（文章来源：证券日报） 证券日报网讯 1月12日，东航物流在互动平台回答投资者提问时表示，公司主营业务为航空货运物流服 务，目前执飞机型为大型宽体货机B777。 ...

齐心协力推动"十五五"良好开局，就要把民航发展放在国家工作大局中，服务构建新发展格局。要统筹 国内国际两个市场，积极服务全方位扩大内需和高水平对外开放。在扩大内需方面，要通过构建大容 量、多频次、高效率的航空运输骨干网，完善覆盖面广、通达性强的航空运输基础网，不断提升航线网 络覆盖面和通达性。通过积极开发差异化航空服务产品，充分释放航文旅消费活力，满足旅客的多样化 需求。进一步提升航空货运物流支撑能力，优化航空物流基础设施布局，推动航空物流深度嵌入产供 链，服务先进制造业等实体经济。在对外开放方面，要统筹传统国际市场结构优化和新兴市场布局拓 展，扎实推进空中丝绸之路建设。发挥民航"一带一路"合作平台作用，持续深化产品、服务、技术、管 理、标准等多领域对外交流合作。深度参与全球民航治理，维护国家核心利益和行业发展权益。 齐心协力推动"十五五"良好开局，需要全行业鼓足干劲，深入推进发展提质增效。要以提升民航核心竞 争力为立足点，切实提升行业经营效益、运行效率、服务品质。新的一年，我们要在规章制度、体制机 制、行业监管等多个方面采取措施，进一步深入整治"内卷式"竞争，推动行业发展质量效益齐升；要通 过调整优化空域结 ...

Financial Performance - For the first half of 2025, the company's operating revenue was approximately 11.26 billion, a slight decrease from 11.29 billion in the same period last year, reflecting a year-on-year decline of 0.26% [1] - The total profit for the same period was approximately 1.93 billion, an increase of 7.35% compared to 1.80 billion in the previous year [1] - The net profit attributable to shareholders was approximately 1.29 billion, showing a marginal increase of 0.40% from 1.28 billion in the previous year [1] - The net profit after deducting non-recurring gains and losses was approximately 1.16 billion, down 3.38% from 1.20 billion in the same period last year [1] - The net cash flow from operating activities was approximately 2.81 billion, a significant increase of 177.31% compared to 1.02 billion in the previous year [1] Asset and Liability Changes - As of the end of the first half of 2025, the company's net assets attributable to shareholders increased to approximately 18.34 billion, up from 17.51 billion at the end of the previous year [1] - The company's right-of-use assets increased by 26.45%, while fixed assets increased by 5.7% [40] - Lease liabilities rose by 32.51%, and non-current liabilities due within one year increased by 104.59% [44] Shareholder Structure - The top ten shareholders as of the end of the first half of 2025 included new shareholders such as China Post Life Insurance and others, replacing previous shareholders [52] - The largest shareholder, Legend Holdings, held approximately 11.29% of the total shares, remaining unchanged [53] Valuation Metrics - As of August 29, the company's price-to-earnings (P/E) ratio was approximately 9.12, the price-to-book (P/B) ratio was about 1.34, and the price-to-sales (P/S) ratio was around 1.02 [1]

Group 1 - The stock price of Guohang is reported at 6.74 yuan, down by 0.02 yuan from the previous trading day, with a trading volume of 166,400 hands and a transaction amount of 112 million yuan, resulting in a turnover rate of 1.94% [1] - Guohang's main business is air cargo logistics services, with international freight routes opened to major regions and cities globally, including Europe and America. In 2024, international revenue is expected to reach 16.501 billion yuan, accounting for 80.16% of total operating income, covering 21 cities in 12 countries [1] - The company recently stated on its investor interaction platform that the proportion of international revenue will exceed 80% in 2024, with its route network covering major global cargo markets [1] Group 2 - From a capital flow perspective, Guohang experienced a net outflow of 10.7085 million yuan on the day, with a cumulative net outflow of 34.7567 million yuan over the past five trading days [2]

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]