1.审议通过了《关于 2025 年三季度报告的议案》 具 体 内 容 请 见 公 司 同 日 于 深 圳 证 券 交 易 所 网 站 证券代码：001391 证券简称：国货航 公告编号：2025-057 中国国际货运航空股份有限公司 第二届董事会第六次会议决议公告 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。 一、董事会会议召开情况 中国国际货运航空股份有限公司（以下简称"国货航"、 "公司"）第二届董事会第六次会议（以下简称"本次会议"） 于 2025 年 10 月 27 日在北京市顺义区天柱路 29 号院公司会 议室以现场结合通讯表决方式召开，会议通知已于 2025 年 10 月 21 日以电子邮件方式送达全体董事。本次会议应出席 董事 15 人，实际出席董事 15 人（其中，邓健荣董事、郑家 驹董事、熊伟董事、周治伟董事、刘航独立董事、张晓东独 立董事及杨武独立董事通过通讯方式出席会议）。本次会议 由董事长陈松先生主持。公司部分高级管理人员列席本次会 议。本次会议的召开符合《中华人民共和国公司法》等法律 法规及《中国国际货运航空股份有限公司章程》的规定 ...

Core Viewpoint - The company plans to sign a purchase agreement with Airbus for six A350F freighters and has four additional intention orders, indicating a significant investment in expanding its cargo fleet [1] Group 1: Purchase Agreement Details - The purchase agreement involves acquiring six A350F freighters, with a list price of $465 million per aircraft as of January 2024 [1] - If all confirmed and intention orders are realized, the total value for ten A350F freighters would be approximately $4.65 billion [1] - The actual transaction price will be lower than the aforementioned list price [1]

中国国际货运航空股份有限公司 2025 年三季度报告 证券代码：001391 证券简称：国货航 公告编号：2025-058 中国国际货运航空股份有限公司 2025 年三季度报告 一、主要财务数据 中国国际货运航空股份有限公司 2025 年三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、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。 3.三季度财务会计报告是否经过审计 □是 否 1 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | 项目 | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 5,701,096,877 | 8.39% | 16 ...

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]