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Every AI Express News, Dongxing Securities issued a research report on March 31, giving Air China (601111.SH) a "recommended" rating. The rating reasons mainly include: 1) The significant loss in 2025Q4 is mainly due to the reversal of deferred income tax assets, leading to a sharp increase in income tax expenses; 2) The passenger load factor in 2025 increased by about 2 percentage points year-on-year, and the decrease in fuel costs offset most of the decrease in passenger kilometers revenue; 3) Net additions in 2026 are planned to be lower than in 2025, with the supply side expected to maintain low growth. (Daily Economic News)
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