THIRD QUARTERLY REPORT OF 2026

Summary by AI ^BETAClose X

Air China Limited reported its third quarterly results for the period ending September 30, 2026, showing revenue of RMB 51,695,064,000 for the quarter, an increase of 5.35% year-on-year, and RMB 140,962,684,000 for the year-to-date, up 8.58%. However, total profit for the quarter significantly decreased by 97.93% to RMB 85,688,000, and the year-to-date total profit was a loss of RMB 3,045,746,000, a decrease of 324.71%. Net profit attributable to shareholders also saw a substantial decline, with a quarterly net profit of RMB 270,596,000, down 92.64%, and a year-to-date net loss of RMB 2,015,291,000, a decrease of 207.78%. The company attributed the profit decline primarily to a steep rise in oil prices impacting jet fuel costs. Total assets grew by 2.84% to RMB 352,801,989,000, while owners' equity attributable to shareholders increased by 40.67% to RMB 59,856,589,000, largely due to a share issuance.

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	-1,884	3,160
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)	34,530	154,198
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	308	567
Reversal of provision for impairment of receivable that has undergone impairment test alone	1	6,356
Gains on disposal of equity investment		205,075
Other non-operating income and expenses besides the above items	213,458	441,067
Less: Effect of income tax	2,836	-10,404
Effect of non-controlling interests (after tax)	35,726	111,851


Total	207,851	708,976

Items	Percentage of Change (%)	Major Reasons
Total profit_the Reporting Period	-97.93	The Company actively responded to the new norm of industry development, expedited the enhancement of quality and efficiency of its principal business operations, and further promoted quality improvement and efficiency enhancement. However, as affected by the steep rise in oil price, the Company's jet fuel costs have increased significantly, resulting in substantial year-on-year fluctuations in its profit indicators.

Total profit_from the beginning of the year to the end of the Reporting Period	-324.71	The Company actively responded to the new norm of industry development, expedited the enhancement of quality and efficiency of its principal business operations, and further promoted quality improvement and efficiency enhancement. However, as affected by the steep rise in oil price, the Company's jet fuel costs have increased significantly, resulting in substantial year-on-year fluctuations in its profit indicators.

Net profit attributable to shareholders of the listed company_the Reporting Period	-92.64	The Company actively responded to the new norm of industry development, expedited the enhancement of quality and efficiency of its principal business operations, and further promoted quality improvement and efficiency enhancement. However, as affected by the steep rise in oil price, the Company's jet fuel costs have increased significantly, resulting in substantial year-on-year fluctuations in its profit indicators.

Net profit attributable to shareholders of the listed company_from the beginning of the year to the end of the Reporting Period	-207.78	The Company actively responded to the new norm of industry development, expedited the enhancement of quality and efficiency of its principal business operations, and further promoted quality improvement and efficiency enhancement. However, as affected by the steep rise in oil price, the Company's jet fuel costs have increased significantly, resulting in substantial year-on-year fluctuations in its profit indicators.

Net profit attributable to shareholders of the listed company after deducting non-recurring profits and losses_the Reporting Period	-98.28	The Company actively responded to the new norm of industry development, expedited the enhancement of quality and efficiency of its principal business operations, and further promoted quality improvement and efficiency enhancement. However, as affected by the steep rise in oil price, the Company's jet fuel costs have increased significantly, resulting in substantial year-on-year fluctuations in its profit indicators.

Net profit attributable to shareholders of the listed company after deducting non-recurring profits and losses_from the beginning of the year to the end of the Reporting Period	-265.71	The Company actively responded to the new norm of industry development, expedited the enhancement of quality and efficiency of its principal business operations, and further promoted quality improvement and efficiency enhancement. However, as affected by the steep rise in oil price, the Company's jet fuel costs have increased significantly, resulting in substantial year-on-year fluctuations in its profit indicators.

Basic earnings per share (RMB per share)_the Reporting Period	-90.91	The Company actively responded to the new norm of industry development, expedited the enhancement of quality and efficiency of its principal business operations, and further promoted quality improvement and efficiency enhancement. However, as affected by the steep rise in oil price, the Company's jet fuel costs have increased significantly, resulting in substantial year-on-year fluctuations in its profit indicators.

Basic earnings per share (RMB per share) _from the beginning of the year to the end of the Reporting Period	-200.00	The Company actively responded to the new norm of industry development, expedited the enhancement of quality and efficiency of its principal business operations, and further promoted quality improvement and efficiency enhancement. However, as affected by the steep rise in oil price, the Company's jet fuel costs have increased significantly, resulting in substantial year-on-year fluctuations in its profit indicators.

Diluted earnings per share (RMB per share) _the Reporting Period	-90.91	The Company actively responded to the new norm of industry development, expedited the enhancement of quality and efficiency of its principal business operations, and further promoted quality improvement and efficiency enhancement. However, as affected by the steep rise in oil price, the Company's jet fuel costs have increased significantly, resulting in substantial year-on-year fluctuations in its profit indicators.

Diluted earnings per share (RMB per share) _from the beginning of the year to the end of the Reporting Period	-200.00	The Company actively responded to the new norm of industry development, expedited the enhancement of quality and efficiency of its principal business operations, and further promoted quality improvement and efficiency enhancement. However, as affected by the steep rise in oil price, the Company's jet fuel costs have increased significantly, resulting in substantial year-on-year fluctuations in its profit indicators.

Owners' equity attributable to shareholders of the listed company_as at the end of the Reporting Period	40.67	Air China issued shares to specific investors.

	Actual amount completed in September 2026	Year-on-year increase (%)¹	Month-on-month increase (%)¹	Actual amount completed from July to September 2026	Year-on-year increase (%)¹	Cumulative amount completed from January to September 2026	Year-on-year cumulative increase (%)¹
I. Capacity
1. ATK (in million)²	3,864.0	4.8	-12.5	12,608.4	5.9	35,282.7	2.8
Domestic	2,276.1	-0.9	-15.7	7,649.4	2.0	21,691.6	0.2
International	1,502.3	15.9	-7.2	4,685.1	13.9	12,727.4	7.8
Regional	85.6	-7.7	-11.3	273.9	-8.7	863.6	-3.4
2. ASK (in million)³	31,014.4	4.0	-15.2	103,242.9	5.1	283,919.2	2.9
Domestic	20,276.6	-0.1	-18.8	69,720.4	3.50	191,874.1	1.8
International	10,021.5	15.1	-6.9	31,169.2	10.4	84,730.1	6.3
Regional	716.3	-10.2	-14.7	2,353.2	-10.4	7,314.9	-4.1
3. AFTK (in million)⁴	1,068.3	6.8	-4.5	3,308.3	7.9	9,692.9	2.1
Domestic	451.3	-4.4	-0.3	1,380.5	-4.4	4,429.3	-5.6
International	598.6	17.2	-7.6	1,875.0	19.5	5,087.9	10.0
Regional	18.5	4.5	4.9	52.8	0.3	175.7	-0.2

II. Traffic
1. RTK (in million)⁵	2,813.4	7.1	-13.1	9,147.0	9.7	25,153.8	7.6
Domestic	1,712.3	1.8	-15.4	5,673.7	6.7	15,646.4	4.5
International	1,042.4	17.9	-8.7	3,281.8	16.6	8,921.3	13.7
Regional	58.7	-2.4	-16.0	191.5	-5.2	586.0	2.7
2. RPK (in million)⁶	26,419.4	6.6	-17.6	88,788.7	9.8	241,897.9	7.9
Domestic	17,658.6	2.7	-20.3	60,777.5	7.8	165,150.0	5.4
International	8,193.4	16.9	-11.2	26,130.1	16.5	70,968.7	14.9
Regional	567.3	-3.2	-18.5	1,881.1	-6.7	5,779.3	2.0
3. RFTK (in million)⁷	457.9	10.6	-3.6	1,406.4	8.9	3,905.7	5.6
Domestic	139.2	-6.7	9.0	391.9	-6.2	1,182.4	-4.3
International	312.7	20.7	-8.4	996.4	16.1	2,671.3	10.5
Regional	6.0	9.0	0.4	18.1	14.3	52.1	12.6
4. Number of Passengers Carried (in thousand)	13,503.4	3.2	-19.1	45,877.5	7.3	125,575.5	4.8
Domestic	11,445.6	2.4	-19.9	39,208.5	7.4	106,809.3	4.4
International	1,689.3	10.5	-12.9	5,444.7	9.8	15,025.4	8.1
Regional	368.4	-1.6	-18.3	1,224.2	-4.9	3,740.8	3.2
5. Total Cargo and Mail Carried (in tonnes)	134,612.6	1.9	3.2	392,716.4	1.8	1,128,444.4	0.6
Domestic	83,852.0	-7.1	9.5	235,195.3	-5.7	710,082.1	-3.8
International	46,992.0	22.8	-6.1	146,157.8	16.3	385,356.2	9.2
Regional	3,768.6	5.6	-0.1	11,363.3	8.2	33,006.1	8.6

III. Load Factor
1. Passenger Load Factor (%)⁸	85.2	2.0	-2.5	86.0	3.7	85.2	3.9
Domestic	87.1	2.4	-1.6	87.2	3.5	86.1	2.9
International	81.8	1.3	-4.0	83.8	4.4	83.8	6.2
Regional	79.2	5.7	-3.7	79.9	3.1	79.0	4.7
2. Cargo and Mail Load Factor (%)⁹	42.9	1.5	0.4	42.5	0.4	40.3	1.3
Domestic	30.8	-0.8	2.6	28.4	-0.5	26.7	0.4
International	52.2	1.5	-0.5	53.1	-1.6	52.5	0.2
Regional	32.3	1.4	-1.5	34.2	4.2	29.6	3.4
3. Overall Load Factor (%)¹⁰	72.8	1.5	-0.5	72.5	2.5	71.3	3.2
Domestic	75.2	2.0	0.3	74.2	3.3	72.1	3.0
International	69.4	1.2	-1.1	70.1	1.7	70.1	3.6
Regional	68.6	3.7	-3.8	69.9	2.6	67.9	4.0

Items	30 September 2026	31 December 2025
CURRENT ASSETS:
Cash and bank balance	11,692,873	15,859,324
Provisions on payables
Contributions made
Financial assets held-for-trading	142,200	151,633
Derivative financial assets
Bills receivable	6,250	12,516
Accounts receivable	4,318,288	3,480,157
Receivables financing
Prepayments	531,645	590,827
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Other receivables	5,876,260	4,275,525
Including: Interest receivable
Dividend receivable
Purchase of financial assets resold
Inventories	6,445,891	4,809,698
Including: Data resources
Contract assets
Held-for-sale assets
Non-current assets due within a year	637,521
Other current assets	6,507,388	5,623,629
Total current assets	36,158,316	34,803,309
NON-CURRENT ASSETS:
Loans and advances
Debt investments
Other debt investments	885,154	1,093,435
Long-term receivables	677,552	735,200
Long-term equity investments	18,186,568	18,292,560
Investments in other equity instruments	1,926,765	1,926,616
Other non-current financial assets
Investment properties	279,779	291,001
Fixed assets	118,507,255	112,844,370
Construction in progress	36,705,620	34,331,014
Biological assets for production
Oil and gas assets
Right-of-use assets	118,293,567	116,551,531
Intangible assets	6,060,368	6,194,476
Including: Data resources
Development expenses
Including: Data resources
Goodwill	3,614,390	3,614,390
Long-term deferred expenses	267,477	325,628
Deferred tax assets	11,133,010	11,310,161
Other non-current assets	106,168	733,553
Total non-current assets	316,643,673	308,243,935
Total assets	352,801,989	343,047,244
CURRENT LIABILITIES:
Short-term loans	6,246,003	6,560,932
Short-term financing bonds payable		11,051,420
Borrowings from central bank
Contributions received
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable	2,988,636	1,500,000
Accounts payable	27,256,809	20,856,695
Air traffic liabilities	14,317,607	11,221,885
Receipts in advance	150,966	73,656
Contract liabilities	1,663,726	1,720,744
Sale of financial assets repurchased
Deposits from clients and placements from other banks
Brokerage payable
Underwriting fees payable
Employee compensation payable	4,699,401	4,178,271
Taxes payable	463,959	683,576
Other payables	10,223,686	13,420,424
Including: Interest payable
Dividend payable
Fees and commissions payable
Amounts payable on reinsurance
Held-for-sale liabilities
Non-current liabilities due within a year	45,829,171	46,024,492
Other current liabilities
Total current liabilities	113,839,964	117,292,095
NON-CURRENT LIABILITIES:
Reserves on insurance contracts
Long-term loans	67,255,399	60,858,057
Debentures payable	31,000,000	32,000,000
Including: Preference shares
Perpetual bonds
Lease liabilities	60,072,731	61,452,171
Long-term payables	16,020,211	24,293,835
Long-term employee compensation payables	178,444	168,765
Accrued liabilities	4,367,983	4,337,583
Deferred income	641,173	401,549
Deferred tax liabilities	143,809	137,992
Other non-current liabilities	2,774,330	2,873,684
Total non-current liabilities	182,454,080	186,523,636
Total liabilities	296,294,044	303,815,731
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or share capital)	20,492,561	17,448,421
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve	62,881,369	46,113,911
Less: Treasury shares
Other comprehensive income	-757,212	-265,919
Special reserves
Surplus reserves	11,564,287	11,564,287
General risk provisions	177,506	177,506
Retained earnings	-34,501,922	-32,486,631
Total owners' equity (or shareholders' equity) attributable to the parent company	59,856,589	42,551,575
Non-controlling interests	-3,348,644	-3,320,062
Total owners' equity (or shareholders' equity)	56,507,945	39,231,513
Total liabilities and owners' equity (or shareholders' equity)	352,801,989	343,047,244

Items	First three quarters of 2026 (January to September)	First three quarters of 2025 (January to September)
I. Total revenue from operations	140,962,684	129,826,184
Including: Operating income	140,962,684	129,826,184
Interest income
Premium earned
Fees and commission income

II. Total operating cost	151,162,649	134,277,600
Including: Operating costs	138,745,517	120,655,984
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	333,497	307,683
Selling expenses	5,147,518	5,256,253
General and administrative expenses	4,022,616	3,974,400
R&D expenses	368,901	312,482
Finance expenses	2,544,600	3,770,798
Including: Interest expenses	3,482,917	4,248,085
Interest income	219,605	438,617
Add: Other income	4,002,461	3,515,823
Investment income (loss is represented by "-" sign)	2,761,015	2,230,264
Including: Share of profits of associates and joint ventures	2,514,622	2,182,177
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)	567	1,404
Impairment loss of credit (loss is represented by "-" sign)	-6,821	-9,902
Impairment loss of assets (loss is represented by "-" sign)	-47,230	-85,231
Gains from disposal of assets (loss is represented by "-" sign)	22,415	23,384

III. Profit from operations (loss is represented by "-" sign)	-3,467,558	1,224,326
Add: Non-operating income	473,300	206,931
Less: Non-operating expenses	51,488	75,872

IV. Total profit (total loss is represented by "-" sign)	-3,045,746	1,355,385
Less: Income tax expenses	409,555	-1,712

V. Net profit (net loss is represented by "-" sign)	-3,455,301	1,357,097
(I) Classified by continuity of operations
1. Net profit from continuing operations (net loss is represented by "-" sign)	-3,455,301	1,357,097
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)	-2,015,291	1,869,836
2. Profit or loss attributable to non-controlling interests (net loss is represented by "-" sign)	-1,440,010	-512,739

VI. Other comprehensive income after tax, net	-522,314	-670,077
(I) Other comprehensive income after tax attributable to owners of the parent company, net	-491,293	-666,418
1. Other comprehensive income that cannot be subsequently reclassified to profit or loss	1,569	32,248
(1) Changes arising on remeasurement of defined benefit plans	-12,982	7
(2) Other comprehensive income accounted for using the equity method that cannot be reclassified to profit or loss	184	-556
(3) Change in fair value of investments in other equity instruments	14,367	32,797
(4) Change in fair value of own credit risk of the Company
(5) Others
2. Other comprehensive income that will be reclassified to profit or loss	-492,862	-698,666
(1) Other comprehensive income accounted for using the equity method that may be reclassified to profit or loss	655,173	-362,428
(2) Change in fair value of other debt investments	-1,686	-8,023
(3) Amount of financial assets reclassified into other comprehensive income
(4) Provisions for credit impairment of other debt investments	-160	342
(5) Reserve for cash flow hedging
(6) Exchange difference on translation of financial statements in foreign currency	-1,146,189	-328,557
(7) Others
(II) Other comprehensive income after tax attributable to non- controlling interests, net	-31,021	-3,659

VII. Total comprehensive income	-3,977,615	687,020
(I) Total comprehensive income attributable to owners of the parent company	-2,506,584	1,203,418
(II) Total comprehensive income attributable to non-controlling interests	-1,471,031	-516,398

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

Items	First three quarters of 2026 (January to September)	First three quarters of 2025 (January to September)
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services	155,644,518	138,792,073
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	23,017	382,170
Other cash received relating to operating activities	10,635,512	8,859,071
Subtotal of cash inflows of operating activities	166,303,047	148,033,314
Cash paid for goods purchased and services received	96,889,755	80,640,788
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	27,193,930	26,089,465
Taxes and levies paid	2,226,757	1,822,301
Other cash paid relating to operating activities	14,368,064	5,403,946
Subtotal of cash outflows from operating activities	140,678,506	113,956,500
Net cash flows from operating activities	25,624,541	34,076,814

II. Cash flows from investing activities:
Cash received from sale and redemption of investments	1,827,754	139,947
Recovery of the secured bank deposits	9,001	1,884
Cash received from investment income	1,290,315	1,060,259
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets	265,353	1,533,447
Net cash proceeds from disposal of subsidiaries and other business units
Other cash received relating to investing activities	402,782	438,617
Subtotal of cash inflows from investing activities	3,795,205	3,174,154
Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets	24,479,922	10,751,934
Cash paid for investments	193,062	1,573,654
Net increase in secured loans
Increase in secured bank deposits	23,849	7,937
Net cash payments for acquisition of subsidiaries and other business units
Other cash paid relating to investing activities		1,464,861
Subtotal of cash outflows from investing activities	24,696,833	13,798,386
Net cash flows from investing activities	-20,901,628	-10,624,232

III. Cash flows from financing activities:
Cash received from issuance of debentures	9,400,000	37,500,000
Cash received from capital injection	21,450,463	715,943
Including: Cash received from capital injection of non-controlling shareholders in subsidiaries
Cash received from borrowings	36,377,803	33,563,886
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities	67,228,266	71,779,829
Cash paid for repayment of borrowings	41,492,904	59,092,192
Cash paid for repayment of debentures	17,400,000	15,200,000
Cash paid for distribution of dividends, profits or payment of interest expenses	3,629,374	4,423,147
Including: Dividends and profits paid to non-controlling shareholders by subsidiaries	17,551	15,134
Cash paid for leases	13,362,171	13,308,890
Other cash paid relating to financing activities
Subtotal of cash outflows from financing activities	75,884,449	92,024,229
Net cash flows from financing activities	-8,656,183	-20,244,400

IV. Effect of exchange rate changes on cash and cash equivalents	-111,991	-34,530

V. Net increase in cash and cash equivalents	-4,045,261	3,173,652
Add: Balance of cash and cash equivalents as at the beginning of the Period	14,295,268	21,039,472

VI. Balance of cash and cash equivalents as at the end of the Period	10,250,007	24,213,124

Items	30 September 2026	31 December 2025
CURRENT ASSETS:
Cash and bank balance	3,715,686	4,267,178
Financial assets held-for-trading
Derivative financial assets
Bills receivable
Accounts receivable	2,786,678	2,258,034
Receivables financing
Prepayments	109,412	303,194
Other receivables	4,204,519	3,161,821
Including: Interest receivable
Dividend receivable
Inventories	391,438	65,084
Including: Data resources
Contract assets
Held-for-sale assets
Non-current assets due within a year
Other current assets	3,639,087	2,860,229
Total current assets	14,846,820	12,915,540
NON-CURRENT ASSETS:
Debt investments
Other debt investments
Long-term receivables	676,353	694,744
Long-term equity investments	36,545,191	33,901,051
Investments in other equity instruments	253,553	214,726
Other non-current financial assets
Investment properties
Fixed assets	81,228,594	80,943,409
Construction in progress	26,330,501	23,399,959
Biological assets for production
Oil and gas assets
Right-of-use assets	76,273,249	75,003,468
Intangible assets	3,337,165	3,429,998
Including: Data resources
Development expenses
Including: Data resources
Goodwill
Long-term deferred expenses	152,020	218,428
Deferred tax assets	6,946,414	6,998,384
Other non-current assets
Total non-current assets	231,743,040	224,804,167
Total assets	246,589,860	237,719,707
CURRENT LIABILITIES:
Short-term loans	6,605,637	6,205,072
Short-term financing bonds payable		11,051,420
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable	2,780,000	1,500,000
Accounts payable	15,934,637	12,189,161
Air traffic liabilities	11,560,990	9,111,637
Receipts in advance	244,908	178,455
Contract liabilities	1,316,130	971,572
Employee compensation payable	1,799,903	1,953,727
Taxes payable	170,993	216,347
Other payables	6,667,202	5,690,407
Including: Interest payable
Dividend payable
Held-for-sale liabilities
Non-current liabilities due within a year	22,547,522	29,809,342
Other current liabilities
Total current liabilities	69,627,922	78,877,140
NON-CURRENT LIABILITIES:
Long-term loans	34,671,323	23,181,906
Debentures payable	31,000,000	32,000,000
Including: Preference shares
Perpetual bonds
Lease liabilities	35,252,619	37,551,796
Long-term payables	4,791,174	12,379,655
Long-term employee compensation payables
Accrued liabilities	2,463,928	2,353,690
Deferred income	354,116	120,155
Deferred tax liabilities
Other non-current liabilities	2,773,291	2,869,195
Total non-current liabilities	111,306,451	110,456,397
Total liabilities	180,934,373	189,333,537

OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or share capital)	20,492,561	17,448,421
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve	67,445,998	50,499,675
Less: Treasury shares
Other comprehensive income	470,527	441,398
Special reserves
Surplus reserves	11,527,181	11,527,181
Retained earnings	-34,280,780	-31,530,505
Total owners' equity (or shareholders' equity)	65,655,487	48,386,170
Total liabilities and owners' equity (or shareholders' equity)	246,589,860	237,719,707

Items	First three quarters of 2026 (January to September)	First three quarters of 2025 (January to September)
I. Revenue from operations	87,368,452	79,283,351
Less: Operating costs	85,741,402	73,344,081
Taxes and other levies	177,846	160,636
Selling expenses	3,476,926	3,400,292
General and administrative expenses	1,588,354	1,609,593
R&D expenses	112,959	106,756
Finance expenses	1,899,461	2,416,485
Including: Interest expenses	2,178,056	2,561,678
Interest income	73,573	162,730
Add: Other income	2,102,288	1,829,731
Investment income (loss is represented by "-" sign)	444,549	321,304
Including: Share of profits of associates and joint ventures	442,660	305,630
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
Impairment loss of credit (loss is represented by "-" sign)	-7,063	-7,268
Impairment loss of assets (loss is represented by "-" sign)	-47,236	-85,154
Gains from disposal of assets (loss is represented by "-" sign)	105,835	9,494

II. Profit from operations (loss is represented by "-" sign)	-3,030,123	313,872
Add: Non-operating income	342,331	75,627
Less: Non-operating expenses	20,221	53,665

III. Total profit (total loss is represented by "-" sign)	-2,708,013	335,834
Less: Income tax expenses	42,262	-131,428

IV. Net profit (net loss is represented by "-" sign)	-2,750,275	467,262
(I) Net profit from continuing operations (net loss is represented by "-" sign)	-2,750,275	467,262
(II) Net profit from discontinued operation (net loss is represented by "-" sign)

V. Other comprehensive income after tax, net	29,129	31,574
(I) Other comprehensive income that cannot be subsequently reclassified to profit or loss	29,129	31,574
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	29,129	31,574
4. Change in fair value of own credit risk of the Company
5. Others
(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. Amount 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	-2,721,146	498,836

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 2026 (January to September)	First three quarters of 2025 (January to September)
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services	96,414,998	83,539,723
Refund of taxes and levies
Other cash received relating to operating activities	6,072,435	4,015,611
Subtotal of cash inflows of operating activities	102,487,433	87,555,334
Cash paid for goods purchased and services received	60,308,149	48,984,226
Cash paid to or on behalf of employees	14,102,150	13,397,432
Taxes and levies paid	1,197,761	898,780
Other cash paid relating to operating activities	7,136,475	3,243,777
Subtotal of cash outflows from operating activities	82,744,535	66,524,215
Net cash flows from operating activities	19,742,898	21,031,119

II. Cash flows from investing activities:
Cash received from sale and redemption of investments
Cash received from investment income	179,629	102,743
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets	309,994	460,906
Net cash proceeds from disposal of subsidiaries and other business units
Other cash received relating to investing activities	73,573	162,730
Subtotal of cash inflows from investing activities	563,196	726,379
Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets	17,801,318	8,412,122
Cash paid for investments	43,061	844,850
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	17,844,379	9,256,972
Net cash flows from investing activities	-17,281,183	-8,530,593

III. Cash flows from financing activities:
Cash received from issuance of debentures	9,400,000	37,500,000
Cash received from capital injection	19,990,463
Cash received from borrowings	24,708,633	13,929,400
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities	54,099,096	51,429,400
Cash paid for repayment of borrowings	29,244,013	45,257,443
Cash paid for repayment of debentures	17,400,000	9,000,000
Cash paid for distribution of dividends, profits or payment of interest expenses	2,147,570	2,491,982
Cash paid for leases	8,259,177	7,762,438
Other cash paid relating to financing activities
Subtotal of cash outflows from financing activities	57,050,760	64,511,863
Net cash flows from financing activities	-2,951,664	-13,082,463

IV. Effect of exchange rate changes on cash and cash equivalents	-76,061	-24,476

V. Net increase in cash and cash equivalents	-566,010	-606,413
Add: Balance of cash and cash equivalents as at the beginning of the Period	4,236,105	8,774,956

VI. Balance of cash and cash equivalents as at the end of the Period	3,670,095	8,168,543

Companies

Air China Ltd. (AIRC)

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Total number of holders of ordinary shares as at the end of the Reporting Period	179,259		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	8,334,704,710	40.67	1,767,942,863	Frozen	127,445,536
Cathay Pacific Airways Limited	Foreign legal person	2,633,725,455	12.85	0	Nil	0
China National Aviation Capital Holding Co., Ltd.	State-owned legal person	2,130,898,021	10.40	2,130,898,021	Nil	0
China National Aviation Corporation (Group) Limited	Foreign legal person	1,949,262,228	9.51	392,927,308	Frozen	36,454,464
HKSCC NOMINEES LIMITED	Foreign legal person	1,691,606,360	8.25	0	Nil	0
China National Aviation Fuel Group Limited	State-owned legal person	237,224,158	1.16	0	Nil	0
Hong Kong Securities Clearing Company Limited	Foreign legal person	148,786,780	0.73	0	Nil	0
National Social Security Fund 114 Portfolio (全國社保基金一一四組合)	Other	93,823,770	0.46	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)	Other	52,422,706	0.26	0	Nil	0
Bank of China Limited - Huashang Runfeng Flexible Allocation Hybrid Securities Investment Fund (中國銀行股份有限公司－華商潤豐靈活配置混合型證券投資基金)	Other	43,582,456	0.21	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	1,691,606,360	Overseas listed foreign shares	1,691,606,360
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 National Aviation Fuel Group Limited	237,224,158	RMB ordinary shares	237,224,158
Hong Kong Securities Clearing Company Limited	148,786,780	RMB ordinary shares	148,786,780
National Social Security Fund 114 Portfolio (全國社保基金一一四組合)	93,823,770	RMB ordinary shares	93,823,770
China Structural Reform Fund Co., Ltd. (中國國有企業結構調整基金股份有限公司)	52,422,706	RMB ordinary shares	52,422,706
Bank of China Limited - Huashang Runfeng Flexible Allocation Hybrid Securities Investment Fund (中國銀行股份有限公司－華商潤豐靈活配置混合型證券投資基金)	43,582,456	RMB ordinary shares	43,582,456
Guoxin Hongsheng Investment (Beijing) Co., Ltd.	40,503,946	RMB ordinary shares	40,503,946
Explanation on connected relationship or action in concert among the above shareholders	CNAC Holding and CNACG are wholly-owned subsidiaries of CNAHC. Accordingly, CNAHC is directly and indirectly interested in 60.58% 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	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	51,695,064	5.35	140,962,684	8.58
Total profit	85,688	-97.93	-3,045,746	-324.71
Net profit attributable to shareholders of the listed company	270,596	-92.64	-2,015,291	-207.78
Net profit attributable to shareholders of the listed company after deducting non-recurring profits and losses	62,745	-98.28	-2,724,267	-265.71
Net cash flows from operating activities	N/A	N/A	25,624,541	-24.80
Basic earnings per share (RMB per share)	0.02	-90.91	-0.11	-200.00
Diluted earnings per share (RMB per share)	0.02	-90.91	-0.11	-200.00
Weighted average return on net assets (%)	0.45	Decreased by 7.81 percentage points	-4.04	Decreased by 8.13 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	352,801,989	343,047,244	2.84
Owners' equity attributable to shareholders of the listed company	59,856,589	42,551,575	40.67

THIRD QUARTERLY REPORT OF 2026

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