Financial Performance - Total operating revenue for Q3 2025 reached RMB 49,068,750, representing a year-on-year increase of 0.90%[7] - Net profit attributable to shareholders decreased by 11.31% year-on-year to RMB 3,675,509[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased significantly by 279.95% year-on-year to RMB 3,647,601[7] - The total profit for the reporting period was RMB 4,144,426, a decrease of 5.16% year-on-year[7] - Total operating revenue for the first three quarters of 2025 reached RMB 129,826,184 thousand, a slight increase of 1.31% compared to RMB 128,149,919 thousand in the same period of 2024[32] - Net profit for the first three quarters of 2025 was RMB 1,357,097 thousand, representing a significant increase of 76.3% compared to RMB 769,271 thousand in 2024[33] - Operating profit for the first three quarters of 2025 was RMB 1,224,326 thousand, an increase of 47.5% from RMB 829,699 thousand in 2024[33] - Basic and diluted earnings per share for the first three quarters of 2025 were both RMB 0.11, compared to RMB 0.09 in 2024[34] - Net profit for the first three quarters of 2025 was RMB 467,262 thousand, up 1.4% from RMB 462,065 thousand in 2024[49] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 349,363,328, reflecting a 1.04% increase from the previous year[9] - The total liabilities decreased from RMB 137,610,055 thousand to RMB 117,406,524 thousand, showing a reduction of about 14.7%[28] - The total liabilities as of September 30, 2025, amounted to RMB 307,030,290 thousand, slightly up from RMB 304,824,203 thousand at the end of 2024[29] - Total non-current liabilities increased to RMB 189,623,766 thousand as of September 30, 2025, compared to RMB 167,214,148 thousand at the end of 2024, marking a growth of 13.4%[29] - The total equity attributable to shareholders increased by 2.67% to RMB 46,350,829 compared to the end of the previous year[9] - The total equity attributable to shareholders of the parent company was RMB 46,350,829 thousand as of September 30, 2025, up from RMB 45,147,411 thousand at the end of 2024[29] - The total cash and cash equivalents at the end of September 2025 reached RMB 24,213,124, compared to RMB 20,260,860 at the end of September 2024[40] - The total liabilities and equity amounted to RMB 235,243,186 thousand as of September 30, 2025, slightly down from RMB 235,743,560 thousand at the end of 2024[46] Cash Flow - Cash flow from operating activities for the year-to-date period was RMB 34,076,814, showing a 10.85% increase[7] - Operating cash flow for the first three quarters of 2025 was RMB 34,076,814, an increase of 10.8% compared to RMB 30,741,937 in 2024[38] - Cash inflow from investment activities totaled RMB 3,174,154 in 2025, up from RMB 2,470,695 in 2024, while cash outflow was RMB 13,798,386, compared to RMB 12,710,264 in the previous year[39] - The net cash flow from financing activities in 2025 was -RMB 20,244,400, worsening from -RMB 15,283,175 in 2024, with cash inflow increasing to RMB 71,779,829 from RMB 34,439,551[39] - Cash flow from operating activities generated a net amount of RMB 21,031,119 thousand, an increase from RMB 19,770,703 thousand in the previous year[53] Shareholder Information - The company has a significant shareholder structure, with China National Aviation Holding Company holding 42.53% of shares, indicating strong control over the company[19] - The company reported a total of 6,566,761,847 circulating shares held by major shareholders, reflecting a stable shareholder base[19] - There are no significant changes in the participation of major shareholders in margin financing and securities lending activities[21] Research and Development - The company reported an increase in research and development expenses to RMB 312,482 thousand in the first three quarters of 2025, compared to RMB 293,450 thousand in 2024, reflecting a focus on innovation[32] - Research and development expenses rose to RMB 106,756 thousand in 2025, compared to RMB 84,680 thousand in 2024, reflecting a focus on innovation[49] Other Financial Metrics - The weighted average return on equity decreased by 2.50 percentage points to 8.26%[7] - Other comprehensive income after tax for the first three quarters of 2025 was RMB -670,077 thousand, a decline from RMB 120,134 thousand in 2024[34] - Other comprehensive income after tax increased to RMB 31,574 thousand in 2025 from RMB 15,207 thousand in 2024[50] - The company reported a decrease in financial expenses to RMB 2,416,485 thousand in 2025 from RMB 2,815,913 thousand in 2024, indicating improved financial management[49] - The company reported government subsidies of RMB 67,334 for the current period, contributing to its financial performance[11]

Group 1 - China National Aviation (China National Airlines) plans to raise up to 20 billion yuan through a private placement of A-shares to repay debts and supplement working capital [1] - The issuance price is set at 6.57 yuan per share, with the controlling shareholder AVIC Group and its affiliate AVIC Holdings fully subscribing in cash [1] - As of the end of September 2025, China National Aviation reported total liabilities of 307 billion yuan and total assets of 349.4 billion yuan, resulting in a debt-to-asset ratio of 87.88% [1] Group 2 - The aviation industry has shown signs of recovery this year, with major airlines reporting increases in passenger capacity, passenger turnover, and load factors [2] - As of September 2025, China National Aviation's passenger turnover (measured in revenue passenger kilometers) increased by 5.6% year-on-year, while passenger capacity increased by 1.2% [2] - Domestic passenger capacity decreased by 0.3%, but passenger turnover increased by 3.4%, while international passenger capacity and turnover increased by 4.8% and 11.4%, respectively [2] Group 3 - Cathay Haitong Securities noted that during recent important domestic meetings, the civil aviation market maintained high load factors, and domestic ticket prices continued to rise year-on-year [3] - There is optimism regarding the sustainability of business travel recovery and ticket price increases, which could lead to a significant and sustainable rise in airline profitability by 2026 if business demand continues to recover [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司 (1) 2025年度向特定對象發行A股股票募集資金使用可行性研究報告 (2) 關於前次募集資金使用情況報告及審核報告 (3) 關於前次募集資金使用情況的報告 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 中國北京，二零二五年十月三十日 於本公告日期，本公司的董事為劉鐵祥先生、王明遠先生、崔曉峰先生、Patrick Healy （賀以禮）先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 证券代码：601111 证券简称：中国国航 中国国际航空股份有限公司 2025 年度向特定对象发行 A 股股票 募集资金使用可行 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司 (1) 關於向特定對象發行股票攤薄即期回報、填補措施及控股股東、 董事和高級管理人員就相關措施作出承諾的公告 (2) 關於最近五年被證券監管部門和交易所採取監管措施或處罰情況的公告 (3) 關於本次向特定對象發行A股股票不存在直接或通過利益相關方向 參與認購的投資者提供財務資助或補償的公告 (4) 關於向特定對象發行A股股票涉及關聯交易的公告 (5) 關於向特定對象發行股票股東權益變動的提示性公告 (6) 未來三年（2025-2027年）股東分紅回報規劃 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 中國北京，二零二五年十月三十日 於本公告日期，本公司的董事 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司 2025年度向特定對象發行A股股票方案論證分析報告 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 中國北京，二零二五年十月三十日 於本公告日期，本公司的董事為劉鐵祥先生、王明遠先生、崔曉峰先生、Patrick Healy （賀以禮）先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 证券代码：601111 证券简称：中国国航 中国国际航空股份有限公司 2025 年度向特定对象发行 A 股股票方案 论证分析报告 二〇二五年十月 | 目录 1 | | | --- | --- | | 释义 2 | | | 3 | 一、 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司 2025年度向特定對象發行A股股票預案 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 中國北京，二零二五年十月三十日 於本公告日期，本公司的董事為劉鐵祥先生、王明遠先生、崔曉峰先生、Patrick Healy （賀以禮）先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 证券代码：601111 证券简称：中国国航 中国国际航空股份有限公司 2025 年度向特定对象发行 A 股股票预案 二〇二五年十月 中国国际航空股份有限公司 向特定对象发行 A 股股票预案 公司声明 1、公司及董事会全体成员保证本预案内容真实、准 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司 第七屆董事會第九次會議決議公告 承董事會命 中國國際航空股份有限公司 公司秘書 於本公告日期，本公司的董事為劉鐵祥先生、王明遠先生、崔曉峰先生、Patrick Healy （賀以禮）先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 证券代码：601111 股票简称：中国国航 公告编号：2025-049 中国国际航空股份有限公司 第七届董事会第九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 肖烽 ...

Core Viewpoint - China National Airlines (SH 601111) announced a plan to issue A-shares to specific entities, aiming to raise up to RMB 20 billion for debt repayment and working capital enhancement [1]. Group 1: Share Issuance Details - The board meeting held on October 30, 2025, approved the issuance of A-shares to specific entities, namely AVIC Group and AVIC Holdings [1]. - The total number of A-shares to be issued will not exceed approximately 3.044 billion shares, representing up to 30% of the company's total share capital before the issuance [1]. - The pricing for the shares will be set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date or the higher of the latest audited net asset value per share [1]. Group 2: Financial Utilization - The funds raised from this issuance will be used entirely for debt repayment and to supplement working capital after deducting issuance costs [1]. Group 3: Revenue Composition - For the first half of 2025, the revenue composition of China National Airlines was as follows: passenger transport accounted for 90.64%, other services for 4.93%, and air cargo and mail transport for 4.43% [1]. Group 4: Market Capitalization - As of the report date, the market capitalization of China National Airlines was RMB 149.2 billion [2].

Core Insights - Beijing's inbound tourism market is experiencing rapid growth, with a 42.9% year-on-year increase in inbound visitors from January to September, totaling 3.884 million [3][4] - The total tourism expenditure reached $50.2 billion, marking a 47.1% increase compared to the previous year [3][4] - The recent National Day and Mid-Autumn Festival saw a 48% increase in inbound visitors, totaling 119,000, and a 54.1% increase in spending, amounting to 1.23 billion yuan [3][4] Policy Initiatives - The Beijing Municipal Bureau of Culture and Tourism introduced the "Beijing Inbound Tourism Service Optimization Action Plan," which includes 22 practical measures across product, promotion, service, and support [3][4] - A new funding management method was established to reward qualifying travel agencies and tourist attractions, enhancing market participation [3][4] Service Enhancements - Beijing has implemented a "temporary entry permit" area for streamlined processing and optimized group visa measures, allowing for online submission and immediate collection [4] - The city has improved cash services and mobile payment options for inbound tourists, including a new "Travel Pass" for seamless payment and communication [4] Tax Refund Improvements - The city has five centralized tax refund points for tourists, allowing for "buy and refund" services at over 1,500 stores [5] - The tax refund limit was raised from 50,000 yuan to 220,000 yuan, and the refund processing time extended from 17 days to 28 days, enhancing the shopping experience for international visitors [5][6] Product Development - Future plans for inbound tourism focus on high-quality, sustainable development, with an emphasis on diverse product offerings and thematic routes [7] - The "Beijing New Discoveries" initiative features ten themed routes, including experiences in traditional neighborhoods and industrial heritage sites [7][8] Market Participation - Companies like Ctrip, Air China, and Wormhole Creative are actively developing inbound tourism products, such as free half-day tours and VR experiences [8] - The combination of favorable policies, enhanced services, and diversified product offerings is positioning Beijing as a premier global travel destination [8]

Group 1 - The policy benefits are continuously being released, accelerating the inbound tourism market in Beijing, with a notable shift towards deep experience consumption models driven by the growth of independent travelers [1] - The inbound tourism market is in a rapid recovery phase, with the Italian market growing by 38% compared to 2019, and the Spanish market increasing by 20%, although challenges such as a shortage of small language guides remain [3] - The trend of independent travel is becoming mainstream, with a decrease in group travel, attributed to optimized visa policies and improved transportation convenience in China [6] Group 2 - The "Free Beijing Half-Day Tour" project has been upgraded to offer one-stop services, including attraction tickets, transportation, and cultural experiences, addressing the diverse needs of inbound tourists, especially families [8] - Air China operates 127 international and regional routes, providing a rich travel choice, and is exploring the "ticket root economy" model to enhance on-site consumption for inbound tourists [10] - The integration of technology and culture in tourism experiences is gaining traction, with strong interest from foreign tourists in innovative products, such as VR experiences, which are expected to enhance the inbound tourism product system [12][13]