经董事会批准，黄荣顺先生不再担任董事长、提名委员会主任委员及战略及投资委员会(法治建设委员 会)主任委员。黄荣顺先生仍担任执行董事及战略及投资委员会(法治建设委员会)委员、总经理。 智通财经APP讯，中国民航信息网络(00696)发布公告，江波先生于2025年12月18日召开的董事会会议上 获选为公司董事长、提名委员会主任委员及战略及投资委员会(法治建设委员会)主任委员，任期自获选 并经董事会批准之日起至本届董事会任期届满为止。 ...

格隆汇12月18日丨中国民航信息网络(00696.HK)宣布，江波于2025年12月18日召开的董事会会议上获选 为公司董事长、提名委员会主任委员及战略及投资委员会(法治建设委员会)主任委员，任期自获选并经 董事会批准之日起至本届董事会任期届满为止。 ...

Core Viewpoint - China Civil Aviation Information Network (00696) announced the election of Mr. Jiang Bo as the Chairman of the Board, Chairman of the Nomination Committee, and Chairman of the Strategic and Investment Committee (Legal Construction Committee) at the board meeting scheduled for December 18, 2025 [1] Group 1 - Mr. Jiang Bo's term will commence upon election and board approval, lasting until the current board's term expires [1] - Mr. Huang Rongshun will no longer serve as Chairman, Chairman of the Nomination Committee, and Chairman of the Strategic and Investment Committee (Legal Construction Committee) but will remain as an Executive Director, member of the Strategic and Investment Committee (Legal Construction Committee), and General Manager [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的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對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。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00696） 公告 董事長及董事會委員會組成變動 茲提述中國民航信息網絡股份有限公司（「本公司」）日期為二零二五年十一月二十七 日的公告及通函（「通函」）以及日期為二零二五年十二月十八日的公告。除文義另有 所指外，本公告所採用詞彙與通函所定義者具有相同涵義。 本公司董事會（「董事會」）謹此宣佈，江波先生於二零二五年十二月十八日召開的董 事會會議上獲選為本公司董事長（「董事長」）、提名委員會主任委員及戰略及投資委 員會（法治建設委員會）主任委員，任期自獲選並經董事會批准之日起至本屆董事會 任期屆滿為止。有關江波先生的履歷詳情，請參閱本公司日期為二零二五年十一月 二十六的公告。 經董事會批准，黃榮順先生不再擔任董事長、提名委員會主任委員及戰略及投資委 員會（法治建設委員會）主任委員。黃榮順先生仍擔任執行董事及戰略及投資委員會 （法治建設委員會）委員、總 ...

格隆汇12月18日丨中国民航信息网络(00696.HK)宣布，临时股东会(12月18日)结束后，江波出任公司执 行董事。 ...

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的內容概不負責， 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。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00696） 公告 (1)於臨時股東會通過的決議案的投票結果 (2)委任執行董事 董事會宣佈，於二零二五年十二月十八日，本公司已於臨時股東會上以投票表決 方式正式通過載列於日期為二零二五年十一月二十七日的臨時股東會通告中的決 議案。 茲提述中國民航信息網絡股份有限公司（「本公司」）日期為二零二五年十一月二十七 日的通函（「通函」）。除文義另有所指外，本公告所採用詞彙與通函所定義者具有相 同涵義。 I. 臨時股東會投票結果 董事會宣佈，臨時股東會已於二零二五年十二月十八日（星期四）上午九時三十 分如期舉行，日期為二零二五年十一月二十七日的臨時股東會通告（「臨時股東 會通告」）所載的決議案已經股東以投票表決方式正式通過。於二零二五年十二 月十八日，擁有2,926,209,589股股份的股東有權出席臨時股東會。股東有權出 席臨時股東會上投票贊成或反對臨時股 ...

Core Viewpoint - The company, China Civil Aviation Information Network, is a leading supplier of IT solutions for the aviation industry in China, deeply integrated with the development of civil aviation information systems and poised for growth as the industry recovers and expands [1][2]. Group 1: Company Overview - The company has evolved from its inception in 1984, participating in the establishment and upgrading of civil aviation information systems, and is now the largest GDS supplier in China with a global market share of approximately 28% and a domestic market share of about 95% [1]. - The company is set to launch the "Civil Aviation Official Direct Sales Platform" in July 2025, marking its entry into the trillion-yuan OTA market [2]. Group 2: Market Dynamics - The civil aviation industry is expected to see a steady increase in passenger numbers, with the company's ETD system projected to handle 732 million flight bookings in 2024, surpassing the peak in 2019 [1]. - The number of airports in China is anticipated to grow from 263 to 400 over the next decade, with a compound annual growth rate (CAGR) of approximately 4% [1]. Group 3: Financial Performance - The company is expected to benefit from the recovery of airlines, with airlines nearing breakeven in 2024, which will positively impact the company's average selling price (ASP) [2]. - The company has adjusted its profit forecasts, expecting net profits of 2.21 billion, 2.43 billion, and 2.65 billion yuan for the years 2025 to 2027, respectively [2]. Group 4: Strategic Outlook - The company aims to leverage its relationship with China Aviation Information Technology and its partnership with Meituan to become a leading OTA platform, competing with major players like Ctrip and Tongcheng [2]. - The company maintains a "Buy" rating based on the recovery of the civil aviation industry and improved operational efficiency [2].

Investment Rating - The report maintains a "Buy" rating for China Civil Aviation Information Network (00696) based on the recovery of the civil aviation industry, increased marketing investments, and improved operational efficiency [7][6][15]. Core Insights - China Civil Aviation Information Network is a leading IT solution provider in the civil aviation sector, deeply involved in the construction and upgrade of civil aviation information systems since its inception [6][15]. - The company is the largest Global Distribution System (GDS) provider in China, with a global market share of approximately 28% and a domestic market share of around 95% [6][32]. - The recovery of the civil aviation industry is expected to drive steady growth in passenger numbers and revenue, with the company projecting a significant increase in flight bookings processed by its ETD system [6][49]. - The launch of the "official direct sales platform" by the company marks its entry into the trillion-yuan Online Travel Agency (OTA) market, aiming to reduce airlines' reliance on traditional OTAs [6][15]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 6,984 million RMB - 2024: 8,823 million RMB (34.04% YoY growth) - 2025E: 9,245 million RMB (4.79% YoY growth) - 2026E: 9,863 million RMB (6.68% YoY growth) - 2027E: 10,541 million RMB (6.88% YoY growth) [5][6]. - Net profit attributable to ordinary shareholders is expected to reach: - 2023: 1,399 million RMB - 2024: 2,074 million RMB (123.10% YoY growth) - 2025E: 2,209 million RMB (6.51% YoY growth) - 2026E: 2,429 million RMB (9.94% YoY growth) - 2027E: 2,648 million RMB (9.04% YoY growth) [5][6]. Key Assumptions - Revenue growth rates for various segments from 2025 to 2027 are projected as follows: - Aviation IT services: 5%/6%/6% - Settlement and clearing services: 20%/7%/7% - System integration services: -5%/5%/5% - Data network services and other businesses: 10%/10%/10% [8]. Market Position and Competitive Landscape - The company is positioned as a key player in the civil aviation IT sector, with a robust growth trajectory supported by the increasing demand for air travel and the expansion of airport infrastructure in China [6][58]. - The civil aviation industry is expected to see a doubling of per capita air travel frequency over the next decade, indicating significant growth potential for the company [56][57]. Catalysts for Stock Performance - The civil aviation industry is entering a high-growth phase, with airlines recovering profitability and an increase in cross-border travel [10][6]. - The expansion of the company's overseas business and the successful launch of its OTA platform are expected to exceed market expectations [10].

Investment Rating - The report maintains a "Buy" rating for the company, citing the recovery of the civil aviation industry and the company's increased marketing investments as key factors for growth [2][7]. Core Insights - The company is a leading IT solution provider in China's civil aviation sector, deeply involved in the construction and upgrade of aviation information systems since its inception [6][19]. - The company has a significant market share, being the largest GDS provider in China with approximately 95% domestic market share and around 28% globally [6][37]. - The report highlights a strong correlation between the company's performance and the growth of the civil aviation industry, with expectations for steady growth in passenger numbers and revenue [6][43]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 6,984 million RMB - 2024: 8,823 million RMB (34.04% YoY growth) - 2025E: 9,245 million RMB (4.79% YoY growth) - 2026E: 9,863 million RMB (6.68% YoY growth) - 2027E: 10,541 million RMB (6.88% YoY growth) [5] - Net profit attributable to ordinary shareholders is expected to grow significantly: - 2023: 1,399 million RMB - 2024: 2,074 million RMB (123.10% YoY growth) - 2025E: 2,209 million RMB (6.51% YoY growth) - 2026E: 2,429 million RMB (9.94% YoY growth) - 2027E: 2,648 million RMB (9.04% YoY growth) [5] Business Overview - The company’s core business includes: - Aviation Information Technology Services - Settlement and Clearing Services - System Integration Services - Data Network Services [28][36] - The company has launched an official direct sales platform, entering the OTA market, which is projected to be a significant growth area [6][22]. Market Dynamics - The civil aviation industry is expected to see a robust recovery, with passenger numbers projected to exceed pre-pandemic levels by 2024 [6][58]. - The report anticipates a doubling of per capita flight frequency in China over the next decade, indicating substantial growth potential [60][61]. - The number of operational airports in China is expected to increase from 263 to around 400 by 2035, supporting the growth of the aviation sector [62][63].

Group 1 - The company *ST Rock (600696.SH) has experienced significant stock price fluctuations recently due to rumors regarding potential equity transfers, which have been clarified as false [1] - The company confirms that there are no major undisclosed matters related to equity transfers, major asset restructuring, acquisitions, or bankruptcy [1] - The controlling shareholder, Shanghai Guijiu Enterprise Development Co., Ltd., and its concerted parties hold a total of 216,740,245 shares, which have all been judicially frozen, representing 64.80% of the company's total share capital [1] Group 2 - The company faces a high risk of financial delisting, having been placed under delisting risk warning since April 23, 2025 [2] - For the first three quarters of 2025, the company reported a cumulative operating revenue of only 34.76 million and a net profit attributable to shareholders of -111.89 million [2] - According to the Shanghai Stock Exchange listing rules, if the company's audited profit, net profit, or net profit after deducting non-recurring gains and losses is negative and operating revenue is below 300 million for 2025, it will trigger financial delisting [2]