Core Viewpoint - Shenzhen International (00152) announced that its associate company, Shenzhen Airlines, plans to raise a total of RMB 16 billion through a phased capital increase, in which the group will not participate [1] Group 1: Capital Increase Details - The capital increase will be implemented in two phases. In the first phase, Shenzhen Airlines intends to introduce a new investor through a public listing, with its controlling shareholder, China International Airlines (601111), and the new investor contributing approximately RMB 4.082 billion [1] - Upon completion of the first phase, the group's stake in Shenzhen Airlines is expected to be diluted from 49% to approximately 28.09%, while China International Airlines will maintain a 51% stake, and the new investor will hold no more than 20.91% [1] - The subsequent phase of capital increase will depend on Shenzhen Airlines' funding needs and resolutions from its shareholders' meeting [1] Group 2: Strategic Implications - The group believes that not participating in the capital increase will help concentrate resources on its core business, enhancing focus and management of main operations, and effectively optimizing overall resource allocation efficiency [1] - The decision not to participate in this capital increase is not expected to have any significant impact on the group's normal operations and financial condition [1] - Shenzhen Airlines will continue to be classified as an associate company of the group [1]

Core Viewpoint - Shenzhen International (00152) announced that its associate company, Shenzhen Airlines, plans to raise a total of RMB 16 billion through a phased capital increase, in which the group will not participate [1] Group 1: Capital Increase Details - The capital increase will be implemented in two phases. In the first phase, Shenzhen Airlines intends to introduce a new investor through a public listing, with the controlling shareholder, China International Airlines (China National Aviation), and the new investor contributing approximately RMB 4.082 billion [1] - Upon completion of the first phase, the group's stake in Shenzhen Airlines is expected to be diluted from 49% to approximately 28.09%, while China National Aviation will maintain a 51% stake, and the new investor will hold no more than 20.91% [1] - The subsequent phase of capital increase will depend on Shenzhen Airlines' funding needs and resolutions from its shareholders' meeting [1] Group 2: Strategic Implications - The group believes that not participating in this capital increase will help concentrate resources on its core business, enhancing focus and management of main operations, and effectively optimizing overall resource allocation efficiency [1] - The decision not to participate in the capital increase will not have any significant impact on the group's normal operations and financial status [1] - Shenzhen Airlines will continue to be classified as an associate company of the group [1]

Core Viewpoint - The aviation market is experiencing a surge in student travel as schools reopen, prompting airlines to introduce targeted discounts and services for this demographic to boost passenger traffic and revenue [1][6]. Group 1: Airline Strategies - Major airlines such as Air China, Eastern Airlines, and Southern Airlines have launched student travel discounts, focusing on benefits like loyalty cards, coupons, and additional baggage allowances [3][4]. - Air China's "2025 Student Zone" offers benefits including 20kg extra baggage, discounts on tickets, and free seat selection for new students [3]. - Eastern Airlines has upgraded its "Back to School" services, providing direct ticket discounts, free baggage allowances, and surprise gift boxes for students [3][7]. Group 2: Market Dynamics - The peak travel period for students occurs from late August to early September, coinciding with a transition from peak to off-peak travel seasons [6]. - Airlines are implementing student discounts as a strategy to increase revenue during this typically slower period, as evidenced by a decline in passenger turnover rates for major airlines in September compared to the summer season [6][9]. Group 3: Long-term Consumer Potential - Airlines are not only focused on immediate ticket sales but also on the long-term consumer potential of students, who may become loyal customers as they transition into the workforce [9][10]. - The youth demographic is increasingly significant in the travel market, with a reported 11.3% of air travelers in 2024 being aged 18-25, reflecting a year-on-year increase of approximately 3.4% [9]. - The Civil Aviation Administration of China is promoting "first-time passenger services" to tap into the potential of the student market, indicating a strategic focus on nurturing future travelers [10].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：00152） 自願性公告 聯營公司增資擴股 深圳國際控股有限公司（「本公司」，連同其附屬公司統稱為「本集 團」）作出此自願公告，以知會本公司股東及潛在投資者有關本集團 近期發展之最新消息。 本公司的聯營公司深圳航空有限責任公司（「深圳航空」）擬分階段 進行增資擴股合共人民幣 160 億元（「本次增資」），本集團將不參與 本次增資。 本次增資擬分兩階段實施。第一階段，深圳航空擬通過公開掛牌方式 引入一名新投資者，由其控股股東中國國際航空股份有限公司(「中國 國航」)及新投資者合共增資約人民幣 40.82 億元。若第一階段增資完 成，預計本集團所持深圳航空的股權將由 49%攤薄至約 28.09%，中國 國航持有深圳航空的股權將維持 51%，新投資者持有深圳航空的股權 將不高於 20.91%。後續階段，中國國航及新投資者將根據深圳航空的 資金需求及其股東會決議情況進 ...

Core Viewpoint - The aviation market is experiencing a surge in travel demand from students as the school season approaches, prompting airlines to introduce targeted discounts and services to attract this demographic [1][6]. Group 1: Student Discounts and Services - Major airlines such as Air China, Eastern Airlines, and Southern Airlines have launched student travel discounts, focusing on benefits like loyalty cards, coupons, and additional baggage allowances [3][4]. - Air China offers a "2025 Student Zone" with benefits including 20kg extra baggage, discounts on tickets, and free seat selection for new students [3]. - Eastern Airlines has upgraded its "Back to School" services, providing direct ticket discounts, free baggage allowances, and surprise gift boxes for students [3][7]. - Southern Airlines has introduced a "Student Travel" product allowing unlimited purchases of discounted domestic economy class tickets for verified students [4]. Group 2: Market Dynamics and Revenue Strategies - The peak travel period for students occurs from late August to early September, coinciding with a transition from peak to off-peak travel seasons, making student discounts a strategy for airlines to boost revenue [6]. - Data shows a decline in passenger turnover for airlines in September compared to the summer peak, with Air China down 15.9% and Southern Airlines down 13.72% [6]. - Airlines are targeting price-sensitive student travelers, who often compare prices across multiple platforms, to increase passenger numbers and improve load factors [6][8]. Group 3: Long-term Consumer Potential - Airlines view the student demographic not only as a short-term revenue source but also as a long-term consumer base, anticipating that students will continue to travel for business and leisure after graduation [9]. - Establishing brand loyalty and enhancing service experiences for students can help airlines expand their frequent flyer programs and overall customer base [9]. Group 4: Emerging Trends in Youth Travel - The proportion of young travelers is increasing, with the 18-25 age group making up 11.3% of air travelers in 2024, reflecting a growing market potential for the "first-time flyer" segment [11]. - Reports indicate a trend of younger travelers in emerging cities, with significant travel participation from 18-19 year-olds in cities like Qingdao and Chongqing [11]. - The Civil Aviation Administration has been promoting "first-time flyer services" to tap into this market potential and enhance the overall travel experience for new travelers [11]. Group 5: Marketing Strategies and Challenges - Current marketing strategies for student discounts primarily focus on price reductions, which may lead to increased competition and price wars within the aviation industry [12]. - Airlines are encouraged to innovate their marketing approaches to better align with the preferences of younger travelers and unlock future growth potential in the student segment [12].

证券代码：601111 股票简称：中国国航 公告编号：2025-037 中国国际航空股份有限公司 关于控股子公司深圳航空拟进行股权融资 暨对子公司增资的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次投资标的名称：深圳航空有限责任公司（以下简称"深圳航空"） 本次投资金额：中国国际航空股份有限公司（以下简称"中国国航"或 者"公司"）控股子公司深圳航空拟进行股权融资，融资总金额为160亿元人民 币，拟分两期实施（以下简称"本次融资"）。中国国航将按照持股比例认购深 圳航空的融资额度，对深圳航空增资总金额不超过81.6亿元人民币（以下简称"本 次投资"或"本次交易"）。 深圳航空拟通过深圳联合产权交易所征集1名投资方（以下简称"投资方"） 进行现金融资20亿元人民币，中国国航通过非公开协议方式同步以现金增资 20.82亿元人民币（针对深圳航空以下简称"首期融资"，针对投资方和/或中国 国航以下简称"首期投资"或"首期增资"），首期投资完成后，投资方持股比 例不高于20.9134%，中国国航持股比例为51 ...

证券代码：601111 股票简称：中国国航 公告编号：2025-039 中国国际航空股份有限公司 关于 2025 年半年度募集资金存放、管理与实际使用 情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 截至 2025 年 6 月 30 日，本公司上述募集资金按照规定用途使用完毕，累计 1 使用募集资金港币 1,998,769,803.79 元。存放募集资金的专项账户已完成销户， 募集资金产生的利息收入已全部用于补充本公司流动资金。 （二）向特定对象发行 A 股股票募集资金 经上海证券交易所《关于中国国际航空股份有限公司向特定对象发行股票审 核意见的通知》审核通过，并经中国证券监督管理委员会《关于同意中国国际航 空股份有限公司向特定对象发行股票注册的批复》（证监许可〔2024〕1562 号） 同意，本公司以人民币 7.02 元/股的发行价格向特定对象发行 A 股股票 854,700,854 股，每股面值人民币 1 元，中国航空集团有限公司（以下简称"中 航集团"）以现金方式认购本公司本次发行的全部 A 股股票。募集 ...

中国国际航空股份有限公司 02、03 单元和 26 层 注册资本：人民币 112,796.1864 万元（含 500 万美元） 关于 2025 年上半年中国航空集团财务有限责任公司 的风险持续评估报告 按照《上海证券交易所上市公司自律监管指引第 5 号— —交易与关联交易》要求，中国国际航空股份有限公司（以 下简称国航股份）开展了中国航空集团财务有限责任公司 （以下简称财务公司）2025 年上半年风险状况持续评估工 作。本次评估分别查验了《金融许可证》《营业执照》等证 件资料，查阅了财务报表，了解了风险管理、内部控制的情 况，财务公司风险管控状况符合相关监管要求及国航股份管 理要求，风险管理基础稳健，相关风险总体可控。现将有关 风险评估情况报告如下： 一、企业资质概况 （一）注册地、组织形式和地址 财务公司成立于 1994 年，系接受国家金融监督管理总 局监管的金融机构。截至 2025 年 6 月 30 日，国航股份及其 控股股东中国航空集团有限公司（以下简称中航集团）分别 持有财务公司 51%和 49%的股权，财务公司为国航股份控股 子公司。 注册地址：北京市朝阳区霄云路 36 号国航大厦 18 层 01、 ...

证券代码：601111 股票简称：中国国航 公告编号：2025-038 | 项目 | 2025 | 年半年度计提金额 | 备注 | | | --- | --- | --- | --- | --- | | 资产减值准备 | | 85,154 | 固定资产减值准备 | | | 信用减值准备 | | 5,563 | 对应收账款、其他应收款、其他债权投资、其 他流动资产及存放同业款项计提减值准备 | | | 合计 | | 90,717 | | - | 二、计提减值准备的具体情况 （一）资产减值准备计提情况 中国国际航空股份有限公司 关于 2025 年半年度计提减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国国际航空股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第 七届董事会审计和风险管理委员会（监督委员会）第六次会议、第七届董事会第六 次会议，审议通过了《关于 2025 年半年度计提减值准备的议案》。 现将相关情况 公告如下： 一、本次计提减值准备的情况概述 根据《企业会计准则》及公司相关会 ...

证券代码：601111 股票简称：中国国航 公告编号：2025-036 表决情况：赞成 8 票、反对 0 票、弃权 0 票，表决结果：通过。 批准公司按中国会计准则和国际会计准则分别编制的 2025 年半年度报告。 详情请见公司同日披露的《中国国际航空股份有限公司 2025 年半年度报告》。 中国国际航空股份有限公司 第七届董事会第六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国国际航空股份有限公司（以下简称"公司"）第七届董事会第六次会议 （以下简称"本次会议"）的通知和材料已于 2025 年 8 月 18 日以电子通讯等方 式发出。本次会议于 2025 年 8 月 28 日 15:00 在北京市顺义区天柱路 30 号国航 总部大楼 C713 会议室以现场结合视频方式召开。本次会议应出席董事 9 人，实 际出席董事 8 人，董事长马崇贤先生因公务请假，董事贺以礼先生因公务委托副 董事长王明远先生出席并表决、董事肖鹏先生因公务委托董事崔晓峰先生出席并 表决。本次会议由副董事长王明远 ...