Core Viewpoint - The performance of China Civil Aviation Information Network in the first half of 2025 shows growth in several core business indicators against the backdrop of a record high in the civil aviation passenger market. However, challenges such as a decline in foreign airline business processing volume, cost control pressures, and adjustments in business structure warrant attention [1]. Group 1: Core Business Growth - The electronic travel distribution system processed approximately 370.7 million passengers, a year-on-year increase of 5.3%, primarily driven by strong performance from domestic airlines, with processing volume for Chinese airlines up by 5.5% [3]. - The company has solidified its monopoly position in the domestic aviation tourism information technology solutions market, but the processing volume for foreign and regional airlines decreased by 7.8%, indicating challenges in international business expansion [3]. - The self-developed universal self-service check-in system is used in 240 major domestic and international airports, with online check-in services applied in 360 airports, processing approximately 239.6 million outbound passengers [3]. Group 2: Settlement and Clearing Business Growth - The settlement and clearing business became a highlight in the first half of the year, with approximately 628.4 million transactions processed, a year-on-year increase of 3.7%, and agency settlement amounts exceeding 35.61 billion RMB, a significant increase of 20.0% [4]. - The growth in settlement amounts outpaced transaction volume growth, indicating a notable increase in the average transaction value [4]. - The company has optimized its third-generation passenger revenue management platform in line with IATA's new distribution capability standards, successfully integrating with 11 airlines [4]. Group 3: Technology Innovation and Commercialization Challenges - The company has made significant investments in technology innovation, with a cumulative total of 19 signed clients for digital retail middle platform solutions and 29 airlines served by the enterprise-level data middle platform [6]. - The company is actively exploring emerging technologies such as artificial intelligence, blockchain, and digital currency, with the low-altitude economy business collaboration platform signing its first user [6]. - However, the commercialization level and profitability contribution of these technology innovation projects remain unclear, posing a challenge for the company to convert its technological advantages into market competitiveness and economic benefits [6].