分红方面，国货航A股上市后累计派现7.94亿元。 机构持仓方面，截止2025年6月30日，国货航十大流通股东中，华泰柏瑞沪深300ETF（510300）位居第 一大流通股东，持股1431.59万股，为新进股东。易方达沪深300ETF（510310）位居第二大流通股东， 持股1087.84万股，为新进股东。香港中央结算有限公司位居第三大流通股东，持股946.28万股，相比上 期增加201.91万股。华夏沪深300ETF（510330）位居第四大流通股东，持股795.11万股，为新进股东。 嘉实沪深300ETF（159919）位居第五大流通股东，持股685.13万股，为新进股东。 融资方面，国货航当日融资买入826.64万元。当前融资余额2.59亿元，占流通市值的4.61%。 融券方面，国货航9月30日融券偿还6900.00股，融券卖出2900.00股，按当日收盘价计算，卖出金额1.90 万元；融券余量9.15万股，融券余额59.93万元。 资料显示，中国国际货运航空股份有限公司位于北京市顺义区天柱路29号院1幢1至9层，成立日期2003 年11月14日，上市日期2024年12月30日，公司主营业务涉及国货航承载 ...

编号：2025-008 投资者关系活动类别 ☑ 特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 □其他（请文字说明其他活动内容） 活动参与人员 广发证券、杭银理财、华能贵诚信托共计 3 人 上市公司人员 董事会秘书：赵婧；证券事务代表：李林，以及相 关工作人员 时间 2025 年 9 月 23 日(周二) 10:00-11:00 地点 国货航综合办公楼 816 会议室 形式 现场调研 投资者关系活动主 要内容介绍 公司就投资者在本次现场调研中提出的问题进行了 回复： 问题一：请先介绍下公司上半年经营情况，以及上 半年业绩增长的原因？ 答：公司 2025 年上半年实现营业收入 109.35 亿 元，同比增长 21.92%；归属于上市公司股东的净利 润 12.40 亿元，同比增长 86.15%，归属于上市公司 股东的扣除非经常性损益的净利润 11.98 亿元，同 比增长 82.64%。业绩增长的主要原因系公司积极应 对外部环境的扰动，机队规模和航线结构实现扩充 和优化，新增运能有效投入；航空油料综合价格同 比下降，提升了公司的盈利水平；货站板块和地面 | 综合物流板块均 ...

Core Viewpoint - The company, China International Cargo Airlines Co., Ltd., has shown significant growth in revenue and net profit, indicating a strong performance in the air cargo logistics sector [2]. Financing Summary - On September 18, the company recorded a financing buy amount of 38.66 million yuan, with a net financing purchase of 14.09 million yuan after repayments [1]. - The current financing balance stands at 264 million yuan, accounting for 4.60% of the circulating market value [2]. - The company also saw a short selling activity with 5,900 shares repaid and 1,600 shares sold, amounting to 10,700 yuan at the closing price [2]. Business Overview - The company was established on November 14, 2003, and is located in Shunyi District, Beijing. It specializes in air cargo services, air cargo station services, and comprehensive logistics solutions [2]. - The revenue composition is as follows: air cargo services 71.01%, comprehensive logistics solutions 22.65%, air cargo station services 5.95%, and others 0.39% [2]. Financial Performance - For the period from January to June 2025, the company achieved a revenue of 10.935 billion yuan, representing a year-on-year growth of 21.92%. The net profit attributable to shareholders was 1.240 billion yuan, reflecting an impressive growth of 86.15% [2]. Shareholder Information - As of June 30, 2025, the company had 164,100 shareholders, a decrease of 19.93% from the previous period, with an average of 5,232 circulating shares per person, an increase of 27.85% [2]. - The company has distributed a total of 794 million yuan in dividends since its A-share listing [3]. Institutional Holdings - The top circulating shareholders include Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and Hong Kong Central Clearing Limited, with significant new holdings reported [3].

证券代码：001391 证券简称：国货航 中国国际货运航空股份有限公司 | 面提升安检效率，以信息化数字化提升保障能力 | | --- | | 和服务水平。感谢您的关注！ | | 问题九：现在全球大环境不好公司在未来航线布 | | 局方面有什么新的计划么？ | | 答：国货航在中航集团区域发展规划的基础上， | | 深入研究各区域经济发展特点和航空物流行业发 | | 展需求，结合公司业务布局和发展战略，统筹优 | | 化公司在长三角(华东)、粤港澳(华南)、成渝(西 | | 南)、京津冀(华北)等几个主要区域的业务发展、 | | 在航线网络方面积极运用新增运力，拓展航线网 | | 络和运力布局，调整资源投入和航线比例，改变 | | 原有货机机队在上海浦东单一航点运行的局面， | | 满足客户的多样化需求。未来国货航将坚持深耕 | | 华东市场、布局华南市场、培育西南市场的中长 | | 期策略，通过差异化定位和网络协同，形成独特 | | 网络布局及竞争优势。感谢您的关注，谢谢！ | | 问题十：美国及其他国家或地区的关税政策，对 | | 公司业务会产生哪些影响？ | | 答：当前，中美关税处于"暂停期"，还在进 ...

Core Viewpoint - China International Cargo Airlines Co., Ltd. has shown significant growth in revenue and net profit, indicating a strong position in the domestic air logistics market [2][3]. Financial Performance - For the period from January to June 2025, the company achieved operating revenue of 10.935 billion yuan, representing a year-on-year increase of 21.92% [2]. - The net profit attributable to shareholders reached 1.240 billion yuan, marking an impressive year-on-year growth of 86.15% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 19.93% to 164,100, while the average circulating shares per person increased by 27.85% to 5,232 shares [2]. - The company has distributed a total of 794 million yuan in dividends since its A-share listing [3]. Stock Market Activity - On August 29, the stock price of China International Cargo Airlines fell by 1.01%, with a trading volume of 251 million yuan [1]. - The financing buy-in amount for the same day was 24.5458 million yuan, while the financing repayment was 21.7952 million yuan, resulting in a net financing buy of 2.7507 million yuan [1]. - The total financing and securities lending balance reached 254 million yuan, with the financing balance accounting for 4.31% of the circulating market value [1].

Core Insights - The company reported a total operating revenue of 10.935 billion yuan for the first half of 2025, representing a year-on-year increase of 21.92% [1] - The net profit for the same period reached 1.24 billion yuan, showing a significant year-on-year growth of 86.22% [1] Revenue Breakdown - The main business revenue amounted to 10.893 billion yuan, with a year-on-year growth of 22.22% [1] - The revenue from the air cargo segment increased by 16.51%, while costs rose by 11.25%, leading to a gross margin increase of 3.91 percentage points [1] - The air cargo station segment saw a revenue increase of 2.15%, with costs decreasing by 0.05%, resulting in a gross margin increase of 2.10 percentage points [1] Operational Factors - The growth in profitability is attributed to the expansion and optimization of the fleet size and route structure, along with effective capacity input and a decrease in aviation fuel prices [1] - The transformation towards a platform-based operational model for cargo stations has enhanced quality and efficiency, with a continuous increase in cargo station throughput driving improved performance [1]

Core Insights - The company reported a total revenue of 10.935 billion yuan for the first half of the year, representing a year-on-year growth of 21.92% and a net profit of 1.24 billion yuan, with a significant increase of 86.15% [2] - The company operates as a comprehensive aviation logistics service provider, with its main business segments including air freight services, air cargo station services, and integrated logistics solutions [3] Financial Performance - For the first half of 2025, the company achieved a main business revenue of 10.893 billion yuan, up 22.22% year-on-year, and a gross profit of 1.765 billion yuan, which is an increase of 63.63% [3] - The overall gross margin improved to 16.20%, reflecting an increase of 4.10 percentage points compared to the previous year [3] Segment Analysis - The air freight segment saw a revenue increase of 16.51%, with costs rising by 11.25%, leading to a gross margin increase of 3.91 percentage points, attributed to fleet expansion and optimization of route structures, along with a decrease in aviation fuel prices [3] - The air cargo station segment experienced a revenue growth of 2.15% and a slight cost reduction of 0.05%, resulting in a gross margin increase of 2.10 percentage points, driven by the transformation towards a platform-based operational model [3] - The integrated logistics segment reported a revenue increase of 53.78% and a cost increase of 45.07%, with a gross margin improvement of 5.02 percentage points, due to the company's efforts in expanding its cross-border e-commerce client base [3]

Group 1 - The core business of the company includes air freight services, air cargo station services, and comprehensive logistics solutions, with air freight accounting for 73.72% of total revenue [2] - As of March 31, 2025, the company achieved operating revenue of 5.182 billion yuan, representing a year-on-year growth of 29.11%, and a net profit attributable to shareholders of 579 million yuan, with a year-on-year increase of 124.27% [2] - The company has a total of 205,000 shareholders as of March 31, 2025, with an average of 4,092 circulating shares per person, an increase of 122.11% compared to the previous period [2] Group 2 - The company has distributed a total of 794 million yuan in dividends since its A-share listing [3] - As of March 31, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 7.4436 million shares as a new shareholder [3] Group 3 - On August 22, the company's stock price increased by 0.15%, with a trading volume of 215 million yuan [1] - The financing buy-in amount on August 22 was 25.9329 million yuan, while the financing repayment was 19.5702 million yuan, resulting in a net financing buy-in of 6.3627 million yuan [1] - The total balance of margin trading for the company as of August 22 is 255 million yuan, with the financing balance accounting for 4.31% of the circulating market value [1]

Core Viewpoint - The company, China National Aviation Holding Company (国货航), is experiencing rapid growth in performance and capacity expansion, driven by the recovery of the air cargo industry and increased demand from cross-border e-commerce [1][3]. Financial Performance - For the first half of 2025, the company expects a net profit of between 1.187 billion and 1.267 billion yuan, representing a year-on-year increase of 78.13% to 90.14% [1][3]. - In 2024, the company achieved a revenue of 20.584 billion yuan, a year-on-year growth of 37.97%, and a net profit of 1.953 billion yuan, up 69.34% [2][3]. - The company’s revenue from air cargo and integrated logistics solutions saw significant recovery in 2024, with year-on-year increases of 48.16% and 16.43%, respectively [2][3]. Operational Expansion - The company has expanded its fleet and optimized its route structure, which are key factors in its performance growth [1][3]. - As of the reporting period, the company operates a fleet of 22 cargo aircraft, including newly introduced B777 and modified A330 aircraft, enhancing its capacity for international air transport [4]. Research and Development - The company has significantly increased its R&D expenditure, with a 400.87% rise to 14.2622 million yuan in 2024 and a staggering 5219.63% increase in the first quarter of 2025 [4][5]. - Various technology innovation projects have been initiated, including upgrades to the company’s portal website and the development of pricing management systems, supporting its digital transformation [5].

Group 1: Business Overview - China International Cargo Airlines focuses on three main business segments: air cargo, air cargo stations, and integrated logistics solutions [2][3] - As of the end of 2024, the company achieved revenue of CNY 3.98 billion and a gross profit of CNY 590 million from its integrated logistics solutions [3][4] Group 2: Operational Capacity - The company operates a fleet of 22 freighters, including 4 retired aircraft, with B777 and B747 as the main models covering long-haul markets, and A330 as a supplementary model for medium-range markets [4][5] - In 2024, the average daily utilization of freighters was 13.0 hours, with a cargo load factor of 72.5% [3][4] Group 3: Network and Infrastructure - China International Cargo Airlines has established 6 major cargo stations in Beijing, Tianjin, Hangzhou, Chengdu, and Chongqing [4][5] - The company has a logistics service network covering over 40 cities in China, with 4 operational centers in Beijing, Guangzhou, Shanghai, and Chengdu [5][6] Group 4: Competitive Advantages - The company benefits from a strong brand presence as a subsidiary of the Aviation Industry Corporation of China, enhancing its market position [4][5] - A diversified shareholder structure supports long-term development and stability [5][6] - The company has established a high-quality international cargo station network through partnerships with over 30 trucking service providers, covering more than 1,500 global ground routes [5][6] Group 5: Strategic Initiatives - China International Cargo Airlines is committed to enhancing cash management and optimizing the use of funds to improve return on net assets [6][7] - The company has developed a market value management plan to ensure sustainable growth and reasonable returns for investors [6][7]