Financial Performance - In H1 2025, the company achieved operating revenue of 11.067 billion yuan, a year-on-year increase of 1.02%, and 137.29% of the 2019 figure [1] - The net profit attributable to shareholders was 505 million yuan, up 3.29% year-on-year, and 87.35% of the 2019 figure [1] - The company reported a net profit after deducting non-recurring items of 408 million yuan [1] Passenger and Cargo Transport - Passenger transport volume in H1 2025 reached 11.3379 million for domestic, 2.1011 million for international, and 151,400 for regional, representing 119.85%, 180.63%, and 72.79% of the 2019 figures respectively [1] - The ASK/RPK ratio for domestic, international, and regional routes was 119.55%/122.54%, 282.23%/267.65%, and 73.91%/75.40% compared to 2019 [1] - The passenger load factor was 88.05% for domestic, 78.44% for international, and 85.16% for regional [1] Revenue Breakdown - The company's operating revenue of 11.067 billion yuan included 10.512 billion yuan from passenger transport, a year-on-year increase of 0.81%, accounting for 94.99% of total revenue [1] - Cargo revenue was 415 million yuan, up 70.65%, making up 3.75% of total revenue [1] - Domestic revenue was 7.491 billion yuan, down 13.53%, while international revenue was 3.451 billion yuan, up 59.96% [1] Cost and Expenses - Operating costs were 9.757 billion yuan, a year-on-year increase of 5.65%, and 141.42% of the 2019 figure [1] - Fuel costs were 3.273 billion yuan, down 7.41% [1] - The gross profit margin was 11.84%, a decrease of 3.86 percentage points from 2024 [1] Efficiency and Fleet Management - As of H1 2025, the company operated a fleet of 130 aircraft, with an average age of 7.61 years [2] - The utilization rate of registered aircraft was 9.84 hours, a decrease of 0.63 hours year-on-year [2] - The company adopted a main operating base model to enhance efficiency and cost control, focusing on the Yangtze River Delta and Pearl River Delta regions [2] Shareholder Returns - In June 2025, the company distributed cash dividends of 216 million yuan to shareholders [2] - The company repurchased 26,565,986 shares, accounting for 1.22% of total shares, with a total expenditure of 338 million yuan [2] Investment Outlook - The company is projected to achieve EPS of 0.68, 0.84, and 1.03 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 18.66X, 15.11X, and 12.32X [3]