Core Viewpoint - China National Airlines reported an increase in passenger turnover and capacity utilization, indicating a positive trend in operational performance for September 2025 [1][2] Group 1: Passenger Operations - The group's consolidated passenger turnover (measured in revenue passenger kilometers) increased by 5.6% year-on-year [1] - Passenger capacity input (measured in available seat kilometers) rose by 1.2% year-on-year [1] - Domestic passenger capacity input decreased by 0.3%, while domestic passenger turnover increased by 3.4% [1] - International passenger capacity input increased by 4.8%, with international passenger turnover rising by 11.4% [1] - Regional passenger capacity input decreased by 0.8%, but regional passenger turnover increased by 6.6% [1] - The average passenger load factor reached 83.2%, up by 3.5 percentage points year-on-year [1] - Domestic routes saw an increase in load factor by 3.0 percentage points, international routes by 4.7 percentage points, and regional routes by 5.1 percentage points [1] Group 2: Cargo Operations - Cargo capacity input (measured in available cargo ton kilometers) decreased by 2.9% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) increased by 4.6% year-on-year [1] - The cargo load factor was 41.4%, up by 3.0 percentage points year-on-year [1] Group 3: Fleet Update - The group introduced 5 A320 series aircraft and 2 B737 series aircraft in September 2025, while retiring 1 B747 series aircraft and 1 A320 series aircraft [2] - As of the end of September 2025, the group operated a total of 946 aircraft, including 419 owned, 233 under finance leases, and 294 under operating leases [2]

Core Insights - The company reported an increase in passenger turnover volume by 5.6% year-on-year, with a capacity input increase of 1.2% [1] - The average passenger load factor improved to 83.2%, up by 3.5 percentage points year-on-year [1] Passenger Operations - Domestic capacity input decreased by 0.3%, while passenger turnover increased by 3.4% [1] - International capacity input rose by 4.8%, with passenger turnover increasing by 11.4% [1] - Regional capacity input fell by 0.8%, but passenger turnover rose by 6.6% [1] Cargo Operations - Cargo capacity input decreased by 2.9%, while cargo turnover increased by 4.6% [1] - The cargo load factor improved to 41.4%, up by 3.0 percentage points year-on-year [1] Fleet and Route Expansion - Starting from September 28, 2025, the company will launch a new route from Beijing Daxing to Ganzhou Ruijin, operating seven flights per week [2] - In September 2025, the company introduced five A320 series aircraft and two B737 series aircraft, while retiring one B747 series and one A320 series aircraft [2] - As of the end of September 2025, the company operates a total of 946 aircraft, including 419 owned, 233 under finance leases, and 294 under operating leases [2]

Group 1: Passenger Traffic and Capacity - In September 2025, the combined passenger turnover (measured in revenue passenger kilometers) of China International Airlines and its subsidiaries increased by 5.6% year-on-year [1] - Passenger capacity (measured in available seat kilometers) increased by 1.2% year-on-year, with domestic capacity decreasing by 0.3% and international capacity increasing by 4.8% [1] - The average passenger load factor reached 83.2%, up by 3.5 percentage points year-on-year, with international routes showing a 4.7 percentage point increase [1] Group 2: Cargo Operations - Cargo capacity (measured in available cargo ton kilometers) decreased by 2.9% year-on-year, while cargo and mail turnover (measured in revenue cargo ton kilometers) increased by 4.6% [1] - The cargo load factor was 41.4%, an increase of 3.0 percentage points year-on-year [1] Group 3: Fleet Update - As of September 2025, the group introduced 5 A320 series aircraft and 2 B737 series aircraft, while retiring 1 B747 series aircraft and 1 A320 series aircraft [2] - The total fleet size reached 946 aircraft, comprising 419 owned, 233 financed through leasing, and 294 operated under operating leases [2]

Core Insights - China National Airlines (601111.SH) reported an increase in consolidated passenger turnover (measured in revenue passenger kilometers) for September 2025, with a year-on-year growth of 5.6% [1] Group 1: Passenger Operations - Passenger capacity input (measured in available seat kilometers) increased by 1.2% year-on-year [1] - Domestic passenger capacity input decreased by 0.3%, while domestic passenger turnover rose by 3.4% [1] - International passenger capacity input increased by 4.8%, with international passenger turnover rising by 11.4% [1] - Regional passenger capacity input decreased by 0.8%, but regional passenger turnover increased by 6.6% [1] - The average passenger load factor was 83.2%, up by 3.5 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 3.0 percentage points, international routes increased by 4.7 percentage points, and regional routes increased by 5.1 percentage points [1] Group 2: Cargo Operations - Cargo capacity input (measured in available cargo ton kilometers) decreased by 2.9% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) increased by 4.6% year-on-year [1] - The cargo load factor was 41.4%, up by 3.0 percentage points year-on-year [1] Group 3: Fleet Update - The company introduced 5 A320 series aircraft and 2 B737 series aircraft, while retiring 1 B747 series aircraft and 1 A320 series aircraft as of September 2025 [2] - As of the end of September 2025, the company operated a total of 946 aircraft, including 419 owned, 233 under finance leases, and 294 under operating leases [2]

Core Insights - China National Airlines (601111.SH) reported an increase in consolidated passenger turnover (measured in revenue passenger kilometers) for September 2025, with a year-on-year growth of 5.6% [1] Group 1: Passenger Operations - Passenger capacity input (measured in available seat kilometers) increased by 1.2% year-on-year [1] - Domestic passenger capacity input decreased by 0.3%, while domestic passenger turnover increased by 3.4% [1] - International passenger capacity input rose by 4.8%, with international passenger turnover increasing by 11.4% [1] - Regional passenger capacity input decreased by 0.8%, but regional passenger turnover increased by 6.6% [1] - The average passenger load factor was 83.2%, up by 3.5 percentage points year-on-year [1] - Domestic routes saw a load factor increase of 3.0 percentage points, international routes increased by 4.7 percentage points, and regional routes increased by 5.1 percentage points [1] Group 2: Cargo Operations - Cargo capacity input (measured in available cargo ton kilometers) decreased by 2.9% year-on-year [1] - Cargo and mail turnover (measured in revenue cargo ton kilometers) increased by 4.6% year-on-year [1] - The cargo load factor was 41.4%, up by 3.0 percentage points year-on-year [1] Group 3: Fleet Update - The company introduced 5 A320 series aircraft and 2 B737 series aircraft, while retiring 1 B747 series aircraft and 1 A320 series aircraft as of September 2025 [2] - As of the end of September 2025, the company operated a total of 946 aircraft, including 419 owned aircraft, 233 financed leased aircraft, and 294 operating leased aircraft [2]