证券代码：600029 证券简称：南方航空 公告编号：临2025-030 中国南方航空股份有限公司 第十届董事会第八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 一、董事会会议召开情况 2025 年 5 月 23 日，中国南方航空股份有限公司（以下简称 "本公司""公司"）第十届董事会第八次会议在广州市白云区 齐心路 68 号中国南方航空大厦 33 楼 3301 会议室以现场会议结 合视频会议的方式召开。本次会议应出席会议董事 6 人，实际出 席会议董事 6 人，何超琼董事因公未亲自出席本次会议，授权张 俊生董事代为出席会议并表决。本次会议由董事长马须伦先生主 持，公司监事及部分高级管理人员列席。本次会议的通知和资料 已以书面方式发出。会议的召开及表决等程序符合《中华人民共 和国公司法》以及本公司章程的有关规定。 （三）关于公司 A 股和可转债暂时闲置募集资金现金管理 延期方案的议案。 二、董事会会议审议情况 经出席本次董事会的董事审议并表决，一致通过以下议案： 1 （一）关于调整公司第十届董事会专门委员会 ...

Core Viewpoint - The article highlights the contrasting fortunes within the low-cost airline industry, exemplified by the struggles of Happy Airlines against the backdrop of profitable competitors like Spring Airlines and Juneyao Airlines. It emphasizes that the challenges faced by Happy Airlines stem from internal issues rather than the overall industry climate [5][8][15]. Group 1: Industry Overview - The low-cost airline sector has seen significant growth, with the market share of low-cost carriers in the Asia-Pacific region increasing from 28.1% in 2020 to 32.4% in 2024 for domestic routes, and from 8.4% to 18.6% for international routes [11]. - In China, the low-cost airline market accounted for only 8.1% of domestic routes as of last year, indicating substantial growth potential as the market matures [11]. - Projections suggest that by 2025, the Chinese low-cost airline market could exceed 120 billion yuan, representing 25% of the total civil aviation transport market, with an annual compound growth rate of 18% [11][12]. Group 2: Happy Airlines' Struggles - Happy Airlines has faced continuous operational challenges since its inception, including a lack of profitability and high debt levels, with a reported asset-liability ratio exceeding 200% as of April this year [19][20]. - The airline's fleet primarily consists of the New Zhou 60 aircraft, which has not been well-received in the market, compounded by competition from high-speed rail networks [19]. - Despite attempts to diversify its fleet by introducing Boeing 737 aircraft, the airline's financial situation worsened due to the pandemic and increased operational costs [19][20]. Group 3: Competitive Landscape - Major low-cost carriers like Spring Airlines have established strong market positions through efficient operational strategies, such as maximizing seating capacity and minimizing operational costs [24][25]. - Traditional full-service airlines are increasingly competing in the low-cost segment, leading to price wars that blur the lines between low-cost and full-service offerings [28][29]. - The overall aviation industry is experiencing "profit anxiety," with average ticket prices declining significantly, impacting profitability across the board [30][31].

"飞机首次下降过程中，产生的颠簸让人感到不适，失重感一阵一阵。"回忆起当时的场景，乘客吴女士（化名） 仍心有余悸。当飞机触地的瞬间，她清晰地感受到起机轮与跑道接触时产生的反弹，"紧接着，飞机突然重新拉 升，开始复飞。" "当天天气看起来挺正常的。"吴女士对南都记者说，再次复飞后，飞机在机场上空盘旋一圈，最终平稳落地。吴 女士称，不知航班复飞的具体原因，航空公司和机场方面也没有给乘客作任何说明。落地时，吴女士看到机上有 旅客因下降过程颠簸导致呕吐。 据航旅纵横信息显示，该航班于5月20日11时14分从北京大兴机场起飞，13时03分到达哈尔滨太平机场，比计划还 提早了13分钟。第一次降落前发生6次重度颠簸、2次中度颠簸、1次轻度颠簸，触地复飞后发生1次中度颠簸，在 机场盘旋1圈。 5月20日，有网贴称北京大兴机场飞往哈尔滨太平国际机场CZ5968航班在落地过程中启动复飞程序，引发关注。 H 前先编到112 18:26 ◀ .Il 5G 47 南方航空 CZ5968 + 关注 + 图春 里程 1095km | 时长 1h49m 齐齐哈尔 no 平面 C 绥化 F 天气 安盟 ♀ 哈尔滨太平 ▶ 沉浸式 op 3D飞 ...

Core Viewpoint - China Southern Airlines maintains a strong market position and has achieved a turnaround in profitability, although it still faces challenges from high fuel costs and debt levels [3][4][5]. Company Overview - China Southern Airlines is a key player in the domestic aviation industry, operating under the China Southern Airlines Group, with a fleet of 917 aircraft as of the end of 2024 [10][11]. - The company reported total assets of 3297.38 billion yuan and equity of 525.95 billion yuan in 2024, with operating revenue reaching 1742.24 billion yuan and a profit of 15.81 billion yuan [10][11]. Financial Performance - The company experienced a significant recovery in 2024, with total profit turning from a loss of 16.45 billion yuan in 2023 to a profit of 15.81 billion yuan [10][11]. - Operating revenue increased by 8.52% year-on-year, driven by a rise in passenger and cargo transport volumes [16][20]. - The gross profit margin for the main business slightly improved, with the main business cost rising by 8.52% [16][20]. Market Position - China Southern Airlines holds the largest market share in passenger transport, accounting for 22.56% of the total market, and 20.42% in cargo transport [11][12]. - The company has a well-developed route network, focusing on key hubs in Guangzhou, Beijing, and Urumqi, and has expanded its international routes significantly [10][11][12]. Operational Efficiency - The company achieved a passenger load factor of 71.21% in 2024, reflecting improved operational efficiency [22]. - The average age of the fleet is 9.2 years, with a focus on maintaining a modern and efficient aircraft lineup [22]. Industry Environment - The aviation industry is recovering from the impacts of the pandemic, with demand for air travel increasing as economic conditions improve [10][11]. - The industry remains sensitive to fluctuations in fuel prices and exchange rates, which can significantly impact operational costs [5][10].

Core Viewpoint - The credit rating for China Southern Airlines' convertible bonds remains unchanged at AAA, with a stable outlook, indicating strong financial health and creditworthiness [1][2]. Group 1: Rating Information - Previous bond rating was AAA; issuer rating was AAA; outlook was stable [1]. - Current bond rating is AAA; issuer rating is AAA; outlook remains stable [2]. - The rating results have not changed compared to the previous assessment [1][2]. Group 2: Rating Agency and Report - The rating was conducted by United Ratings Co., Ltd. [1]. - The comprehensive analysis and evaluation were based on the company's financial status [2]. - The full report titled "China Southern Airlines Co., Ltd. Convertible Bond 2025 Tracking Rating Report" is available on the Shanghai Stock Exchange website [2].

Group 1: Aviation Industry - The aviation industry in China is expected to benefit from the easing of US-China trade tensions and improving supply-demand dynamics, leading to enhanced pricing power [2][1] - Recommended stocks include China National Aviation (00753), Eastern Airlines (00670), Southern Airlines (01055), and Spring Airlines (601021.SH) [2] - Guangzhou Baiyun Airport (600004.SH) is favored as a defensive choice due to its lower exposure to duty-free business and high dividend yield amid consumer pressure [2][1] Group 2: Shipping Industry - Geopolitical factors are impacting freight rates, but oversupply of capacity remains a primary concern for the next 12 to 24 months [3] - The oil tanker segment is expected to benefit from OPEC+ production increases and tighter regulations on "shadow fleets," with recommendations to increase holdings in China Merchants Energy (601872.SH) and COSCO Shipping Energy (01138) [3] - For dry bulk shipping, Pacific Basin Shipping (02343) is recommended for its stable shareholder returns, while container shipping stocks like COSCO Shipping Holdings (01919) and Orient Overseas International (00316) are advised to be reduced [3] Group 3: Express Delivery Industry - The express delivery sector is anticipated to face intensified price competition and ongoing industry consolidation from 2025 onwards [4] - ZTO Express (ZTO.US) is viewed as the most promising stock in the next 12 to 24 months, while SF Express (002352.SZ) shows strong profit growth potential [4] - Companies leveraging artificial intelligence, such as ZTO, SF Express, and YTO Express (600233.SH), are also highlighted for their growth prospects [4]

Core Viewpoint - China Southern Airlines Group showcased its latest achievements in the aviation industry at the 34th Harbin International Economic and Trade Fair, emphasizing the theme "Open North, Co-Revitalize" [1] Group 1: Technological Innovations - The technology exhibition featured the self-developed A320 NEO flight and navigation training simulator, which utilizes a panoramic view system and vector graphic instruments to simulate global airport environments, breaking foreign technology monopolies and providing a cost-effective training solution for pilots [3] - Other innovative systems displayed included the Tian Tong flight perception system and Tian Yue data decoding system, which have supported the maiden flight of the domestically produced C919 aircraft and received civil aviation technology awards, highlighting breakthroughs in digital transformation [3] Group 2: Transportation Services - The transportation service section presented the "Ice City Air Corridor" construction plan, with plans to optimize the Harbin-Jinan-Urumqi route to a direct flight model during the summer transportation period, adding new branch flights to Yantai and Xining, and planning to open an international route from Harbin to Vladivostok [3] - By the summer and autumn of 2025, the company expects to operate 965 routes covering 50 countries and regions globally, facilitating spontaneous international travel [3] Group 3: Industry Ecosystem - The industrial service area showcased a comprehensive layout of the aviation ecosystem, including aircraft maintenance, drone training, and aviation food research, while also introducing a supplier residency program to invite quality enterprises to share aviation ecosystem resources [5] - Attendees experienced the warmth of aviation services extending to the ground through tasting aviation-specific coffee and receiving creative gifts [5] Group 4: Competitive Advantages - At the Harbin Fair, the company demonstrated its core competitiveness through its domestic and international route network, quality cabin services, and innovative multimodal transport models, highlighting its leading position in traditional air transport [7] - The company also emphasized its diversified industrial development, showcasing excellence in transportation efficiency and industry status, particularly in cultivating new productive forces in civil aviation and promoting green low-carbon development [7] - These displays align with the modern industrial system construction needs of Heilongjiang Province, significantly enhancing the company's strategic influence in the Northeast aviation market [7]

Group 1 - The core viewpoint of the article emphasizes the importance of the safety personnel assessment conducted by China Southern Airlines' Xinjiang branch, highlighting its role as a precursor to the annual assessment of the airline's security system [1][6] - The assessment was meticulously designed in accordance with the latest standards from the Civil Aviation Administration, serving as a comprehensive evaluation of the safety personnel's professional qualities [1][4] - The assessment included various subjects such as physical fitness, skills, and theoretical knowledge, ensuring a thorough examination of the safety personnel's capabilities [1][8] Group 2 - The assessment process was characterized by strict adherence to fairness and transparency, utilizing innovative methods such as remote examination by different assessors and real-time score announcements [4][6] - A total of 21 assessment indicators were detailed, with experienced examiners from the safety management department conducting the evaluations to ensure precision and accountability [4][6] - The assessment also included health screenings and alcohol tests prior to the examination, ensuring the safety and well-being of all participants [4][8] Group 3 - This assessment is seen as a critical step in preparing the security team for the upcoming peak season in the aviation industry, where passenger traffic is expected to increase significantly [6][8] - The goal of the assessment is to build a highly skilled and disciplined security team, capable of ensuring the safety of air transport and responding effectively to emergencies [6][8] - Following the successful completion of the assessment, the airline aims to enhance its training system to continuously improve the quality and readiness of its safety personnel [8]

Core Viewpoint - China Southern Airlines (CSA) is actively participating in the 34th Harbin International Economic and Trade Fair to enhance cooperation with Heilongjiang Province and contribute to the construction of the Harbin International Aviation Hub [1][2]. Group 1: Company Initiatives - CSA has made significant progress in opening new routes and innovation, aiming to play a leading role among domestic airlines [1][3]. - The airline plans to optimize its route network and enhance regional transportation connectivity, including the transformation of the Harbin-Jinan-Urumqi route into a direct flight and the introduction of new flights to various cities [3][4]. - CSA is committed to providing specialized services such as forest fire prevention, aerial rescue, and sightseeing tourism to support Heilongjiang's development [3]. Group 2: Exhibition Highlights - At the trade fair, CSA showcased its advantages in domestic and international route networks, cabin services, and multimodal transport, emphasizing its leadership in civil aviation and green development [4][6]. - The exhibition booth, covering 180 square meters, incorporated elements of ice and snow, technology, and environmental protection, highlighting CSA's brand image and technological innovations [4][6]. - CSA introduced its flight simulation training equipment, which offers a standardized training environment and has competitive advantages over similar foreign products, reflecting the company's commitment to technological innovation and digital transformation [6][7]. Group 3: Future Expectations - CSA aims to leverage the trade fair platform to enhance its influence in the Northeast aviation market and attract potential partners and customers [4][7]. - The airline is focused on expanding its membership operations and developing customer relationships, providing ticketing services, and facilitating ecological investment to enhance sales channels for exhibitors [7].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The shipping industry is experiencing a surge in demand due to a recent temporary reduction in tariffs between China and the US, leading to a significant increase in shipping volumes on the US route. The average booking volume surged by 277% compared to the previous week [5] - The Shanghai Export Container Freight Index (SCFI) rose by 10.0% week-on-week, indicating a strong recovery in shipping rates, particularly for routes to the US [6] - The logistics sector is showing resilience, with express delivery volumes in April increasing by 19.1% year-on-year, reflecting robust demand across various sectors [9] - The airline industry is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring growth in the sector [12] Summary by Sections Shipping Vessels - The recent tariff reductions have led to a surge in demand for shipping services, particularly on the US route, with a projected increase in freight rates over the next 2-3 months due to supply constraints [5] - The average weekly capacity for the US route is expected to be 500,000 TEU, down 6% from last year [5] - The oil tanker market is facing supply tightness due to limited new orders and an aging fleet, which is expected to sustain high demand in the coming years [12] Express Logistics - In April, the express delivery industry in China saw a business volume of 16.32 billion pieces, a year-on-year increase of 19.1%, with revenue reaching 121.28 billion yuan, up 10.8% [9] - The concentration index for express delivery brands (CR8) was 86.7, indicating a stable competitive landscape [9] Aviation and Airports - The airline industry is poised for growth due to low supply growth and recovering demand, with key companies to watch including China Southern Airlines and Air China [12] - The passenger transport volume in March was approximately 59 million, reflecting a year-on-year increase of 3.5% [50] Overall Market Performance - From May 12 to May 16, the transportation index rose by 2.12%, outperforming the Shanghai Composite Index [17] - The shipping sector saw the highest increase at 7.42%, indicating strong market performance [17]