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].

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]

Core Viewpoint - China International Airlines announced a significant increase in passenger turnover and capacity for the year, indicating strong recovery and growth in both domestic and international travel segments [1] Group 1: Passenger Traffic - 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] - 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] - Cargo load factor was recorded at 32.4%, up by 2.6 percentage points year-on-year [1] Group 3: Fleet Information - In February 2026, the group introduced 1 B737 series aircraft and retired 1 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]

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，並明確表示概不會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） 二零二六年二月的主要營運數據公告 隨附公告（「上交所公告」）乃由中國國際航空股份有限公司（「中國國航」）於二零二六年三 月十六日在上海證券交易所刊發，其中載有中國國航及其附屬公司（統稱「本集團」）二零 二六年二月的合併營運數據。本公告附上上交所公告乃由中國國航根據香港聯合交易所 有限公司證券上市規則（「上市規則」）第13.09條及第13.10B條，以及香港法例第571章證 券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而作出。 隨附上交所公告載列的數據來自本集團內部統計，可能與相關期間定期報告披露的數據 有差異。投資者應注意不恰當信賴或使用以上信息可能造成投資風險。 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 2026 年 2 月，中国国际航空股份有限公司（以下简称"本公司"）及所属 子公司（以下简称"本集团" ...

相關主要運營數據來自本集團內部統計，可能與相關期間定期報告披露的數據有差異。投 資者應注意不恰當信賴或使用相關資訊可能造成投資風險。 本公告乃根據將在上海證券交易所刊登的中國南方航空股份有限公司（「本公司」）及其 附屬公司（統稱「本集團」）2026年2月主要營運數據，香港聯合交易所有限公司證券上市 規則（「上市規則」）第13.09條及第13.10B條，以及香港法例第571章證券及期貨條例第 XIVA部項下之內幕消息條文（定義見上市規則）而作出。 2026年2月，本集團客運運力投入（按可利用座公里計）同比上升14.39%，其中國內、地區 和國際分別同比上升11.49%、13.24%和22.73%；旅客周轉量（按收入客公里計）同比上升 13.82%，其中國內、地區和國際分別同比上升10.68%、22.35%和23.03%；客座率為86.31%， 同比下降0.44個百分點，其中國內同比下降0.64個百分點，地區和國際分別同比上升6.05和 0.21個百分點。 貨運方面，2026年2月貨運運力投入（按可利用噸公里—貨郵運計）同比上升13.18%；貨郵 周轉量（按收入噸公里—貨郵運計）同比上升12.56%；貨郵載運率為 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 2026年2月，中国南方航空股份有限公司及所属子公司（以 下简称"本集团"）客运运力投入（按可利用座公里计）同比上 升14.39%，其中国内、地区和国际分别同比上升11.49%、13.24% 和22.73%；旅客周转量（按收入客公里计）同比上升13.82%，其 中国内、地区和国际分别同比上升10.68%、22.35%和23.03%； 客座率为86.31%，同比下降0.44个百分点，其中国内同比下降0.64 个百分点，地区和国际分别同比上升6.05和0.21个百分点。 货运方面，2026年2月，货运运力投入（按可利用吨公里— 货邮运计）同比上升13.18%；货邮周转量（按收入吨公里—货邮 运计）同比上升12.56%；货邮载运率为47.02%，同比下降0.26个 百分点。 2026年2月，本集团新增主要航线情况如下：广州-呼和浩特 1 证券代码：600029 证券简称：南方航空 公告编号：临 2026-012 中国南方航空股份有限公司 2026 年 2 月主要运营数据公告 -赤峰- ...

证券代码：601111 股票简称：中国国航 公告编号：2026-013 中国国际航空股份有限公司 2026年2月主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2026 年 2 月，中国国际航空股份有限公司（以下简称"本公司"）及所属 子公司（以下简称"本集团"）合并旅客周转量（按收入客公里计）同比上升。 客运运力投入（按可用座位公里计）同比上升 13.8%，旅客周转量同比上升 19.1%。 其中，国内客运运力投入同比上升 13.3%，旅客周转量同比上升 16.9%；国际客 运运力投入同比上升 14.0%，旅客周转量同比上升 23.7%；地区客运运力投入同 比上升 25.4%，旅客周转量同比上升 37.1%。平均客座率 85.9%，同比上升 3.8 个百分点。其中，国内航线同比上升 2.7 个百分点，国际航线同比上升 6.5 个百 分点，地区航线同比上升 6.8 个百分点。 货运方面，货运运力投入（按可用货运吨公里计）同比上升 11.5%，货邮周 转量（按收入货运吨公里计）同比上升 21.4%。货运载运率为 ...