Core Viewpoint - China National Airlines (601111) (00753) expects to incur losses in the fiscal year 2025, with a net loss attributable to shareholders estimated between RMB 1.3 billion and RMB 1.9 billion, and a net loss excluding non-recurring items estimated between RMB 1.9 billion and RMB 2.7 billion [1] Group 1: Financial Projections - For 2024, the net loss attributable to shareholders is projected to be RMB 237 million, while the net loss excluding non-recurring items is expected to be RMB 2.54 billion [1] - The anticipated losses for 2025 are attributed to a review of deferred tax assets, leading to a reassessment of their book value [1] Group 2: Industry Outlook - The overall Chinese economy is expected to remain stable and improve, with the civil aviation industry continuing its steady growth trend [1] - The company aims to seize market opportunities and actively respond to the new normal of industry development by enhancing quality and efficiency [1] Group 3: Operational Strategies - The company plans to optimize production organization and maximize the utilization of available aircraft resources to ensure effective investment [1] - There will be a dynamic approach to market trends, balancing quantity and price to stabilize revenue quality [1] - Comprehensive upgrades in cost control will be implemented, emphasizing a "tighten the belt" mentality to reduce cost levels [1]

Core Viewpoint - China National Airlines (00753) expects to incur losses in the fiscal year 2025, with a net loss attributable to shareholders estimated between RMB 1.3 billion and RMB 1.9 billion, and a net loss excluding non-recurring items projected between RMB 1.9 billion and RMB 2.7 billion [1] Group 1: Financial Projections - For 2024, the net loss attributable to shareholders is projected to be RMB 237 million, with a net loss excluding non-recurring items of RMB 2.54 billion [1] - The company anticipates a net loss for 2025 due to a review of deferred tax assets, which will result in a reversal of some deferred tax assets [1] Group 2: Industry Outlook - The overall Chinese economy is expected to remain stable and improve, with the civil aviation industry continuing its steady growth trend [1] - The company aims to seize market opportunities and actively respond to the new normal of industry development by enhancing quality and efficiency [1] Group 3: Operational Strategies - The company plans to optimize production organization and maximize the utilization of available aircraft resources to ensure effective investment [1] - It will dynamically assess market trends and balance pricing relationships to stabilize revenue quality [1] - The company is committed to comprehensive cost control and fostering a "tight budget" mindset to reduce cost levels [1]

中国东航1月30日公告，预计2025年度利润总额约为人民币2亿元至3亿元。公司预计2025年度归属于上 市公司股东的净利润约为人民币-13亿元至-18亿元。公司预计扣除非经常性损益事项后，2025年度归属 于上市公司股东的净利润约为人民币-27亿元至-33亿元。 ...

Company News - Great Wall Motors (02333.HK) expects a total revenue of RMB 222.79 billion in 2025, representing a year-on-year increase of 10.19%. However, net profit is projected to decline by 21.71% to RMB 9.912 billion due to increased investments in new user channels and marketing for new models and technologies [2] - China Southern Airlines (01055.HK) anticipates turning a profit in 2025, with net profit expected to be between RMB 800 million and RMB 1 billion [2] - CICC (03908.HK) forecasts a net profit of RMB 8.542 billion to RMB 10.535 billion in 2025, reflecting a year-on-year increase of 50% to 85% [3] - Datang Power (00991.HK) projects a net profit of approximately RMB 6.8 billion to RMB 7.8 billion in 2025, indicating a year-on-year increase of about 51% to 73% [4] - Rongchang Bio (09995.HK) expects 2025 revenue of approximately RMB 3.25 billion, a year-on-year increase of about 89%, and a net profit of around RMB 716 million, achieving profitability [4] - Haijia Medical (06078.HK) anticipates revenue of approximately RMB 4.0 billion to RMB 4.05 billion in 2025, a year-on-year decrease of about 9% to 10%, with net profit expected to decline by 66% to 76% to around RMB 140 million to RMB 200 million [4] - Junshi Biosciences (01877.HK) expects 2025 revenue of around RMB 2.5 billion, a year-on-year increase of approximately 28.32%, with a net loss of about RMB 873 million, a reduction of 31.85% compared to the previous year [4] - Kaisa New Energy (01108.HK) issued a profit warning, expecting a year-on-year increase in net loss of approximately RMB 90.07 million to RMB 290 million [4] - Xingye Alloy (00505.HK) issued a profit warning, anticipating a year-on-year decrease in profit attributable to equity shareholders of about 50% [4] - Fudan Zhangjiang (01349.HK) issued a profit warning, expecting a net loss of approximately RMB 120 million to RMB 180 million in 2025 [4] - Chenming Paper (01812.HK) issued a profit warning, expecting a net loss of RMB 8.2 billion to RMB 8.8 billion, a significant increase compared to the previous year [5] - Tianqi Lithium (09696.HK) has commenced production of the first batch of standard chemical-grade lithium concentrate products from its third-phase expansion project [6] Financing and Buyback Activities - Xiaomi Group-W (01810.HK) repurchased approximately 4.2 million shares for about HKD 150 million, with repurchase prices ranging from HKD 35.13 to HKD 42.50 [10] - Vitasoy International (00345.HK) repurchased shares worth HKD 24.37 million, acquiring 3.492 million shares at prices between HKD 6.9 and HKD 7 [11] - Yujian Xiaomian (02408.HK) plans to repurchase up to HKD 100 million of H-shares [12] - Nanshan Aluminum International (02610.HK) completed a placement of 31 million shares, raising approximately HKD 1.987 billion [12]

Core Viewpoint - Hainan Airlines Holding Co., Ltd. (referred to as "Hainan Airlines") is expected to achieve a net profit of 1.8 billion to 2.2 billion yuan in 2025, marking a significant turnaround from a loss of 921 million yuan in the previous year, driven by the opportunities presented by the Hainan Free Trade Port [1] Group 1: Financial Performance - The company anticipates a net profit increase of 2.721 billion to 3.121 billion yuan compared to the previous year's loss [1] - The expected net profit after deducting non-recurring items is projected to be between 900 million to 1.1 billion yuan, a substantial increase from a loss of 2.063 billion yuan in the prior year [1] Group 2: Operational Growth - In 2025, Hainan Airlines expects to achieve a total revenue passenger kilometers (RPK) of 134,484.37 million RPK, with international market RPK increasing by 41.32% to 26,739.74 million RPK [1] - The total passenger transport volume is projected to reach 70,578.66 thousand passengers, with international passenger transport volume growing by 38.35% to 4,088.78 thousand passengers [1] Group 3: International Business Expansion - International operations have become the core growth engine for Hainan Airlines, with December 2025 showing a 25.76% increase in international RPK to 2,413.25 million RPK [2] - The international passenger transport volume in December 2025 surged by 21.95%, exceeding 380 thousand passengers, significantly outpacing the industry average [2] Group 4: Cargo Business Development - The cargo business has also seen significant growth, with cargo and mail revenue ton-kilometers increasing by 14.22% in December 2025, and cargo and mail volume rising by 8.39% [2] - The international cargo and mail revenue ton-kilometers experienced a remarkable increase of 23.7%, benefiting from the heightened activity in cross-border trade due to the Free Trade Port [2] Group 5: Future Strategy - The year 2026 marks the beginning of the "14th Five-Year Plan" and is crucial for the full operation of the Hainan Free Trade Port, with Hainan Airlines aiming to optimize and expand its global route network [3] - The company plans to enhance service quality and strengthen collaboration across the industry chain, positioning itself as a "super carrier" to support regional economic development and openness [3]

1月29日晚，民营支线航空公司华夏航空（002928.SZ）发布2025年度业绩预告，公司预计2025年度归属于上市公司股东的净利润为5亿元—7亿元，同比增长 86.59%—161.22%。 作为航点主要覆盖中小城市的支线航空公司，长期以来，由地方政府等机构购买航班客运运力以及国家对支线航空的补贴，是华夏航空营收和利润的重要来 源。华夏航空2025年半年报显示，上半年公司"其他收益"为7.44亿元，该收益主要系报告期内确认与日常经营相关的航线补贴收入，计入当期损益的政府补 助为7.35亿元，预计将超过这家航空公司年度盈利。 早在2017年申请IPO时，华夏航空就在招股书中详细解析了公司商业模式的特点之一——机构运力购买业务收入占比较高。公司披露，其在运营支线航线时 与地方政府、支线机场等机构签订运力购买协议，购买航班的客运运力。机构客户与公司签订相关合同，明确购买公司相应每个航班的运力总价；每个结算 期末公司与机构客户进行核对，如果实际销售的机票收入低于机构客户当期运力购买的总和，则由机构客户将差额支付给公司；如果实际销售的机票收入高 于机构客户当期运力购买的总和，则公司将超过部分的收入支付给机构客户。 招股 ...

北京商报讯（记者 关子辰 牛清妍）1月30日，中国国航发布2025年度业绩预亏公告。报告期内，公司预 计归属于上市公司股东的净亏损约为13亿—19亿元。 ...

报告显示，公司全年完成运输总周转量279.81亿吨公里，旅客运输量近1.50亿人次，分别同比增长 10.82%和6.68%，利润总额预计为2亿—3亿元，实现扭亏为盈。根据会计准则，公司报告期内转回部分 前期可抵扣亏损形成的递延所得税资产，增加所得税费用，导致公司归属于上市公司股东净利润为负 值。 北京商报讯（记者 关子辰 牛清妍）1月30日，中国东航发布2025年度业绩预告，报告期内，归属于上市 公司股东的净亏损约为13亿—18亿元。 ...

公告还显示，2025年以来，民航市场持续向好，公司及时调整运力配给，持续加强精细化管理，推进航 线网络提质增效，加上海南自由贸易港封关运作带来的积极影响，公司生产经营较上年同期稳步增长。 另外，公司大多数的租赁债务及部分贷款以外币结算（主要是美元），因2025年人民币升值，公司产生 汇兑收益。 北京商报讯（记者 关子辰 牛清妍）1月30日，海航控股发布2025年度业绩预告，报告期内，预计实现归 属于上市公司股东的净利润18亿—22亿元，与上年同期的净亏损9.21亿元相比，将实现扭亏为盈，预计 增长27.21亿—31.21亿元。 ...

会议通报了春运期间全国天气形势，5家单位介绍了春运保障准备情况。民航局相关司局及局属单位、 民航各地区管理局及监管局，相关运行保障单位负责同志在主、分会场参会。（中国民航报 记者肖 敏） 会议指出，各单位各部门要提高政治站位，认真落实党中央、国务院决策部署，深刻认识做好民航春运 工作的重要性，准确把握行业安全形势和航空运输市场特点，对春运保障工作进行再梳理、再完善，统 筹抓好各项部署落实。 会议强调，要压实工作责任，全力以赴做好春运各项保障工作。落实岁末年初及冬季运行各项安全工作 要求，聚焦关键保障环节，加强隐患排查整治和监督检查，全力确保航空安全；提供春节特色服务，加 强重点群体保障，做好不正常航班处置，规范市场价格，优化旅客出行体验；加强市场动态监测，优化 春运航班安排；配齐配强值班力量，妥善处置突发事件，做好一线员工关心关爱。 1月30日，民航局召开2026年民航春运保障视频部署会，深入学习贯彻习近平总书记关于春运和安全生 产工作的重要指示批示精神，动员部署2026年民航春运工作。民航局副局长马兵出席会议并讲话。 ...