天眼查App显示，近日，中国国航（601111）发生工商变更，马崇贤卸任法定代表人、董事长，由刘铁 祥接任，注册资本由约162亿人民币增至约174.48亿人民币，同时多位主要人员发生变更。中国国际航 空股份有限公司成立于2006年3月，经营范围含国际、国内定期和不定期航空客、货、邮和行李运输业 务等。股东信息显示，该公司由中国航空集团有限公司、国泰航空有限公司、中国航空（集团）有限公 司等共同持股。据媒体报道，今年10月，中国国航发布公告称，公司收到董事长马崇贤先生辞呈，因工 作调整，马崇贤不再担任公司执行董事和董事长等职务。同日，公司选举刘铁祥为公司董事长。 ...

Investment Rating - The report maintains a "Recommended" rating for China National Airlines [5][6]. Core Views - In the first half of 2025, the company achieved revenue of 80.757 billion yuan, a year-on-year increase of 1.56%, and a net profit attributable to shareholders of -1.806 billion yuan, reducing losses by 35.11% compared to the same period last year [2]. - The company turned a profit in Q2 with a net profit of 238 million yuan, following a loss of 2.044 billion yuan in Q1 [2]. - Passenger revenue decreased slightly, but the decline was within expectations, attributed to rising fuel costs and an increase in the proportion of international routes [3]. - The introduction of the "Self-Discipline Agreement for Air Passenger Transport" aims to promote high-quality development in the industry and stabilize ticket prices [4]. Financial Performance - The company’s passenger revenue for the first half of 2025 was 73.196 billion yuan, with a slight increase of 0.59 million yuan year-on-year [3]. - The unit cost of ASK (Available Seat Kilometer) excluding fuel increased to 0.304 yuan, while the unit fuel cost decreased from 0.158 yuan to 0.137 yuan, contributing to the profit recovery in Q2 [3]. - The company plans to introduce 47 aircraft and retire 18 in 2025, indicating cautious growth in fleet size [4]. Profit Forecast - The forecasted net profits for 2025, 2026, and 2027 are 1.88 billion yuan, 6.31 billion yuan, and 7.93 billion yuan, respectively, with corresponding EPS of 0.11, 0.36, and 0.45 yuan [5][11].