According to Zhito Finance APP, on December 19, China National Aviation (001391.SZ) began its subscription, with an issue price of 2.30 yuan per share, a subscription limit of 0.396 million shares, a PE of 25.56 times, belonging to the Shenzhen Stock Exchange, and CITIC SEC as the sponsor (lead underwriter).

The prospectus shows that China National Aviation carries the profound development accumulation of the Aviation Group for air transportation, providing professional and reliable solutions for air cargo transportation needs, and has developed into one of the main aviation logistics service providers in China. Based on the specific content and forms of the services provided, China National Aviation's main business can be divided into three sectors: air cargo services, air cargo station services, and comprehensive logistics solutions.

In terms of market share, after more than 20 years of development, China National Aviation has become one of the main aviation logistics service providers in China, possessing industry representation.

As of June 30, 2024, China National Aviation owns 20 freighters, of which 13 are currently in operation, with 3 new freighters scheduled to be gradually operated starting in July 2024. Four have been retired and are awaiting transfer, and the company's cargo and mail transportation volume and cargo mail turnover are advantageous among domestic aviation logistics enterprises.

As of June 30, 2024, China National Aviation has 6 air cargo stations in five locations: Peking, Chengdu, Chongqing, Tianjin, and Hangzhou, providing cargo ground handling services including air cargo warehousing, depot operations, apron support, document processing, and information exchange for international and domestic airlines. From 2021 to 2023 and January to June 2024, the total cargo volume handled at the five locations was 1.2065 million tons, 0.919 million tons, 0.947 million tons, and 595,400 tons respectively.

China National Aviation focuses on contract logistics and freight forwarding services based on civil aviation express. By the end of the reporting period, civil aviation express had established branches in 42 cities across the country, and the domestic logistics service network of civil aviation express has covered major cities nationwide through self-operated and outsourced networks. In addition, civil aviation express has established 4 production operation distribution centers in Peking, Guangzhou, Shanghai, and Chengdu, and has express green channels at some airports, providing rapid pickup and fast delivery services.

In summary, since its establishment, China National Aviation has formed a stable and mature business model after more than 20 years of development, with stable operating performance. It has now developed into one of the major Aviation Logistics service providers in the country.

In terms of finance, from 2021 to 2024 (for January to June), China National Aviation achieved revenue of approximately 24.305 billion yuan, 23.076 billion yuan, 14.919 billion yuan, and 8.969 billion yuan respectively, with net income during the same period of approximately 4.345 billion yuan, 3.111 billion yuan, 1.155 billion yuan, and 0.666 billion yuan.