REG - Air China Ld - FIRST QUARTERLY REPORT OF 2026
30/04/2026 08:45
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RNS Number : 5803C Air China Ld 30 April 2026
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong
Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any
liability whatsoever for any loss howsoever arising from or in reliance upon
the whole or any part of the contents of this announcement.
中國國際航空股份有限公司
AIR CHINA LIMITED
(a joint stock limited company incorporated in the People's Republic of China
with limited liability)
(Stock Code: 00753)
FIRST QUARTERLY REPORT OF 2026
This announcement is made pursuant to Part XIVA of the Securities and Futures
Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 and Rule
13.10B of the Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited.
The board of directors (the "Board") of Air China Limited (the "Company") held
a meeting of the Board on 29 April 2026 and passed the resolution approving
the first quarterly report (the "Quarterly Report") of 2026 of the Company for
the period ended 31 March 2026 (the "Reporting Period" or "Period") prepared
in accordance with the PRC Accounting Standards for Business Enterprises.
IMPORTANT NOTICE
The Board of the Company together with the directors and the senior management
of the Company guarantee that the contents of the Quarterly Report are true,
accurate and complete and do not contain any false representation, misleading
statement or material omission, and shall jointly and severally accept legal
liability.
The person in charge of the Company, person in charge of accounting function
and person in charge of accounting department (accounting superintendent)
hereby guarantee that the financial information set out in the Quarterly
Report is true, accurate and complete.
Whether the financial statements of the first quarter are audited
□Yes RNo
1. MAJOR FINANCIAL DATA
(1) MAJOR ACCOUNTING DATA AND FINANCIAL INDICATORS
Unit: RMB'000
Items During the Reporting Period During the corresponding period of the previous year Increase/decrease
of the Reporting
Period as
compared to the corresponding
period of the
previous year (%)
Revenue 44,536,441 40,023,324 11.28
Total profit 1,897,348 -2,453,100 177.34
Net profit attributable to 1,714,097 -2,043,993 183.86
shareholders of the listed
company
Net profit attributable to 1,382,264 -2,127,891 164.96
shareholders of the listed
company after deducting non-
recurring profits and losses
Net cash flows from operating 9,151,285 8,341,401 9.71
activities
Basic earnings per share 0.10 -0.12 183.33
(RMB per share)
Diluted earnings per share 0.10 -0.12 183.33
(RMB per share)
Weighted average return on net assets (%) 3.96 -4.64 Increased by 8.60 percentage points
At the At the Increase/decrease
end of the Reporting Period
end of the
at the end of the Reporting Period
previous year
as compared to
the end of the previous year (%)
Total assets 344,273,264 343,047,244 0.36
Owners' equity attributable 43,987,832 42,551,575 3.38
to shareholders of the listed
company
(2) Items and amounts of non-recurring profits and losses
RApplicable □ Not applicable
Unit: RMB'000
Items of non-recurring profits and losses Amounts for the Period Explanation
Gains or losses on disposal of non-current assets, including provision for -6,108
asset impairment being written off
Government subsidies recorded in profit or loss for the current period 48,313
(excluding those closely related to the Company's normal business operations,
in compliance with national policies and regulations, are granted in
accordance with established standards and have a continuing effect on the
Company's profit or loss)
Gain or loss from change in fair value arising from holding financial assets -43
and financial liabilities by non-financial enterprises, and gain or loss
arising from disposal of financial assets and financial liabilities, excluding
the effective hedging businesses related to the normal operations of the
Company
Capital occupancy fee from non-financial enterprises recognised through
current profit or loss
Profit or loss from entrusting others to invest or manage assets
Profit or loss from externally entrusted loans
Loss of assets due to force majeure factors, such as natural disasters
Reversal of provision for impairment of receivable that has undergone 4,289
impairment test alone
Profit and loss from disposal of long-term equity investment 185,771
Gains arising from the investment costs for acquisition of subsidiaries,
associates and joint ventures being less than the fair value of attributable
identifiable net assets of such investees at the time of acquisition
Current net profit or loss of subsidiaries from business combination under
common control from the beginning of the period to the date of combination
Profit or loss from exchange of non-monetary assets
Items of non-recurring profits and losses Amounts for the Period Explanation
Profit or loss from debt restructuring
One-time costs incurred by the enterprise due to the fact that the relevant
business activities are no longer continuing, such as expenses for relocating
employees
One-time effect on current profit or loss due to adjustments in tax,
accounting and other laws and regulations
One-time share-based payment expense recognized for cancellation and
modification of equity incentive plans
Gain or loss from changes in fair values of employee benefits payable for
cash-settled share-based payments after the exercise date
Profit or loss from changes in fair value of investment properties
subsequently measured using the fair value model
Gains arising from transactions at significantly unfair prices
Profit or loss arising from contingencies irrelevant to the normal business
operations of the company
Trusteeship fee income from entrusted operations
Other non-operating income and expenses other than the above items 131,800
Other profit and loss items that meet the definition of non-recurring profit
or loss
Less: Effect of income tax 7,288
Effect of non-controlling interests (after tax) 24,901
Total 331,833
Explanation on recognising items not listed in the "Explanatory Announcement
No. 1 on Information Disclosure of Companies That Issue Securities to the
Public - Non-recurring Profits and Losses"
(《公開發行證券的公司信息披露解釋性公告第1號－非經常性損益》)
as non-recurring profits and losses items with significant amounts and
defining non-recurring profits and losses items listed in the "Explanatory
Announcement No. 1 on Information Disclosure of Companies That Issue
Securities to the Public - Non-recurring Profits and Losses"
(《公開發行證券的公司信息披露解釋性公告第1號－非經常性損益》)
as recurring profits and losses items of the Company.
□ Applicable R Not applicable
(3) Particulars of, and reasons for, changes in major accounting data
and financial indicators
R Applicable □Not applicable
Items Percentage of Change (%) Major Reasons
Total profit 177.34 Seizing market opportunities, the Company continued to optimize its route
structure and achieved steady growth in production scale with a year-on-year
increase in operating income. At the same time, it made every effort to
promote refined cost control measures, resulting in a significant improvement
in profitability for the Period.
Net profit attributable to shareholders of the listed company 183.86 Seizing market opportunities, the Company continued to optimize its route
structure and achieved steady growth in production scale with a year-on-year
increase in operating income. At the same time, it made every effort to
promote refined cost control measures, resulting in a significant improvement
in profitability for the Period.
Net profit attributable to shareholders of the listed company after deducting 164.96 Seizing market opportunities, the Company continued to optimize its route
non-recurring profits and losses structure and achieved steady growth in production scale with a year-on-year
increase in operating income. At the same time, it made every effort to
promote refined cost control measures, resulting in a significant improvement
in profitability for the Period.
Basic earnings per share (RMB per share) 183.33 Seizing market opportunities, the Company continued to optimize its route
structure and achieved steady growth in production scale with a year-on-year
increase in operating income. At the same time, it made every effort to
promote refined cost control measures, resulting in a significant improvement
in profitability for the Period.
Diluted earnings per share (RMB per share) 183.33 Seizing market opportunities, the Company continued to optimize its route
structure and achieved steady growth in production scale with a year-on-year
increase in operating income. At the same time, it made every effort to
promote refined cost control measures, resulting in a significant improvement
in profitability for the Period.
2. INFORMATION OF SHAREHOLDERS
(1) Total number of holders of ordinary shares, the number of holders
of preference shares with restored voting rights and the particulars of the
top 10 shareholders
Unit: share
Total number of holders of 161,142 Total number of holders of preference /
ordinary shares as at the end
shares with restored voting rights as at the end of the Reporting Period (if
of the Reporting Period any)
Particulars of the top 10 shareholders (excluding shares lent through
securities lending and refinancing)
Nature of Number of Shareholding Number of shares held subject to selling Shares pledged, marked or frozen
Name of shareholder shareholder shares held percentage restrictions Status Number
(%)
China National Aviation Holding State-owned 7,421,462,701 42.53 854,700,854 Frozen 127,445,536
Corporation Limited legal person
Cathay Pacific Airways Limited Foreign legal person 2,633,725,455 15.09 0 Nil 0
China National Aviation Corporation Foreign legal person 1,949,262,228 11.18 392,927,308 Frozen 36,454,464
(Group) Limited
HKSCC NOMINEES LIMITED Foreign legal person 1,691,166,370 9.69 0 Nil 0
China National Aviation Fuel Group Limited State-owned legal person 237,224,158 1.36 0 Nil 0
Hong Kong Securities Clearing Company Limited Foreign legal person 136,311,325 0.78 0 Nil 0
National Social Security Fund 114 Portfolio Other 93,823,770 0.54 0 Nil 0
(全國社保基金一一四組合)
China Securities Finance Corporation Limited Other 89,733,769 0.51 0 Nil 0
China Structural Reform Fund Co., Ltd. State-owned legal person 52,422,706 0.30 0 Nil 0
(中國國有企業結構調整基金股份有限公司)
Bank of China Limited - Huashang Runfeng Flexible Allocation Hybrid Securities Other 48,492,056 0.28 0 Nil 0
Investment Fund
(中國銀行股份有限公司－華商潤豐靈活配置混合型證券投資基金)
Particulars of the top 10 shareholders not subject to selling restrictions
(excluding shares lent through securities lending and refinancing)
Number of tradable shares held not subject Type and number of shares Type of shares Number
Name of shareholder to selling restrictions
China National Aviation Holding Corporation Limited 6,566,761,847 RMB ordinary shares 6,566,761,847
Cathay Pacific Airways Limited 2,633,725,455 Overseas listed 2,633,725,455
foreign shares
HKSCC NOMINEES LIMITED 1,691,166,370 Overseas listed 1,691,166,370
foreign shares
China National Aviation Corporation (Group) Limited 1,556,334,920 RMB ordinary shares 1,332,482,920
Overseas listed 223,852,000
foreign shares
China National Aviation Fuel Group Limited 237,224,158 RMB ordinary shares 237,224,158
Hong Kong Securities Clearing Company Limited 136,311,325 RMB ordinary shares 136,311,325
National Social Security Fund 114 Portfolio 93,823,770 RMB ordinary shares 93,823,770
(全國社保基金一一四組合)
China Securities Finance Corporation Limited 89,733,769 RMB ordinary shares 89,733,769
China Structural Reform Fund Co., Ltd. 52,422,706 RMB ordinary shares 52,422,706
(中國國有企業結構調整基金股份有限公司)
Bank of China Limited - Huashang Runfeng Flexible Allocation Hybrid Securities 48,492,056 RMB ordinary shares 48,492,056
Investment Fund
(中國銀行股份有限公司－華商潤豐
靈活配置混合型證券投資基金)
Explanation on connected relationship or action in concert among the above CNACG is a wholly-owned subsidiary of CNAHC. Accordingly, CNAHC is directly
shareholders and indirectly interested in 53.71% of the shares of the Company.
Explanation on the participation of the top 10 shareholders and the top 10 Nil
shareholders not subject to selling restrictions in margin financing and
securities lending as well as margin and securities refinancing business (if
any)
1. HKSCC NOMINEES LIMITED is a subsidiary of The Stock Exchange of
Hong Kong Limited and its principal business is acting as nominee for and on
behalf of other corporate shareholders or individual shareholders. The H
shares held by it in the Company do not include the 166,852,000 shares held by
it as nominee of CNACG.
2. According to the "Implementation Measures on Partial Transfer
of State-owned Shares to the National Social Security Fund in the Domestic
Securities Market" (Cai Qi 2009 No. 94)
(《境內證券市場轉持部分國有股充實全國社會保障基金實施辦法》(財企
2009 94號)) and the Notice (2009 No. 63) jointly issued by the Ministry of
Finance, the State-owned Assets Supervision and Administration Commission of
the State Council, China Securities Regulatory Commission and the National
Council for Social Security Fund, 127,445,536 and 36,454,464 shares held by
CNAHC, the controlling shareholder of the Company, and CNACG respectively are
frozen at present.
Share lent through securities lending and refinancing by shareholders holding
more than 5% of the shares, top 10 shareholders and top 10 shareholders not
subject to selling restrictions
□ Applicable R Not applicable
Changes in top 10 shareholders and top 10 shareholders not subject to selling
restrictions from the previous period due to lending/returning of shares
through securities lending and refinancing
□ Applicable R Not applicable
3. OTHER REMINDER
Other important information that needs to be brought to the attention of
investors regarding the Company's operations during the Reporting Period
□ Applicable R Not applicable
4. QUARTERLY FINANCIAL STATEMENTS
(1) Type of audit opinion
□ Applicable R Not applicable
(2) Financial statements
CONSOLIDATED BALANCE SHEET
31 March 2026
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items 31 March 2026 31 December 2025
CURRENT ASSETS:
Cash and bank balance 15,994,646 15,859,324
Provisions on payables
Contributions made
Financial assets held-for-trading 121,591 151,633
Derivative financial assets
Bills receivable 11,574 12,516
Accounts receivable 4,259,872 3,480,157
Receivables financing
Prepayments 631,650 590,827
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Other receivables 4,698,087 4,275,525
Including: Interest receivable
Dividend receivable
Purchase of financial assets resold
Inventories 5,222,193 4,809,698
Including: Data resources
Contract assets
Held-for-sale assets
Non-current assets due within a year
Other current assets 5,115,307 5,623,629
Total current assets 36,054,920 34,803,309
NON-CURRENT ASSETS:
Loans and advances
Debt investments
Other debt investments 1,044,478 1,093,435
Long-term receivables 728,635 735,200
Long-term equity investments 18,153,482 18,292,560
Investments in other equity instruments 1,909,596 1,926,616
Other non-current financial assets
Investment properties 287,274 291,001
Fixed assets 114,395,845 112,844,370
Construction in progress 34,624,779 34,331,014
Biological assets for production
Oil and gas assets
Right-of-use assets 114,981,300 116,551,531
Intangible assets 6,138,262 6,194,476
Including: Data resources
Development expenses
Including: Data resources
Goodwill 3,614,390 3,614,390
Long-term deferred expenses 296,784 325,628
Deferred tax assets 11,305,296 11,310,161
Other non-current assets 738,223 733,553
Total non-current assets 308,218,344 308,243,935
Total assets 344,273,264 343,047,244
CURRENT LIABILITIES:
Short-term loans 9,000,611 6,560,932
Short-term financing bonds payable 13,473,665 11,051,420
Borrowings from central bank
Contributions received
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable 496,901 1,500,000
Accounts payable 22,682,727 20,856,695
Air traffic liabilities 12,848,521 11,221,885
Receipts in advance 106,635 73,656
Contract liabilities 1,645,923 1,720,744
Sale of financial assets repurchased
Deposits from clients and placements from other banks
Brokerage payable
Underwriting fees payable
Employee compensation payable 3,165,483 4,178,271
Taxes payable 541,122 683,576
Other payables 12,254,866 13,420,424
Including: Interest payable
Dividend payable
Fees and commissions payable
Amounts payable on reinsurance
Held-for-sale liabilities
Non-current liabilities due within a year 48,811,658 46,024,492
Other current liabilities
Total current liabilities 125,028,112 117,292,095
NON-CURRENT LIABILITIES:
Reserves on insurance contracts
Long-term loans 54,430,588 60,858,057
Debentures payable 32,000,000 32,000,000
Including: Preference shares
Perpetual bonds
Lease liabilities 59,374,841 61,452,171
Long-term payables 24,724,332 24,293,835
Long-term employee compensation payables 169,575 168,765
Provisions 4,415,169 4,337,583
Deferred income 405,076 401,549
Deferred tax liabilities 140,027 137,992
Other non-current liabilities 2,851,050 2,873,684
Total non-current liabilities 178,510,658 186,523,636
Total liabilities 303,538,770 303,815,731
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or share capital) 17,448,421 17,448,421
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 46,286,645 46,113,911
Less: Treasury shares
Other comprehensive income -716,493 -265,919
Special reserves
Surplus reserves 11,564,287 11,564,287
General risk provisions 177,506 177,506
Retained earnings -30,772,534 -32,486,631
Total owners' equity (or shareholders' equity) attributable to 43,987,832 42,551,575
the parent company
Non-controlling interests -3,253,338 -3,320,062
Total owners' equity (or shareholders' equity) 40,734,494 39,231,513
Total liabilities and owners' equity (or shareholders' equity) 344,273,264 343,047,244
Person in charge of the Company: Liu Tiexiang
Person in charge of accounting function: Sun Yuquan
Person in charge of accounting department: Bai Dongming
CONSOLIDATED INCOME STATEMENT
January to March 2026
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First quarter of 2026 First quarter of 2025
I. Total revenue from operations 44,536,441 40,023,324
Including: Operating income 44,536,441 40,023,324
Interest income
Premium earned
Fees and commission income
II. Total operating cost 45,193,276 44,421,862
Including: Operating costs 41,033,705 39,813,278
Interest expenses
Fees and commission expenses
Returned premium
Net reimbursement paid
Net amounts of provisions on insurance obligations drawn
Bonus paid on insurance policy
Reinsurance premium
Taxes and other levies 111,536 100,635
Selling expenses 1,718,923 1,741,182
General and administrative expenses 1,320,854 1,328,732
R&D expenses 96,021 85,246
Finance expenses 912,237 1,352,789
Including: Interest expenses 1,213,540 1,472,135
Interest income 87,830 131,527
Add: Other income 1,224,947 1,170,042
Investment income (loss is represented by "-" sign) 1,198,322 710,259
Including: Share of profits of associates and joint ventures 1,183,229 699,425
Gains on derecognition of financial assets measured at amortised cost
Exchange gains (loss is represented by "-" sign)
Gains from net exposure to hedging (loss is represented by "-" sign)
Gains from changes in fair value (loss is represented by "-" sign) -43 2
Impairment loss of credit (loss is represented by "-" sign) 5,265 -4,270
Impairment loss of assets (loss is represented by "-" sign)
Gains from disposal of assets (loss is represented by "-" sign) -3,175 8,908
III. Profit from operations (loss is represented by "-" sign) 1,768,481 -2,513,597
Add: Non-operating income 138,356 67,719
Less: Non-operating expenses 9,489 7,222
IV. Total profit (total loss is represented by "-" sign) 1,897,348 -2,453,100
Less: Income tax expenses 104,012 82,141
V. Net profit (net loss is represented by "-" sign) 1,793,336 -2,535,241
(I) Classified by continuity of operations
1. Net profit from continuing operations 1,793,336 -2,535,241
(net loss is represented by "-" sign)
2. Net profit from discontinued operation
(net loss is represented by "-" sign)
(II) Classified by ownership
1. Net profits attributable to shareholders of the parent company 1,714,097 -2,043,993
(net loss is represented by "-" sign)
2. Profit or loss attributable to non-controlling interests 79,239 -491,248
(net loss is represented by "-" sign)
VI. Other comprehensive income after tax, net -463,089 -79,021
(I) Other comprehensive income after tax attributable to owners of -450,574 -83,248
the parent company, net
1. Other comprehensive income that cannot be subsequently -8,385 10,416
reclassified to profit or loss
(1) Changes arising on remeasurement of defined benefit plans
(2) Other comprehensive income accounted for using the equity -1,899
method that cannot be reclassified to profit or loss
(3) Change in fair value of investments in other equity -6,486 10,416
instruments
(4) Change in fair value of own credit risk of the Company
2. Other comprehensive income that will be reclassified to -442,189 -93,664
profit or loss
(1) Other comprehensive income accounted for using the equity 14,007
method that may be reclassified to profit or loss
(2) Change in fair value of other debt investments 67 -5,423
(3) Amount of financial assets reclassified into other
comprehensive income
(4) Provisions for credit impairment of other debt investments -437 -76
(5) Reserve for cash flow hedging
(6) Exchange difference on translation of financial statements in -455,826 -88,165
foreign currency
(7) Others
(II) Other comprehensive income after tax attributable to -12,515 4,227
non-controlling interests, net
VII. Total comprehensive income 1,330,247 -2,614,262
(I) Total comprehensive income attributable to owners of 1,263,523 -2,127,241
the parent company
(II) Total comprehensive income attributable to non-controlling interests 66,724 -487,021
VIII. Earnings per share:
(I) Basic earnings per share (RMB per share) 0.10 -0.12
(II) Diluted earnings per share (RMB per share) 0.10 -0.12
For business combination under common control during the Period, the net
profit of merged party before the business combination is RMB0, and the net
profit of the merged party for the previous period is RMB0.
Person in charge of the Company: Liu Tiexiang
Person in charge of accounting function: Sun Yuquan
Person in charge of accounting department: Bai Dongming
CONSOLIDATED CASH FLOW STATEMENT
January to March 2026
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First quarter of 2026 First quarter of 2025
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services 48,947,531 40,353,061
Net increase in deposits from clients and placements from banks
Net increase in borrowings from central bank
Net increase in contributions received from
other financial institutions
Cash received from premiums of original insurance contracts
Net cash receipt from reinsurance operations
Net increase in reserve of the insured and investment
Cash received from interest, fees and commission
Net increase in contributions received
Net increase in cash from repurchase operations
Net cash receipt from securities trading as agent
Refund of taxes and levies 5,491 65,572
Other cash received relating to operating activities 3,688,482 4,161,814
Subtotal of cash inflows of operating activities 52,641,504 44,580,447
Cash paid for goods purchased and services received 27,589,971 24,027,112
Net increase in loans and advances to clients
Net increase in deposits in central bank and other banks
Cash paid in respect of claims under original insurance contracts
Net increase in contributions made
Cash paid for interest, fees and commissions
Cash paid for bonus paid on insurance policy
Cash paid to or on behalf of employees 10,520,759 9,996,301
Taxes and levies paid 738,413 471,275
Other cash paid relating to operating activities 4,641,076 1,744,358
Subtotal of cash outflows from operating activities 43,490,219 36,239,046
Net cash flows from operating activities 9,151,285 8,341,401
II. Cash flows from investing activities:
Cash received from sale and redemption of investments 1,867,350 278,155
Cash received from investment income 17,192 24,759
Net cash proceeds from disposal of fixed assets, 20,863 74,873
intangible assets and other long-term assets
Net cash proceeds from disposal of subsidiaries and
other business units
Other cash received relating to investing activities 87,830 131,527
Subtotal of cash inflows from investing activities 1,993,235 509,314
Cash paid for purchase and construction of fixed assets, intangible assets and 7,051,321 4,140,915
other long-term assets
Cash paid for investments 43,061 394,850
Net increase in secured loans
Net cash payments for acquisition of subsidiaries and
other business units
Other cash paid relating to investing activities 737,113 187,800
Subtotal of cash outflows from investing activities 7,831,495 4,723,565
Net cash flows from investing activities -5,838,260 -4,214,251
III. Cash flows from financing activities:
Cash received from issuance of debentures 4,400,000 9,000,000
Cash received from capital injection
Including: Cash received from capital injection of
non-controlling shareholders in subsidiaries
Cash received from borrowings 8,806,894 17,119,947
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities 13,206,894 26,119,947
Cash paid for repayment of borrowings 11,804,842 22,949,370
Cash paid for distribution of dividends, profits or 1,118,809 1,460,773
payment of interest expenses
Including: Dividends and profits paid to
non-controlling shareholders by subsidiaries
Cash paid for leases 4,211,020 5,116,290
Other cash paid relating to financing activities
Subtotal of cash outflows from financing activities 17,134,671 29,526,433
Net cash flows from financing activities -3,927,777 -3,406,486
IV. Effect of exchange rate changes on cash and cash equivalents -53,242 11,726
V. Net increase in cash and cash equivalents -667,994 732,390
Add: Balance of cash and cash equivalents as at 14,295,268 21,039,472
the beginning of the Period
VI. Balance of cash and cash equivalents as at the end of the Period 13,627,274 21,771,862
Person in charge of the Company: Liu Tiexiang
Person in charge of accounting function: Sun Yuquan
Person in charge of accounting department: Bai Dongming
BALANCE SHEET OF THE PARENT COMPANY
31 March 2026
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items 31 March 31 December 2025
2026
CURRENT ASSETS:
Cash and bank balance 5,039,112 4,267,178
Financial assets held-for-trading
Derivative financial assets
Bills receivable
Accounts receivable 3,249,717 2,258,034
Receivables financing
Prepayments 278,322 303,194
Other receivables 3,558,368 3,161,821
Including: Interest receivable
Dividend receivable
Inventories 89,694 65,084
Including: Data resources
Contract assets
Held-for-sale assets
Non-current assets due within a year
Other current assets 3,005,953 2,860,229
Total current assets 15,221,166 12,915,540
Items 31 March 31 December 2025
2026
NON-CURRENT ASSETS:
Debt investments
Other debt investments
Long-term receivables 729,569 694,744
Long-term equity investments 34,077,633 33,901,051
Investments in other equity instruments 214,726 214,726
Other non-current financial assets
Investment properties
Fixed assets 82,160,724 80,943,409
Construction in progress 23,757,089 23,399,959
Biological assets for production
Oil and gas assets
Right-of-use assets 74,007,742 75,003,468
Intangible assets 3,398,220 3,429,998
Including: Data resources
Development expenses
Including: Data resources
Goodwill
Long-term deferred expenses 197,350 218,428
Deferred tax assets 6,998,384 6,998,384
Other non-current assets
Total non-current assets 225,541,437 224,804,167
Total assets 240,762,603 237,719,707
Items 31 March 31 December 2025
2026
CURRENT LIABILITIES:
Short-term loans 9,807,846 6,205,072
Short-term financing bonds payable 13,473,665 11,051,420
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable 1,500,000
Accounts payable 13,543,675 12,189,161
Air traffic liabilities 10,765,607 9,111,637
Receipts in advance 200,647 178,455
Contract liabilities 1,223,900 971,572
Employee compensations payable 1,012,200 1,953,727
Taxes payable 146,656 216,347
Other payables 6,604,721 5,690,407
Including: Interest payable
Dividend payable
Held-for-sale liabilities
Non-current liabilities due within a year 25,492,282 29,809,342
Other current liabilities
Total current liabilities 82,271,199 78,877,140
NON-CURRENT LIABILITIES:
Long-term loans 23,542,213 23,181,906
Debentures payable 32,000,000 32,000,000
Including: Preference shares
Perpetual bonds
Lease liabilities 36,111,693 37,551,796
Long-term payables 12,560,080 12,379,655
Long-term employee compensation payables
Provisions 2,446,380 2,353,690
Deferred income 111,419 120,155
Deferred tax liabilities
Other non-current liabilities 2,847,120 2,869,195
Total non-current liabilities 109,618,905 110,456,397
Total liabilities 191,890,104 189,333,537
Items 31 March 31 December 2025
2026
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or share capital) 17,448,421 17,448,421
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 50,499,675 50,499,675
Less: Treasury shares
Other comprehensive income 441,398 441,398
Special reserves
Surplus reserves 11,527,181 11,527,181
Retained earnings -31,044,176 -31,530,505
Total owners' equity (or shareholders' equity) 48,872,499 48,386,170
Total liabilities and owners' equity (or shareholders' equity) 240,762,603 237,719,707
Person in charge of the Company: Liu Tiexiang
Person in charge of accounting function: Sun Yuquan
Person in charge of accounting department: Bai Dongming
INCOME STATEMENT OF THE PARENT COMPANY
January to March 2026
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First quarter of 2026 First quarter of 2025
I. Revenue from operations 26,891,279 23,876,695
Less: Operating costs 24,918,984 24,236,502
Taxes and other levies 59,529 54,455
Selling expenses 1,156,830 1,123,880
General and administrative expenses 521,649 561,386
R&D expenses 36,748 36,966
Finance expenses 692,263 825,846
Including: Interest expenses 767,117 875,749
Interest income 23,145 42,402
Add: Other income 749,151 682,308
Investment income (loss is represented by "-" 133,520 76,009
sign)
Including: Share of profits of associates and 133,520 75,513
joint ventures
Gains on derecognition of financial assets measured at amortised cost
Gains from net exposure to hedging (loss is represented by "-" sign)
Gains from changes in fair value (loss is represented by "-" sign) -176
Impairment loss of credit (loss is represented by "-" sign)
Impairment loss of assets (loss is represented by "-" sign)
Gains from disposal of assets (loss is represented by "-" sign) -863 6,350
II. Profit from operations (loss is represented by 387,084 -2,197,849
"-" sign)
Add: Non-operating income 102,852 44,324
Less: Non-operating expenses 3,607 3,256
III. Total profit (total loss is represented by "-" 486,329 -2,156,781
sign)
Less: Income tax expenses
IV. Net profit (net loss is represented by "-" sign) 486,329 -2,156,781
(I) Net profit from continuing operations (net loss is represented by "-" 486,329 -2,156,781
sign)
(II) Net profit from discontinued operation (net loss is represented by "-"
sign)
Items First quarter of 2026 First quarter of 2025
V. Other comprehensive income after tax, net
(I) Other comprehensive income that cannot be subsequently reclassified to
profit or loss
1. Changes arising on remeasurement of defined benefit plans
2. Other comprehensive income accounted for using the equity method that
cannot be reclassified to profit or loss
3. Change in fair value of investments in other equity instruments
4. Change in fair value of own credit risk of the Company
(II) Other comprehensive income that will be reclassified to profit or loss
1. Other comprehensive income accounted for using the equity method that may
be reclassified to profit or loss
2. Change in fair value of other debt investments
3. Amount of financial assets reclassified into other comprehensive income
4. Provisions for credit impairment of other debt investments
5. Reserve for cash flow hedging
6. Exchange difference on translation of financial statements in foreign
currency
7. Others
VI. Total comprehensive income 486,329 -2,156,781
VII. Earnings per share:
(I) Basic earnings per share (RMB per share)
(II) Diluted earnings per share (RMB per share)
Person in charge of the Company: Liu Tiexiang
Person in charge of accounting function: Sun Yuquan
Person in charge of accounting department: Bai Dongming
CASH FLOW STATEMENT OF THE PARENT COMPANY
January to March 2026
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First quarter of 2026 First quarter of 2025
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services 29,667,240 23,468,791
Refund of taxes and levies
Other cash received relating to operating activities 2,364,705 1,589,253
Subtotal of cash inflows of operating activities 32,031,945 25,058,044
Cash paid for goods purchased and services received 17,593,258 15,087,404
Cash paid to or on behalf of employees 5,454,304 5,185,651
Taxes and levies paid 342,659 252,138
Other cash paid relating to operating activities 2,630,941 1,270,049
Subtotal of cash outflows from operating activities 26,021,162 21,795,242
Net cash flows from operating activities 6,010,783 3,262,802
II. Cash flows from investing activities:
Cash received from sale and redemption of investments
Cash received from investment income
Net cash proceeds from disposal of fixed assets, intangible assets and other 101,267 60,936
long-term assets
Net cash proceeds from disposal of subsidiaries and other business units
Other cash received relating to investing activities 23,145 42,402
Subtotal of cash inflows from investing activities 124,412 103,338
Cash paid for purchase and construction of fixed assets, intangible assets and 5,713,294 3,104,043
other long-term assets
Cash paid for investments 43,061 44,850
Net cash payments for acquisition of subsidiaries and other business units
Other cash paid relating to investing activities
Subtotal of cash outflows from investing activities 5,756,355 3,148,893
Net cash flows from investing activities -5,631,943 -3,045,555
III. Cash flows from financing activities:
Cash received from issuance of debentures 4,400,000 9,000,000
Cash received from capital injection
Cash received from borrowings 8,299,552 5,400,000
Items First quarter of 2026 First quarter of 2025
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities 12,699,552 14,400,000
Cash paid for repayment of borrowings 9,251,330 12,559,000
Cash paid for distribution of dividends, profits or payment of interest 642,140 705,430
expenses
Cash paid for leases 2,368,780 2,646,645
Other cash paid relating to financing activities
Subtotal of cash outflows from financing activities 12,262,250 15,911,075
Net cash flows from financing activities 437,302 -1,511,075
IV. Effect of exchange rate changes on cash and cash equivalents -44,235 6,069
V. Net increase in cash and cash equivalents 771,907 -1,287,759
Add: Balance of cash and cash equivalents as at the beginning of the Period 4,236,105 8,774,956
VI. Balance of cash and cash equivalents as at the end of the Period 5,008,012 7,487,197
Person in charge of the Company: Liu Tiexiang
Person in charge of accounting function: Sun Yuquan
Person in charge of accounting department: Bai Dongming
(3) Adjustments made to the financial statements as at the beginning
of the year for the initial implementation of new Accounting Standards or
interpretation of standards since 2026
□ Applicable R Not applicable
The announcement is hereby given.
By Order of the Board
Air China Limited
Xiao Feng
Company Secretary
Beijing, the PRC, 29 April 2026
As at the date of this announcement, the directors of the Company are Mr. Liu
Tiexiang, Mr. Qu Guangji, Mr. Cui Xiaofeng, Mr. Patrick Healy, Mr. Xiao Peng,
Mr. Xu Niansha*, Mr. He Yun*, Ms. Winnie Tam Wan-chi* and Mr. Gao Chunlei*.
* Independent non-executive director of the Company
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