Air China (00753) released its audited 2025 results: revenue rose 2.87 % year-on-year (YoY) to RMB 171.48 billion, yet the carrier reported a net loss attributable to shareholders of RMB 1.79 billion, versus a RMB 0.23 billion loss in 2024. Basic and diluted loss per share stood at RMB 0.11. The Board proposes no dividend for the year.
Revenue Mix and Traffic • Passenger revenue increased 2.02 % to RMB 154.86 billion, supported by a 3.24 % rise in available seat kilometres and a 2.03-ppt improvement in passenger load factor to 81.88 %. Passenger yield slipped 3.63 % to RMB 0.5144 per RPK. • Cargo and mail revenue climbed 4.92 % to RMB 7.78 billion, driven by a 1.58-ppt gain in load factor to 39.05 %, while yield per RFTK eased 1.70 % to RMB 1.5399. • Other operating revenue expanded 18.08 % to RMB 8.85 billion. Geographically, Mainland China contributed 68.50 % of revenue (RMB 117.46 billion), international routes 28.37 % (RMB 48.65 billion) and Hong Kong, Macau & Taiwan 3.13 % (RMB 5.37 billion).
Cost Structure Operating expenses increased 3.11 % to RMB 177.14 billion. Key movements: • Jet fuel costs fell 6.85 % to RMB 50.04 billion on lower average prices. • Employee compensation rose 8.11 % to RMB 37.05 billion. • Maintenance expenses jumped 15.30 % to RMB 14.81 billion, reflecting higher flying hours and repair volume. • Depreciation and amortisation grew 5.55 % to RMB 30.72 billion as fleet size expanded.
Finance and Associates Finance income was RMB 0.57 billion; finance costs fell 13.22 % to RMB 5.55 billion. A RMB 0.33 billion exchange gain replaced the prior year’s RMB 0.76 billion loss. Share of profit from associates and joint ventures rose 21.52 % to RMB 3.43 billion, including RMB 2.998 billion from Cathay Pacific.
Cash Flow and Balance Sheet • Operating cash inflow grew to RMB 36.37 billion, while cash and cash equivalents declined 32.05 % YoY to RMB 14.30 billion. • Capital expenditure reached RMB 23.75 billion, dominated by RMB 16.31 billion for aircraft and engines. • Interest-bearing debt totalled RMB 228.32 billion; gearing ratio (liabilities/total assets) inched up to 88.57 %. • Capital commitments increased to RMB 108.92 billion.
Fleet The Group operated 964 aircraft at year-end (average age 10.36 years), after adding 45 aircraft—including six C919s—and retiring 11. Planned deliveries are 40 aircraft in 2026, 61 in 2027 and 70 in 2028.
Outlook Management will prioritise safety, network optimisation, cost control and digital transformation in 2026, with a stated goal of shifting from capacity-led growth to a model emphasising quality and efficiency.
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