智通财经网·2026-01-15 10:24Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover and capacity for December 2025, indicating positive growth trends in both domestic and international markets [1] Group 1: Passenger Operations - The group's passenger turnover (measured in revenue passenger kilometers) is expected to increase year-on-year [1] - Passenger capacity (measured in available seat kilometers) is projected to rise by 4.0% year-on-year [1] - Domestic passenger capacity is expected to increase by 4.2%, with passenger turnover rising by 10.6% [1] - International passenger capacity is projected to grow by 4.1%, with passenger turnover increasing by 9.1% [1] - Regional passenger capacity is expected to decline by 0.7%, while passenger turnover is projected to rise by 4.1% [1] - The average passenger load factor is expected to reach 82.2%, an increase of 4.5 percentage points year-on-year [1] - Domestic routes are expected to see a load factor increase of 4.9 percentage points, international routes by 3.6 percentage points, and regional routes by 3.4 percentage points [1] Group 2: Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) is projected to decline by 1.9% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) is expected to increase by 5.3% year-on-year [1] - The cargo load factor is projected to be 39.2%, an increase of 2.7 percentage points year-on-year [1]