ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintSite TitleTitle ChevronIcon Twitter

Air China

Company Background

Air China, a state-owned enterprise, is one of the country's top three carriers, alongside China Eastern Airlines and China Southern Airlines. Air China is a national flag carrier used by the country's top dignitaries, including the president and premier, when they fly domestically and internationally.


The airline's predecessor was a civil aviation arm of China's air force. It was brought under direct government control in 1980. The carrier was then split up, with what is now Air China taking over the Beijing base of operations and international routes. In another round of reorganization in 2002, the spinoffs were consolidated into Air China, China Eastern and China Southern.


Air China is headquartered at Beijing Capital International Airport. It is a member of Star Alliance and has a capital tie-up with Hong Kong's Cathay Pacific Airways. It boasts the largest international network of the major Chinese airlines.


Its leading shareholder is the state-owned China National Aviation Holding. Critics say privatization and service enhancements are needed to boost Air China's competitiveness.


Business Summary

Air China Ltd. engages in the operation of airline industry. It provides aircraft engineering, food catering, airport ground handling, cargo and passenger air transportation and other airline-related services. The company was founded in 1988 and is headquartered in Beijing, China.

Financial Highlights

Dec 2019 HKDUSD
Gross Profit19,449.34M2,482.30M
Operating income12,008.77M1,532.66M
Income before tax9,802.71M1,251.11M
Net income7,280.07M929.15M
Diluted EPS0.530.06
Dividends Per Share0.040.00
Total Assets329,097.89M42,236.44M
Total liabilities215,295.23M27,631.00M
Total equity104,542.44M13,416.98M
Operating cash flow39,004.95M4,978.17M
Currency in HKDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 134,558.19M 133,368.48M 140,112.43M 162,002.97M 154,417.52M
Gross Profit 25,444.63M 25,583.28M 17,913.93M 18,899.33M 19,449.34M
Operating income 18,239.26M 19,625.34M 10,819.65M 12,132.91M 12,008.77M
Income before tax 9,541.03M 11,906.96M 13,678.48M 10,930.40M 9,802.71M
Net income 8,712.50M 7,955.94M 8,353.33M 8,706.51M 7,280.07M
EBITDA 34,199.15M 35,288.63M 26,414.59M 29,223.87M 36,137.47M
Diluted EPS 0.70 0.64 0.62 0.63 0.53
Dividends Per Share 0.12 0.12 0.14 0.11 0.04
Total Assets 254,970.04M 249,960.51M 282,878.44M 277,856.12M 329,097.89M
Total liabilities 174,837.62M 164,048.67M 168,311.98M 163,252.47M 215,295.23M
Total equity 71,309.60M 76,755.29M 103,295.39M 106,232.63M 104,542.44M
Operating cash flow 36,573.20M 32,864.92M 26,889.22M 34,723.31M 39,004.95M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 17,356.58M 17,181.21M 17,979.69M 20,670.11M 19,708.18M
Gross Profit 3,282.08M 3,295.77M 2,298.77M 2,411.38M 2,482.30M
Operating income 2,352.67M 2,528.23M 1,388.41M 1,548.05M 1,532.66M
Income before tax 1,230.69M 1,533.91M 1,755.26M 1,394.62M 1,251.11M
Net income 1,123.82M 1,024.92M 1,071.92M 1,110.87M 929.15M
EBITDA 4,411.32M 4,546.06M 3,389.60M 3,728.70M 4,612.19M
Diluted EPS 0.09 0.08 0.07 0.08 0.06
Dividends Per Share 0.01 0.01 0.01 0.01 0.00
Total Assets 32,898.72M 32,239.86M 36,186.20M 35,489.04M 42,236.44M
Total liabilities 22,559.25M 21,158.97M 21,530.70M 20,851.34M 27,631.00M
Total equity 9,201.06M 9,899.88M 13,213.69M 13,568.51M 13,416.98M
Operating cash flow 4,717.55M 4,233.82M 3,450.51M 4,430.38M 4,978.17M

Valuation Measures

Dec 2019
Operating margin7.77%
Profit margin4.71%

Key executives

  • Vice Chairman & Chief Executive Officer: Zhi Yong Song
  • Vice President: Wei Xi Chai
  • Vice President: Chong Xian Ma
  • Vice President: Tie Xiang Liu
  • Vice President: Zhi Yong Chen


  • Cathay Pacific Airways Ltd. (57.7%)
  • Norges Bank Investment Management (1.5%)
  • The Vanguard Group, Inc. (1.4%)
  • Dimensional Fund Advisors LP (0.9%)
  • BlackRock Fund Advisors (0.6%)
  • FIL Investment Management (Hong Kong) Ltd. (0.6%)
  • Ninety One UK Ltd. (0.4%)
  • US Global Investors, Inc. (Asset Management) (0.3%)
  • BlackRock Advisors (UK) Ltd. (0.2%)
  • Schroder Investment Management (Hong Kong) Ltd. (0.1%)

Contact Details

  • Website:
  • Address: No. 30 Tianzhu Road, Airport Industrial Zone, Beijing, 101312, China
  • Phone: +86.10.61462777

Related Companies

  • Beijing Airlines Co., Ltd.
  • Beijing Golden Phoenix Human Resource Co., Ltd.
  • Shanghai International Aviation Air Service Co., Ltd.
  • Zhejiang Aviation Service Co., Ltd.
  • Yunnan Airport Aircraft Maintenance Services Co., Ltd.
  • Qingdao Airlines
  • Air China Inner Mongolia Co., Ltd.
  • Air China Import & Export Trade Co., Ltd.
  • Phoenix 2012 LLC
  • China National Aviation Finance Co., Ltd.
  • Sandalwood 2013 LLC
  • Air China Business Jet
  • Tibet Airlines Co., Ltd.
  • Dalian Airlines Co., Ltd.
  • Air China Development Corporation (Hong Kong) Ltd.
  • Aircraft Maintenance & Engineering Corp. Ltd.
  • Air China Shantou Industrial Development Co.
  • Chengdu Falcon Aircraft Engineering Service Co., Ltd.
  • Total Transform Group Ltd.
  • Kunming Airlines Co., Ltd.
  • Shenzhen Airlines Co., Ltd.
  • China National Aviation Co. Ltd.


  • Cathay Pacific Airways Limited
  • Air New Zealand Limited
  • China Express Airlines Co., Ltd. Class A
  • China Southern Airlines Company Limited Class H
  • China Airlines Ltd.
  • China Eastern Airlines Corporation Limited Class H
  • PAL Holdings, Inc.
  • Turk Hava Yollari A.O.
  • Asia Aviation Public Co., Ltd.
  • Spring Airlines Co., Ltd. Class A
Last Updated on 6 Jul, 2020

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends July 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media