Xin Lang Cai Jing·2025-11-03 12:06Core 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].