Zhi Tong Cai Jing·2026-01-30 13:08Core Viewpoint - China National Airlines (601111) (00753) expects to incur losses in the fiscal year 2025, with a net loss attributable to shareholders estimated between RMB 1.3 billion and RMB 1.9 billion, and a net loss excluding non-recurring items estimated between RMB 1.9 billion and RMB 2.7 billion [1] Group 1: Financial Projections - For 2024, the net loss attributable to shareholders is projected to be RMB 237 million, while the net loss excluding non-recurring items is expected to be RMB 2.54 billion [1] - The anticipated losses for 2025 are attributed to a review of deferred tax assets, leading to a reassessment of their book value [1] Group 2: Industry Outlook - The overall Chinese economy is expected to remain stable and improve, with the civil aviation industry continuing its steady growth trend [1] - The company aims to seize market opportunities and actively respond to the new normal of industry development by enhancing quality and efficiency [1] Group 3: Operational Strategies - The company plans to optimize production organization and maximize the utilization of available aircraft resources to ensure effective investment [1] - There will be a dynamic approach to market trends, balancing quantity and price to stabilize revenue quality [1] - Comprehensive upgrades in cost control will be implemented, emphasizing a "tighten the belt" mentality to reduce cost levels [1]