二零一五年半年报业绩

中国企业会计准则

2015 3rd Quarter Results

Under PRC GAAP

Financial data is prepared under PRC GAAP.

Unless otherwise specified, the unit for cost and income is RMB

million.

“Regions” or “Regional” in this presentation means Hong Kong,

Macau and Taiwan.

Transportation revenue in this presentation includes Co-operational

routes income.

This presentation contains forward-looking forecast and outlook.

These opinions were based on certain assumptions, which were

subject to change. The actual results may deviate materially from the

forecast.。

Disclaimer

2

Chinese economy growth slowed down, economic structured

adjustment had been making continuous progress

Steady demand in business travelling

Booming demand on tourism and huge increase on outbound

travelling

Sluggish demand in cargo

Stable competition within industry

International oil price stays low

Depreciation in RMB affects the financial performance marginally

3

Industry Circumstances

11.1% 10.2%

-5.8%

3.8%

-10%

-5%

0%

5%

10%

15%

-0.6pt

65.1%

Cargo

34.9% Passenger

Capacity Breakdown

93.0%

Cargo

7.0%

Passenger

Revenue Breakdown

Capacity Proportion by Market

Change in Major Transportation Indicators

ATK LF RTK RRTK Revenue

0

4,000

8,000

12,000

2014Q1-3 2015Q1-3

International 42.8%

Domestic 53.6%

Regional3.6%

International 43.8%

Domestic 53.1%

Regional 3.1%

Overall Market

4

12.7% 14.2%

-7.8%

5.3%

-10%

-5%

0%

5%

10%

15%

20%

1.1pt

Passenger

67.1%

29.9%

3.0%

Capacity Breakdown

66.8%

29.3%

3.9%

Revenue Breakdown

0.66

0.60 0.60 0.62

0.57

0.52

0.48 0.48 0.49 0.46

70%

72%

74%

76%

78%

80%

0.4

0.5

0.6

0.7

2012 2013 2014 2014Q1-3 2015Q1-3

PLLF RRPK RASK

Trend of unit revenue and load factor

Changes of passenger business Indicators

ASK PLF RPK RRPK Revenue

5

International

Regional

Domestic

International

Regional

Domestic

-0.04pt

1.5pt 0.4pt

Passenger Breakdown

ASK PLF RPK RRPK Revenue

6

Changes of Passenger Business Indicators Break Down

9.5% 11.5%

1.3%

-9.2%

23.1% 23.6%

18.2%

-4.4% -5.2% -5.2% -6.4%

-1.4%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Domestic YoY

International YoY

Regional YoY

61.2%

12.0%

21.1% 21.6%

29.0%

48.5%

0%

10%

20%

30%

40%

50%

60%

70%

Passenger Revenue Highlight

Direct Sale Two-Party Group Client

Premium Revenue

Non-Flight Revenue

2015 Q1-3 YOY

7

Direct Sale Prop

Premium Passenger Number

8.3%

0.9%

-13.4% -12.7%

-20%

-10%

0%

10%

-4.1pt

27.1%

69.7%

3.2%

Capacity Breakdown

15.8%

78.2%

6.0%

Revenues Breakdown

1.70 1.56 1.54 1.52

1.32

50%

55%

60%

65%

0.5

1.0

1.5

2.0

2012 2013 2014 2014Q1-3 2015Q1-3

FLF RFTK

Trend of Unit Revenue and load factor

Changes of Main Cargo Business Indicator

AFTK FLF RFTK RRFTK Revenue

Cargo Business

8

International

Regional

Domestic

Regional

Domestic

International

4 major aircraft models accounted for

95.2% of total fleet

Better matched aircraft types, markets

and routes

Reduced operating costs and

enhanced operational efficiency

Fleet End of 2014

2015Q1-3 End of 30 Sep 2015 In Out

Passenger 485 +35 -19 510

B777-300ER 4 +4 8

A330Series 44 +7 51

B737Series 190 +25 -15 200

A320Series 222 +19 -5 236

A340-600 4 -3 1

B767 6 6

B757-200 5 -4 1

Regional 10 -3 7

Freighters 12 -2 10

Total 497 +55 -32 520

B777-300

A330 Series

B737 Series A320 Series

Long-haul routes to North America

To Europe, Australia and for trunk routes

Medium-and short-haul routes

Optimization of Fleet

9

Improved flight efficiency , explosive growth in

direct sales Operating around two bases--Nan

Yuan in Beijing and FoShan in

Guangzhou

Simplifying service to reduce cost and improve efficiency, further

implement the LCC model by

more cost-cutting effort

Newly Launched 4

different level of seat

products are widely

welcomed

Focus on building the new official website

and APP, establishing the

e-business platform

LCC Transformation-CUA

10

Results Overview

11

Data Overview 2015Q1-3 2014Q1-3 Change YOY

Revenue 71,963 68,818 +3,145 4.6%

Fuel surcharge 5,453 10,234 -4,781 -46.7%

（Excluding surcharge）Revenue 66,510 58,584 +7,926 13.5%

Operating cost 57,365 61,372 -4,007 -6.5%

Oil expenses 16,057 23,276 -7,219 -31.0%

Marketing expenses 4,136 4,495 -359 -8.0%

Management expenses 1,930 1,977 -47 -2.4%

Financial expenses 4,967 1,925 +3,042 158%

Net Exchange loss 3,254 618 +2,636 426.5%

EBIT 11,952 4,365 +7,587 173.8%

Net profit (Attribute to Equity

shareholders） 5,334 2,059 +3,275 159.0%

Unit Indicator 2015Q1-3 YOY

Utilization（Hours） 10.1 1.4%

Cost & expenses per ATK（RMB） 3.66 -11.8%

Cost & expenses per ATK excluding fuel and exchange impact（RMB） 2.21 -8.6%

Cost & Expenses Control

12

Oil price, Air catering, Salary

and Maintenance cost reduced

Operating efficiency improved

Assets and Liabilities Structure Structure of Interest-bearing Liabilities

Assets Structure and Cash Flow

Total liability 79.4%

Equity 20.6%

Interesting –bearing liability 72.9%

Other liability 27.1%

Liability in foreign

currency 84.4%

Liability in RMB

15.6%

Liability in US dollars

97.6%

Liability in other foreign

currency 2.4%

Change of Cash Flow

1,355 12 911

17,378 -20,077

2,243

Cash and cash equivalents at 31

Dec 2014

Cash and cash equivalents at 30 Sep,2015

Net cash inflow from operating activities

Net cash outflows

from investing activities

Net cash inflow from Financing activities

Exchange adjustments

13

Gearing ratio dropped by

2.6pt

Routes Expected

Capacity Growth YOY Capacity Distribution

Prop

Overall +10.5% 100%

Domestic +7.4% +36%

International +18.7% +64%

Regional 0.01% 0.0%

Capacity Deployment In 4Q 2015

14

Fleet End of 3Q

2015

Q4 2015 2016

In Out In Out

Passenger 510 +25 -13 +72 -23

B777-300ER 8 +1 +7

A330Series 51

B737Series 200 +14 -3 +35 -12

A320Series 236 +10 -6 +30 -6

A340-600 1 -1

B767 6

B757-200 1 -1

Regional 7 -2 -5

Freighters 10 -1

Total 520 +25 -14 +72 -23

4Q and Future Fleet Plan

15

Strategic Investment

16

Equity Cooperation

Business Cooperation

Issue Plan Content

Issue volume Not more than 2,329,192,546 A Share

Issue price Not less than RMB6.44 per A Share

Financing scale Not more than RMB15 billion

Latest advances

Approved by SASAC, formal application accepted

by CSRC on 1 July 2015.

Submitted supplementary material to CSRC on 22th September.

Non-public offering A share Progress

17

Investment Highlight

18

External

Opportunities

Internal

Management

Geographic

advantage

Shanghai

Disneyland

Low oil

price

Expanded

Strategic

corporation

Optimized

asset

structure

Improved operating efficiency

Q&A

IR Team

Tel : +86 21 2233 0928

+86 21 2233 0922

Email: ir@ceair.com

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