香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國北京，二零二五年十一月七日 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司 關於高級管理人員辭任的公告 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 於本公告日期，本公司的董事為劉鐵祥先生、王明遠先生、崔曉峰先生、Patrick Healy （賀以禮）先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 证券代码：601111 股票简称：中国国航 公告编号：2025-056 中国国际航空股份有限公司 关于高级管理人员辞任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ...

中国国际航空股份有限公司 关于高级管理人员辞任的公告 证券代码：601111 股票简称：中国国航 公告编号：2025-056 张华先生确认与公司董事会和公司无不同意见，亦不存在公司股东需要知悉有关 其辞任的其他事宜。董事会对张华先生任职期间对公司做出的贡献表示诚挚的感谢。 特此公告。 中国国际航空股份有限公司董事会 中国北京，二〇二五年十一月七日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国国际航空股份有限公司（以下简称"公司"）董事会于近日收到公司总法 律顾问张华先生递交的辞呈。张华先生因退休，向公司董事会辞去总法律顾问职务。 该辞任即日起生效。 ...

Group 1 - The core point of the article is that *ST Haichin (600753.SH) has completed its share buyback plan, acquiring 4.3799 million A-shares, which represents 1.90% of the total share capital, with a total investment of 30.0607 million RMB [1] Group 2 - The buyback period was from May 12, 2025, to November 7, 2025, indicating a strategic move by Zhejiang Haixin to increase its stake in the company [1] - The total amount invested in the buyback exceeded the lower limit of the planned buyback, suggesting strong confidence in the company's future performance [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to benefit from improved industry supply and demand dynamics, leading to enhanced revenue levels [2][3] - Recent improvements in ticket prices are attributed to a recovery in business travel demand and a consensus against excessive competition within the industry [2] - The company announced a plan to raise up to 20 billion RMB through a private placement to repay debts and enhance liquidity, which is expected to dilute the share capital by 14.9% if fully subscribed [2][3] Financial Forecast and Valuation - The forecast for the company's net profit attributable to shareholders for 2025-2027 is 4.90 billion RMB, 6.31 billion RMB, and 8.73 billion RMB respectively [3] - The estimated Book Value Per Share (BPS) for 2026 is projected to be 3.27 RMB, with a price-to-book (PB) ratio of 3.2x for A shares and 2.2x for H shares [3] - The target price remains unchanged at 10.45 RMB for A shares and 7.90 HKD for H shares, reflecting a premium valuation based on expected improvements in return on equity (ROE) [3]

Core Viewpoint - Airline stocks are generally rising, driven by positive news regarding holiday arrangements and performance forecasts for the airline industry in China [1] Group 1: Stock Performance - Eastern Airlines (00670) increased by 5.29%, trading at 4.38 HKD [1] - Air China (601111) (00753) rose by 3.92%, trading at 6.1 HKD [1] - Southern Airlines (600029) (01055) saw a 2.08% increase, trading at 4.89 HKD [1] - Cathay Pacific (00293) experienced a slight rise of 0.36%, trading at 11.27 HKD [1] Group 2: Industry News - On November 4, the State Council released a notice regarding the holiday schedule for 2026, which includes a 9-day Spring Festival holiday, marking the longest in history [1] - Cathay Haitong Securities noted that A-share airline companies achieved counter-cyclical growth in Q3 2025, surpassing Q3 2019 for three consecutive years, indicating a potential upward trend in profitability [1] Group 3: Future Outlook - The concept of "anti-involution" is expected to help reduce losses in Q4's off-peak season and turn around the overall performance for the year [1] - The long-term outlook for Chinese airlines is optimistic, with market-driven ticket pricing, steady demand growth, and an optimized customer base expected to drive an increase in profitability for airlines in 2026 [1]

Group 1 - The core viewpoint of the article highlights a significant rise in airline stocks, driven by positive market sentiment and government announcements regarding holiday arrangements [1] - As of the report, Eastern Airlines saw a 5.29% increase, China National Aviation rose by 3.92%, Southern Airlines increased by 2.08%, and Cathay Pacific experienced a 0.36% rise [1] - The State Council announced that the 2026 Spring Festival holiday will last for 9 days, marking it as the longest Spring Festival in history, which is expected to boost travel demand [1] Group 2 - Cathay Securities noted that A-share airline companies achieved counter-cyclical growth in Q3 2025, surpassing performance from Q3 2019 for three consecutive years, indicating a potential upward trend in profitability [1] - The concept of "anti-involution" is expected to help reduce losses in the off-peak Q4 and contribute to an overall turnaround for the year [1] - The long-term outlook for Chinese airlines is optimistic, with market-driven ticket pricing, steady demand growth, and improved passenger demographics expected to drive profitability upward in 2026 [1]

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company reported a revenue of 129.8 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.3%, with a net profit attributable to shareholders of 1.87 billion yuan, up 37% year-on-year [3]. - The third quarter of 2025 saw a revenue of 49.1 billion yuan, a 0.9% increase year-on-year, but a net profit decrease of 11% year-on-year, primarily due to high non-fuel costs [3]. - The company is adapting to industry changes by maintaining a balanced pricing strategy, with domestic passenger kilometer revenue down 3.0% year-on-year [3][4]. Financial Performance Summary - For the first three quarters of 2025, the company’s operating revenue was 129.8 billion yuan, with a net profit of 1.87 billion yuan, and a non-recurring net profit of 1.64 billion yuan [3]. - The third quarter's unit non-fuel costs remained high, with a year-on-year increase of 0.7%, while fuel costs decreased by 6.7% [4]. - The company’s financial expenses improved, with interest expenses down by 598 million yuan year-on-year [4]. - The company plans to raise 20 billion yuan through a new share issuance to enhance liquidity for its subsidiary, Shenzhen Airlines, which has been in a state of insolvency since 2022 [5]. Profit Forecast and Financial Indicators - The forecast for the company's net profit attributable to shareholders is projected to be 1.04 billion yuan in 2025, 5.98 billion yuan in 2026, and 8.22 billion yuan in 2027, with corresponding P/E ratios of 136, 24, and 17 [6][11]. - The company’s total revenue is expected to grow from 166.7 billion yuan in 2024 to 198.7 billion yuan in 2027, with a growth rate of 18.1% in 2024 and gradually decreasing thereafter [12].

Core Viewpoint - China National Airlines reported a decline in its third-quarter performance, with significant underperformance compared to its peers, leading to a negative market reaction following its financial disclosures and capital increase plan [1][6]. Financial Performance - For the first three quarters, China National Airlines achieved a revenue of 129.8 billion yuan, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 1.87 billion yuan, up 37.3% [1][4]. - In the third quarter alone, the company reported a revenue of 49.1 billion yuan, reflecting a growth of 0.9%, but the net profit fell to 3.68 billion yuan, a decrease of 11.3% year-on-year [2][4]. Comparison with Competitors - China National Airlines' net profit for the first three quarters was the lowest among the three major airlines, trailing behind Southern Airlines and Eastern Airlines, which reported net profits of 2.31 billion yuan and 2.10 billion yuan, respectively [3][4]. - The company's gross margin was 7.06% and net margin was 1.05%, both ranking last among the seven listed airlines [4][5]. Capital Increase Plan - The company announced a plan to issue shares at a price of 6.57 yuan per share to its controlling shareholder and related parties, aiming to raise up to 20 billion yuan [1][5]. - The issuance price represents a discount of 23% compared to the closing price of 8.55 yuan prior to the announcement, which may dilute the interests of minority shareholders [5][6]. Market Reaction - Following the announcement of the third-quarter results and the capital increase plan, shares of China National Airlines fell sharply, with A-shares dropping by 8.07% and H-shares by 6.87%, indicating a negative market sentiment [6].

Core Viewpoint - China National Airlines reported a mixed performance in its Q3 financial results, with a significant decline in net profit and a proposed low-priced share issuance that may dilute minority shareholders' interests [1][2][11]. Financial Performance - For the first three quarters, the company achieved a revenue of 129.8 billion yuan, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 1.87 billion yuan, up 37.3% [1]. - In Q3 alone, the revenue was 49.1 billion yuan, reflecting a 0.9% increase, while the net profit dropped to 3.68 billion yuan, a decline of 11.3% year-on-year [3][4]. - The company's net profit for the first three quarters was the lowest among the three major airlines, with Q3 performance being particularly disappointing compared to its peers [3][4]. Share Issuance and Market Reaction - The company announced a plan to issue shares at 6.57 yuan each, which is 23% lower than the closing price of 8.55 yuan on the day before the announcement, aiming to raise up to 20 billion yuan [2][11]. - Following the announcement of the Q3 results and the share issuance plan, the company's A-shares and H-shares fell by 8.07% and 6.87%, respectively, indicating negative market sentiment [1][11]. Debt and Financial Health - Despite raising significant funds in recent years, including 21 billion yuan from A-shares and 2 billion Hong Kong dollars from H-shares, the company's debt ratio remains high at approximately 88%, which is notably higher than its competitors [2][9]. - The funds from the new share issuance are intended for debt repayment and to supplement working capital, but the high debt level raises concerns about financial stability [7][8][11]. Operational Metrics - The company reported a gross margin of 7.06% and a net margin of 1.05%, both of which are the lowest among the seven listed airlines [4][6]. - The passenger load factor was 81.3%, also trailing behind its competitors, despite transporting approximately 120 million passengers in the first three quarters [6].

Core Viewpoint - China International Airlines (Air China) reported a revenue of 129.826 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.31%, and a net profit of 1.87 billion yuan, a significant year-on-year increase of 37.31% [2] Financial Performance - In the first half of 2025, Air China generated a revenue of 80.76 billion yuan, a year-on-year increase of 1.6%, but reported a net loss of 1.806 billion yuan, the largest loss among the three major state-owned airlines [2] - In the third quarter of 2025, Air China's revenue was 49.07 billion yuan, a year-on-year increase of 0.9%, and a net profit of 3.676 billion yuan, marking a turnaround from losses [2] - The gross profit margin for the third quarter was 13.78%, an increase of 0.7% year-on-year, while the net profit decreased by 11.3% year-on-year [2] Capacity and Utilization - Air China invested 98.2 billion available seat kilometers (ASK) in the third quarter, a year-on-year increase of 1.9%, with a passenger load factor of 82.3%, up 1.3 percentage points year-on-year [2] - The unit revenue per ASK was 0.499 yuan, a decrease of 1% year-on-year [2] Industry Context - The civil aviation industry in China saw a total of 371 million passengers in the first half of 2025, a year-on-year increase of 6%, with an average ticket price for economy class decreasing by 6.9% year-on-year [3] - The industry is facing challenges of oversupply, with high-speed rail (HSR) increasingly competing for market share, particularly in short to medium-haul routes [3][6] Strategic Initiatives - Air China plans to raise up to 20 billion yuan through a private placement to repay debts and enhance liquidity, with a share price set at 6.57 yuan per share [6][7] - The company aims to improve its operational efficiency and safety standards, optimize its capital structure, and enhance its profitability and risk resilience [7] Debt Management - As of the third quarter of 2025, Air China's debt-to-asset ratio was 87.88%, showing a declining trend from previous years [7]