Group 1: Future Air Cargo Demand and Strategy - The air logistics industry is undergoing significant transformation, with a shift from "scale expansion" to "quality and efficiency improvement" during the 14th Five-Year Plan period [2] - National policies are driving the need for a resilient global logistics network and competitive logistics enterprises, emphasizing green and smart development [2] - The company plans to introduce 330 aircraft converted from passenger to cargo by the end of the year, with a current fleet of 21 long-range aircraft [2][3] Group 2: Pricing and Revenue Management - The company has launched new routes and increased flight frequencies to capture emerging market opportunities, enhancing revenue from high-value charter flights [3] - In the first half of 2025, the company achieved a cargo volume of 902,100 tons, a year-on-year increase of 24.79%, and total revenue of 10.935 billion yuan, up 21.92% [4] - The average daily utilization of all-cargo aircraft increased to approximately 13.29 hours in the first half of 2025, reflecting improved operational efficiency [4] Group 3: Competitive Advantages - The company possesses several competitive advantages, including brand strength, diversified shareholder structure, optimized fleet, and enhanced service capabilities [4] - Strategic collaborations with major shareholders and partners are aimed at expanding market presence and improving operational efficiency [5] Group 4: Impact of External Factors - The company is closely monitoring external factors, such as U.S. tariffs, which may introduce market uncertainties, while maintaining a focus on high-quality development [5] - The Chinese economy showed strong growth, with a 5.3% year-on-year increase in the first half of the year and total exports reaching 19.95 trillion yuan, up 7.1% [5] Group 5: Strategic Planning and Regional Advantages - The company is aligning its strategies with the national 14th Five-Year Plan, focusing on enhancing international air cargo capabilities and supply chain stability [5] - Chengdu's strategic location and supportive policies position it as a key hub for both domestic and international cargo, facilitating efficient logistics operations [6]

Market Overview - On October 23, the logistics sector rose by 0.28% compared to the previous trading day, with Changjiang Investment leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Changjiang Investment (600119) closed at 9.63, with a gain of 7.12% and a trading volume of 402,400 shares, amounting to a transaction value of 391 million [1] - Other notable performers included Eastern Airlines Logistics (601156) with a 2.55% increase, and Wuchan Zhongda (600704) with a 2.35% increase [1] Fund Flow Analysis - The logistics sector experienced a net outflow of 20.51 million from institutional investors, while retail investors saw a net inflow of 116 million [2] - Major stocks like Changjiang Investment and Wuchan Zhongda had significant net inflows from retail investors, despite overall outflows from institutional and speculative funds [3] Individual Stock Insights - Changjiang Investment had a net inflow of 83.66 million from institutional investors, but a net outflow of 39.65 million from speculative funds [3] - Wuchan Zhongda also saw a net inflow of 70.94 million from institutional investors, with a net outflow of 25.73 million from speculative funds [3]

Core Viewpoint - The company, China International Cargo Airlines Co., Ltd., has shown significant growth in revenue and net profit, indicating a strong performance in the air cargo logistics sector [2][3]. Financial Performance - As of June 30, 2025, the company achieved an operating revenue of 10.935 billion yuan, representing a year-on-year increase of 21.92% [2]. - The net profit attributable to shareholders for the same period was 1.240 billion yuan, reflecting a substantial year-on-year growth of 86.15% [2]. Shareholder and Market Activity - As of October 16, 2023, the company’s stock price decreased by 1.06%, with a trading volume of 98.15 million yuan [1]. - The financing buy-in amount on the same day was 19.6955 million yuan, while the financing repayment was 13.1351 million yuan, resulting in a net financing buy-in of 6.5603 million yuan [1]. - The total financing and securities lending balance reached 268 million yuan as of October 16, 2023 [1]. Business Operations - The company primarily engages in air cargo services (71.01% of revenue), comprehensive logistics solutions (22.65%), and air cargo station services (5.95%) [1]. - The company has established itself as a major player in the domestic air logistics service market, leveraging the deep aviation transport development foundation of the Aviation Industry Corporation of China [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders was 164,100, a decrease of 19.93% from the previous period [2]. - The average number of circulating shares per shareholder increased by 27.85% to 5,232 shares [2]. - The top five circulating shareholders include various ETFs, with the largest being Huatai-PB CSI 300 ETF, holding 14.3159 million shares [3].

Core Viewpoint - The resignation of Chief Pilot Wu Yusheng from China International Cargo Airlines (国货航) is due to retirement, effective immediately upon submission of his resignation letter, and will not adversely affect the company's daily operations [2]. Group 1 - Wu Yusheng's original term was set to end in June 2028, but he has chosen to resign earlier for retirement reasons [2]. - The resignation is in compliance with relevant laws and regulations, including the Company Law of the People's Republic of China and the Shenzhen Stock Exchange's self-regulatory guidelines [2]. - Following his resignation, Wu Yusheng will no longer hold any positions within the company or its subsidiaries and will ensure a proper handover according to company management protocols [2]. Group 2 - As of the announcement date, Wu Yusheng indirectly holds 2,547,551 shares of the company through the employee stock ownership platform Tianjin Yuchi Enterprise Management Partnership (Limited Partnership) [2]. - He will continue to adhere to his commitments regarding share circulation restrictions and voluntary lock-up agreements, complying with relevant laws and regulations [2].

Core Points - The company announced the resignation of its Chief Pilot, Mr. Wu Yusheng, due to retirement, effective immediately upon submission of his resignation [1][3] - Mr. Wu's term was originally set to end in June 2028, and his resignation will not adversely affect the company's daily operations [1] - The board expressed gratitude for Mr. Wu's diligent work and contributions during his tenure [2] Summary by Sections - **Resignation Announcement** - Mr. Wu Yusheng submitted a written resignation report, effective immediately [1] - His resignation is in accordance with relevant laws and company regulations [1] - **Impact on Company Operations** - The resignation will not have a negative impact on the company's daily operations [1] - **Shareholding and Commitments** - Mr. Wu indirectly holds 2,547,551 shares through the employee stock ownership platform and will continue to adhere to his commitments regarding share circulation restrictions [2] - **Acknowledgment of Contributions** - The board thanked Mr. Wu for his contributions to the company's development during his time as Chief Pilot [2]

Core Viewpoint - The company, China International Cargo Airlines Co., Ltd. (国货航), has shown significant growth in revenue and net profit, indicating a strong performance in the air cargo logistics sector [2]. Financial Performance - As of June 30, 2025, the company achieved operating revenue of 10.935 billion yuan, representing a year-on-year increase of 21.92% [2]. - The net profit attributable to shareholders reached 1.240 billion yuan, marking an impressive growth of 86.15% year-on-year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 164,100, a reduction of 19.93% from the previous period [2]. - The average number of circulating shares per shareholder increased by 27.85% to 5,232 shares [2]. Dividend Distribution - The company has cumulatively distributed 794 million yuan in dividends since its A-share listing [3]. Institutional Holdings - As of June 30, 2025, the top circulating shareholder is Huatai-PB CSI 300 ETF, holding 14.316 million shares as a new shareholder [3]. - Other significant shareholders include E Fund CSI 300 ETF and Hong Kong Central Clearing Limited, with holdings of 10.878 million shares and an increase of 2.019 million shares, respectively [3].

Core Viewpoint - The company announced the resignation of its Chief Pilot, Wu Yusheng, due to retirement, with his term originally set to end in June 2028 [1] Group 1 - The resignation was submitted in a written report to the company's board [1] - Wu Yusheng's retirement is the reason for his resignation from the Chief Pilot position [1]

证券代码：001391 证券简称：国货航 公告编号：2025-056 中国国际货运航空股份有限公司 关于高级管理人员辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 中国国际货运航空股份有限公司（以下简称"国货航"、 "公司"）董事会近日收到公司总飞行师巫玉胜先生提交的 书面辞职报告，巫玉胜先生原定任期至 2028 年 6 月，因退 休原因申请辞去公司总飞行师职务。根据《中华人民共和国 公司法》《深圳证券交易所上市公司自律监管指引第 1 号— —主板上市公司规范运作》等相关法律法规和《中国国际货 运航空股份有限公司章程》的规定，巫玉胜先生的辞职申请 自送达董事会之日起生效，其辞职不会对公司日常经营产生 不利影响。辞职后，巫玉胜先生不再担任国货航及下属子公 司的任何职务，并将按照公司相关管理制度做好交接工作。 截至本公告披露日，巫玉胜先生通过国货航员工持股平 台天津宇驰企业管理合伙企业（有限合伙）间接持有公司 2,547,551 股股份，其将继续履行本人作出的《关于股份流 通限制和自愿锁定的承诺》，并严格遵守该承诺及相关法律、 法规、规范性文件的规定。 ...

Core Points - The CA1095 flight, carrying disaster relief supplies from the Chinese government to Pakistan, successfully landed at Islamabad International Airport on October 4 [1] - The relief supplies included over 2,400 items weighing a total of 89 tons, such as blankets, tents, life jackets, and sleeping bags [2] Group 1 - The operation faced challenges due to the variety of supplies, time constraints, and staff shortages during the National Day holiday [2] - The company conducted thorough preparations for the entire process, including route assessment, crew selection, and flight operation [2] - A backup airport was designated, and maintenance personnel accompanied the flight to ensure safety and control during the operation [2] Group 2 - The company established a "green channel" for key processes such as security checks, storage, and assembly, facilitating efficient handling of the supplies [2] - Business experts were dispatched to Islamabad to assist with unloading operations, reinforcing ground support for the mission [2]

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 10.935 billion yuan, representing a year-on-year growth of 21.92% [2] - The net profit attributable to shareholders was 1.240 billion yuan, with a year-on-year increase of 86.15% [2] - The net profit excluding non-recurring gains and losses was 1.198 billion yuan, reflecting an 82.64% year-on-year growth [2] Group 2: Business Segments Performance - The air cargo segment saw a revenue increase of 16.51% and a cost increase of 11.25%, resulting in a gross margin increase of 3.91 percentage points [3] - The air cargo station segment experienced a revenue growth of 2.15% and a cost decrease of 0.05%, leading to a gross margin increase of 2.10 percentage points [3] - The comprehensive logistics segment reported a revenue increase of 53.78% and a cost increase of 45.07%, with a gross margin increase of 5.02 percentage points [3] Group 3: Strategic Collaborations - The company has a diverse and stable shareholder structure, enhancing collaboration with strategic partners like Cainiao Network, Shenzhen International, and Cathay Pacific [3] - Continuous optimization of cooperation routes and expansion of collaboration models with strategic shareholders are ongoing [3] Group 4: Future Plans - The company has established a three-year shareholder return plan post-IPO, focusing on enhancing cash dividend stability and predictability [4] - Future development plans for air cargo stations include strengthening hub capabilities and improving service quality [4] - The company is actively advancing the introduction of two remaining A330 aircraft for cargo conversion as part of its "14th Five-Year Plan" [4]