中国国际航空股份有限公司 2025 年度募集资金存放、管理与实际使用情况 专项报告的鉴证报告 截至二零二五年十二月三十一日止 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 2025 年度募集资金存放、管理与实际使用情况 专项报告的鉴证报告 毕马威华振专字第 2601517 号 中国国际航空股份有限公司董事会： 我们接受委托，对后附的中国国际航空股份有限公司（以下简称"贵公司"）募集资金 2025 年度存 放、管理与实际使用情况的专项报告（以下简称"专项报告"）执行了合理保证的鉴证业务 ...

证券代码：601111 股票简称：中国国航 公告编号：2026-018 中国国际航空股份有限公司 关于 2025 年度计提减值准备的公告 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。 （一）资产减值准备计提情况 1 1.固定资产 根据《企业会计准则第 8 号——资产减值》，公司对即将退役的飞机进行了减 值测试，针对资产的可收回金额低于其账面价值的差额计提固定资产减值准备人民 币 0.96 亿元。 2.商誉 经中国国际航空股份有限公司（以下简称"公司"）第七届董事会审计和风险 管理委员会（监督委员会）会议审议通过，公司于 2026 年 3 月 26 日召开第七届董 事会第十四次会议，审议通过了《关于 2025 年度计提减值准备的议案》，同意公司 依据实际情况计提资产减值准备。 一、本次计提减值准备的情况概述 根据《企业会计准则》及公司相关会计政策、会计估计的规定，为客观、公允 地反映公司 2025 年度的财务状况和经营成果，公司对有关资产进行预期信用损失评 估，同时对可能出现减值迹象的相关资产进行了减值测试。根据测试结果，20 ...

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： 拟续聘的会计师事务所名称：毕马威华振会计师事务所（特殊普通合伙）及 毕马威会计师事务所 中国国际航空股份有限公司（以下简称"公司"）拟续聘毕马威华振会计师 事务所（特殊普通合伙）及毕马威会计师事务所分别作为公司 2026 年度国内会 计准则及国际会计准则下财务报告的审计机构，毕马威华振会计师事务所（特殊 普通合伙）为公司 2026 年度内部控制审计机构。其中，拟续聘的审计机构情况 如下： 一、拟聘任审计机构的基本情况 证券代码：601111 股票简称：中国国航 公告编号：2026-020 中国国际航空股份有限公司 关于续聘会计师事务所的公告 （一）机构信息 1. 毕马威华振会计师事务所（特殊普通合伙） （1）基本信息 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立，于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙的合伙制企业，更名为毕马威华振会计师 事务所（特殊普通合伙）（以下简称"毕马威华振"），2012 年 7 月 10 日取 ...

2026 年 1 月 27 日，第七届董事会审计和风险管理委员会 （监督委员会）第九次会议，听取毕马威会计师事务所和毕马 威华振会计师事务所（特殊普通合伙）2025 年度财务报告审 计计划、内控审计计划的专题汇报。外部董事重点对审计师在 公司"十五五"规划编制、海外合规风险、亏损子企业治理、 信息化系统等方面加强审计和提供管理建议。 中国国际航空股份有限公司董事会 审计和风险管理委员会（监督委员会）2025 年度 对会计师事务所履行监督职责情况报告 根据《公司法》《证券法》《上市公司治理准则》《国有 企业、上市公司选聘会计师事务所管理办法》以及《中国国际 航空股份有限公司章程》《中国国际航空股份有限公司董事会 审计和风险管理委员会(监督委员会)工作细则》《中国国际航 空股份有限公司独立董事工作细则》等规定，公司董事会审计 和风险管理委员会(监督委员会)(以下简称"审计委员会")本 着勤勉尽责的原则，恪尽职守，认真履职。现将审计委员会 2025 年度对会计师事务所履行监督职责情况报告如下： 2025 年 3 月 26 日，第七届董事会审计和风险管理委员会 （监督委员会）第二次会议，审议通过聘任毕马威会计师事务 ...

中国国际航空股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2025年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 公司代码：601111 公司简称：中国国航 中国国际航空股份有限公司 2025年度内部控制评价报告 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。审计和风险管理委员会（监督委员会）对公司建立和实施内部控 制进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事会及董事、高级管理人员保证本 报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担 个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况 ...

中国国际航空股份有限公司 第七届董事会第十四次会议决议公告 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责任。 一、董事会会议召开情况 证券代码：601111 股票简称：中国国航 公告编号：2026-016 中国国际航空股份有限公司（以下简称"公司"）第七届董事会第十四次 会议（以下简称"本次会议"）通知和资料已于 2026 年 3 月 17 日以电子邮件 的方式发出。本次会议于 2026 年 3 月 26 日 9:00 在北京市顺义区天柱路 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，董事崔晓峰先生因公务委托董事曲光吉先生代为出席并表 决，董事肖鹏先生因公务委托董事长刘铁祥先生出席并表决。本次会议由董事 长刘铁祥先生主持，公司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、规范性文件以及公司章程的 规定，合法、有效。 二、董事会会议审议情况 本次会议审议并通过了如下议案： （一）关于 2025 年度董事会工 ...

Core Viewpoint - China National Aviation Corporation (China Air) reported a revenue of 171.485 billion yuan for 2025, reflecting a year-on-year increase of 2.87%, but a net profit attributable to shareholders of -1.770 billion yuan, a significant decline of 646.04% [1] Financial Performance - The company's basic earnings per share for 2025 was -0.11 yuan, with a weighted average return on equity of -4.04% [1] - The price-to-earnings ratio (TTM) is approximately 439.46 times, the price-to-book ratio (LF) is about 2.57 times, and the price-to-sales ratio (TTM) is around 0.71 times [1] - Gross margin for 2025 was 5.15%, an increase of 0.05 percentage points year-on-year, while the net margin was -2.06%, a decrease of 0.59 percentage points compared to the previous year [1] - In Q4 2025, the gross margin was -0.80%, down 1.07 percentage points year-on-year and down 14.58% quarter-on-quarter; the net margin was -11.72%, a decline of 3.37 percentage points year-on-year and down 20.01% from the previous quarter [1] Operating Expenses - Total operating expenses for 2025 were 18.073 billion yuan, a decrease of 1.548 billion yuan from the previous year; the expense ratio was 10.54%, down 1.23 percentage points year-on-year [2] - Sales expenses increased by 3.63%, management expenses rose by 1.36%, R&D expenses grew by 8.95%, while financial expenses decreased by 28.27% [2] Shareholder Information - As of the end of 2025, the total number of shareholders was 112,900, a decrease of 16,200 or 12.52% from the end of Q3; the average market value per shareholder increased from 1.0694 million yuan to 1.4482 million yuan, a growth of 35.41% [2] Company Overview - China National Aviation Corporation is located in Beijing and was established on March 27, 2006, with its listing date on August 18, 2006; its main business includes air passenger and cargo transport [2] - The revenue composition is as follows: air passenger transport 90.64%, other 4.93%, and air cargo and mail transport 4.43% [2] - The company belongs to the transportation industry, specifically the aviation sector, and is associated with concepts such as civil aviation, aviation transport, and benefits from the appreciation of the renminbi [2]

Group 1 - The company reported a revenue of 171.485 billion yuan for the year 2025, representing a year-on-year increase of 2.87% [1] - The net profit attributable to shareholders was a loss of 1.77 billion yuan, which widened compared to the previous year [1] - The company invested 367.6 billion seat kilometers during the year, an increase of 3.24% year-on-year [1] - The company upgraded its aviation ancillary products, achieving a sales revenue increase of over 40% year-on-year [1] - The cargo revenue from bellyhold operations grew by 4.92% year-on-year, reflecting a dynamic matching of capacity with cargo demand [1] - The company focused on enhancing cost control in key areas such as fuel, landing, and aircraft operations [1] Group 2 - The company aims to provide a service experience characterized by "reassuring, smooth, comfortable, and heartwarming" for passengers [2] - A comprehensive evaluation index for passenger service quality has been established to enhance service systems [2] - The "Phoenix Miles" frequent flyer program surpassed 100 million members, with passenger satisfaction reaching 88.1 points [2]

Group 1: Financial Performance - The company reported a revenue of 171.485 billion yuan for the year 2025, representing a year-on-year increase of 2.87% [1] - The net profit attributable to shareholders was a loss of 1.77 billion yuan, which is an increase in loss compared to the previous year [1] - The net profit excluding non-recurring items was a loss of 2.485 billion yuan, showing a narrowing of losses year-on-year [1] - Basic earnings per share were -0.11 yuan [1] Group 2: Operational Strategy - The company is committed to improving operational quality and has implemented measures to enhance efficiency, resulting in continuous improvement in core business operations [1] - The company invested 367.6 billion seat kilometers during the year, an increase of 3.24% year-on-year [1] - The company is actively responding to competitive pressures and is dynamically adjusting to market trends while maintaining its advantages in key markets and main routes [1] - The company upgraded its ancillary aviation products, achieving a sales revenue increase of over 40% year-on-year [1] - The company enhanced its cargo operations by dynamically matching capacity with cargo demand, resulting in a 4.92% year-on-year increase in bellyhold revenue [1] - A comprehensive upgrade of the cost control system was implemented, focusing on key areas such as fuel, landing, and aircraft costs to improve precision in cost management [1] Group 3: Customer Service and Satisfaction - The company aims to provide a service experience characterized by "reassuring, smooth, comfortable, and heartwarming" for passengers [2] - A transformation towards a customer-centric service model has been initiated, including the establishment of a comprehensive evaluation index for passenger service quality [2] - The company is building an "Aviation+" ecosystem, promoting intermodal transport products and expanding the value of aviation services [2] - Efforts to improve flight punctuality and optimize post-service handling for irregular flights have been made to enhance overall service flow [2] - By 2025, the company's frequent flyer program "Phoenix Miles" is expected to exceed 100 million members, with passenger satisfaction reaching 88.1 points [2]

Core Viewpoint - China National Airlines (00753.HK) reported a net loss of RMB 1.788 billion for the fiscal year 2025, marking a significant increase of approximately 669.0% year-on-year, despite a revenue increase of about 2.9% to RMB 171.485 billion [1] Revenue Summary - The group achieved operating revenue of RMB 171.485 billion, reflecting a year-on-year growth of approximately 2.9% [1] - Passenger revenue reached RMB 154.856 billion, an increase of RMB 3.067 billion year-on-year [1] - Revenue growth was driven by an increase in capacity input, contributing RMB 4.918 billion, and improved passenger load factor, adding RMB 3.978 billion [1] - However, a decline in yield level resulted in a revenue decrease of RMB 5.829 billion [1]