Summary of Key Points from Conference Call Industry Overview - The conference call covers the **aviation**, **real estate**, and **insurance** industries in China. Aviation Industry Insights - Domestic and international ticket prices have achieved mid-single-digit growth, with long-haul routes, especially to Europe and Australia, exceeding 2019 levels. However, ticket prices for routes to Thailand have decreased due to earthquake impacts, while Japan's route saw a drop in prices due to increased capacity but maintained high revenue. South Korea's route showed stable passenger load factors and ticket prices [1][3] - Spring Airlines is exploring a new pricing model where tickets are sold at lower prices in advance during peak seasons, gradually increasing prices to avoid last-minute price drops and enhance customer satisfaction, potentially becoming a common strategy for future peak seasons [1][5] - A new trend in cooperation between airlines and OTAs (Online Travel Agencies) is emerging, such as Eastern Airlines' app allowing the purchase of tickets from other airlines and providing flexible transfer services on the Beijing-Shanghai route, enhancing ticket purchasing convenience and operational efficiency [1][6] - Airlines are encouraged to strengthen cooperation to rationally allocate capacity and maintain reasonable ticket prices to combat losses from price competition during off-peak seasons. Despite concerns over demand, exchange rates, and oil prices, leisure demand remains stable [1][9] - Supply-side tensions in the aviation industry are attributed to delays in aircraft deliveries and maintenance capacity bottlenecks, with material shortages affecting effective supply. If demand remains strong, a price turning point is imminent [1][10] Real Estate Industry Insights - The real estate market in April showed rapid weakening, with both transaction volume and prices declining, particularly in the secondary housing market, where prices fell by 1.7% month-on-month. The market is expected to deteriorate further in the coming months due to declining visitor numbers and a lack of supportive policies [1][4][17] - Morgan Stanley has pushed back its forecast for the domestic residential market to bottom out until the second half of 2026 or early 2027, citing high tariff risks, weakened policy support, and deteriorating leading indicators [1][25] - The cancellation of the pre-sale system for real estate could slow developers' asset turnover rates, increase liquidity risks, and raise leverage ratios, negatively impacting the long-term stability of the real estate industry [1][13] - Recommendations for investors include focusing on high-quality state-owned developers like China Resources Land, which has a strong balance sheet and operational capabilities, and potential high dividend yield stocks like Jianfa International [1][19] Insurance Industry Insights - The insurance industry's liability side showed continued improvement in Q2, with a shift towards participating insurance products. The overall trend indicates a V-shaped recovery in the liability side, with product structures gradually optimizing [1][20] - The investment side of the insurance industry turned positive in Q2, with most companies achieving positive returns on equity investments despite a slight decline in interest rates [1][21] - Recent regulatory focus on insurance capital markets has created opportunities for high-dividend stocks, with some companies improving their solvency ratios through asset reclassification [1][22] - The overall market sentiment in the insurance industry is improving, with stable interest rates and good sales performance expected in Q2 2025, although traditional insurance rates may see a decline [1][23][24]

上形成了民航和高铁旅客"对流"的趋势。作为应对，会议建议各航空有关单位通过深化供给侧结构性改 革、技术创新与政策协同共同遏制"内卷"，进一步强化细分市场，创新更多差异化服务。 最繁忙的京沪航线PK最赚钱的京沪高铁 据悉，目前，该服务适用于挂国航或东航代码且实际承运的上海虹桥机场往返北京首都机场的单程单航 段航班（不含代码共享航班）。旅客持有经济舱6折及以上舱位的客票，即可享受该服务，在支付机票 价差后，将航班改签至同日东航、国航实际承运的同航段航班，8折以上舱位的客票还可限免一次签转 手续费。旅客需在未托运行李或无托运行李前提下，于航班起飞前在值机区航司指定的柜台办理，以航 司具体通知为准。 2024年9月，虹桥机场发布了"虹桥快线"服务产品，为前往京广深蓉等地的15条航线提供每日16架次以 上的"公交化"航班时刻，以及专属值机柜台和安检通道、航班优先放行、优先靠桥、行李30分钟内提取 等服务。其中，"上海虹桥—北京首都"每日频次高达近80架次，是国内频次最高的快线之一，东航、国 航的航班总计占比近9成。 随着国内航空市场开放、低成本航空发展以及国际航空公司对中国市场加大运力投入，近年来，民航业 的竞争日趋激 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 00753 承董事會命 茲提述中國國際航空股份有限公司（「本公司」）日期為二零二五年三月二十七日的二零二 四年年度業績公告（「該公告」）。除另有界定者外，本公告所用詞彙應與該公告所界定者 具有相同涵義。 延遲股東週年大會 誠如該公告所披露，本公司截至二零二四年十二月三十一日止年度之股東週年大會（「股 東週年大會」）原定於二零二五年五月二十八日（星期三）舉行。根據本公司實際工作安 排，本公司已決定延遲股東週年大會至今年六月（二零二五年六月三十日或之前）（「延遲 股東週年大會」）。 取消股東週年大會暫停辦理股份過戶登記期間及記錄日期 中國國際航空股份有限公司 延遲股東週年大會及取消暫停辦理股份過戶登記期間及記錄日期 由於延遲股東週年大會，該公告中所披露的股東週年大會暫停辦理股份過戶登記期間（即 二零二五年五月二十一日（星期三）至二零二五年五月二十八日（星期三）（首尾兩日包括在 內）期間）及記錄日期（即二零二 ...

Group 1 - Hong Kong aviation stocks experienced a significant rise at the beginning of trading, with China National Aviation (00753.HK) increasing by over 6% [1] - China Southern Airlines (01055.HK) and Beijing Capital International Airport (00694.HK) both saw gains of over 4%, while China Eastern Airlines (00670.HK) rose nearly 4% [1] - The appreciation of Asian currencies during the May Day holiday is expected to help airlines reduce transportation costs [1]

Financial Performance - Total revenue for Q1 2025 was RMB 40,023,324 thousand, a slight decrease of 0.11% compared to RMB 40,065,742 thousand in the same period last year[7] - Net profit attributable to shareholders was a loss of RMB 2,043,993 thousand, representing a decline of 22.07% from a loss of RMB 1,674,456 thousand year-on-year[7] - Basic and diluted earnings per share were both RMB -0.12, a decrease of 9.09% compared to RMB -0.11 in the same period last year[7] - The company reported a net loss of RMB 32,788,113 for the period ending March 31, 2025, compared to a net loss of RMB 30,744,120 for the same period in 2024[24] - Net profit for Q1 2025 was -2,535,241, compared to -2,001,897 in Q1 2024, indicating a worsening of approximately 26.6%[26] - The company reported a total comprehensive loss of -2,614,262 in Q1 2025, compared to -2,063,807 in Q1 2024, reflecting an increase in losses of about 26.7%[27] - Operating revenue for Q1 2025 was 23,876,695, a decrease of 2.14% compared to Q1 2024's 24,397,913[39] - Net profit for Q1 2025 was -2,156,781, compared to -1,874,550 in Q1 2024, indicating a worsening performance[39] - The company’s operating profit for Q1 2025 was -2,197,849, compared to -1,894,801 in Q1 2024, indicating continued operational challenges[39] Cash Flow and Liquidity - Net cash flow from operating activities decreased by 11.33% to RMB 8,341,401 thousand from RMB 9,407,344 thousand in the previous year[7] - Cash flow from operating activities for Q1 2025 was 3,262,802, down 34.6% from 4,994,564 in Q1 2024[43] - Cash inflows from operating activities totaled 44,580,447 in Q1 2025, slightly lower than 44,716,587 in Q1 2024[30] - Cash and cash equivalents increased to RMB 23,305,212 as of March 31, 2025, from RMB 22,467,901 as of December 31, 2024, marking a growth of approximately 3.70%[21] - The total cash and cash equivalents at the end of Q1 2025 stood at RMB 21,771,862 thousand, slightly down from RMB 21,935,304 thousand at the end of Q1 2024[32] - The company reported a net increase in cash and cash equivalents of RMB 732,390 thousand in Q1 2025, compared to a significant increase of RMB 6,918,500 thousand in Q1 2024[32] Assets and Liabilities - Total assets at the end of the reporting period were RMB 345,163,318 thousand, down 0.18% from RMB 345,769,412 thousand at the end of the previous year[9] - The total liabilities as of March 31, 2025, were RMB 306,832,371, compared to RMB 304,824,203 as of December 31, 2024, representing an increase of approximately 0.66%[23] - Current assets decreased to RMB 16,568,932 thousand as of March 31, 2025, from RMB 17,354,179 thousand as of December 31, 2024, reflecting a decline of 4.5%[34] - Total non-current assets decreased to RMB 217,128,502 thousand as of March 31, 2025, from RMB 218,389,381 thousand as of December 31, 2024, a decrease of 0.6%[35] - Owner's equity decreased to RMB 49,144,037 thousand as of March 31, 2025, down from RMB 51,300,818 thousand as of December 31, 2024, a decline of 4.2%[37] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 151,206[15] - The largest shareholder, China National Aviation Holding Company, held 42.53% of the shares, with 854,700,854 shares frozen[17] - The major shareholders collectively hold 53.71% of the company's shares, with China Aviation Group being the largest shareholder[18] Operating Costs and Expenses - Total operating costs increased to 44,421,862 in Q1 2025 from 43,614,326 in Q1 2024, representing a year-over-year increase of approximately 1.84%[25] - The company incurred sales expenses of 1,741,182 in Q1 2025, marginally higher than 1,740,842 in Q1 2024[25] - Research and development expenses remained stable at 85,246 in Q1 2025 compared to 85,305 in Q1 2024[25] - Research and development expenses for Q1 2025 were 36,966, a slight decrease from 38,241 in Q1 2024[39] - Interest expenses for Q1 2025 were 875,749, down from 1,039,229 in Q1 2024, reflecting a reduction in financing costs[39] Investment Activities - Cash inflow from investment activities totaled RMB 509,314 thousand in Q1 2025, up from RMB 358,112 thousand in Q1 2024, representing an increase of 42.2%[31] - Cash outflow from investment activities increased significantly to RMB 4,723,565 thousand in Q1 2025 from RMB 2,868,384 thousand in Q1 2024, marking a rise of 64.5%[31] - The company reported a net cash outflow from investing activities of -3,045,555 in Q1 2025, compared to -1,798,943 in Q1 2024[43] Strategic Focus - The company continues to focus on expanding its market presence and enhancing its operational efficiency through strategic initiatives[19] - The total revenue for the first quarter of 2025 is yet to be disclosed, but the company is expected to provide guidance in the upcoming earnings call[24]

Core Viewpoint - Gengxing Co., Ltd. will be subject to delisting risk warnings and other risk warnings starting from April 29, with its stock name changed to *ST Gengxing, and a daily price fluctuation limit of 5% [2][3]. Summary by Relevant Sections Delisting Risk Warning - Gengxing Co., Ltd. is facing delisting risk due to negative values in total profit, net profit, or net profit after deducting non-recurring gains and losses for 2024, along with operating revenue below 300 million yuan [3]. - The company’s audited net assets at the end of 2024 are also negative, which triggers the delisting risk warning according to the Shanghai Stock Exchange listing rules [3]. Other Risk Warning - The company will also receive other risk warnings because its net profit after deducting non-recurring gains and losses has been negative for three consecutive years, and the audit report for 2024 indicates significant uncertainty regarding its ability to continue as a going concern [5]. Financial Performance - In Q1 2025, Gengxing Co., Ltd. reported an operating revenue of 83.19 million yuan, a decrease of 53.42% year-on-year [6][7]. - The net profit attributable to shareholders was -1.53 million yuan, and the net profit after deducting non-recurring gains and losses was -1.82 million yuan [7]. - As of the end of Q1 2025, the company's net assets attributable to shareholders were -4.97 million yuan, compared to -3.44 million yuan at the end of 2024 [9]. Business Strategy - The company aims to revoke the delisting risk warning by focusing on its core business, optimizing resource allocation, and seeking new profit growth points [6]. - Gengxing Co., Ltd. has shifted its focus to bulk commodity supply chain business, particularly liquefied petroleum gas, after reducing its coal supply chain operations [6][10].

目录 | 关于本报告 | 02 | | --- | --- | | 董事长致辞 | 04 | | 董事会 ESG 声明 | 06 | | C919 引进大事记 | 08 | | 走进国航 | 10 | | 2024 ESG 核心绩效 | 16 | | 荣誉奖项 | 18 | | 联合国 2030 可持续发展目标 | 20 | 可持续发展管理 01 03 06 ESG 治理体系 利益相关方沟通 重要性议题判定 公司治理 风险管理 反贪腐与商业道德 责任供应链 创新驱动 知识产权保护 平等对待中小企业 数字化转型 24 26 29 30 35 39 42 44 46 46 46 安全运营 05 02 | 安全管理 | | --- | | 保障旅客安全 | 低碳发展 | 环境管理与生态保护 | 05162 | | --- | --- | | 应对气候变化 | 64 | | 资源利用 | 75 | | 污染防治 | 78 | 品质服务 服务质量管理 客户体验优化 04 07284 84 89 | 员工发展 | | --- | | 员工雇佣与权益 | | 员工培训与发展 | | 员工健康与安全 | | 08294 | ...

24 April 2025 Dear non-registered H shareholder(s), (a joint stock limited company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號: 00753) Arrangement of Electronic Dissemination of Corporate Communications If you want to receive the Corporate Communications in printed form, please complete the enclosed Reply Form and return the enclosed Reply Form to the Company's H share registrar (the "H Share Registrar"), Computershare Hong Kong Investor Serv ...

(a joint stock limited company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號: 00753) Dear registered H shareholder(s), 24 April 2025 Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that ...

Safety and Operational Efficiency - In 2024, Air China achieved a safety flight record of 2.95 million hours, representing a 17% year-on-year increase[13]. - The company emphasizes safety management and has implemented a three-year action plan to address major safety hazards[13]. - The average daily utilization rate of aircraft has improved year-on-year, reflecting enhanced operational efficiency[14]. - The company achieved a total of 295 million safe flight hours, maintaining a stable safety record[32]. - The company is enhancing its risk management framework to ensure effective control of various operational risks[47]. Financial Performance - The company's operating revenue for 2024 reached RMB 166.70 billion, a significant increase of 18.2% compared to RMB 141.10 billion in 2023[20]. - The operating profit for 2024 was RMB 2.22 billion, a decrease from RMB 2.89 billion in 2023, indicating a decline of 23.1%[20]. - The company reported a net loss attributable to shareholders of RMB 232.56 million for 2024, an improvement from a loss of RMB 1.04 billion in 2023[20]. - The total assets as of December 31, 2024, amounted to RMB 345.75 billion, up from RMB 335.28 billion in 2023, reflecting a growth of 1.5%[22]. - The total liabilities increased to RMB 304.82 billion in 2024 from RMB 300.01 billion in 2023, marking a rise of 1.3%[22]. Capacity and Traffic Growth - The passenger traffic increased by 23.8% to 155.32 million in the current period compared to 125.45 million in the previous period[24]. - The international passenger traffic surged by 142.43%, reaching 16.32 million compared to 6.73 million in the previous period[24]. - The available seat kilometers (ASK) rose by 21.74% to 356.10 million from 292.51 million[24]. - The number of flights increased to 1,024,492, representing a growth of 13.51% compared to the previous period[25]. - The average passenger load factor for the group is 83.01%, an increase of 6.92 percentage points year-on-year[59]. Investment and Fleet Management - The group invested 356.1 billion seat kilometers throughout the year, which is a 22% increase compared to the previous year[14]. - The company introduced 36 new aircraft and retired 11 during the year[26]. - The average aircraft age in the fleet is 9.90 years, with a total of 930 aircraft as of December 31, 2024[27]. - The company aims to become the first global user of the C929 aircraft, supporting the development of domestically produced aircraft[16]. - The company has established a quarterly product release mechanism to strengthen marketing innovation and brand influence[14]. Customer Service and Experience - The company aims to enhance service quality and customer satisfaction through a customer service center and digital service improvements[18]. - The company has introduced a new in-flight meal reservation management system, allowing personalized meal selection for passengers starting from September 2024[41]. - The company has optimized compensation standards for passengers during irregular flight scenarios to improve service experience[40]. - A team of 157 service experts has been established to support service quality improvements and standard enhancements[40]. - The company is actively promoting brand awareness through various events and exhibitions, including the C919 inaugural flight series[48]. Digital Transformation and Innovation - The company is focusing on digital transformation to enhance safety operations, marketing services, and management collaboration, aiming to improve operational efficiency and service quality[41]. - Digital innovation initiatives have made significant progress, with key advancements in digital platform development[69]. - The company established a Digital Transformation Office to enhance its digital capabilities and operational efficiency[146]. - The company has implemented a robust internal control environment, supported by an effective electronic information system, including the ORACLE financial information system[152]. - The company regularly publishes operational data to enhance transparency and provide timely updates on its developments[152]. Governance and Compliance - The company is committed to maintaining and improving corporate governance standards to enhance accountability and transparency for long-term shareholder returns[107]. - The board of directors attended 100% of the annual general meetings and maintained high attendance rates across various committee meetings, demonstrating diligence and commitment to shareholder interests[113]. - The company has established a mechanism for the board to obtain independent opinions, enhancing decision-making objectivity and effectiveness[120]. - The company emphasizes the importance of board diversity, ensuring that no single gender dominates the board composition[123]. - The company is focusing on compliance management and risk assessment as part of its governance strategy[133]. Shareholder Engagement and Communication - The board of directors emphasizes the importance of shareholder feedback and has established communication channels for inquiries[166]. - The company has conducted a review of its shareholder communication policies and is satisfied with the effectiveness of these measures[166]. - The company actively engages with minority shareholders to gather feedback and address concerns[184]. - The company maintains compliance with public shareholding requirements as per the Hong Kong Stock Exchange regulations[183]. - The company is committed to timely disclosure of material information to the public, adhering to relevant legal obligations[160]. Future Outlook and Strategic Focus - The group plans to enhance operational efficiency and improve service quality as part of its 2025 strategic focus[63]. - The company aims to enhance its hub network strategy, focusing on developing international hubs in Beijing and Chengdu to differentiate itself in the market[101]. - The company plans to continue product innovation and improve customer experience to achieve stable operations and better returns for shareholders[168]. - The company is committed to addressing major risks and uncertainties while focusing on sustainable development and compliance with relevant laws and regulations[170]. - The company aims to enhance safety management and optimize resource allocation to improve operational efficiency and marketing capabilities[168].