截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 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 公司名稱: 中國南方航空股份有限公司 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600029 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 13,476,921,001 | RMB | | 1 RMB | | 13,476,921,001 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 13,476,921,001 | RMB | | 1 RMB | | 13,476,921,001 | 本月底法定/註冊股本總額： RMB 18,120,918,309 FF301 第 1 頁 共 1 ...

（一）债券名称：中国南方航空股份有限公司可转换公司债 券 （二）债券简称：南航转债 证券代码：600029 证券简称：南方航空 公告编号：临 2025-046 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 关于"南航转债"2025 年付息公告 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。 重要内容提示： 中国南方航空股份有限公司（以下简称"本公司"、"公司"） 于2020年10月15日发行的可转换公司债券（以下简称"南航转 债"、"可转债"）将于2025年10月15日开始支付自2024年10 月15日至2025年10月14日期间的利息。根据《中国南方航空股份 有限公司公开发行A股可转换公司债券募集说明书》（以下简称 "《募集说明书》"）有关条款的规定，现将有关事项公告如下： 一、南航转债发行上市概况 1 可转债付息债权登记日：2025年10月14日 可转债除息日：2025年10月15日 可转债兑息日：2025年10月15日 计息年度的利息（以下简称"年利息"）指本次可转债持有 人按持有的本次可转债票 ...

Core Insights - The National Day and Mid-Autumn Festival holiday has significantly boosted travel demand, with airlines and airports reporting record-high passenger numbers and flight operations during this period [1][2][3][4] Airline Performance - Eastern Airlines executed over 15,400 flights and transported more than 2.278 million passengers from October 1 to 5, achieving a daily average of over 3,000 flights, a 3.9% year-on-year increase, and a daily average of 456,000 passengers, a 6.2% increase [1] - Southern Airlines planned to add over 2,700 flights during the holiday period, with a total of 48,000 flights scheduled, focusing on popular routes from Guangzhou and Shenzhen to regions like Xinjiang and Yunnan [2] - Spring Airlines anticipated a daily flight volume of nearly 600 during the holiday, with a projected year-on-year growth of over 13%, driven by increased domestic and international travel demand [2] Airport Statistics - Baiyun Airport reported approximately 7,808 flights and 1.2094 million passengers from October 1 to 5, with a daily average of 1,562 flights and 245,400 passengers, reflecting year-on-year growth of 4.04% and 3.96% respectively [3] - Xiamen Airport experienced a daily passenger volume exceeding 90,000 for five consecutive days, with an average of 92,000 passengers, marking a 3% year-on-year increase, and international passenger growth of 14.2% [3] - Shanghai Airports (Pudong and Hongqiao) expected a total of 19,000 flights and 3.141 million passengers from October 1 to 8, with a daily average of 2,366 flights and 393,000 passengers, reflecting a 2.5% and 5.6% year-on-year increase respectively [4]

Core Viewpoint - The aviation sector is experiencing a collective decline in stock prices, attributed to ongoing cost pressures, increased competition, and weak pricing power, leading to profit constraints [1] Group 1: Stock Performance - Southern Airlines (01055) fell by 4.53%, trading at 3.79 HKD - Eastern Airlines (00670) decreased by 3.5%, trading at 3.03 HKD - Air China (00753) dropped by 2.68%, trading at 5.45 HKD - Meilan Airport (00357) declined by 1.42%, trading at 10.43 HKD [1] Group 2: Market Influences - OPEC+ agreed to increase oil production by 137,000 barrels per day in November, which is lower than expected, contributing to a recovery in oil prices [1] - Morgan Stanley reported that the aviation sector has underperformed the market this year due to cost pressures and competitive dynamics [1] Group 3: Future Outlook - The sustainability of the recent rebound in aviation stock prices remains uncertain as the industry is approaching its off-peak season [1] - The impact of anti-competitive measures and related regulations is limited, and current initiatives are unlikely to materially improve pricing levels [1] - The forecast for prices is expected to remain flat from 2025 to 2027 [1]

Group 1 - The event highlighted the rich tourism resources of both China and New Zealand, emphasizing the increasing connectivity through direct flight routes, which enhances people-to-people exchanges [1] - The Vice Consul Liu Pengxiang encouraged collaboration between airlines and tourism agencies to develop more premium flight routes, aiming to deepen economic and cultural exchanges between the two countries [1] - Mayor Brown praised the relationship between New Zealand and China, expressing commitment to expanding cooperation between Auckland and its Chinese sister cities [1] Group 2 - The Auckland Chinese Cultural Center, Auckland Airport, and New Zealand tourism agencies presented opportunities for tourism development through resource development and visa facilitation measures [1] - Securities analysis indicates that China Southern Airlines has a strong competitive moat within the industry, good profitability, but relatively poor revenue growth, suggesting that the stock price may be overvalued [1]

中国青年报客户端讯（中青报·中青网记者 林洁）10月4日至8日，中国南方航空（以下简称"南航"）计 划执飞400余条赏月航线，航班量超2800班次。 在10月6日中秋夜19时至次日凌晨3时最佳赏月时段内，南航将在300余条航线上执飞超500班次的赏月航 班，在万米高空为旅客打造云端赏月之旅。 南航计划 执飞400余条赏月航线。南航供图 在中秋月圆之夜，南航将推出赏月主题航班，安排猜灯谜、古诗词飞花令和手工制作荷花灯等特色机上 活动。 国内航线方面，飞往华北的旅客将有机会在万米高空欣赏草原与城市的月色；西部航线将为旅客呈现雪 山、高原映衬下的独特月景；中部地区航线，南航推荐由国产大飞机C919执飞的赏月航线，带旅客畅 览城市灯火与空中明月交织的画卷。 国际航线方面，南航部分赏月航班安排了近150分钟的空中旅途，全程有圆月伴飞；而乌鲁木齐至阿拉 木图，可带旅客飞越丝绸之路，感受"明月出天山"的壮丽。 此外，南航还在广州、北京、乌鲁木齐等枢纽机场执行往返于东南亚、日韩、中西亚、中东、欧洲、美 洲、澳新等多条国际航线。 南航计划 执飞400余条赏月航线。南航供图 据了解，南航赏月航班由综合计算目的地城市地理位置、飞机 ...

Core Viewpoint - The aviation sector in Hong Kong and mainland China has underperformed the market this year due to cost pressures, intensified competition, and weak pricing power, leading to profit constraints. Recent stock price rebounds are attributed to strong travel demand expectations for the October Golden Week and price stabilization, but the sustainability of this momentum remains uncertain as the industry approaches the off-peak season [1] Industry Summary - The aviation sector is facing challenges from cost pressures and competition, which have negatively impacted profitability [1] - Regulatory measures aimed at reducing competition have had limited effects on improving pricing levels [1] - The forecast for ticket prices remains flat from 2025 to 2027, reflecting weak economic conditions and the continued impact of high-speed rail on demand [1] Company Summary - Morgan Stanley favors Spring Airlines (601021.SH) and China Eastern Airlines (00670)(600115.SH) as the top picks, followed by Cathay Pacific (00293) and Air China (00753)(601111.SH), while China Southern Airlines (01055)(600029.SH) is viewed less favorably [1] - Cathay Pacific's rating has been upgraded to "Neutral," with a target price increase from HKD 8.2 to HKD 9.1 due to an attractive dividend yield exceeding 6% [1] - China Eastern Airlines has seen its A-share rating upgraded to "Buy," with a target price raised from RMB 4.1 to RMB 5, as the company focuses on passenger services after divesting its cargo business [1] - Spring Airlines maintains a "Buy" rating, with a target price increase from RMB 63 to RMB 65, benefiting from the strong recovery in domestic tourism [1]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 7.74 CNY [2][3]. Core Insights - The company significantly reduced its non-recurring losses in Q2 2025, and despite unexpected reductions in public and business demand during the summer travel season, it is expected to achieve year-on-year profit growth [3][11]. - The company's network optimization and active cost reduction strategies are anticipated to lead to an upward shift in its profit center in the future [11]. Financial Summary - Total revenue is projected to grow from 159.93 billion CNY in 2023 to 207.00 billion CNY by 2027, reflecting an annual growth rate of 8.6% [5]. - The net profit attributable to the parent company is expected to turn from a loss of 4.21 billion CNY in 2023 to a profit of 9.39 billion CNY in 2027, indicating a significant recovery [5]. - The earnings per share (EPS) is forecasted to improve from -0.23 CNY in 2023 to 0.52 CNY in 2027 [5]. Market Data - The company's market capitalization is approximately 107.82 billion CNY, with a current stock price of 5.95 CNY [6][11]. - The stock has traded within a range of 5.43 to 7.27 CNY over the past 52 weeks [6]. Operational Highlights - The company has seen a 5.5% increase in available seat kilometers (ASK) year-on-year, driven by a 4% growth in its fleet and increased international flight rotations [11]. - The average domestic aviation fuel price decreased by 13% year-on-year, with a 17% drop in Q2, allowing the company to retain most of the cost savings [11]. Future Outlook - The company is expected to achieve profitability in 2025, driven by a gradual recovery in public and business demand, alongside ongoing cost reduction efforts [11]. - The construction of dual hubs in Guangzhou and Beijing is a significant strategic move that is expected to enhance operational efficiency and profitability [11].

格隆汇9月30日丨中国南方航空股份(01055.HK)公告，中国南方航空股份有限公司(以下简称"本公 司"、"公司")于2020年10月15日发行的可转换公司债券(以下简称"南航转债"、"可转债")将于2025年10 月15日开始支付自2024年10月15日至2025年10月14日期间的利息。根据公司《募集说明书》的约定，本 次付息为南航转债第五年付息，计息期间为2024年10月15日至2025年10月14日。本计息年度可转债的票 面利率为1.50%(含税)，即每张面值人民币100元的可转债兑息金额为人民币1.50元(含税)。 ...

格隆汇9月30日丨中国南方航空股份(01055.HK)公告，中国南方航空股份有限公司(以下简称"本公 司"、"公司")于2020年10月15日发行的可转换公司债券(以下简称"南航转债"、"可转债")将于2025年10 月15日开始支付自2024年10月15日至2025年10月14日期间的利息。根据公司《募集说明书》的约定，本 次付息为南航转债第五年付息，计息期间为2024年10月15日至2025年10月14日。本计息年度可转债的票 面利率为1.50%(含税)，即每张面值人民币100元的可转债兑息金额为人民币1.50元(含税)。 ...