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 ...

半年度报告 AIR CHINA 圈圈降航空公司 A STAR ALLIANCE MEMBER 中国国际航空股份有限公司 股票代码: 60111 上海 00753 香港 AIRC 伦敦 中国国际航空股份有限公司简称中国国航，英文名称为 Air China Limited，简称 Air China， 是中国唯一载国旗飞行的航空公司。 "凤凰者，仁鸟也""见则天下宁"。中国国航的企业标识由一只艺术化的凤凰和中国改革 开放的总设计师邓小平同志书写的"中国国际航空公司"以及英文"AIR CHINA"构成。凤凰是 中华民族远古传说中的祥瑞之鸟，为百鸟之王。凤凰"出于东方君子之国，翱翔四海之外"，撷 英咀华，志存高远。中国国航推崇的凤凰精神的核心内涵是"传递吉祥，引领群伦，超越自我"。 中国国航具有深厚的历史积淀，身为中国民航业发展的践行者、推动者和引领者，秉承凤凰精神， 致力于打造完美航程，传递平安吉祥；致力于引领行业发展，打造国家名片；致力于创新进取， 追求事业辉煌。 中国国航于 2004 年 12 月 15 日在香港联合交易所有限公司（股票代码 00753）和伦敦证券交 易所（交易代码 AIRC）上市；于 2006年 ...

中国国航：2025年中期净亏损18.1亿元，上年同期亏损27.8亿元。 ...

8月28日，有网友发帖称，北京飞法兰克福航班上，氧气面罩突然落下，飞机紧急返航。 一分钟了解飞机氧气面罩 氧气面罩是为旅客提供氧气的应急救生装置，飞机飞到一定高度后，客舱必须密封完好才能维持和地面相当的气压，确保乘客不会缺氧；如果客舱密封出现 问题，气压不足，氧气含量减少，乘客将很快失去意识，甚至造成不可逆的损伤。飞行中如果客舱密封出现问题，增压失效时，飞机应快速下降到安全高 度，而在这一过程中，氧气面罩可以用来确保机组、乘务员和旅客的生命安全。 0:00 / 1:00 网友称：北京飞法兰克福的国航CA965的航班飞了3小时左右的时候，广播表示紧急情况舱内失压，正在紧急降落，让乘客用力扯下氧气面罩戴上。全机都 安静了大家默默戴好面罩，等待下一步的发展。没过两分钟空姐说是氧气面罩发生了故障广播误报，其实飞机没事。最后还是返航北京了。 28日中午，@中国国际航空发文：北京时间8月28日，从北京飞往法兰克福的CA965航班客舱氧气面罩系统出现故障，飞机客舱增压及其他系统正常，为确 保安全，公司决定返航，飞机于11时30分安全落地北京首都国际机场。国航已调配飞机执行后续航班任务，感谢广大旅客的理解与支持。 相关链接： ...

Core Insights - The aviation and airport sector saw a slight increase of 0.39% on August 28, with Baiyun Airport leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Baiyun Airport (600004) closed at 9.94, up 1.02% with a trading volume of 289,200 shares and a turnover of 286 million yuan [1] - China Eastern Airlines (600115) closed at 4.15, up 0.97% with a trading volume of 1,051,800 shares and a turnover of 43.5 million yuan [1] - HNA Holding (600221) closed at 1.58, up 0.64% with a trading volume of 5,617,700 shares and a turnover of 887 million yuan [1] - Shenzhen Airport (000089) closed at 7.21, up 0.42% with a trading volume of 224,900 shares and a turnover of 162 million yuan [1] - Shanghai Airport (600009) closed at 32.65, up 0.40% with a trading volume of 159,000 shares and a turnover of 519 million yuan [1] - China National Aviation (601111) closed at 7.55, up 0.40% with a trading volume of 718,000 shares and a turnover of 538 million yuan [1] - Xiamen Airport (600897) closed at 14.94, up 0.34% with a trading volume of 29,500 shares and a turnover of 43.81 million yuan [1] - China Southern Airlines (600029) closed at 6.03, up 0.33% with a trading volume of 654,400 shares and a turnover of 393 million yuan [1] - Spring Airlines (601021) closed at 54.00, unchanged with a trading volume of 62,700 shares and a turnover of 337 million yuan [1] - Juneyao Airlines (603885) closed at 12.54, down 0.08% with a trading volume of 209,000 shares and a turnover of 262 million yuan [1] Capital Flow - The aviation and airport sector experienced a net outflow of 232 million yuan from institutional investors, while retail investors saw a net inflow of 219 million yuan [2] - The detailed capital flow for individual stocks shows varying trends, with some stocks experiencing significant outflows from institutional investors [3] Individual Stock Capital Flow - Shenzhen Airport (000089) had a net outflow of 30.91 million yuan from institutional investors, with a retail net inflow of 22.64 million yuan [3] - Juneyao Airlines (603885) had a net inflow of 3.39 million yuan from institutional investors, but a net outflow of 10.06 million yuan from retail investors [3] - China National Aviation (601111) saw a net outflow of 8.40 million yuan from institutional investors, with a retail net inflow of 7.28 million yuan [3] - China Eastern Airlines (600115) had a net outflow of 37.44 million yuan from institutional investors, with a retail net inflow of 22.91 million yuan [3]

Group 1: Silver Capital Co., Ltd. (银都股份) - The company is experiencing phase-specific profit pressure due to tariffs and shipping costs, leading to a downward adjustment of EPS forecasts for 2025/2026/2027 to 1.02/1.20/1.35 CNY [3] - In H1 2025, the company achieved revenue of 1.426 billion CNY (up 4.35% YoY) and a net profit of 347 million CNY (flat YoY), with a significant drop in non-recurring net profit by 20.60% YoY [3][4] - The company is focusing on brand autonomy and globalization strategies, expanding channels and upgrading production capacity, with notable improvements in the North American market [4] Group 2: New Oriental Energy Co., Ltd. (新奥股份) - The company maintains a stable performance with a well-integrated upstream and downstream natural gas layout, and after acquiring New Oriental Energy, future growth is expected [6] - In Q1 2025, the company reported total revenue of 33.73 billion CNY, a slight decrease of 1.40% YoY, while core profit grew by 0.09% YoY [8] - The company plans to privatize New Oriental Energy, which is expected to enhance its operational capabilities and dividend capacity [9] Group 3: Aviation Industry - The summer transportation season is characterized by low supply growth and a decline in business travel demand, leading to a subdued peak season, although significant profits are still anticipated [10] - Domestic air traffic is projected to grow by over 3% YoY in July-August, with a slight increase in passenger load factor [10] - Aircraft orders are expected to remain aligned with planned low growth, with the industry maintaining a rational approach to fleet expansion [12][13]

《中国民航报》、中国民航网 记者胡夕姮 通讯员王兵 报道：为积极响应国家提振消费、推动高水平对 外开放的号召，落实民航局、民航华东地区管理局关于开展2025年"民航服务提振消费年"主题活动的相 关要求，近日，在民航安徽监管局的统筹协调下，国航合肥营业部携手安徽多家机场，共同参与"安徽 文旅惠民消费季入境游主场活动"，致力于构建"航线即通道、航班即流量"的航旅消费新生态，有效拓 展入境游新市场。 此次推出的联程产品不仅涵盖机票，更深度融合本地文旅特色服务，着力打造"航空+体验"全链路服务 场景，标志着"航空赋能文旅"进入机制化、常态化协同新阶段，航企、机场与文旅部门逐步形成"资源- 渠道-场景"三位一体的协作模式。 作为中国唯一的载旗航空，国航首次在省级文旅平台系统输出其全球网络资源与国际化服务功能，依托 北京、成都"双枢纽"的联动效应和覆盖六大洲的航线体系，创新设计"一票通达、空轨衔接"联程产品， 实现境外客源从远端机场至安徽目的地的高效导入。 该入境游活动将拓展"引客入皖"的空中通道，丰富航旅服务产品供给，为旅客出行提供了更多样且便捷 的选择，同时还将优化航空市场消费环境，有效提振民航旅客消费信心，为区域经 ...

Core Viewpoint - Air China reported that a flight from Beijing to Frankfurt had to return due to a malfunction in the cabin oxygen mask system, although other systems were functioning normally [1] Group 1 - The incident occurred on August 28, with flight CA965 experiencing an oxygen mask system failure shortly after takeoff [1] - The decision to return to Beijing was made to ensure passenger safety, and the aircraft landed safely at Beijing Capital International Airport at 11:30 AM [1] - Air China has arranged for another aircraft to carry out subsequent flight operations [1]

Core Viewpoint - A China Airlines flight returned to Beijing due to a malfunction in the cabin oxygen mask system, ensuring passenger safety [1] Summary by Relevant Sections - Incident Details - Flight CA965, traveling from Beijing to Frankfurt, experienced a failure in the cabin oxygen mask system [1] - The aircraft's cabin pressurization and other systems were functioning normally [1] - The decision to return was made to prioritize safety, and the flight safely landed at Beijing Capital International Airport at 11:30 AM [1] - Company Response - China Airlines has arranged for another aircraft to carry out subsequent flight operations [1] - The company expressed gratitude to passengers for their understanding and support during the incident [1]

Investment Rating - The report recommends a "Buy" rating for the aviation sector, highlighting potential long-term benefits from the civil aviation authority's "anti-involution" policy and the expected recovery in airline revenues [90][91]. Core Insights - The global aviation market is experiencing a normalization phase with a year-on-year increase in passenger turnover (RPK) of 5.1% in H1 2025, driven by a higher growth rate in international RPK at 7.0% compared to domestic RPK at 2.0% [3][5]. - The U.S. aviation industry shows signs of stabilization with a profit margin of 3.6% in H1 2025, an increase of 0.9 percentage points year-on-year, despite a 1% increase in revenue and a 1% rise in costs [30][32]. - The European aviation market faces uncertainties but shows potential for profit growth, with ticket prices fluctuating significantly due to seasonal factors [66][72]. - In Asia, key markets like Southeast Asia and Japan are witnessing a recovery in passenger volumes, with some airports exceeding pre-pandemic levels [78][81]. Summary by Sections Global Aviation Market Overview - The global aviation market's growth rate has slowed, with H1 2025 showing a 5.1% increase in RPK and a 4.8% increase in available seat kilometers (ASK) [3][5]. - The market's load factor improved to 82.5%, reflecting a 0.2 percentage point increase year-on-year [3]. U.S. Aviation Market Tracking - The U.S. aviation sector's profit margin reached 3.6% in H1 2025, with a 1% increase in revenue and a 1% rise in costs, including a 13% decrease in fuel costs [30][32]. - Ticket prices in the U.S. have seen a decline, with a 5.1% drop in inflation-adjusted prices from January to July 2025 [34][38]. European Aviation Market Tracking - The European aviation market's ticket prices showed volatility, with significant fluctuations in early 2025, but overall recovery in passenger volumes is noted [66][63]. - Major airlines like Lufthansa and IAG reported profit growth in Q2 2025, driven by increased ticket prices and demand recovery [66][72]. Asian Aviation Market Tracking - Southeast Asia and Japan's airports are experiencing a resurgence in passenger traffic, with notable increases in throughput compared to pre-pandemic levels [78][81]. - Key transit airports in the region, such as Singapore and Doha, also reported growth in passenger numbers [81]. Investment Analysis Opinion - The report suggests that the seasonal increase in passenger volume coupled with a decrease in ticket prices has been adequately reflected in market expectations, indicating a favorable outlook for airline profitability [90]. - The report recommends focusing on airlines such as China Southern Airlines, China Eastern Airlines, and Spring Airlines, as well as global aircraft leasing companies and airport operators [90][91].