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]

Group 1 - The passenger turnover volume of China International Airlines and its subsidiaries increased year-on-year as of August 2025, measured by revenue passenger kilometers [1] - The capacity input for passenger transport, measured by available seat kilometers, rose by 2.3% year-on-year [1] - The overall passenger turnover volume increased by 3.2% year-on-year [1] Group 2 - Domestic passenger capacity input decreased by 1.2% year-on-year, with passenger turnover volume remaining flat [1] - International passenger capacity input increased by 12.6% year-on-year, with passenger turnover volume rising by 12.9% [1] - Regional passenger capacity input decreased by 5.7% year-on-year, with passenger turnover volume declining by 2.2% [1] Group 3 - The average passenger load factor was 83.7%, an increase of 0.8% year-on-year [1] - The load factor for domestic routes increased by 1.1% year-on-year [1] - The load factor for international routes increased by 0.2% year-on-year, while regional routes saw an increase of 2.9% year-on-year [1]

Core Viewpoint - The company reported a 2.66% year-on-year decrease in passenger capacity input for August 2025, with domestic capacity down by 6.77% and international capacity up by 13% [1] Group 1: Capacity and Performance - The domestic passenger capacity input (measured in available seat kilometers) increased by 0.98% month-on-month [1] - Domestic passenger turnover (measured in revenue passenger kilometers) rose by 5.67% month-on-month [1] - The domestic route passenger load factor increased by 4.02% month-on-month [1] Group 2: Fleet Information - The company and its subsidiary, Jiuyuan Airlines, did not introduce or retire any aircraft in the current month [1] - As of August 31, 2025, the company operates a total of 93 A320 series aircraft, including 27 A321 models, 22 A320neo models, 14 A321neo models, and 10 Boeing 787 aircraft [1]

Core Viewpoint - The company, Juneyao Airlines, reported a decline in passenger capacity and turnover for August 2025, with mixed performance across domestic and international routes [1] Group 1: Capacity and Turnover - The company's passenger capacity (measured in available seat kilometers) decreased by 2.66% year-on-year, with domestic, international, and regional routes showing changes of -6.77%, 13.68%, and -54.18% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) fell by 1.91% year-on-year, with domestic, international, and regional routes experiencing changes of -7.06%, 20.44%, and -52.31% respectively [1] Group 2: Load Factor - The load factor for the company was 88.96%, an increase of 0.69% year-on-year, with domestic, international, and regional routes showing changes of -0.28%, 4.73%, and 3.55% respectively [1] Group 3: Month-on-Month Performance - In August 2025, the company's domestic passenger capacity increased by 0.98% month-on-month, while domestic passenger turnover rose by 5.67%, and the domestic load factor improved by 4.02% [1] - The international passenger capacity increased by 0.35% month-on-month, with international passenger turnover rising by 6.07%, and the international load factor improving by 4.54% [1]

Core Insights - The company reported an increase in passenger turnover volume (measured in revenue passenger kilometers) for July 2025 compared to the previous year [1] - The overall capacity input for passenger transport (measured in available seat kilometers) rose by 2.3% year-on-year, while passenger turnover volume increased by 2.2% [1] Domestic Operations - Domestic passenger capacity input decreased by 0.4% year-on-year, with passenger turnover volume also declining by 0.2% [1] - The average load factor for domestic routes increased by 0.1 percentage points year-on-year [1] International Operations - International passenger capacity input saw a significant increase of 10.3% year-on-year, with passenger turnover volume rising by 9.7% [1] - The average load factor for international routes decreased by 0.4 percentage points year-on-year [1] Regional Operations - Regional passenger capacity input declined by 3.9% year-on-year, with passenger turnover volume down by 3.4% [1] - The average load factor for regional routes increased by 0.3 percentage points year-on-year [1] Cargo Operations - Cargo capacity input (measured in available cargo ton kilometers) increased by 3.3% year-on-year, while cargo turnover volume (measured in revenue cargo ton kilometers) rose by 7.9% [1] - The cargo load factor was reported at 42.9%, an increase of 1.8 percentage points year-on-year [1] Fleet Update - In July 2025, the group introduced one C919 aircraft, one A320 series aircraft, and one B737 series aircraft, while retiring two A330 series aircraft [1] - As of the end of July 2025, the group operated a total of 935 aircraft, including 417 owned, 224 under finance leases, and 294 under operating leases [1]

Core Viewpoint - China Southern Airlines (600029.SH) reported an increase in passenger capacity and turnover for July 2025, indicating growth in both domestic and international markets [1] Passenger Operations - The group's passenger capacity (measured in available seat kilometers) increased by 6.66% year-on-year, with domestic, regional, and international segments rising by 5.69%, 1.01%, and 9.97% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 7.29% year-on-year, with domestic, regional, and international segments increasing by 6.54%, 2.97%, and 9.85% respectively [1] - The passenger load factor was 84.38%, up by 0.50 percentage points year-on-year, with domestic and regional segments increasing by 0.67 and 1.56 percentage points, while international load factor decreased by 0.09 percentage points [1] Cargo Operations - In July 2025, cargo capacity (measured in available ton kilometers) increased by 0.22% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) rose by 3.60% year-on-year [1] - The cargo load factor was 50.89%, up by 1.66 percentage points year-on-year [1]

Core Viewpoint - China Southern Airlines (600029.SH) reported an increase in passenger capacity and turnover for July 2025, indicating growth in both domestic and international markets [1] Passenger Operations - Passenger capacity (measured in available seat kilometers) increased by 6.66% year-on-year, with domestic, regional, and international segments rising by 5.69%, 1.01%, and 9.97% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 7.29% year-on-year, with domestic, regional, and international segments increasing by 6.54%, 2.97%, and 9.85% respectively [1] - The passenger load factor was 84.38%, up by 0.50 percentage points year-on-year, with domestic and regional segments increasing by 0.67 and 1.56 percentage points, while international load factor decreased by 0.09 percentage points [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) increased by 0.22% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) rose by 3.60% year-on-year [1] - The cargo load factor was 50.89%, up by 1.66 percentage points year-on-year [1]

Core Viewpoint - China Eastern Airlines (600115.SH) reported an increase in passenger capacity and turnover for July 2025, indicating growth in operational performance and demand in the airline industry [1] Group 1: Passenger Operations - The passenger capacity input (measured in available seat kilometers) for July 2025 is expected to rise by 7.39% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) is projected to increase by 9.42% year-on-year [1] - The passenger load factor stands at 84.76%, reflecting a year-on-year increase of 1.58 percentage points [1] Group 2: Cargo Operations - The cargo and mail turnover (measured in cargo mail ton kilometers) is anticipated to grow by 10.53% year-on-year for July 2025 [1]

Group 1 - The total passenger turnover in China from January to May 2025 reached 14,426.81 billion person-kilometers, with a cumulative growth of 5.2% [1] - In May 2025, the national passenger turnover was 2,960.19 billion person-kilometers, representing a year-on-year growth of 7.8%, which is an increase of 2.5 percentage points compared to the same period last year, and a month-on-month growth of 4.17% [1]

Core Viewpoint - China National Airlines (601111) reported an increase in passenger turnover and capacity for May 2025, indicating a positive trend in the airline's operational performance [1] Group 1: Passenger Metrics - The consolidated passenger turnover (measured in revenue passenger kilometers) increased year-on-year [1] - Passenger capacity input (measured in available seat kilometers) rose by 4.5% year-on-year [1] - Passenger turnover increased by 8.4% year-on-year [1] - The average passenger load factor was 81.3%, up by 2.9 percentage points year-on-year [1] Group 2: Cargo Metrics - Cargo capacity input (measured in available cargo ton kilometers) increased by 2.2% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 6.2% year-on-year [1] - The cargo load factor was 41.5%, an increase of 1.6 percentage points year-on-year [1]