Group 1 - China National Aviation Holdings (China National Airlines) closed at 7.3 yuan on March 28, 2025, up 0.69% from 7.25 yuan the previous week [1] - The highest intraday price for China National Airlines on March 26 was 7.68 yuan, while the lowest intraday price on March 24 was 7.23 yuan [1] - The current total market capitalization of China National Airlines is 125.629 billion yuan, ranking 1st in the aviation and airport sector and 103rd among 5140 A-shares [1] Group 2 - China National Airlines raised a total of 20,999,999,989.43 yuan through two private placements of A-shares on January 3, 2023, and November 20, 2024, with a net amount of 20,988,858,218.77 yuan after expenses [2] - CITIC Securities conducted ongoing supervision and found no significant issues requiring reporting to the China Securities Regulatory Commission and the Shanghai Stock Exchange [2] - The company has established a sound corporate governance structure and internal control system, with normal operating conditions [3]

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 (1)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年度持續督導工作現場檢查報告 (2)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年度持續督導報告書 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四月三日 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 中信证券股份有限公司 关于中国国际航空股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指 ...

中信证券股份有限公司 关于中国国际航空股份有限公司 2024年度持续督导报告书 经上海证券交易所《关于中国国际航空股份有限公司向特定对象发行股票审 核意见的通知》审核通过，并经中国证券监督管理委员会《关于同意中国国际航 空股份有限公司向特定对象发行股票注册的批复》（证监许可〔2024〕1562 号） 同意，公司以人民币 7.02 元/股的发行价格向特定对象发行 A 股股票 854,700,854 股，每股面值人民币 1 元，中国航空集团有限公司以现金方式认购本公司本次发 行的全部 A 股股票。募集资金总额为人民币 5,999,999,995.08 元，扣除承销保荐 费计人民币 1,000,000.00 元（含增值税）后，公司实际收到募集资金人民币 5,998,999,995.08 元，扣除全部发行费用（含承销保荐费用）人民币 4,158,363.63 元（不含增值税）后，实际募集资金净额为人民币 5,995,841,631.45 元。上述募 1 集资金于 2024 年 11 月 20 日全部到账，并经德勤华永会计师事务所（特殊普通 合伙）审验并出具了德师报(验)字(24)第 00225 号验资报告。。 根据《 ...

关于中国国际航空股份有限公司 2024 年度持续督导工作现场检查报告 中信证券股份有限公司 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对中国国际航空股份有限公司（以下简称"中国国航"、"公司" 或"上市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续 督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如 下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 张阳、吴晓光 （三）现场检查人员 张阳 （四）现场检查时间 2025 年 3 月 28 日 本次现场检查的手段主要包括资料查阅、访谈、现场查看等，具体检查手段 详见"二、本次现场检查主要事项及意见"。 二、本次现场检查主要事项及意见 （一）公司治理和内部控制情况 现场检查人员查阅了上市公司最新章程、三会议事规则及会议材料，财务管 理、会计核算、内部审计、募集资金管理以及关联交易、对外担保、对外投资、 衍生品交易、对子公司的控制等相关制度，查阅了公司 2024 年度内部控 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國國際航空股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00753 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,955,610,672 | RMB | | 1 RMB | | 4,955,610,672 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 4,955,610,672 | RMB | | 1 RMB | | 4,955,610,672 | | 2. 股份分類 | 普通股 | ...

中国国航（601111.SH）2024 年年报点评 归母同比减亏，保价策略有望充分受益经济回升 2025 年 04 月 02 日 ➢ 事件：公司发布 2024 年业绩：2024 年公司营收 1667 亿元，同比+18.1%， 归母净亏 2.4 亿元（2023 年归母净亏 10.5 亿元），扣非归母净亏 25.4 亿元 （2023 年扣非归母净亏 31.8 亿元）。4Q24 公司营收 385 亿元，同比+8.2%， 归母净亏 16.0 亿元（4Q23 归母净亏 18.4 亿元），扣非归母净亏 29.7 亿（4Q23 扣非归母净亏 23.0 亿元）。非经常性收益中，全年因处置土地使用权和固定资 产确认资产处置收益 10.1 亿元、同比持平，全年营业外收入 19.5 亿元（2024 年为 17.9 亿元），主要为收到飞机运营补偿款。 ➢ 坚持价格优先导向，油价同比回落、国泰航空投资收益拉动全年盈利，汇率 贬值拖累盈利。2024 年公司整体座收同比-4.5%，拆分看：国际座收同比-13%， 客公里收益同比-23%，客座率同比+8.1pcts，国际价格降幅过快是主因；国内 座收同比-1.2%，客公里收益同比-10%，客 ...

Investment Rating - The report gives a "Buy" rating for China National Aviation (601111.SH) with a target price of 7.15 CNY, indicating a positive outlook for the stock [6]. Core Views - The company reported a revenue of 166.7 billion CNY for 2024, an increase of 18.1% year-on-year, and a reduced net loss of 240 million CNY compared to a loss of 1.05 billion CNY in 2023 [1]. - The company is expected to benefit from a recovery in the economy and a price-first strategy, despite facing challenges such as currency depreciation and a significant drop in international seat revenue [2][4]. - The company plans to increase its fleet size by a net of 4.3% over the next three years, maintaining its capacity introduction plan [3]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 166.7 billion CNY, with a year-on-year growth rate of 18.1%. The net loss attributable to shareholders was 240 million CNY, a significant improvement from the previous year's loss of 1.05 billion CNY [1][5]. - The fourth quarter of 2024 saw a revenue of 38.5 billion CNY, up 8.2% year-on-year, with a net loss of 1.6 billion CNY [1]. Revenue and Cost Analysis - The overall seat revenue decreased by 4.5% year-on-year, with international seat revenue dropping by 13% and domestic seat revenue down by 1.2% [2]. - The unit fuel cost decreased by 5.6% year-on-year, but this was offset by a foreign exchange loss of 760 million CNY [2]. Fleet and Capacity - The company plans to add 30 aircraft in 2025, 30 in 2026, and 55 in 2027, primarily focusing on A320 models [3]. - The company is phasing out older aircraft models, such as A320ceo and B737-800, to replace them with newer models [3]. Financial Structure and Outlook - The company's debt-to-asset ratio decreased by 1.3 percentage points to 88.2%, and interest expenses fell by approximately 500 million CNY year-on-year [3]. - The report forecasts net profits for 2025, 2026, and 2027 to be 3.3 billion CNY, 6.0 billion CNY, and 8.2 billion CNY, respectively, indicating strong growth potential [5][4].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights a significant increase in domestic supply and demand for air travel during peak seasons, with expectations for international travel demand to recover further due to improved international relations and favorable visa policies. The long-term investment logic for the aviation industry remains positive, driven by improved supply-demand dynamics and market-driven pricing [4][7] - In the express delivery sector, there has been a decline in single ticket revenue for major companies, indicating a challenging environment despite some month-on-month improvements [5] - The shipping sector is expected to benefit from a tight supply-demand balance, particularly in oil transportation, which shows potential for profit margin increases [5] - The highway sector is noted for its defensive attributes and investment value, especially in the context of a weak economic recovery and declining interest rates [5] Summary by Sections Air Transportation - The report anticipates a robust recovery in air travel demand, particularly during holidays, with a focus on airlines such as Spring Airlines, Hainan Airlines, and Juneyao Airlines for investment opportunities [4][7] Express Delivery - Major express companies reported declines in single ticket revenue, with specific figures showing a drop of 9.96% for SF Express and 11.40% for Yunda [5] Shipping - The report indicates a recovery in shipping rates due to increased demand influenced by geopolitical events, with a recommendation to focus on the oil shipping sector for investment opportunities [5] Highway Transportation - The highway sector is highlighted for its strong performance relative to the broader market, with a recommendation to consider investments in this area due to its defensive characteristics [5] Recent Developments - The report mentions the successful operation of China's first heavy-duty railway intelligent shunting system, which is expected to enhance operational efficiency significantly [30][31] - The completion of the Jialing River Lize shipping hub is noted as a significant infrastructure development, enhancing transportation capabilities in the region [32] - The successful tunneling of the Shantou Bay underwater tunnel is highlighted, marking a major achievement in high-speed rail infrastructure [34][35]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][19] Core Views - The company's performance continues to improve, with a significant reduction in losses for the fourth quarter of 2024, achieving a revenue of 166.699 billion yuan, a year-on-year increase of 18.1%, and a net profit attributable to the parent company of -237 million yuan, indicating a reduction in losses [1][6] - Domestic demand recovery is evident, with passenger transport volume, revenue passenger kilometers (RPK), and available seat kilometers (ASK) increasing by 15.6%, 19.4%, and 12.6% year-on-year, respectively. However, revenue levels are under significant pressure due to excess supply in the industry [2][8] - The company has improved operational efficiency and benefited from falling oil prices, leading to a decrease in unit costs. The unit ASK operating cost was 0.44 yuan, down 6.9% year-on-year, contributing to a gross margin increase of 3.2 percentage points to 28% [3][12] Financial Forecasts and Indicators - The company forecasts revenues of 174.932 billion yuan, 185.139 billion yuan, and 194.767 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 4.14 billion yuan, 7.292 billion yuan, and 9.03 billion yuan for the same years [4][17] - Key financial metrics include a projected earnings per share of 0.25 yuan in 2025, 0.44 yuan in 2026, and 0.54 yuan in 2027, with a return on equity (ROE) expected to reach 8.5% in 2025 and 14.2% in 2027 [4][17] - The company plans to introduce 25 new aircraft in 2024, increasing its fleet to 930, with an additional 30 aircraft planned for 2025, although the pace of aircraft introduction is expected to remain low due to manufacturer capacity constraints [3][12]

Core Viewpoint - In 2024, Air China reported a significant recovery in revenue but continued to face net losses, indicating a mixed performance in the aviation sector as demand rebounds but profitability remains challenged [1][4]. Financial Performance - In 2024, Air China achieved operating revenue of 166.7 billion yuan, a year-on-year increase of 18.1%, while the net profit attributable to shareholders was a loss of 240 million yuan, improving from a loss of 1.05 billion yuan in 2023 [1] - The fourth quarter of 2024 saw operating revenue of 38.55 billion yuan, an 8.2% increase year-on-year, with a net loss of 1.6 billion yuan, also an improvement from a loss of 1.84 billion yuan in the same period of 2023 [1] Operational Metrics - The airline's available seat kilometers (ASK) grew by 21.7% in 2024, with domestic, Hong Kong/Macau/Taiwan, and international routes increasing by 5.4%, 39.1%, and 100.5% respectively [2] - Revenue passenger kilometers (RPK) increased by 32.8%, with domestic, Hong Kong/Macau/Taiwan, and international routes growing by 15.3%, 48.7%, and 125.7% respectively [2] - The overall passenger load factor reached 79.9%, up 6.6 percentage points year-on-year, with increases across all segments [2] Cost and Expense Management - Operating costs for 2024 were 158.19 billion yuan, an 18.0% increase, but seat kilometer costs decreased by 3.0% [3] - Fuel and non-fuel costs per seat kilometer decreased by 5.6% and 1.7% respectively [3] - Financial expenses were 6.77 billion yuan, a reduction of 690 million yuan year-on-year, with interest expenses down by 490 million yuan [3] Loss Mitigation Factors - The parent company reduced its loss to 240 million yuan in 2024, a significant improvement from a loss of 3.21 billion yuan in 2023, aided by a 2.5 billion yuan investment income from Cathay Pacific [4] - This was offset by increased losses from Shenzhen Airlines and Shandong Airlines, which saw year-on-year losses of 1.09 billion yuan and 1.11 billion yuan respectively [4] Future Outlook - Air China plans a compound annual growth rate of 4.0% for its fleet size from 2024 to 2027, with a total fleet of 930 aircraft by the end of 2024 [5] - Revenue projections for 2025-2027 are 173.54 billion yuan, 183.14 billion yuan, and 191.84 billion yuan respectively, with net profits expected to reach 3.10 billion yuan, 7.32 billion yuan, and 11.51 billion yuan [5]