Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - Continuous efforts to combat "involution" in the aviation industry are underway, with expectations for ticket prices to stabilize and improve [9] - The demand side remains resilient due to endogenous growth in domestic demand and ongoing recovery in international routes [9] - Supply constraints are expected to persist, and a decrease in oil prices will alleviate cost pressures [9] - Positive outlook on domestic regional market leader Huaxia Airlines and low-cost airline leader Spring Airlines, which leverage their core competitiveness to optimize "traffic-cost-price" dynamics [9] - Anticipation of elasticity release from major airlines represented by Air China, with a favorable recovery in international routes and efficient operation of wide-body aircraft expected to benefit Juneyao Airlines [9] Summary by Sections 1. Airline Data Analysis for July - In July, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (10.4%), followed by Eastern Airlines (7.4%), Southern Airlines (6.7%), Air China (2.3%), and Juneyao Airlines (-3.0%) [2] - RPK (Revenue Passenger Kilometers) growth rates for July were highest for Eastern Airlines (9.4%), followed by Spring Airlines (8.6%), Southern Airlines (7.3%), Air China (2.2%), and Juneyao Airlines (-3.2%) [2] - Cumulative ASK growth from January to July showed Spring Airlines (9.6%) leading, followed by Eastern Airlines (7.5%) and Southern Airlines (5.7%) [2] - Cumulative RPK growth for the same period was highest for Eastern Airlines (11.8%) [2] 2. Passenger Load Factor - In July, the passenger load factor was highest for Spring Airlines at 91.9%, followed by Juneyao Airlines and Eastern Airlines both at 84.8% [4] - Cumulative load factor from January to July showed Spring Airlines at 90.7%, with Southern Airlines at 85.3% [4] 3. Fleet Size - As of July 2025, the five listed airlines collectively added 7 aircraft, with a year-on-year fleet size increase of 3.5% [4]

Group 1 - The 2025 (19th) China Brand Festival was held in Shenzhen from August 7 to 11, focusing on "AI and Going Global" [1] - China Southern Airlines (CSA) won multiple honors at the festival, including the "Top Brand 2025 China Brand Festival Huapu Award" [1] - The Huapu Award represents the highest honor for China's independent brands, with 25 brands selected from 40 nominees based on online voting [1] Group 2 - CSA was also included in the "Top Brand 2025 World Brand 500," alongside notable companies like Microsoft, Nvidia, Tencent, and Huawei [1] - The "Top Brand 2025 World Brand 500" list, first published in 2022, evaluates brands based on a mature brand value assessment model, covering nearly 40,000 global brands [1] - CSA Media was recognized in the "Top Brand 2025 China Innovation Brand 500," which assesses innovation capabilities of over 15,000 outstanding brands in China [1] Group 3 - The "Top Brand 2025 China Brand Festival Jinpu Award" was awarded to the "Southern Airlines" magazine, which evaluates brands based on industry position, purchasing power, consumer influence, and social responsibility [2] - The 40th anniversary forum of "Southern Airlines" magazine was held during the festival, discussing the role of aviation media in brand communication and the application of AI technology in global brand dissemination [2][4]

Core Insights - China Southern Airlines (600029) reported a 6.66% year-on-year increase in passenger capacity input (measured in available seat kilometers) for July 2025, with domestic, regional, and international segments increasing by 5.69%, 1.01%, and 9.97% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) rose by 7.29% year-on-year, with domestic, regional, and international segments increasing by 6.54%, 2.97%, and 9.85% respectively [1] - The passenger load factor reached 84.38%, an increase of 0.50 percentage points year-on-year, with domestic and regional segments rising by 0.67 and 1.56 percentage points, while international load factor decreased by 0.09 percentage points [1] - In cargo operations, the cargo capacity input (measured in available ton kilometers) increased by 0.22% year-on-year, and the cargo turnover (measured in revenue ton kilometers) rose by 3.60% [1] - The cargo load factor was 50.89%, up by 1.66 percentage points year-on-year [1] - The company introduced 8 new aircraft in July 2025, including 2 A321NEO, 3 A320NEO, 2 B737-8, and 1 B787-9, while retiring 1 B737-700 aircraft, bringing the total operational fleet to 950 aircraft by the end of July 2025 [1]

Core Viewpoint - China Southern Airlines (600029.SH) reported an increase in passenger capacity and turnover for July 2025, indicating growth in both domestic and international markets [1] Passenger Operations - The group's passenger capacity (measured in available seat kilometers) increased by 6.66% year-on-year, with domestic, regional, and international segments rising by 5.69%, 1.01%, and 9.97% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 7.29% year-on-year, with domestic, regional, and international segments increasing by 6.54%, 2.97%, and 9.85% respectively [1] - The passenger load factor was 84.38%, up by 0.50 percentage points year-on-year, with domestic and regional segments increasing by 0.67 and 1.56 percentage points, while international load factor decreased by 0.09 percentage points [1] Cargo Operations - In July 2025, cargo capacity (measured in available ton kilometers) increased by 0.22% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) rose by 3.60% year-on-year [1] - The cargo load factor was 50.89%, up by 1.66 percentage points year-on-year [1]

格隆汇8月15日丨中国南方航空股份(01055.HK)宣布，董事会谨定于2025年8月28日（星期四）举行董事 会会议，藉以考虑及通过（其中包括）本公司截至2025年6月30日止六个月的中期业绩及派发中期股息 （如有）。 ...

Core Viewpoint - China Southern Airlines reported a year-on-year increase in passenger capacity and turnover for July 2025, indicating growth in both domestic and international markets [1] Passenger Operations - Passenger capacity (measured in available seat kilometers) increased by 6.66% year-on-year, with domestic, regional, and international segments rising by 5.69%, 1.01%, and 9.97% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 7.29% year-on-year, with domestic, regional, and international segments increasing by 6.54%, 2.97%, and 9.85% respectively [1] - The passenger load factor was 84.38%, up by 0.50 percentage points year-on-year, with domestic and regional segments increasing by 0.67 and 1.56 percentage points, while international load factor decreased by 0.09 percentage points [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) increased by 0.22% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) rose by 3.60% year-on-year [1] - The cargo load factor was 50.89%, up by 1.66 percentage points year-on-year [1] Fleet Update - In July 2025, the company introduced 8 new aircraft, including 2 A321NEO, 3 A320NEO, 2 B737-8, and 1 B787-9, while retiring 1 B737-700 [1] - As of the end of July 2025, the total operational fleet consisted of 950 aircraft [1]

Core Viewpoint - China Southern Airlines reported an increase in passenger capacity and turnover for July 2025, indicating growth in both domestic and international markets [1] Passenger Operations - The group's passenger capacity (measured in available seat kilometers) increased by 6.66% year-on-year, with domestic, regional, and international segments rising by 5.69%, 1.01%, and 9.97% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 7.29% year-on-year, with domestic, regional, and international segments increasing by 6.54%, 2.97%, and 9.85% respectively [1] - The passenger load factor was 84.38%, up by 0.50 percentage points year-on-year, with domestic and regional segments increasing by 0.67 and 1.56 percentage points, while international load factor decreased by 0.09 percentage points [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) increased by 0.22% year-on-year for July 2025 [1] - Cargo turnover (measured in revenue ton kilometers) rose by 3.60% year-on-year [1] - The cargo load factor was 50.89%, up by 1.66 percentage points year-on-year [1] New Routes and Fleet Expansion - In July 2025, the group introduced a new major route: Changchun-Xining-Changchun, operating three flights per week [1] - The group added 8 aircraft, including 2 A321NEO, 3 A320NEO, 2 B737-8, and 1 B787-9, while retiring 1 B737-700 aircraft [1] - As of the end of July 2025, the group operated a total of 950 aircraft [1]

格隆汇8月15日丨中国南方航空股份(01055.HK)宣布，董事会谨定于2025年8月28日（星期四）举行董事 会会议，藉以考虑及通过（其中包括）本公司截至2025年6月30日止六个月的中期业绩及派发中期股息 （如有）。 ...

中國南方航空股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年8月 28日（星期四）舉行董事會會議，藉以考慮及通過（其中包括）本公司截至2025年6月30日 止六個月的中期業績及派發中期股息（如有）。 承董事會命 中國南方航空股份有限公司 聯席公司秘書 陳威華及劉巍 中華人民共和國，廣州 2025年8月15日 於本公告日期，董事包括執行董事馬須倫及韓文勝 ; 及獨立非執行董事何超瓊、郭為、張俊 生及祝海平。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） 董事會召開日期 1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） 主要營運數據公告 本公告乃根據將在上海證券交易所刊登的本集團2025年7月主要營運數據，上市規則第13.09 條及第13.10B條，以及香港法例第571章證券及期貨條例第XIVA部項下之內幕消息條文（定 義見上市規則）而作出。 相關主要運營數據來自本集團內部統計，可能與相關期間定期報告披露的數據有差異。投 資者應注意不恰當信賴或使用相關信息可能造成投資風險。 本公告乃根據將在上海證券交易所刊登的中國南方航空股份有限公司（「本公司」）及其 附屬公司（統稱「本集團」）2025年7月主要營運數據，香港聯合交易所有限公司證券上市 規則（「上市規則」）第13.09條及第13.10B條，以及香港法例第571章證券及期貨條例第 XIVA部項下之內幕消息條文（定義見上市規則）而作出。 | 載運量 | | 2025年7月 | | 2025年累計 | | ...