Safety and Operational Efficiency - In 2024, Air China achieved a safety flight record of 2.95 million hours, representing a 17% year-on-year increase[13]. - The company emphasizes safety management and has implemented a three-year action plan to address major safety hazards[13]. - The average daily utilization rate of aircraft has improved year-on-year, reflecting enhanced operational efficiency[14]. - The company achieved a total of 295 million safe flight hours, maintaining a stable safety record[32]. - The company is enhancing its risk management framework to ensure effective control of various operational risks[47]. Financial Performance - The company's operating revenue for 2024 reached RMB 166.70 billion, a significant increase of 18.2% compared to RMB 141.10 billion in 2023[20]. - The operating profit for 2024 was RMB 2.22 billion, a decrease from RMB 2.89 billion in 2023, indicating a decline of 23.1%[20]. - The company reported a net loss attributable to shareholders of RMB 232.56 million for 2024, an improvement from a loss of RMB 1.04 billion in 2023[20]. - The total assets as of December 31, 2024, amounted to RMB 345.75 billion, up from RMB 335.28 billion in 2023, reflecting a growth of 1.5%[22]. - The total liabilities increased to RMB 304.82 billion in 2024 from RMB 300.01 billion in 2023, marking a rise of 1.3%[22]. Capacity and Traffic Growth - The passenger traffic increased by 23.8% to 155.32 million in the current period compared to 125.45 million in the previous period[24]. - The international passenger traffic surged by 142.43%, reaching 16.32 million compared to 6.73 million in the previous period[24]. - The available seat kilometers (ASK) rose by 21.74% to 356.10 million from 292.51 million[24]. - The number of flights increased to 1,024,492, representing a growth of 13.51% compared to the previous period[25]. - The average passenger load factor for the group is 83.01%, an increase of 6.92 percentage points year-on-year[59]. Investment and Fleet Management - The group invested 356.1 billion seat kilometers throughout the year, which is a 22% increase compared to the previous year[14]. - The company introduced 36 new aircraft and retired 11 during the year[26]. - The average aircraft age in the fleet is 9.90 years, with a total of 930 aircraft as of December 31, 2024[27]. - The company aims to become the first global user of the C929 aircraft, supporting the development of domestically produced aircraft[16]. - The company has established a quarterly product release mechanism to strengthen marketing innovation and brand influence[14]. Customer Service and Experience - The company aims to enhance service quality and customer satisfaction through a customer service center and digital service improvements[18]. - The company has introduced a new in-flight meal reservation management system, allowing personalized meal selection for passengers starting from September 2024[41]. - The company has optimized compensation standards for passengers during irregular flight scenarios to improve service experience[40]. - A team of 157 service experts has been established to support service quality improvements and standard enhancements[40]. - The company is actively promoting brand awareness through various events and exhibitions, including the C919 inaugural flight series[48]. Digital Transformation and Innovation - The company is focusing on digital transformation to enhance safety operations, marketing services, and management collaboration, aiming to improve operational efficiency and service quality[41]. - Digital innovation initiatives have made significant progress, with key advancements in digital platform development[69]. - The company established a Digital Transformation Office to enhance its digital capabilities and operational efficiency[146]. - The company has implemented a robust internal control environment, supported by an effective electronic information system, including the ORACLE financial information system[152]. - The company regularly publishes operational data to enhance transparency and provide timely updates on its developments[152]. Governance and Compliance - The company is committed to maintaining and improving corporate governance standards to enhance accountability and transparency for long-term shareholder returns[107]. - The board of directors attended 100% of the annual general meetings and maintained high attendance rates across various committee meetings, demonstrating diligence and commitment to shareholder interests[113]. - The company has established a mechanism for the board to obtain independent opinions, enhancing decision-making objectivity and effectiveness[120]. - The company emphasizes the importance of board diversity, ensuring that no single gender dominates the board composition[123]. - The company is focusing on compliance management and risk assessment as part of its governance strategy[133]. Shareholder Engagement and Communication - The board of directors emphasizes the importance of shareholder feedback and has established communication channels for inquiries[166]. - The company has conducted a review of its shareholder communication policies and is satisfied with the effectiveness of these measures[166]. - The company actively engages with minority shareholders to gather feedback and address concerns[184]. - The company maintains compliance with public shareholding requirements as per the Hong Kong Stock Exchange regulations[183]. - The company is committed to timely disclosure of material information to the public, adhering to relevant legal obligations[160]. Future Outlook and Strategic Focus - The group plans to enhance operational efficiency and improve service quality as part of its 2025 strategic focus[63]. - The company aims to enhance its hub network strategy, focusing on developing international hubs in Beijing and Chengdu to differentiate itself in the market[101]. - The company plans to continue product innovation and improve customer experience to achieve stable operations and better returns for shareholders[168]. - The company is committed to addressing major risks and uncertainties while focusing on sustainable development and compliance with relevant laws and regulations[170]. - The company aims to enhance safety management and optimize resource allocation to improve operational efficiency and marketing capabilities[168].
中国国航(00753) - 2024 - 年度财报