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，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 由於飛機出售框架協議項下的交易之各年度年度上限最高適用百分比率高於0.1%但低 於5%，故飛機出售框架協議項下之交易須遵守香港上市規則第14A章項下公告及年度 審核之規定，但獲豁免遵守獨立股東批准的規定。 - 1 - I. 飛機出售框架協議 於二零二五年十月三十日，本公司與北京租賃公司訂立飛機出售框架協議，據此， 在飛機出售框架協議約定期限內本公司不定期向北京租賃公司以協議轉讓方式出售 本公司擁有所有權的飛機。飛機出售框架協議的有效期自二零二五年十月三十日至 二零二七年十二月三十一日。 00753 持續關連交易 持續關連交易 於二零二五年十月三十日，本公司與北京租賃公司訂立飛機出售框架協議，據此，在 飛機出售框架協議約定期限內，本公司將不定期向北京租賃公司以協議轉讓方式出售 本公司擁有所有權的飛機。飛機出售框架協議的有效期自二零二五年十月三十日至二 零二七年十二月三十一日。 香港上市規則涵義 北京租賃公 ...

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"）第七届董事会第九次会议 （以下简称"本次会议"）的通知和材料已于 2025 年 10 月 20 日以电子邮件的方 式发出。本次会议于 2025 年 10 月 30 日 14:00 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 9 人，副董事长王明远先生、董事崔晓峰先生因公务委托董事长刘铁 祥先生出席并表决，董事贺以礼先生因公务委托独立董事禾云先生出席并表决， 董事肖鹏先生因公务委托独立董事高春雷先生出席并表决。本次会议由董事长刘 铁祥先生主持，公司高级管理人员列席本次会议。本次会议的召集和召开符合 《公司法》等相关法律、行政法规、规章、规范性文件以及公司章程的规定，合 法、有效。 二、董事会会议审议情况 本次会议审议并通过了如下议案： （一）关于 2025 年第三季度报告的议案 证券代码：601111 股票简称：中国国航 公告编号 ...

证券代码：601111 证券简称：中国国航 中国国际航空股份有限公司 2025 年度向特定对象发行 A 股股票方案 论证分析报告 二〇二五年十月 | 日求 ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 1 | | --- | | 释义 | | 一、本次发行的背景与目的………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | (一) 本次向特定对象发行 A 股股票的背景 | | (二) 本次向特定对象发行 A 股股票的目的 | | 二、本次发行证券及其品种选择的必要性 | | (一 ) 本次发行证券的品种选择 | | (二) 本次发行证券品种选择的必要性 | | 三、本次发行对象的选择范围、数量和标准的话当性… | | 四、本次发行定价的原则、依据、方法和程序的合理性 | | (一) 本次发行定价的 ...

证券代码：601111 证券简称：中国国航 2、本次向特定对象发行 A 股股票完成后，公司经营与收益的变化，由公司 自行负责；因本次向特定对象发行 A 股股票引致的投资风险，由投资者自行负 责。 3、本预案是公司董事会对本次向特定对象发行 A 股股票的说明，任何与之 相反的声明均属不实陈述。 中国国际航空股份有限公司 2025 年度向特定对象发行 A 股股票预案 二〇二五年十月 中国国际航空股份有限公司 向特定对象发行 A 股股票预案 公司声明 1、公司及董事会全体成员保证本预案内容真实、准确、完整，并确认不存 在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性、完整性承 担法律责任。 中国国际航空股份有限公司 向特定对象发行 A 股股票预案 特别提示 4、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 本部分所述的词语或简称与本预案"释义"中所定义的词语或简称具有相同 的含义。 1、本次向特定对象发行 A 股股票相关事项已经 2025 年 10 月 30 日召开的 公司第七届董事会第九次会议审议通过。 根据有关法律法规的规定，本次向特定对象发行 A 股股票相关事项尚 ...

证券代码：601111 股票简称：中国国航 公告编号：2025-054 中国国际航空股份有限公司 关于向特定对象发行股票股东权益变动的 提示性公告 本公司及董事会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： 本次权益变动源于中国国际航空股份有限公司（以下简称"本公司"或 "公司"）2025 年度向特定对象发行 A 股股票（以下简称"本次向特定对象发行" 或"本次发行"）。 本次权益变动不会导致公司控股股东及实际控制人发生变化。 本次向特定对象发行 A 股股票的交易对象是公司控股股东中国航空集团 有限公司（以下简称"中航集团"）和中航集团的全资子公司中国航空资本控股有 限责任公司（以下简称"中航控股"）。本次向特定对象发行 A 股股票相关事项尚 需履行国有资产监督管理职责的主体批准、公司股东大会审议通过、上海证券交 易所审核通过并报中国证券监督管理委员会（以下简称"中国证监会"）注册，在 中国证监会同意注册后方可实施。本次发行完成后，公司控股股东中航集团及其 下属全资子公司最终持有公司的股份比例将提升至约 60.58%。 1 ...

Core Viewpoint - China National Airlines (601111.SH) reported a slight increase in revenue for the first three quarters of 2025, while net profit showed significant growth compared to the previous year [1] Financial Performance - For the first three quarters, the company achieved operating revenue of 129.826 billion yuan, representing a year-on-year increase of 1.31% [1] - The net profit attributable to shareholders for the same period was 1.870 billion yuan, reflecting a year-on-year growth of 37.31% [1] - In the third quarter, the company recorded operating revenue of 49.069 billion yuan, which is a year-on-year increase of 0.90% [1] - The net profit attributable to shareholders in the third quarter was 3.676 billion yuan, showing a year-on-year decline of 11.31% [1]

Core Viewpoint - China National Airlines (601111) plans to issue A-shares to its controlling shareholder AVIC Group and related party AVIC Holdings, raising up to 20 billion yuan, with a share price of 6.57 yuan per share [1] Group 1 - The funds raised will be used for debt repayment and to supplement working capital [1] - AVIC Group and AVIC Holdings intend to subscribe to all A-shares issued in cash [1] - After the issuance, AVIC Group will remain the controlling shareholder of the company [1]

Investment Rating - The report maintains a positive outlook on the shipping, shipbuilding, and aviation sectors, indicating a fundamental improvement despite low fund holdings [3]. Core Insights - The shipbuilding sector has seen a reversal of negative factors, with second-hand ship prices stabilizing and surpassing 2024 highs, suggesting potential for new ship price increases [3]. - The oil tanker market is experiencing strong demand due to OPEC's production increases and ongoing sanctions on Russian and Iranian oil supplies, leading to a significant rise in freight rates [3]. - Fund holdings in the transportation sector have decreased to a historical low, with notable increases in the market value of shipping, ports, airports, and cross-border logistics [3][4]. Summary by Sections 1. Changes in Fund Holdings in the Transportation Sector - As of Q3 2025, the total market value of funds in the transportation sector reached 18 billion yuan, a 30% decrease from the previous quarter, ranking 17th among 31 sectors [4][5]. - The transportation sector's market value accounts for 2.68% of total A-share market value, with an underweight of 1.59% [4]. 2. Changes in Fund Holdings by Sub-sectors - The proportion of fund holdings in aviation, shipping, ports, airports, raw material supply chain services, and cross-border logistics has increased, with aviation transportation holding the largest share at 37.62% [10]. - The market value changes for various sectors include significant increases in shipping and raw material supply chain services, while express delivery and highways saw declines [10]. 3. Top Ten Fund Holdings in the Transportation Sector - The top ten fund holdings include SF Holding, YTO Express, Huaxia Airlines, and China Merchants Energy, with notable increases in holdings for YTO Express and China Merchants Energy [15]. - Stocks with total holdings exceeding 300 million yuan and growth rates above 10% include YTO Express and China Merchants Energy, with growth rates of 110% and 227% respectively [15]. 4. Valuation of Key Companies in the Transportation Sector - Key companies such as China National Aviation and SF Holding have been evaluated with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential growth [19].

Financial Performance - Total operating revenue for Q3 2025 reached CNY 49,068,750, an increase of 0.90% year-on-year[2] - Net profit attributable to shareholders decreased by 11.31% to CNY 3,675,509 compared to the same period last year[2] - Net profit excluding non-recurring gains and losses increased significantly by 279.95% to CNY 3,647,601 year-to-date[7] - Total operating revenue for the first three quarters of 2025 reached CNY 129,826,184 thousand, a slight increase from CNY 128,149,919 thousand in the same period of 2024[15] - Net profit for the first three quarters of 2025 was CNY 1,357,097 thousand, compared to CNY 769,271 thousand in the same period of 2024, reflecting a significant increase[16] - Earnings per share for the first three quarters of 2025 were CNY 0.11, up from CNY 0.09 in the same period of 2024[18] - The company's operating revenue for the first three quarters of 2025 reached CNY 79,283,351, a slight increase from CNY 79,048,427 in the same period of 2024, representing a growth of approximately 0.3%[24] - The net profit for the first three quarters of 2025 was CNY 467,262, compared to CNY 462,065 in 2024, indicating a year-on-year increase of about 1%[24] Assets and Liabilities - Total assets as of the end of the reporting period amounted to CNY 349,363,328, reflecting a 1.04% increase from the end of the previous year[3] - The company's total assets increased to CNY 349,363,328 thousand from CNY 345,769,412 thousand year-over-year[15] - The total liabilities increased slightly to CNY 307,030,290 thousand from CNY 304,824,203 thousand year-over-year[15] - The total liabilities decreased to CNY 183,443,532 from CNY 184,442,742, showing a reduction of approximately 0.5%[22] Cash Flow - Cash flow from operating activities for the year-to-date reached CNY 34,076,814, an increase of 10.85%[2] - Cash flow from operating activities generated a net amount of CNY 34,076,814 thousand, compared to CNY 30,741,937 thousand in the first three quarters of 2024[19] - Cash flow from operating activities for the first three quarters of 2025 is CNY 21,031,119,000, an increase from CNY 19,770,703,000 in 2024, representing a growth of about 6.4%[28] - The company's cash outflow for operating activities in the first three quarters of 2025 is CNY 66,524,215,000, a decrease from CNY 67,409,564,000 in 2024, reflecting improved cash management[28] Shareholder Information - The company reported a total of 129,056 common shareholders at the end of the reporting period[9] - The largest shareholder, China National Aviation Holding Company, holds 42.53% of the shares, totaling 7,421,462,701 shares[9] - The company reported a total of 6,566,761,847 shares held by its largest shareholder, China Aviation Group, representing 53.71% of total shares[10] - The company has a total of 127,445,536 shares and 36,454,464 shares held by its controlling shareholders currently in a frozen state[11] Costs and Expenses - Total operating costs increased to CNY 134,277,600 thousand from CNY 133,667,384 thousand year-over-year, with operating costs specifically rising from CNY 119,746,091 thousand to CNY 120,655,984 thousand[15] - The company's financial expenses decreased from CNY 4,455,814 thousand to CNY 3,770,798 thousand, indicating improved cost management[15] - The company's research and development expenses for the first three quarters of 2025 were CNY 106,756, compared to CNY 84,680 in 2024, indicating an increase of approximately 26%[24] Government Support - The company received government subsidies amounting to CNY 67,334 during the reporting period, contributing to its financial performance[5] Inventory and Assets Composition - The company's current assets reached RMB 47,632,242,000, up from RMB 40,687,203,000, indicating a significant increase of about 17.9%[13] - The total inventory increased to RMB 5,256,040,000 from RMB 4,224,992,000, marking an increase of approximately 24.4%[13] - The total non-current assets were RMB 301,731,086,000, slightly down from RMB 305,082,209,000, showing a decrease of about 1.1%[13] - The company's goodwill remained stable at RMB 4,097,942,000, unchanged from the previous period[13] Comprehensive Income - The company reported a decrease in other comprehensive income, with a net amount of CNY -670,077 thousand compared to CNY 120,134 thousand in the same period last year[16] - Total comprehensive income for the first three quarters of 2025 is CNY 498,836,000, up from CNY 477,272,000 in 2024, reflecting a growth of approximately 4.4%[26]

（一）摊薄即期回报测算的假设条件 1、假设宏观经济环境、市场环境、产业政策、公司及下属子公司生产经营 没有发生重大不利变化。 证券代码：601111 股票简称：中国国航 公告编号：2025-051 中国国际航空股份有限公司 关于向特定对象发行股票摊薄即期回报、填补措施及 控股股东、董事和高级管理人员就相关措施 作出承诺的公告 本公司及董事会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：以下关于中国国际航空股份有限公司本次向特定对象发行 股票后其主要财务指标的分析、描述系根据中国证监会的相关法律法规作出， 均不构成中国证监会相关法律法规下的公司盈利预测，投资者不应仅依据该等 分析、描述进行投资决策，如投资者据此进行投资决策而造成任何损失的，公 司不承担任何责任。公司提示投资者，制定填补回报措施不等于对公司未来利 润做出保证。 根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作 的意见》（国办发[2013]110 号）、《关于加强监管防范风险推动资本市场高质 量发展的若干意见》（国发[2024]10 号）和《关于 ...