中国民航信息网络(00696) - 2025 - 中期业绩

Announcement Overview Company Basic Information This is the unaudited interim results announcement of TravelSky Technology Limited (Stock Code: 00696) for the six months ended June 30, 2025, prepared in accordance with China Accounting Standards for Business Enterprises - This announcement is the unaudited interim results for the six months ended June 30, 2025[2] - The financial statements are prepared in accordance with the China Accounting Standards for Business Enterprises[2] Consolidated Financial Statements Consolidated Income Statement For the six months ended June 30, 2025, the Group's total operating revenue was RMB 3,894.5 million, with a net profit of RMB 1,448.8 million and basic earnings per share of RMB 0.49 Key Data from Consolidated Income Statement (For the six months ended June 30, 2025, RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 3,894,500 | 4,041,791 | | Total Operating Costs | 2,427,877 | 2,535,291 | | Operating Profit | 1,689,988 | 1,613,656 | | Profit Before Tax | 1,677,920 | 1,605,722 | | Net Profit | 1,448,783 | 1,376,815 | | Net Profit Attributable to Shareholders of the Parent Company | 1,447,651 | 1,367,221 | | Basic Earnings Per Share (RMB/Share) | 0.49 | 0.47 | | Diluted Earnings Per Share (RMB/Share) | 0.49 | 0.47 | - Net profit attributable to shareholders of the parent company increased by 5.9% year-on-year to RMB 1,447,651 thousand[3] Consolidated Balance Sheet As of June 30, 2025, the Group's total assets reached RMB 32,121.5 million, an increase of approximately 8.1% from the end of the previous year, with total liabilities at RMB 8,445.1 million Key Data from Consolidated Balance Sheet (As of June 30, 2025, RMB'000) | Item | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | Assets | | | | Total Current Assets | 23,384,427 | 20,498,211 | | Total Non-current Assets | 8,737,037 | 9,196,434 | | Total Assets | 32,121,464 | 29,694,646 | | Liabilities and Equity | | | | Total Current Liabilities | 7,707,128 | 6,724,716 | | Total Non-current Liabilities | 737,944 | 72,944 | | Total Liabilities | 8,445,071 | 6,797,660 | | Total Equity | 23,676,393 | 22,896,986 | | Total Liabilities and Equity | 32,121,464 | 29,694,646 | - Total assets increased by approximately 8.1% compared to the end of the previous year[5][6] - Total current liabilities increased by 14.6% year-on-year, while total non-current liabilities surged by 911.7%[7] Notes to the Consolidated Financial Statements Basic Information of the Company The company, incorporated in Beijing on October 18, 2000, provides IT services for the aviation industry, with its ultimate controlling entity being the State-owned Assets Supervision and Administration Commission of the State Council - The company was incorporated in Beijing on October 18, 2000, with a total issued share capital of 2,926,209,589 shares[9] - Principal activities include air passenger service processing, electronic travel distribution, airport passenger processing, air cargo data processing, and internet travel platform services[9] - The ultimate controlling entity is the State-owned Assets Supervision and Administration Commission of the State Council of the PRC[9] Basis of Preparation of Financial Statements The interim results are prepared in accordance with China Accounting Standards for Business Enterprises on a going concern basis and comply with Hong Kong's disclosure requirements - The financial statements are prepared in accordance with the China Accounting Standards for Business Enterprises issued by the Ministry of Finance of the PRC[11] - The statements comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Hong Kong Companies Ordinance[11] - The financial statements are prepared on a going concern basis[12] Changes in Accounting Policies There were no changes in accounting policies during the reporting period - There were no changes in accounting policies during the period[13] Taxation The Group is subject to VAT, Urban Maintenance and Construction Tax, and Corporate Income Tax, enjoying a preferential rate of 15% as a "High and New Technology Enterprise" and a further reduced rate of 10% as a "Key Software Enterprise" Major Taxes and Tax Rates | Tax Type | Applicable Rate (%) | | :--- | :--- | | Value-added Tax (VAT) | 3.00–23.00 | | Urban Maintenance and Construction Tax | 5.00, 7.00 | | Corporate Income Tax | 8.25–25.00 | - The company is recognized as a "High and New Technology Enterprise" and is entitled to a preferential Corporate Income Tax rate of 15%, valid until 2025[15] - The company is recognized as a "Key Software Enterprise" and is entitled to a further reduced preferential tax rate of 10%, with the difference to be refunded subsequently[16] Notes to Key Items in the Consolidated Financial Statements This section details key financial statement items, including receivables, investments, payables, revenue composition, and earnings per share, providing comparative data against prior periods Accounts Receivable As of June 30, 2025, total accounts receivable were RMB 5,331.2 million, with provisions for bad debts totaling RMB 930.1 million Aging Analysis of Accounts Receivable (RMB'000) | Aging | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | Within 1 year | 4,148,447 | 4,364,621 | | 1 to 2 years | 1,235,590 | 886,221 | | 2 to 3 years | 342,556 | 402,296 | | Over 3 years | 434,794 | 407,659 | | Subtotal | 6,261,288 | 6,060,796 | | Less: Provision for bad debts | 930,067 | 1,101,521 | | Total | 5,331,221 | 4,959,275 | Analysis of Accounts Receivable by Provision Method (As of period-end, RMB'000) | Category | Carrying Amount | Proportion (%) | Provision for Bad Debts | Provision Rate (%) | Book Value | | :--- | :--- | :--- | :--- | :--- | :--- | | Individually assessed | 871,967 | 13.93 | 589,703 | 67.63 | 282,264 | | Collectively assessed | 5,389,321 | 86.07 | 340,364 | 6.32 | 5,048,957 | | Total | 6,261,288 | 100.00 | 930,067 | | 5,331,221 | Other Equity Instrument Investments The Group holds a 13.26% stake in China Merchants Renhe Life Insurance, with a fair value of RMB 1,043.8 million, designated as a financial asset at FVTOCI Details of Other Equity Instrument Investments (RMB'000) | Item | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | China Merchants Renhe Life Insurance Co, Ltd | 1,043,827 | 1,004,312 | | Total | 1,043,827 | 1,004,312 | - Holds a 13.26% equity interest in China Merchants Renhe Life Insurance Co, Ltd, with a fair value of RMB 1,043,827 thousand[22] - The investment is designated as a financial asset at fair value through other comprehensive income (FVTOCI)[22] Other Non-current Financial Assets The Group's investment in CMSC Equity Fund has a carrying amount of RMB 996.9 million, with a focus on the 5G and information communication industry chain Details of Other Non-current Financial Assets (RMB'000) | Item | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | Financial assets at fair value through profit or loss | 996,867 | 1,017,412 | | Of which: Equity instrument investments | 996,867 | 1,017,412 | | Total | 996,867 | 1,017,412 | - This asset represents an investment in CMSC Equity Fund, with a paid-in capital of RMB 852,175 thousand and a carrying amount of RMB 996,867 thousand[23] - CMSC Equity Fund primarily invests in companies related to the 5G and information communication industry chain[23] Accounts Payable As of June 30, 2025, total accounts payable were RMB 2,209.3 million, a slight increase from the previous year-end, with balances aged within one year accounting for 60.5% Details of Accounts Payable (RMB'000) | Aging | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | Within 1 year (inclusive) | 1,335,823 | 1,549,348 | | 1–2 years (inclusive) | 620,571 | 340,986 | | 2–3 years (inclusive) | 135,545 | 186,807 | | Over 3 years | 117,341 | 110,259 | | Total | 2,209,280 | 2,187,400 | Contract Liabilities As of June 30, 2025, contract liabilities amounted to RMB 815.5 million, an increase of 26.3% from the previous year-end, primarily from system integration services Details of Contract Liabilities (RMB'000) | Item | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | Contracts for system integration services, etc | 815,475 | 645,608 | | Total | 815,475 | 645,608 | Revenue and Cost of Sales For the six months ended June 30, 2025, the Group's revenue was RMB 3,894.5 million and cost of sales was RMB 1,606.5 million, with system integration service revenue declining significantly Revenue and Cost of Sales (RMB'000) | Item | Current Period Revenue | Current Period Cost | Prior Period Revenue | Prior Period Cost | | :--- | :--- | :--- | :--- | :--- | | Main business | 3,881,068 | 1,601,054 | 4,020,211 | 1,628,051 | | Other business | 13,431 | 5,472 | 21,581 | 6,072 | | Total | 3,894,500 | 1,606,526 | 4,041,791 | 1,634,123 | Breakdown of Revenue (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Aviation information technology services | 2,313,440 | 2,265,033 | | Settlement and clearing services | 312,470 | 277,972 | | System integration services | 418,355 | 679,849 | | Data network services | 189,533 | 216,410 | | Technical support and product revenue | 384,961 | 295,310 | | Other revenue | 275,742 | 307,218 | | Total | 3,894,500 | 4,041,791 | - Revenue from system integration services decreased by 38.5% year-on-year, mainly affected by the progress of project construction[25] Investment Income For the six months ended June 30, 2025, total investment income was RMB 28.7 million, a decrease from the prior period due to lower returns from trading financial assets Details of Investment Income (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Income from long-term equity investments under the equity method | 11,043 | 2,121 | | Investment income from disposal of long-term equity investments | 115 | 7,673 | | Investment income from trading financial assets during the holding period | 8,859 | 29,540 | | Interest income from debt investments during the holding period | 8,697 | — | | Total | 28,714 | 39,335 | Credit Impairment Losses For the six months ended June 30, 2025, credit impairment losses were RMB 176.5 million, a significant increase from the prior period mainly due to higher bad debt losses on accounts receivable Details of Credit Impairment Losses (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Bad debt losses on notes receivable | 5,637 | 7,791 | | Bad debt losses on accounts receivable | 170,908 | 57,873 | | Total | 176,545 | 65,664 | Asset Impairment Losses For the six months ended June 30, 2025, asset impairment losses amounted to RMB 2.1 million, primarily related to contract assets Details of Asset Impairment Losses (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Impairment losses on contract assets | 2,069 | –6,021 | | Total | 2,069 | –6,021 | Earnings Per Share For the six months ended June 30, 2025, both basic and diluted earnings per share were RMB 0.49, an increase from RMB 0.47 in the prior period Earnings Per Share Calculation | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Profit (RMB'000) | 1,447,651 | 1,367,221 | | Number of shares ('000 shares) | 2,926,210 | 2,926,210 | | Earnings per share (basic and diluted) | 0.49 | 0.47 | Dividend Distribution A final cash dividend of RMB 0.239 per share for 2024, totaling RMB 699.4 million, was approved and recorded as a distribution of retained earnings - The final cash dividend for 2024 was RMB 0.239 per share (tax inclusive), totaling RMB 699,364 thousand[28] - This dividend was recognized in shareholders' equity for the six months ended June 30, 2025, as a distribution of retained earnings[28] Asset Disposal For the six months ended June 30, 2025, the Group recorded a gain on asset disposal of RMB 2.7 million, mainly from the disposal of right-of-use assets - Gain on disposal of assets amounted to RMB 2,734 thousand[29] - This primarily includes a gain of RMB 2,770 thousand from the disposal of right-of-use assets (lease modification gain) and a loss of RMB 36 thousand from office and electronic equipment[29] Supplementary Information to the Income Statement by Nature of Expense For the six months ended June 30, 2025, staff costs were RMB 968.2 million and depreciation and amortization were RMB 438.1 million, with system integration sales costs decreasing by 52.1% Expenses by Nature (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Staff costs | 968,206 | 937,785 | | Depreciation and amortization | 438,094 | 531,602 | | Cost of sales for integration business | 200,792 | 418,795 | | Technical support and maintenance fees | 285,498 | 286,074 | | Departure and distribution support fees | 307,218 | 303,275 | | Network usage fees | 42,631 | 44,190 | | Finance costs | –55,907 | –78,654 | | Other operating costs | 196,526 | 47,556 | | Total | 2,383,057 | 2,490,623 | - Cost of sales for integration business decreased by 52.1%, mainly affected by the progress of system integration projects[30] - Depreciation and amortization decreased by 17.6%, mainly because certain fixed assets and intangible assets were fully depreciated or amortized[30] Business Review Business Review for the First Half of 2025 In H1 2025, the Group capitalized on the civil aviation market recovery, advanced its core businesses, enhanced innovation, and strategically entered emerging industries like AI and the low-altitude economy - The civil aviation passenger market hit a new record high, with both domestic and international passenger volumes surpassing the same period in 2019[31] - The Electronic Travel Distribution (ETD) system processed approximately 370.7 million passengers for domestic and foreign airlines, a year-on-year increase of 5.3%[32] - The settlement and clearing system handled approximately 628.4 million transactions, up 3.7% year-on-year, with settled revenue exceeding RMB 35.61 billion, a 20.0% increase[34] - Actively participated in smart airport construction projects and promoted new-generation departure front-end systems, facial recognition travel platforms, and full-process baggage tracking systems[36] - Expanded value-added data center services, upgraded cargo terminal production systems, and developed applications for the "Aviation-Travel Chain" blockchain and digital RMB payments[37] - Ensured stable operation of mainframe and open platform systems with an availability rate exceeding 99.99% and expanded data center resources[38] - Led research into AI applications for the civil aviation industry and actively developed the low-altitude economy sector, signing the first user for its collaborative platform[39] Analysis of Financial Condition and Results of Operations Overview In H1 2025, the Group's profit before tax grew 4.5% to RMB 1,677.9 million, and net profit attributable to shareholders rose 5.9% to RMB 1,447.7 million, driven by stable revenue growth and improved collections - Profit before tax was RMB 1,677.9 million, an increase of approximately 4.5% compared to H1 2024[40] - Net profit attributable to shareholders of the parent company was RMB 1,447.7 million, an increase of approximately 5.9% compared to H1 2024[40] - The profit growth was mainly attributable to stable revenue growth from aviation information technology services and improved collection of payments[40] Total Revenue Total revenue for H1 2025 was RMB 3,894.5 million, a 3.6% decrease year-on-year, impacted by a significant 38.5% decline in system integration service revenue despite growth in other segments - Total revenue was RMB 3,894.5 million, a year-on-year decrease of 3.6%[41] Revenue Changes by Business Segment (RMB million) | Business Segment | H1 2025 | H1 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Aviation information technology services | 2,313.4 | 2,265.0 | +2.1% | | Settlement and clearing services | 312.5 | 278.0 | +12.4% | | System integration services | 418.4 | 679.8 | -38.5% | | Data network services | 189.5 | 216.4 | -12.4% | | Technical support and product revenue | 385.0 | 295.3 | +30.4% | | Other revenue | 275.7 | 307.2 | -10.2% | - The decrease in system integration service revenue was mainly affected by the progress of project construction[42] Total Operating Costs Total operating costs for H1 2025 decreased by 4.2% to RMB 2,427.9 million, driven by a 52.1% reduction in integration business sales costs and a 17.6% drop in depreciation and amortization - Total operating costs were RMB 2,427.9 million, a year-on-year decrease of 4.2%[44] - Credit impairment losses were RMB -176.5 million, mainly due to improved payment collection from certain customers, resulting in a decrease in the provision for bad debts on accounts receivable[44] Changes in Major Cost Items | Cost Item | Change Rate | | :--- | :--- | | Staff costs | +3.2% | | Depreciation and amortization | -17.6% | | Cost of sales for integration business | -52.1% | | Technical support and maintenance fees | -0.2% | | Departure and distribution support fees | +1.3% | Corporate Income Tax The company accrued corporate income tax for H1 2025 at a preferential rate of 15% as a "High and New Technology Enterprise" and is eligible for a further reduced rate of 10% as a "Key Software Enterprise" - The company accrued corporate income tax for H1 2025 at a preferential rate of 15% due to its "High and New Technology Enterprise" status[46] - The company has been recognized as a "Key Software Enterprise" from 2006 to 2024, entitling it to a 10% preferential tax rate, with the difference to be refunded subsequently[46] Net Profit Attributable to Shareholders of the Parent Company Net profit attributable to shareholders of the parent company increased by RMB 80.4 million, from RMB 1,367.2 million in H1 2024 to RMB 1,447.7 million in H1 2025 - Net profit attributable to shareholders of the parent company increased by RMB 80.4 million year-on-year to RMB 1,447.7 million[48] Liquidity and Capital Structure Liquidity and Capital Structure In H1 2025, the Group generated a net cash inflow from operating activities of RMB 1,314.8 million, holding cash and cash equivalents of RMB 6,621.2 million against total borrowings of RMB 1,396.1 million - Net cash inflow from operating activities was RMB 1,314.8 million[49] - Total borrowings amounted to RMB 1,396.1 million, comprising short-term bank loans of RMB 924.6 million and entrusted loans of RMB 471.5 million[49] - Cash and cash equivalents stood at RMB 6,621.2 million, of which 95.3% was denominated in RMB[49] Restricted Bank Deposits As of June 30, 2025, restricted bank deposits totaled RMB 1,821.6 million, primarily consisting of provisions for customers' payments used as performance guarantees for settlement-related businesses - Restricted bank deposits amounted to RMB 1,821.6 million, of which RMB 1,794.3 million was provisions for customers' payments[50] - These funds are mainly held in designated accounts as performance guarantees for settlement-related businesses[50] Entrusted Deposits and Irrecoverable Overdue Time Deposits As of June 30, 2025, the Group had no entrusted deposits or irrecoverable overdue time deposits - The Group had no entrusted deposits or irrecoverable overdue time deposits[51] Foreign Exchange Risk The Group's foreign exchange risk arises from commercial transactions and assets and liabilities denominated in foreign currencies, with potential impacts from RMB exchange rate fluctuations - Foreign exchange risk arises from commercial transactions and assets and liabilities denominated in foreign currencies[52] - Fluctuations in the exchange rate of RMB against foreign currencies may affect operating results[52] Investment in Financial Assets The Group prudently invests in principal-protected wealth management products with returns higher than bank deposit rates, including structured deposits, certificates of deposit, and equity funds - The Group's fund management strategy typically involves selecting principal-protected wealth management products with interest rates higher than bank deposits to maximize returns[53] Trading Financial Assets As of June 30, 2025, the Group held structured bank deposits totaling RMB 6,000 million with annual interest rates ranging from 0.45% to 2.30% - Held structured bank deposits totaling RMB 6,000 million, with annual interest rates of 0.45%–2.30% and tenors of 92 to 186 days[54] Financial Assets at Amortized Cost As of June 30, 2025, the Group held certificates of deposit totaling RMB 670 million and reverse repurchase agreements of RMB 1,000 million - Held certificates of deposit totaling RMB 670 million, with annual interest rates of 1.75%–3.10% and tenors of 365 to 1,097 days[55] - Held reverse repurchase agreements of RMB 1,000 million with an annualized interest rate of 1.66% and a tenor of 28 days[55] Financial Assets at Fair Value through Other Comprehensive Income The Group holds a 13.26% stake in China Merchants Renhe Life Insurance, with a fair value of RMB 1,043.8 million as of June 30, 2025 Investment in China Merchants Renhe Life Insurance (RMB'000) | Investment Name | Shareholding (%) | Fair Value as at June 30, 2025 | Fair Value as at Dec 31, 2024 | Gain for the six months ended June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | China Merchants Renhe Life | 13.26 | 1,043,827 | 1,004,312 | 39,515 | - China Merchants Renhe Life Insurance recorded a profit of RMB 173.33 million in H1 2025[57] - The insurer will continue to promote product transformation and strengthen asset-liability management around its strategic initiatives[59] Financial Assets at Fair Value through Profit or Loss The Group has made a capital contribution of RMB 852.2 million to the CMSC Equity Fund, which invests in the 5G industry and information communication supply chain - A capital contribution of RMB 852.2 million has been made to the CMSC Equity Fund[60] - The CMSC Equity Fund primarily invests in companies related to 5G industry applications and the information communication industry chain[60] Pledge of Assets As of June 30, 2025, the Group had no pledged assets - The Group had no pledged assets[61] Contingent Liabilities As of June 30, 2025, the Group had no material contingent liabilities - The Group had no material contingent liabilities[62] Gearing Ratio As of June 30, 2025, the Group's gearing ratio was 26.3%, an increase from 22.9% at the end of 2024 - The gearing ratio was 26.3% (December 31, 2024: 22.9%)[63] Progress in Data Resource Capitalization During the period, the Group did not recognize any new data resources as intangible assets, with the existing balance reported at RMB 20.2 million - No new data resources were recognized as intangible assets during the period[64] - The financial statements report "Intangible assets – of which: data resources" at RMB 20.2 million[64] Significant Investment or Financing Plans The Group had no significant acquisitions, disposals, or investment plans as of June 30, 2025, with capital expenditure in H1 2025 totaling RMB 133.8 million - As of June 30, 2025, the Group had no significant acquisitions, disposals, or plans for major investments or capital asset purchases[65] - Total capital expenditure for H1 2025 was RMB 133.8 million (H1 2024: RMB 141.5 million)[65] - Capital expenditure commitments amounted to approximately RMB 1,518.7 million, mainly for operations, system maintenance, and R&D upgrades[65] Employees As of June 30, 2025, the Group had 6,740 employees, with staff costs for H1 2025 amounting to RMB 968.2 million, representing 39.9% of total operating costs - As of June 30, 2025, the Group had a total of 6,740 employees[67] - Staff costs for H1 2025 were approximately RMB 968.2 million, accounting for about 39.9% of total operating costs[67] - Total enterprise annuity expenses were approximately RMB 47.3 million (H1 2024: RMB 40.9 million)[67] Subsequent Events Subsequent Events In July and August 2025, the company received a tax refund of RMB 89.7 million related to its "Key Software Enterprise" status, with no other significant events to disclose - In July and August 2025, the company received a tax refund of RMB 89.7 million related to its "Key Software Enterprise" status[68] - There were no other significant events to disclose from June 30, 2025, to the date of this announcement[68] Outlook and Dividend Policy Outlook for the Second Half of 2025 For H2 2025, the Group will focus on high-quality development, technology-led innovation, strengthening its industrial position, and accelerating its layout in strategic emerging industries - In H2, the focus will be on high-quality development, strengthening technology-led innovation, and enhancing industrial control capabilities[69] - The Group will accelerate its layout in strategic emerging industries, cultivate new quality productive forces, and consolidate its core business advantages[69] Interim Dividend The Board of Directors has recommended not to declare an interim dividend for the first half of 2025 - The Board of Directors recommended no interim dividend for the first half of 2025[70] Purchase, Sale or Redemption of Securities The company and its subsidiaries did not purchase, sell, or redeem any of its listed securities during the first half of 2025 and held no treasury shares - In H1 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of its listed securities[71] - As of June 30, 2025, the company did not hold any treasury shares[71] Corporate Governance Corporate Governance The company adheres to high standards of corporate governance but has two deviations from the code provisions: the concurrent roles of Chairman and CEO and a delayed board election - The company has adopted the code provisions in the Corporate Governance Code and Corporate Governance Report in Appendix C1 to the Listing Rules[72] - Deviation from code provision C.2.1: The roles of Chairman and Chief Executive Officer are held by the same individual as a transitional arrangement[72] - Deviation from code provision B.2.2: The re-election of the Board of Directors has been postponed but will not affect normal operations[73] - Apart from the above deviations, the company fully complied with all other code provisions during H1 2025[73] Audit and Risk Management Committee (Supervisory Committee) The Audit and Risk Management Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and discussed related matters - The Audit and Risk Management Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025[75] - The committee discussed matters including internal control, risk management, and financial reporting[75] Other Information Publication of Interim Results on the Internet This results announcement is available on the websites of Hong Kong Exchanges and Clearing Limited and the company - This results announcement is available on the website of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk) and the company's website (www.travelskyir.com)[76](index=76&type=chunk) Board of Directors As of the announcement date, the Board comprises one executive director, three non-executive directors, three independent non-executive directors, and one employee representative director - Executive Director: Mr. Huang Rongshun (Chairman)[78] - Non-executive Directors: Mr. Sun Yuquan, Mr. Qu Guangji, and Ms. He Xiaoqun[78] - Independent Non-executive Directors: Mr. Liu Zehong, Mr. Chan Wing Tak, and Mr. Xu Hongzhi[78] - Employee Representative Director: Ms. Liang Shuang[77]