股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國南方航空股份有限公司 呈交日期: 2025年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01055 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,643,997,308 | RMB | | 1 | RMB | | 4,643,997,308 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,643,997,308 | RMB | | 1 | RMB | | 4,643,997,308 | | 2. 股 ...

吴颖湘女士确认与公司董事会和公司无不同意见，亦不存在 公司股东需要知悉有关其辞任的其他事宜。董事会对于吴颖湘女 士担任公司副总经理期间为公司发展作出的贡献表示感谢。 证券代码：600029 证券简称：南方航空 公告编号：临 2025-007 中国南方航空股份有限公司 关于高级管理人员变动的公告 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。 2025 年 2 月 18 日，中国南方航空股份有限公司（以下简称 "公司"）召开第十届董事会第五次会议，应出席会议董事 6 人， 实际出席会议董事 6 人，罗来君董事因公未亲自出席本次会议， 授权韩文胜董事代为出席会议并表决，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。经出席本次 董事会的董事审议并表决，一致通过以下议案： 同意聘任曾永超先生为公司副总经理；同意聘任陈詟先生为 公司总飞行师，不再担任公司安全总监；同意聘任蔡琦先生为公 司安全总监，上述高级管理人员任期与本届董事会任期一致。 同意吴颖湘女士因工作变动不再担任公司副总经理，吴榕新 先生因工作变动不再 ...

证券代码：600029 证券简称：南方航空 公告编号：临2025-006 中国南方航空股份有限公司 第十届董事会第五次会议决议公告 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 2 月 18 日，中国南方航空股份有限公司（以下简称 "本公司""公司"）第十届董事会第五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，罗来君董事因公未亲自出席本次会议，授权韩 文胜董事代为出席会议并表决，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，公司部分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。 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： 该议案已经公司董事会提名委员会审议通过，并同 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國南方航空股份有限公司 呈交日期: 2025年2月5日 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01055 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,643,997,308 | | 0 | | 4,643,997,308 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 4,643,997,308 | | 0 | | 4,643,997,308 | | 2. 股份分類 | ...

Financial Performance Expectations - The company expects a net loss attributable to shareholders for 2024 between RMB -1.25 billion and RMB -1.87 billion[3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between RMB -3.35 billion and RMB -4.38 billion[4] - In the same period last year, the net profit attributable to shareholders was RMB -4.209 billion, with a loss of RMB -6.420 billion when excluding non-recurring items[6] Operational Challenges - The company faces significant operational pressure due to slow recovery in international markets, rising costs of aircraft materials, and depreciation of the RMB[7] Strategic Goals - The company aims to enhance its core competitiveness in the market and improve passenger and cargo operations quality[7] Financial Reporting - The financial department is working diligently to prepare the 2024 financial report, ensuring no uncertainties affect the accuracy of the forecast[8] - The forecast data is preliminary and subject to change upon the release of the audited annual report[9]

Investment Rating - The investment rating for China Southern Airlines A is neutral with a target price of Rmb6.12 [5][6][24]. Core Insights - The report indicates that business travel demand will be key for 2025, while domestic passenger revenue is expected to be weak in 2024 due to consumer downgrade and increased competition from high-speed rail [2][3]. - The company anticipates a strong travel demand during the Spring Festival in 2025, but a rapid decline in demand is expected towards the end of the travel season [3]. - The airline's international flight capacity is projected to recover to 90-100% of 2019 levels by 2025, although profitability remains challenging outside of routes to Japan and South Korea [4]. - The aircraft utilization rate is expected to reach historical highs, increasing from 9.62 hours per day in 2024 to over 10 hours per day in 2025 [4]. Summary by Sections Financial Performance - Revenue is projected to increase from Rmb159.398 billion in 2023 to Rmb184.396 billion in 2024, with further growth to Rmb199.190 billion in 2025 [8]. - The company expects to achieve a net profit of Rmb3.727 million in 2024, increasing to Rmb6.782 million in 2025 [8]. Market Position - As of the end of 2022, China Southern Airlines is the largest airline in China by fleet size, operating 894 aircraft [10]. - The airline's market capitalization is approximately Rmb115 billion (US$15.7 billion) [6]. Valuation Metrics - The report provides a price-to-earnings (PE) target price of Rmb6.12, with the current stock price at Rmb6.36 [5][6]. - The average daily trading volume is reported at 75.945 million shares, with a market price fluctuation range of Rmb7.27 to Rmb5.26 over the past year [6][8].

Core Viewpoint - On January 14, 2025, China Southern Airlines deployed three C919 domestically produced aircraft for the Spring Festival travel season, marking a significant milestone in the airline's operations and the domestic aviation industry [1] Group 1 - The C919 aircraft were utilized on ten flights across four routes: Guangzhou to Hangzhou, Shanghai Hongqiao, Haikou, and Chengdu Tianfu [1] - January 14, 2025, is noted as the first day of the Spring Festival travel rush in China, highlighting the importance of this period for the airline industry [1] - The interactive knowledge session about the C919 aircraft between cabin crew and passengers indicates an effort to promote awareness and acceptance of domestic aviation technology [1]

Group 1 - The core point of the article is that China Southern Airlines (600029) announced an increase in passenger capacity and turnover for December 2024, indicating positive growth in its operations [1] - The company's passenger capacity (measured in available seat kilometers) is expected to rise by 3.33% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) is projected to increase by 10.07% year-on-year [1] - The passenger load factor is reported to be 84.55%, which is an increase of 5.17 percentage points year-on-year [1]

Summary of Conference Call Company and Industry - The conference call involved **China Southern Airlines** and discussed the **aviation industry** in the context of the upcoming spring travel season. Key Points and Arguments 1. **Operational Performance**: - From January 1 to January 9, 2025, flight frequency is expected to increase by approximately 4%, with passenger numbers growing by about 10% compared to 2024. The cooperation rate is projected to rise by around 6%, reaching approximately 83% [3][5][19]. - The overall domestic load factor is around 35%, slightly lower than previous years, while the international load factor is about 66%, showing a slight improvement [3][5]. 2. **Comparison with Previous Years**: - The total flight volume during the spring festival period is expected to recover to about 130% of the levels seen in 2019, indicating a 30% increase compared to that year [4][5]. - The average ticket price is under pressure, with a noted decline compared to 2023, and is not expected to return to 2019 levels [19][24]. 3. **Market Dynamics**: - The company is focusing on maximizing operational efficiency and adjusting capacity based on market demand. There is an emphasis on balancing customer needs with pricing strategies [7][8]. - The company is not currently aware of any industry-wide price coordination efforts, indicating a market-driven pricing strategy [8][9]. 4. **Fleet Management**: - The company is in the process of disposing of certain aircraft, specifically the Boeing 787-8, which is currently not in operation [9][10]. - There are challenges in aircraft deliveries due to supply chain issues with Boeing, affecting the fleet expansion plans for 2025 [10][11]. 5. **Financial Health**: - The external debt in foreign currencies accounts for approximately 20% to 12% of total liabilities, indicating a stable financial structure [20]. - The company is managing its foreign currency exposure effectively, having reduced its foreign debt ratio over the years [20]. 6. **Customer Segmentation**: - There has been a notable shift in customer demographics, with a decline in business travelers and an increase in price-sensitive groups such as students and families [28][30]. - The company is observing a weakening trend in the business travel segment, which is impacting overall revenue potential [28]. Other Important Content - The company is actively monitoring the impact of external factors such as currency fluctuations and interest rates on its financial performance [20]. - There is an ongoing focus on improving aircraft utilization rates, with current utilization around 9 hours, with potential to increase to over 10 hours [12][22]. - The company is also considering modifications to aircraft to increase seating capacity in response to market demand [12][13]. This summary encapsulates the key discussions and insights from the conference call, highlighting the operational, financial, and market dynamics affecting China Southern Airlines and the broader aviation industry.