Ge Long Hui A P P·2025-12-15 09:14Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover and capacity for November 2025, indicating a positive trend in both domestic and international travel demand [1] Passenger Operations - The combined passenger turnover (measured in revenue passenger kilometers) increased by 10.1% year-on-year in November 2025 - Passenger capacity (measured in available seat kilometers) rose by 4.9% year-on-year - Domestic passenger capacity increased by 3.9%, with a turnover rise of 7.5% - International passenger capacity saw an 8.1% increase, with a turnover growth of 17.4% - Regional passenger capacity decreased by 3.5%, while turnover increased by 3.0% - The average passenger load factor reached 83.3%, up by 4.0 percentage points year-on-year [1][1][1] Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) increased by 1.4% year-on-year - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 4.4% year-on-year - The cargo load factor was 39.5%, an increase of 1.1 percentage points year-on-year [1][1][1] Fleet Expansion - In November 2025, the group introduced 5 A320 series aircraft and 2 C919 aircraft - As of the end of November 2025, the group operated a total of 956 aircraft, including 419 owned, 243 under finance lease, and 294 under operating lease [1][1][1]