REG - Air China Ld - THIRD QUARTERLY REPORT OF 2025
31/10/2025 15:15
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RNS Number : 7543F Air China Ld 31 October 2025
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)
THIRD QUARTERLY REPORT OF 2025
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",
together with its subsidiaries, the "Group") held a meeting of the Board on 30
October 2025 and passed the resolution approving the third quarterly report of
2025 (the "Quarterly Report") of the Company for the period ended 30 September
2025 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 third quarter are audited
Yes No
1. MAJOR FINANCIAL DATA
(1) Major accounting data and financial indicators
Unit: RMB'000
Items The Reporting Period Increase/decrease of the Reporting Period as compared to the corresponding For the period from the beginning of the year to the end of the Reporting Increase/decrease for the period from the beginning of the year to the end of
period of the previous year (%) Period the Reporting Period as compared to the corresponding period of the previous
year (%)
Revenue 49,068,750 0.90 129,826,184 1.31
Total profit 4,144,426 -5.16 1,355,385 25.60
Net profit attributable to shareholders of the listed company 3,675,509 -11.31 1,869,836 37.31
Net profit attributable to shareholders of the listed company after deducting 3,647,601 -5.82 1,644,021 279.95
non-recurring profits and losses
Net cash flows from operating activities N/A N/A 34,076,814 10.85
Basic earnings per share (RMB per share) 0.22 -15.38 0.11 22.22
Diluted earnings per share (RMB per share) 0.22 -15.38 0.11 22.22
Weighted average return on net assets (%) 8.26 Decreased by 2.50 percentage points 4.09 Increased by 0.65 percentage point
At the end of the Reporting Period At the end of the previous year Increase/decrease at the end of the Reporting Period as compared to the end of
the previous year (%)
Total assets 349,363,328 345,769,412 1.04
Owners' equity attributable to shareholders of the listed company 46,350,829 45,147,411 2.67
Note: the "Reporting Period" or the "Period" refers to the three-month period
from the beginning of this quarter to the end of this quarter, the same below.
(2) Items and amounts of non-recurring profits and losses
Applicable Not applicable
Unit: RMB'000
Items of non-recurring profits and losses Amounts for the Period Amounts for
the period from the beginning of the year to
the end of the
Reporting Period
Gains or losses on disposal of non-current assets, including provision for -14,288 -1,668
asset impairment being written off
Government subsidies recorded in profit or loss for the current period 67,334 178,698
(excluding those closely related to the Company's normal business operations,
in compliance with national policies and regulations, were entitled in
accordance with the established standards and posed a lasting impact on the
Company's profit or loss)
Items of non-recurring profits and losses Amounts for the Period Amounts for
the period from the beginning of the year to
the end of the
Reporting Period
Gain or loss from change in fair value arising from holding financial assets 741 1,404
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 -24 3,452
impairment test alone
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
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
Items of non-recurring profits and losses Amounts for the Period Amounts for
the period from the beginning of the year to
the end of the
Reporting Period
Other non-operating income and expenses besides the above items 12,472 156,111
Other profit and loss items that meet the definition of non-recurring profit
or loss
Less: Effect of income tax 6,415 16,984
Effect of non-controlling interests (after tax) 31,912 95,198
Total 27,908 225,815
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 Not applicable
(3) Particulars of, and reasons for, changes in major accounting data and
financial indicators
Applicable Not applicable
Items Percentage of Change (%) Major Reasons
Net profit attributable to shareholders of the listed company 37.31 Revenue increased on a year-on-year basis, while the Company strengthened cost
control measures, profit increased significantly on a year-on-year basis.
Net profit attributable to shareholders of the listed company after deducting 279.95 Revenue increased on a year-on-year basis, while the Company strengthened cost
non-recurring profits and losses control measures, profit increased significantly on a year-on-year basis.
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 ordinary shares as at the end of the Reporting 129,056 Total number of holders of preference shares with restored voting rights as at /
Period the end of the Reporting Period (if any)
Particulars of the top 10 shareholders (excluding shares lent through
securities lending and refinancing)
Name of shareholder Nature of shareholder Number of shares held Shareholding percentage Number of shares held subject to selling restrictions Shares pledged,
marked or frozen
Status Number
(%)
China National Aviation Holding Corporation Limited State-owned legal person 7,421,462,701 42.53 854,700,854 Frozen 127,445,536
Cathay Pacific Airways Limited Foreign legal person 2,633,725,455 15.09 0 Nil 0
China National Aviation Corporation (Group) Limited Foreign legal person 1,949,262,228 11.18 392,927,308 Frozen 36,454,464
HKSCC NOMINEES LIMITED Foreign legal person 1,690,022,384 9.69 0 Nil 0
China Securities Finance Corporation Limited Other 311,302,365 1.78 0 Nil 0
China National Aviation Fuel Group Limited State-owned legal person 238,524,158 1.37 0 Nil 0
Hong Kong Securities Clearing Company Limited Foreign legal person 155,660,015 0.89 0 Nil 0
National Social Security Fund 114 Portfolio Other 70,249,185 0.40 0 Nil 0
(全國社保基金一一四組合)
China Merchants Bank Co., Ltd. - ICBC Credit Suisse Convertible Bond Other 65,219,410 0.37 0 Nil 0
Securities Investment Fund
(招商銀行股份有限公司－工銀瑞信可轉債債券型證券投資基金)
Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Other 63,730,469 0.37 0 Nil 0
Exchange-traded Open-end Index Securities Investment Fund
(中國工商銀行股份有限公司－華泰柏瑞滬深300交易型開放式指數證券投資基金)
Particulars of the top 10 shareholders not subject to selling restrictions
(excluding shares lent through securities lending and refinancing)
Name of shareholder Number of tradable shares held not subject to selling restrictions Type and number of shares
Type of shares Number
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 foreign shares 2,633,725,455
HKSCC NOMINEES LIMITED 1,690,022,384 Overseas listed foreign shares 1,690,022,384
China National Aviation Corporation (Group) Limited 1,556,334,920 RMB ordinary shares 1,332,482,920
Overseas listed foreign shares 223,852,000
China Securities Finance Corporation Limited 311,302,365 RMB ordinary shares 311,302,365
China National Aviation Fuel Group Limited 238,524,158 RMB ordinary shares 238,524,158
Hong Kong Securities Clearing Company Limited 155,660,015 RMB ordinary shares 155,660,015
National Social Security Fund 114 Portfolio 70,249,185 RMB ordinary shares 70,249,185
(全國社保基金一一四組合)
China Merchants Bank Co., Ltd. - ICBC Credit Suisse Convertible Bond 65,219,410 RMB ordinary shares 65,219,410
Securities Investment Fund
(招商銀行股份有限公司－工銀瑞信可轉債債券型證券投資基金)
Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 63,730,469 RMB ordinary shares 63,730,469
Exchange-traded Open-end Index Securities Investment Fund
(中國工商銀行股份有限公司－華泰柏瑞滬深300交易型開放式指數證券投資基金)
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 number
of shares of the Company held by it does 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 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 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 Not applicable
4. QUARTERLY FINANCIAL STATEMENTS
(1) Type of audit opinion
Applicable Not applicable
(2) Financial statements
CONSOLIDATED BALANCE SHEET
30 September 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items 30 September 2025 31 December 2024
CURRENT ASSETS:
Cash and bank balance 27,083,038 22,467,901
Provisions on payables
Contributions made
Financial assets held-for-trading 153,961 37,559
Derivative financial assets
Bills receivable 8,437 7,785
Accounts receivable 3,825,859 3,670,252
Receivables financing
Prepayments 636,253 462,245
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Other receivables 4,959,312 4,761,012
Including: Interest receivable
Dividend receivable
Purchase of financial assets resold
Inventories 5,256,040 4,224,992
Including: Data resources
Contract assets
Held-for-sale assets 107,092 94,829
Non-current assets due within a year
Other current assets 5,602,250 4,960,628
Total current assets 47,632,242 40,687,203
Items 30 September 2025 31 December 2024
NON-CURRENT ASSETS:
Loans and advances
Debt investments
Other debt investments 1,101,482 1,426,851
Long-term receivables 761,423 910,872
Long-term equity investments 17,444,291 16,916,857
Investments in other equity instruments 2,078,949 1,793,316
Other non-current financial assets
Investment properties 294,729 305,917
Fixed assets 112,852,392 109,655,401
Construction in progress 34,270,068 36,767,279
Biological assets for production
Oil and gas assets
Right-of-use assets 109,178,801 114,042,465
Intangible assets 6,238,258 5,937,851
Including: Data resources
Development expenses
Including: Data resources
Goodwill 4,097,942 4,097,942
Long-term deferred expenses 296,156 314,274
Deferred tax assets 13,114,698 12,908,130
Other non-current assets 1,897 5,054
Total non-current assets 301,731,086 305,082,209
Total assets 349,363,328 345,769,412
Items 30 September 2025 31 December 2024
CURRENT LIABILITIES:
Short-term loans 9,758,975 16,876,294
Short-term financing bonds payable 11,566,988 3,010,847
Borrowings from central bank
Contributions received
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable 1,500,000
Accounts payable 21,366,219 19,538,712
Air traffic liabilities 12,200,243 11,098,740
Receipts in advance 981 36,270
Contract liabilities 1,518,272 1,171,172
Sale of financial assets repurchased
Deposits from clients and placements from other banks
Brokerage payable
Underwriting fees payable
Employee compensation payable 3,823,452 3,441,130
Taxes payable 533,452 655,407
Other payables 12,167,810 11,075,198
Including: Interest payable
Dividend payable
Fees and commissions payable
Amounts payable on reinsurance
Held-for-sale liabilities
Non-current liabilities due within a year 42,970,132 70,706,285
Other current liabilities
Total current liabilities 117,406,524 137,610,055
Items 30 September 2025 31 December 2024
NON-CURRENT LIABILITIES:
Reserves on insurance contracts
Long-term loans 72,520,707 77,836,960
Debentures payable 29,000,000 6,000,000
Including: Preference shares
Perpetual bonds
Lease liabilities 57,199,574 59,134,187
Long-term payables 23,321,399 16,785,219
Long-term employee compensation payables 179,067 186,700
Accrued liabilities 4,137,797 4,170,935
Deferred income 412,027 406,943
Deferred tax liabilities 136,591 128,016
Other non-current liabilities 2,716,604 2,565,188
Total non-current liabilities 189,623,766 167,214,148
Total liabilities 307,030,290 304,824,203
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 46,150,983 46,150,983
Less: Treasury shares
Other comprehensive income -116,084 550,334
Special reserves
Surplus reserves 11,564,287 11,564,287
General risk provisions 177,506 177,506
Retained earnings -28,874,284 -30,744,120
Total owners' equity (or shareholders' equity) attributable to the parent 46,350,829 45,147,411
company
Non-controlling interests -4,017,791 -4,202,202
Total owners' equity (or shareholders' equity) 42,333,038 40,945,209
Total liabilities and owners' equity (or shareholders' equity) 349,363,328 345,769,412
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 September 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September)
I. Total revenue from operations 129,826,184 128,149,919
Including: Operating income 129,826,184 128,149,919
Interest income
Premium earned
Fees and commission income
II. Total operating cost 134,277,600 133,667,384
Including: Operating costs 120,655,984 119,746,091
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 307,683 258,020
Selling expenses 5,256,253 4,992,226
General and administrative expenses 3,974,400 3,921,783
R&D expenses 312,482 293,450
Finance expenses 3,770,798 4,455,814
Including: Interest expenses 4,248,085 4,845,732
Interest income 438,617 385,630
Add: Other income 3,515,823 3,284,731
Investment income (loss is represented by "-" sign) 2,230,264 2,112,731
Including: Share of profits of associates and joint ventures 2,182,177 2,074,647
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) 1,404 88
Impairment loss of credit (loss is represented by "-" sign) -9,902 -512
Impairment loss of assets (loss is represented by "-" sign) -85,231 -8,094
Gains from disposal of assets (loss is represented by "-" sign) 23,384 958,220
III. Profit from operations (loss is represented by "-" sign) 1,224,326 829,699
Add: Non-operating income 206,931 304,209
Less: Non-operating expenses 75,872 54,755
IV. Total profit (total loss is represented by "-" sign) 1,355,385 1,079,153
Less: Income tax expenses -1,712 309,882
V. Net profit (net loss is represented by "-" sign) 1,357,097 769,271
(I) Classified by continuity of operations
1. Net profit from continuing operations (net loss is represented by "-" 1,357,097 769,271
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 (net 1,869,836 1,361,747
loss is represented by "-" sign)
2. Profit or loss attributable to non-controlling interests (net loss is -512,739 -592,476
represented by "-" sign)
VI. Other comprehensive income after tax, net -670,077 120,134
(I) Other comprehensive income after tax attributable to owners of the -666,418 135,798
parent company, net
1. Other comprehensive income that cannot be subsequently reclassified to 32,248 -8,880
profit or loss
(1) Changes arising on remeasurement of defined benefit plans 7 -4,306
(2) Other comprehensive income accounted for using the equity method that -556 -359
cannot be reclassified to profit or loss
(3) Change in fair value of investments in other equity instruments 32,797 -4,215
(4) Change in fair value of own credit risk of the Company
2. Other comprehensive income that will be reclassified to profit or loss -698,666 144,678
(1) Other comprehensive income accounted for using the equity method that -362,428 231,400
may be reclassified to profit or loss
(2) Change in fair value of other debt investments -8,023 3,423
(3) Amount of financial assets reclassified into other comprehensive income
(4) Provisions for credit impairment of other debt investments 342 -11
(5) Reserve for cash flow hedging
(6) Exchange difference on translation of financial statements in foreign -328,557 -90,134
currency
(7) Others
(II) Other comprehensive income after tax attributable to non-controlling -3,659 -15,664
interests, net
VII. Total comprehensive income 687,020 889,405
(I) Total comprehensive income attributable to owners of the parent 1,203,418 1,497,545
company
(II) Total comprehensive income attributable to non-controlling interests -516,398 -608,140
VIII. Earnings per share:
(I) Basic earnings per share (RMB per share) 0.11 0.09
(II) Diluted earnings per share (RMB per share) 0.11 0.09
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 last 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 September 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September)
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services 138,792,073 137,171,566
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 382,170 590,866
Other cash received relating to operating activities 8,859,071 6,013,482
Subtotal of cash inflows of operating activities 148,033,314 143,775,914
Cash paid for goods purchased and services received 80,640,788 80,389,661
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 26,089,465 24,505,116
Taxes and levies paid 1,822,301 1,656,932
Other cash paid relating to operating activities 5,403,946 6,482,268
Subtotal of cash outflows from operating activities 113,956,500 113,033,977
Net cash flows from operating activities 34,076,814 30,741,937
Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September)
II. Cash flows from investing activities:
Cash received from sale and redemption of investments 139,947 93,296
Recovery of the secured bank deposits 1,884 1,138
Cash received from investment income 1,060,259 926,741
Net cash proceeds from disposal of fixed assets, intangible assets and other 1,533,447 1,063,890
long-term assets
Net cash proceeds from disposal of subsidiaries and other business units
Net cash received for acquisition of subsidiaries and other business units
Other cash received relating to investing activities 438,617 385,630
Subtotal of cash inflows from investing activities 3,174,154 2,470,695
Cash paid for purchase and construction of fixed assets, intangible assets and 10,751,934 11,520,075
other long-term assets
Cash paid for investments 1,573,654 515,836
Net increase in secured loans
Net cash payments for acquisition of subsidiaries and other business units
Increase in secured bank deposits 7,937 2,055
Other cash paid relating to investing activities 1,464,861 672,298
Subtotal of cash outflows from investing activities 13,798,386 12,710,264
Net cash flows from investing activities -10,624,232 -10,239,569
III. Cash flows from financing activities:
Cash received from issuance of debentures 37,500,000 7,000,000
Cash received from capital injection 715,943 1,815,742
Including: Cash received from capital injection of non-controlling
shareholders in subsidiaries
Cash received from borrowings 33,563,886 25,623,809
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities 71,779,829 34,439,551
Cash paid for repayment of loans 59,092,192 29,070,173
Cash paid for repayment of debentures 15,200,000 2,000,000
Cash paid for distribution of dividends, profits or payment of interest 4,423,147 5,001,126
expenses
Including: Dividends and profits paid to non-controlling shareholders by 15,134 747
subsidiaries
Cash paid for leases 13,308,890 13,651,427
Other cash paid relating to financing activities
Subtotal of cash outflows from financing activities 92,024,229 49,722,726
Net cash flows from financing activities -20,244,400 -15,283,175
IV. Effect of exchange rate changes on cash and cash equivalents -34,530 24,863
V. Net increase in cash and cash equivalents 3,173,652 5,244,056
Add: Balance of cash and cash equivalents as at the beginning of the Period 21,039,472 15,016,804
VI. Balance of cash and cash equivalents as at the end of the Period 24,213,124 20,260,860
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
30 September 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items 30 September 2025 31 December 2024
CURRENT ASSETS:
Cash and bank balance 8,199,589 8,805,919
Financial assets held-for-trading 2,816 2,559
Derivative financial assets
Bills receivable
Accounts receivable 2,851,446 2,378,402
Receivables financing
Prepayments 274,195 106,326
Other receivables 3,535,376 3,469,766
Including: Interest receivable
Dividend receivable
Inventories 72,661 49,485
Including: Data resources
Contract assets
Held-for-sale assets 107,092 94,829
Non-current assets due within a year
Other current assets 2,253,111 2,446,893
Total current assets 17,296,286 17,354,179
Items 30 September 2025 31 December 2024
NON-CURRENT ASSETS:
Debt investments
Other debt investments
Long-term receivables 646,907 777,122
Long-term equity investments 32,173,519 31,158,718
Investments in other equity instruments 249,515 207,416
Other non-current financial assets
Investment properties
Fixed assets 81,099,983 77,659,204
Construction in progress 23,731,443 24,143,292
Biological assets for production
Oil and gas assets
Right-of-use assets 68,414,301 72,812,408
Intangible assets 3,465,531 3,558,258
Including: Data resources
Development expenses
Including: Data resources
Goodwill
Long-term deferred expenses 188,136 216,302
Deferred tax assets 7,977,565 7,856,661
Other non-current assets
Total non-current assets 217,946,900 218,389,381
Total assets 235,243,186 235,743,560
Items 30 September 2025 31 December 2024
CURRENT LIABILITIES:
Short-term loans 6,705,613 15,661,462
Short-term financing bonds payable 11,566,988 3,010,847
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable 1,500,000
Accounts payable 12,793,140 11,873,571
Air traffic liabilities 9,796,562 8,549,886
Receipts in advance
Contract liabilities 1,162,308 563,310
Employee compensation payable 949,921 1,248,804
Taxes payable 165,073 187,812
Other payables 3,983,467 6,912,037
Including: Interest payable
Dividend payable
Held-for-sale liabilities
Non-current liabilities due within a year 25,871,081 42,833,462
Other current liabilities
Total current liabilities 74,494,153 90,841,191
NON-CURRENT LIABILITIES:
Long-term loans 30,133,800 42,720,579
Debentures payable 29,000,000 6,000,000
Including: Preference shares
Perpetual bonds
Lease liabilities 33,737,490 34,995,009
Long-term payables 11,146,523 5,004,533
Long-term employee compensation payables
Accrued liabilities 2,091,258 2,168,705
Deferred income 128,540 153,424
Deferred tax liabilities
Other non-current liabilities 2,711,768 2,559,301
Total non-current liabilities 108,949,379 93,601,551
Total liabilities 183,443,532 184,442,742
Items 30 September 2025 31 December 2024
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 453,023 421,449
Special reserves
Surplus reserves 11,527,181 11,527,181
Retained earnings -28,128,646 -28,595,908
Total owners' equity (or shareholders' equity) 51,799,654 51,300,818
Total liabilities and owners' equity (or shareholders' equity) 235,243,186 235,743,560
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 September 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September)
I. Revenue from operations 79,283,351 79,048,427
Less: Operating costs 73,344,081 73,352,774
Taxes and other levies 160,636 127,057
Selling expenses 3,400,292 3,118,048
General and administrative expenses 1,609,593 1,545,088
R&D expenses 106,756 84,680
Finance expenses 2,416,485 2,815,913
Including: Interest expenses 2,561,678 2,982,859
Interest income 162,730 151,321
Add: Other income 1,829,731 1,648,450
Investment income (loss is represented by "-" sign) 321,304 308,545
Including: Share of profits of associates and joint ventures 305,630 251,019
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) 257 88
Impairment loss of credit (loss is represented by "-" sign) -7,268 -121
Impairment loss of assets (loss is represented by "-" sign) -85,154
Gains from disposal of assets (loss is represented by "-" sign) 9,494 402,879
II. Profit from operations (loss is represented by "-" sign) 313,872 364,708
Add: Non-operating income 75,627 155,246
Less: Non-operating expenses 53,665 21,513
III. Total profit (total loss is represented by "-" sign) 335,834 498,441
Less: Income tax expenses -131,428 36,376
IV. Net profit (net loss is represented by "-" sign) 467,262 462,065
(I) Net profit from continuing operations (net loss is represented by 467,262 462,065
"-" sign)
(II) Net profit from discontinued operation (net loss is represented by
"-" sign)
V. Other comprehensive income after tax, net 31,574 15,207
(I) Other comprehensive income that cannot be subsequently reclassified 31,574 15,207
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 31,574 15,207
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. A
mount 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 498,836 477,272
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 September 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September)
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services 83,539,723 82,727,408
Refund of taxes and levies 439,088
Other cash received relating to operating activities 4,015,611 4,013,771
Subtotal of cash inflows of operating activities 87,555,334 87,180,267
Cash paid for goods purchased and services received 48,984,226 50,162,165
Cash paid to or on behalf of employees 13,397,432 12,523,984
Taxes and levies paid 898,780 768,458
Other cash paid relating to operating activities 3,243,777 3,954,957
Subtotal of cash outflows from operating activities 66,524,215 67,409,564
Net cash flows from operating activities 21,031,119 19,770,703
II. Cash flows from investing activities:
Cash received from sale and redemption of investments
Cash received from investment income 102,743 92,061
Net cash proceeds from disposal of fixed assets, intangible assets and other 460,906 481,983
long-term assets
Net cash proceeds from disposal of subsidiaries and other business units
Other cash received relating to investing activities 162,730 151,321
Subtotal of cash inflows from investing activities 726,379 725,365
Cash paid for purchase and construction of fixed assets, intangible assets and 8,412,122 9,799,748
other long-term assets
Cash paid for investments 844,850 148,991
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 9,256,972 9,948,739
Net cash flows from investing activities -8,530,593 -9,223,374
Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September)
III. Cash flows from financing activities:
Cash received from issuance of debentures 37,500,000 7,000,000
Cash received from capital injection 1,815,742
Cash received from borrowings 13,929,400 7,381,775
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities 51,429,400 16,197,517
Cash paid for repayment of borrowings 45,257,443 19,475,600
Cash paid for repayment of debentures 9,000,000
Cash paid for distribution of dividends, profits or payment of interest 2,491,982 2,931,524
expenses
Cash paid for leases 7,762,438 7,801,646
Other cash paid relating to financing activities
Subtotal of cash outflows from financing activities 64,511,863 30,208,770
Net cash flows from financing activities -13,082,463 -14,011,253
IV. Effect of exchange rate changes on cash and cash equivalents -24,476 -25,359
V. Net increase in cash and cash equivalents -606,413 -3,489,283
Add: 8,774,956 6,842,157
Balance of cash and cash equivalents as at the beginning of the Period
VI. Balance of cash and cash equivalents as at the end of the Period 8,168,543 3,352,874
Person in charge of the Company: Liu Tiexiang
Person in charge of accounting function: Sun Yuquan
Person in charge of accounting department: Bai Dongming
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 2025
Applicable Not applicable
The announcement is hereby given.
By Order of the Board
Air China Limited
Xiao Feng
Company Secretary
Beijing, the PRC, 30 October 2025
As at the date of this announcement, the directors of the Company are Mr. Liu
Tiexiang, Mr. Wang Mingyuan, 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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