Core Viewpoint - China Eastern Airlines (600115.SH) reported a decrease in passenger capacity and turnover for January 2026, while cargo turnover showed an increase [1] Group 1: Passenger Operations - The passenger capacity input (measured in available seat kilometers) for January 2026 decreased by 3.54% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) for January 2026 decreased by 1.03% year-on-year [1] - The passenger load factor was 85.01%, which represents an increase of 2.16 percentage points year-on-year [1] Group 2: Cargo Operations - The cargo and mail turnover (measured in cargo mail ton kilometers) for January 2026 increased by 8.33% year-on-year [1] Group 3: Fleet Status - No new aircraft were introduced in January 2026, and one B737 series aircraft was retired [1] - As of the end of January 2026, the company operated a total of 825 aircraft [1]

Core Viewpoint - China Eastern Airlines (600115.SH) announced a decrease in passenger capacity for January 2026, indicating a potential shift in operational strategy and market conditions [1] Group 1: Passenger Operations - The passenger capacity input (measured in available seat kilometers) for January 2026 is expected to decline by 3.54% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) is projected to decrease by 1.03% year-on-year [1] - The passenger load factor stands at 85.01%, which represents an increase of 2.16 percentage points year-on-year [1] Group 2: Cargo Operations - The cargo and mail turnover (measured in cargo mail ton kilometers) is anticipated to rise by 8.33% year-on-year [1]

Core Viewpoint - The company, Juneyao Airlines, reported a decline in passenger capacity and turnover for January 2026 compared to the previous year, with a slight increase in seat occupancy rate [1] Group 1: Year-on-Year Performance - The company's passenger capacity (measured in available seat kilometers) decreased by 7.84% year-on-year, with domestic, international, and regional routes showing changes of -3.49%, -16.09%, and -39.44% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) fell by 6.04% year-on-year, with domestic, international, and regional routes experiencing declines of -1.51%, -16.01%, and -35.70% respectively [1] - The overall seat occupancy rate was 84.03%, which represents an increase of 1.61% year-on-year, with domestic, international, and regional routes showing changes of 1.76%, 0.07%, and 4.99% respectively [1] Group 2: Month-on-Month Performance - Domestic passenger capacity (measured in available seat kilometers) increased by 8.94% month-on-month, while domestic passenger turnover (measured in revenue passenger kilometers) rose by 9.40% month-on-month [1] - The seat occupancy rate for domestic routes increased by 0.37% month-on-month [1] - In contrast, international passenger capacity (measured in available seat kilometers) decreased by 2.07% month-on-month, with international passenger turnover (measured in revenue passenger kilometers) declining by 3.78% month-on-month [1] - The seat occupancy rate for international routes fell by 1.34% month-on-month [1]

Group 1 - The core viewpoint of the announcement is that China Southern Airlines is increasing its passenger capacity and cargo operations significantly by December 2025, with notable growth in international routes and overall operational metrics [1][2] Group 2 - By December 2025, the group's passenger capacity (measured in available seat kilometers) is expected to increase by 11.89%, with domestic, regional, and international segments rising by 6.81%, 2.80%, and 25.76% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) is projected to rise by 11.20%, with domestic, regional, and international increases of 6.88%, 5.72%, and 22.77% respectively [1] - The passenger load factor is reported at 84.05%, showing a decrease of 0.53 percentage points year-on-year, with domestic and regional load factors increasing by 0.05 and 2.16 percentage points, while international load factor decreased by 2.03 percentage points [1] Group 3 - In terms of cargo operations, the cargo capacity (measured in available ton kilometers) is expected to rise by 19.28%, while the cargo turnover (measured in revenue ton kilometers) is projected to increase by 10.86% [1] - The cargo load factor stands at 51.95%, reflecting a year-on-year decrease of 3.95 percentage points [1] Group 4 - The group plans to introduce new major routes including Guangzhou-Jiaxing-Guangzhou (seven flights per week), Guangzhou-Darwin-Guangzhou (three flights per week), and Guangzhou-Madrid-Guangzhou (three flights per week) by December 2025 [1] Group 5 - By December 2025, the group will introduce 8 new aircraft, including 3 A320NEO, 3 A321NEO, 1 B737-8, and 1 C919, while retiring 2 aircraft, comprising 1 A321 and 1 B737-700 [2] - As of the end of December 2025, the group will operate a total of 972 transport aircraft [2]

Core Viewpoint - China National Airlines (601111.SH) reported an increase in passenger turnover and capacity for December 2025, indicating positive growth trends in both domestic and international markets [1] Group 1: Passenger Operations - The group's passenger turnover (measured in revenue passenger kilometers) increased by 10.0% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 4.0% year-on-year [1] - Domestic passenger capacity increased by 4.2%, with a corresponding turnover increase of 10.6% [1] - International passenger capacity grew by 4.1%, while turnover rose by 9.1% [1] - Regional passenger capacity decreased by 0.7%, but turnover increased by 4.1% [1] - The average passenger load factor reached 82.2%, up by 4.5 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 4.9 percentage points, international routes increased by 3.6 percentage points, and regional routes rose by 3.4 percentage points [1] Group 2: Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) decreased by 1.9% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) increased by 5.3% year-on-year [1] - The cargo load factor was 39.2%, up by 2.7 percentage points year-on-year [1]

Core Viewpoint - China Southern Airlines (600029.SH) reported an increase in passenger capacity and turnover for December 2025, indicating growth in both domestic and international markets, despite a slight decline in overall passenger load factor [1] Passenger Operations - Passenger capacity (measured in available seat kilometers) is expected to rise by 11.89% year-on-year, with domestic, regional, and international segments increasing by 6.81%, 2.80%, and 25.76% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) is projected to grow by 11.20% year-on-year, with domestic, regional, and international segments increasing by 6.88%, 5.72%, and 22.77% respectively [1] - The passenger load factor stands at 84.05%, reflecting a year-on-year decrease of 0.53 percentage points, with domestic and regional segments showing slight increases of 0.05 and 2.16 percentage points, while the international segment decreased by 2.03 percentage points [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) is anticipated to increase by 19.28% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) is expected to rise by 10.86% year-on-year [1] - The cargo load factor is reported at 51.95%, which is a year-on-year decline of 3.95 percentage points [1]

Core Viewpoint - China Eastern Airlines (600115.SH) announced an increase in passenger capacity and operational metrics for December 2025, indicating positive growth trends in the airline's performance [1] Group 1: Passenger Metrics - The passenger capacity input (measured in available seat kilometers) is expected to rise by 4.93% year-on-year for December 2025 [1] - The passenger turnover (measured in revenue passenger kilometers) is projected to increase by 7.61% year-on-year [1] - The passenger load factor is reported at 85.65%, reflecting a year-on-year increase of 2.14 percentage points [1] Group 2: Cargo Metrics - The cargo and mail turnover (measured in cargo mail ton kilometers) is anticipated to grow by 8.07% year-on-year for December 2025 [1]

Core Viewpoint - China Eastern Airlines (600115.SH) announced an increase in passenger capacity and turnover for December 2025, indicating positive growth trends in the airline industry [1] Group 1: Passenger Operations - The passenger capacity input (measured in available seat kilometers) for December 2025 is expected to rise by 4.93% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) is projected to increase by 7.61% year-on-year [1] - The passenger load factor stands at 85.65%, reflecting a year-on-year increase of 2.14 percentage points [1] Group 2: Cargo Operations - The cargo and mail turnover (measured in cargo mail ton kilometers) is anticipated to grow by 8.07% year-on-year for December 2025 [1]

Core Viewpoint - The announcement from the company indicates a mixed performance in passenger capacity and turnover for December 2025, with domestic capacity declining while international capacity shows growth [1] Group 1: Capacity and Turnover - The company's passenger capacity (measured in available seat kilometers) is expected to increase by 0.21% year-on-year in December 2025 [1] - Domestic passenger capacity is projected to decrease by 1.93%, while international and regional routes are expected to increase by 6.03% and decrease by 20.22% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) is anticipated to rise by 2.02% year-on-year, with domestic, international, and regional routes showing increases of 0.85%, 5.77%, and a decrease of 15.90% respectively [1] Group 2: Load Factor - The load factor is expected to be 83.93%, reflecting a year-on-year increase of 1.49%, with domestic, international, and regional routes showing changes of 2.40%, -0.19%, and 4.52% respectively [1] Group 3: Month-on-Month Changes - In December 2025, domestic passenger capacity is projected to increase by 6.47% month-on-month, while domestic passenger turnover is expected to rise by 6.49% [1] - International passenger capacity is anticipated to increase by 10.49% month-on-month, with international passenger turnover rising by 4.30% [1] - However, the load factor for international routes is expected to decline by 4.55% month-on-month [1]

Core Viewpoint - The announcement from the company indicates a mixed performance in passenger capacity and turnover for November 2025, with notable increases in international routes but declines in domestic and regional routes [1] Group 1: Capacity and Turnover - The company's passenger capacity input (measured in available seat kilometers) increased by 6.05% year-on-year, with domestic, international, and regional route contributions showing changes of -0.46%, 26.84%, and -27.66% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) rose by 8.92% year-on-year, with domestic, international, and regional route changes of 0.81%, 38.35%, and -24.26% respectively [1] - The seat load factor reached 85.39%, an increase of 2.25% year-on-year, with domestic, international, and regional route changes of 1.10%, 6.76%, and 3.81% respectively [1] Group 2: Month-on-Month Changes - The company's domestic passenger capacity input decreased by 7.23% month-on-month, while domestic passenger turnover fell by 10.32% month-on-month, and the domestic route seat load factor declined by 3.00% [1] - The international passenger capacity input decreased by 8.00% month-on-month, with international passenger turnover down by 6.97% month-on-month, although the international route seat load factor increased by 0.90% [1]