Financial Performance - The operating revenue for Q1 2025 was CNY 40,023,324, a slight decrease of 0.11% compared to CNY 40,065,742 in the same period last year[3] - The net profit attributable to shareholders was a loss of CNY 2,043,993, representing a decline of 22.07% from a loss of CNY 1,674,456 in the previous year[3] - The basic and diluted earnings per share were both -CNY 0.12, a decrease of 9.09% compared to -CNY 0.11 in the same period last year[3] - The weighted average return on equity was -4.64%, a decrease of 0.17 percentage points from -4.47% in the previous year[3] - The company reported a significant increase in non-recurring gains from government subsidies and other income, contributing positively to the overall financial performance despite the net loss[5] - The company reported a net loss of RMB 32,788,113 for the period, compared to a loss of RMB 30,744,120 in the previous period, reflecting a worsening of approximately 6.67%[14] - The company’s total comprehensive income for Q1 2025 was -2,614,262 thousand RMB, compared to -2,063,807 thousand RMB in Q1 2024, reflecting a worsening financial position[18] - Net profit for Q1 2025 was -2,535,241 thousand RMB, compared to -2,001,897 thousand RMB in Q1 2024, indicating a decline in profitability[18] Cash Flow and Assets - The net cash flow from operating activities decreased by 11.33% to CNY 8,341,401 from CNY 9,407,344 year-on-year[3] - Cash inflows from operating activities in Q1 2025 totaled RMB 25,058,044 thousand, down 6.20% from RMB 26,718,182 thousand in Q1 2024[28] - The total current assets amounted to RMB 41,772,386, an increase from RMB 40,687,203 as of December 31, 2024, reflecting a growth of approximately 2.66%[12] - The total non-current assets decreased to RMB 303,390,932 from RMB 305,082,209, indicating a decline of about 0.56%[13] - The total cash and cash equivalents at the end of the period stood at $7,487,197, slightly up from $7,371,111[29] Liabilities and Equity - The total liabilities as of March 31, 2025, were RMB 306,832,371, compared to RMB 304,824,203 at the end of 2024, representing an increase of approximately 0.66%[14] - The total equity attributable to shareholders decreased to RMB 43,020,170 from RMB 45,147,411, a decline of about 4.69%[14] - The total liabilities to equity ratio increased, indicating a higher leverage position for the company as of March 31, 2025[14] - The total equity as of March 31, 2025, was RMB 49,144,037 thousand, down from RMB 51,300,818 thousand as of December 31, 2024, indicating a decrease of 4.19%[25] Costs and Expenditures - Total operating costs increased to 44,421,862 thousand RMB in Q1 2025 from 43,614,326 thousand RMB in Q1 2024, an increase of about 1.8%[17] - The company's operating costs in Q1 2025 were RMB 24,236,502 thousand, an increase of 1.03% from RMB 23,989,695 thousand in Q1 2024[25] - Cash paid to employees increased to $5,185,651 from $4,750,531, reflecting a rise of about 9.1%[29] - Cash paid for taxes rose to $252,138 from $132,783, indicating an increase of approximately 89.8%[29] - Cash paid for the acquisition of fixed assets surged to $3,104,043 from $1,776,276, marking an increase of approximately 74.6%[29] Shareholder Information - The top shareholder, China National Aviation Holding Company, holds 42.53% of the shares, amounting to 7,421,462,701 shares[7] Investment Activities - Investment activities resulted in a net cash outflow of -4,214,251 thousand RMB in Q1 2025, compared to -2,510,272 thousand RMB in Q1 2024, showing increased investment expenditures[21]

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].

2024 年 度 報 告 | 中國國際航空股份有限公司 | | | | --- | --- | --- | | 股份代號: 00753 香港 | 601111 上海 | AIRC 倫敦 | 中國國際航空股份有限公司簡稱中國國航， 英文名稱為Air China Limited ，簡稱Air China ， 是中國唯一載國旗飛行的航空公司。 「鳳凰者，仁鳥也」「見則天下寧」。中國國航 的企業標識由一隻藝術化的鳳凰和中國改革開放 的總設計師鄧小平同志書寫的「中國國際航空公 司」以及英文「AIR CHINA」構成。鳳凰是中華民 族遠古傳說中的祥瑞之鳥，為百鳥之王。鳳凰「出 於東方君子之國，翱翔四海之外」，擷英咀華，志 存高遠。中國國航推崇的鳳凰精神的核心內涵是 「傳遞吉祥，引領群倫，超越自我」。中國國航具 有深厚的歷史積澱，身為中國民航業發展的踐行 者、推動者和引領者，秉承鳳凰精神，致力於打 造完美航程，傳遞平安吉祥，致力於引領行業發 展，打造國家名片，致力於創新進取，追求事業 輝煌。 中國國航於2004年12月15日在香港聯合交易 所有限公司（股票代碼00753）和倫敦證券交易所 （交易代碼AIRC）上市；於200 ...

从国内运力部署来看，国航新开北京-阿勒泰、北京-大连-绥芬河、温州-南充、重庆-喀什、武汉-兰州- 敦煌5条航线，复航成都-武夷山和上海-温州，加密枢纽城市与二、三线城市航班，强化区域通达性， 满足国内外旅客商务、旅游、务工、求学等多元出行需求。 同时，国航宣布即将推出国航APP的AI助手功能。该功能通过在国航APP中全新植入AI交互模块，整合 多项创新服务，全流程智慧引导。除帮助旅客"一键"完成机票查询、值机等操作，实时解答APP操作、 航班动态、行李规则等常见问题外，更能帮助旅客科学规划行程。 中新网杭州4月24日电 (陈昊星)4月24日，中国国际航空股份有限公司(以下简称"国航")在杭州举办"新启 航、智未来"——2025年产品分享会，会上对2025年夏秋航季航线的网络规划、运力安排做出新的部 署。 在分享会上，国航与行业内部人士探讨AI技术与航空业融合发展的实践路径，并展示了近年来数智化 赋能企业服务领域的最新进展，覆盖旅客出行全流程。 在会议现场，国航着重介绍了2025年夏秋航季的运力部署计划。在国际和地区方面，重点推出北京至开 罗和多伦多航线，新开北京至符拉迪沃斯托克和伊尔库茨克航线，同时在大兴机 ...

据中国民航报消息，4月23日，国航西南分公司在成都天府国际机场接收了第12架国产C909飞机，标志 着国航初步完成C909飞机在西南区域的部署。自2023年12月以来，国航在成都的C909运营基地不断扩 展，优化航线网络和飞行员培训，确保国产飞机的安全运营。目前，国航成都基地运营的C909飞机已 覆盖14条航线，助力成都国际航空枢纽的发展。 ...

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].

Core Viewpoint - The aviation industry is expected to see improvements in supply and demand during the peak season, with potential recovery in ticket prices as demand continues to grow during holidays like Spring Festival and Qingming [1][3]. Supply Side Analysis - Supply chain issues and the impact of the US "reciprocal tariffs" may further slow down aircraft introductions [3][4]. - Short-term increases in utilization rates are limited due to engine maintenance [3][4]. - Domestic flight load factors remain high, indicating limited capacity for overall peak season growth [3][4]. Demand Side Analysis - Demand is expected to continue growing, particularly during the Spring Festival and Qingming holidays, which may lead to improved supply-demand dynamics and a potential recovery in low ticket prices [3][4]. Industry Performance Data - In March 2025, the industry saw a year-on-year increase in ASK and RPK of 4.5% and 6.7%, respectively, with a load factor of 83.3%, up 1.7 percentage points year-on-year [4]. - The average domestic economy class ticket price was 722 yuan, down 11.2% year-on-year, with Q1 ticket prices showing a decline of 12% [4][5]. Fuel Price Trends - The average price of aviation kerosene in Q1 2025 was 5,952 yuan per ton, down 10% year-on-year, while the price in April dropped to 5,602 yuan per ton, a decrease of 15.4% [5][6]. - Brent crude oil prices averaged $74.98 per barrel in Q1 2025, down 8.3% year-on-year, with April's average at $66.81 per barrel, down 24.9% [6]. Capacity and Fleet Management - Airlines are reallocating capacity to international routes, with domestic ASK decreasing but load factors improving [7]. - In March, China Southern Airlines had the highest net increase in aircraft, adding 13 planes, while other airlines also saw varying increases [7].