New Risk • Jul 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (348% net debt to equity). Shareholders have been diluted in the past year (17% increase in shares outstanding). Live News • Jul 18
Air China Orders 55 Airbus Jets in $12.4 Billion Deal to Expand Fleet Air China and subsidiary Shenzhen Airlines have ordered 55 Airbus jets valued at US$12.4 billion at list prices, including 15 A350-900 wide-body aircraft for Air China and 40 A320neo-family narrow-body planes for Shenzhen Airlines, with deliveries planned between 2029 and 2032.
The companies describe the deal as aimed at modernizing and expanding their fleets, refining fleet structure and improving efficiency and costs during the post-pandemic recovery period.
Air China’s stock last traded at HK$3.96, with the share price down 44.3% year to date, highlighting a weak recent trading backdrop as the company commits to a long-term capital program.
The order secures significant future capacity and aircraft technology for Air China, but also involves large capital spending, so a key consideration for investors is how future cash flows and financing terms align with these delivery dates. Announcement • Jul 15
Air China Limited Provides Earnings Guidance for the Six Months Ended 30 June 2026 Air China Limited provided earnings guidance for the six months ended 30 June 2026. According to the preliminary estimation by the finance department of the Company, the Company is expected to record a loss for the six months ended 30 June 2026. It is expected that the net loss attributable to equity holders of the Company would be approximately RMB 2.1 billion to RMB 2.6 billion, and the net loss attributable to equity holders of the Company after deducting non-recurring profit or loss would be approximately RMB 2.3 billion to RMB 3.1 billion. In the first half of 2026, China's economy maintained generally stable performance, and the aviation market sustained steady growth with a sound start. Seizing development opportunities, the Company focused on areas including safe operations, profitability improvement, cost control, service quality enhancement and digital intelligent transformation, and vigorously advanced quality improvement and efficiency enhancement. The Company dynamically optimized production arrangements and effectively expanded the scale of capacity deployment; balanced capacity and pricing in a scientific manner and steadily improved yield quality; and rigorously controlled costs and expenses and actively promoted cost reduction and efficiency enhancement. In the first half of the year, the Company's operating performance as a whole showed the characteristics of increased investment, production and revenue. While the Company recorded substantial profits in the first quarter, jet fuel prices stayed elevated due to geopolitical tensions in the Middle East, drastically squeezing profit margins of airline companies. Accordingly, the Company expects to post a loss in its operating results for the first half of 2026. Major Estimate Revision • Jun 26
Consensus EPS estimates fall by 32% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -CN¥0.196 to -CN¥0.26 per share. Revenue forecast unchanged at CN¥192.7b. Airlines industry in Hong Kong expected to see average net income decline 18% next year. Consensus price target broadly unchanged at HK$5.77. Share price was steady at HK$4.51 over the past week. Major Estimate Revision • May 17
Consensus estimates of losses per share improve by 36% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥187.1b to CN¥201.0b. EPS estimate increased from -CN¥0.286 per share to -CN¥0.184 per share. Airlines industry in Hong Kong expected to see average net income decline 15% next year. Consensus price target down from HK$5.91 to HK$5.60. Share price fell 9.8% to HK$4.80 over the past week. Announcement • May 02
Air China Limited Announces Cessation of Chief Accountant, Effective April 29, 2026 Air China Limited announced that Mr. Sun Yuquan ceased to serve as the Chief Accountant due to work adjustment, effective April 29, 2026. As at the date of this announcement, Mr. Sun has completed the handover procedures in accordance with the relevant regulations of the Company. His departure will not have any adverse impact on the Company's daily operations. The Company will complete the appointment of the Chief Accountant as soon as possible in accordance with the relevant procedures. New Risk • Apr 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: CN¥0.10 (vs CN¥0.12 loss in 1Q 2025) First quarter 2026 results: EPS: CN¥0.10 (up from CN¥0.12 loss in 1Q 2025). Revenue: CN¥44.5b (up 11% from 1Q 2025). Net income: CN¥1.71b (up CN¥3.76b from 1Q 2025). Profit margin: 3.8% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 142% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Mar 30
Air China Limited to Report Q1, 2026 Results on Apr 30, 2026 Air China Limited announced that they will report Q1, 2026 results on Apr 30, 2026 Reported Earnings • Mar 27
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: CN¥0.11 loss per share (further deteriorated from CN¥0.015 loss in FY 2024). Revenue: CN¥171.5b (up 2.9% from FY 2024). Net loss: CN¥1.77b (loss widened CN¥1.53b from FY 2024). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 157%. Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 134% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Mar 27
Air China Limited, Annual General Meeting, May 28, 2026 Air China Limited, Annual General Meeting, May 28, 2026. Announcement • Mar 25
Air China Limited Announces Election of Qu Guangji as Executive Director Air China Limited at its extraordinary shareholders’ meeting held on March 25, 2026 approved the election of Qu Guangji as an executive Director of the Company. Major Estimate Revision • Mar 19
Consensus EPS estimates fall from profit to CN¥0.034 loss The consensus outlook for fiscal year 2025 has been updated. Expected to report loss instead of -CN¥0.0343 instead of CN¥0.0035 per share profit previously forecast. Revenue forecast unchanged at CN¥168.9b Airlines industry in Hong Kong expected to see average net income growth of 10.0% next year. Consensus price target broadly unchanged at HK$6.77. Share price fell 11% to HK$5.02 over the past week. Major Estimate Revision • Feb 03
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from CN¥0.046 to CN¥0.053. Revenue forecast steady at CN¥168.6b. Net income forecast to grow 1,659% next year vs 18% growth forecast for Airlines industry in Hong Kong. Consensus price target up from HK$6.34 to HK$6.58. Share price was steady at HK$7.10 over the past week. Announcement • Jan 30
Air China Limited Provides Earnings Guidance for the Year of 2025 Air China Limited provided earnings guidance for the year of 2025. For the year, Company is expected to record a loss . It is expected that the net loss attributable to equity holders of the Company would be approximately RMB 1.3 billion to RMB 1.9 billion, and the net loss attributable to equity holders of the Company after deducting non-recurring profit or loss would be approximately RMB 1.9 billion to RMB 2.7 billion. Buy Or Sell Opportunity • Jan 23
Now 22% undervalued Over the last 90 days, the stock has risen 16% to HK$7.16. The fair value is estimated to be HK$9.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 2,900% in the next 2 years. Major Estimate Revision • Jan 20
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from CN¥0.04 to CN¥0.046. Revenue forecast steady at CN¥168.8b. Net income forecast to grow 1,666% next year vs 3.7% growth forecast for Airlines industry in Hong Kong. Consensus price target up from HK$5.75 to HK$6.32. Share price rose 7.2% to HK$7.45 over the past week. Announcement • Dec 26
Air China Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 Air China Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 Major Estimate Revision • Dec 19
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from CN¥0.036 to CN¥0.032 per share. Revenue forecast steady at CN¥168.7b. Net income forecast to grow 1,618% next year vs 3.0% growth forecast for Airlines industry in Hong Kong. Consensus price target broadly unchanged at HK$5.68. Share price rose 11% to HK$6.96 over the past week. Reported Earnings • Oct 31
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: CN¥49.1b (flat on 3Q 2024). Net income: CN¥3.67b (down 11% from 3Q 2024). Profit margin: 7.5% (down from 8.5% in 3Q 2024). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 131% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Oct 31
Air China Limited announced that it expects to receive CNY 19.999999997 billion in funding Air China Limited announced a private placement and has entered into the subscription agreement to issue 3,044,140,030 A shares at an issue price of CNY 6.57 per share for gross proceeds of CNY 19,999,999,997.1 before deducting relevant issuance expenses on October 30, 2025. The transaction includes participation from returning investors, China National Aviation Capital Holding Co., Ltd. for CNY 15,000,000,000 and China National Aviation Corporation Limited for CNY 5,000,000,000. The transaction has been approved by the board of directors in the ninth meeting of seventh session of board. The transaction is subject to approval from the Shanghai Stock Exchange and China Securities Regulatory Commission. The shares shall not be transferred for a period of 18 months from the date of completion of the Issuance of shares to specific investors. Announcement • Oct 25
Air China Limited Announces Resignation of Xiao Peng as Employee Representative Director and as the Chief Engineer of the Company The board of directors of Air China Limited recently received a resignation letter from Mr. Xiao Peng ("Mr. Xiao"), the employee representative Director. By reason of age, Mr. Xiao resigned from his position as the Chief Engineer of the Company, with immediate effect. Major Estimate Revision • Oct 21
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from CN¥0.066 to CN¥0.073. Revenue forecast steady at CN¥170.0b. Net income forecast to grow 419% next year vs 0.09% growth forecast for Airlines industry in Hong Kong. Consensus price target up from HK$5.17 to HK$5.31. Share price rose 15% to HK$6.23 over the past week. Announcement • Oct 13
Air China Limited Announces Changes in Board and Committee, Effective 10 October 2025 The board of directors of Air China Limited announced that the extraordinary general meeting of the company held on 10 October 2025 that the Board received a resignation letter resignation letter from Mr. Ma Chongxian ("Mr. Ma"). Due to work adjustments, Mr. Ma resigned from his positions as an executive Director and the chairman of the Board, and also ceased to serve as the chairman of the Strategy and Investment Committee of the Board, the chairman of the Nomination Committee of the Board and a member of the Aviation Safety Committee of the Board with effect from 10 October 2025. Mr. Ma has confirmed that he has no disagreement with the Board and the Company and that there are no other matters relating to his resignation that need to be brought to the attention of the shareholders of the Company and the Board. The Board would like to express its sincere gratitude to Mr. Ma for his outstanding contributions to the Company during his tenure of office. The Board resolved that Mr. Liu Tiexiang ("Mr. Liu") was elected as the chairman of the Board, the chairman of the Strategy and Investment Committee of the Board, the chairman of the Nomination Committee of the Board and a member of the Aviation Safety Committee of the Board. Biographical details of Mr. Liu and the information required to be disclosed under Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Listing Rules") are set out in the announcement of the Company dated 18 September 2025. Mr. Liu was also appointed as an authorized representative of the Company as required under Rule 3.05 of the Hong Kong Listing Rules in replacement of Mr. Ma with effect from 10 October 2025. Announcement • Sep 30
Air China Limited to Report Q3, 2025 Results on Oct 31, 2025 Air China Limited announced that they will report Q3, 2025 results on Oct 31, 2025 Major Estimate Revision • Sep 15
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from CN¥0.146 to CN¥0.116 per share. Revenue forecast steady at CN¥171.9b. Net income forecast to grow 505% next year vs 2.1% growth forecast for Airlines industry in Hong Kong. Consensus price target broadly unchanged at HK$5.04. Share price was steady at HK$5.19 over the past week. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: CN¥0.015 (vs CN¥0.068 loss in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.015 (up from CN¥0.068 loss in 2Q 2024). Revenue: CN¥43.3b (up 1.5% from 2Q 2024). Net income: CN¥239.2m (up CN¥1.34b from 2Q 2024). Profit margin: 0.6% (up from net loss in 2Q 2024). Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Aug 01
Air China Limited Announces Company Secretary Changes, Effective 1 August 2025 Air China Limited announced the change of joint company secretary of the Company. The Company hereby announces that Mr. Xiao Feng ("Mr. Xiao"), the current joint company secretary of the Company, has been admitted as a fellow of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute. Accordingly, Mr. Xiao has obtained the professional qualifications as required under Rule 3.28 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and is qualified and capable of discharging the functions of company secretary independently. Accordingly, Mr. Huen Ho Yin ("Mr. Huen") resigned as the joint company secretary of the Company with effect from 1 August 2025. Mr. Xiao will continue to serve and act as the sole company secretary of the Company after the resignation of Mr. Huen. Mr. Huen has confirmed that there is no disagreement with the board of directors of the Company (the "Board"), and there are no other matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company. The Board further announces that Mr. Leung Yik Fung will replace Mr. Huen as the agent of the Company for accepting service of process and notices on behalf of the Company in Hong Kong under Rule 19A.13(2) of the Listing Rules with effect from 1 August 2025. Buy Or Sell Opportunity • Jul 28
Now 22% undervalued Over the last 90 days, the stock has risen 19% to HK$5.72. The fair value is estimated to be HK$7.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jul 17
Air China Limited Provides Earnings Guidance for the Six Months Ended 30 June 2025 Air China Limited provided earnings guidance for the six months ended 30 June 2025. It is expected that the net loss attributable to equity holders of the Company would be approximately RMB 1.7 billion to RMB 2.2 billion, and the net loss attributable to equity holders of the Company after deducting non-recurring profit or loss would be approximately RMB 1.8 billion to RMB 2.4 billion. Announcement • Jun 30
Air China Limited to Report First Half, 2025 Results on Aug 29, 2025 Air China Limited announced that they will report first half, 2025 results on Aug 29, 2025 Reported Earnings • Apr 30
First quarter 2025 earnings released First quarter 2025 results: Revenue: CN¥40.0b (flat on 1Q 2024). Net loss: CN¥2.04b (loss widened 22% from 1Q 2024). Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Airlines industry in Asia. Announcement • Mar 28
Air China Limited to Report Q1, 2025 Results on Apr 30, 2025 Air China Limited announced that they will report Q1, 2025 results on Apr 30, 2025 Reported Earnings • Mar 28
Full year 2024 earnings released: CN¥0.015 loss per share (vs CN¥0.068 loss in FY 2023) Full year 2024 results: CN¥0.015 loss per share (improved from CN¥0.068 loss in FY 2023). Revenue: CN¥174.0b (up 23% from FY 2023). Net loss: CN¥232.6m (loss narrowed 78% from FY 2023). Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Mar 28
Air China Limited, Annual General Meeting, May 28, 2025 Air China Limited, Annual General Meeting, May 28, 2025. Announcement • Feb 26
Air China Limited Announces Board and Committee Changes Air China Limited at the EGM held on 25 February 2025, approved Mr. Wang Mingyuan as an executive Director of the seventh session of the Board; Mr. Cui Xiaofeng as a non-executive Director of the seventh session of the Board; and election of Mr. Gao Chunlei as an independent non-executive Director of the seventh session of the Board. The meeting of the seventh session of the Board held on 25 February 2025 resolved that Mr. Wang Mingyuan was elected as the vice chairman of the seventh session of the Board; Mr. Gao Chunlei, Mr. Xu Niansha, Mr. He Yun and Ms. Winnie Tam Wan-chi were appointed as members of the Audit and Risk Management Committee (the Supervision Committee); Mr. Ma Chongxian, Mr. Xu Niansha and Mr. He Yun were appointed as members of the Strategy and Investment Committee; Mr. Ma Chongxian, Mr. He Yun, Ms. Winnie Tam Wan-chi and Mr. Gao Chunlei were appointed as members of the Nomination Committee; Mr. Xu Niansha, Mr. He Yun and Mr. Gao Chunlei were appointed as members of the Remuneration and Appraisal Committee; and Mr. Wang Mingyuan, Mr. Xu Niansha and Mr. Ma Chongxian were appointed as the members of the Aviation Safety Committee. At the relevant Board committee meetings held on 25 February 2025, Mr. Gao Chunlei was elected as the chairman of the Audit and Risk Management Committee (the Supervision Committee), Mr. Ma Chongxian was elected as the chairman of the Strategy and Investment Committee, Mr. Ma Chongxian was elected as the chairman of the Nomination Committee, Mr. Xu Niansha was elected as the chairman of the Remuneration and Appraisal Committee and Mr. Wang Mingyuan was elected as the chairman of the Aviation Safety Committee. Announcement • Jan 27
Air China Limited Announces Cessation of Xu Junxin as Independent Non-Executive Director, Effective 25 February 2025 Air China Limited announced at the EGM becoming effective 25 February 2025, Mr. Xu Junxin will cease to be an independent non-executive Director. Announcement • Jan 17
Air China Limited Provides Earnings Guidance for the Year Ended 31 December 2024 Air China Limited provided earnings guidance for the year ended 31 December 2024. For the year, the Company is expected to record a loss for the year of 2024. It is expected that the net loss attributable to equity holders of the Company would be approximately RMB 0.16 billion to RMB 0.24 billion, and the net loss attributable to equity holders of the Company after deducting non-recurring profit or loss would be approximately RMB 1.9 billion to RMB 2.7 billion. As compared to Net loss attributable to equity holders of the Company: RMB 1.046 billion; Net loss attributable to equity holders of the Company after deducting non-recurring profit or loss: RMB 3.177 billion; Loss per share: RMB 0.07. Announcement • Dec 27
Air China Limited to Report Fiscal Year 2024 Results on Mar 28, 2025 Air China Limited announced that they will report fiscal year 2024 results on Mar 28, 2025 Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.30 (vs CN¥0.25 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.30. Revenue: CN¥45.4b (down 1.1% from 3Q 2023). Net income: CN¥4.14b (down 2.4% from 3Q 2023). Profit margin: 9.1% (down from 9.2% in 3Q 2023). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Airlines industry in Asia. Announcement • Sep 30
Air China Limited to Report Q3, 2024 Results on Oct 31, 2024 Air China Limited announced that they will report Q3, 2024 results on Oct 31, 2024 Announcement • Sep 02
Air China Limited Announces Resignation of Li Fushen as Independent Non-Executive Director, the Chairman and Member of the Audit and Risk Management Committee, Member of the Nomination Committee, Member of the Remuneration and Appraisal Committee, Member of the Strategy and Investment Committee and Member of the Aviation Safety Committee Air China Limited announced that, the Board received a resignation letter from Mr. Li Fushen ("Mr. Li"), by reason of age, Mr. Li resigned from his positions as an independent non-executive Director, the chairman and a member of the Audit and Risk Management Committee (the Supervision Committee) of the Board, a member of the Nomination Committee of the Board, a member of the Remuneration and Appraisal Committee of the Board, a member of the Strategy and Investment Committee of the Board and a member of the Aviation Safety Committee of the Board with effect from 30 August 2024. Reported Earnings • Sep 02
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: CN¥0.068 loss per share (further deteriorated from CN¥0.034 loss in 2Q 2023). Revenue: CN¥39.5b (up 14% from 2Q 2023). Net loss: CN¥1.11b (loss widened 111% from 2Q 2023). Revenue missed analyst estimates by 9.1%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 20
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥169.4b to CN¥171.6b. EPS estimate increased from CN¥0.162 to CN¥0.185 per share. Net income forecast to grow 2,125% next year vs 3.9% growth forecast for Airlines industry in Hong Kong. Consensus price target broadly unchanged at HK$5.23. Share price was steady at HK$3.49 over the past week. Announcement • Aug 10
Air China Limited Approves Election of Cui Xiaofeng as Director Air China Limited announced at the EGM held on August 9, 2024, approved election of Mr. Cui Xiaofeng as a Director. Major Estimate Revision • Aug 07
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥0.193 to CN¥0.162 per share. Revenue forecast steady at CN¥169.4b. Net income forecast to grow 2,012% next year vs 8.4% decline forecast for Airlines industry in Hong Kong. Consensus price target broadly unchanged at HK$5.35. Share price was steady at HK$3.53 over the past week. Announcement • Jul 15
Air China Limited Announces Cessation of Feng Gang as Non-Executive Director Air China Limited announced that, Mr. Feng Gang ("Mr. Feng") will cease to be a non-executive Director as he has reached retirement age, with effect from 15 July 2024. Mr. Feng has confirmed that he has no disagreement with the Board and the Company and that there is no any other matter relating to his cessation of directorship that needs to be brought to the attention of the shareholders of the Company (the "Shareholder(s)"). The Board would like to express its appreciation to Mr. Feng for his outstanding contribution to the Company during his tenure of office. Announcement • Jul 12
Air China Limited Provides Unaudited Earnings Guidance for the Six Months Ended 30 June 2024 Air China Limited provided unaudited earnings guidance for the six months ended 30 June 2024. For the period, company expects that the net loss attributable to equity holders of the Company would be approximately RMB 2.3 billion to RMB 3.0 billion, and the net loss attributable to equity holders of the Company after deducting non-recurring profit or loss would be approximately RMB 2.8 billion to RMB 3.8 billion. In 2024, the sustained recovery of China's economy has driven an overall increase in demand in the aviation market. Seizing the market opportunity, the Company has made significant efforts to enhance quality and efficiency. By maximizing marginal contributions in production, focusing on stabilizing revenue through price stability and business volume competition, adopting the concept of "living within our means" for cost reduction and efficiency gains and deepening collaboration to promote development, the Company has seen a steady improvement in operating performance in the first half of the year, achieving significantly reduced losses compared to the same period last year. However, due to the slower-than-expected recovery of international routes, intensified domestic market competition and factor price fluctuations in oil prices and exchange rates, the Company still experienced operating losses in the first half of the year. Announcement • Jun 28
Air China Limited to Report First Half, 2024 Results on Aug 30, 2024 Air China Limited announced that they will report first half, 2024 results on Aug 30, 2024 Major Estimate Revision • Jun 06
Consensus EPS estimates fall by 29% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥0.265 to CN¥0.188 per share. Revenue forecast steady at CN¥168.7b. Net income forecast to grow 2,377% next year vs 3.8% decline forecast for Airlines industry in Hong Kong. Consensus price target broadly unchanged at HK$5.68. Share price fell 5.8% to HK$4.06 over the past week. Reported Earnings • Apr 27
First quarter 2024 earnings released: CN¥0.11 loss per share (vs CN¥0.19 loss in 1Q 2023) First quarter 2024 results: CN¥0.11 loss per share (improved from CN¥0.19 loss in 1Q 2023). Revenue: CN¥40.1b (up 60% from 1Q 2023). Net loss: CN¥1.67b (loss narrowed 43% from 1Q 2023). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 29
Full year 2023 earnings released: CN¥0.064 loss per share (vs CN¥2.81 loss in FY 2022) Full year 2023 results: CN¥0.064 loss per share (improved from CN¥2.81 loss in FY 2022). Revenue: CN¥141.1b (up 167% from FY 2022). Net loss: CN¥1.04b (loss narrowed 97% from FY 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Announcement • Mar 28
Air China Limited Announces Board Changes Air China Limited announces that Mr. Huang Bin submitted his application to resign as (i) an assistant to the President; (ii)the Board secretary; (iii) the joint company secretary. The Board further announces that with effect from 28 March 2024, Mr. Xiao Feng has been appointed in replacement of Mr. Huang as the Board secretary, the joint company secretary and the Authorized Representative of the Company. Mr. Xiao Feng, aged 55, graduated from Harbin Civil Engineering & Architectural Institute majoring in management engineering. Mr. Xiao holds an undergraduate degree and is a senior accountant. He joined Air China in July 1990. He served as the chief accountant of the Company from July 2014 to March 2023. Since November 2015, he has been serving as the chairman of China National Aviation Company Limited, and served as the chairman of China National Aviation Finance Co. Ltd. from February 2016 to November 2023. He has served as a non-executive director of Cathay Pacific Airways Limited since January 2017. He became the chief economist of the Company in March 2023. He has been serving as the Board secretary and the joint company secretary of the Company since March 2024. Mr. Huen Ho Yin, aged 62, holds a Bachelor of Laws (Hons) Degree from the University of Leicester in the United Kingdom and a Postgraduate Certificate in Laws from the University of Hong Kong. Mr. Huen has been practicing as a solicitor of the High Court of Hong Kong. He is currently a partner of Huen & Partners Solicitors. From August 1994 to April 2003, he served as a partner of Richard Tai & Co., Solicitors. Since April 2003, he has been serving as a partner of Huen & Partners Solicitors. From June 2018 to February 2020, he served as an independent non-executive director of Grand Peace Group Holdings Limited. From April 2020 to August 2020, Mr. Huen served as a joint company secretary of the Company. Mr. Huen has been serving as the joint company secretary of the Company since September 2021. New Risk • Feb 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Dec 30
Air China Limited to Report Fiscal Year 2023 Results on Mar 29, 2024 Air China Limited announced that they will report fiscal year 2023 results on Mar 29, 2024 Buying Opportunity • Nov 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be HK$6.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has declined by 24%. Announcement • Oct 27
Air China Limited Announces Change of Members of Board Committees The board of directors of Air China Limited announced considered and approved a proposal in relation to the adjustments to members of special committees of the Board. The Board announced that the members of the special committees upon adjustments are listed below: Name of Committee Members of Committee Strategy and Investment Committee: Chairman: Ma Chongxian, Members: Li Fushen, Xu Junxin. Audit and Risk Management Committee (the Supervision Committee): Chairman: Li Fushen, Members: He Yun, Winnie Tam Wan-chi. Nomination Committee: Chairman: Ma Chongxian, Members: Li Fushen, He Yun. Remuneration and Appraisal Committee: Chairman: He Yun, Members: Li Fushen, Xu Junxin. Aviation Safety Committee: Chairman: Wang Mingyuan, Members: Li Fushen, Ma Chongxian. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: CN¥0.25 (vs CN¥0.64 loss in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.25 (up from CN¥0.64 loss in 3Q 2022). Revenue: CN¥45.9b (up 153% from 3Q 2022). Net income: CN¥4.24b (up CN¥12.9b from 3Q 2022). Profit margin: 9.2% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Sep 30
Air China Limited to Report Q3, 2023 Results on Oct 27, 2023 Air China Limited announced that they will report Q3, 2023 results on Oct 27, 2023 Reported Earnings • Aug 31
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: CN¥0.033 loss per share (improved from CN¥0.77 loss in 2Q 2022). Revenue: CN¥34.5b (up 213% from 2Q 2022). Net loss: CN¥524.3m (loss narrowed 95% from 2Q 2022). Revenue missed analyst estimates by 20%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Buying Opportunity • Aug 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.7%. The fair value is estimated to be HK$7.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has declined by 58%. Buying Opportunity • Jul 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be HK$7.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has declined by 58%. Announcement • Jul 15
Air China Limited Provides Unaudited Earnings Guidance for the Six Months Ended 30 June 2023 Air China Limited provided unaudited earnings guidance for the six months ended 30 June 2023. For the period, company expects that the net loss attributable to equity holders of the Company would be approximately RMB 3.2 billion to RMB 3.9 billion, and the net loss attributable to equity holders of the Company after deducting non-recurring profit or loss would be approximately RMB 4.4 billion to RMB 5.4 billion. Announcement • Jun 28
Air China Limited to Report First Half, 2023 Results on Aug 31, 2023 Air China Limited announced that they will report first half, 2023 results on Aug 31, 2023 Reported Earnings • Apr 28
First quarter 2023 earnings released: CN¥0.19 loss per share (vs CN¥0.65 loss in 1Q 2022) First quarter 2023 results: CN¥0.19 loss per share (improved from CN¥0.65 loss in 1Q 2022). Revenue: CN¥25.1b (up 94% from 1Q 2022). Net loss: CN¥2.93b (loss narrowed 67% from 1Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. 
