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Air China Ltd.

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 2020 HKDUSD
Gross Profit-12,988.60M-1,674.65M
Operating income-16,947.14M-2,185.03M
Income before tax-14,016.11M-1,807.13M
Net income-16,184.94M-2,086.76M
Diluted EPS-1.17-0.15
Dividends Per Share----
Total Assets336,756.94M43,430.93M
Total liabilities236,982.01M30,563.14M
Total equity91,936.11M11,856.83M
Operating cash flow-4,214.27M-543.35M
Currency in HKDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 133,368.48M 140,112.43M 162,002.97M 154,417.52M 78,100.90M
Gross Profit 25,583.28M 17,913.93M 18,899.33M 19,449.34M -12,988.60M
Operating income 19,625.34M 10,819.65M 12,132.91M 12,008.77M -16,947.14M
Income before tax 11,906.96M 13,678.48M 10,930.40M 9,802.71M -14,016.11M
Net income 7,955.94M 8,353.33M 8,706.51M 7,280.07M -16,184.94M
EBITDA 35,288.63M 26,414.59M 29,223.87M 36,137.47M 5,985.54M
Diluted EPS 0.64 0.62 0.63 0.53 -1.17
Dividends Per Share 0.12 0.14 0.11 0.04 --
Total Assets 249,960.51M 282,878.44M 277,856.12M 329,097.89M 336,756.94M
Total liabilities 164,048.67M 168,311.98M 163,252.47M 215,295.23M 236,982.01M
Total equity 76,755.29M 103,295.39M 106,232.63M 104,542.44M 91,936.11M
Operating cash flow 32,864.92M 26,889.22M 34,723.31M 39,004.95M -4,214.27M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 17,181.21M 17,979.69M 20,670.11M 19,708.18M 10,069.74M
Gross Profit 3,295.77M 2,298.77M 2,411.38M 2,482.30M -1,674.65M
Operating income 2,528.23M 1,388.41M 1,548.05M 1,532.66M -2,185.03M
Income before tax 1,533.91M 1,755.26M 1,394.62M 1,251.11M -1,807.13M
Net income 1,024.92M 1,071.92M 1,110.87M 929.15M -2,086.76M
EBITDA 4,546.06M 3,389.60M 3,728.70M 4,612.19M 771.73M
Diluted EPS 0.08 0.07 0.08 0.06 -0.15
Dividends Per Share 0.01 0.01 0.01 0.00 --
Total Assets 32,239.86M 36,186.20M 35,489.04M 42,236.44M 43,430.93M
Total liabilities 21,158.97M 21,530.70M 20,851.34M 27,631.00M 30,563.14M
Total equity 9,899.88M 13,213.69M 13,568.51M 13,416.98M 11,856.83M
Operating cash flow 4,233.82M 3,450.51M 4,430.38M 4,978.17M -543.35M

Valuation Measures

Dec 2020
Operating margin-21.69%
Profit margin-20.72%

Key executives

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


  • Cathay Pacific Airways Ltd. (57.7%)
  • China State-Owned Assets Supervision & Admn Commission (4.9%)
  • GF Fund Management Co., Ltd. (1.5%)
  • Norges Bank Investment Management (1.3%)
  • The Vanguard Group, Inc. (1.3%)
  • BlackRock Fund Advisors (0.7%)
  • Dimensional Fund Advisors LP (0.6%)
  • US Global Investors, Inc. (Asset Management) (0.5%)
  • FIL Investment Management (Hong Kong) Ltd. (0.3%)
  • CI Investments, Inc. (0.3%)

Contact Details

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

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Last Updated on 18 Oct, 2021

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