Core Viewpoint - The financial performance of major Chinese airlines in the first half of 2025 shows a mixed picture, with state-owned airlines continuing to incur losses but at a reduced rate, while private airlines have achieved profitability. Group 1: State-Owned Airlines Performance - China National Airlines reported operating revenue of 80.757 billion yuan, a year-on-year increase of 1.6%, with a net loss of 1.806 billion yuan, a reduction in losses compared to the previous year [2] - China Eastern Airlines achieved operating revenue of 66.822 billion yuan, a year-on-year increase of 4.09%, with a net loss of 1.431 billion yuan, down from a loss of 2.768 billion yuan in the same period last year [2] - Southern Airlines reported operating revenue of 86.291 billion yuan, a year-on-year increase of 1.77%, with a net loss of 1.533 billion yuan, which is a 24.84% increase in losses compared to the previous year [3] Group 2: Private Airlines Performance - Hainan Airlines, Spring Airlines, Juneyao Airlines, and China Express Airlines all reported profits, with a total net profit of nearly 2 billion yuan [1] - Spring Airlines achieved a net profit of 1.169 billion yuan, although this represents a year-on-year decline of 14.11% [4] - Juneyao Airlines reported a net profit of 505 million yuan, an increase of 3.29% year-on-year [6] - China Express Airlines reported a net profit of 251 million yuan, a significant increase of 858.95% year-on-year [7] Group 3: Market Conditions and Trends - The aviation industry is experiencing a "volume up, price down" trend, with significant pressure on ticket prices leading to reduced revenue per passenger kilometer for major airlines [8] - The Civil Aviation Administration of China has emphasized the need to address "involution" in the aviation sector, which may improve airline profitability in the short term [8] - Airlines are actively expanding their markets and optimizing services, with China National Airlines implementing AI-driven customer service and China Eastern Airlines enhancing its product marketing strategies [9][10]

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，民生证券8月31日发布研报称，给予华夏航空（002928.SZ，最新价：9.2元）推荐评级。 评级理由主要包括：1）机构购买运力对公司单位收益水平形成托底，旅游航线淡季不淡或提升公司单 位收益表现；2）利用率回升、油价下降改善单位成本，机队机型结构调整，单位成本或仍有改善空 间；3）公司增加对偏远区域航线覆盖，单位补贴收益或受益支线补贴新规持续上升；4）25H1公司转 回500万元单项计提减值损失但账龄组合计提约1200万元，关注潜在减值转回对公司盈利影响。风险提 示：宏观经济复苏不及预期；油价大幅上涨；人民币汇率波动。 每经头条（nbdtoutiao）——个人消费贷贴息明日开闸！贷30万元最多可享贴息3000元，一文读懂→ （记者 张喜威） ...

25H1 公司转回500 万元单项计提减值损失但账龄组合计提约1200 万元，关注潜在减值转回对公司盈利 影响。2025 年上半年公司转回单项计提应收账款500 万元，体现出下游客户回款情况逐渐改善，但同期 按账龄组合计提约1200万元，使得公司25H1 仍有约400 万元的坏账减值。我们认为随着公司航线网络 调整以及存量应收账款下游客户现金流能力改善，公司将逐渐进入应收账款回款周期。截至2025 年6 月 底公司有约3.2 亿元坏账减值准备，关注潜在减值转回对公司盈利影响。 投资建议：看好支线市场增长潜力和公司在国内支线航线领域的先发优势，行业降价环境下政府运力购 买模式对公司价格端形成一定支撑。25H1 公司单位成本下降超预期，我们上调公司2025-2027 年归母 净利润至6.2/8.5/11.3 亿元，当前华夏航空股价对应2025-2027 年19/14/10 倍市盈率。维持"推荐"评级。 风险提示：宏观经济复苏不及预期；油价大幅上涨；人民币汇率波动。 利用率回升、油价下降改善单位成本，机队机型结构调整，单位成本或仍有改善空间。25H1 单位成本 延续同比下降趋势，同比-7.4%，利用率回升摊薄租赁折 ...

1H25 业绩符合我们预期 公司公布1H25 业绩：收入36.10 亿元，同比增长12.41%；归母净利润2.51 亿元，而1H24 为0.26 亿元。 公司2Q25 实现收入18.36 亿元，同比增长15.07%、环比增长3.48%；实现归母净利润1.69 亿元，而 2Q24、1Q25 分别为148 万元、0.82 亿元。 客座率表现强劲、油价下行及政府补贴水平提升带动2Q25 盈利大幅改善。收入端，根据公司公告， 2Q25 公司ASK 同比增长19%，我们认为此前限制公司飞机利用率提升的机长瓶颈正进一步缓解；客座 率同比提升4.6个百分点至83.2%，较2019 年同期提升5.4 个百分点，表现强劲；我们估计2Q25 公司对 个人端客公里收益同比或高个位数水平下滑，较1Q25 同比跌幅有所收窄。成本端，2Q25 航空煤油出厂 价同比下行17%，同时我们估计公司单位ASK 非油成本同比或基本维持稳定；补贴端，2Q25 公司确认 其他收益3.81 亿元，对应单位ASK 其他收益0.08 元/座公里，同比提升19%，环比提升1%。 运力改善不及预期；飞行安全事故；支线航空市场需求不及预期；政府补贴政策修改；票价 ...

Core Viewpoint - 华夏航空 reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 3.61 billion yuan, a year-on-year increase of 12.41% [1] - Net profit attributable to shareholders was 251 million yuan, up 858.95% year-on-year [1] - In Q2 2025, total revenue was 1.836 billion yuan, reflecting a 15.07% increase year-on-year [1] - Q2 net profit attributable to shareholders was 169 million yuan, a staggering increase of 11283.67% year-on-year [1] - Gross margin improved to 2.88%, up 1.02% year-on-year, while net margin surged to 6.95%, an increase of 753.08% [1] - Total expenses (selling, administrative, and financial) amounted to 540 million yuan, accounting for 14.96% of revenue, down 17.61% year-on-year [1] Key Financial Ratios - Current ratio stood at 0.79, indicating increased short-term debt pressure [1] - Earnings per share (EPS) reached 0.20 yuan, a remarkable increase of 860.49% year-on-year [1] - Cash flow from operations per share was 0.82 yuan, up 35.92% year-on-year [1] - The company’s return on invested capital (ROIC) was 4.8% last year, indicating a relatively weak capital return [3] Debt and Cash Flow Analysis - The company’s cash and cash equivalents increased by 50.50% to 2.125 billion yuan [1] - Interest-bearing liabilities rose to 7.864 billion yuan, a 10.74% increase [1] - The ratio of cash to total assets was only 9.88%, and cash to current liabilities was 30.94%, suggesting potential liquidity concerns [3] Market Expectations - Analysts expect the company's performance for 2025 to reach 660 million yuan, with an average EPS forecast of 0.52 yuan [4] Fund Holdings - The largest fund holding in 华夏航空 is 中庚价值先锋股票, with 42.2532 million shares, indicating a reduction in holdings [5] - Other funds have maintained or adjusted their positions, reflecting varied investor sentiment towards the company [5]

证券代码：002928 证券简称：华夏航空 公告编号：2025-042 华夏航空股份有限公司 第三届监事会第十九次会议决议公告 本公司及监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、监事会会议召开情况 华夏航空股份有限公司（以下简称"公司"）第三届监事会第十九次会议通 知于 2025 年 08 月 18 日以电子邮件形式发出。 本次会议于 2025 年 08 月 28 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。 本次会议由公司监事会主席邢宗熙先生主持，公司部分高级管理人员列席本 次会议。 部门规章、规范性文件、深圳证券交易所业务规则以及《华夏航空股份有限公司 章程》（以下简称《公司章程》）的规定。 二、监事会会议审议情况 表决结果：3 票同意，0 票反对，0 票弃权。 监事会认为董事会对《2025 年半年度报告》及其摘要的编制和审核程序符 合相关法律、法规和中国证券监督管理委员会及深圳证券交易所的规定，报告内 容真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈 述或者重大遗漏。 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-041 华夏航空股份有限公司 二、董事会会议审议情况 表决结果：9 票同意，0 票反对，0 票弃权。 本议案已经公司审计委员会审核通过，具体内容详见公司同日披露于巨潮资 讯网（www.cninfo.com.cn）的《华夏航空股份有限公司 2025 年半年度报告》， 及披露于巨潮资讯网（www.cninfo.com.cn）、《证券时报》的《华夏航空股份 有限公司 2025 年半年度报告摘要》（公告编号：2025-039）。 报告的议案》。 第三届董事会第二十次会议决议公告 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 华夏航空股份有限公司（以下简称"公司""华夏航空"）第三届董事会第 二十次会议通知于 2025 年 08 月 18 日以电子邮件形式发出。 本次会议于 2025 年 08 月 28 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。 本次会议应出席董事 9 人，实际出席董事 9 人。其中 2 人现场出席（ ...

每经头条（nbdtoutiao）——近120个品牌、1600辆车逐鹿西南！下半年国内首个A级车展开幕：新能 源"第三极"将改写车市格局 每经AI快讯，华夏航空（SZ 002928，收盘价：9.2元）8月30日发布公告称，公司第三届第二十次董事 会会议于2025年8月28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。会议审议了《关于修订〈董事会审计委员会议事规则〉的议案》等文件。 2025年1至6月份，华夏航空的营业收入构成为：航空运输业占比98.73%，其他业务收入占比1.27%。 （记者 张喜威） ...

每经AI快讯，华夏航空（SZ 002928，收盘价：9.2元）8月30日发布半年度业绩报告称，2025年上半年 营业收入约36.1亿元，同比增加12.41%；归属于上市公司股东的净利润约2.51亿元，同比增加 858.95%；基本每股收益0.1969元，同比增加860.49%。 每经头条（nbdtoutiao）——近120个品牌、1600辆车逐鹿西南！下半年国内首个A级车展开幕：新能 源"第三极"将改写车市格局 （记者 张喜威） ...

Major Events - SMIC is planning to issue A-shares to acquire minority stakes in its subsidiary, with stock suspension starting from September 1, 2025, for up to 10 trading days. The transaction is not expected to constitute a major asset restructuring but is classified as a related party transaction [4] - China Shipbuilding Industry Corporation's A-shares will be delisted on September 5, 2025, with a conversion ratio of 1:0.1339 to China Shipbuilding's A-shares [5] - Kweichow Moutai has completed a share buyback of 3.9276 million shares, totaling 6 billion yuan, which will be used for capital reduction [6][7] Performance Overview - BYD reported a net profit of 15.511 billion yuan for the first half of 2025, a year-on-year increase of 13.79%, with revenue of 371.281 billion yuan, up 23.30% [8] - Wingtech Technology's net profit for the first half of 2025 was 474 million yuan, a significant increase of 237.36%, despite a revenue decline of 24.56% [9] - Pianzaihuang's net profit decreased by 16.22% to 1.442 billion yuan, with revenue down 4.81% [10] - Shanshan reported a net profit of 207 million yuan, up 1079.59%, with revenue growth of 11.78% [11] - China Rare Earth achieved a net profit of 162 million yuan, reversing a loss from the previous year, with revenue growth of 62.38% [12] - China Shipbuilding reported a net profit of 2.946 billion yuan, up 108.59%, with revenue growth of 11.96% [13] - Guotai Junan's net profit surged by 213.74% to 15.737 billion yuan, with revenue growth of 77.71% [15] - China Shenhua's net profit decreased by 12% to 24.641 billion yuan, with revenue down 18.3% [16] - Lattice Semiconductor's net profit increased by 95.41% to 1.159 billion yuan, with revenue growth of 58.17% [17] - Guotou Zhonglu reported a net profit of 25.08 million yuan, up 2149.03%, with revenue growth of 39.68% [18] - Jianfeng Group's net profit increased by 1196.93% to 618 million yuan, despite a revenue decline of 4.42% [19] - OmniVision's net profit for the first half of 2025 was 2.028 billion yuan, up 48.34%, with revenue growth of 15.42% [20] - Haili's net profit increased by 694% to 33.3546 million yuan, with revenue growth of 13.16% [21] - Huaxia Airlines reported a net profit of 251 million yuan, up 859%, with revenue growth of 12.41% [22] - BeiGene turned a profit with a net profit of 450 million yuan, compared to a loss of 287.7 million yuan in the previous year, with revenue growth of 46.03% [24] - China Merchants Bank's net profit was 74.93 billion yuan, a slight increase of 0.25%, with a revenue decline of 1.73% [25] - Agricultural Bank of China reported a net profit of 139.51 billion yuan, up 2.7%, with revenue growth of 0.7% [26] - Bank of China reported a net profit of 117.591 billion yuan, with revenue growth compared to the previous year [27] - Industrial and Commercial Bank of China reported a net profit of 168.103 billion yuan, with slight revenue growth [28] - Bank of Communications reported a net profit of 46.016 billion yuan, up 1.61%, with revenue growth of 0.72% [29] - China Construction Bank's net profit was 162.076 billion yuan, a decrease of 1.37%, with revenue growth of 2.95% [30]