FORM OF PROXY FOR ANNUAL SHAREHOLDERS’ MEETING

This is a routine meeting notice with no actionable financial information for investors.

What the company is saying

Air China Limited is formally notifying shareholders of its upcoming annual meeting, scheduled for 28 May 2026 in Beijing, and outlining the resolutions to be voted on. The company’s core narrative is strictly procedural: it wants investors to believe that governance is being conducted transparently and in accordance with regulatory requirements. The announcement lists a series of resolutions, including approval of the 2025 work report, audited financial statements, profit distribution proposal, re-appointment of auditors, and several financial services agreements for future years. The language is neutral and administrative, emphasizing the process of shareholder participation rather than any operational or financial achievements. Prominently, the company highlights the meeting logistics, the agenda items, and the availability of further details in a circular dated 6 May 2026. What is buried or omitted entirely is any discussion of actual financial performance, dividend amounts, operational results, or management commentary on business outlook. The tone is matter-of-fact, with no attempt to persuade or excite investors, and there is no evidence of confidence or urgency from management. No notable individuals are named, and there is no sign of high-profile institutional involvement or endorsement. This narrative fits a standard investor relations strategy for large, regulated companies in China, where procedural compliance and formal communication are prioritized over substantive disclosure in meeting notices. There is no notable shift in messaging compared to prior communications, as this document is consistent with the format and content of typical annual meeting proxies.

What the data suggests

The disclosed numbers in this announcement are minimal and purely logistical: the meeting is set for 11 a.m. on 28 May 2026, and the circular is dated 6 May 2026. There are references to the 2025 audited consolidated financial statements and profit distribution proposal, but no actual figures, ratios, or financial metrics are provided. There is mention of unrecovered losses exceeding one-third of paid-up share capital, but again, no amounts or context are disclosed. The financial trajectory of the company cannot be assessed from this document, as there are no historical or current numbers, no trend data, and no comparative analysis. The gap between what is claimed and what is evidenced is significant: while the company asks shareholders to approve key financial documents and proposals, it provides no supporting data in this notice. There is no indication of whether prior targets or guidance have been met or missed, and no discussion of operational or financial performance. The quality and completeness of the financial disclosures are extremely limited—key metrics are missing, and nothing is provided that would allow an investor to make an informed judgment about the company’s health or prospects. An independent analyst, looking only at this document, would conclude that it is impossible to assess the company’s financial direction or performance based on the information provided.

Analysis

The announcement is a standard notice of annual shareholders' meeting and proxy form, listing resolutions to be considered. The language is procedural and does not contain promotional or exaggerated claims. While most agenda items are forward-looking (i.e., to be considered or approved at the meeting), this is inherent to the nature of such documents and does not constitute hype. There are no claims of operational or financial achievement, no projections, and no language inflating the company's prospects. No large capital outlay is disclosed, and no immediate or long-term benefits are promised. The gap between narrative and evidence is minimal, as the document simply outlines items for shareholder vote without embellishment.

Risk flags

• ●Lack of financial disclosure: The announcement provides no revenue, profit, loss, or cash flow figures, making it impossible for investors to assess the company’s financial health or trajectory. This lack of transparency is a material risk, as it prevents informed decision-making.
• ●Forward-looking agenda items: The majority of resolutions are forward-looking, such as approval of future financial services agreements and mandates to issue debt. Investors are being asked to approve actions with long-dated implications without any supporting data or projections.
• ●Unspecified capital intensity: The agenda includes a mandate to issue debt financing instruments and multi-year financial services agreements, both of which could have significant capital implications. Without disclosure of amounts or terms, investors cannot gauge the potential impact on leverage or liquidity.
• ●Unrecovered losses: The company notes that unrecovered losses exceed one-third of paid-up share capital, but provides no figures or context. This could signal financial distress or structural challenges, and the lack of detail is a red flag.
• ●Opaque profit distribution: A profit distribution proposal is on the agenda, but no dividend amount or payout ratio is disclosed. Investors have no basis to estimate future income or yield from holding the stock.
• ●No operational or strategic commentary: The absence of any discussion of business performance, strategy, or market conditions leaves investors in the dark about the company’s prospects and risk profile.
• ●Execution and timeline risk: Several resolutions relate to agreements and mandates that will only take effect in future years (2027–2029), introducing long execution timelines and uncertainty about eventual outcomes.
• ●Geographic and regulatory complexity: The company operates in China and references agreements with multiple entities, some of which may be subject to different regulatory regimes. This adds complexity and potential for unforeseen risks, especially given the lack of detail.

Bottom line

For investors, this announcement is purely procedural and provides no actionable insight into Air China Limited’s financial or operational performance. The company is simply notifying shareholders of the annual meeting and listing the resolutions to be voted on, without disclosing any numbers, trends, or substantive details. The narrative is credible only in the sense that it is not making any claims beyond the logistics of the meeting and the existence of agenda items. However, the lack of transparency and absence of financial disclosure are significant negatives, as investors are being asked to approve important mandates and agreements without any supporting information. There are no notable institutional figures or endorsements mentioned, so there is no external validation or signal to interpret. To change this assessment, the company would need to disclose actual financial results, dividend amounts, terms of financial agreements, and management’s outlook on business performance. In the next reporting period, investors should watch for the publication of the 2025 audited financial statements, details of the profit distribution proposal, and the specific terms and caps of the financial services agreements. Until such information is available, this announcement should be treated as a routine procedural notice, not as a signal to buy, sell, or materially adjust one’s position. The single most important takeaway is that investors currently lack the information needed to make an informed judgment about Air China Limited’s prospects or value.

Announcement summary

Air China Limited has issued a form of proxy for its annual shareholders' meeting scheduled for 11 a.m. on Thursday, 28 May 2026 at The Conference Room C313, No. 30 Tianzhu Road, Shunyi District, Beijing, the PRC. Shareholders are invited to vote on several ordinary and special resolutions, including approval of the 2025 work report, audited consolidated financial statements for 2025, profit distribution proposal for 2025, and re-appointment of auditors for 2026. Additional resolutions cover unrecovered losses exceeding one-third of paid-up share capital, granting a general mandate to issue debt financing instruments, and approval of various financial services agreements for the years 2027 to 2029. The meeting will also address the Remuneration Management Policy for Directors and Senior Management and the 2026 Directors' Remuneration Plan. Details of the resolutions are available in the company's circular dated 6 May 2026.

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