Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported an operating revenue of 182.3 billion yuan for 2025, a year-on-year increase of 4.6%, and achieved a net profit attributable to shareholders of 860 million yuan, marking a return to profitability [4][6] - The fourth quarter saw a revenue of 44.6 billion yuan, up 13% year-on-year, while the net profit attributable to shareholders was a loss of 1.45 billion yuan, reducing the loss by 2.2 billion yuan compared to the previous year [4][6] - The company is actively expanding its capacity and international route network, having introduced 78 new aircraft in 2025, bringing the total fleet to 972, with plans for further growth in the coming years [6] Financial Data and Profit Forecast - The projected total operating revenue for 2026 is 200.6 billion yuan, with a year-on-year growth rate of 10.1% [5] - The net profit attributable to shareholders is expected to reach 1.12 billion yuan in 2026, with a significant increase forecasted for 2027 at 9.82 billion yuan [5] - The gross profit margin is projected to be 9.5% in 2026, with a return on equity (ROE) of 3.1% [5][8] Revenue Breakdown - Passenger revenue for 2025 was 156.7 billion yuan, a 4.7% increase year-on-year, while cargo revenue reached 19.7 billion yuan, up 5.2% [6] - The company’s operational cost per seat kilometer decreased by 4% to 0.42 yuan, benefiting from lower fuel prices and improved fuel efficiency [6] Strategic Developments - The company plans to introduce new international routes, including Beijing-Helsinki and Xiamen-Vientiane, to capitalize on the growing demand for international travel [6] - The company’s fleet expansion strategy is expected to enhance its competitive position in the market, with a focus on increasing international capacity [6]

Investment Rating - The investment rating for the company is "Accumulate (downgraded)" [3] Core Views - The company has significantly improved its utilization rates and logistics, leading to a substantial reduction in losses [3] - The airline industry is expected to recover in 2026, driven by a slowdown in supply growth and high load factors, despite facing high fuel cost pressures due to geopolitical tensions [5] - The company's operational adjustments have resulted in a turnaround, with a projected net profit of 857 million yuan in 2025, compared to a loss in the previous year [5] Financial Summary - The company achieved a revenue of 182.26 billion yuan in 2025, a year-on-year increase of 4.61% [5] - The net profit for 2025 is projected at 857 million yuan, with a significant year-on-year growth rate of 150.5% [5] - The company plans to expand its fleet to 968 aircraft by 2026, with a growth rate of 1.68% [5] - The average passenger load factor improved to 85.74%, an increase of 1.36 percentage points year-on-year [5] - The average aircraft utilization rate increased to 9.79 hours, up by 1.77 hours year-on-year [5] Profit Forecast and Valuation - The revenue forecast for 2026 is 203.95 billion yuan, with a growth rate of 12% [3] - The projected net profit for 2026 is 1.49 billion yuan, with a growth rate of 74% [3] - The price-to-earnings (P/E) ratio for 2026 is estimated at 69.6x, decreasing to 12.6x by 2028 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of RMB 6.95 and HKD 5.30 [6]. Core Insights - The company reported a revenue of RMB 182.26 billion for 2025, a year-on-year increase of 4.6%, and achieved a net profit attributable to shareholders of RMB 857 million, recovering from a net loss of RMB 1.696 billion in 2024 [1][4]. - The fourth quarter of 2025 saw a revenue of RMB 44.59 billion, up 12.7% year-on-year, with a net loss of RMB 1.45 billion, which was a 60.4% reduction in losses compared to the previous year [1][3]. - The company is expected to face challenges due to rising fuel costs influenced by geopolitical tensions, particularly in the Middle East, which may impact profitability despite a generally improving industry outlook [1][4]. Summary by Sections Financial Performance - The company achieved a gross margin improvement of 3.5 percentage points to 5.3% in Q4 2025, with a gross profit increase of RMB 1.643 billion year-on-year [3]. - The operating costs for Q4 2025 were RMB 42.22 billion, a year-on-year increase of 8.7%, while the unit cost per available ton-kilometer (ATK) decreased by 1.5% [3][4]. Operational Metrics - The company’s passenger load factor (PLF) increased by 1.4 percentage points to 85.7% for the year, while the unit revenue per passenger kilometer decreased by 4.2% [4][24]. - In Q4 2025, the available seat kilometers (ASK) increased by 9.8%, with international routes showing a significant growth of 19.3% [2][4]. Future Outlook - The company anticipates a stabilization of oil prices in the medium term, with industry supply growth expected to remain low, suggesting a potential upward trend in industry conditions [1][4]. - Profit forecasts for 2026 and 2027 have been revised downwards to net losses of RMB 2.376 billion and a profit of RMB 5.985 billion, respectively, primarily due to rising fuel costs [5][24].

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 National Aviation Corporation (China Air) reported a revenue of 171.485 billion yuan for 2025, reflecting a year-on-year increase of 2.87%, but a net profit attributable to shareholders of -1.770 billion yuan, a significant decline of 646.04% [1] Financial Performance - The company's basic earnings per share for 2025 was -0.11 yuan, with a weighted average return on equity of -4.04% [1] - The price-to-earnings ratio (TTM) is approximately 439.46 times, the price-to-book ratio (LF) is about 2.57 times, and the price-to-sales ratio (TTM) is around 0.71 times [1] - Gross margin for 2025 was 5.15%, an increase of 0.05 percentage points year-on-year, while the net margin was -2.06%, a decrease of 0.59 percentage points compared to the previous year [1] - In Q4 2025, the gross margin was -0.80%, down 1.07 percentage points year-on-year and down 14.58% quarter-on-quarter; the net margin was -11.72%, a decline of 3.37 percentage points year-on-year and down 20.01% from the previous quarter [1] Operating Expenses - Total operating expenses for 2025 were 18.073 billion yuan, a decrease of 1.548 billion yuan from the previous year; the expense ratio was 10.54%, down 1.23 percentage points year-on-year [2] - Sales expenses increased by 3.63%, management expenses rose by 1.36%, R&D expenses grew by 8.95%, while financial expenses decreased by 28.27% [2] Shareholder Information - As of the end of 2025, the total number of shareholders was 112,900, a decrease of 16,200 or 12.52% from the end of Q3; the average market value per shareholder increased from 1.0694 million yuan to 1.4482 million yuan, a growth of 35.41% [2] Company Overview - China National Aviation Corporation is located in Beijing and was established on March 27, 2006, with its listing date on August 18, 2006; its main business includes air passenger and cargo transport [2] - The revenue composition is as follows: air passenger transport 90.64%, other 4.93%, and air cargo and mail transport 4.43% [2] - The company belongs to the transportation industry, specifically the aviation sector, and is associated with concepts such as civil aviation, aviation transport, and benefits from the appreciation of the renminbi [2]

海外市場公告 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條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司 2025年度A股財務報表及審計報告 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 中國北京，二零二六年三月二十六日 於本公告日期，本公司的董事為劉鐵祥先生、曲光吉先生、崔曉峰先生、Patrick Healy（賀以禮） 先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 中国国际航空股份有限公司 自 2025 年 1 月 1 日 至 2025 年 12 月 31 日止年度财务报表 中国国际航空股份有限公司 目录 | | 页次 | | | --- | --- | --- | | 一、审计报告 | 1 - | 5 | | ...

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly emphasizing the value of Chinese tanker assets as a safe haven [2][4]. Core Insights - The report highlights a significant increase in new ship prices and a surge in Aframax tanker TCE rates, which have surpassed $188,000 per day, reflecting a 54% increase [4]. - The report suggests that geopolitical tensions, such as difficulties in the Mandeb Strait and potential blockades in the Strait of Hormuz, could lead to increased shipping costs and longer routes, thereby benefiting certain shipping companies [4]. - The report recommends specific companies for investment, including China Merchants Energy Shipping, COSCO Shipping Energy Transportation, and China Merchants Jinling Shipyard, while also highlighting U.S. stocks like ECO, NAT, and INSW [4]. Summary by Sections Shipping Market Performance - The transportation index fell by 2.65%, underperforming the CSI 300 index by 0.46 percentage points, with the shipping sector showing the largest gain of 1.21% among sub-sectors [5][12]. - The report notes that the average VLCC freight rate increased by 22% week-on-week, reaching $230,208 per day, while Aframax rates surged significantly [4][5]. Oil and Product Shipping - The report indicates that the global oil trade routes are being reassessed, with the price for shipping from Yanbu port reaching $287,000 per day [4]. - The report also mentions a 37% increase in LR2 tanker rates, reflecting strong demand for oil products [4]. Dry Bulk and Container Shipping - The report observes that coal prices are expected to strengthen due to rising oil and gas prices, while the BDI index recorded a slight decrease [4]. - Container shipping rates have shown mixed results, with some routes experiencing increases while others faced declines due to geopolitical tensions [4]. Airline and Airport Sector - The report discusses the ongoing challenges in the aircraft manufacturing supply chain and the aging fleet, suggesting a long-term positive trend in demand despite short-term pressures from rising oil prices [4]. Express Delivery Sector - The report anticipates a recovery in delivery fees due to policy changes, with a focus on leading companies like ZTO Express and YTO Express [4]. Railway and Highway Transport - The report highlights resilience in railway freight volumes and highway truck traffic, with significant week-on-week increases reported [4].

Core Viewpoint - China National Airlines' stock has experienced a significant decline in 2023, with a year-to-date drop of 24.87% as of March 18, 2023, indicating potential challenges in the airline industry [1][5]. Financial Performance - For the period from January to September 2025, China National Airlines reported a revenue of 129.83 billion yuan, representing a year-on-year growth of 1.31% [2][6]. - The net profit attributable to shareholders for the same period was 1.87 billion yuan, showing a substantial increase of 37.31% compared to the previous year [2][6]. Stock Performance - As of March 18, 2023, the stock price was 7.04 yuan per share, with a trading volume of 5.56 billion yuan and a turnover rate of 0.67%, leading to a total market capitalization of 122.84 billion yuan [1][4]. - The stock has seen a decline of 4.35% over the last five trading days, 22.12% over the last 20 days, and 15.89% over the last 60 days [1][5]. Shareholder Information - As of September 30, 2025, the number of shareholders was 129,100, a slight decrease of 0.12% from the previous period [2][6]. - The top ten circulating shareholders include China Securities Finance Corporation, holding 311 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 123 million shares [3][7]. Dividend Information - Since its A-share listing, China National Airlines has distributed a total of 13.32 billion yuan in dividends, but there have been no dividends paid in the last three years [3][7]. Business Overview - China National Airlines, established on March 27, 2006, and listed on August 18, 2006, primarily engages in air passenger transport (90.64% of revenue), with air cargo and postal services contributing 4.43% [1][5]. - The company operates within the transportation sector, specifically in the aviation industry, and is associated with concepts such as civil aviation and currency appreciation benefits [1][6].

Core Insights - China International Airlines Co., Ltd. reported an increase in passenger turnover volume by 19.1% year-on-year, with a capacity input increase of 13.8% in February 2026 [1] Passenger Operations - Passenger capacity input (measured in available seat kilometers) increased by 13.8% year-on-year, while passenger turnover volume (measured in revenue passenger kilometers) rose by 19.1% [1] - Domestic passenger capacity input increased by 13.3%, with a turnover volume increase of 16.9% [1] - International passenger capacity input rose by 14.0%, with a turnover volume increase of 23.7% [1] - Regional passenger capacity input saw a significant increase of 25.4%, with a turnover volume increase of 37.1% [1] - The average passenger load factor reached 85.9%, up by 3.8 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 2.7 percentage points, international routes increased by 6.5 percentage points, and regional routes increased by 6.8 percentage points [1] Cargo Operations - Cargo capacity input (measured in available cargo ton kilometers) increased by 11.5% year-on-year, while cargo turnover volume (measured in revenue cargo ton kilometers) rose by 21.4% [1] - The cargo load factor was reported at 32.4%, an increase of 2.6 percentage points year-on-year [1] Fleet Information - In February 2026, the group introduced one B737 series aircraft and retired one A320 series aircraft [1] - As of the end of February 2026, the group operated a total of 960 aircraft, including 423 owned, 247 under finance leases, and 290 under operating leases [1]

Core Viewpoint - China International Airlines Co., Ltd. reported a significant increase in passenger turnover and capacity for February 2026, indicating strong growth in both domestic and international travel demand [1] Group 1: Passenger Traffic and Capacity - The total passenger turnover (measured in revenue passenger kilometers) increased by 19.1% year-on-year [1] - Passenger capacity (measured in available seat kilometers) rose by 13.8% year-on-year [1] - Domestic passenger capacity increased by 13.3%, with a turnover rise of 16.9% [1] - International passenger capacity grew by 14.0%, with a turnover increase of 23.7% [1] - Regional passenger capacity surged by 25.4%, with a turnover increase of 37.1% [1] - The average passenger load factor reached 85.9%, up by 3.8 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 2.7 percentage points, while international routes increased by 6.5 percentage points, and regional routes by 6.8 percentage points [1] Group 2: Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) increased by 11.5% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) rose by 21.4% year-on-year [1] - The cargo load factor was reported at 32.4%, an increase of 2.6 percentage points year-on-year [1] Group 3: Fleet Information - In February 2026, the group introduced one B737 series aircraft and retired one A320 series aircraft [1] - As of the end of February 2026, the group operated a total of 960 aircraft, comprising 423 owned, 247 under finance leases, and 290 under operating leases [1]