Core Viewpoint - Avolon Holdings Limited, a subsidiary of Bohai Leasing, has disclosed its 2025 annual financial performance, showing significant growth in revenue and net profit, while also highlighting its operational achievements and future plans for shareholder value enhancement [2][3][6]. Financial Performance - Avolon's total assets as of December 31, 2025, amounted to $34.418 billion, a 2% increase from the end of 2024 [5] - The net profit for 2025 reached $591 million, representing a 29% increase year-on-year, excluding the impact of a settlement related to Russian aircraft insurance [6] - Total revenue for 2025 was $3 billion, also reflecting a 7% increase from the previous year, after adjusting for the aforementioned settlement [6] - Avolon achieved a net cash flow from operating activities of $2.144 billion, up 7% compared to the previous year [6] - The company plans to distribute a cash dividend of $151 million for the second half of 2025, totaling $297 million for the fiscal year [6] Operational Highlights - In 2025, Avolon received 168 aircraft, including 106 from Castlelake Aviation Limited, and completed the sale of 95 aircraft [8] - The company secured lease agreements for 59 new technology aircraft during the year [9] - Avolon successfully raised $6.6 billion in unsecured debt financing throughout 2025 [10] - As of December 31, 2025, Avolon managed a fleet of 1,132 aircraft, serving 139 airline customers across 61 countries [10] Credit Ratings - In May 2025, Fitch upgraded Avolon's issuer rating from "BBB-" to "BBB," while Moody's raised it from "Baa3" to "Baa2," both with stable outlooks [7] - Standard & Poor's revised Avolon's issuer rating outlook to "positive" [7] Shareholder Value Initiatives - Avolon plans to repurchase $600 million of its shares in the first quarter of 2026, with the company expected to receive approximately $420 million from this buyback [7]

Core Viewpoint - China Southern Airlines reported significant growth in passenger and cargo operations for December 2025, with notable increases in capacity and turnover, although passenger load factor experienced a slight decline [1][2]. Group 1: Passenger Operations - Passenger capacity (measured in available seat kilometers) increased by 11.89% year-on-year, with domestic, regional, and international segments rising by 6.81%, 2.80%, and 25.76% respectively [1]. - Passenger turnover (measured in revenue passenger kilometers) rose by 11.20% year-on-year, with domestic, regional, and international segments increasing by 6.88%, 5.72%, and 22.77% respectively [1]. - The passenger load factor was 84.05%, reflecting a year-on-year decrease of 0.53 percentage points, with domestic and regional segments showing slight increases of 0.05 and 2.16 percentage points, while the international segment decreased by 2.03 percentage points [1]. Group 2: Cargo Operations - Cargo capacity (measured in available ton kilometers) increased by 19.28% year-on-year [1]. - Cargo turnover (measured in revenue ton kilometers) rose by 10.86% year-on-year [1]. - The cargo load factor was 51.95%, showing a year-on-year decline of 3.95 percentage points [1]. Group 3: Fleet and Route Expansion - In December 2025, the company introduced new routes including Guangzhou-Jiaxing-Guangzhou (seven flights per week), Guangzhou-Darwin-Guangzhou (three flights per week), and Guangzhou-Madrid-Guangzhou (three flights per week) [2]. - The company added 8 aircraft (including 3 A320NEO, 3 A321NEO, 1 B737-8, and 1 C919) and retired 2 aircraft (1 A321 and 1 B737-700), bringing the total operational fleet to 972 aircraft by the end of December 2025 [2].

Group 1 - The core viewpoint of the articles highlights the operational performance and fleet updates of China Southern Airlines for December 2025, indicating growth in passenger and cargo metrics [1][2] Group 2 - In December 2025, passenger capacity (measured in available seat kilometers) increased by 11.89% year-on-year, with domestic, regional, and international segments rising by 6.81%, 2.80%, and 25.76% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 11.20% year-on-year, with domestic, regional, and international increases of 6.88%, 5.72%, and 22.77% respectively [1] - The passenger load factor was 84.05%, a decrease of 0.53 percentage points year-on-year, with domestic and regional load factors increasing by 0.05 and 2.16 percentage points, while international load factor decreased by 2.03 percentage points [1] - Cargo capacity (measured in available ton kilometers) increased by 19.28% year-on-year, and cargo turnover (measured in revenue ton kilometers) rose by 10.86% year-on-year [1] - The cargo load factor was 51.95%, a decline of 3.95 percentage points year-on-year [1] - New major routes introduced in December 2025 include Guangzhou-Jiaxing-Guangzhou (seven flights per week), Guangzhou-Darwin-Guangzhou (three flights per week), and Guangzhou-Madrid-Guangzhou (three flights per week) [1] Group 3 - The company introduced 8 new aircraft in December 2025, including 3 A320NEO, 3 A321NEO, 1 B737-8, and 1 C919, while retiring 2 aircraft, comprising 1 A321 and 1 B737-700 [2] - As of the end of December 2025, the total operational fleet consisted of 972 aircraft [2]

Group 1 - The core viewpoint of the announcement is that China Southern Airlines is increasing its passenger capacity and cargo operations significantly by December 2025, with notable growth in international routes and overall operational metrics [1][2] Group 2 - By December 2025, the group's passenger capacity (measured in available seat kilometers) is expected to increase by 11.89%, with domestic, regional, and international segments rising by 6.81%, 2.80%, and 25.76% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) is projected to rise by 11.20%, with domestic, regional, and international increases of 6.88%, 5.72%, and 22.77% respectively [1] - The passenger load factor is reported at 84.05%, showing a decrease of 0.53 percentage points year-on-year, with domestic and regional load factors increasing by 0.05 and 2.16 percentage points, while international load factor decreased by 2.03 percentage points [1] Group 3 - In terms of cargo operations, the cargo capacity (measured in available ton kilometers) is expected to rise by 19.28%, while the cargo turnover (measured in revenue ton kilometers) is projected to increase by 10.86% [1] - The cargo load factor stands at 51.95%, reflecting a year-on-year decrease of 3.95 percentage points [1] Group 4 - The group plans to introduce new major routes including Guangzhou-Jiaxing-Guangzhou (seven flights per week), Guangzhou-Darwin-Guangzhou (three flights per week), and Guangzhou-Madrid-Guangzhou (three flights per week) by December 2025 [1] Group 5 - By December 2025, the group will introduce 8 new aircraft, including 3 A320NEO, 3 A321NEO, 1 B737-8, and 1 C919, while retiring 2 aircraft, comprising 1 A321 and 1 B737-700 [2] - As of the end of December 2025, the group will operate a total of 972 transport aircraft [2]

Core Viewpoint - China Southern Airlines announced an increase in passenger capacity and cargo capacity for December 2025, indicating growth in both domestic and international markets [1][2] Group 1: Passenger Operations - The group's passenger capacity (measured in available seat kilometers) is expected to rise by 11.89% year-on-year, with domestic, regional, and international segments increasing by 6.81%, 2.80%, and 25.76% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) is projected to increase by 11.20% year-on-year, with domestic, regional, and international segments growing by 6.88%, 5.72%, and 22.77% respectively [1] - The passenger load factor is reported at 84.05%, a decrease of 0.53 percentage points year-on-year, with domestic and regional segments increasing by 0.05 and 2.16 percentage points, while the international segment decreased by 2.03 percentage points [1] Group 2: Cargo Operations - Cargo capacity (measured in available ton kilometers) is expected to increase by 19.28% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) is projected to rise by 10.86% year-on-year [1] - The cargo load factor is reported at 51.95%, a decrease of 3.95 percentage points year-on-year [1] Group 3: Fleet Expansion - The group plans to introduce 8 new aircraft, including 3 A320NEO, 3 A321NEO, 1 B737-8, and 1 C919, while retiring 2 aircraft, which include 1 A321 and 1 B737-700 [2] - As of the end of December 2025, the total operational fleet will consist of 972 aircraft [2] Group 4: New Routes - New major routes introduced include Guangzhou-Jiaxing-Guangzhou (7 flights per week), Guangzhou-Darwin-Guangzhou (3 flights per week), and Guangzhou-Madrid-Guangzhou (3 flights per week) [1]

证券代码：600029 证券简称：南方航空 公告编号：临 2026-002 中国南方航空股份有限公司 2025 年 12 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。 2025年12月，本集团引进8架飞机（包含3架A320NEO飞机、 3架A321NEO飞机、1架B737-8飞机和1架C919飞机），退出2架 飞机（包含1架A321飞机和1架B737-700飞机）。截至2025年12 月底，本集团合计运营972架运输飞机，具体保有情况如下： | 机型 | 自行保有 | 融资租赁 | 经营租赁 | 小计 | | --- | --- | --- | --- | --- | | 空客 350 系列 | 6 | 14 | 0 | 20 | | 空客 330 系列 | 10 | 15 | 0 | 25 | | 空客 320 系列 | 152 | 110 | 146 | 408 | | 波音 787 系列 | 13 | 20 | 10 | 43 | | 波音 777 系列 | 19 | 15 | 0 | 34 | ...

Group 1 - The core viewpoint of the articles highlights the operational performance and fleet updates of China Southern Airlines for December 2025, indicating growth in passenger and cargo metrics [1][2] Group 2 - In December 2025, passenger capacity (measured in available seat kilometers) increased by 11.89% year-on-year, with domestic, regional, and international segments rising by 6.81%, 2.80%, and 25.76% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 11.20% year-on-year, with domestic, regional, and international increases of 6.88%, 5.72%, and 22.77% respectively [1] - The passenger load factor was 84.05%, a decrease of 0.53 percentage points year-on-year, with domestic and regional load factors increasing by 0.05 and 2.16 percentage points, while international load factor decreased by 2.03 percentage points [1] - Cargo capacity (measured in available ton kilometers) increased by 19.28% year-on-year, and cargo turnover (measured in revenue ton kilometers) rose by 10.86% year-on-year [1] - The cargo load factor was 51.95%, a decrease of 3.95 percentage points year-on-year [1] - New major routes introduced include Guangzhou-Jiaxing-Guangzhou (seven flights per week), Guangzhou-Darwin-Guangzhou (three flights per week), and Guangzhou-Madrid-Guangzhou (three flights per week) [1] Group 3 - The company introduced 8 new aircraft in December 2025, including 3 A320NEO, 3 A321NEO, 1 B737-8, and 1 C919, while retiring 2 aircraft, comprising 1 A321 and 1 B737-700 [2] - As of the end of December 2025, the total operational fleet consisted of 972 aircraft [2]

Group 1 - The core viewpoint of the articles highlights the operational performance and capacity growth of China Southern Airlines in December 2025, with significant increases in passenger and cargo metrics [1][2] Group 2 - Passenger capacity (measured in available seat kilometers) increased by 11.89% year-on-year, with domestic, regional, and international segments rising by 6.81%, 2.80%, and 25.76% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 11.20% year-on-year, with domestic, regional, and international segments increasing by 6.88%, 5.72%, and 22.77% respectively [1] - The passenger load factor was 84.05%, a decrease of 0.53 percentage points year-on-year, with domestic and regional load factors increasing by 0.05 and 2.16 percentage points, while international load factor decreased by 2.03 percentage points [1] - Cargo capacity (measured in available ton kilometers) increased by 19.28% year-on-year, and cargo turnover (measured in revenue ton kilometers) rose by 10.86% year-on-year [1] - The cargo load factor was 51.95%, a decrease of 3.95 percentage points year-on-year [1] - New major routes introduced include Guangzhou-Jiaxing-Guangzhou (seven flights per week), Guangzhou-Darwin-Guangzhou (three flights per week), and Guangzhou-Madrid-Guangzhou (three flights per week) [1] Group 3 - The company introduced 8 new aircraft, including 3 A320NEO, 3 A321NEO, 1 B737-8, and 1 C919, while retiring 2 aircraft, comprising 1 A321 and 1 B737-700 [2] - As of the end of December 2025, the total operational fleet consisted of 972 aircraft [2]

Core Viewpoint - Avolon Holdings Limited, a subsidiary of Bohai Leasing Co., Ltd., has disclosed its key operational data for Q4 and the full year of 2025, highlighting significant growth in fleet size and operational achievements [1] Group 1: Operational Data - As of the end of 2025, Avolon’s fleet consisted of 1,132 aircraft, including 596 owned aircraft, 36 managed aircraft, and 500 on order, serving 139 airline customers across 61 countries [1] - In 2025, Avolon received a total of 168 aircraft, with 21 aircraft received in Q4 [1] - Avolon completed the sale of 95 aircraft in 2025, with 26 sales occurring in Q4, and the average age of sold aircraft was approximately 10 years [1] - There are 72 aircraft that have been agreed for sale but have not yet been delivered as of the end of 2025 [1] - Avolon secured lease agreements for 59 new technology aircraft in 2025, with 10 agreements finalized in Q4 [1] Group 2: Ratings and Orders - In May 2025, Avolon’s credit ratings were upgraded by Fitch from "BBB-" to "BBB" and by Moody's from "Baa3" to "Baa2," with stable outlooks from both agencies; S&P also revised Avolon's rating outlook to "positive" [1] - In July 2025, Avolon placed an order with Airbus for 90 aircraft, including 75 A321NEO and 15 A330NEO, scheduled for delivery by the end of 2033 [1]

Core Insights - The overall passenger turnover volume of multiple listed airlines has shown significant growth in October, indicating a potential improvement in industry conditions for the fourth quarter [1][4]. Group 1: China National Airlines - In October 2025, China National Airlines reported a year-on-year increase in combined passenger turnover volume (measured in revenue passenger kilometers) of 8.7% [1]. - Passenger capacity input (measured in available seat kilometers) increased by 4.3% year-on-year, with domestic capacity up by 3.2% and international capacity up by 7.5% [1]. - The average passenger load factor reached 85.3%, an increase of 3.4 percentage points year-on-year [1]. Group 2: China Eastern Airlines - China Eastern Airlines announced a year-on-year increase in passenger capacity input of 6.84% and a passenger turnover volume increase of 10.58% for October 2025 [2]. - The passenger load factor was reported at 87.52%, up by 2.97 percentage points year-on-year [2]. - Cargo turnover volume increased by 14.59% year-on-year [2]. Group 3: China Southern Airlines and Hainan Airlines - China Southern Airlines reported a 7.53% increase in passenger capacity input, with passenger turnover volume rising by 8.83% in October 2025 [3]. - The passenger load factor was 87.89%, an increase of 1.05 percentage points year-on-year [3]. - Hainan Airlines reported a 6.81% increase in passenger capacity input and a 7.33% increase in revenue passenger kilometers [3]. Group 4: Industry Outlook - According to a recent report by Cinda Securities, high passenger load factors and recovering ticket prices are expected to contribute to a rebound in travel demand in the fourth quarter [4]. - The airline industry has seen sustained high load factors and a recovery in ticket prices, which is anticipated to enhance airline revenue per seat [4]. - The implementation of "anti-involution" measures is expected to reduce malicious low pricing, further supporting ticket price recovery and airline profitability [4].