China Express Airlines: Leadership transition, governance enhancements and strong H1 performance

China Express Airlines (SZSE:002928) reported a 12.41% increase in operating revenue to 3,609,647,378.95 yuan and an 858.95% increase in net profit to 250,778,905.56 yuan for the first half of 2025. The results were driven by improved aircraft utilization and expanded regional routes. The company also announced the upcoming election of its Fourth Board of Directors, comprising six non-independent directors and three independent directors. The election will be held via cumulative voting at the second extraordinary general meeting on September 15, 2025, pending Shenzhen Stock Exchange approval for independent director qualifications.

In conjunction with the board election, China Express Airlines is updating its corporate governance framework. This includes revisions to its Articles of Association, Shareholder Meeting Rules, Board of Directors Meeting Rules, and Independent Director Work System. New policies will also be formulated, such as the Executive and Senior Management Resignation Management System, Certified Public Accountant Selection System, and Market Value Management System. These revisions align the company’s governance with the latest regulatory requirements, focusing on internal control and transparency.

The company further disclosed that its H1 2025 raised capital stood at 2,409,437,835.84 yuan, with 993,670,639.20 yuan utilized to date. A portion of the idle raised capital, 976,790,626.73 yuan, is temporarily supplementing working capital, demonstrating a strategic approach to capital management amidst the ongoing operational and governance improvements.