Group 1 - The core viewpoint of the report is that Minsheng Securities has given Huaxia Airlines (002928.SZ, latest price: 10.56 yuan) a "recommended" rating based on several positive indicators [1] Group 2 - In Q3 2025, the company experienced an increase in revenue through price adjustments, with both capacity and passenger load factor improving year-on-year, although passenger kilometer revenue declined [1] - The recovery in utilization rates and a decrease in oil prices have improved unit costs, and adjustments in fleet structure may still provide room for further cost improvements [1] - The company is continuing to recover from credit impairment losses, which is a positive sign for its financial health [1] - Institutional purchases of capacity are providing a floor for unit revenue during the off-peak season, and the performance of tourism routes during this period is expected to enhance overall unit revenue for the year [1]

Core Viewpoint - The company has announced the reversal of credit impairment losses and asset impairment losses amounting to 1.9996 million yuan, which will positively impact the profit for the first three quarters of 2025 [8][10]. Financial Data - The financial report for the third quarter of 2025 has not been audited [3][7]. - The company has identified and tested for impairment on its assets as of September 30, 2025, leading to a total reversal of impairment losses of 199.96 thousand yuan [8][9]. - The specific breakdown of the reversal includes 53.15 thousand yuan for credit impairment losses and 146.81 thousand yuan for asset impairment losses [9][10]. Shareholder Information - As of the reporting period, the company holds 2,025,300 shares in its repurchase account, representing 1.50% of the total share capital [4]. Meeting Resolutions - The third board meeting and the second supervisory meeting of the company were held on October 30, 2025, where the quarterly report and the reversal of impairment losses were approved unanimously [15][18][26].