Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 79,520,332 thousand, an increase from RMB 59,613,193 thousand for the same period in 2023, representing a growth of approximately 33.4%[7] - The company reported a net loss attributable to shareholders of RMB 2,778,953 thousand for the six months ended June 30, 2024, compared to a loss of RMB 3,446,814 thousand for the same period in 2023, indicating a reduction in loss of about 19.4%[7] - EBITDA for the first half of 2024 was RMB 12,943,313 thousand, up from RMB 11,806,583 thousand in the first half of 2023, reflecting an increase of approximately 9.6%[7] - The loss per share attributable to shareholders was RMB 0.1767 for the first half of 2024, an improvement from RMB 0.2239 for the same period in 2023[7] - The return on equity attributable to shareholders was -7.60% for the first half of 2024, compared to -9.87% for the same period in 2023, indicating an improvement in performance[7] - The company achieved a revenue increase of 14.02% year-on-year, with a total operating income of RMB 451.12 billion[22] - The company achieved operating revenue of RMB 79.52 billion, an increase of RMB 19.91 billion or 33.39% year-on-year[26] - Passenger revenue reached RMB 73.14 billion, up RMB 17.67 billion or 31.85% compared to the same period last year[30] - The company reported a total equity attributable to shareholders of RMB 33,848,676 thousand as of June 30, 2024, up from RMB 32,894,309 thousand at the end of June 2023[80] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 345,400,348 thousand, compared to RMB 335,278,694 thousand as of December 31, 2023, showing an increase of about 3.3%[8] - Total liabilities increased to RMB 311,551,672 thousand as of June 30, 2024, from RMB 300,014,685 thousand as of December 31, 2023, representing a rise of approximately 3.9%[8] - The company’s equity attributable to shareholders was RMB 36,587,810 thousand as of June 30, 2024, slightly down from RMB 37,205,975 thousand as of December 31, 2023, indicating a decrease of about 1.7%[8] - The debt-to-asset ratio was 90.20%, an increase of 0.72 percentage points from December 31, 2023[45] - The group reported a net current liability of approximately RMB 98.437 billion as of June 30, 2024, indicating the need for effective cash flow management and external financing[83] - The group has unutilized bank credit facilities amounting to RMB 137.765 billion, which supports its ability to meet debt repayment and capital expenditure needs[83] Operational Metrics - Available seat kilometers increased to 171,790.89 million, up 33.38% year-over-year[10] - International available seat kilometers surged by 210.41% to 44,082.60 million[10] - Passenger numbers reached 74,959.47 thousand, a 34.95% increase compared to the previous year[10] - Cargo and mail carried increased by 63.37% to 701,598.29 tons[10] - The overall load factor for revenue ton kilometers increased to 65.86%, up 7.70 percentage points[11] - The passenger load factor improved by 8.77 percentage points to 79.29%[29] - The fleet size reached 915 aircraft with an average age of 9.64 years[12] - The company introduced 16 new aircraft while retiring 6 during the reporting period[12] Cost and Expenses - Operating expenses for the reporting period amounted to RMB 83.85 billion, an increase of RMB 19.27 billion or 29.84% year-on-year[34] - Fuel costs increased by RMB 7.785 billion, primarily due to higher fuel consumption and rising fuel prices[35] - Depreciation and amortization expenses rose by RMB 1.321 billion, driven by fleet expansion and increased flight hours[35] - The cost of aviation fuel for the six months ended June 30, 2024, was RMB 27,132,269 thousand, compared to RMB 19,346,786 thousand in the same period of 2023, reflecting an increase of approximately 40%[76] - The company’s total operating expenses for the six months ended June 30, 2024, were RMB 83,853,154 thousand, compared to RMB 64,581,269 thousand in the same period of 2023, representing an increase of approximately 29.8%[76] Cash Flow and Financing - The net cash inflow from operating activities was RMB 14.253 billion, a decrease of 11.70% compared to RMB 16.142 billion in the same period of 2023[46] - The net cash outflow from investing activities increased by 302.52% to RMB 8.177 billion, compared to RMB 2.032 billion in the same period of 2023, primarily due to the acquisition of a subsidiary[46] - The net cash outflow from financing activities was RMB 1.154 billion, compared to a cash inflow of RMB 1.046 billion in the same period of 2023[46] - The company has secured a maximum bank credit line of RMB 230.587 billion, with approximately RMB 92.922 billion utilized and RMB 137.665 billion available for future capital expenditures[46] Market and Strategic Initiatives - The company continues to focus on expanding its fleet and enhancing operational efficiency to drive future growth[9] - Air China aims to maintain its position as a leading global airline while pursuing safety, service excellence, and sustainable development strategies[9] - The company has significantly increased domestic market capacity investment, focusing on enhancing competitive advantages through the establishment of domestic express routes[17] - International routes are being steadily expanded, with a focus on resuming and launching new routes, improving the international freight product system[17] - The company is focusing on digital transformation in service delivery, enhancing the overall customer experience through upgraded service management systems[18] - The company has plans for market expansion and new product development, focusing on enhancing operational efficiency and customer experience[79] Shareholder Information - China International Airlines reported a total of 6,566,761,847 shares held by the controlling shareholder, China Aviation Group, representing 39.57% of the total shares[55] - The company has 158,726 total ordinary shareholders, with 2,879 being H-share registered shareholders[57] - The top ten shareholders include Cathay Pacific Airways, holding 2,633,725,455 H-shares, which accounts for 15.87% of the total shares[57] - The company completed the issuance of 392,927,308 H-shares at a price of HKD 5.09 per share, raising a net amount of approximately HKD 1,998,769,803.79[62] - The company does not plan to distribute an interim dividend for the six months ending June 30, 2024[69] Compliance and Governance - The company has adhered to the Corporate Governance Code and the Standard Code throughout the reporting period[62] - The financial statements are prepared in accordance with International Financial Reporting Standards[158] - The report highlights the importance of compliance with the Hong Kong Listing Rules and Securities and Futures Ordinance[158] - The company is committed to maintaining transparency and accuracy in its financial reporting[158]

Financial Performance - The company reported total revenue of RMB 82,771,182 thousand for the six months ended June 30, 2024, an increase of 30.8% compared to RMB 63,683,069 thousand for the same period in 2023[2]. - Operating loss for the period was RMB 1,081,972 thousand, compared to a loss of RMB 898,200 thousand in the previous year, indicating a deterioration in operational performance[2]. - The net loss attributable to shareholders was RMB 2,778,953 thousand, an improvement from a loss of RMB 3,446,814 thousand in the same period last year[2]. - Basic and diluted loss per share was RMB 17.67, compared to RMB 22.39 for the same period in 2023, reflecting a reduction in loss per share[2]. - Other income and gains for the six months ended June 30, 2024, totaled RMB 3,250,850 thousand, compared to RMB 4,069,876 thousand in the previous year, indicating a decrease of approximately 20.1%[19]. - The income tax expense for the six months ended June 30, 2024, was RMB 252,536 thousand, compared to a tax benefit of RMB (316,216) thousand in the same period of 2023[20]. Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was RMB 79,520,332 thousand, an increase from RMB 59,613,193 thousand for the same period in 2023, representing a growth of approximately 33.3%[15]. - Revenue from customer contracts in the aviation operations segment reached RMB 77,325,137 thousand, up from RMB 57,574,893 thousand in the previous year, indicating a growth of about 34.4%[11]. - Revenue from external customers in mainland China was RMB 57,960,673 thousand, contributing to 72.8% of total revenue, compared to RMB 50,342,825 thousand in the previous year[17]. - Air transport revenue reached RMB 76.47 billion, up RMB 19.59 billion or 34.43% compared to the previous year[37]. - International revenue contribution was RMB 19.08 billion, accounting for 23.99% of total revenue, with a significant increase of 153.00% year-on-year[38]. - Domestic revenue from mainland China was RMB 57.96 billion, representing 72.89% of total revenue, with a growth of 15.13% year-on-year[38]. Operational Metrics - Available seat kilometers (ASK) increased by 33.38% to 171,790.89 million in the first half of 2024, compared to 128,799.56 million in the same period of 2023[27]. - Passenger numbers rose by 34.95% to 74,959.47 thousand in the first half of 2024, compared to 55,544.89 thousand in the same period of 2023[27]. - The cargo and mail tonnage increased by 82.85% to 2,262.37 tons in the first half of 2024, compared to 1,237.31 tons in the same period of 2023[27]. - The company completed 1.438 million safe flight hours during the reporting period, ensuring operational safety[31]. - The company’s operational efficiency is assessed through metrics such as passenger load factor and cargo load factor[67]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 345,400,348 thousand, an increase from RMB 335,278,694 thousand as of December 31, 2023[4]. - The net current liabilities as of June 30, 2024, were approximately RMB 98.44 billion, compared to RMB 77.98 billion at the end of 2023, reflecting an increase of around 26.2%[6]. - The company’s total liabilities, including non-current liabilities, were RMB 170,219,360 thousand as of June 30, 2024, compared to RMB 189,697,411 thousand at the end of 2023, indicating a reduction of approximately 10.3%[5]. - The company’s equity attributable to shareholders was RMB 36,587,810 thousand as of June 30, 2024, down from RMB 37,205,975 thousand at the end of 2023, reflecting a decrease of about 1.7%[5]. - The debt-to-asset ratio was 90.20%, an increase of 0.72 percentage points from December 31, 2023[55]. Cash Flow and Investments - The company reported cash and cash equivalents of RMB 19,963,866 thousand, up from RMB 15,016,804 thousand at the end of 2023, indicating improved liquidity[4]. - Net cash inflow from operating activities was RMB 14.25 billion, a decrease of 11.70% from RMB 16.14 billion in the same period last year[55]. - Capital expenditures for the period were RMB 5.92 billion, with RMB 4.05 billion allocated for aircraft and engine investments[50]. - The group’s cash outflow from investing activities increased by 302.52% to RMB 8.18 billion compared to RMB 2.03 billion in the same period last year[55]. Cost Management - The company’s operating expenses totaled RMB 83,853,154 thousand, up from RMB 64,581,269 thousand in the previous year, reflecting increased operational costs[2]. - Operating expenses totaled RMB 83.85 billion, up 29.84% year-on-year, primarily due to increased fuel costs and higher maintenance expenses[44]. - Fuel costs increased by RMB 7.79 billion, largely due to higher fuel consumption and prices[45]. - Cost control measures are being implemented to optimize labor costs and improve financial efficiency[32]. Aircraft and Fleet Management - The average aircraft age in the fleet is 9.64 years, with a total of 915 aircraft, including 496 owned by the company[29]. - The company introduced 16 new aircraft during the reporting period while retiring 6 aircraft, resulting in a net increase in fleet size[29]. - A purchase agreement for 100 C919 aircraft was signed with COMAC for a total price of approximately USD 10.8 billion, approved by shareholders on August 9, 2024[63]. Governance and Compliance - The company continues to operate under the revised International Financial Reporting Standards, which did not have a significant impact on the financial position or performance for the current and prior periods[9]. - The company emphasizes its commitment to risk management and audit oversight through its Audit and Risk Management Committee[66]. - The company’s financial reporting adheres to the guidelines set forth by the Hong Kong Stock Exchange Listing Rules[70]. - The company operates under various accounting standards, including Chinese Accounting Standards and International Financial Reporting Standards[68].

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]

Operational Performance - In 2023, the company significantly improved its operational performance, achieving a substantial reduction in losses[7] - Operating revenue for 2023 reached RMB 141.1 billion, a significant increase compared to previous years[10] - The company reported an EBITDA of RMB 30 billion, showing a recovery from a loss of RMB 14.2 billion in 2022[10] - The company achieved a net loss attributable to shareholders of RMB 1.04 billion, an improvement from a loss of RMB 38.62 billion in 2022[10] - The operating revenue increased by 166.74% year-on-year, with a pre-tax loss reduction of RMB 44.227 billion, indicating significant improvement in operational performance[20] - The company reported a significant increase in passenger traffic, with a year-on-year growth of 25% in the first half of 2023[178] - Revenue for the first half of 2023 reached approximately CNY 60 billion, representing a 30% increase compared to the same period last year[180] - The operating profit margin improved to 12% in the first half of 2023, up from 8% in the previous year[180] Passenger and Cargo Traffic - Passenger traffic increased to 125.45 million, representing a growth of 178.25% year-on-year[14] - The international passenger traffic surged by 1,675.48% to 6.73 million[14] - Cargo and mail transported increased by 18.56% to 1,070,373 tons[14] - The domestic market contributed 80.57% to passenger revenue, with a year-on-year growth of 221.22%[45] - International passenger revenue increased by 346.14% to RMB 21.4 billion, accounting for 16.40% of total revenue[45] Fleet and Capacity - The number of flights increased to 902,517, a 120.20% increase from the previous period of 409,870 flights[15] - The company introduced 23 new aircraft and retired 12, resulting in a total fleet of 905 aircraft with an average age of 9.36 years[17] - The company plans to expand its fleet by adding 20 new aircraft by the end of 2024, enhancing its operational capacity[179] Financial Position - Total assets as of December 31, 2023, were RMB 335.28 billion, up from RMB 294.98 billion in 2022[12] - The company reported a consolidated operating revenue of RMB 299.88 billion, a year-on-year increase of 139.12%[33] - Total assets increased to RMB 335,278,694 thousand in 2023, up from RMB 294,979,377 thousand in 2022, representing an increase of approximately 13.7%[197] - The company's net assets grew to RMB 35,264,009 thousand in 2023, up from RMB 21,528,228 thousand in 2022, marking a significant increase of approximately 63.8%[198] Safety and Compliance - The company successfully ensured safety during major events such as the Chengdu Universiade and the Hangzhou Asian Games[7] - The company has implemented measures to strengthen safety management and compliance with national safety regulations[7] - The company has established a risk prevention mechanism to strengthen compliance and internal control, ensuring comprehensive risk management across all operations[25] - The company emphasizes compliance with legal and regulatory requirements, with ongoing reviews of governance policies and practices[76] Digital Transformation and Customer Experience - The company is focusing on digital transformation and service standard enhancement to improve customer experience[13] - The digital transformation includes the implementation of a global ground flight support platform with over 1,200 functional points, covering more than 250,000 flights since its launch[24] - The company aims to enhance internet connectivity on flights, with the A350 fleet extending internet service to takeoff and landing phases, improving the overall passenger experience[24] Governance and Board Structure - The board of directors held a total of 11 meetings during the reporting period, with attendance rates indicating active participation from all members[74] - The company emphasizes compliance with legal and regulatory requirements, with ongoing reviews of governance policies and practices[76] - The company’s board composition meets listing rules, ensuring at least three independent non-executive directors are present[79] - The board has established mechanisms to ensure independent opinions are available for decision-making, enhancing objectivity and effectiveness[79] Shareholder Engagement and Capital Management - The company has established an investor relations management system to enhance communication with shareholders and investors[108] - The company plans not to distribute profits for the fiscal year 2023, as the distributable profits are negative[127] - The company completed a private placement of 1,675,977,653 A-shares at a price of RMB 8.95 per share, raising a net amount of RMB 14,993,016,587.32[129] - The company is committed to maintaining competitive pricing strategies through fair negotiations and market comparisons for all services provided[157] Environmental and Social Responsibility - The company has made significant progress in environmental management, achieving ISO 14001 certification and promoting green aviation initiatives[150] - The company made charitable donations totaling RMB 45.0843 million during the reporting period[147] - The company is actively involved in environmental, social, and governance (ESG) strategies as part of its long-term development planning[96] Future Outlook - The company plans to focus on safety, improving efficiency, and accelerating innovation in 2024[35] - Future guidance suggests a projected revenue growth of 20% for the full year 2023, driven by increased travel demand[180] - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its service offerings[182]

Financial Performance - The company reported a total revenue of RMB 141.1 billion for the fiscal year 2023, with a net loss attributable to shareholders of RMB 1.038 billion[1]. - The operating expenses totaled RMB 145.6 billion, significantly higher than the previous year's RMB 91.7 billion, reflecting an increase of approximately 58.8%[2]. - The pre-tax loss for the year was RMB 1.65 billion, compared to a pre-tax loss of RMB 45.9 billion in the previous year[2]. - The company recorded a basic and diluted loss per share of RMB 6.74, compared to RMB 281.16 in the previous year[2]. - Other comprehensive income for the year was a loss of RMB 65.3 million, a significant improvement from a loss of RMB 44.3 billion in the previous year[3]. - The company achieved operating revenue of RMB 141.1 billion, an increase of RMB 88.2 billion, representing a growth of 166.74% year-on-year[55]. - Passenger transport revenue reached RMB 130.5 billion, up RMB 92.2 billion, with a year-on-year growth of 240.81%[57]. - The group reported a tax credit of RMB (88,531) thousand in 2023, a significant improvement from RMB (702,981) thousand in 2022[29]. - The company reported a significant increase in operating income from aviation operations, reaching RMB 2,501,992,000 for the year ended December 31, 2023, compared to RMB (484,499,000) in 2022[21]. Assets and Liabilities - Total assets increased to RMB 335.3 billion in 2023 from RMB 295.0 billion in 2022, representing a growth of approximately 13.4%[4]. - Non-current assets rose to RMB 302.9 billion, up from RMB 272.7 billion in the previous year, indicating a growth of about 11.1%[4]. - As of December 31, 2023, the company's net current liabilities amounted to RMB 77.98 billion, compared to RMB 70.24 billion as of December 31, 2022, indicating an increase of approximately 11.5%[6]. - The total assets minus current liabilities reached RMB 224.96 billion, up from RMB 202.50 billion in the previous year, reflecting a growth of about 11.1%[6]. - The company's net assets increased significantly to RMB 35.26 billion from RMB 21.53 billion, representing a growth of approximately 63.7% year-over-year[6]. - Total liabilities rose to RMB 300,014,685 thousand in 2023 from RMB 273,451,149 thousand in 2022, an increase of 9.7%[36]. - The total interest-bearing debt amounted to RMB 234.26 billion, a 1.95% increase from RMB 229.79 billion in 2022[75]. Cash Flow and Financing - The company’s cash and cash equivalents increased to RMB 15.0 billion, up from RMB 10.6 billion in the previous year, reflecting a growth of approximately 41.1%[4]. - The company believes it has sufficient funds to continue its business activities in the foreseeable future based on cash inflows from operations and external financing capabilities[6]. - The net cash inflow from operating activities was RMB 27.91 billion, a significant improvement from a net cash outflow of RMB 23.34 billion in the same period last year[78]. - The company has unused bank credit facilities amounting to RMB 125.15 billion, which supports its ability to meet debt obligations and capital expenditures[6]. Operational Metrics - Passenger traffic reached 125,454.54 thousand, a substantial increase of 178.25% compared to 45,086.67 thousand in the previous period[38]. - Available seat kilometers (ASK) surged by 164.15% to 292,513.16 million from 110,735.88 million[38]. - Revenue passenger kilometers (RPK) increased by 206.11% to 214,172.87 million from 69,966.58 million[38]. - The number of flights increased to 902,517, a 120.20% increase compared to the previous period[39]. - The average aircraft utilization increased to 8.14 hours per day, up 4.24 hours[39]. - The company transported 125 million passengers and achieved a total of 2.5295 million safe flight hours during the reporting period, maintaining a stable safety performance[46]. Strategic Initiatives - The company plans to expand its market presence and enhance operational efficiency through new strategies and technology advancements[38]. - The company is focusing on cost control, implementing strict budget constraints and optimizing debt structure to enhance cash flow sustainability[48]. - The company is committed to green development and has published a "carbon peak" action plan, actively participating in the formulation of civil aviation carbon market rules[46]. - The company plans to enhance in-flight internet services, extending coverage to all phases of flight, establishing a "door-to-door" internet service for passengers[52]. - The company is enhancing service quality by improving service standards and launching new products, including the "Fengwu Yunduan" cabin visual suite and a new entertainment system[49]. Governance and Compliance - The company adopted new and revised International Financial Reporting Standards (IFRS) during the year, which did not have a significant impact on its financial position or performance[7][9]. - The company is committed to adhering to international financial reporting standards, ensuring transparency and accuracy in its financial disclosures[96]. - The board of directors includes independent non-executive members, reflecting a commitment to governance and oversight[98].

Financial Performance - Operating revenue for Q3 2023 reached RMB 45,863,652, representing a year-on-year increase of 152.89%[3] - Net profit attributable to shareholders for Q3 2023 was RMB 4,242,149, with a significant recovery from previous losses[3] - The weighted average return on equity increased by 60.26 percentage points year-to-date, reaching 11.46%[3] - Total operating revenue for the first three quarters of 2023 reached RMB 105,476,845, a significant increase from RMB 42,088,565 in the same period of 2022, representing a growth of approximately 150%[17] - The net profit for the first three quarters of 2023 was RMB 1,186,837, a substantial recovery from a net loss of RMB 32,412,286 in the same period of 2022[18] - The company reported a total comprehensive income of RMB 1,095,486 for the first three quarters of 2023, compared to a loss of RMB 30,528,762 in the same period of 2022, showing a significant turnaround[19] Assets and Liabilities - Total assets as of the end of Q3 2023 amounted to RMB 338,864,552, a 14.86% increase compared to the end of the previous year[4] - The company's cash and cash equivalents amounted to RMB 22,219,322 thousand, significantly up from RMB 11,435,877 thousand in the previous year, indicating an increase of about 94.5%[13] - Total current liabilities increased to RMB 112,899,276 thousand from RMB 92,482,608 thousand, reflecting a rise of approximately 22.1%[15] - The company reported a total debt of RMB 300,838,982 as of September 30, 2023, up from RMB 273,451,149 at the end of 2022, reflecting an increase of approximately 10.1%[16] - The total liabilities as of September 30, 2023, included long-term borrowings of RMB 72,980,897, which increased from RMB 66,868,774 at the end of 2022, indicating a rise of about 16.5%[16] Shareholder Equity - Shareholders' equity attributable to shareholders increased by 65.45% year-on-year, totaling RMB 39,061,556[4] - The total equity attributable to shareholders increased to RMB 39,061,556 as of September 30, 2023, compared to RMB 23,609,134 at the end of 2022, marking a growth of about 65.5%[16] Cash Flow - The company reported a net cash flow from operating activities of RMB 33,075,596 year-to-date[3] - Operating cash flow for the first three quarters of 2023 reached RMB 33,075,596 thousand, a significant improvement from a negative cash flow of RMB -4,895,560 thousand in the same period of 2022[21] - The net increase in cash and cash equivalents for the first three quarters of 2023 was RMB 10,902,057 thousand, contrasting with a decrease of RMB -2,159,020 thousand in the same period of 2022[23] Investment and Expenses - Research and development expenses for the first three quarters of 2023 were RMB 213,842, up from RMB 126,195 in 2022, representing an increase of approximately 69%[17] - The company achieved an investment income of RMB 2,240,021 in the first three quarters of 2023, a significant improvement from a loss of RMB 642,522 in the same period of 2022[17] Operational Metrics - The company has increased its capacity and improved load factors and pricing levels, driving revenue growth[7] - The company reported a significant increase in cash received from sales of goods and services, totaling RMB 117,873,834 thousand, compared to RMB 44,775,183 thousand in the same period of 2022[21] - Cash paid for purchasing goods and services was RMB 60,606,339 thousand, up from RMB 33,419,398 thousand in the previous year[21]

Financial Performance - For the six months ended June 30, 2023, the operating revenue reached RMB 59,613,193 thousand, a significant increase from RMB 23,952,653 thousand in the same period of 2022, representing a growth of approximately 148.5%[5] - The company reported a net loss attributable to shareholders of RMB 3,446,814 thousand for the first half of 2023, a reduction from a loss of RMB 19,436,846 thousand in the same period of 2022, indicating an improvement of about 82.3%[5] - EBITDA for the first half of 2023 was RMB 11,806,583 thousand, compared to a negative EBITDA of RMB 6,514,396 thousand in the first half of 2022, showing a turnaround in operational performance[5] - The loss per share attributable to shareholders improved to RMB 0.2239 for the first half of 2023, compared to RMB 1.4151 in the same period of 2022, marking a significant reduction in loss per share[5] - The return on equity for shareholders was reported at -9.87% for the first half of 2023, an improvement from -45.32% in the same period of 2022, indicating a positive trend in financial performance[5] - The company reported a net profit attributable to shareholders of RMB 35.93 billion, a significant recovery from a loss of RMB 44.32 billion in the same period last year[17] - The company reported a total comprehensive income of RMB (4,005,278) thousand for the six months ended June 30, 2023, compared to RMB (2,750,624) thousand for the same period in 2022, indicating a worsening of approximately 45.6%[77] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 344,486,909 thousand, an increase from RMB 294,979,377 thousand at the end of 2022, reflecting a growth of approximately 16.8%[6] - The total liabilities increased to RMB 311,592,600 thousand as of June 30, 2023, compared to RMB 273,451,149 thousand at the end of 2022, representing a rise of about 13.9%[6] - The company's equity attributable to shareholders rose to RMB 34,914,799 thousand as of June 30, 2023, up from RMB 23,577,176 thousand at the end of 2022, indicating a growth of approximately 48.0%[6] - The company's net liabilities decreased to RMB 69,071,645 thousand from RMB 70,237,477 thousand, indicating a reduction of about 1.7%[76] - Non-current liabilities totaled RMB 199,254,411 thousand, up from RMB 180,968,541 thousand, reflecting an increase of approximately 10.1%[76] - The total lease liabilities as of June 30, 2023, amounted to RMB 104,668,894 thousand, with a present value of RMB 94,770,566 thousand[113] Operational Metrics - Available seat kilometers increased to 128,799.56 million, a 167.30% increase compared to the same period in 2022[8] - Passenger numbers reached 55,544.89 thousand, representing a 192.00% increase year-over-year[8] - Revenue per available seat kilometer rose to RMB 0.6107, an 8.18% increase from the previous year[9] - The average daily utilization of aircraft improved to 7.75 hours, an increase of 3.98 hours[9] - The overall cargo ton kilometers increased by 49.10% to 1,088.96 million[8] - The overall revenue ton kilometers increased by 92.39% to 9,128.30 million[8] - The average passenger load factor improved to 70.52%, an increase of 10.10 percentage points from the previous year[24] - The total passenger turnover for the first half of 2023 was reported at 30 billion revenue passenger kilometers, reflecting a year-on-year increase of 75%[156] - The cargo turnover reached 1.5 billion revenue ton kilometers, which is a 50% increase compared to the same period last year[156] - The overall passenger load factor improved to 82%, up from 75% in the previous year, indicating enhanced operational efficiency[154] Strategic Initiatives - The company continues to focus on expanding its fleet and enhancing operational efficiency as part of its long-term growth strategy[7] - Air China Limited aims to strengthen its market position through strategic partnerships and potential acquisitions in the aviation sector[7] - The company plans to continue expanding its market presence and enhancing operational efficiency through strategic initiatives[20] - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its service portfolio[73] - The company is exploring strategic partnerships for market expansion in Southeast Asia, aiming for a 15% increase in market share by 2025[156] Investments and Expenditures - Capital expenditures totaled RMB 12.499 billion, with RMB 4.953 billion allocated for aircraft and engine investments[35] - The company has committed to purchasing 22 aircraft, with an investment amount of RMB 1,079,301,660.00, of which RMB 765,461,600.00 has been invested during the reporting period[62] - The company has raised a total of RMB 14,993,016,587.32 through a private placement of 1,675,977,653 A-shares at a price of RMB 8.95 per share[61] - The company has secured approximately RMB 2.56 billion of bank loans and bonds with various assets, including aircraft and land use rights[115] Shareholder Information - China International Airlines Group holds 6,566,761,847 shares, representing 40.53% of the total issued shares[49] - Cathay Pacific Airways owns 2,633,725,455 H shares, accounting for 16.26% of the total issued shares[49] - The major shareholder, China Aviation Group, holds 5,952,236,697 shares, representing 50.14% of the company[53] - The company’s major shareholders include Cathay Pacific Airways with 2,633,725,455 shares and Hong Kong Central Clearing Limited with 1,688,817,345 shares[53] - The company’s private placement shares are subject to a lock-up period until July 17, 2024, for 614,525,150 shares held by China Aviation Group[56] Environmental and Social Responsibility - The group is implementing a carbon peak action plan with six key tasks and nine major actions to support green development[14] - Research and development efforts are focused on enhancing fuel efficiency and reducing carbon emissions, with a target of 20% reduction by 2025[156] Customer Engagement - The company has optimized frequent flyer membership policies to enhance customer loyalty and long-term contribution[13] - The company has initiated a new loyalty program aimed at increasing customer retention by 25% over the next year[156]

Financial Performance - The company reported a total revenue of RMB 63,683,069 thousand for the six months ended June 30, 2023, compared to RMB 25,400,038 thousand for the same period in 2022, representing a year-over-year increase of approximately 150.0%[2] - Operating loss for the six months ended June 30, 2023, was RMB (64,581,269) thousand, compared to RMB (42,372,752) thousand for the same period in 2022, indicating a deterioration in operational performance[2] - The net loss attributable to shareholders for the period was RMB (4,043,954) thousand, a significant improvement from RMB (22,214,145) thousand in the previous year, reflecting a reduction in losses[3] - The company's total revenue for the six months ended June 30, 2023, was RMB 59,613,193 thousand, compared to RMB 23,952,653 thousand for the same period in 2022, representing an increase of approximately 149.8%[10] - Other income and gains for the six months ended June 30, 2023, totaled RMB 4,069,876 thousand, up from RMB 1,447,385 thousand in the same period of 2022, marking an increase of approximately 181%[19] - The operating loss reported under Chinese accounting standards for the six months ended June 30, 2023, was RMB (4,365,389) thousand, compared to RMB (23,073,211) thousand for the same period in 2022[15] Assets and Liabilities - Total assets increased to RMB 344,486,909 thousand as of June 30, 2023, up from RMB 294,979,377 thousand as of December 31, 2022, marking a growth of approximately 16.8%[4] - The company’s total liabilities were RMB 199,254,411 thousand as of June 30, 2023, compared to RMB 180,968,541 thousand at the end of 2022, reflecting an increase of about 10.1%[6] - The net current liabilities as of June 30, 2023, were approximately RMB 69,071,645 thousand, slightly down from RMB 70,237,477 thousand at the end of 2022[6] - The total assets reported under Chinese accounting standards as of June 30, 2023, were RMB 344,514,953 thousand, compared to RMB 295,011,335 thousand as of December 31, 2022, indicating a growth of approximately 17%[15] - The company’s equity attributable to shareholders decreased to RMB (3,446,814) thousand from RMB (19,436,846) thousand, reflecting a reduction in shareholder equity losses[2] Cash Flow and Liquidity - Cash and cash equivalents rose to RMB 25,969,930 thousand, compared to RMB 10,607,711 thousand at the end of 2022, indicating a strong liquidity position[4] - The company reported a cash flow position supported by unused bank credit facilities amounting to RMB 118,035 million, ensuring sufficient funds for debt repayment and capital expenditures[6] - The net cash inflow from operating activities is RMB 16.142 billion, compared to a net cash outflow of RMB 9.96 billion in the same period of 2022[55] Revenue Breakdown - Revenue from customer contracts in the aviation operations segment reached RMB 57,574,893 thousand, significantly up from RMB 22,782,416 thousand in the previous year, indicating a growth of about 152.5%[11] - The aviation operations segment generated RMB 55,469,530 thousand from passenger services, a substantial increase from RMB 15,103,503 thousand in the same period last year, marking a growth of about 267.5%[11] - Revenue from mainland China accounted for RMB 50,342,825 thousand, while revenue from Hong Kong, Macau, and Taiwan was RMB 1,730,660 thousand, and international revenue was RMB 7,539,708 thousand[17] Operational Metrics - The company's available seat kilometers (ASK) for the first half of 2023 was 128,799.56 million, a 167.30% increase from the previous year, indicating a strong recovery in capacity[27] - The number of passengers carried in the first half of 2023 was 55,544.89 thousand, which is a 192.00% increase compared to 19,022.17 thousand in the same period of 2022[27] - The revenue passenger kilometers (RPK) for the first half of 2023 was 90,835.35 million, reflecting a remarkable increase of 209.87% from the previous year[27] - The passenger load factor increased significantly, with international at 70.52% (up 9.69 percentage points) and domestic at 60.92% (up 24.89 percentage points) compared to the same period last year[28] Cost and Expenses - The company’s total operating expenses for the period were RMB (64,581,269) thousand, compared to RMB (42,372,752) thousand in the previous year, indicating a rise in operational costs[2] - Operating expenses increased by RMB 22.21 billion, a rise of 52.41%, totaling RMB 64.58 billion[44] - Fuel costs rose by RMB 8.99 billion, primarily due to increased fuel consumption and lower fuel prices, representing 29.96% of total operating expenses[45] Strategic Initiatives - The company is focusing on enhancing operational efficiency and cost control, aiming to maximize revenue through refined marketing strategies and pricing adjustments[32] - The company plans to implement a green development strategy, focusing on carbon peak action plans and biodiversity protection initiatives[34] - The company is actively involved in the development of new technologies and services to improve operational efficiency and customer experience[69] Governance and Compliance - The company has complied with the Corporate Governance Code during the reporting period[63] - The company is committed to maintaining compliance with the Hong Kong Stock Exchange listing rules and regulations[70] - The board of directors includes independent non-executive directors, ensuring governance and oversight[71]

Financial Performance - The company's operating revenue for Q1 2023 reached RMB 25,067,711 thousand, representing a significant increase of 94.06% compared to the same period last year[2]. - The net profit attributable to shareholders of the listed company was a loss of RMB 2,926,407 thousand, with a substantial reduction in losses driven by increased capacity and higher passenger load factors[2][4]. - The net cash flow from operating activities was RMB 6,796,158 thousand, indicating strong operational performance despite the net loss[2]. - Total operating revenue for Q1 2023 reached RMB 25,067,711 thousand, a significant increase of 94.5% compared to RMB 12,917,577 thousand in Q1 2022[12]. - The net loss for Q1 2023 was RMB 3,273,648 thousand, an improvement from a net loss of RMB 9,871,659 thousand in Q1 2022[13]. - The company reported a gross profit margin of approximately -18.5% for Q1 2023, compared to -81.1% in Q1 2022[12]. - The basic earnings per share for Q1 2023 was -0.19, an improvement from -0.65 in Q1 2022[14]. Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 345,152,642 thousand, reflecting a 17.00% increase from the previous year[2]. - The company's current assets as of March 31, 2023, amounted to RMB 45,439,221,000, an increase from RMB 22,245,131,000 as of December 31, 2022, representing a growth of approximately 104.4%[9]. - Total non-current assets as of March 31, 2023, were RMB 299,713,421,000, compared to RMB 272,766,204,000 as of December 31, 2022, indicating an increase of about 9.9%[10]. - The company's total liabilities as of March 31, 2023, were RMB 345,152,642,000, up from RMB 295,011,335,000 at the end of 2022, representing an increase of approximately 17%[10]. - The total liabilities as of March 31, 2023, amounted to RMB 315,810,676 thousand, an increase from RMB 273,451,149 thousand as of December 31, 2022[11]. Shareholder Equity - The equity attributable to shareholders of the listed company increased by 49.63% to RMB 35,325,730 thousand, attributed to a non-public issuance of A shares during the reporting period[2][4]. - The total equity attributable to shareholders was RMB 29,341,966 thousand as of March 31, 2023, compared to RMB 21,560,186 thousand at the end of 2022[11]. - The company’s total equity as of March 31, 2023, was RMB 54,490,000,000, compared to RMB 56,000,000,000 at the end of 2022, showing a decrease of approximately 2.7%[10]. Cash Flow - The company's cash and cash equivalents increased to RMB 32,638,728,000 as of March 31, 2023, compared to RMB 11,435,877,000 at the end of 2022, reflecting a growth of approximately 184.5%[9]. - The net cash flow from operating activities was RMB 6,796,158 thousand, a significant improvement from a net outflow of RMB 7,658,829 thousand in Q1 2022[16]. - Cash inflow from investment activities totaled RMB 5,792,825 thousand in Q1 2023, compared to RMB 362,721 thousand in Q1 2022, indicating a substantial increase[17]. - The net cash flow from financing activities was RMB 11,245,378 thousand in Q1 2023, up from RMB 4,843,655 thousand in Q1 2022, reflecting strong financing efforts[17]. - The total cash and cash equivalents at the end of Q1 2023 reached RMB 32,052,201 thousand, a significant increase from RMB 11,211,826 thousand at the end of Q1 2022[18]. - The net increase in cash and cash equivalents for Q1 2023 was RMB 21,444,490 thousand, compared to a net decrease of RMB 4,722,887 thousand in Q1 2022[18]. Operational Capacity and Strategy - The company has increased its operational capacity, leading to improved revenue and reduced losses, driven by higher load factors and pricing levels[4]. - The company is focused on expanding its market presence and enhancing operational efficiency through strategic investments and capacity increases[4]. - The company completed a private placement of 1,675,977,653 A-shares at a price of RMB 8.95 per share, raising a total of RMB 14,999,999,994.35[8]. - As of March 21, 2023, the company acquired control of Shandong Airlines Group, which will be included in the consolidated financial statements[8]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 126,705, with the largest shareholder being China National Aviation Holding Company, holding 40.53% of shares[5]. Expenses and Investments - The company incurred financial expenses of RMB 1,059,233 thousand in Q1 2023, a decrease from RMB 1,251,104 thousand in Q1 2022[12]. - Research and development expenses for Q1 2023 were RMB 69,676 thousand, compared to RMB 38,099 thousand in Q1 2022, indicating increased investment in innovation[12]. - The company reported investment income of RMB 737,421 thousand in Q1 2023, a recovery from a loss of RMB 842,440 thousand in Q1 2022[12].

Operational Performance - In 2022, the company focused on ensuring safety and stability in operations, completing a three-year safety rectification action plan[11]. - The company adjusted capacity based on market demand, optimizing the structure of domestic and international capacity投入[11]. - The company maintained a stable market share in its main base and enhanced revenue management through refined marketing strategies[11]. - The company emphasized strict cost control, adjusting aircraft retirement schedules to improve operational efficiency[11]. - The company successfully completed important support tasks for the Beijing Winter Olympics and the 20th National Congress of the Communist Party of China[11]. - Passenger traffic decreased by 44.09% year-on-year, with 38,605.77 thousand passengers carried in 2022[18]. - Available seat kilometers (ASK) dropped by 36.89% to 96,212.39 million in 2022[18]. - The total number of flights decreased to 363,886, down 36.41% from 572,264 in the previous period[19]. - Revenue ton kilometers dropped to 8,739.54 million, a decrease of 35.73% from 13,598.95 million[19]. - Passenger load factor decreased to 62.73%, down 5.90 percentage points from 68.63%[19]. - Cargo and mail load factor increased to 40.86%, up 0.87 percentage points from 39.99%[19]. - Average aircraft utilization dropped to 3.95 hours per day, down 2.32 hours from 6.28 hours[19]. Financial Performance - Operating revenue for 2022 was RMB 52,897,584, a significant decrease from RMB 74,531,670 in 2021[14]. - The company reported a net loss attributable to shareholders of RMB 38,617,495 in 2022, compared to a loss of RMB 16,635,178 in 2021[14]. - The EBITDA for 2022 was a loss of RMB 14,210,120, compared to a profit of RMB 4,072,326 in 2021[14]. - The total operating revenue for the company was RMB 125.41 billion, a year-on-year decrease of 32.21%[39]. - The total assets of the company amounted to RMB 643.10 billion, with a net loss attributable to shareholders of RMB 111.27 billion[39]. - The average passenger load factor was 64.66%, a decrease of 4.52 percentage points year-on-year[40]. - The company reported a negative distributable profit for the year 2022, leading to a decision not to distribute dividends[132]. - The total operating expenses for 2022 were RMB 91,716,156 thousand, a decrease from RMB 95,464,608 thousand in 2021, indicating a reduction of 3.9%[198]. Strategic Initiatives - The company aims to enhance its service offerings and stabilize flight revenues by enriching its product mix[11]. - The company is focused on enhancing service levels and digital transformation to improve customer experience and operational efficiency[14]. - The company aims to accelerate the construction of a world-class aviation transport group as part of its strategic goals for 2023[13]. - The company is committed to deepening reform and strengthening party building within its operations[11]. - The company aims to strengthen its international market presence through the "Air Silk Road" initiative and the Belt and Road economic corridors[33]. - The company plans to focus on safety production, production recovery, and innovation development in 2023[42]. - The company is focusing on high-quality development and digital transformation, with a dedicated team for digital integration and data management[29]. Governance and Management - The board of directors has been restructured to enhance governance and risk management capabilities[14]. - The board of directors is responsible for reviewing and monitoring the company's governance policies and compliance with legal regulations[87]. - The company completed the election of the new board and supervisory committee on February 25, 2022, following a delay due to the nomination process[90]. - The company has established a liability management regulation to enhance financial stability and risk control[99]. - The audit committee has confirmed the independence of its four independent non-executive directors, ensuring compliance with governance standards[97]. - The company has implemented a robust internal control environment and effective electronic information systems to support business operations[109]. - The company has established a clear organizational structure for risk management, ensuring effective monitoring and response to significant risks[110]. Customer Engagement and Services - The company has a long-standing frequent flyer program, integrating multiple brand members into the "Phoenix Miles" brand[3]. - The company has over 75.11 million Phoenix Miles members, contributing 51.9% of passenger revenue[34]. - The company issued 705 special ticket handling plans and sent travel alerts to 542,000 ticket holders, enhancing customer service efficiency[27]. - The company launched the "Health Travel" service, covering 28 overseas stations, and implemented online health information verification for passengers[27]. - The company has established a new air dining concept, "Cloud Feast China," and set up an in-flight food research institute[28]. Sustainability and Compliance - The company has achieved ISO 14001 certification, becoming the first airline in mainland China to fully pass the environmental management system certification[153]. - The company is focused on sustainable development and has strengthened its energy management and pollution prevention measures[153]. - The company has implemented a green travel service on its app, allowing passengers to participate in carbon offset projects[153]. - The company has established a comprehensive compliance program to adhere to relevant laws and regulations affecting its main business operations[154]. Market Position and Competition - The company is listed on the Hong Kong, London, and Shanghai stock exchanges, enhancing its visibility and investment appeal[10]. - The company continues to face strong competition in the industry, emphasizing the development of a world-class hub at Beijing Capital Airport and Chengdu Tianfu Airport[71]. - The expansion of China's high-speed rail network poses a long-term risk of passenger diversion from air travel, particularly for short to medium-haul routes[72]. - The company anticipates that business travel and tourism will drive future growth in the aviation transport market[44]. Employee and Training Development - The total number of employees in the group as of December 31, 2022, was 87,190, with 60.18% being male and 39.82% female[142]. - The company conducted a total of 85.8 million hours of online training and 129,547 hours of flight simulator training during the reporting period[145]. - The company aims to enhance training effectiveness and relevance through continuous optimization of teaching content and methods[145]. - The company has a commitment to non-discrimination in employment practices, promoting diversity among its workforce[142].