Air China(601111) 新京报·2025-03-28 14:25Core Viewpoint - China National Airlines reported a significant reduction in losses for 2024, with a net loss of 237 million yuan, a decrease of 77.32% year-on-year, attributed to the accelerated recovery of the civil aviation market and effective cost control measures [1] Financial Performance - The company achieved an operating revenue of 166.699 billion yuan, representing an 18.14% year-on-year increase [1] - Operating costs rose by 18.04% to 158.189 billion yuan, but this was a significant improvement compared to a 61.83% increase in 2023 [1] - The unit cost per seat kilometer decreased by 3.03% to 0.44 yuan, while the overall gross profit margin improved from 5.02% in 2023 to 5.1% in 2024 [1] Operational Metrics - Total transport turnover increased by 32.77%, and passenger numbers rose by 23.8%, with a passenger load factor of 79.85%, up 6.63 percentage points [2] - Fuel costs increased by 14.97% to 53.72 billion yuan, but the growth rate was significantly lower than the 105.27% increase in 2023 [2] - Airline catering costs rose by 38.74% to 4.166 billion yuan, with per capita meal costs increasing from 24 yuan in 2023 to 26.88 yuan in 2024, primarily due to the increase in passenger numbers [2] Subsidiary Performance - Among the nine subsidiaries disclosed, only three reported profits: Ameco (4.01 million yuan), AVIC Finance (0.54 million yuan), and Cathay Pacific (8.801 billion yuan) [3] - Shenzhen Airlines, in which China National Airlines holds a 51% stake, reported the highest loss at 2.813 billion yuan [3] - The financial performance of other subsidiaries varied, with some experiencing significant losses, such as Dalian Airlines, which reported a loss of 34.9 million yuan [4]