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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 2022 HKDUSD
Gross Profit-41,743.27M-5,330.86M
Operating income-45,068.49M-5,755.51M
Income before tax-53,232.31M-6,798.08M
Net income-44,907.44M-5,734.94M
Diluted EPS-3.26-0.41
Dividends Per Share00
Total Assets331,185.07M42,432.69M
Total liabilities307,014.47M39,335.86M
Total equity26,471.03M3,391.56M
Operating cash flow----
Currency in HKDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 162,002.97M 154,417.52M 78,100.90M 89,826.38M 61,513.44M
Gross Profit 18,899.33M 19,449.34M -12,988.60M -20,444.45M -41,743.27M
Operating income 12,132.91M 12,008.77M -16,947.14M -24,887.93M -45,068.49M
Income before tax 10,930.40M 9,802.71M -14,016.11M -25,321.16M -53,232.31M
Net income 8,706.51M 7,280.07M -16,184.94M -20,048.89M -44,907.44M
EBITDA 29,223.87M 36,137.47M 5,985.54M 342.55M -20,376.31M
Diluted EPS 0.63 0.53 -1.17 -1.45 -3.26
Dividends Per Share 0.11 0.04 0 0 0
Total Assets 277,856.12M 329,097.89M 336,756.94M 364,999.45M 331,185.07M
Total liabilities 163,252.47M 215,295.23M 236,982.01M 283,932.57M 307,014.47M
Total equity 106,232.63M 104,542.44M 91,936.11M 75,070.04M 26,471.03M
Operating cash flow 34,723.31M 39,004.95M -4,214.27M 8,566.51M --
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 20,670.11M 19,708.18M 10,069.74M 11,556.44M 7,855.63M
Gross Profit 2,411.38M 2,482.30M -1,674.65M -2,630.24M -5,330.86M
Operating income 1,548.05M 1,532.66M -2,185.03M -3,201.91M -5,755.51M
Income before tax 1,394.62M 1,251.11M -1,807.13M -3,257.64M -6,798.08M
Net income 1,110.87M 929.15M -2,086.76M -2,579.35M -5,734.94M
EBITDA 3,728.70M 4,612.19M 771.73M 44.07M -2,602.17M
Diluted EPS 0.08 0.06 -0.15 -0.18 -0.41
Dividends Per Share 0.01 0.00 0 0 0
Total Assets 35,489.04M 42,236.44M 43,430.93M 46,817.01M 42,432.69M
Total liabilities 20,851.34M 27,631.00M 30,563.14M 36,418.88M 39,335.86M
Total equity 13,568.51M 13,416.98M 11,856.83M 9,628.93M 3,391.56M
Operating cash flow 4,430.38M 4,978.17M -543.35M 1,102.10M --

Valuation Measures

Dec 2022
Operating margin-73.26%
Profit margin-73.00%


  • President & Executive Director: Ming Yuan Wang
  • Chief Financial Officer: Feng Xiao
  • Chief Engineer: Jiliang Ni
  • Vice President: Wei Xi Chai
  • 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. (2.1%)
  • The Vanguard Group, Inc. (1.7%)
  • E Fund Management Co., Ltd. (1.4%)
  • Zheshang Fund Management Co., Ltd. (0.9%)
  • Norges Bank Investment Management (0.8%)
  • BlackRock Fund Advisors (0.7%)
  • Schroder Investment Management (Hong Kong) Ltd. (0.5%)
  • HSBC Global Asset Management (UK) Ltd. (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 22 Sep, 2023

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