本报讯(记者李雯珊)1月30日晚，海南航空控股股份有限公司(以下简称"海航控股（600221）")发布2025 年度业绩预告，预计公司2025年年度实现归母净利润18亿元至22亿元，与上年同期-9.21亿元相比，将 实现扭亏为盈，预计增长27.21亿元至31.21亿元。预计实现扣非归母净利润9亿元至11亿元，与上年同 期-20.63亿元相比，将增加29.63亿元至31.63亿元。 数据显示，国际业务成为海航控股的增长核心引擎。2025年12月，公司收入客公里达10545.8百万客公 里，其中国际市场收入客公里同比增长25.76%，达2413.25百万客公里；旅客运输量同比增长2.80%，约 540万人次，国际旅客运输量同比激增21.95%，超38万人次，增速远超行业平均水平，展现出海航控股 长期以来国际航线布局的前瞻性与实效性。截至2025年12月底，海南航空已恢复、新开及计划运营国际 及地区往返客运航线70余条。 货运业务同步实现跨越式发展，成为第二增长曲线。2025年12月货邮运收入吨公里同比增长14.22%， 货运及邮运量同比增长8.39%，货邮载运率同比提升2.63个百分点，其中国际货邮运收入吨公里同 ...

Core Viewpoint - Sichuan Airlines has launched a new direct flight route from Xi'an Xianyang International Airport to Korla Pear City Airport in Xinjiang, enhancing travel options between the two regions [1] Group 1: New Route Details - The new route, operated by Sichuan Airlines, is designated as flight number 3U3267/3U3268 and will operate regularly on Tuesdays, Thursdays, and Saturdays [1] - The flight schedule allows for same-day round trips, with the outbound flight departing Xi'an at 8:25 AM and arriving in Korla at 12:35 PM, and the return flight leaving Korla at 1:40 PM and arriving back in Xi'an at 5:20 PM [1] Group 2: Strategic Importance - This marks the first time Sichuan Airlines' Shaanxi branch operates this route from Xi'an, further strengthening the air connection between Xi'an and Xinjiang [1] - The new flight is part of Sichuan Airlines' strategy to optimize its route network in the western region, enhancing connectivity along the Silk Road [1] - Since transitioning to the T5 terminal on December 25, 2025, Sichuan Airlines has focused on improving passenger travel experience through smart facilities and efficient service systems [1]

Group 1 - China Eastern Airlines will launch a direct round-trip flight route between Wuhan and Yanji from February 6 to 22, marking the first direct flight from Wuhan to Yanji [1] - The Wuhan-Yanji route will operate three times a week on Wednesdays, Fridays, and Sundays, with flight MU2461 departing Wuhan at 14:50 and arriving in Yanji at 18:20, and flight MU2462 returning from Yanji at 19:10 to arrive in Wuhan at 22:55 [1] - Yanji, located in eastern Jilin Province, is a key city and an excellent tourist destination, situated 60 kilometers from the China-Russia border and 10 kilometers from the China-North Korea border [5] Group 2 - The opening of the Wuhan-Yanji route establishes an air bridge between Hubei and Jilin, facilitating efficient interaction of tourism, cultural, and economic resources between Central China and Northeast China [5] - The route aims to meet the travel demands of passengers from Wuhan and surrounding areas who wish to experience Yanji's winter tourism and cultural offerings, while also providing a convenient channel for Yanji's specialty agricultural and cultural products to enter the Central China market [5] - During the 2026 Spring Festival travel season, China Eastern Airlines plans to increase capacity and enhance popular routes, including daily flights from Wuhan to international destinations such as Singapore, Kuala Lumpur, and Bangkok, as well as domestic routes to Boao and Shenyang [5]

Core Viewpoint - Capital Airlines plans to launch a new route from Beijing Daxing to Colombo International Airport on January 31, 2026, to meet the demand for cross-border travel and international exchanges [1] Group 1: Route Expansion - The new route will be operated using Airbus A330 aircraft, enhancing connectivity between China and Sri Lanka [1] - This initiative is part of Capital Airlines' strategy to expand its South Asia route network, complementing existing international routes [1] Group 2: Strategic Importance - Beijing Daxing International Airport is identified as a key hub in Capital Airlines' international route network [1] - The launch of the new route aims to strengthen economic, cultural, and tourism exchanges between China and Sri Lanka [1] Group 3: Future Plans - Capital Airlines intends to continuously optimize its route network and enhance passenger experience and service quality [1] - The company aims to open more routes in the future, contributing to international economic and cultural exchanges and increasing brand influence [1]

Core Viewpoint - Etihad Airways has resumed flights to Hong Kong, marking a significant step in its strategy to strengthen its presence in the Chinese market and capitalize on the rebound in global air travel [1][4]. Group 1: Flight Resumption and Market Strategy - The resumption of the EY870 flight from Abu Dhabi to Hong Kong is a response to the growing demand for outbound travel from the Greater Bay Area, offering a cost-effective option for consumers [1][4]. - The airline operates five weekly flights using the Boeing 787-9 Dreamliner, which features premium business class seating and economy class services [1]. - The one-way economy class fare from Hong Kong to Abu Dhabi starts at 2,190 RMB, significantly undercutting many connecting flights [1]. Group 2: Competitive Landscape - Etihad's return to Hong Kong is part of a broader strategy to enhance its market share in Asia, particularly as competition intensifies with other airlines like Air China planning to launch new routes [5][7]. - The airline has established a code-sharing agreement with Hong Kong Airlines, allowing both carriers to expand their route networks and better serve customers [8][9]. Group 3: Network Expansion and Future Plans - Etihad aims to develop a comprehensive route network across Asia, having recently opened over 30 new destinations, with plans to add 31 more in 2025 [10][12]. - The airline's growth is supported by a significant increase in passenger numbers, with 2 million passengers transported in October alone, reflecting a 28% year-on-year increase [14][16]. - The fleet expansion includes the addition of 22 new aircraft in 2025, enhancing long-haul capabilities and supporting regional growth [17]. Group 4: Financial Performance - Etihad's net profit for 2024 is projected at 1.7 billion AED (approximately 476 million USD), more than tripling its profit from 2023, indicating strong operational performance [12]. - The airline's passenger load factor reached 88% in October, demonstrating effective capacity management and demand recovery [14][16].

Group 1 - The direct flight route from Quanzhou, Fujian to Kuala Lumpur, Malaysia has officially opened, with Xiamen Airlines flight MF8661 taking off on October 27 [1][2] - The new route operates four times a week (Monday, Wednesday, Friday, and Sunday), with a flight duration of approximately 4.5 hours [1][2] - The opening of this route enhances travel efficiency and comfort for passengers, eliminating the need for layovers and significantly reducing travel time [2] Group 2 - Quanzhou is a well-known overseas Chinese hometown and a significant starting point of the ancient Maritime Silk Road, with over 2 million Quanzhou-born Chinese residing in Malaysia [2] - The new flight route is expected to facilitate deeper cooperation and exchanges between China and Malaysia in trade, culture, and tourism [2] - Xiamen Airlines has been expanding its route network to Southeast Asia, having already established connections to destinations such as Manila, Bangkok, and Singapore [2]

Core Insights - The 2025 summer transportation season at Dongying Airport concluded successfully, with significant increases in both flight operations and passenger numbers, achieving 2,104 flights and approximately 243,000 passengers, representing year-on-year growth of 19.4% and 10.9% respectively [1][2] Group 1: Operational Performance - Dongying Airport's performance during the summer season was bolstered by an optimized route network, with the introduction of new routes and increased flight frequencies, resulting in a historical high of 244 scheduled flights per week [2] - The airport operated 16 routes connecting to 20 cities and 22 destinations, including major tourist spots such as Beijing, Shanghai, and Harbin [2] Group 2: Marketing and Customer Engagement - The airport implemented innovative marketing strategies, including community outreach and promotional events, to enhance passenger engagement and increase flight occupancy rates [2] - A diverse range of ticket products was introduced to cater to various passenger needs, including special discounts for students and families, which contributed to the growth of the family travel market [2] Group 3: Service Enhancements - To manage the peak travel demand, Dongying Airport enhanced its service offerings by adding check-in counters and promoting smart services like electronic boarding passes, which reduced waiting times for passengers [3] - Special services were provided for vulnerable passenger groups, ensuring a smoother travel experience for first-time flyers, unaccompanied minors, and late arrivals [3] Group 4: Safety and Operational Stability - The airport prioritized safety during the summer season, implementing a robust operational monitoring system and conducting emergency drills to ensure flight safety amid challenging weather conditions [3] - Continuous adjustments to operational measures were made to enhance safety management efficiency, ensuring stable flight operations throughout the busy season [3]

Group 1 - Xiamen Airlines will launch a direct flight route from Tianjin Binhai International Airport to Tokyo Haneda International Airport starting July 2, responding to market demand and enhancing the Northeast Asia route network [1][4] - The new route will operate Boeing 737-800 aircraft, with flights scheduled every Wednesday and Friday from Tianjin and every Thursday and Saturday from Tokyo [4] - The flight duration is approximately 3 hours and 15 minutes, with a total of 169 seats available, including 8 business class and 161 economy class seats [4] Group 2 - Special promotional fares will be available for the first three flights on July 2, July 4, and July 9, starting at 999 yuan for a one-way ticket [5] - The service will include a variety of meal options, which can be selected or upgraded via the Xiamen Airlines app [5] - The proximity of Tokyo Haneda Airport to the city center allows for flexible ground transportation options, enhancing connectivity between Tianjin and Tokyo [5] Group 3 - The launch of the Tianjin-Tokyo direct flight is expected to boost economic and cultural exchanges between China and Japan, facilitating trade and tourism [5]

Core Points - The air route between Qingdao and Seoul has been enhanced with the addition of a new flight operated by Jin Air, increasing connectivity between the two cities [1][4] - The new flight schedule includes daily round trips, with LJ861 departing from Incheon at 13:50 and arriving in Qingdao at 14:30, and LJ862 departing from Qingdao at 16:00 and arriving in Incheon at 18:40 [4] - Qingdao Airport is positioning itself as a key hub for travel between Northern China and South Korea, with a total of 39 daily flights to major South Korean cities [5] Route Network Expansion - The addition of the Jin Air flight complements the recently launched direct flight from Qingdao to Cheongju, which started on May 26, further enhancing the air route network [4] - The airport maintains a high frequency of 14 daily flights to Japan, connecting to major economic centers such as Tokyo, Osaka, Nagoya, and Fukuoka [5] Enhanced Transit Services - Qingdao Airport is upgrading its "Transit to Japan and South Korea via Qingdao" service brand, offering free accommodation for international transit passengers [5] - Collaborations with local tourism groups provide additional experiences, including free tours and local cuisine tastings, enhancing the overall transit experience for travelers [5] Future Developments - The airport plans to deepen cooperation with domestic and international airlines, focusing on increasing key routes and expanding to emerging destinations [5] - These efforts aim to solidify Qingdao's status as an international comprehensive transportation hub [5]

Investment Rating - The report does not explicitly state an investment rating for the aviation industry or Hainan Airlines. Core Insights - The demand for air travel during the 2025 Spring Festival is expected to increase significantly, with domestic routes showing strong growth, particularly in traditional routes and short-haul tourist destinations. The company anticipates a trend of peak shifting due to travelers' behavior and competition from high-speed rail [19][20]. - Hainan Airlines is strategically positioning itself in key economic regions such as the Hainan Free Trade Port and major city clusters, with a focus on expanding its presence at Beijing Capital Airport and second-tier city hubs [20][21]. - The company is implementing cost reduction and efficiency improvement measures, including a daily cost management system to enhance operational efficiency and profitability [23][24]. - Hainan Airlines aims to become a world-class airline by prioritizing safety, service, and profitability, while expanding its route network and enhancing customer service [24][25]. - The company benefits from favorable policies in the Hainan Free Trade Port, which include tax reductions and exemptions, aiding in cost management and operational efficiency [25][26]. Summary by Sections 1. Research Overview - The research focused on Hainan Airlines within the aviation airport industry, with a meeting held on March 13, 2025, involving key personnel from the company and representatives from Everbright Securities and Xinhua Asset Management [13][14]. 2. Demand Forecast - Domestic air travel demand is expected to show resilience during peak holiday seasons, with significant growth in passenger transport volume compared to previous years [19]. - International routes are anticipated to see varying demand based on regional influences, with a notable increase in demand for destinations like Japan and Southeast Asia [19]. 3. Strategic Development - Hainan Airlines is actively developing its operations in major economic zones and enhancing its market share at Beijing Capital Airport, where it ranks second in passenger volume among major airlines [21]. - The company is also focusing on expanding its presence in second-tier cities, leveraging local market potential and enhancing its route network [22]. 4. Cost Management - The airline is adopting a market-oriented approach to cost management, utilizing a daily cost management system to optimize operational efficiency and reduce expenses [23]. 5. Future Outlook - Hainan Airlines is committed to becoming a leading global airline by enhancing safety and service quality while expanding its route network and improving customer engagement [24]. - The company is poised to capitalize on the growth opportunities presented by the Hainan Free Trade Port, which is expected to boost tourism and trade, thereby increasing air travel demand [26][28].