Financial Performance - The company reported a revenue of RMB 166.699 billion for the fiscal year ending December 31, 2024, compared to RMB 141.100 billion in the previous year, representing a year-over-year increase of approximately 18%[5] - The net loss attributable to shareholders for the year was RMB 232.557 million, a significant improvement from a loss of RMB 1.038 billion in the previous year[6] - Operating profit for the year was RMB 2.218 billion, down from RMB 2.890 billion in the previous year, indicating a decline of about 23%[6] - The company reported a net profit attributable to equity holders of RMB 846,474 thousand for 2024, a significant increase from a loss of RMB 88,531 thousand in 2023[31] - The company's pre-tax loss for 2024 was RMB 1,598,868 thousand, a slight improvement from RMB 1,649,779 thousand in 2023, reflecting a reduction of approximately 3.1%[33] - The estimated income tax expense for 2024 was RMB 846,474 thousand, compared to an income tax credit of RMB 88,531 thousand in 2023, indicating a significant shift in tax position[33] Revenue Breakdown - Revenue from passenger transport in the aviation operations segment was RMB 151,788,672 thousand, up from RMB 130,516,558 thousand, reflecting a growth of 16.3%[16] - The total revenue from the airline operations segment reached RMB 161.62 billion under Chinese accounting standards for 2024, up from RMB 136.97 billion in 2023, indicating a year-over-year increase of about 18%[24] - The total income from customer contracts was RMB 166,390,725 thousand, an increase of 18.3% from RMB 140,721,730 thousand in 2023[14] - Cargo and mail transportation revenue was RMB 7.414 billion, a significant increase of RMB 3.249 billion, reflecting a growth of 78.01% year-on-year[66] - International revenue contribution rose by 77.99% to RMB 43.089 billion, compared to RMB 24.208 billion in the previous year[62] Assets and Liabilities - Total assets increased to RMB 345.750 billion as of December 31, 2024, compared to RMB 335.279 billion in the previous year, reflecting a growth of approximately 3%[8] - The net current liabilities as of December 31, 2024, were approximately RMB 96,922,852 thousand, compared to RMB 77,982,553 thousand in 2023, indicating an increase of 24.5%[10] - The total liabilities decreased from RMB 189,697,411 thousand in 2023 to RMB 167,214,148 thousand in 2024, a reduction of 11.9%[10] - The company's total liabilities were RMB 304.82 billion, an increase of 1.60% from December 31, 2023[76] - The company's total assets reached RMB 345,769,412 thousand in 2024, compared to RMB 335,302,681 thousand in 2023, marking an increase of 3.1%[39] Cash Flow and Liquidity - Cash and cash equivalents rose to RMB 21.039 billion, up from RMB 15.017 billion, marking an increase of about 40%[8] - The company has unused bank credit facilities amounting to RMB 144,106,000 thousand, ensuring sufficient liquidity for debt repayment and capital expenditures[10] - The company's cash inflow from operating activities was RMB 27.984 billion, an increase of RMB 0.800 billion compared to 2023[80] - Cash and cash equivalents increased by 40.11% to RMB 21.04 billion, representing 51.71% of current assets[72] Operational Metrics - Available seat kilometers increased by 21.74% to 356,103.62 million, with international capacity rising by 100.50%[43] - Revenue passenger kilometers grew by 32.77% to 284,349.95 million, with international traffic surging by 125.71%[43] - Passenger numbers reached 155,315.51 thousand, marking a 23.80% increase, with international passengers up by 142.43%[43] - The passenger load factor improved by 6.63 percentage points to 79.85%, with international load factor increasing by 8.52 percentage points[44] Cost and Expenses - Operating expenses for the reporting period amounted to RMB 171.80 billion, an increase of 17.98% compared to RMB 145.61 billion in the same period last year[67] - The cost of aviation fuel increased to RMB 53.720 billion, up from RMB 46.725 billion, representing an increase of approximately 15%[6] - Interest expenses on borrowings amounted to RMB 6,714,285 thousand in 2024, down from RMB 7,207,513 thousand in 2023, indicating a reduction of about 7%[30] Strategic Initiatives - The company plans to introduce 47 new aircraft in 2025, with a focus on Airbus and Boeing models[47] - The company is focusing on digital transformation to improve operational safety, marketing services, and management efficiency, aiming for a seamless integration of technology, business, and management[58] - The company aims to enhance operational quality and efficiency, improve service experience, and strengthen brand value as part of its 2025 strategic focus[82] - The company is committed to green low-carbon development and is advancing the use of sustainable aviation fuel[51] Risk Management - The airline industry operations are significantly influenced by global political and economic developments, with potential impacts from unforeseen events[98] - The risk management framework has been strengthened, with a focus on proactive risk assessment and monitoring to ensure all major operational risks are controlled[59] - The company emphasizes the importance of risk management in its operations and financial reporting[98] Shareholder Information - The company plans not to distribute profits for the fiscal year 2024, as approved by the board[5] - The total share capital of the company is RMB 17.448 billion, with A-shares accounting for 71.60% and H-shares for 28.40%[90] - The annual general meeting is scheduled for May 28, 2025, with H-share transfer registration suspended from May 21 to May 28, 2025[96]
中国国航(00753) - 2024 - 年度业绩