Investment Rating - The investment rating for the company is "Accumulate" [3][2]. Core Views - In Q2, the company reported a loss of 1.1 billion yuan, which is an increase in loss by 580 million yuan year-on-year, but a decrease in loss by 560 million yuan compared to Q1. For the first half of 2024, the company achieved operating revenue of 79.5 billion yuan, a year-on-year increase of 33%, with a net profit attributable to shareholders of -2.78 billion yuan, a reduction in loss by 670 million yuan year-on-year [1][2]. - The company plans to increase the introduction of C919 aircraft over the next three years, with a total of 48, 40, and 76 aircraft planned for 2024, 2025, and 2026 respectively, which is higher than the previous year's plan [1]. - The company’s passenger revenue per unit decreased by 12% year-on-year in the first half of 2024, with domestic, international, and regional lines showing declines of 7%, 37%, and 21% respectively [1]. Summary by Sections Financial Performance - In Q2, the company’s passenger load factor recovered to 80.2%, with ASK and RPK increasing by 18% and 35% year-on-year respectively. The fleet utilization rate was 8.79 hours per day, an increase of 1.04 hours year-on-year [1]. - The company’s unit operating cost per ASK was 0.45 yuan, a decrease of 2% year-on-year, while the unit fuel cost increased by 18% due to rising fuel prices [1]. - The company recorded investment income of 1.2 billion yuan in the first half of 2024, a decrease of 185 million yuan year-on-year, including 1.07 billion yuan from its investment in Cathay Pacific [1]. Future Outlook - The company is expected to have net profits of -1.9 billion yuan, 4.6 billion yuan, and 8.4 billion yuan for 2024, 2025, and 2026 respectively [2]. - The average price of aviation fuel in the first half of 2024 was 6,638 yuan per ton, and a 5% decrease in fuel prices could reduce fuel costs by 1.36 billion yuan [1].

Investment Rating - The investment rating for China National Aviation (601111) is upgraded to "Accumulate" from "Buy" [1] Core Views - The report highlights that the company achieved significant revenue growth in the first half of 2024, with total operating income reaching 79.5 billion yuan, a year-on-year increase of 33.4% and a 21.8% increase compared to the same period in 2019 [1][2] - The company recorded a net profit attributable to shareholders of -2.78 billion yuan, which represents a reduction in losses by 668 million yuan compared to the previous year [1] - The report anticipates a strong recovery in profitability for the company in the coming years, with projected net profits of 2.45 billion yuan, 5.25 billion yuan, and 6.53 billion yuan for 2024, 2025, and 2026 respectively, indicating year-on-year growth rates of 123.4%, 2043.3%, and 24.5% [5] Summary by Sections Financial Performance - In Q2 2024, the company achieved operating revenue of 39.5 billion yuan, a year-on-year increase of 14.2%, but the net profit attributable to shareholders was -1.11 billion yuan, indicating an increase in losses compared to the previous year [2] - The gross margin for the first half of 2024 was 2.58%, with a significant recovery potential, while the financial expense ratio saw a notable decrease [2] - The passenger load factor improved significantly, reaching 79.0% in Q2 2024, which is an increase of 8.55 percentage points year-on-year [2] Operational Metrics - The fleet size reached 915 aircraft with an average age of 9.64 years, and the daily utilization rate of aircraft was 8.79 hours, showing a recovery trend [3] - The company plans to increase its fleet by a net addition of 34, 34, and 64 aircraft in 2024, 2025, and 2026 respectively [3] Revenue and Cost Analysis - The unit revenue per RPK (Revenue Passenger Kilometer) decreased in Q2 2024, primarily due to a rapid decline in demand during the off-peak season [2] - The unit cost per ASK (Available Seat Kilometer) slightly increased, influenced by high oil prices, with the average price of aviation fuel rising by 8.0% year-on-year [2] Future Outlook - The report expresses optimism regarding the company's future profitability, supported by the recovery of domestic and international routes and an improving supply-demand relationship [5]

Investment Rating - The report maintains a "Buy" rating for Air China (601111.SH) [1] Core Views - The company's operating performance has significantly improved, with a notable recovery in business conditions expected [1] - The international travel policies are encouraging, which is anticipated to benefit the company due to its high proportion of wide-body aircraft [1] Financial Performance Summary - For H1 2024, Air China reported operating revenue of 79.52 billion RMB, a year-on-year increase of 33.4%. The net profit attributable to shareholders was -2.78 billion RMB, a reduction in losses by 670 million RMB [1] - In Q2 2024, the company achieved operating revenue of 39.45 billion RMB, a year-on-year growth of 14.2%, with a net profit of -1.11 billion RMB, an increase in losses by 580 million RMB [1] - Passenger revenue reached 73.1 billion RMB in H1 2024, up 17.7 billion RMB year-on-year, while cargo revenue was 3.3 billion RMB, an increase of 1.9 billion RMB [1] - The company's unit cost per seat kilometer decreased to 0.45 RMB, down 1.89% year-on-year, and the gross margin improved to 2.6%, an increase of 1.9 percentage points [1] Business Analysis - The increase in business volume led to a significant rise in revenue, with RPK (Revenue Passenger Kilometers) growing by 50% year-on-year, primarily due to the consolidation of Shandong Airlines and increased demand [1] - The company benefited from a decrease in financial expense ratios, which dropped significantly due to reduced foreign exchange losses [1] - The government policies promoting international tourism are expected to enhance the recovery of international routes, which are advantageous for the company [1] Profit Forecast and Rating - The net profit forecasts for 2024-2026 have been revised down to -1.7 billion RMB, 7.4 billion RMB, and 12.1 billion RMB respectively [1]

证券代码：601111 股票简称：中国国航 公告编号：2024-038 中国国际航空股份有限公司 关于独立董事辞任的公告 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法律责任。 中国国际航空股份有限公司（以下简称"公司"）董事会于近日收到公司独 立董事李福申先生递交的辞呈。李福申先生因年龄原因，向公司董事会辞去独立 董事职务，审计和风险管理委员会（监督委员会）主任、委员职务，战略和投资 委员会、提名委员会、薪酬与考核委员会、航空安全委员会委员职务。该辞任即 日起生效。 李福申先生确认与公司董事会和公司无意见分歧，亦无有关辞任之其他事宜 须提呈公司股东和董事会。公司董事会对李福申先生任职期间对公司作出的突出 贡献表示诚挚的感谢。 特此公告。 中国国际航空股份有限公司董事会 二〇二四年八月三十日 ...

证券代码：601111 股票简称：中国国航 公告编号：2024-036 中国国际航空股份有限公司 第六届董事会第三十二次会议决议公告 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法律责任。 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"）第六届董事会第三十二次 会议（以下简称"本次会议"）的通知和材料已于 2024 年 8 月 21 日以电子邮件 的方式发出。本次会议于 2024 年 8 月 29 日 13:30 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方式召开。本次会议应出 席董事 9 人，实际出席董事 9 人，董事王明远先生因公务委托董事长马崇贤先生 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《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 （二）关于 2024 年半年度募集资金存放与实际使用情况专项报告的议案 表决情况：赞成 9 票、反对 0 ...

中国国际航空股份有限公司 关于 2024 年上半年中国航空集团财务有限责任公司 的风险持续评估报告 按照《上海证券交易所上市公司自律监管指引第 5 号— —交易与关联交易》要求，中国国际航空股份有限公司（以 下简称国航股份）开展了中国航空集团财务有限责任公司 （以下简称财务公司）2024 年上半年风险状况持续评估工 作。本次评估分别查验了《金融许可证》《营业执照》等证 件资料，查阅了财务报表，了解了风险管理、内部控制的情 况，财务公司风险管控状况符合相关监管要求及国航股份管 理要求，风险管理基础稳健，相关风险总体可控。现将有关 风险评估情况报告如下： 一、企业资质概况 （一）注册地、组织形式和地址 财务公司成立于 1994 年，系接受国家金融监督管理总 局监管的金融机构。截至 2024 年 6 月 30 日，国航股份及其 控股股东中国航空集团有限公司（以下简称中航集团）分别 持有财务公司 51%和 49%的股权，财务公司为国航股份控股 子公司。 注册地址：北京市朝阳区霄云路 36 号国航大厦 18 层 01、 02、03 单元和 26 层 1 注册资本：人民币 112,796.1864 万元（含 500 万美 ...

证券代码：601111 股票简称：中国国航 公告编号：2024-035 中国国际航空股份有限公司（以下简称"公司"）第六届监事会第十八次会 议（以下简称"本次会议"）的通知和材料于 2024 年 8 月 23 日以电子邮件的方 式发出。本次会议于 2024 年 8 月 29 日以书面议案方式召开。本次会议的召集和 召开符合《公司法》等相关法律、行政法规、规章、规范性文件和公司章程的规 定，合法、有效。 中国国际航空股份有限公司 第六届监事会第十八次会议决议公告 二、监事会会议审议情况 本公司监事会及全体监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法律责任。 本次会议审议并通过了如下议案： 一、监事会会议召开情况 （一）关于 2024 年半年度报告的议案 表决情况：赞成 5 票、反对 0 票、弃权 0 票，表决结果：通过。 特此公告。 中国国际航空股份有限公司监事会 中国北京，二〇二四年八月二十九日 表决情况：赞成 5 票、反对 0 票、弃权 0 票，表决结果：通过。 审议通过公司 2024 年半年度募集资金存放与实际使用情况的专项报告。详 情请见公司同 ...

关于 2024 年半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，并对其内容的真实性、准确性和完整性承担法律责任。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（中国证券监督管理委员会公告 〔2022〕15 号）、《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》以及《中国国际航空股份有限公司募集资金使用与管理制度》（2022 年修 订）（以下简称"募集资金管理制度"）的要求，中国国际航空股份有限公司编 制了截至 2024 年 6 月 30 日止非公开发行人民币普通股（A 股）股票募集资金以 及向特定对象发行 H 股股票募集资金存放与实际使用情况的专项报告（以下简 称"募集资金存放与实际使用情况报告"）。现将截至 2024 年 6 月 30 日止募集 资金存放与实际使用情况专项说明如下： 一、募集资金基本情况 （一）A 股募集资金基本情况 经中国证券监督管理委员会《关于核准中国国际航空股份有限公司非公开发 行股票的批复》（证监许可﹝2022﹞30 ...

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].

证券代码：601111 证券简称：中国国航 公告编号：2024-034 中国国际航空股份有限公司 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年半年度经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 09 月 02 日上午 10:00-11:00 关于召开 2024 年半年度业绩说明会的公告 1 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法律责任。 重要内容提示： 投资者可于 2024 年 08 月 26 日（星期一）至 08 月 30 日（星期五）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@airchina.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 中国国际航空股份有限公司（以下简称"公司"）将于 2024 年 08 月 30 日 披露公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度 ...