THIRD QUARTERLY REPORT OF 2025

Summary by AI ^BETAClose X

Air China Limited's third quarterly report for 2025 reveals a revenue of RMB 49,068.75 million for the reporting period and RMB 129,826.184 million for the period from the beginning of the year, representing increases of 0.90% and 1.31% respectively. Total profit for the reporting period was RMB 4,144.426 million, a decrease of 5.16%, while the year-to-date total profit increased by 25.60% to RMB 1,355.385 million. Net profit attributable to shareholders for the reporting period decreased by 11.31% to RMB 3,675.509 million, but increased year-to-date by 37.31% to RMB 1,869.836 million. Basic and diluted earnings per share both decreased by 15.38% to RMB 0.22 for the reporting period, but increased year-to-date by 22.22% to RMB 0.11. Total assets reached RMB 349,363.328 million, a 1.04% increase from the previous year-end, and owners' equity attributable to shareholders was RMB 46,350.829 million, up 2.67%.

Disclaimer*

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 asset impairment being written off	-14,288	-1,668
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)	67,334	178,698

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	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 "-" sign)	1,357,097	769,271
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)	1,869,836	1,361,747
2. Profit or loss attributable to non-controlling interests (net loss is represented by "-" sign)	-512,739	-592,476

VI. Other comprehensive income after tax, net	-670,077	120,134
(I) Other comprehensive income after tax attributable to owners of the parent company, net	-666,418	135,798
1. Other comprehensive income that cannot be subsequently reclassified to profit or loss	32,248	-8,880
(1) Changes arising on remeasurement of defined benefit plans	7	-4,306
(2) Other comprehensive income accounted for using the equity method that cannot be reclassified to profit or loss	-556	-359
(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 may be reclassified to profit or loss	-362,428	231,400
(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 currency	-328,557	-90,134
(7) Others
(II) Other comprehensive income after tax attributable to non-controlling interests, net	-3,659	-15,664

VII. Total comprehensive income	687,020	889,405
(I) Total comprehensive income attributable to owners of the parent company	1,203,418	1,497,545
(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

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 long-term assets	1,533,447	1,063,890
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 other long-term assets	10,751,934	11,520,075
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 expenses	4,423,147	5,001,126
Including: Dividends and profits paid to non-controlling shareholders by subsidiaries	15,134	747
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

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

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 "-" sign)	467,262	462,065
(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 to profit or loss	31,574	15,207
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)

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 long-term assets	460,906	481,983
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 other long-term assets	8,412,122	9,799,748
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 expenses	2,491,982	2,931,524
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: 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	8,168,543	3,352,874

Companies

Air China Ltd. (AIRC)

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Items	The Reporting Period	Increase/decrease of the Reporting Period as compared to the corresponding period of the previous year (%)	For the period from the beginning of the year to the end of the Reporting Period	Increase/decrease for the period from the beginning of the year to the end of 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 non-recurring profits and losses	3,647,601	-5.82	1,644,021	279.95
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

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 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	741	1,404
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	-24	3,452
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

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 non-recurring profits and losses	279.95	Revenue increased on a year-on-year basis, while the Company strengthened cost control measures, profit increased significantly on a year-on-year basis.

Total number of holders of ordinary shares as at the end of the Reporting Period	129,056		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	1,690,022,384	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 (全國社保基金一一四組合)	Other	70,249,185	0.40	0	Nil	0
China Merchants Bank Co., Ltd. - ICBC Credit Suisse Convertible Bond 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)	Other	65,219,410	0.37	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	63,730,469	0.37	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 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
China National Aviation Corporation (Group) Limited	1,556,334,920	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 (全國社保基金一一四組合)	70,249,185	RMB ordinary shares	70,249,185
China Merchants Bank Co., Ltd. - ICBC Credit Suisse Convertible Bond 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)	65,219,410	RMB ordinary shares	65,219,410
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)	63,730,469	RMB ordinary shares	63,730,469
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.

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