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]

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 Viewpoint - The announcement from China Southern Airlines indicates a significant increase in both passenger and cargo capacity and performance metrics for April 2025 compared to the previous year [1] Passenger Operations - Passenger capacity (measured in available seat kilometers) increased by 8.83% year-on-year [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 12.14% year-on-year [1] - The passenger load factor reached 85.58%, an increase of 2.53 percentage points year-on-year [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) increased by 14.46% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) grew by 6.63% year-on-year [1] - The cargo load factor was 51.38%, a decrease of 3.78 percentage points year-on-year [1]