CSN(600029)2025-03-26 23:50Financial Performance - In 2024, the company achieved operating revenue of RMB 174,224 million, an increase of 8.94% compared to RMB 159,929 million in 2023[20]. - The net loss attributable to shareholders was RMB (1,696) million, a significant improvement of 59.71% from RMB (4,209) million in the previous year[20]. - The cash flow from operating activities was RMB 31,445 million, a decrease of 21.65% from RMB 40,134 million in 2023[20]. - The total assets at the end of 2024 were RMB 329,738 million, reflecting a growth of 6.63% from RMB 309,226 million at the end of 2023[20]. - The basic loss per share improved to RMB (0.09) from RMB (0.23) in 2023, marking a 60.87% reduction in losses[21]. - The weighted average return on equity increased by 6.09 percentage points to (4.72)% compared to (10.81)% in 2023[21]. - The total operating revenue for the reporting period was RMB 174,224 million, an increase of RMB 14,295 million or 8.94% year-on-year[64]. - The total operating cost was RMB 159,571 million, an increase of RMB 11,989 million or 8.12% year-on-year, with fuel costs rising to RMB 54,989 million, up 5.65%[65]. - The net cash inflow from operating activities was RMB 31,445 million, a decrease of 21.65% compared to the previous year[81]. - The total liabilities increased to RMB 277,143 million, up 7.74% from the end of the previous year, with current liabilities accounting for 49.94% of total liabilities[67]. Operational Highlights - The company reported a total passenger transport volume of 1.65 billion people, contributing to a significant operational scale in the aviation sector[33]. - The company achieved a passenger transport volume increase of 15.8% and a cargo mail transport volume increase of 15.7% during the reporting period[35]. - The total revenue passenger kilometers (RPK) reached 305,965.93 million, up 23.90% from 246,947.23 million in the previous year[42]. - The total revenue ton kilometers (RTK) increased by 21.54% to 36,207.79 million from 29,791.11 million[42]. - The average passenger load factor improved to 84.38%, an increase of 6.28 percentage points compared to the previous year[43]. - The total number of flights increased by 5.50% to 1,135.10 thousand flights in 2024 from 1,075.95 thousand flights in 2023[44]. - The fleet size reached 917 aircraft, with 345 owned, 241 under finance lease, and 331 under operating lease[45]. Strategic Initiatives - The company aims to build a world-class airline by 2025, focusing on core air transport and collaborative development[55]. - The company is enhancing its hub network strategy, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area[54]. - The company plans to accelerate the construction of the Beijing Daxing hub and implement digital transformation initiatives[56]. - The company is focusing on strengthening its hub network strategy centered around Guangzhou and Beijing, aiming to enhance its international hub capabilities[59]. - The company is advancing its digital transformation initiatives, with key performance indicators such as social media followers and app downloads ranking among the industry leaders[62]. - The company is committed to advancing digital transformation and strategic industry adjustments to enhance competitiveness and market responsiveness[120]. Governance and Compliance - The company guarantees the authenticity, accuracy, and completeness of the annual report, with no false records or major omissions[5]. - The audit report issued by KPMG Huazhen shows a standard unqualified opinion for the company[5]. - The company’s governance structure complies with relevant laws and regulations, ensuring a balanced decision-making process among its governing bodies[140]. - The company held 2 shareholder meetings and 2 category shareholder meetings during the reporting period, ensuring all shareholders, especially minority investors, could participate in decision-making through online voting[143]. - The board of directors consists of 6 members, including 3 executive directors and 3 independent directors, and held 8 board meetings during the reporting period[144]. - The company received an A-level rating for information disclosure from the Shanghai Stock Exchange for the 2023-2024 period, marking the 11th consecutive year of receiving this rating[153]. Risk Factors - The company faces macroeconomic risks that could impact demand for air passenger and cargo services, directly affecting business performance[125]. - The company is exposed to fuel price fluctuations, with a 10% increase in average fuel prices potentially raising operating costs by RMB 5,499 million[136]. - The company has a significant capital expenditure risk due to high fixed costs associated with aircraft operations, which could lead to financial difficulties if business conditions deteriorate[133]. - The company’s financial performance is sensitive to exchange rate fluctuations, with a 1% change in the USD/CNY exchange rate potentially impacting shareholder equity by RMB 289 million[134]. - The company is subject to regulatory risks related to macroeconomic policies, which could affect its operational performance and future business development[126]. Future Outlook - The company projects that by 2025, global air transport revenue will exceed $1 trillion, with a 4.4% year-on-year growth[111]. - In China, the aviation industry is expected to achieve a passenger transport volume of 780 million by 2025, driven by rising national income and increased public holidays[112]. - The company aims to establish a world-class aviation transport enterprise by 2025, focusing on core aviation operations and collaborative development[113]. - The company plans to deliver a total of 970 aircraft by the end of 2025, with 91 deliveries expected in that year, and a total of 1,084 aircraft by the end of 2027[122]. Employee and Management - The company reported a total of 102,597 employees, with 67,303 in the parent company and 35,294 in major subsidiaries[188]. - The company has established a market-oriented personnel selection and incentive mechanism to enhance employee motivation and performance linkage[189]. - The total pre-tax remuneration for all directors, supervisors, and senior management during the reporting period amounted to RMB 8.2459 million, including deferred compensation[172]. - The company has appointed new senior management members, including a new Chief Safety Officer and a new Chief Flight Officer, indicating a restructuring in leadership[159]. - The company is actively engaging in performance assessments to align management compensation with company performance metrics[159].