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]

Core Viewpoint - Huaxia Airlines has shown a significant increase in stock price and revenue, indicating strong performance in the aviation sector, despite recent fluctuations in stock trading activity [1][2]. Group 1: Stock Performance - As of October 29, Huaxia Airlines' stock price increased by 2.12% to 10.62 CNY per share, with a total market capitalization of 13.575 billion CNY [1]. - Year-to-date, the stock price has risen by 36.86%, with a recent decline of 1.39% over the last five trading days [1]. - The stock has experienced a 24.65% increase over the past 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Huaxia Airlines reported operating revenue of 3.610 billion CNY, representing a year-on-year growth of 12.41% [2]. - The net profit attributable to shareholders reached 251 million CNY, showing a remarkable year-on-year increase of 858.95% [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 14.08% to 22,200, while the average number of circulating shares per person increased by 16.38% to 57,578 shares [2]. - The company has distributed a total of 209 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 4: Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include several funds, with notable changes in holdings, such as Zhonggeng Value Pioneer Stock reducing its stake by 9.2025 million shares [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].

（文章来源：证券日报） 证券日报网讯华夏航空10月27日在互动平台回答投资者提问时表示，公司暂未开通德国法兰克福航线； 最新航线网络布局请关注公司2025年半年度报告。 ...