2024 年 8 月 29 日，审计委员会与德勤单独沟通，听取中 期审阅完成报告以及 2024 年财务报告内部控制审计计划的汇 报。 2024 年 12 月 5 日，审计委员会听取德勤汇报 2024 年度合 并财务报表审计计划。审计委员会与德勤进行了充分详实的沟 通交流，对审计人员的独立性进行了审核，对审计范围、重要 时间节点、人员安排、审计重点等相关事项进行了沟通，同意 2024 年度合并财务报表审计计划。 审计过程中，德勤积极与审计委员会保持沟通，审计委员 会及时知悉和掌握审计过程中相关工作，并督促德勤在保证审 计工作质量的前提下按照约定时限提交审计报告，保证审计工 作的有序开展和按时完成。 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) 2024 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 ...

Investment Rating - The report maintains an "Overweight" rating for the aviation industry [1] Core Viewpoints - The aviation industry shows a long-term growth logic, with passenger traffic in January-February increasing by 6% year-on-year, and load factors recovering to 2019 levels. The new flight season is expected to support supply and demand recovery, with anticipated growth in business travel and ticket price recovery. Improved cost pressures may aid in better-than-expected profit recovery [3][4] Summary by Sections Passenger Traffic - During the Spring Festival period of 40 days, passenger volume increased by 7.4% year-on-year, reaching a new high. For January-February, the industry passenger volume grew by 6% year-on-year, which is an 18% increase compared to 2019. Domestic and international traffic increased by 3% and 39% year-on-year, respectively, with international traffic showing positive growth for the first time compared to 2019 [3][20] Load Factor - The industry load factor for January-February was 84%, up by 1.7 percentage points year-on-year, remaining consistent with 2019 levels. This trend continues from December 2024, where the increase compared to 2019 has narrowed [20][21] Ticket Prices - By the end of 2024, airlines' revenue management strategies have positively changed, continuing into the Spring Festival. Due to high base numbers and a reduction in fuel surcharges, it is estimated that domestic ticket prices fell by 5% year-on-year in January-February, with prices including fuel dropping by nearly 10%. After the Lantern Festival, domestic ticket prices remained stable year-on-year, and recently began to rise with the recovery of business travel post the Two Sessions [3][20] Airline Operations - In January-February, the turnover of airlines continued to improve year-on-year, with expectations that the growth rate of domestic Available Seat Kilometers (ASK) will gradually decrease. The first quarter of 2025 is expected to see continued improvement in fleet turnover and load factors, with a year-on-year increase in ASK of 5% for the three major airlines compared to 2019 [3][20] Flight Schedule Changes - The summer flight season will begin on March 30, 2025. The total planned flight volume is expected to decrease by 3% year-on-year, while actual flight operations are anticipated to stabilize. Domestic flight plans are expected to decrease by 3.9% year-on-year, while international flight plans are projected to increase by 4% year-on-year, recovering nearly 84% compared to the summer season of 2019 [3][20] Profitability Outlook - The report suggests that the recovery in profitability for airlines may exceed expectations due to improved unit non-fuel cost pressures and a 10% year-on-year decrease in aviation fuel prices. The consensus among airlines is that ticket price recovery is expected in 2025, with a focus on business demand growth and ticket price recovery [3][20] Company Ratings - The report maintains an "Overweight" rating for several airlines, including Air China, Juneyao Airlines, China Southern Airlines, Spring Airlines, and China Eastern Airlines [3][32]

（於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 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。 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 關於召開2024年度業績說明會的公告 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二十一日 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（以下简称"公司"）将于 2025 年 3 月 27 日发 布公司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营 成果、财务状况，公司计划于 2025 年 03 月 28 日 （星期 ...

证券代码：601111 证券简称：中国国航 公告编号：2025-013 中国国际航空股份有限公司 关于召开 2024 年度业绩说明会的公告 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。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度的经营成果 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：2025 年 03 月 28 日 （星期五） 15:00-16:00 1 会议召开时间：2025 年 03 月 28 日 （星期五） 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 投资者可于 2025 年 03 月 21 日 （星期五） 至 03 月 27 日 （星期四）16:00 ...

Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2][8] Core Viewpoints - The industry has maintained a high passenger load factor since the beginning of 2025, with a slight year-on-year decline in domestic capacity in January and February. The recent decline in ticket prices has narrowed, and if travel demand continues to grow, ticket prices may turn positive year-on-year in the second and third quarters [3][10] - The supply growth rate for capacity in 2025 is expected to slow down, and with ticket prices at low levels following significant declines in 2024, there is potential for airline performance to rebound with economic recovery and increased travel demand. Factors such as declining oil prices and stable exchange rates also suggest upward potential for airline profits [3][10] Summary by Sections Industry Supply and Demand - The monthly passenger load factor remains high, with January 2025 data showing a year-on-year increase in Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) of 13.7% and 18.1%, respectively. The load factor reached 82.8%, up 3.1 percentage points year-on-year [4][13] - Domestic line turnover increased by 10% year-on-year in January 2025, while international and regional lines recovered to 107.5% of 2019 levels [18] Ticket Pricing - After the Spring Festival, the year-on-year difference in ticket prices has gradually narrowed. As of early March 2025, the average ticket price was 560 yuan, down 12.6% year-on-year. The weekly average ticket prices showed a decreasing trend in year-on-year declines, indicating a potential stabilization in pricing [20][21] Oil and Exchange Rates - The average price of aviation kerosene in Q1 2025 was 5,952 yuan per ton, down 10% year-on-year. Brent crude oil prices were stable, with a settlement price of $71.07 per barrel as of March 17, 2025, a decrease of 4.8% from the end of 2024. The exchange rate remained stable, with the USD to RMB exchange rate at 7.1733 as of March 18, 2025, a slight decrease of 0.21% from the end of 2024 [5][32] Airline Operations - In January and February 2025, domestic airline capacity saw a slight year-on-year decline, while the passenger load factor remained high. Most airlines reported international capacity and turnover exceeding 2019 levels, although there were still discrepancies in load factors [38][40] - In February, China Eastern Airlines had the highest net increase in aircraft, adding 5 aircraft, while other airlines also saw increases. Cumulatively, China Eastern, China Southern, and Air China saw net increases of 8, 6, and 4 aircraft, respectively [52]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1] Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the oil tanker sector [2][7] - The express delivery business volume has shown significant year-on-year growth, with a reported increase of 21.5% in 2024 [3] Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers, which constitutes about 20% of the global tanker fleet [7] - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7] Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10] - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11] - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11] Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a 3.99% increase from the previous week [17] - Year-to-date, the average daily collection volume is about 495 million pieces, reflecting a 36.00% increase year-on-year [17] - In 2024, the express delivery business volume increased by 21.5% year-on-year, with revenue up by 13.8% [3] Shipping Data - The BDI index for dry bulk shipping was reported at 1,517 points, a 20% increase week-on-week [48] - The VLCC-TCE rate was $38,329 per day, a 3% decrease week-on-week [49] Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4]

聯席公司秘書 肖烽 浩賢 董事會會議通告 茲通告中國國際航空股份有限公司（「本公司」）將於二零二五年三月二十七日（星期四）舉 行董事會會議，藉以（其中包括）審議及批准本公司及其附屬公司截至二零二四年十二月 三十一日止財政年度之年度業績以及審議末期股息的建議（如有）。 承董事會命 中國國際航空股份有限公司 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通告之內容概不負責，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通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。 00753 中國北京，二零二五年三月十七日 於本通告日期，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 ...

Investment Rating - The report maintains an "Outperform" rating for the aviation sector, recommending a focus on specific airlines and related companies [77]. Core Insights - Domestic flight schedules have decreased by 4% compared to 2024, but show a 22% increase compared to 2019, indicating a further easing of domestic supply [7][8]. - International flight schedules are steadily recovering, with plans to restore to 81% of 2019 levels, reflecting a 5% increase compared to 2024 [7][50]. - The overall daily flight schedule for domestic airlines is projected at 17,519 flights, an 18% increase from 2019 [7][8]. Summary by Sections Domestic Market Overview - Domestic flight schedules for the summer-autumn season of 2025 are expected to average 16,081 flights, down 4% from 2024 but up 22% from 2019 [5][11]. - The total daily flight schedule for coordinated airports is projected at 8,041 flights, a 21% increase from 2019 [7][11]. International Market Overview - The average daily international and regional flights are set at 2,487, recovering to 81% of 2019 levels [50][61]. - Specific regional recovery rates include 78% for Australia, 26% for North America, and 95% for Northeast Asia [50][51]. Investment Analysis - The report suggests that external factors such as oil prices and currency exchange rates are improving, which could enhance airline profitability as domestic demand recovers [7][76]. - Recommended airlines include China National Aviation, Spring Airlines, China Eastern Airlines, and others, with a focus on the overall aviation sector's recovery potential [76][77].

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） 二零二五年二月的主要營運數據公告 隨附公告（「上交所公告」）乃由中國國際航空股份有限公司（「中國國航」）於二零二五年三 月十四日在上海證券交易所刊發，其中載有中國國航及其附屬公司（統稱「本集團」）二零 二五年二月的合併營運數據。本公告附上上交所公告乃由中國國航根據香港聯合交易所 有限公司證券上市規則（「上市規則」）第13.09條及第13.10B條，以及香港法例第571章證 券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而作出。 隨附上交所公告載列的數據來自本集團內部統計，可能與相關期間定期報告披露的數據 有差異。投資者應注意不恰當信賴或使用以上信息可能造成投資風險。 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十四日 中国国际航空股份有限公司 2025年2月主要运营数据公告 本 ...

证券代码：601111 股票简称：中国国航 公告编号：2025-012 中国国际航空股份有限公司 2025年2月主要运营数据公告 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。 2025 年 2 月，中国国际航空股份有限公司（以下简称"本公司"）及所属 子公司（以下简称"本集团"）合并旅客周转量（按收入客公里计）同比下降。 客运运力投入（按可用座位公里计）同比下降 2.4%，旅客周转量同比下降 3.0%。 其中，国内客运运力投入同比下降 8.2%，旅客周转量同比下降 7.1%；国际客运 运力投入同比上升 17.1%，旅客周转量同比上升 12.1%；地区客运运力投入同比 下降 8.2%，旅客周转量同比下降 12.0%。平均客座率 82.1%，同比下降 0.5 个百 分点。其中，国内航线同比上升 1.0 个百分点，国际航线同比下降 3.5 个百分点， 地区航线同比下降 3.1 个百分点。 货运方面，货运运力投入（按可用货运吨公里计）同比上升 0.9%，货邮周 转量（按收入货运吨公里计）同比上升 2.9%。货运载运率为 29.8%， ...