成本费用拆分：1）人工成本yoy+3.2%，员工数量小幅提升2.5%；2）折旧及摊销yoy-17.6%，主要系部 分固定资产和无形资产折旧摊销完成所致；3）集成业务销售成本yoy-52.1%，受项目进度影响；4）技 术支持及维护费yoy-0.2%；5）离港分销支持费yoy+1.3%，主要系离港服务保障费、代理人外航订座奖 励业务增长以及对账确认进度等因素所致。 经营数据：2025 年1-6 月，中国航司系统处理总量3.6 亿人次，yoy+5.5%，其中国内航段系统处理量3.2 亿人次，yoy+3.6%，国际航段系统处理量4581 万人次，yoy+21.5%。 同期，外国航司系统处理总量581 万人次，yoy-7.8%，上半年外国航司恢复相对停滞，主要原因包括： 1）受到对空域飞行安全性影响，外国航司飞往中国的成本增加，在飞机运力有限情况下，以经济效益 出发，部分外国航司宣布停飞或缩减中国航线；2）国际旅客运输市场竞争加剧，受到国内航国际段运 力增长，叠加价格优势、时刻丰富等影响，抢占了外航市场份额。值得注意的是，6 月单月外航系统处 理量同比增加3%，打破了连续3 个月同比下降局面，展望未来，单方面免签国家范 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][13]. Core Views - The company reported total revenue of 3.89 billion yuan for H1 2025, a year-on-year decrease of 3.6%. The gross margin was 58.8%, down 0.8 percentage points year-on-year. The net profit attributable to shareholders was 1.45 billion yuan, an increase of 5.9% year-on-year, with a net profit margin of 37.2%, up 3.3 percentage points year-on-year [2]. - The company is expected to achieve net profits of 2.3 billion yuan, 2.5 billion yuan, and 2.7 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 14X, 13X, and 12X [4]. Financial Performance Summary - For 2025, the company is projected to have total revenue of 9.11 billion yuan, with a growth rate of 3.27%. The net profit is expected to be 2.3 billion yuan, reflecting a growth rate of 10.75% [9]. - The company’s revenue breakdown includes: - Aviation information technology services revenue of 2.31 billion yuan, up 2% year-on-year - Settlement and clearing revenue of 310 million yuan, up 12% year-on-year - System integration services revenue of 420 million yuan, down 38% year-on-year - Data network revenue of 190 million yuan, down 12% year-on-year - Technical support and product revenue of 380 million yuan, up 30% year-on-year - Other revenue of 280 million yuan, down 10% year-on-year [10]. - The company’s operating data for H1 2025 shows a total processing volume of 360 million passengers for Chinese airlines, a year-on-year increase of 5.5% [10].

Core Insights - China Civil Aviation Information Network (00696) reported a total revenue of 3.8945 billion yuan for the first half of 2025, representing a year-on-year decrease of 3.64% [1] - The net profit attributable to shareholders was approximately 1.448 billion yuan, showing a year-on-year increase of 5.88% [1] - Basic earnings per share were reported at 0.49 yuan [1] Revenue Analysis - The decline in total revenue is attributed to various factors affecting the aviation sector [1] - Despite the revenue drop, the company experienced stable growth in aviation information technology service income [1] - Improved cash collection further contributed to the net profit increase [1]

公告称，盈利实现同比增长，主要是航空信息技术服务收入同比稳定增长，公司回款情况进一步改善所 致。 智通财经APP讯，中国民航信息网络(00696)公布2025年中期业绩，营业总收入为38.945亿元，同比减少 3.64%;归属于母公司股东的净利润约14.48亿元，同比增长5.88%;基本每股收益0.49元。 ...

公告称，本集团2025年上半年航空信息技术服务收入同比稳定增长，但是受机场系统集成项目建设及验 收进度影响，系统集成服务收入同比减少，最终导致本集团2025年上半年营业总收入同比有所减少。此 外，由于回款情况进一步改善，2025年上半年信用减值损失的冲回金额同比增加。综合以上因素，本集 团2025年上半年净利润实现同比增长。 本文源自：智通财经网 消息面上，近日，中国民航信息网络发布公告，与2024年中期业绩公告中所披露的截至2024年6月30日 止6个月取得净利润约人民币13.8亿元相比，预期本集团截至2025年6月30日止6个月将取得净利润人民 币14.5亿元左右。 智通财经获悉，中国民航信息网络(00696)涨近3%，截至发稿，涨2.37%，报12.5港元，成交额3149.82 万港元。 ...

中国民航信息网络(00696)涨近3%，截至发稿，涨2.37%，报12.5港元，成交额3149.82万港元。 公告称，本集团2025年上半年航空信息技术服务收入同比稳定增长，但是受机场系统集成项目建设及验 收进度影响，系统集成服务收入同比减少，最终导致本集团2025年上半年营业总收入同比有所减少。此 外，由于回款情况进一步改善，2025年上半年信用减值损失的冲回金额同比增加。综合以上因素，本集 团2025年上半年净利润实现同比增长。 消息面上，近日，中国民航信息网络发布公告，与2024年中期业绩公告中所披露的截至2024年6月30日 止6个月取得净利润约人民币13.8亿元相比，预期本集团截至2025年6月30日止6个月将取得净利润人民 币14.5亿元左右。 ...

公告称，本集团2025年上半年航空信息技术服务收入同比稳定增长，但是受机场系统集成项目建设及验 收进度影响，系统集成服务收入同比减少，最终导致本集团2025年上半年营业总收入同比有所减少。此 外，由于回款情况进一步改善，2025年上半年信用减值损失的冲回金额同比增加。综合以上因素，本集 团2025年上半年净利润实现同比增长。 智通财经APP获悉，中国民航信息网络(00696)涨近3%，截至发稿，涨2.37%，报12.5港元，成交额 3149.82万港元。 消息面上，近日，中国民航信息网络发布公告，与2024年中期业绩公告中所披露的截至2024年6月30日 止6个月取得净利润约人民币13.8亿元相比，预期本集团截至2025年6月30日止6个月将取得净利润人民 币14.5亿元左右。 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the ongoing price increase in express delivery services in Guangdong, with a base price adjustment of 0.4 CNY per ticket, indicating a significant shift in the industry towards reducing competition and improving profitability [4] - The introduction of autonomous delivery vehicles by companies like Zhongtong and Yuantong is progressing, showcasing innovation in logistics [5] - The report notes that South Korea will implement a visa waiver for Chinese group tourists starting September 29, which is expected to boost passenger flow between China and South Korea [6] - The LNG export capacity in the U.S. is set to double, which may positively impact the demand for new LNG vessels [7][8] Summary by Sections Express Logistics - Guangdong's express delivery price increase is a significant development, with the average price rising to over 1.4 CNY per ticket, and the province accounting for 24.5% of the national express delivery volume [4] - The report emphasizes the resilience of e-commerce logistics demand and the potential for price increases to enhance profitability for major players like SF Express and JD Logistics [14] Aviation and Airports - The aviation sector is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring growth [14] - China Civil Aviation Information Network anticipates a net profit of 1.45 billion CNY for the first half of 2025, reflecting a 5% year-on-year increase [6] Shipping and Ports - The report indicates a decrease in shipping rates, with the SCFI index dropping by 3.9% to 1490 points, while oil tanker rates have increased significantly [8][9] - China's port cargo throughput decreased by 4.99% week-on-week, indicating a potential slowdown in trade activity [10][81] Road and Rail - The report notes that Zhongyuan Expressway's net profit increased by 7.68% year-on-year, despite pressure on toll revenues [11] - The Daqin Railway reported a 5.40% year-on-year increase in cargo transport volume for July 2025 [12] Overall Market Performance - From August 4 to August 8, the A-share transportation index rose by 1.96%, with express delivery and logistics sectors showing strong performance [19]

Core Viewpoint - China Civil Aviation Information Network (00696) anticipates a net profit of approximately RMB 1.45 billion for the six months ending June 30, 2025, compared to a net profit of about RMB 1.38 billion for the same period in 2024, indicating a positive growth outlook for the company [1] Financial Performance - The company expects stable year-on-year growth in aviation information technology service revenue for the first half of 2025 [1] - However, revenue from system integration services is projected to decrease year-on-year due to the impact of airport system integration project construction and acceptance progress [1] - Overall, the company's total operating revenue is expected to decline year-on-year for the first half of 2025 [1] Credit and Recovery - There has been an improvement in collection situations, leading to an increase in the reversal amount of credit impairment losses year-on-year for the first half of 2025 [1] - This improvement in credit recovery is expected to contribute positively to the net profit growth for the company [1]

Core Viewpoint - China Civil Aviation Information Network (00696.HK) anticipates a net profit of approximately RMB 1.45 billion for the six months ending June 30, 2025, compared to a net profit of about RMB 1.38 billion for the same period in 2024 [1] Group 1: Financial Performance - The company expects a stable year-on-year growth in aviation information technology service revenue for the first half of 2025 [1] - However, revenue from system integration services is projected to decrease year-on-year due to the impact of airport system integration project construction and acceptance progress [1] - Overall, the company's total operating revenue is expected to decline year-on-year for the first half of 2025 [1] Group 2: Credit and Profitability - There is an improvement in the collection situation, leading to an increase in the reversal amount of credit impairment losses year-on-year for the first half of 2025 [1] - As a result of the aforementioned factors, the company is expected to achieve a year-on-year increase in net profit for the first half of 2025 [1]