Investment Rating - The report maintains a positive outlook on the shipping, shipbuilding, and aviation sectors, indicating a fundamental improvement despite low fund holdings [3]. Core Insights - The shipbuilding sector has seen a reversal of negative factors, with second-hand ship prices stabilizing and surpassing 2024 highs, suggesting potential for new ship price increases [3]. - The oil tanker market is experiencing strong demand due to OPEC's production increases and ongoing sanctions on Russian and Iranian oil supplies, leading to a significant rise in freight rates [3]. - Fund holdings in the transportation sector have decreased to a historical low, with notable increases in the market value of shipping, ports, airports, and cross-border logistics [3][4]. Summary by Sections 1. Changes in Fund Holdings in the Transportation Sector - As of Q3 2025, the total market value of funds in the transportation sector reached 18 billion yuan, a 30% decrease from the previous quarter, ranking 17th among 31 sectors [4][5]. - The transportation sector's market value accounts for 2.68% of total A-share market value, with an underweight of 1.59% [4]. 2. Changes in Fund Holdings by Sub-sectors - The proportion of fund holdings in aviation, shipping, ports, airports, raw material supply chain services, and cross-border logistics has increased, with aviation transportation holding the largest share at 37.62% [10]. - The market value changes for various sectors include significant increases in shipping and raw material supply chain services, while express delivery and highways saw declines [10]. 3. Top Ten Fund Holdings in the Transportation Sector - The top ten fund holdings include SF Holding, YTO Express, Huaxia Airlines, and China Merchants Energy, with notable increases in holdings for YTO Express and China Merchants Energy [15]. - Stocks with total holdings exceeding 300 million yuan and growth rates above 10% include YTO Express and China Merchants Energy, with growth rates of 110% and 227% respectively [15]. 4. Valuation of Key Companies in the Transportation Sector - Key companies such as China National Aviation and SF Holding have been evaluated with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential growth [19].

Core Insights - Huaxia Airlines reported a revenue of 2.124 billion yuan for Q3 2025, representing a year-on-year increase of 9.33% [1] - The net profit attributable to shareholders for Q3 2025 was 369 million yuan, showing a year-on-year growth of 31.6% [1] - For the first three quarters of 2025, the total revenue reached 5.734 billion yuan, an increase of 11.25% compared to the previous year [1] - The net profit for the first three quarters of 2025 was 620 million yuan, reflecting a significant year-on-year growth of 102.17% [1]

Core Viewpoint - Huaxia Airlines (002928.SZ) reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential in the aviation industry [1] Financial Performance - The company's operating revenue for the first three quarters reached 5.734 billion yuan, representing a year-on-year growth of 11.25% [1] - The net profit attributable to shareholders of the listed company was 620 million yuan, showing a remarkable year-on-year increase of 102.17% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 565 million yuan, reflecting a year-on-year growth of 94.30% [1] - Basic earnings per share stood at 0.4867 yuan [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Huaxia Airlines in the third quarter, showcasing significant growth in both revenue and net profit [1] Group 2 - The company reported a total operating revenue of 5.73 billion yuan for the first three quarters, representing a year-on-year increase of 11.25% [1] - The net profit attributable to shareholders reached 620 million yuan, marking a substantial year-on-year growth of 102.17% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 565 million yuan, reflecting a year-on-year increase of 94.30% [1]

证券代码：002928 证券简称：华夏航空 公告编号：2025-066 华夏航空股份有限公司 第四届董事会第二次会议决议公告 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。 华夏航空股份有限公司（以下简称"公司"）第四届董事会第二次会议通知 于 2025 年 10 月 27 日以电子邮件形式发出。 本次会议于 2025 年 10 月 30 日在重庆市渝北区江北国际机场航安路 30 号华 夏航空新办公楼 524 会议室以现场结合通讯表决方式召开。 根据《华夏航空股份有限公司章程》《华夏航空股份有限公司董事会议事规 则》等有关规定，召集人已在董事会会议上就豁免董事会会议通知时限的相关情 况作出说明，经全体董事一致同意，本次会议豁免通知时限要求。 2、会议出席情况 本次会议应出席董事 9 人，实际出席董事 9 人。其中 3 人现场出席（胡晓军 先生、吴龙江先生、胡不为先生），6 人以通讯表决方式出席（乔玉奇先生、范 鸣春先生、孙超先生、仇锐先生、彭泗清先生、刘文君先生）。 本次会议由公司董事长胡晓军先生主持，公司部分高级管理人员列席本次会 议。 3、本次会议的召开符 ...

Core Insights - The aviation and airport sector experienced a slight decline of 0.01% on October 30, with Xiamen Airport leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Xiamen Airport (600897) closed at 16.62, down 2.35% with a trading volume of 186,900 shares and a transaction value of 312 million yuan [2] - Other notable stocks include: - Spring Airlines (601021) at 53.35, up 0.87% [1] - China Eastern Airlines (600115) at 4.81, unchanged [2] - China Southern Airlines (600029) at 6.79, up 0.44% [2] Capital Flow - The aviation and airport sector saw a net outflow of 297 million yuan from institutional investors, while retail investors contributed a net inflow of 183 million yuan [2] - The capital flow for individual stocks includes: - Xiamen Airport with a net outflow of 21.42 million yuan from institutional investors [3] - China Southern Airlines with a net inflow of 21.88 million yuan from retail investors [3] - China National Aviation (601111) with a net outflow of 12.95 million yuan from institutional investors [3]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥2,124,155,073.67, an increase of 9.33% compared to the same period last year[4]. - Net profit attributable to shareholders was ¥369,072,658.47, reflecting a significant growth of 31.60% year-on-year[4]. - The basic earnings per share increased to ¥0.2898, up by 31.61% compared to the previous year[4]. - The company reported a total operating revenue of RMB 2,124.1551 million, representing a year-on-year increase of 9.33%[14]. - The net profit attributable to shareholders reached RMB 369.0727 million, reflecting a year-on-year growth of 31.60%[14]. - The total revenue for the current period reached RMB 5,733,802,452.62, compared to RMB 5,153,999,422.46 in the previous period, indicating an increase of about 11.2%[31]. - The total profit for the current period is 737,599,393.86 CNY, compared to 359,897,034.93 CNY in the previous period, reflecting an increase of about 105%[32]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥23,690,192,741.63, representing a 14.46% increase from the end of the previous year[4]. - The company's total liabilities reached RMB 19,700,284,263.61, compared to RMB 17,340,067,009.95 at the beginning of the period, reflecting an increase of about 13.5%[29]. - The company’s total equity increased to RMB 3,989,908,478.02 from RMB 3,357,944,123.52, representing a growth of approximately 18.8%[30]. - As of September 30, 2025, the total assets amounted to RMB 23,690,192,741.63, an increase from RMB 20,698,011,133.47 at the beginning of the period, reflecting a growth of approximately 14.4%[30]. Cash Flow - The company reported a cash flow from operating activities of ¥2,475,448,583.46, which is an increase of 80.82% year-to-date[4]. - Cash flow from operating activities for the current period is 2,475,448,583.46 CNY, up from 1,369,038,843.18 CNY in the previous period, reflecting a growth of approximately 81%[33]. - The net cash flow from investing activities is -719,329,050.08 CNY, compared to -675,461,895.48 CNY in the previous period, indicating a slight increase in cash outflow[34]. - The net cash flow from financing activities is -1,467,735,801.12 CNY, worsening from -622,046,762.59 CNY in the previous period, showing increased cash outflow[34]. Operational Metrics - The available seat kilometers (ASK) increased to 46.74 billion, up 15.42% year-on-year[14]. - The passenger turnover (RPK) reached 40.36 billion, showing a year-on-year growth of 19.37%[14]. - The total passenger turnover (RPK) increased by 19.37% year-on-year to 403,632.44 million kilometers in Q3 2025, with domestic RPK rising by 20.18% to 400,796.62 million kilometers[17]. - The total cargo and mail turnover (RFTK) grew by 14.33% year-on-year to 626.49 million ton-kilometers, with domestic RFTK increasing by 14.84% to 626.46 million ton-kilometers[17]. - The total number of passengers carried increased by 20.32% year-on-year to 3,111.04 thousand passengers, with domestic passengers rising by 20.78% to 3,096.08 thousand[17]. - The overall load factor (RTK/ATK) improved by 2.81% to 71.53%, while the international load factor decreased by 1.29% to 63.68%[17]. - The domestic passenger load factor improved to 86.36%, an increase of 2.85 percentage points year-on-year[14]. Investments and Future Plans - The company plans to enhance its route coverage in remote areas to further boost the value of its regional network[14]. - The company plans to reduce the number of A320 aircraft to be introduced from 4 to 2, reallocating the remaining funds to acquire 5 C909 aircraft, with a total change in investment amounting to 92,500.00 million yuan[24]. - The company initiated a share repurchase plan on September 15, 2025, to enhance long-term incentives and create value for shareholders[24]. - The company plans to repurchase shares with an amount not less than RMB 80 million and not exceeding RMB 160 million, with a maximum repurchase price of RMB 13.54 per share, potentially acquiring approximately 11,816,839 shares, representing 0.92% of the total share capital[25]. Shareholder Information - The top shareholder, Hu Xiaojun, holds 23.41% of the shares through Huaxia Airlines Holdings (Shenzhen) Co., Ltd.[12]. Employee Engagement - The company approved the 2024 employee stock ownership plan to enhance employee engagement and company governance on September 12, 2024[18]. Audit Status - The company has not undergone an audit for the third quarter financial report[35].

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]

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、部分闲置募集资金用于暂时补充流动资金的审议披露情况 华夏航空股份有限公司（以下简称"公司"）于 2025 年 05 月 08 日召开第 三届董事会第十八次会议、第三届监事会第十七次会议，审议通过了《关于使 用部分闲置募集资金暂时补充流动资金的议案》，同意公司在保证募集资金投 资项目（以下简称"募投项目"）的资金需求、不影响募投项目正常进行的前 提下，使用公司 2022 年度非公开发行 A 股股票的闲置募集资金不超过 139,000.00 万元暂时补充流动资金，使用期限自董事会审议通过之日起不超过 十二个月。具体内容详见公司于 2025 年 05 月 09 日披露于巨潮资讯网的《华夏 航空股份有限公司关于使用部分闲置募集资金暂时补充流动资金的公告》（公 告编号：2025-025）。 二、本次归还用于暂时补充流动资金的闲置募集资金情况 公司在使用闲置募集资金暂时补充流动资金期间，严格遵守相关法律、法 规和规范性文件的规定，对募集资金进行了合理的安排与使用，没有影响募投 项目的正常实施进度，没有改变或变相改变募集资 ...

Core Points - The opening of the new flight route from Qinhuangdao to Shijiazhuang and Baotou marks an expansion in air travel options for passengers, enhancing convenience for travelers [1][2] - The new route is operated by Huaxia Airlines using the CRJ900 aircraft, with daily flights scheduled [1] - The service includes various complimentary offerings such as free meals, accommodation, luggage storage, and city transfers, aimed at improving the travel experience [1] Summary by Sections - **Flight Operations** - The new route G54205/6 operates daily, connecting Baotou, Shijiazhuang, and Qinhuangdao with specific flight times outlined [1] - Passengers can transit through Shijiazhuang to over 30 popular cities including Shanghai, Guangzhou, Chongqing, Sanya, and Xiamen [1] - **Service Enhancements** - The "Four Free, Three Preferred, Two Enjoy" service package includes free meals, accommodation, luggage storage, and city transfers, along with discounts on shopping, tourism, and lounge access [1] - Travelers can access service details through the "Hebei Airport Passenger Service" WeChat mini-program or by calling a dedicated service number [1] - **Future Developments** - Qinhuangdao Beidaihe Airport plans to enhance its route network while promoting the integration of "aviation + tourism" to better meet passenger needs [2] - The airport aims to deepen the "Xiao Qin Huai" service brand and enrich market offerings [2]