with a total transport turnover of 1220.3 billion ton-kilometers, a year-on-year increase of 10.3% [2][15][16] - In Shenzhen, the monthly delivery volume of autonomous vehicles has surpassed one million, with a year-on-year growth of 12.7% in express delivery volume in September. The postal industry reported a total business income of 152.57 billion yuan in September, up 6.8% year-on-year [2][22][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, while container shipping rates on long-distance routes have increased. The CTFI reported a decrease of 8.9% [2][13] - Guangdong's low-altitude economy development plan aims to optimize airspace management and promote low-altitude logistics [15][16] - Shenzhen's autonomous vehicle delivery volume has exceeded one million, with express delivery volume growing by 12.7% [22][24] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index has shown a month-on-month increase of 6.9% [26] - Domestic cargo flights have increased by 3.05% year-on-year, while international flights have risen by 15.86% [32] - The express delivery business volume in September increased by 12.7% year-on-year, with total business income reaching 127.37 billion yuan [50][54] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Consider investment opportunities in the highway and railway sectors, recommending companies like Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Explore investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [4]

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.09% on October 27, with Xiamen Airport leading the gains. The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1]. Summary by Category Stock Performance - Xiamen Airport (600897) closed at 16.00, up 1.91% with a trading volume of 127,600 shares and a turnover of 204 million yuan - China National Aviation (601111) closed at 8.46, up 1.08% with a trading volume of 532,900 shares - China Southern Airlines (600029) closed at 6.60, up 0.30% with a trading volume of 431,700 shares - Shanghai Airport (600009) remained unchanged at 31.37 with a trading volume of 71,700 shares - Hainan Airlines (600221) closed at 1.68, unchanged with a trading volume of 3,633,800 shares - China Eastern Airlines (600115) closed at 4.83, down 0.41% with a trading volume of 953,200 shares [1][2]. Capital Flow - The aviation and airport sector saw a net outflow of 153 million yuan from institutional investors, while retail investors contributed a net inflow of 107 million yuan [2][3]. - The detailed capital flow for key stocks indicates that: - China Southern Airlines had a net inflow of 29.35 million yuan from institutional investors - Hainan Airlines experienced a net outflow of 19.17 million yuan from institutional investors - Xiamen Airport had a net inflow of 6.56 million yuan from institutional investors [3].