FIRST QUARTERLY REPORT OF 2025

Items of non-recurring profits and losses	Amounts for the Period
Gains or losses on disposal of non-current assets, including provision for asset impairment being written off	5,521
Government subsidies recorded in profit or loss for the current period (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)	26,545
Gain or loss from change in fair value arising from holding financial assets 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	2
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 impairment test alone	1,380
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
Other non-operating income and expenses besides the above items	63,884
Other profit and loss items that meet the definition of non-recurring profit or loss
Less: Effect of income tax	2,206
Effect of non-controlling interests (after tax)	11,228


Total	83,898

Items	31 March 2025	31 December 2024
CURRENT ASSETS:
Cash and bank balance	23,305,212	22,467,901
Provisions on payables
Contributions made
Financial assets held-for-trading	147,559	37,559
Derivative financial assets
Bills receivable	15,888	7,785
Accounts receivable	3,853,985	3,670,252
Receivables financing
Prepayments	696,769	462,245
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Other receivables	4,658,036	4,761,012
Including: Interest receivable
Dividend receivable
Purchase of financial assets resold
Inventories	4,404,067	4,224,992
Including: Data resources
Contract assets
Held-for-sale assets	96,014	94,829
Non-current assets due within a year
Other current assets	4,594,856	4,960,628
Total current assets	41,772,386	40,687,203
NON-CURRENT ASSETS:
Loans and advances
Debt investments
Other debt investments	1,383,100	1,426,851
Long-term receivables	879,471	910,872
Long-term equity investments	17,559,975	16,916,857
Investments in other equity instruments	2,060,667	1,793,316
Other non-current financial assets
Investment properties	302,184	305,917
Fixed assets	110,475,096	109,655,401
Construction in progress	36,312,596	36,767,279
Biological assets for production
Oil and gas assets
Right-of-use assets	110,775,254	114,042,465
Intangible assets	6,343,001	5,937,851
Including: Data resources
Development expenses
Including: Data resources
Goodwill	4,097,942	4,097,942
Long-term deferred expenses	299,014	314,274
Deferred tax assets	12,900,764	12,908,130
Other non-current assets	1,868	5,054
Total non-current assets	303,390,932	305,082,209
Total assets	345,163,318	345,769,412

CURRENT LIABILITIES:
Short-term loans	14,925,099	16,876,294
Short-term financing bonds payable	7,534,708	3,010,847
Borrowings from central bank
Contributions received
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable
Accounts payable	22,031,170	19,538,712
Air traffic liabilities	9,604,158	11,098,740
Receipts in advance	23,949	36,270
Contract liabilities	1,181,235	1,171,172
Sale of financial assets repurchased
Deposits from clients and placements from other banks
Brokerage payable
Underwriting fees payable
Employee compensations payable	2,923,741	3,441,130
Taxes payable	502,117	655,407
Other payables	11,289,623	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	60,506,981	70,706,285
Other current liabilities
Total current liabilities	130,522,781	137,610,055

NON-CURRENT LIABILITIES:
Reserves on insurance contracts
Long-term loans	82,526,972	77,836,960
Debentures payable	10,500,000	6,000,000
Including: Preference shares
Perpetual bonds
Lease liabilities	56,713,087	59,134,187
Long-term payables	19,074,871	16,785,219
Long-term employee compensation payables	187,960	186,700
Accrued liabilities	4,230,145	4,170,935
Deferred income	395,164	406,943
Deferred tax liabilities	138,304	128,016
Other non-current liabilities	2,543,087	2,565,188
Total non-current liabilities	176,309,590	167,214,148
Total liabilities	306,832,371	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	467,086	550,334
Special reserves
Surplus reserves	11,564,287	11,564,287
General risk provisions	177,506	177,506
Retained earnings	-32,788,113	-30,744,120
Total owners' equity (or shareholders' equity) attributable to the parent company	43,020,170	45,147,411
Non-controlling interests	-4,689,223	-4,202,202
Total owners' equity (or shareholders' equity)	38,330,947	40,945,209
Total liabilities and owners' equity (or shareholders' equity)	345,163,318	345,769,412

Items	31 March 2025	31 December 2024

CURRENT ASSETS:
Cash and bank balance	7,518,187	8,805,919
Financial assets held-for-trading	2,383	2,559
Derivative financial assets
Bills receivable
Accounts receivable	2,938,130	2,378,402
Receivables financing
Prepayments	312,197	106,326
Other receivables	3,260,113	3,469,766
Including: Interest receivable
Dividend receivable
Inventories	57,873	49,485
Including: Data resources
Contract assets
Held-for-sale assets	96,014	94,829
Non-current assets due within a year
Other current assets	2,384,035	2,446,893
Total current assets	16,568,932	17,354,179

NON-CURRENT ASSETS:
Debt investments
Other debt investments
Long-term receivables	731,397	777,122
Long-term equity investments	31,279,082	31,158,718
Investments in other equity instruments	207,416	207,416
Other non-current financial assets
Investment properties
Fixed assets	78,898,171	77,659,204
Construction in progress	24,233,101	24,143,292
Biological assets for production
Oil and gas assets
Right-of-use assets	70,195,669	72,812,408
Intangible assets	3,523,753	3,558,258
Including: Data resources
Development expenses
Including: Data resources
Goodwill
Long-term deferred expenses	203,252	216,302
Deferred tax assets	7,856,661	7,856,661
Other non-current assets
Total non-current assets	217,128,502	218,389,381
Total assets	233,697,434	235,743,560

CURRENT LIABILITIES:
Short-term loans	11,627,556	15,661,462
Short-term financing bonds payable	7,534,708	3,010,847
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable
Accounts payable	13,265,743	11,873,571
Air traffic liabilities	7,850,483	8,549,886
Receipts in advance
Contract liabilities	776,166	563,310
Employee compensations payable	777,313	1,248,804
Taxes payable	131,199	187,812
Other payables	5,142,300	6,912,037
Including: Interest payable
Dividend payable
Held-for-sale liabilities
Non-current liabilities due within a year	40,975,335	42,833,462
Other current liabilities
Total current liabilities	88,080,803	90,841,191

NON-CURRENT LIABILITIES:
Long-term loans	40,075,264	42,720,579
Debentures payable	10,500,000	6,000,000
Including: Preference shares
Perpetual bonds
Lease liabilities	33,810,817	34,995,009
Long-term payables	7,191,045	5,004,533
Long-term employee compensation payables
Accrued liabilities	2,212,819	2,168,705
Deferred income	145,053	153,424
Deferred tax liabilities
Other non-current liabilities	2,537,596	2,559,301
Total non-current liabilities	96,472,594	93,601,551
Total liabilities	184,553,397	184,442,742

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	421,449	421,449
Special reserves
Surplus reserves	11,527,181	11,527,181
Retained earnings	-30,752,689	-28,595,908
Total owners' equity (or shareholders' equity)	49,144,037	51,300,818
Total liabilities and owners' equity (or shareholders' equity)	233,697,434	235,743,560

First quarter of 2025	First quarter of 2024
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services	23,468,791	24,568,423
Refund of taxes and levies		438,283
Other cash received relating to operating activities	1,589,253	1,711,476
Subtotal of cash inflows of operating activities	25,058,044	26,718,182
Cash paid for goods purchased and services received	15,087,404	15,648,963
Cash paid to or on behalf of employees	5,185,651	4,750,531
Taxes and levies paid	252,138	132,783
Other cash paid relating to operating activities	1,270,049	1,191,341
Subtotal of cash outflows from operating activities	21,795,242	21,723,618
Net cash flows from operating activities	3,262,802	4,994,564

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 long-term assets	60,936	68,944
Net cash proceeds from disposal of subsidiaries and other business units
Other cash received relating to investing activities	42,402	57,380
Subtotal of cash inflows from investing activities	103,338	126,324
Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets	3,104,043	1,776,276
Cash paid for investments	44,850	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	3,148,893	1,925,267
Net cash flows from investing activities	-3,045,555	-1,798,943

III. Cash flows from financing activities:
Issuance of debentures	9,000,000	2,000,000
Cash received from capital injection		1,815,742
Cash received from borrowings	5,400,000	1,500,000
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities	14,400,000	5,315,742
Cash paid for repayment of borrowings	12,559,000	5,070,100
Cash paid for distribution of dividends, profits or payment of interest expenses	705,430	846,165
Cash paid for leases	2,646,645	2,055,856
Other cash paid relating to financing activities
Subtotal of cash outflows from financing activities	15,911,075	7,972,121
Net cash flows from financing activities	-1,511,075	-2,656,379

IV. Effect of exchange rate changes on cash and cash equivalents	6,069	-10,288

V. Net increase in cash and cash equivalents	-1,287,759	528,954
Add: Balance of cash and cash equivalents as at the beginning of the Period	8,774,956	6,842,157

VI. Balance of cash and cash equivalents as at the end of the Period	7,487,197	7,371,111

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Air China Ltd. (AIRC)

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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	40,023,324	40,065,742	-0.11
Net profit attributable to shareholders of the listed company	-2,043,993	-1,674,456	-22.07
Net profit attributable to shareholders of the listed company after deducting non-recurring profits and losses	-2,127,891	-1,713,176	-24.21
Net cash flows from operating activities	8,341,401	9,407,344	-11.33
Basic earnings per share (RMB per share)	-0.12	-0.11	-9.09
Diluted earnings per share (RMB per share)	-0.12	-0.11	-9.09
Weighted average return on net assets (%)	-4.64%	-4.47%	Decreased by 0.17 percentage points

	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	345,163,318	345,769,412	-0.18
Owners' equity attributable to shareholders of the listed company	43,020,170	45,147,411	-4.71

Total number of holders of ordinary shares as at the end of the Reporting Period	151,206		Total number of holders of preference shares with restored voting rights as at 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
Name of shareholder	Nature of shareholder	Number of shares held	Shareholding percentage	Number of shares held subject to selling restrictions	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	1,689,667,185	9.68	0	Nil	0
China Securities Finance Corporation Limited	Other	311,302,365	1.78	0	Nil	0
Hong Kong Securities Clearing Company Limited	Foreign legal person	243,991,080	1.40	0	Nil	0
China National Aviation Fuel Group Limited	State-owned legal person	238,524,158	1.37	0	Nil	0
Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 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)	Other	61,220,469	0.35	0	Nil	0
China Structural Reform Fund Co., Ltd. (中國國有企業結構調整基金股份有限公司)	State-owned legal person	52,833,706	0.30	0	Nil	0
National Social Security Fund 114 Portfolio (全國社保基金一一四組合)	Other	48,563,170	0.28	0	Nil	0

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
Name of shareholder		Type	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	1,689,667,185	Overseas listed foreign shares	1,689,667,185
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
Hong Kong Securities Clearing Company Limited	243,991,080	RMB ordinary shares	243,991,080
China National Aviation Fuel Group Limited	238,524,158	RMB ordinary shares	238,524,158
Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 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)	61,220,469	RMB ordinary shares	61,220,469
China Structural Reform Fund Co., Ltd. (中國國有企業結構調整基金股份有限公司)	52,833,706	RMB ordinary shares	52,833,706
National Social Security Fund 114 Portfolio (全國社保基金一一四組合)	48,563,170	RMB ordinary shares	48,563,170
Explanation on connected relationship or action in concert among the above shareholders	CNACG is a wholly-owned subsidiary of CNAHC. Accordingly, CNAHC is directly 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 shareholders not subject to selling restrictions in margin financing and securities lending as well as margin and securities refinancing business (if any)	Nil

Items					First quarter of 2025		First quarter of 2024

			I. Total revenue from operations		40,023,324		40,065,742
			Including: Operating income		40,023,324		40,065,742
			Interest income
			Premium earned
			Fees and commission income

	II. Total operating cost				44,421,862		43,614,326
	Including: Operating costs				39,813,278		38,728,738
	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				100,635		64,522
	Selling expenses				1,741,182		1,740,842
	General and administrative expenses				1,328,732		1,290,115
	R&D expenses				85,246		85,305
	Finance expenses				1,352,789		1,704,804
	Including: Interest expenses				1,472,135		1,679,074
	Interest income				131,527		133,626
	Add: Other income				1,170,042		993,501
	Investment income (loss is represented by "-" sign)				710,259		621,078
	Including: Share of profits of associates and joint ventures				699,425		610,519
	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)				2		34
	Impairment loss of credit (loss is represented by "-" sign)				-4,270		-9,998
	Impairment loss of assets (loss is represented by "-" sign)
	Gains from disposal of assets (loss is represented by "-" sign)				8,908		-2,690

		III. Profit from operations (loss is represented by "-" sign)			-2,513,597		-1,946,659
		Add: Non-operating income			67,719		31,779
		Less: Non-operating expenses			7,222		11,274

		IV. Total profit (total loss is represented by "-" sign)			-2,453,100		-1,926,154
		Less: Income tax expenses			82,141		75,743

		V. Net profit (net loss is represented by "-" sign)			-2,535,241		-2,001,897
		(I) Classified by continuity of operations
		1. Net profit from continuing operations (net loss is represented by "-" sign)			-2,535,241		-2,001,897
		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 loss is represented by "-" sign)			-2,043,993		-1,674,456
		2. Profit or loss attributable to non-controlling interests (net loss is represented by "-" sign)			-491,248		-327,441

		VI. Other comprehensive income after tax, net			-79,021		-61,910
		(I) Other comprehensive income after tax attributable to owners of the parent company, net			-83,248		-27,402
		1. Other comprehensive income that cannot be subsequently reclassified to profit or loss			10,416		-37,439
		(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			10,416		-37,439
		(4) Change in fair value of own credit risk of the Company
				2. Other comprehensive income that will be reclassified to profit or loss		-93,664		10,037
				(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		-5,423		1,873
				(3) Amount of financial assets reclassified into other comprehensive income
				(4) Provisions for credit impairment of other debt investments		-76		-47
				(5) Reserve for cash flow hedging
				(6) Exchange difference on translation of financial statements in foreign currency		-88,165		8,211
				(7) Others
				(II) Other comprehensive income after tax attributable to non-controlling interests, net		4,227		-34,508

				VII. Total comprehensive income		-2,614,262		-2,063,807
				(I) Total comprehensive income attributable to owners of the parent company		-2,127,241		-1,701,858
				(II) Total comprehensive income attributable to non-controlling interests		-487,021		-361,949

				VIII. Earnings per share:
				(I) Basic earnings per share (RMB per share)		-0.12		-0.11
				(II) Diluted earnings per share (RMB per share)		-0.12		-0.11