海航控股10月份基本面持续向好 构筑坚实核心竞争力

Core Insights - Hainan Airlines Holdings Co., Ltd. reported significant operational data for October 2025, showing a 27.01% year-on-year increase in international revenue passenger kilometers (RPK) [1] - The company is set to enhance its domestic and international flight offerings in the upcoming winter-spring season, adding over 100 domestic routes and continuing operations on 140 international routes [2] - The establishment of the Hainan Free Trade Port is expected to provide multiple policy benefits, including reduced tax rates and zero tariffs on aircraft procurement, which will enhance the company's profitability and operational efficiency [3] Group 1: Operational Performance - In October, the company achieved RPK of 11,653.62 million kilometers, with international RPK reaching 2,434.93 million kilometers [1] - Passenger transport volume increased by 3.59% year-on-year, totaling 6,100.34 thousand passengers, with international passenger transport growing by 19.03% to 364.19 thousand passengers [1] - Cargo and mail revenue ton-kilometers rose by 25.37%, with cargo and mail volume increasing by 20.07% [1] Group 2: Strategic Developments - Starting October 26, Hainan Airlines will implement a new winter-spring flight schedule, adding over 100 domestic routes and optimizing its network [2] - The company plans to operate nearly 500 domestic routes, connecting around 80 cities, and will introduce a new direct flight from Chongqing to Brussels [2] - The upcoming Hainan Free Trade Port will lower corporate and personal income tax rates to 15%, significantly reducing tax burdens and attracting high-end talent [3] Group 3: Future Opportunities - The "zero tariff" policy will substantially decrease aircraft procurement and maintenance costs, improving the profitability of the company's maintenance sector [3] - The establishment of a bonded "aircraft materials supermarket" will shorten aircraft maintenance cycles and streamline customs processes [3] - With the gradual relaxation of fifth and seventh freedom rights, the company is positioned to benefit from increased demand for business, tourism, and aircraft maintenance services post-closure [3]