Zhi Tong Cai Jing·2026-02-02 06:51Core Viewpoint - China National Airlines (601111) expects to incur losses in 2025, with a projected net loss attributable to shareholders ranging from RMB 1.3 billion to RMB 1.9 billion, and a net loss excluding non-recurring items between RMB 1.9 billion and RMB 2.7 billion [1] Financial Performance - For 2024, the net loss attributable to shareholders is estimated at RMB 237 million, with a net loss excluding non-recurring items of RMB 2.54 billion [1] - In the first three quarters of 2025, China National Airlines reported a cumulative net profit attributable to shareholders of RMB 1.87 billion, indicating a significant projected loss for Q4 2025 [1] - The estimated loss for Q4 2025 is projected to be between RMB 3.17 billion and RMB 3.77 billion, which represents an increase in losses compared to the same period in 2024 [1] Tax Asset Review - The increase in projected losses for Q4 2025 is attributed to a review of the carrying value of deferred tax assets, leading to a reversal of certain deferred tax assets [1]