每经AI快讯，中国国航(00753.HK)盘中跌近3%，截至发稿跌2.44%，报6.81港元，成交额1.32亿港元。 ...

Core Viewpoint - China National Airlines (601111) expects to incur losses in 2025, with a projected net loss attributable to shareholders ranging from RMB 1.3 billion to RMB 1.9 billion, and a net loss excluding non-recurring items between RMB 1.9 billion and RMB 2.7 billion [1] Financial Performance - For 2024, the net loss attributable to shareholders is estimated at RMB 237 million, with a net loss excluding non-recurring items of RMB 2.54 billion [1] - In the first three quarters of 2025, China National Airlines reported a cumulative net profit attributable to shareholders of RMB 1.87 billion, indicating a significant projected loss for Q4 2025 [1] - The estimated loss for Q4 2025 is projected to be between RMB 3.17 billion and RMB 3.77 billion, which represents an increase in losses compared to the same period in 2024 [1] Tax Asset Review - The increase in projected losses for Q4 2025 is attributed to a review of the carrying value of deferred tax assets, leading to a reversal of certain deferred tax assets [1]

Core Viewpoint - China National Airlines (00753) is expected to report significant losses in 2025, with net losses projected between RMB 1.3 billion and RMB 1.9 billion, indicating a challenging financial outlook for the company [1] Financial Performance - For 2024, the company anticipates a net loss of RMB 237 million, with a net loss of RMB 2.54 billion after excluding non-recurring items [1] - In the first three quarters of 2025, the company achieved a cumulative net profit of RMB 1.87 billion, but is projected to incur a loss of RMB 3.17 billion to RMB 3.77 billion in Q4 2025 [1] - The Q4 2025 loss is expected to be larger compared to the same period in 2024, where the net profit was reported at a loss of RMB 1.6 billion [1] Tax Asset Review - The anticipated increase in losses for Q4 2025 is attributed to the company's review of the carrying value of deferred tax assets, leading to a reversal of some deferred tax assets [1]

Investment Rating - The report recommends a positive outlook for the logistics and transportation sector, particularly highlighting companies like SF Holding and China National Aviation [2][4]. Core Insights - The express delivery sector saw a year-on-year growth of 2.3% in December, with major companies benefiting from price increases amid reduced competition [2]. - The logistics sector is experiencing a recovery in demand, with a recommendation for Haicheng Co. due to its focus on smart logistics [3]. - The aviation sector is expected to see improved profitability as supply constraints ease, with recommendations for China National Aviation and Southern Airlines [4]. Summary by Sections Transportation Market Review - The transportation index fell by 1.3% during the week of January 24-30, 2026, while the Shanghai and Shenzhen 300 index rose by 0.1%, indicating underperformance against the broader market [12]. Industry Fundamentals Tracking Shipping Ports - The shipping market is adjusting, with the China Export Container Freight Index (CCFI) at 1175.59 points, down 2.7% week-on-week and down 21.9% year-on-year [21]. - The dry bulk shipping index (BDI) increased by 14.2% week-on-week, indicating a positive trend in dry bulk demand [34]. Aviation Airports - In December 2025, civil aviation passenger volume reached 60.6 million, a 6% year-on-year increase, with domestic routes showing strong performance [53]. - Major airlines are expected to improve profitability, with China National Airlines and Southern Airlines highlighted for their potential [4]. Rail and Road - National railway passenger volume increased by 8.52% year-on-year in December 2025, while road freight volume showed a slight increase of 0.62% [72]. - The report notes a decline in truck traffic on highways, with a 3.32% decrease week-on-week [34]. Recommendations - The report recommends investing in SF Holding for its valuation and resilience, and in Haicheng Co. for its smart logistics initiatives [2][3]. - The aviation sector is also recommended for investment, particularly in China National Aviation and Southern Airlines due to expected profit recovery [4].

Investment Rating - The report maintains a "Recommendation" rating for China National Aviation (601111) [1] Core Views - The company is expected to report a net loss attributable to shareholders of between -1.3 billion to -1.9 billion in 2025, compared to a loss of -237 million in 2024. The adjusted net loss is projected to be between -1.9 billion to -2.7 billion, compared to -2.54 billion in 2024 [1] - The anticipated net loss for Q4 2025 is between -3.17 billion to -3.77 billion, compared to -1.6 billion in Q4 2024. The adjusted net loss for Q4 2025 is expected to be between -3.54 billion to -4.34 billion, compared to -2.97 billion in Q4 2024 [1] - The net loss is attributed to the reversal of deferred tax assets, which increased tax expenses, although operational performance continues to improve, indicating a positive outlook for the industry supply-demand dynamics [1] Financial Summary - Total revenue for 2024 is projected at 166.7 billion, with a growth rate of 18.1%. For 2025, revenue is expected to reach 170.1 billion, reflecting a growth rate of 2.1% [3] - The net profit attributable to shareholders is forecasted to be -237 million in 2024, -1.6 billion in 2025, and is expected to turn positive in 2026 with a profit of 6.08 billion [3] - Earnings per share (EPS) is projected to be -0.01 in 2024, -0.09 in 2025, and is expected to improve to 0.35 in 2026 and 0.52 in 2027 [3] - The price-to-earnings (P/E) ratio is expected to be -611 in 2024, -90 in 2025, and then improve to 24 in 2026 and 16 in 2027 [3] - The price-to-book (P/B) ratio is projected at 3.2 for 2024, 3.3 for 2025, and is expected to decrease to 2.9 in 2026 and 2.5 in 2027 [3] Market Performance - The report indicates that the airline sector is expected to see continued improvement in operational metrics, with a 3.2% year-on-year increase in Available Seat Kilometers (ASK) and a 5.9% increase in Revenue Passenger Kilometers (RPK) [7] - The passenger load factor reached 81.9%, an increase of 2.0 percentage points year-on-year, indicating strong demand recovery [7] - The report highlights that the upcoming peak travel season is expected to drive further demand, with average ticket prices showing a positive trend [7]

Core Viewpoint - China National Airlines (00753.HK) is expected to report a net loss of approximately RMB 1.3 billion to RMB 1.9 billion for the fiscal year 2025, with a net loss attributable to shareholders, excluding non-recurring gains and losses, estimated between RMB 1.9 billion and RMB 2.7 billion [1] Group 1: Financial Projections - The company anticipates a net loss of about RMB 1.3 billion to RMB 1.9 billion for 2025 [1] - The projected net loss attributable to shareholders, excluding non-recurring items, is expected to be between RMB 1.9 billion and RMB 2.7 billion [1] Group 2: Industry Outlook - The overall Chinese economy is expected to remain stable and improve in 2025, with the civil aviation industry continuing its steady growth trend [1] - The company aims to seize market opportunities and actively respond to the new normal of industry development [1] Group 3: Operational Strategies - The company is focused on optimizing production organization and maximizing the utilization of available aircraft resources to ensure effective investment [1] - It plans to dynamically grasp market trends and scientifically balance pricing relationships to stabilize revenue quality [1] - The company is committed to enhancing cost control and reinforcing a "tight budget" mindset to reduce cost levels [1] Group 4: Financial Management - The company strictly adheres to accounting standards and will review the book value of deferred tax assets on the balance sheet, leading to a reversal of some deferred tax assets [1] - This review is part of the reason for the anticipated net loss for 2025 [1]

Core Viewpoint - China National Airlines (601111) (00753) expects to incur losses in the fiscal year 2025, with a net loss attributable to shareholders estimated between RMB 1.3 billion and RMB 1.9 billion, and a net loss excluding non-recurring items estimated between RMB 1.9 billion and RMB 2.7 billion [1] Group 1: Financial Projections - For 2024, the net loss attributable to shareholders is projected to be RMB 237 million, while the net loss excluding non-recurring items is expected to be RMB 2.54 billion [1] - The anticipated losses for 2025 are attributed to a review of deferred tax assets, leading to a reassessment of their book value [1] Group 2: Industry Outlook - The overall Chinese economy is expected to remain stable and improve, with the civil aviation industry continuing its steady growth trend [1] - The company aims to seize market opportunities and actively respond to the new normal of industry development by enhancing quality and efficiency [1] Group 3: Operational Strategies - The company plans to optimize production organization and maximize the utilization of available aircraft resources to ensure effective investment [1] - There will be a dynamic approach to market trends, balancing quantity and price to stabilize revenue quality [1] - Comprehensive upgrades in cost control will be implemented, emphasizing a "tighten the belt" mentality to reduce cost levels [1]

Core Viewpoint - China National Airlines (00753) expects to incur losses in the fiscal year 2025, with a net loss attributable to shareholders estimated between RMB 1.3 billion and RMB 1.9 billion, and a net loss excluding non-recurring items projected between RMB 1.9 billion and RMB 2.7 billion [1] Group 1: Financial Projections - For 2024, the net loss attributable to shareholders is projected to be RMB 237 million, with a net loss excluding non-recurring items of RMB 2.54 billion [1] - The company anticipates a net loss for 2025 due to a review of deferred tax assets, which will result in a reversal of some deferred tax assets [1] Group 2: Industry Outlook - The overall Chinese economy is expected to remain stable and improve, with the civil aviation industry continuing its steady growth trend [1] - The company aims to seize market opportunities and actively respond to the new normal of industry development by enhancing quality and efficiency [1] Group 3: Operational Strategies - The company plans to optimize production organization and maximize the utilization of available aircraft resources to ensure effective investment [1] - It will dynamically assess market trends and balance pricing relationships to stabilize revenue quality [1] - The company is committed to comprehensive cost control and fostering a "tight budget" mindset to reduce cost levels [1]

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。 00753 - 1 - 盈利預警 本公告由中國國際航空股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市 規則（「上市規則」）第13.09條和第13.10B條，以及香港法例第571章證券及期貨條例第 XIVA部項下之內幕消息條文（定義見上市規則）而作出。 一、本期業績預告情況 （一）業績預告期間 1. 經本公司財務部門初步測算，預計本公司2025年度將出現虧損，歸屬於上 市公司股東的淨虧損約為人民幣13億元到人民幣19億元，歸屬於上市公司 股東扣除非經常性損益後的淨虧損約為人民幣19億元到人民幣27億元。 2. 本次業績預告未經註冊會計師審計。 歸屬於上市公司股東的淨虧損：人民幣2.37億元。 2025年1月1日至2025年12月31日。 （二）業績預告情況 二、上年同期業績情況 （一）虧損總額：人民幣16.05億元。 以上預告資料僅為初步核算數據，具體準確的財務數據以本公司正式披露的經審計 ...

北京商报讯（记者 关子辰 牛清妍）1月30日，中国国航发布2025年度业绩预亏公告。报告期内，公司预 计归属于上市公司股东的净亏损约为13亿—19亿元。 ...