中国国际航空股份有限公司 二○二三年度股东大会 会议资料 二○二四年五月 会 议 须 知 为确保中国国际航空股份有限公司（以下简称本公司、公司或中国国航）股 东在本公司2023年度股东大会（以下简称本次会议）依法行使权利，保证会议秩 序和议事效率，相关事项如下： 一、公司根据《中华人民共和国公司法》（以下简称《公司法》）、《中华 人民共和国证券法》（以下简称《证券法》）、《中国国际航空股份有限公司章 程》（以下简称《公司章程》）及《中国国际航空股份有限公司股东大会议事规 则》规定，认真做好本次会议的各项工作。 二、公司董事会在本次会议过程中，应当认真履行法定职责，维护股东合法 权益。 三、公司股东出席本次会议，依法享有《公司章程》规定的各项权利，并认 真履行法定义务，不得侵犯其他股东的合法权益，不得扰乱本次会议的正常秩序。 四、本次会议议案的表决采取现场记名投票与网络投票相结合的方式投票表 决。参加网络投票的股东，投票操作方式请参照本公司发布的股东大会投票注意 事项。 五、本次会议审议表决后，应对议案做出决议。根据《公司章程》，本次会 议第1-6项议案为普通决议案，需由出席本次会议的股东（包括股东代理人）所 ...

证券代码：601111 股票简称：中国国航 公告编号：2024-020 中国国际航空股份有限公司 2024年4月主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2024 年 4 月，中国国际航空股份有限公司（以下简称"本公司"）及所属 子公司（以下简称"本集团"）合并旅客周转量（按收入客公里计）同比上升、 环比下降。客运运力投入（按可用座位公里计）同比上升 14.2%，环比下降 3.1%； 旅客周转量同比上升 27.4%，环比下降 2.7%。其中，国内客运运力投入同比下 降 6.3%，环比下降 6.1%，旅客周转量同比上升 3.0%，环比下降 5.0%；国际客 运运力投入同比上升 151.1%，环比上升 4.2%，旅客周转量同比上升 228.9%，环 比上升 2.5%；地区客运运力投入同比上升 45.7%，环比上升 9.8%，旅客周转量 同比上升 65.3%，环比上升 15.6%。平均客座率 78.8%，同比上升 8.2 个百分点， 环比上升 0.3 个百分点。其中，国内航线同比上升 7.2 个百分点， ...

致：香港交易及結算所有限公司 公司名稱: 中國國際航空股份有限公司 呈交日期: 2024年5月6日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年4月30日 狀態: 新提交 II. 已發行股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | 於香港聯交所上市 (註1) | 是 | | --- | --- | --- | --- | --- | --- | | 證券代號 | 00753 | 說明 | | | | | 上月底結存 | | 4,955,610,672 | | | | | 增加 / 減少 (-) | | 0 | | | | | 本月底結存 | | 4,955,610,672 | | | | I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 00753 | 說明 | | | | | | | | | | 法定/註冊股份數目 ...

[Table_Page] 季报点评|航空机场 证券研究报告 [中Table_国Title] 国航(601111.SH/00753.HK) 公[Ta司ble评_Inv级est ] 增持-A/增持-H 当前价格 7.61元/4.14港元 1Q24 亏损同比收窄，期待旺季弹性 合理价值 9.68元/5.89港元 前次评级 增持/增持 [Table_Summary] 核心观点： 报告日期 2024-04-29 ⚫ 中国国航发布2024年一季报：1Q24公司实现营业收入400.66亿元/ [相Tab对le_P市icQ场uote表] 现 yoy+59.83%，归母净利润-16.74亿元，扣非归母净利润-17.13亿元， 23年同期分别为-29.26亿元、-30.18亿元。 2% -5%04/23 06/23 08/23 10/23 12/23 02/24 04/24 ⚫ 出行需求继续回升，1Q24营收同比增长150亿元。1Q24公司运输旅 -12% 客3772万人次/yoy+43%，ASK、RPK同比分别上升45%、63%，客 -18% 座率为80%/yoy+9pp。在需求和业务量持续回升之下，公司1Q24营 -25% ...

Investment Rating - The report maintains a "Strong Buy" rating for China National Airlines (601111) with a target price of 9.22 CNY, indicating a potential upside of 21% from the current price of 7.61 CNY [2][6]. Core Insights - In Q1 2024, China National Airlines reported a revenue of 40.07 billion CNY, a year-on-year increase of 59.8%, and a reduction in net loss to 1.67 billion CNY, down from a loss of 2.93 billion CNY in Q1 2023 [2][3]. - The airline's operating metrics showed significant improvement, with ASK (Available Seat Kilometers) up 45.3% year-on-year and RPK (Revenue Passenger Kilometers) up 62.7% year-on-year, leading to a passenger load factor of 79.5%, an increase of 8.5 percentage points year-on-year [2][3]. - The report highlights a positive outlook for the upcoming May Day holiday, with expectations of increased travel demand, particularly for long-distance domestic trips [2][3]. Financial Summary - **Revenue and Profitability**: The total revenue for 2023 was 141.1 billion CNY, with a projected growth to 169.6 billion CNY in 2024, reflecting a year-on-year growth rate of 20.2% [3][14]. The net profit is expected to recover significantly, with estimates of 3.2 billion CNY in 2024, compared to a loss of 1.05 billion CNY in 2023 [3][14]. - **Earnings Per Share (EPS)**: The EPS is projected to improve from -0.06 CNY in 2023 to 0.19 CNY in 2024, with further increases to 0.61 CNY and 0.80 CNY in 2025 and 2026, respectively [3][14]. - **Valuation Metrics**: The price-to-earnings (P/E) ratio is expected to be 39 in 2024, decreasing to 12 in 2025 and 9 in 2026, indicating improving profitability and valuation [3][14]. Operational Metrics - **Fleet Expansion**: As of March 2024, the airline's fleet consists of 911 aircraft, with plans to add 33, 24, and 55 new aircraft in the years 2024 to 2026, respectively [2][3]. - **Cost Management**: Operating costs increased by 47.1% year-on-year to 38.7 billion CNY in Q1 2024, with fuel costs rising by 66.1% to 13.7 billion CNY [2][3]. The report notes a decrease in unit costs, with seat kilometer costs down by 9.3% year-on-year [2][3].

Financial Performance - Operating revenue for Q1 2024 reached RMB 40,065,742, representing a year-on-year increase of 59.83%[2] - Net profit attributable to shareholders was a loss of RMB 1,674,456, with a significant reduction in losses compared to the previous year[2][5] - The operating profit for Q1 2024 improved to RMB -1,946,659 thousand, compared to RMB -3,294,946 thousand in Q1 2023, indicating a reduction in losses[17] - The net profit for Q1 2024 was RMB -2,001,897 thousand, an improvement from RMB -3,273,648 thousand in Q1 2023, reflecting a positive trend in financial performance[17] - In Q1 2024, the total comprehensive income amounted to -2,063,807 thousand RMB, an improvement from -3,635,719 thousand RMB in Q1 2023[18] - The company reported investment income of RMB 621,078 thousand from associates and joint ventures in Q1 2024, down from RMB 737,421 thousand in Q1 2023[16] - The company reported a basic earnings per share of -0.11 RMB in Q1 2024, an improvement from -0.19 RMB in Q1 2023[18] Cash Flow and Liquidity - Net cash flow from operating activities amounted to RMB 9,407,344, reflecting a year-on-year increase of 38.42%[2][5] - The net cash flow from operating activities for Q1 2024 was 9,407,344 thousand RMB, compared to 6,796,158 thousand RMB in Q1 2023, reflecting a 38.5% increase[20] - The net cash flow from investing activities in Q1 2024 was -2,510,272 thousand RMB, a significant decrease from 3,428,079 thousand RMB in Q1 2023[21] - The company issued bonds in Q1 2024, raising 2,000,000 thousand RMB, while total cash inflow from financing activities was 15,036,658 thousand RMB[21] - The net increase in cash and cash equivalents for Q1 2024 was 6,918,500 thousand RMB, compared to 21,444,490 thousand RMB in Q1 2023[22] - Cash and cash equivalents at the end of Q1 2024 totaled 21,935,304 thousand RMB, down from 32,052,201 thousand RMB at the end of Q1 2023[22] - As of March 31, 2024, the company's cash and cash equivalents amounted to RMB 22,467,149,000, up from RMB 15,628,496,000 as of December 31, 2023[13] Assets and Liabilities - Total assets at the end of the reporting period were RMB 341,316,757, an increase of 1.79% from the previous year[2] - The total assets as of March 31, 2024, amounted to RMB 341,316,757 thousand, up from RMB 335,302,681 thousand as of December 31, 2023[15] - The total liabilities increased to RMB 306,276,826 thousand as of March 31, 2024, compared to RMB 300,014,685 thousand at the end of 2023[15] - The company’s total non-current liabilities as of March 31, 2024, were RMB 183,163,969 thousand, a slight decrease from RMB 189,697,411 thousand at the end of 2023[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 167,174[7] - The largest shareholder, China National Aviation Holding Company, holds 39.57% of the shares, with a total of 6,566,761,847 shares[8] - The total number of shares held by the largest shareholder, China Aviation Group, increased from 8,123,096,767 shares (50.14%) to 8,516,024,075 shares (51.32%) after the issuance of new shares[12] - The total number of shares held by Cathay Pacific Airways remained unchanged at 2,633,725,455 shares, representing 15.87% of the total share capital post-issuance[12] - The company is subject to shareholding restrictions, with 127,445,536 and 36,454,464 shares held by major shareholders currently frozen[10] Operational Strategy - The company has strengthened cost control measures, contributing to a significant reduction in losses despite increased revenue[5] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and customer experience[16] - The company plans to hold its first extraordinary general meeting of 2024 on January 26, 2024, to discuss the issuance of A-shares and H-shares[11] Inventory and Current Assets - The total current assets increased to RMB 40,633,024,000 from RMB 32,334,721,000 during the same period[13] - The inventory, including data resources, rose to RMB 4,580,834,000 from RMB 3,682,821,000[13] - The company reported a total of 1,689,255,335 H-shares held by Hong Kong Central Clearing (Agent) Co., Ltd., excluding 166,852,000 shares held on behalf of China Aviation Limited[10]

一、董事会会议召开情况 中国国际航空股份有限公司（以下简称"公司"）第六届董事会第二十九 次会议（以下简称"本次会议"）通知和资料已于 2024 年 4 月 19 日以电子邮 件的方式发出。本次会议于 2024 年 4 月 26 日上午 10:50 在北京市顺义区空港工 业区天柱路 30 号国航总部大楼 C713 会议室以现场结合视频的方式召开。本次 会议应出席董事 9 人，实际出席董事 9 人，副董事长王明远先生、职工董事肖 鹏先生因公务委托董事长马崇贤先生代为出席并表决，独立董事李福申先生因 公务委托独立董事禾云先生代为出席并表决。 本次会议由董事长马崇贤先生主持，公司监事、高级管理人员列席了本次 会议。本次会议的召集和召开符合《中华人民共和国公司法》等相关法律、行 政法规、规章、规范性文件及公司章程的规定，合法、有效。 二、董事会会议审议情况 证券代码：601111 股票简称：中国国航 公告编号：2024-018 中国国际航空股份有限公司 第六届董事会第二十九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 ...

Financial Performance - The company's operating revenue for Q1 2024 reached CNY 40,065,742, representing a year-on-year increase of 59.83%[4] - The net profit attributable to shareholders of the listed company was a loss of CNY 1,674,456, with a significant reduction in losses compared to the previous year[4][7] - Total operating revenue for Q1 2024 reached CNY 40,065,742 thousand, a significant increase of 59.9% compared to CNY 25,067,711 thousand in Q1 2023[20] - Net profit for Q1 2024 was CNY -2,001,897 thousand, an improvement from CNY -3,273,648 thousand in Q1 2023[21] - The company reported a comprehensive income total of CNY -2,063,807 thousand for Q1 2024, compared to CNY -3,635,719 thousand in Q1 2023[22] - Basic earnings per share for Q1 2024 were CNY -0.11, an improvement from CNY -0.19 in Q1 2023[22] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 9,407,344, reflecting a year-on-year increase of 38.42%[4][8] - In Q1 2024, the cash inflow from operating activities totaled CNY 44,716,587, a significant increase of 48% compared to CNY 30,204,121 in Q1 2023[24] - The net cash flow from operating activities was CNY 9,407,344, compared to CNY 6,796,158 in the same period last year, marking a 38% increase[24] - The total cash and cash equivalents at the end of Q1 2024 stood at CNY 21,935,304, down from CNY 32,052,201 at the end of Q1 2023[25] - The cash outflow for purchasing goods and services was CNY 23,737,346, up from CNY 12,538,632, reflecting a 89% increase year-over-year[24] - The cash flow from other operating activities increased to CNY 3,141,718 from CNY 1,340,351, representing a 134% increase year-over-year[24] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 341,316,757, a slight increase of 1.79% from the previous year[5] - The total liabilities of the company amounted to 40,633,024 thousand RMB in Q1 2024, up from 32,334,721 thousand RMB in Q4 2023, reflecting an increase of approximately 25.8%[17] - Total liabilities as of Q1 2024 amounted to CNY 306,276,826 thousand, slightly up from CNY 300,014,685 thousand in the previous year[19] - The company’s non-current liabilities totaled CNY 183,163,969 thousand, down from CNY 189,697,411 thousand in the previous year[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 167,174, indicating a stable shareholder base[9] - The major shareholder, China National Aviation Holding Company, holds 39.57% of the shares, with significant stakes from foreign entities as well[9][10] - The proportion of shares held by the controlling shareholder, AVIC Group, increased from 50.14% to 51.32% following the issuance of new shares[14] Investments and Expenses - Research and development expenses for Q1 2024 were CNY 85,305 thousand, compared to CNY 69,676 thousand in Q1 2023, reflecting a growth of 22.4%[20] - The company’s long-term equity investments reached 15,889,735 thousand RMB, up from 15,136,903 thousand RMB, reflecting an increase of approximately 4.9%[17] Inventory and Receivables - The company’s accounts receivable rose to 4,333,047 thousand RMB in Q1 2024 from 3,182,797 thousand RMB in Q4 2023, marking an increase of approximately 36.1%[16] - The company’s inventory increased to 4,580,834 thousand RMB in Q1 2024 from 3,682,821 thousand RMB in Q4 2023, indicating a rise of about 24.3%[16] Cost Management - The company has strengthened cost control measures, contributing to a significant reduction in losses despite increased revenue[7][8] - Total operating costs for Q1 2024 were CNY 43,614,326 thousand, up 46.7% from CNY 29,749,323 thousand in Q1 2023[20]

证券代码：601111 股票简称：中国国航 公告编号：2024-019 （1）本公司，作为买方，主要业务为航空客运、航空货运及航空相关服务； （2）商飞公司，作为卖方，是一家于中国上海注册成立的公司，主要业务 之一为民用飞机生产。 本公司在做出一切合理查询后确认，商飞公司及其各最终权益拥有人均不是 本公司的关联方。 中国国际航空股份有限公司 关于购买飞机的公告 本公司及董事会全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 经中国国际航空股份有限公司（以下简称"本公司"或"公司"）第六 届董事会第二十九次会议批准，本公司与中国商用飞机有限责任公司（以下简称 "商飞公司"）于 2024 年 4 月 26 日签订协议，向商飞公司购买 100 架 C919 飞机。 上述 100 架飞机计划于 2024 年至 2031 年分批交付至本公司。 一、本次交易的基本情况 1. 交易概述 本公司与商飞公司签订协议，本公司向商飞公司购买 100 架 C919 飞机。 2. 交易各方 本公司将以自有资金、商业银行贷款及其他融资方式为本次交易 ...

股東週年大會通告 茲通告中國國際航空股份有限公司（「本公司」）將於二零二四年五月三十日（星期四）上午 十一時正假座中國北京市順義區空港工業區天柱路30號C713會議室舉行截至二零二三年 十二月三十一日止年度之股東週年大會（「股東週年大會」），以審議及酌情通過下列決議 案。除另有說明者外，本通告所用大寫詞彙與本公司日期為二零二四年四月二十六日的 通函所界定者的涵義一致。 普通決議案 - 1 - 1. 審議及批准二零二三年度董事會工作報告。 2. 審議及批准二零二三年度監事會工作報告。 3. 審議及批准分別按照中國會計準則和國際財務報告準則編製的本公司二零二三年度 經審計綜合財務報表。 4. 審議及批准二零二三年度利潤分配方案。 5. 審議及批准公司未彌補虧損超實收股本總額三分之一的議案。 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通告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本通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 於本通告日期，本公司的董事為馬崇賢先生、王明遠先生、馮剛先生、賀以禮先生、肖 鵬先生、李福申先生*、禾雲先生 ...