中信海直（000099.SZ）2025 年半年报点评 通航主业稳健增长，低空经济布局打开新局面 2025 年 08 月 27 日 ➢ 2025 年 8 月 25 日公司发布 2025 年半年报：2025H1 公司实现营业收入 10.38 亿元，同比+7.9%；实现归母净利 1.53 亿元，同比增长 15.9%；扣非归 母净利为 1.54 亿元，同比增长 16.3% ；毛利率 23.3%，同比+2.9pcts。2Q25 公司营业收入 5.42 亿元，同比+7.5%，归母净利 0.62 亿元，同比+27.3%，扣 非归母净利 0.62 亿元，同比 27.8%。 ➢ 通航业务增长稳健，运营端提效控费带动盈利能力同比提升。主营业务收入 稳健增长：2025 年上半年，公司通航运输业务实现收入 10.33 亿元，占营业收 入比重高达 99.5%，同比+8.8%。受益于国家能源增储上产政策，海上石油开采 活动保持活跃，为公司带来稳定的业务增量，港口引航、应急救援等新市场需求 也为业务增长提供了新动力。运营端提效控费提升毛利率：2025 年上半年公司 通航运输成本同比+4.8%，成本增速慢于收入。尽管因作业量增加导致人工成本 ...

Core Viewpoint - China Telecom's Shenzhen branch, in collaboration with CITIC Ocean Helicopter, launched a series of capabilities aimed at promoting the low-altitude economy, including smart integration of air and ground networks, digital design and operation of takeoff and landing sites, and comprehensive safety monitoring [1][3][4] Group 1: Capabilities and Services - The launch introduced six key capabilities for the low-altitude economy, focusing on air routes, intelligent computing, ground safety, platform integration, and end-to-end digital support [1] - The "Wings Take Off" aerial tourism product was unveiled, offering three types of routes: "Sky Tour," "Exclusive Charter," and "Luxury Travel," with ten initial routes covering major tourist and business areas in Shenzhen [5] - The "Tianlu Smart Network" service was introduced, providing continuous monitoring over 300 square kilometers of key airspace, enabling rapid deployment of low-altitude takeoff points [3][4] Group 2: Technological Integration - The full-scene flight verification center integrates five core capabilities, utilizing advanced technologies such as 5G, satellite communication, and AI for flight simulation and product validation [3][4] - China Telecom has achieved 95% 5G coverage along 181 commercial flight routes at an altitude of 600 meters, with an upload speed of 50 Mbps [4] - The "Cloud Launch" initiative has successfully detected an average of 200 safe flights daily, enhancing urban airspace management through proactive control [6]