Air China (753) investor relations material

Executive summary

• Revenue for the first half of 2025 rose 1.56% year-over-year to RMB80.76 billion, with net loss attributable to equity shareholders narrowing to RMB1.81 billion and basic loss per share improving to RMB0.11 from RMB0.18.

• Passenger numbers increased 2.87% year-over-year to 77.11 million, with international traffic showing the strongest growth and international capacity restored to 92% of 2019 levels.

• The Group continued to expand its international network, optimize cost control, and enhance digital transformation and service quality.

• Maintains industry-leading safety record, with 1.5 million safe flight hours in 1H 2025.

• No interim dividend was declared for the period.

Financial highlights

• Revenue reached RMB80.76 billion, up 1.56% year-over-year, with EBITDA at RMB13.14 billion, up 1.53% year-over-year.

• Net loss attributable to equity shareholders was RMB1.81 billion, reduced by RMB0.98 billion year-over-year.

• Net cash inflow from operating activities was RMB14.83 billion, up 4.03% year-over-year.

• Operating expenses increased 1.45% year-over-year to RMB85.07 billion, with jet fuel costs down 10.34% and employee compensation up 5.28%.

• Total assets reached RMB347.54 billion, with equity attributable to shareholders at RMB42.62 billion.

Outlook and guidance

• Domestic aviation market expected to grow steadily, but international market faces uncertainties due to global political and economic dynamics.

• Plans include further international expansion, continued cost control, and leveraging digital transformation for operational efficiency.

• Committed to strict safety management and high-quality development.

• Aims to improve profitability and achieve annual operating goals.

• Company plans to increase international fleet capacity and optimize route structure, focusing on emerging markets and the "Belt and Road" initiative.