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]

Core Viewpoint - China National Airlines announced that its subsidiary Shandong Airlines plans to introduce 10 Boeing 737 series aircraft through operational leasing [1] Group 1: Company Actions - Shandong Airlines has signed agreements with four leasing companies: China Everbright Financial Leasing Co., Xiamen Aircraft Financing Leasing Co., Sichuan Saide Aviation Technology Co., and Minsheng Financial Leasing Co. to lease a total of 10 Boeing 737 series aircraft [1] - The delivery of the aircraft is expected to occur in batches from 2026 to 2027 [1]

Core Viewpoint - China National Airlines (00753.HK) reported a revenue of RMB 171.485 billion for the fiscal year 2025, reflecting a year-on-year growth of approximately 2.9%. However, the company experienced a net loss attributable to shareholders of RMB 1.788 billion, which represents a significant increase of about 669.0% compared to the previous year. The basic loss per share was RMB 0.11 [1]. Revenue Breakdown - The group achieved passenger revenue of RMB 154.856 billion, which is an increase of RMB 3.067 billion year-on-year. This increase was driven by a rise in capacity input, contributing an additional RMB 4.918 billion, and an improvement in passenger load factor, adding RMB 3.978 billion. However, a decline in revenue levels resulted in a decrease of RMB 5.829 billion [1].

Core Viewpoint - China National Airlines (00753) reported a revenue of 171.485 billion RMB for the year ending December 31, 2025, reflecting a year-on-year growth of 2.9%. However, the company experienced a significant increase in shareholder losses, amounting to 1.788 billion RMB, which is an increase of 668.8% compared to the previous year. The basic loss per share was 0.11 RMB [1] Revenue Breakdown - The group achieved passenger revenue of 154.856 billion RMB, an increase of 3.067 billion RMB year-on-year. This increase was driven by a rise in capacity input, contributing an additional 4.918 billion RMB, and an increase in passenger load factor, adding 3.978 billion RMB. However, a decline in revenue levels resulted in a decrease of 5.829 billion RMB [1] - The group reported cargo and mail transportation revenue of 7.778 billion RMB, which is an increase of 364 million RMB year-on-year. This growth was attributed to a rise in capacity input, which added 179 million RMB, and an increase in load factor, contributing 319 million RMB. Conversely, a decline in revenue levels led to a reduction of 134 million RMB [1]

格隆汇3月26日丨中国国航(601111.SH)公布，公司2025年度实现营业收入1714.85亿元，同比增长 2.87%；归属于上市公司股东的净亏损17.70亿元。 ...