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]

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 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 - China Southern Airlines announced an increase in passenger capacity and turnover for November 2025, indicating growth in both domestic and international markets [1] Passenger Operations - Passenger capacity (measured in available seat kilometers) is expected to rise by 8.68% year-on-year, with domestic, regional, and international segments increasing by 5.55%, 9.75%, and 17.44% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) is projected to grow by 10.42% year-on-year, with domestic, regional, and international segments increasing by 7.36%, 12.38%, and 18.99% respectively [1] - The passenger load factor is reported at 86.29%, an increase of 1.36 percentage points year-on-year, with domestic, regional, and international segments rising by 1.46, 1.85, and 1.12 percentage points respectively [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) is expected to increase by 11.61% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) is projected to rise by 7.17% year-on-year [1] - The cargo load factor stands at 53.39%, a decrease of 2.21 percentage points year-on-year [1] New Routes and Fleet Expansion - New major routes introduced in November 2025 include Harbin-Ningbo-Harbin, Guiyang-Nantong-Guiyang, Changchun-Haikou-Changchun, and Changchun-Zhuhai-Changchun, each operating seven flights per week [1] - The company has introduced 7 new aircraft, including 5 A320NEO and 2 B737-8 planes, bringing the total operational fleet to 966 aircraft by the end of November 2025 [1]

Core Viewpoint - China Eastern Airlines (600115.SH) announced an increase in passenger capacity and turnover for November 2025, indicating positive growth trends in the airline industry [1] Group 1: Passenger Operations - The passenger capacity input (measured in available seat kilometers) for November 2025 is expected to rise by 6.51% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) is projected to increase by 10.35% year-on-year [1] - The passenger load factor stands at 87.37%, reflecting a year-on-year increase of 3.04 percentage points [1] Group 2: Cargo Operations - The cargo and mail turnover (measured in cargo mail ton kilometers) is anticipated to grow by 13.30% year-on-year for November 2025 [1]

Core Insights - China Eastern Airlines reported an increase in passenger capacity for October 2025, with a year-on-year growth of 6.84% in available seat kilometers [1] - The passenger turnover for the same period rose by 10.58% in revenue passenger kilometers [1] - The passenger load factor reached 87.52%, reflecting an increase of 2.97 percentage points year-on-year [1] - Cargo and mail turnover also saw a significant increase, with a year-on-year growth of 14.59% in cargo ton kilometers [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 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]