Group 1 - The core viewpoint of the article is that China Southern Airlines reported a revenue of 86.291 billion yuan for the first half of the year, reflecting a year-on-year growth of 1.77% [1] - The company experienced a net loss attributable to shareholders of 1.533 billion yuan during the same period [1] - The basic earnings per share for the company were reported at -0.08 yuan [1]

Core Viewpoint - China Southern Airlines reported an increase in revenue but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite higher sales [1] Financial Performance - Total operating revenue reached 86.291 billion yuan, a year-on-year increase of 1.77% [1] - Net profit attributable to shareholders was -1.533 billion yuan, a decrease of 24.84% year-on-year [1] - In Q2 2025, operating revenue was 42.884 billion yuan, up 6.71% year-on-year, while net profit was -0.786 billion yuan, an increase of 60.38% year-on-year [1] - Gross margin improved to 8.81%, up 19.74% year-on-year, while net margin decreased to -0.96%, down 55.72% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 8.427 billion yuan, accounting for 9.77% of revenue, a decrease of 4.02% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) was -0.08 yuan, a decrease of 14.29% year-on-year [1] - Cash flow per share was 0.79 yuan, down 8.71% year-on-year [1] - Return on Invested Capital (ROIC) for the previous year was 2.2%, indicating weak capital returns [1] - The company has recorded a median ROIC of 2.37% over the past decade, with a particularly poor performance in 2022 at -10.05% [1] Debt and Cash Flow - Cash and cash equivalents increased by 32.60% to 15.149 billion yuan [1] - Interest-bearing liabilities decreased by 10.68% to 120.48 billion yuan [1] - The ratio of cash to current liabilities is 13.38%, and the average operating cash flow to current liabilities over the past three years is 19.14% [3] Fund Holdings - The largest fund holding China Southern Airlines is the ICBC Convertible Bond Fund, with 40.9963 million shares, newly entering the top ten holdings [4] - Other notable funds include GF Ruiyi Leading Mixed A and Fortune China Tourism Theme ETF, which have increased their holdings [4]

证券代码：600029 证券简称：南方航空 公告编号：临 2025-042 中国南方航空股份有限公司 第十届监事会第八次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 "本公司""公司"）第十届监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 34 楼 33A12 会议室以现场会议 方式召开。应出席会议监事 3 人，实际出席会议监事 3 人，杨斌 监事因公未亲自出席本次会议，授权魏振兴监事代为出席会议并 表决。本次会议由监事会主席张弢先生主持，公司部分高级管理 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》、本公司章程和 本公司监事会议事规则的有关规定。 二、监事会会议审议情况 经出席本次监事会的监事审议并表决，一致通过以下议案： （一）关于公司 2025 年半年度报告全文、摘要及业绩公告 的议案； 公司监事会全体成员对本公司 2025 年半年度报告全文、摘 要及业绩公告进行了审核，发表审核意见如下： （三）关于公司 ...

Core Viewpoint - China Southern Airlines is revising its Articles of Association, Shareholders' Meeting Rules, and Board Meeting Rules, and will abolish the Supervisory Board, transferring its responsibilities to the Audit and Risk Management Committee of the Board [1][2]. Summary by Sections Company Articles of Association - The company will no longer have a Supervisory Board, with its powers being transferred to the Audit and Risk Management Committee [2]. - The legal representative of the company will be the chairman of the board, who will execute company affairs [3]. - The company’s assets are divided into equal shares, and shareholders are liable only to the extent of their subscribed shares [4]. Shareholders' Meeting Rules - The revised rules will allow shareholders to propose matters for discussion, and the rules will be subject to approval by the shareholders' meeting [2][4]. - The rules outline the rights and obligations of shareholders, ensuring equal rights for shareholders of the same class of shares [6][7]. Board Meeting Rules - The board will have the authority to make decisions regarding the company’s operations, including capital increases and significant asset transactions [6][7]. - The board is required to convene meetings under specific circumstances, such as when the number of directors falls below legal requirements [22][23]. Transition and Implementation - The revisions will take effect after approval by the shareholders' meeting [2]. - The company will ensure compliance with relevant laws and regulations during the transition [2][19].

Key Points - The core viewpoint of the report indicates that China Southern Airlines has shown a slight increase in total assets and operating revenue, while experiencing a significant reduction in net losses compared to the previous year [1][2]. Financial Performance - Total assets at the end of the reporting period reached RMB 336,535 million, an increase of 2.06% from the previous year [1]. - Operating revenue for the first half of 2025 was RMB 86,291 million, reflecting a growth of 1.77% year-on-year [1]. - The total profit amounted to RMB 596 million, a substantial increase of 274.84% compared to the same period last year [1]. - The net loss attributable to shareholders was RMB 1,533 million, a decrease of 24.84% from RMB 1,228 million in the previous year [1]. - The net loss attributable to shareholders after deducting non-recurring items was RMB 2,033 million, down 41.31% from RMB 3,464 million year-on-year [1]. - The net cash flow from operating activities was reported, with a weighted average return on equity of -4.51%, a decrease of 1.11 percentage points [1]. Shareholder Information - The total number of shareholders at the end of the reporting period was 139,951 [2]. - The largest shareholder, China Southern Airlines Group, holds 51.90% of the shares, amounting to 9,404,468,936 shares [2]. - Other significant shareholders include Nanjing Long Holdings with 14.41% and Hong Kong Central Clearing with 9.66% [2]. Debt Instruments - The company has issued several medium-term notes and short-term financing bonds, with varying amounts and interest rates, indicating ongoing financing activities [4][5][6]. - The debt-to-asset ratio at the end of the reporting period was 84.62%, slightly up from 84.05% at the end of the previous year [7]. Operational Highlights - The EBITDA interest coverage ratio improved to 6 from 5 in the previous year, indicating better earnings relative to interest expenses [8].

Meeting Overview - The 9th meeting of the 10th Board of Directors of China Southern Airlines was held in Guangzhou, with all 6 directors present [1][2] - The meeting was chaired by Chairman Ma Xulun, and some supervisors and senior management attended [1] Resolutions Passed - The board unanimously approved the following proposals: - The full text and summary of the 2025 semi-annual report and performance announcement [2] - The consolidated financial report for the first half of 2025 [2] - The remuneration for external auditors KPMG Huazhen and KPMG for 2025, set at RMB 13 million [2] - The report on the use of funds raised from A-shares in the first half of 2025 [2] - The risk assessment report for China Southern Airlines Group Finance Co., Ltd. [2][3] - The amendment to the Articles of Association and the cancellation of the Supervisory Board [4] - The amendment to the rules of the shareholders' meeting [4] - The amendment to the rules of the board of directors' meeting [4] - The nomination of Gao Fei as a candidate for executive director of the 10th Board of Directors [5] - The performance contracts for senior management for 2025 [5] - The procurement of database software from Beijing Shenzhou Digital Co., Ltd., an associated party [5] Voting Results - All proposals received unanimous support with 6 votes in favor, 0 against, and 0 abstentions [2][3][5]

关于更换持续督导保荐代表人的公告 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。 中国南方航空股份有限公司（以下简称"公司"）于近日收 到保荐机构中国国际金融股份有限公司（以下简称"中金公司"） 出具的《关于更换中国南方航空股份有限公司持续督导保荐代表 人的说明》。 证券代码：600029 证券简称：南方航空 公告编号：临 2025-044 转债代码：110075 转债简称：南航转债 中国南方航空股份有限公司 中金公司作为公司 2020 年非公开发行 A 股股票和 2020 年公 开发行可转换公司债券的保荐机构，原委派的持续督导保荐代表 人为王珏先生、龙海先生。持续督导期已于 2021 年 12 月 31 日 届满，因可转换公司债券尚未完全转股，中金公司将对上述事项 继续履行持续督导义务。 彭妍喆，女，现任中金公司投资银行部副总经理，保荐代表 人。曾主持或参与的项目有：招商港口非公开发行、威胜信息 A 股 IPO、科达利非公开发行、一博科技 A 股 IPO、安克创新 A 股 IPO、稳健医疗 A 股 IPO、意华股份 A 股 ...

Core Points - The C919 aircraft has been in operation with China Southern Airlines for one year, carrying over 460,000 passengers and achieving approximately 7,800 hours of safe operation [1][3] - China Southern Airlines has successfully integrated the C919 into its fleet, with plans to add a sixth aircraft in September and expand its route network [1][4] Group 1 - The C919 is a domestically developed aircraft with full independent intellectual property rights, designed according to international airworthiness standards [3] - The aircraft has served 14 destinations and has maintained an average seat occupancy rate of around 83% across over 3,400 flights [3] - During the peak summer travel season, the C919 achieved a maximum daily utilization of 8.3 hours, with an average of 17 flights per day [3] Group 2 - China Southern Airlines has established a specialized operational team for the C919, focusing on personnel allocation, aircraft maintenance, and flight structure optimization to ensure safe and efficient operations [3] - In September, the airline plans to deploy a C919 aircraft on routes from Changsha to Xi'an and Beijing Daxing, further enhancing its domestic route network [4] - The airline aims to contribute to the high-quality development of China's civil aviation by expanding the operational capabilities of domestically produced aircraft [4]

Group 1 - China Eastern Airlines reported a revenue of 66.822 billion yuan for the first half of 2025, a year-on-year increase of 4.09%, with a net loss of 1.431 billion yuan, significantly reducing losses by 1.337 billion yuan compared to the previous year [1] - The total transportation turnover for China Eastern Airlines reached 135.06 billion ton-kilometers, with a passenger volume of 73.1696 million, representing year-on-year growth of 11.89% and 8.03% respectively [1] - China International Airlines also reported a reduced net loss of 1.806 billion yuan for the first half of 2025, with a revenue of 80.757 billion yuan, an increase of 12.37% year-on-year [1] Group 2 - China Southern Airlines reported a revenue of 86.291 billion yuan for the first half of 2025, a year-on-year increase of 1.77%, but a net loss of 1.533 billion yuan, which is a 24.84% decline compared to the previous year [4] - The overall passenger transport volume in China's civil aviation sector reached approximately 370 million, reflecting a year-on-year growth of 5.9%, indicating a "high passenger volume but low profitability" situation [4] - Spring Airlines is projected to be the most profitable airline in mainland China, reporting a revenue of 10.304 billion yuan for the first half of 2025, with a year-on-year growth of 4.35% and a net profit of 1.169 billion yuan, down 14.11% year-on-year [4]

Core Viewpoint - China Eastern Airlines reported a net loss of 1.431 billion yuan for the first half of the year, significantly reducing losses compared to 2.768 billion yuan in the same period last year, making it the least loss-making among the three major state-owned airlines [1] Summary by Relevant Sections - Financial Performance - China Eastern Airlines' net loss of 1.431 billion yuan is a substantial improvement from the previous year's loss of 2.768 billion yuan [1] - China Southern Airlines reported a net loss of 1.533 billion yuan for the same period [1] - Air China incurred a net loss of 1.806 billion yuan in the first half of the year [1] - The total cumulative loss for the three major state-owned airlines reached 4.77 billion yuan [1]