满足国内出游需求 夏秋航季包括暑运以及多个公众假期，将持续释放更多出行需求，尤其是随着这两年"小城"旅游的火爆，今年的新航季也将有更多的运力投放在支线航线 上。 22家内地与香港航空公司在内地44个航点与香港间，每周安排客货运航班1454班；11家内地与澳门航空公司在内地24个航点与澳门间，每周计划执行668班 客运航班；20家大陆与台湾航空公司在大陆17个航点与台湾桃园等4个航点间，每周客货运航班量预计将达764班。 此外，国际航线航班方面，民航局已批复193家国内外航空公司每周22946班定期客货运航班计划，比2024年夏秋航季增长33%，涉及78个境外国家，其 中"一带一路"国家58个。 航科院航空运输研究所主任经济师 钟山：每年都有两个航季的调整，但实际上市场需求是在不断变化。所以我们在航季中根据市场的需求，会随时把我们 的航线网络进行优化和调整。现在看到的是基于目前的市场需求做的初步变化，那么后续会根据我们的"五一""十一"，包括暑运进行加班包机和各种的灵活 调整，所以实际上我们的管理政策是更加灵活。 加密"小城"支线航线 记者从中国民航局了解到，全国民航正式执行夏秋航季航班计划。新航季将持续至20 ...

Core Viewpoint - China National Airlines reported a significant reduction in losses for 2024, with a net loss of 237 million yuan, a decrease of 77.32% year-on-year, attributed to the accelerated recovery of the civil aviation market and effective cost control measures [1] Financial Performance - The company achieved an operating revenue of 166.699 billion yuan, representing an 18.14% year-on-year increase [1] - Operating costs rose by 18.04% to 158.189 billion yuan, but this was a significant improvement compared to a 61.83% increase in 2023 [1] - The unit cost per seat kilometer decreased by 3.03% to 0.44 yuan, while the overall gross profit margin improved from 5.02% in 2023 to 5.1% in 2024 [1] Operational Metrics - Total transport turnover increased by 32.77%, and passenger numbers rose by 23.8%, with a passenger load factor of 79.85%, up 6.63 percentage points [2] - Fuel costs increased by 14.97% to 53.72 billion yuan, but the growth rate was significantly lower than the 105.27% increase in 2023 [2] - Airline catering costs rose by 38.74% to 4.166 billion yuan, with per capita meal costs increasing from 24 yuan in 2023 to 26.88 yuan in 2024, primarily due to the increase in passenger numbers [2] Subsidiary Performance - Among the nine subsidiaries disclosed, only three reported profits: Ameco (4.01 million yuan), AVIC Finance (0.54 million yuan), and Cathay Pacific (8.801 billion yuan) [3] - Shenzhen Airlines, in which China National Airlines holds a 51% stake, reported the highest loss at 2.813 billion yuan [3] - The financial performance of other subsidiaries varied, with some experiencing significant losses, such as Dalian Airlines, which reported a loss of 34.9 million yuan [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company continues to narrow its losses and is awaiting a recovery in passenger transport [4] - In 2024, the company reported an operating revenue of 166.7 billion yuan, a year-on-year increase of 18.1%, and a net profit attributable to shareholders of -240 million yuan, significantly reducing losses [4] - The passenger transport business shows signs of recovery, with a 21.7% increase in capacity and a 32.8% increase in passenger turnover, totaling 155 million passengers, a year-on-year growth of 23.8% [5] - Cargo performance remains strong, with cargo revenue reaching 7.41 billion yuan, a year-on-year increase of 78.0% [5] - The company expects continued growth in passenger transport in 2025, with projected revenues of 173.5 billion yuan, 185.2 billion yuan, and 196.9 billion yuan for 2025-2027, representing year-on-year growth rates of 4.1%, 6.7%, and 6.3% respectively [7] Financial Summary - The company’s total assets are 345.8 billion yuan, with a debt-to-asset ratio of 88.2% [3] - The earnings per share (EPS) for 2025 is projected to be 0.22 yuan, with a price-to-earnings (P/E) ratio of 34.98 [9] - The company’s EBITDA for 2025 is estimated at 42.5 billion yuan, with a net profit attributable to shareholders of 3.61 billion yuan [9][12] - The company’s operating costs for 2024 were 158.2 billion yuan, with a gross profit margin of 5.1% [12]

Financial Performance - Air China reported a profit distribution plan for 2024, stating that there will be no profit distribution or capital reserve transfer to share capital[8]. - The company's operating revenue for 2024 reached CNY 166,698,880 thousand, an increase of 18.14% compared to CNY 141,100,234 thousand in 2023[26]. - The net profit attributable to shareholders for 2024 was CNY (237,305) thousand, showing a significant improvement of 77.32% from CNY (1,046,382) thousand in 2023[26]. - The net cash flow from operating activities for 2024 was CNY 34,545,707 thousand, a slight decrease of 2.46% from CNY 35,418,470 thousand in 2023[26]. - The total assets at the end of 2024 amounted to CNY 345,769,412 thousand, reflecting a 3.12% increase from CNY 335,302,681 thousand at the end of 2023[26]. - The basic earnings per share for 2024 was CNY (0.01), an improvement of 85.71% compared to CNY (0.07) in 2023[27]. - The company reported a total of CNY 2,302,391 thousand in non-recurring gains and losses for 2024, compared to CNY 2,130,521 thousand in 2023[33]. - The company’s net assets attributable to shareholders increased by 21.27% to CNY 45,147,411 thousand at the end of 2024 from CNY 37,229,962 thousand at the end of 2023[26]. - The weighted average return on equity for 2024 was (0.60)%, a decrease of 2.17 percentage points from 2.77% in 2023[27]. - The company achieved operating revenue of RMB 166.70 billion in 2024, an increase of 18.14% year-on-year[55]. - The main business revenue was RMB 164.58 billion, up 18.31% year-on-year, while other business revenue reached RMB 2.12 billion, increasing by 6.27%[56]. - Passenger transport revenue amounted to RMB 151.79 billion, a year-on-year increase of RMB 21.27 billion, driven by increased capacity and passenger load factor[59]. - Operating costs for 2024 were RMB 158.19 billion, an increase of 18.04% year-on-year, with major cost components including fuel and employee compensation[67]. - The financial expenses decreased by 9.20% to RMB 67.67 billion, primarily due to lower interest expenses[55]. Operational Efficiency - The company has a comprehensive fleet management strategy, focusing on operational efficiency and capacity utilization[15]. - The company has established a mechanism to maximize aircraft resource utilization, leading to improved aircraft daily utilization rates[38]. - The company achieved a daily planned flight schedule of 746 flights at Beijing Capital International Airport, with a total of 120 daily flights on its eight key express routes[52]. - The company has expanded its passenger routes to 847, including 657 domestic routes and 190 international routes, covering 45 countries and regions[53]. - The available seat kilometers increased by 21.74% to 356,103.62 million, with the passenger load factor rising by 6.63 percentage points to 79.85%[60]. - The average revenue per available seat kilometer decreased by 12.41% to RMB 0.5338, with international routes seeing a decline of 22.63%[90]. - The operating cost per available seat kilometer decreased by 3.03% to RMB 0.4442[91]. - The company is focusing on cost control and has adopted a strategy of "intensive, collaborative, and refined" management to improve efficiency[45]. - The company plans to enhance overall operational efficiency and reduce costs through deeper collaboration within the Air China system[164]. Market Expansion and Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[36]. - The international capacity investment doubled year-on-year, reflecting the company's commitment to expanding international routes[38]. - The company aims to complete a total turnover of 161 billion ton-kilometers and transport 780 million passengers by 2025, according to industry forecasts[41]. - The company is focusing on digital innovation and green development as part of its long-term strategy[112]. - The company is actively pursuing new strategies for growth, including potential mergers and acquisitions to strengthen its market position[141]. - The company is focusing on enhancing its hub network strategy, focusing on building international aviation hubs in Beijing and Chengdu to differentiate from competitors[118]. Safety and Compliance - The company received the "Diamond Two-Star Award" for flight safety from the Civil Aviation Administration, highlighting its commitment to safety[43]. - The company is committed to improving safety and operational efficiency, with the appointment of a new Chief Safety Officer to oversee these initiatives[146]. - The internal control system was evaluated as effective as of December 31, 2024, with no significant deficiencies found in financial reporting controls[178]. - The company has strengthened its internal control and risk management systems, continuously improving the effectiveness of its internal controls[177]. - The company is committed to maintaining a stable safety production environment and reinforcing safety responsibilities[165]. Governance and Management - The company has a robust governance structure, ensuring the accuracy and completeness of its annual report[7]. - The company is committed to maintaining independence in assets, personnel, finance, and operations from its controlling shareholder[126]. - The board of directors is actively involved in strategic decision-making to drive the company's growth and market expansion[134]. - The company has seen changes in its board composition, with several new appointments in 2023, including Wang Mingyuan as president and vice chairman[135]. - The management team emphasizes innovation and technology development to improve service offerings and operational capabilities[143]. - The company is focusing on enhancing its management team with experienced professionals from the aviation sector[134]. - The company is enhancing its corporate governance structure, as evidenced by the diverse backgrounds of its board members, including expertise in finance, aviation, and management[149]. Environmental and Social Responsibility - The company invested approximately 54.2 million yuan in environmental protection initiatives during the reporting period[182]. - Ameco reduced carbon dioxide equivalent emissions by 1,022,175 tons through various carbon reduction measures, including the use of sustainable aviation fuel[190]. - The company plans to use 446.6 tons of sustainable aviation fuel in 2024, contributing to a reduction of 463,980 tons of carbon dioxide emissions[191]. - The company has invested a total of 50 million yuan in the "China Aviation Blue Sky Rescue" program to assist disadvantaged communities[198]. - The company has organized 3 special meetings to strategize on rural revitalization efforts and has sent 125 personnel to assist in these initiatives[197]. - The company actively promotes green travel initiatives, including the "Clean Enjoy Flying" project, to foster environmentally friendly consumption habits among passengers[189]. Training and Development - The company conducted training for 2,843 participants in the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, enhancing leadership capabilities[171]. - A total of 55.1 million hours of online training were conducted for various operational personnel, ensuring effective qualifications for flight operations[172]. - The company has trained a total of 10,070 individuals through various training programs aimed at enhancing local skills and capabilities[199]. Future Outlook - The company aims to enhance core competitiveness and achieve annual profit growth by focusing on the "one benefit and five rates" target[165]. - The company plans to strengthen risk identification and monitoring, with a focus on major operational risks[165]. - The management will adopt a collaborative and refined management approach to improve operational efficiency[165]. - The company is expected to continue its growth trajectory, leveraging the expertise of its board members to navigate the evolving aviation landscape[147].

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。 （於中華人民共和國註冊成立的股份有限公司） 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 中國國際航空股份有限公司 (1)第六屆監事會第二十一次會議決議公告 (2)第七屆董事會第二次會議決議公告 (3)2024年度內部控制評價報告 (4)內部控制審計報告 (5)董事會審計和風險管理委員會（監督委員會）2024年度履職報告 (6)2024年度獨立董事述職報告 (7)2024年度控股股東、實際控制人及其他關聯方資金佔用情況的專項說明 (8)關於更換會計師事務所的公告 (9)2024年度營業收入扣除情況專項說明 (10)關於2024年度中國航空集團財務有限責任公司的風險持續評估報告 (11)涉及財務公司關聯交易的存貸款等金融業務的專項說明 （12）中信證券股份有限公司關於中國國際航空股份有限公司 2024年度涉及財務公司關聯交易的存款、貸款等金融業務的專項核查意見 (13)202 ...

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司 (1)關於2024年度募集資金存放與實際使用情況的專項報告 (2)2024年度募集資金存放與實際使用情況的 專項報告及審核報告 (3)中信證券股份有限公司關於中國國際航空股份有限公司 2024年度募集資金存放與使用情況的專項核查報告 承董事會命 中國國際航空股份有限公司 聯席公司秘書 肖烽 浩賢 * 本公司獨立非執行董事 证券代码：601111 股票简称：中国国航 公告编号：2025-019 中国国际航空股份有限公司 关于 2024 年度募集资金存放与实际使用情况的 专项报告 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 ...

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司 2024年可持續發展暨ESG報告 承董事會命 中國國際航空股份有限公司 聯席公司秘書 肖烽 浩賢 中國北京，二零二五年三月二十七日 於本公告日期，本公司的董事為馬崇賢先生、王明遠先生、崔曉峰先生、Patrick Healy （賀以禮）先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 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 ...

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司 2024年度A股財務報表及審計報告 承董事會命 中國國際航空股份有限公司 聯席公司秘書 肖烽 浩賢 中國北京，二零二五年三月二十七日 於本公告日期，本公司的董事為馬崇賢先生、王明遠先生、崔曉峰先生、Patrick Healy （賀以禮）先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 中国国际航空股份有限公司 财务报表及审计报告 2024年12月31日止年度 行证明该审计报告是否由具有执业许可的会计师事务所出具 十师行业统一监管平台（http://acc.mof.gov.cn） " 进行查验 码片 您可使用手机"扫一扫" ...

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司 2024年度報告 承董事會命 中國國際航空股份有限公司 聯席公司秘書 肖烽 浩賢 中國北京，二零二五年三月二十七日 於本公告日期，本公司的董事為馬崇賢先生、王明遠先生、崔曉峰先生、Patrick Healy （賀以禮）先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 1 中国国际航空股份有限公司简称中国国航，英文名称为 Air China Limited，简称 Air China， 是中国唯一载国旗飞行的航空公司。 "凤凰者，仁鸟也""见则天下宁"。中国国航的企业标识由一只艺术化的凤凰和中国改 革开放的总设计师邓小平同志 ...

Financial Performance - The company reported a revenue of RMB 166.699 billion for the fiscal year ending December 31, 2024, compared to RMB 141.100 billion in the previous year, representing a year-over-year increase of approximately 18%[5] - The net loss attributable to shareholders for the year was RMB 232.557 million, a significant improvement from a loss of RMB 1.038 billion in the previous year[6] - Operating profit for the year was RMB 2.218 billion, down from RMB 2.890 billion in the previous year, indicating a decline of about 23%[6] - The company reported a net profit attributable to equity holders of RMB 846,474 thousand for 2024, a significant increase from a loss of RMB 88,531 thousand in 2023[31] - The company's pre-tax loss for 2024 was RMB 1,598,868 thousand, a slight improvement from RMB 1,649,779 thousand in 2023, reflecting a reduction of approximately 3.1%[33] - The estimated income tax expense for 2024 was RMB 846,474 thousand, compared to an income tax credit of RMB 88,531 thousand in 2023, indicating a significant shift in tax position[33] Revenue Breakdown - Revenue from passenger transport in the aviation operations segment was RMB 151,788,672 thousand, up from RMB 130,516,558 thousand, reflecting a growth of 16.3%[16] - The total revenue from the airline operations segment reached RMB 161.62 billion under Chinese accounting standards for 2024, up from RMB 136.97 billion in 2023, indicating a year-over-year increase of about 18%[24] - The total income from customer contracts was RMB 166,390,725 thousand, an increase of 18.3% from RMB 140,721,730 thousand in 2023[14] - Cargo and mail transportation revenue was RMB 7.414 billion, a significant increase of RMB 3.249 billion, reflecting a growth of 78.01% year-on-year[66] - International revenue contribution rose by 77.99% to RMB 43.089 billion, compared to RMB 24.208 billion in the previous year[62] Assets and Liabilities - Total assets increased to RMB 345.750 billion as of December 31, 2024, compared to RMB 335.279 billion in the previous year, reflecting a growth of approximately 3%[8] - The net current liabilities as of December 31, 2024, were approximately RMB 96,922,852 thousand, compared to RMB 77,982,553 thousand in 2023, indicating an increase of 24.5%[10] - The total liabilities decreased from RMB 189,697,411 thousand in 2023 to RMB 167,214,148 thousand in 2024, a reduction of 11.9%[10] - The company's total liabilities were RMB 304.82 billion, an increase of 1.60% from December 31, 2023[76] - The company's total assets reached RMB 345,769,412 thousand in 2024, compared to RMB 335,302,681 thousand in 2023, marking an increase of 3.1%[39] Cash Flow and Liquidity - Cash and cash equivalents rose to RMB 21.039 billion, up from RMB 15.017 billion, marking an increase of about 40%[8] - The company has unused bank credit facilities amounting to RMB 144,106,000 thousand, ensuring sufficient liquidity for debt repayment and capital expenditures[10] - The company's cash inflow from operating activities was RMB 27.984 billion, an increase of RMB 0.800 billion compared to 2023[80] - Cash and cash equivalents increased by 40.11% to RMB 21.04 billion, representing 51.71% of current assets[72] Operational Metrics - Available seat kilometers increased by 21.74% to 356,103.62 million, with international capacity rising by 100.50%[43] - Revenue passenger kilometers grew by 32.77% to 284,349.95 million, with international traffic surging by 125.71%[43] - Passenger numbers reached 155,315.51 thousand, marking a 23.80% increase, with international passengers up by 142.43%[43] - The passenger load factor improved by 6.63 percentage points to 79.85%, with international load factor increasing by 8.52 percentage points[44] Cost and Expenses - Operating expenses for the reporting period amounted to RMB 171.80 billion, an increase of 17.98% compared to RMB 145.61 billion in the same period last year[67] - The cost of aviation fuel increased to RMB 53.720 billion, up from RMB 46.725 billion, representing an increase of approximately 15%[6] - Interest expenses on borrowings amounted to RMB 6,714,285 thousand in 2024, down from RMB 7,207,513 thousand in 2023, indicating a reduction of about 7%[30] Strategic Initiatives - The company plans to introduce 47 new aircraft in 2025, with a focus on Airbus and Boeing models[47] - The company is focusing on digital transformation to improve operational safety, marketing services, and management efficiency, aiming for a seamless integration of technology, business, and management[58] - The company aims to enhance operational quality and efficiency, improve service experience, and strengthen brand value as part of its 2025 strategic focus[82] - The company is committed to green low-carbon development and is advancing the use of sustainable aviation fuel[51] Risk Management - The airline industry operations are significantly influenced by global political and economic developments, with potential impacts from unforeseen events[98] - The risk management framework has been strengthened, with a focus on proactive risk assessment and monitoring to ensure all major operational risks are controlled[59] - The company emphasizes the importance of risk management in its operations and financial reporting[98] Shareholder Information - The company plans not to distribute profits for the fiscal year 2024, as approved by the board[5] - The total share capital of the company is RMB 17.448 billion, with A-shares accounting for 71.60% and H-shares for 28.40%[90] - The annual general meeting is scheduled for May 28, 2025, with H-share transfer registration suspended from May 21 to May 28, 2025[96]