Investment Rating - The report maintains a "Recommendation" rating for China National Aviation (601111) [1] Core Views - The company reported a net loss attributable to shareholders of 1.77 billion yuan for 2025, with short-term oil prices under pressure, but the medium-term outlook remains optimistic due to supply-demand elasticity [1][9] - The revenue for 2025 was 171.48 billion yuan, a year-on-year increase of 2.9%, while the operating profit showed a reduction in losses by 1.38 billion yuan compared to the previous year [1] - The report highlights that despite the challenges, the operational improvements and high passenger load factors are expected to drive price elasticity in the medium term [9] Financial Data Summary - **2025 Financial Performance**: - Revenue: 171.48 billion yuan, up 2.9% year-on-year - Net profit attributable to shareholders: -1.77 billion yuan, compared to -240 million yuan in 2024 - Operating profit: -2.05 billion yuan, a reduction in losses by 1.38 billion yuan year-on-year - Other income: 4.52 billion yuan, up 5.2% year-on-year [1][5] - **Q4 2025 Performance**: - Revenue: 41.66 billion yuan, up 8.1% year-on-year - Net profit attributable to shareholders: -3.64 billion yuan, compared to -1.6 billion yuan in Q4 2024 - Operating profit: -3.27 billion yuan, a reduction in losses by 990 million yuan year-on-year [1][2] Operational Data Summary - **2025 Operational Metrics**: - Available Seat Kilometers (ASK): up 3.2% year-on-year - Revenue Passenger Kilometers (RPK): up 5.9% year-on-year - Passenger load factor: 81.9%, an increase of 2.0 percentage points year-on-year [2] - **Q4 2025 Operational Metrics**: - ASK: up 4.4% year-on-year - RPK: up 9.6% year-on-year - Passenger load factor: 83.6%, an increase of 3.9 percentage points year-on-year [2] Cost and Expense Summary - **2025 Cost Structure**: - Operating costs: 162.65 billion yuan, up 2.8% year-on-year - Domestic oil price composite cost: down 9.4% year-on-year - Jet fuel cost: 50 billion yuan, down 6.8% year-on-year - Non-fuel costs: 112.6 billion yuan, up 7.8% year-on-year [3] - **Q4 2025 Cost Structure**: - Operating costs: 41.99 billion yuan, up 9.2% year-on-year - Domestic oil price composite cost: up 1.4% year-on-year - Jet fuel cost: 12.4 billion yuan, up 3.3% year-on-year [3] Fleet Expansion Plans - The company plans to increase its fleet with a net addition of 20, 49, and 59 aircraft in 2026, 2027, and 2028, respectively, corresponding to growth rates of 2.1%, 5.0%, and 5.7% [4]

Group 1: Aerospace Industry Insights - The successful launch of the "Li Jian No. 2" rocket enhances China's payload capacity, with a 12-ton capacity for low Earth orbit and 8 tons for sun-synchronous orbit[6] - The rocket features a core diameter of 3.35 meters, a total length of 53 meters, and a launch weight of 625 tons, with a thrust of 753 tons[6] - The commercial aerospace industry is expected to accelerate during the 14th Five-Year Plan, focusing on technologies like reusable rockets and satellite internet[7] Group 2: Insurance Sector Performance - The insurance industry reported a total premium income of CNY 16,422 billion in January-February 2026, reflecting an 8.4% year-on-year growth[14] - Life insurance premiums reached CNY 13,108 billion, up 9.7% year-on-year, driven by strong demand during the "opening red" period[14] - Non-auto insurance premiums increased by 7.0%, while auto insurance premiums decreased by 0.9%[15] Group 3: Market Trends and Recommendations - The insurance sector is expected to see valuation recovery due to strong demand for savings products and stable long-term interest rates[17] - Recommended stocks include China Ping An, China Taiping, and New China Life, reflecting a positive outlook for the insurance sector[17] - The aerospace industry is advised to focus on companies involved in satellite internet and commercial space launches, with recommended stocks including Aerospace Electronics and Xi'an Huada[7]

格隆汇3月31日｜东兴证券研报指出，所得税增长拖累中国国航业绩，近期油价上涨形成短期冲击。25 年公司实现营收1714.8亿元，同比增长2.87%，实现归母净利润-17.70亿元，较24年同期的-2.37亿元亏损 扩大，主要系四季度转回部分递延所得税资产，导致所得税费用大幅提升。公司Q4归母净利润-36.4 亿，较24年同期的-16.0亿相比，亏损明显扩大，拖累了全年业绩。油价上涨对公司及行业形成短期冲 击，但股价或已反映悲观预期。公司26年计划引进飞机40架，退出20架，净增仅20架，相比25年，公司 26年飞机引进更加谨慎，预计供给端继续维持低增长。认为市场目前对航空业的悲观预期较为充分，建 议静待油价企稳。维持公司"推荐"评级。 ...

Core Insights - The report highlights a rebound in China's economic indicators, with the manufacturing PMI at 50.4%, non-manufacturing PMI at 50.1%, and composite PMI at 50.5%, indicating a recovery in economic sentiment [2] - The ongoing geopolitical tensions, particularly the conflict involving Iran, are expected to sustain high oil prices, impacting global supply chains and market sentiment [7][8] - The report suggests a potential shift in market dynamics towards value and defensive stocks due to the uncertainty surrounding the conflict, with a possible return to growth stocks if negotiations progress positively [9] Economic Indicators - In March, China's manufacturing PMI rose by 1.4 percentage points, non-manufacturing PMI by 0.6 percentage points, and composite PMI by 1.0 percentage points, indicating a return to expansion [2] - The People's Bank of China reported that M2 money supply reached 349.22 trillion yuan, growing by 9% year-on-year, while the social financing scale increased by 8.2% [2] Company Insights - China Bank reported a revenue of 659.87 billion yuan for 2025, a 4.28% increase year-on-year, with a net profit of 243.02 billion yuan, up 2.18% [3] - ZTE Corporation's computing business saw a 150% revenue increase, contributing nearly 25% to overall revenue, with significant growth in server and storage sales [3] - Huayu Automotive achieved a revenue of 183.99 billion yuan in 2025, an 8.49% increase, with a net profit of 7.21 billion yuan, up 7.51% [4] - Mengniu Dairy reported a revenue of 82.25 billion yuan, with a net profit of 1.55 billion yuan, marking a 1379% increase year-on-year [4] Industry Trends - The new energy storage industry is experiencing steady growth, with the Ministry of Industry and Information Technology focusing on top-level design and regulatory measures to enhance industry standards and prevent low-level competition [3] - The logistics and express delivery sector is seeing a recovery in market share for Zhongtong Express, with a business volume of 38.52 billion pieces in 2025, a 13.3% increase [15][16] - The airline industry is facing short-term challenges due to rising fuel prices, with China National Airlines reporting a significant loss attributed to increased tax expenses [11][12][14]

Core Viewpoint - China Eastern Airlines reported a revenue of 139.94 billion yuan for 2025, marking a year-on-year increase of 5.92%, while the net loss attributable to shareholders was 1.63 billion yuan, a reduction of 2.59 billion yuan compared to the previous year, narrowing the loss margin by 61.36% [1] Financial Performance - The company achieved an operating revenue of 139.94 billion yuan, up 5.92% year-on-year [1] - The net loss attributable to shareholders was 1.63 billion yuan, a decrease of 2.59 billion yuan from the previous year, representing a 61.36% reduction in loss margin [1] - Operating costs for 2025 were 132.66 billion yuan, an increase of 4.87% year-on-year [1] - Financial expenses decreased by 32.14% year-on-year, while investment income increased by 191.26% [1] Operational Metrics - The company recorded a total flight time of 2.7462 million hours and 1.0504 million flights, representing year-on-year growth of 5.12% and 2.05%, respectively [1] - Total transport turnover reached 279 billion ton-kilometers, with passenger transport volume at 150 million [1] Business Structure - International routes became the main growth driver, with international business revenue reaching 45.73 billion yuan, a year-on-year increase of 20.82% [1] - The company opened 24 new international routes, increasing the total number of international destinations to 93, with international transport turnover growing by 19.77% [1] - Domestic business revenue was 90.42 billion yuan, showing a slight decline of 0.28% [1] - Regional business revenue was 3.79 billion yuan [1] Capital Operations and Profit Distribution - China Eastern Airlines plans to repurchase shares through centralized bidding, with a buyback amount ranging from 500 million to 1 billion yuan, at a price not exceeding 5 yuan per share [2] - Due to negative net profit and negative distributable profits, the company will not issue cash dividends or implement capital reserve transfers for the 2025 fiscal year [2]

Investment Rating - The report maintains a "Recommended" rating for China National Airlines [4] Core Views - The company's revenue for 2025 reached 171.48 billion yuan, a year-on-year increase of 2.87%, but the net profit attributable to shareholders was -1.77 billion yuan, a significant increase in losses compared to -0.24 billion yuan in 2024 [1] - The fourth quarter saw a substantial loss primarily due to the reversal of deferred tax assets, leading to a significant increase in tax expenses [1] - The company experienced a 2 percentage point increase in passenger load factor to 81.88%, contributing to a rise in passenger revenue to 154.86 billion yuan, despite a decline in revenue per passenger kilometer [2] - The company plans to introduce 40 new aircraft in 2026, a decrease from 45 in 2025, indicating a cautious approach to fleet expansion [3] - Recent oil price increases have created short-term pressure on the company's performance, but the stock price has already reflected pessimistic expectations [3] Financial Summary - The company forecasts net profits for 2026, 2027, and 2028 to be -1.05 billion yuan, 2.40 billion yuan, and 4.45 billion yuan respectively, with corresponding EPS of -0.06, 0.14, and 0.26 yuan [4] - The operating revenue is projected to grow from 171.48 billion yuan in 2025 to 198.84 billion yuan in 2028, with growth rates of 6.72%, 4.10%, and 4.37% for the following years [8] - The net profit margin is expected to improve significantly by 2028, reaching 2.93% [10]

Investment Rating - The report maintains a "Recommended" rating for China National Airlines [4] Core Views - The company reported a revenue of 171.48 billion yuan in 2025, a year-on-year increase of 2.87%, but experienced a net loss attributable to shareholders of 1.77 billion yuan, which is a significant increase from the loss of 237 million yuan in 2024 [1] - The fourth quarter saw a substantial loss primarily due to the reversal of deferred tax assets, leading to a significant increase in tax expenses [1] - The passenger load factor improved by approximately 2 percentage points to 81.88%, contributing to an increase in passenger revenue despite a decline in revenue per passenger kilometer [2] - The company plans to introduce 40 new aircraft in 2026, a decrease from 45 in 2025, indicating a cautious approach to fleet expansion [3] - Recent increases in oil prices due to geopolitical tensions have created short-term challenges for the airline industry, although the stock price may have already reflected these pessimistic expectations [3] Financial Summary - The company’s operating profit improved from a loss of 3.43 billion yuan in 2024 to a loss of 2.05 billion yuan in 2025, indicating some operational recovery despite the tax impact [2] - Forecasted net profits for 2026, 2027, and 2028 are -1.05 billion yuan, 2.40 billion yuan, and 4.45 billion yuan respectively, with corresponding EPS of -0.06, 0.14, and 0.26 yuan [4][8] - The company’s total market capitalization is approximately 120.22 billion yuan, with a circulating market value of about 80.19 billion yuan [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 一、2025年度董事会主要工作 （在中華人民共和國註冊成立的股份有限公司） （股份代號： 1055） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列中國南方航空股份有限公司在上海證券交易所網站刊登的《中國南方航空股 份有限公司2025年度董事會工作報告》、《中國南方航空股份有限公司2025年審計 報告》、《中國南方航空股份有限公司2025年度獨立董事述職報告（何超瓊）》、 《中國南方航空股份有限公司2025年度獨立董事述職報告（郭為）》、《中國南方 航空股份有限公司2025年度獨立董事述職報告（張俊生）》、《中國南方航空股份 有限公司2025年度獨立董事述職報告（祝海平）》、《中國南方航空股份有限公司 董事會關於獨立董事獨立性情況的評估專項意見》、《中國南方航空股份有限公司 董事會審計與風險管理委員會對2025年度會計師事務所履行監督職責情況報告 ...

Core Viewpoint - China International Airlines has officially resumed direct passenger flights from Beijing to Pyongyang after a six-year hiatus, marking a significant step in enhancing bilateral relations between China and North Korea [2]. Group 1: Flight Resumption - The CA121 flight from Beijing Capital International Airport arrived at Pyongyang Sunan International Airport on March 30, 2026 [2]. - The resumption of this route is expected to facilitate increased friendly exchanges, people-to-people connections, and economic cooperation between the two countries [2]. Group 2: Operational Details - Starting from March 30, 2026, the direct flight will operate once a week on Mondays [2]. - Currently, all modes of transportation, including road, rail, and air, have been fully restored between China and North Korea [2].

茲載列中國南方航空股份有限公司在上海證券交易所網站刊登的《中國南方航空股 份有限公司2025年度報告》、《中國南方航空股份有限公司2025年年度報告摘要》 及《中國南方航空股份有限公司2025年可持續發展（ESG）報告摘要》，僅供參閱。 承董事會命 中國南方航空股份有限公司 聯席公司秘書 陳威華及劉巍 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號： 1055） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 中華人民共和國，廣州 2026年3月30日 於本公告日期，董事包括執行董事馬須倫、韓文勝及蔡治洲；獨立非執行董事何超瓊、郭為、 張俊生及祝海平；及職工董事張弢。 | 第一节 | 释义 3 | | --- | --- | | 第二节 | 公司简介和主要财务指标 5 | | 第三节 | 管理层讨论与分析 11 | | 第四节 | 公司治理、环境 ...