2025年11月，公司国内客运运力投入(按可用座位公里计)较上月环比下降7.23%，国内旅客周转量(按收 入客公里计)环比下降10.32%，国内航线客座率环比下降3.00%。国际客运运力投入(按可用座位公里计) 较上月环比下降8.00%，国际旅客周转量(按收入客公里计)环比下降6.97%，国际航线客座率环比上升 0.90%。 智通财经APP讯，吉祥航空(603885.SH)发布公告，2025年11月，公司客运运力投入(按可用座位公里计) 同比上升6.05%，其中国内、国际和地区航线客运运力投入同比变动分别为-0.46%、26.84%和-27.66%; 旅客周转量(按收入客公里计)同比上升8.92%，其中国内、国际和地区航线旅客周转量同比变动分别为 0.81%、38.35%和-24.26%;客座率为85.39%，同比上升2.25%，其中国内、国际和地区航线客座率同比 变动分别为1.10%、6.76%和3.81%。 ...

2025年11月，本集团新增主要航线情况如下：哈尔滨-宁波-哈尔滨、贵阳-南通-贵阳、长春-海口-长春、 长春-珠海-长春(均为每周七班)。 智通财经APP讯，中国南方航空股份(01055)发布公告，2025年11月，本集团客运运力投入(按可利用座 公里计)同比上升8.68%，其中国内、地区和国际分别同比上升5.55%、9.75%和17.44%;旅客周转量(按收 入客公里计)同比上升10.42%，其中国内、地区和国际分别同比上升7.36%、12.38%和18.99%;客座率为 86.29%，同比上升1.36个百分点，其中国内、地区和国际分别同比上升1.46、1.85和1.12个百分点。 货运方面，2025年11月货运运力投入(按可利用吨公里—货邮运计)同比上升11.61%;货邮周转量(按收入 吨公里—货邮运计)同比上升7.17%;货邮载运率为53.39%，同比下降2.21 个百分点。 2025年11月，本集团引进7架飞机(包含5架A320NEO飞机和2架B737-8飞机)。截至2025年11月底，本集 团合计运营966架运输飞机。 ...

Core 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 group's consolidated passenger turnover (measured in revenue passenger kilometers) increased by 10.1% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 4.9% year-on-year [1] - Domestic passenger capacity increased by 3.9%, with a corresponding turnover increase of 7.5% [1] - International passenger capacity saw an 8.1% increase, with turnover rising by 17.4% [1] - Regional passenger capacity decreased by 3.5%, while turnover increased by 3.0% [1] - The average passenger load factor reached 83.3%, up by 4.0 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 2.9 percentage points, international routes increased by 6.4 percentage points, and regional routes increased by 4.9 percentage points [1] Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) increased by 1.4% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 4.4% year-on-year [1] - The cargo load factor was 39.5%, up by 1.1 percentage points year-on-year [1]

Core Viewpoint - China Eastern Airlines (600115.SH) announced an increase in passenger capacity and turnover for November 2025, indicating positive growth trends in the airline industry [1] Group 1: Passenger Operations - The passenger capacity input (measured in available seat kilometers) for November 2025 is expected to rise by 6.51% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) is projected to increase by 10.35% year-on-year [1] - The passenger load factor stands at 87.37%, reflecting a year-on-year increase of 3.04 percentage points [1] Group 2: Cargo Operations - The cargo and mail turnover (measured in cargo mail ton kilometers) is anticipated to grow by 13.30% year-on-year for November 2025 [1]

Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover and capacity for the year 2025, indicating positive growth in both domestic and international operations [1] Passenger Operations - The company's passenger turnover (measured in revenue passenger kilometers) increased by 8.7% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 4.3% year-on-year [1] - Domestic passenger capacity increased by 3.2%, with a corresponding turnover increase of 5.5% [1] - International passenger capacity saw a 7.5% increase, with turnover rising by 17.6% [1] - Regional passenger capacity grew by 0.6%, while turnover increased by 7.7% [1] - The average passenger load factor reached 85.3%, up by 3.4 percentage points year-on-year [1] - Domestic routes experienced a load factor increase of 2.0 percentage points, while international routes saw an increase of 7.0 percentage points, and regional routes increased by 5.0 percentage points [1] Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) decreased by 0.9% year-on-year [1] - Cargo turnover (measured in revenue cargo ton kilometers) increased by 3.1% year-on-year [1] - The cargo load factor was reported at 38.9%, an increase of 1.5 percentage points year-on-year [1]

Core Insights - China Eastern Airlines (600115.SH) reported an increase in passenger capacity for October 2025, with a year-on-year rise of 6.84% in available seat kilometers [1] - The passenger turnover for October 2025 also saw a significant increase, with a year-on-year growth of 10.58% in revenue passenger kilometers [1] - The airline's load factor reached 87.52%, which is an increase of 2.97 percentage points compared to the previous year [1] - Additionally, the cargo and mail turnover for October 2025 increased by 14.59% year-on-year, measured in cargo ton kilometers [1]

Core Insights - The company reported a year-on-year decrease of 0.81% in passenger capacity input for October 2025, with domestic, international, and regional routes showing changes of -6.88%, 18.29%, and -34.55% respectively [1] - Passenger turnover increased by 1.51% year-on-year, with domestic, international, and regional routes experiencing changes of -6.18%, 30.57%, and -30.26% respectively [1] - The passenger load factor reached 87.16%, up 1.99% year-on-year, with domestic, international, and regional routes showing changes of 0.68%, 7.55%, and 5.38% respectively [1] Domestic Operations - Domestic passenger capacity input increased by 4.69% month-on-month in October 2025 [1] - Domestic passenger turnover rose by 6.01% month-on-month [1] - Domestic route passenger load factor increased by 1.12% month-on-month [1] International Operations - International passenger capacity input increased by 1.99% month-on-month [1] - International passenger turnover rose by 3.10% month-on-month [1] - International route passenger load factor increased by 0.86% month-on-month [1] Fleet Information - As of October 31, 2025, the company operated 93 A320 series aircraft, including 27 A321, 22 A320neo, and 14 A321neo models, along with 10 Boeing 787 series aircraft [2] - The subsidiary, Jiuyuan Airlines, operated 26 Boeing 737 series aircraft [2]

Core Insights - The company, Juneyao Airlines (603885.SH), reported a year-on-year decrease of 0.81% in passenger capacity input (measured in available seat kilometers) for October 2025 [1] - Domestic, international, and regional passenger capacity inputs changed by -6.88%, 18.29%, and -34.55% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) increased by 1.51% year-on-year, with domestic, international, and regional turnover changes of -6.18%, 30.57%, and -30.26% respectively [1] - The passenger load factor reached 87.16%, up by 1.99% year-on-year, with domestic, international, and regional load factors changing by 0.68%, 7.55%, and 5.38% respectively [1] Domestic Operations - In October 2025, domestic passenger capacity input increased by 4.69% month-on-month [1] - Domestic passenger turnover rose by 6.01% month-on-month [1] - The domestic route passenger load factor increased by 1.12% month-on-month [1] International Operations - International passenger capacity input rose by 1.99% month-on-month [1] - International passenger turnover increased by 3.10% month-on-month [1] - The international route passenger load factor saw a month-on-month increase of 0.86% [1]

Group 1: Operational Performance - In September 2025, the company's passenger capacity (measured in available seat kilometers) increased by 1.91% year-on-year, with domestic, international, and regional routes showing changes of -5.57%, 25.43%, and -31.79% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) rose by 4.85% year-on-year, with domestic, international, and regional routes experiencing changes of -3.84%, 37.10%, and -24.94% respectively [1] - The overall passenger load factor was 86.07%, an increase of 2.42% year-on-year, with domestic, international, and regional routes showing changes of 1.61%, 6.77%, and 7.90% respectively [1] Group 2: Month-on-Month Performance - In September 2025, domestic passenger capacity (available seat kilometers) decreased by 15.96% month-on-month, while domestic passenger turnover (revenue passenger kilometers) fell by 17.52% month-on-month, and the domestic load factor decreased by 1.67% [1] - International passenger capacity (available seat kilometers) increased by 0.68% month-on-month, but international passenger turnover (revenue passenger kilometers) declined by 5.05% month-on-month, with the international load factor decreasing by 4.80% [1] Group 3: Fleet Information - As of September 30, 2025, the company operated 93 A320 series aircraft (including 27 A321, 22 A320neo, and 14 A321neo) and 10 Boeing 787 series aircraft [2] - The subsidiary, Jiuyuan Airlines, operated 27 Boeing 737 series aircraft [2]

Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover and cargo turnover for August 2025, indicating a positive trend in operational performance [1] Passenger Operations - The company's consolidated passenger turnover (measured in revenue passenger kilometers) increased by 3.2% year-on-year [1] - Passenger capacity input (measured in available seat kilometers) rose by 2.3% year-on-year [1] - Domestic passenger capacity input decreased by 1.2%, with passenger turnover remaining flat [1] - International passenger capacity input increased by 12.6%, with passenger turnover rising by 12.9% [1] - Regional passenger capacity input fell by 5.7%, with passenger turnover declining by 2.2% [1] - The average passenger load factor was 83.7%, up by 0.8 percentage points year-on-year [1] - Domestic routes saw an increase in load factor by 1.1 percentage points, international routes by 0.2 percentage points, and regional routes by 2.9 percentage points [1] Cargo Operations - Cargo capacity input (measured in available cargo ton kilometers) increased by 1.5% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 10.2% year-on-year [1] - The cargo load factor was 42.1%, up by 3.3 percentage points year-on-year [1]