La primera informe anual de aerolínea se publica: Air China registra una pérdida de casi 1.8 mil millones de yuanes

3月26日晚，中国国航(601111)率先发布了上市航司2025年首份年报。
China National Airlines (601111) released the first annual report for the listed airlines in 2025 on the evening of March 26.
中国国航2025年实现营业收入1714.85亿元，同比增长2.87%，归属于母公司净利润亏损17.7亿元，亏损幅度同比扩大。
In 2025, China National Airlines achieved an operating income of 171.485 billion yuan, a year-on-year increase of 2.87%, while the net profit attributable to the parent company was a loss of 1.77 billion yuan, with the loss margin expanding year-on-year.
自2020年起，中国国航已连续六年亏损，合计亏损总额727.23亿元。
Since 2020, China National Airlines has suffered losses for six consecutive years, with a total loss of 72.723 billion yuan.

对于2025年亏损扩大的原因，中国国航解释称，主要系根据企业会计准则，公司于资产负债表日对递延所得税资产的账面价值进行复核，相应转回部分前期可抵扣亏损形成的递延所得税资产，增加所得税费用，从而导致归属于上市公司股东净利润出现亏损。
Regarding the reasons for the expanded losses in 2025, China National Airlines explained that it was mainly due to the review of the book value of deferred tax assets on the balance sheet date according to corporate accounting standards, corresponding to the reversal of part of the deferred tax assets formed by prior deductible losses, which increased income tax expenses, resulting in a loss in net profit attributable to the shareholders of the listed company.
从经营实质来看，公司效益仍在持续改善，呈现增投增收降本的特点。
From an operational perspective, the company’s performance is still continuously improving, showing characteristics of increased investment, increased revenue, and reduced costs.

中国国航的附属公司及参股公司业绩呈现明显分化态势。
The performance of China National Airlines’ subsidiaries and associated companies shows a clear divergence.
年报显示，国泰航空归母利润达87.48亿元，成为国航业绩中的重要支撑。
The annual report shows that Cathay Pacific’s profit attributable to the parent company reached 8.748 billion yuan, becoming an important support for China National Airlines’ performance.
深圳航空、山航集团、澳门航空等其他子公司大多仍处于亏损状态。
Other subsidiaries, such as Shenzhen Airlines, Shandong Airlines Group, and Macau Airlines, are mostly still in a state of loss.

从运营数据来看，2025年中国国航累计投入3676.41亿座公里，同比增长3.24%；
From the operational data perspective, in 2025, China National Airlines invested a total of 367.641 billion seat-kilometers, a year-on-year increase of 3.24%;
运输旅客突破1.6亿人次，同比增长3.40%。
The number of transported passengers exceeded 160 million, with a year-on-year increase of 3.40%.

此前主要上市航司发布的业绩预告显示，2025年各航司业绩表现出现明显分化。
Previous performance forecasts released by major listed airlines show a clear divergence in performance among airlines in 2025.
南方航空预计2025年归母净利润为8亿元至10亿元，扣非净利润预计1.3亿元至1.9亿元，成功实现扭亏为盈。
China Southern Airlines expects a net profit attributable to the parent company of 800 million to 1 billion yuan in 2025, with a non-recurring net profit expected to be 130 million to 190 million yuan, successfully turning a profit.
海航控股预计实现归母净利润18亿至22亿元，扣非净利润9亿元至11亿元，同比扭亏。
HNA Group expects to achieve a net profit attributable to the parent company of 1.8 billion to 2.2 billion yuan, with a non-recurring net profit of 900 million to 1.1 billion yuan, turning losses into profits year-on-year.
中国东航预计2025年归母净利润亏损13亿元至18亿元，扣非净利润亏损27亿元至33亿元。
China Eastern Airlines expects a net profit loss attributable to the parent company of 1.3 billion to 1.8 billion yuan in 2025, with a non-recurring net profit loss of 2.7 billion to 3.3 billion yuan.

2025年整个民航业延续了稳健增长的良好态势。
In 2025, the entire civil aviation industry continued to maintain a good trend of steady growth.
民航局数据显示，2025年全行业完成运输总周转量1640.8亿吨公里、旅客运输量7.7亿人次、货邮运输量1017.2万吨，同比分别增长10.5%、5.5%和13.3%。
Data from the Civil Aviation Administration shows that in 2025, the entire industry completed a total transportation turnover of 1,640.8 billion ton-kilometers, a passenger transport volume of 770 million, and a cargo and mail transport volume of 10.172 million tons, with year-on-year increases of 10.5%, 5.5%, and 13.3%, respectively.
其中，国际航班恢复至2019年的90%以上，国际旅客运输量同比增长21.6%。
Among them, international flights have recovered to over 90% of 2019 levels, and the international passenger transport volume increased by 21.6% year-on-year.
根据民航局预判，2026年，全国民航将统筹国内国际两个市场，积极服务全方位扩大内需和高水平对外开放战略，
According to forecasts from the Civil Aviation Administration, in 2026, national civil aviation will coordinate both domestic and international markets, actively serving the comprehensive expansion of domestic demand and high-level opening-up strategies,
预计完成运输总周转量1750亿吨公里、旅客运输量8.1亿人次、货邮运输量1070万吨。
with an estimated total transportation turnover of 1,750 billion ton-kilometers, a passenger transport volume of 810 million, and a cargo and mail transport volume of 10.7 million tons.

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