Core Viewpoint - Airline stocks collectively declined, with significant drops observed in major airlines such as China Southern Airlines, Air China, and China Eastern Airlines, indicating a challenging market environment for the sector [1] Group 1: Market Performance - As of the report, China Southern Airlines (600029) fell by 4.93% to HKD 3.86, Air China (601111) decreased by 4.34% to HKD 5.29, China Eastern Airlines (00670) dropped by 2.6% to HKD 3, and Capital Airport (00694) declined by 1.43% to HKD 2.75 [1] - The report from Cathay Securities highlighted a recovery in commercial demand year-on-year for April and May, which supported airlines in reducing fuel costs during the off-peak season, leading to a significant reduction in losses for Q2 [1] Group 2: Demand and Pricing Dynamics - Unexpected weakness in commercial demand during July and August resulted in a lack of profitability during the summer travel season, despite a projected year-on-year increase in summer profits due to the offsetting effects of falling ticket prices and oil prices [1] - The report suggests monitoring the recovery of commercial demand after the important October meetings, with initial signs of strong demand in September potentially indicating that the summer's unexpected weakness may be temporary [1] Group 3: Future Outlook - If the recovery in commercial demand proves sustainable, it is anticipated that the profit center for airlines will significantly rise starting in 2026, with state-owned airlines in China expected to benefit from reduced internal competition [1] - The Civil Aviation Administration of China is expected to continue controlling flight schedule growth for the winter season of 2025/26, which, along with low-price management during the off-peak season, will help airlines significantly reduce losses and potentially achieve profitability for the entire year of 2025 [1]

Core Viewpoint - The aviation stocks have collectively declined, with significant drops observed in major airlines, while a report indicates a mixed outlook for demand recovery and profitability in the upcoming months [1] Group 1: Stock Performance - Southern Airlines (01055) fell by 4.93%, trading at 3.86 HKD [1] - Air China (00753) decreased by 4.34%, trading at 5.29 HKD [1] - Eastern Airlines (00670) dropped by 2.6%, trading at 3 HKD [1] - Capital Airport (00694) declined by 1.43%, trading at 2.75 HKD [1] Group 2: Demand and Profitability Outlook - From April to May, commercial demand showed a year-on-year recovery, supporting airlines in reducing fuel costs during the off-peak season, leading to a significant reduction in losses for Q2 [1] - However, unexpected weakness in commercial demand during July to August resulted in a lack of profitability during the summer travel season [1] - Despite the pressure from reduced commercial demand, a decline in ticket prices and oil prices is expected to offset losses, with summer travel profitability still projected to increase year-on-year [1] Group 3: Future Expectations - The report suggests monitoring the recovery of commercial demand after the important October meetings, with initial signs in September indicating a strong demand that may validate the previous unexpected weakness as a temporary issue [1] - If the recovery in commercial demand proves sustainable, a significant upward shift in airline profitability is anticipated starting in 2026 [1] - The Civil Aviation Administration of China is expected to continue controlling flight schedule growth for the winter season of 2025/26, which, along with low-price management during the off-peak season, will help airlines significantly reduce losses and potentially achieve profitability for the entire year of 2025 [1]

Group 1: Mechanical Industry - The mechanical industry report highlights that the US CPI increased by 2.9% year-on-year in August, with a core CPI rise of 3.1% and non-farm employment adding 22,000 jobs [1][4] - The report suggests focusing on export-oriented consumer companies with global manufacturing layouts, brand output capabilities, and channel integration advantages, especially those with diversified capacity and stable customer loyalty [3][16] - The report notes a slight depreciation of the US dollar against the RMB and a slight appreciation of the euro against the RMB, with major shipping routes experiencing a year-on-year increase in freight rates [1][5] Group 2: Aviation Industry - The aviation industry is expected to enter a "super cycle" with high passenger load factors and improving supply-demand dynamics, potentially leading to a significant increase in airline profitability by 2026 [2][8][25] - The report indicates that the Chinese aviation market has achieved market-driven pricing and high load factors, which are essential for price transmission [8][25] - The report anticipates that if business travel demand continues to recover, airlines' profitability will significantly increase, marking a long-term positive trend for the industry [8][25][27] Group 3: Fixed Income Research - The report discusses the issuance of local government bonds in various provinces, totaling 188.52 billion RMB, with a slight narrowing of the bond issuance spread [2][14] - It highlights the impact of the Federal Reserve's interest rate cuts on global policy cycles and the need to monitor liquidity changes and structural opportunities in the bond market [1][11] - The report emphasizes the importance of adjusting investment strategies in response to the evolving interest rate landscape and liquidity conditions [11][13]

目錄 關於我們 經營業績 企業管治 財務報告 57 獨立核數師報告 58 中期財務報告 2 釋義 4 公司資料 6 主要會計資料和財務指標 8 管理層討論與分析 30 公司治理 33 環境與社會責任 36 重要事項 46 股份變動、股東情況及權益披露 52 債券相關情況 釋義 在本報告書中，除非文義另有所指，下列詞語具有如下含義： | 本公司、公司、南航、南方航空 | 中國南方航空股份有限公司 | | --- | --- | | 本集團 | 中國南方航空股份有限公司及控股子公司 | | 南航集團 | 中國南方航空集團有限公司 | | 廈門航空、廈航 | 廈門航空有限公司 | | 貴州航空 | 貴州航空有限公司 | | 珠海航空 | 珠海航空有限公司 | | 汕頭航空 | 汕頭航空有限公司 | | 重慶航空、重航 | 重慶航空有限責任公司 | | 河南航空 | 中國南方航空河南航空有限公司 | | 河北航空 | 河北航空有限公司 | | 江西航空 | 江西航空有限公司 | | 南航財務 | 中國南航集團財務有限公司 | | 南航物流 | 南方航空物流股份有限公司 | | 南貨航 | 中國南方航空貨運有限公司 | ...

[About Us](index=4&type=section&id=About%20Us) [Definitions](index=4&type=section&id=Definitions) This chapter defines key terms, company entities, and aviation operational metrics like ASK and RPK, ensuring clear understanding of the report content - The report defines key entities including 'the Company' (China Southern Airlines Company Limited), 'the Group' (China Southern Airlines and its controlled subsidiaries), 'China Southern Air Holding' (China Southern Air Holding Company Limited), and various affiliated airlines such as Xiamen Airlines and Guizhou Airlines[5](index=5&type=chunk) - The report also explains important aviation operational metrics such as Available Seat Kilometers (ASK), Available Tonne Kilometers (ATK), Revenue Passenger Kilometers (RPK), Revenue Tonne Kilometers (RTK), passenger load factor, and overall load factor, which are crucial for evaluating airline operational efficiency and market performance[7](index=7&type=chunk) [Company Information](index=6&type=section&id=Company%20Information) This chapter provides comprehensive basic information for China Southern Airlines, including legal representative, contact details, addresses, principal bankers, and auditors - The Company's legal representative is Ma Xulun, the Company Secretary is Chen Weihua, and the Joint Company Secretaries are Chen Weihua and Liu Wei[9](index=9&type=chunk) - The Company's A-shares are listed on the Shanghai Stock Exchange (stock code: **600029**), and H-shares are listed on The Stock Exchange of Hong Kong Limited (stock code: **01055**)[11](index=11&type=chunk) - The Company's controlling shareholder is China Southern Air Holding Company Limited, with principal bankers including Industrial and Commercial Bank of China, Export-Import Bank of China, China Development Bank, China Construction Bank, and Agricultural Bank of China[11](index=11&type=chunk)[12](index=12&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) [Key Accounting Data and Financial Indicators of the Group at the End of the Reporting Period](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators%20of%20the%20Group%20at%20the%20End%20of%20the%20Reporting%20Period) The Group's H1 2025 operating revenue grew **1.77%** to **RMB 86,291 million**, with pre-tax profit up **66.39%** to **RMB 594 million**, but net loss attributable to equity holders widened **45.54%** to **RMB 1,534 million**, and net cash inflow from operating activities decreased **9.45%** Key Accounting Information for H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Operating Revenue | 86,291 | 84,790 | 1.77 | | Pre-tax Profit | 594 | 357 | 66.39 | | Net Loss Attributable to Equity Holders of the Company | (1,534) | (1,054) | 45.54 | | Net Cash Inflow from Operating Activities | 11,674 | 12,893 | (9.45) | | Equity Attributable to Equity Holders of the Company (2025/6/30 vs 2024/12/31) | 33,408 | 34,943 | (4.39) | | Total Assets (2025/6/30 vs 2024/12/31) | 336,775 | 329,979 | 2.06 | Key Financial Indicators for H1 2025 (RMB per share) | Indicator | H1 2025 | H1 2024 | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Basic Loss Per Share | (0.08) | (0.06) | 33.33 | | Diluted Loss Per Share | (0.08) | (0.06) | 33.33 | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) This chapter discloses differences in net loss and equity between International Financial Reporting Standards and China Accounting Standards for Business Enterprises, primarily due to capitalization of exchange gains/losses on specific borrowings, government grant treatment, business combinations under common control, and reversal of non-current asset impairment Differences in Net Loss and Equity Attributable to Equity Holders of the Company Under Domestic and Overseas Accounting Standards (RMB million) | Indicator | H1 2025 (Net Loss) | H1 2024 (Net Loss) | 2025/6/30 (Equity) | 2024/12/31 (Equity) | | :--- | :--- | :--- | :--- | :--- | | Under China Accounting Standards for Business Enterprises | (1,533) | (1,228) | 33,195 | 34,729 | | Under International Financial Reporting Standards | (1,534) | (1,054) | 33,408 | 34,943 | | **Major Adjustment Items:** | | | | | | Capitalization adjustment for exchange gains and losses on specific borrowings | (2) | (3) | 4 | 6 | | Transfer of government grants | – | – | (2) | (2) | | Adjustment for business combinations under common control of the Company | – | – | 237 | 237 | | Reversal of impairment of property, plant and equipment | – | 201 | – | – | | Impact of above adjustments on taxation | 1 | (81) | 1 | – | | Impact of above adjustments on non-controlling interests | – | 57 | (27) | (27) | - Under China Accounting Standards for Business Enterprises, exchange differences on foreign currency specific borrowings are capitalized, while International Financial Reporting Standards only allow partial capitalization, with the remainder recognized in profit or loss for the current period[20](index=20&type=chunk) - International Financial Reporting Standards permit the reversal of impairment losses for non-current assets other than goodwill under specific conditions, whereas China Accounting Standards for Business Enterprises do not allow such reversals[20](index=20&type=chunk) [Material Asset Mortgages, Commitments, and Contingent Liabilities](index=9&type=section&id=Material%20Asset%20Mortgages,%20Commitments,%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group's total capital commitments were approximately **RMB 132,849 million**, primarily for aircraft, engine, and flight-related equipment purchases, with approximately **RMB 1,963 million** in aircraft pledged as collateral for borrowings, and contingent liabilities disclosed Capital Commitments (As of June 30, 2025, RMB million) | Commitment Category | 2025/6/30 | 2024/12/31 | | :--- | :--- | :--- | | Total Capital Commitments | 132,849 | 144,437 | | Purchase of aircraft, engines and flight-related equipment | 119,120 | - | | Investment commitments | 105 | - | | Other property, plant and equipment purchases | 13,624 | - | - As of June 30, 2025, aircraft with a book value of approximately **RMB 1,963 million** were pledged as collateral for the Group's borrowings, a decrease from **RMB 2,033 million** as of December 31, 2024[19](index=19&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) [Industry and Principal Business of the Company](index=10&type=section&id=Industry%20and%20Principal%20Business%20of%20the%20Company) The Company primarily offers domestic, regional, and international air passenger and cargo transportation services, alongside aircraft maintenance, agency, catering, and other extended businesses, guided by "Five Major Developments" and "Five Major Strategies" to become a world-class aviation enterprise, with China's civil aviation industry showing stable growth, rapid international market expansion, and strong cargo resilience during the reporting period - The Company's business scope is extensive, including domestic, regional, and international scheduled and unscheduled air passenger, cargo, mail, and baggage transportation services, as well as aircraft maintenance, agency, catering, ground extension, training, asset leasing, travel agency, retail and wholesale of goods, and other diverse services[21](index=21&type=chunk)[24](index=24&type=chunk) - The Company has established a high-quality development strategy of "adhering to five major developments, implementing five major strategies, promoting six major actions, and achieving six major transformations," aiming to initially build a coordinated development pattern with air transportation as the core and pillar industries as the backbone by 2025[25](index=25&type=chunk) 2025年上半年中國民航行業運輸數據 | Indicator | Total Transport Turnover | Passenger Transport Volume | Cargo and Mail Transport Volume | | :--- | :--- | :--- | :--- | | Value | 78.35 billion tonne-kilometers | 370 million passenger trips | 4.784 million tonnes | | Year-on-year Growth | 11.4% | 6.0% | 14.6% | [Principal Business](index=10&type=section&id=Principal%20Business) The Company primarily provides domestic, regional, and international air passenger, cargo, mail, and baggage transportation services, while also expanding into diversified businesses such as aircraft maintenance, agency, catering, ground extension, training, asset leasing, travel agency, and retail/wholesale of goods, aiming for comprehensive aviation services - The Company's business scope covers domestic, regional, and international scheduled and unscheduled air passenger, cargo, mail, and baggage transportation services[21](index=21&type=chunk) - The Company also provides diversified services including aircraft maintenance, agency, catering, ground extension, civil aircraft type training, asset leasing, travel agency, retail and wholesale of goods, health check-ups, internet sales, and insurance agency[21

Core Viewpoint - The event "Light Accompanying, Helping Dreams Come True" organized by China Southern Airlines (CSA) and a local law firm aims to improve the educational environment for students in Pixinan Township through donations of eye-protection lamps and sports supplies, totaling a value of 80,000 yuan [1][3]. Group 1 - The donation included 1,110 eye-protection lamps and various sports supplies, emphasizing the commitment to enhance the learning conditions for students [1][3]. - The event reflects CSA's corporate social responsibility and its dedication to supporting rural education, showcasing the company's role in promoting educational equity [5][6]. - CSA's team leader, Gao Yun, encouraged students to cherish their improved conditions and strive for academic success, highlighting the importance of education in community development [3][6]. Group 2 - The initiative is part of CSA's ongoing efforts to gather resources and collaborate with various parties to support educational development in Pixinan Township [5][6]. - The event not only provided physical resources but also aimed to inspire confidence and enthusiasm among students for their educational pursuits [3].

Core Points - China Southern Airlines (CSA) launched the "Vibrant Bay Area" themed aircraft on September 19, 2023, marking its official operation with a flight from Guangzhou Baiyun International Airport to Beijing Daxing Airport [1] - The "Vibrant Bay Area" aircraft is part of a collaboration with the 15th National Games Organizing Committee, featuring two specially painted aircraft: the Airbus A350 and the COMAC C919 [3] - The aircraft's design incorporates elements such as the Hong Kong-Zhuhai-Macao Bridge and mascots from the 15th National Games, symbolizing the connection of the Greater Bay Area to the world [4] Company Initiatives - CSA has introduced a series of exclusive travel services for athletes and spectators, including the "All Sports Participation Package," "Athlete Card," and "Bay Area Viewing Pass" [5] - The airline has committed to operating over 300 themed flights for the 15th National Games, enhancing the travel experience for attendees [5] - The cabin decor of the "Vibrant Bay Area" aircraft reflects a deep integration with the event's theme, featuring a new Chinese style and auspicious symbols [4]

Core Viewpoint - The launch of the voluntary transfer service for domestic flights between Shenzhen Bao'an Airport and Shanghai Hongqiao Airport aims to enhance the travel experience for passengers by allowing flexible flight changes among different airlines [1] Group 1: Service Details - The "Shenzhen-Shanghai Express" transfer service is a collaboration between Shenzhen Bao'an Airport, Shanghai Hongqiao Airport, and four airlines: China Eastern Airlines, China Southern Airlines, Shenzhen Airlines, and Juneyao Airlines [1] - Passengers holding economy class tickets (60% off or above) on flights operated by the aforementioned airlines can transfer to other flights on the same route within 4 hours before or after the original flight departure time without incurring change fees [1] - Passengers with tickets priced at 80% off or above are also eligible for a waiver of fare differences when transferring [1] Group 2: Transfer Process - Passengers without checked baggage can process the voluntary transfer at designated service counters outside the airport isolation area on the day of the original flight before departure [1] - Detailed policies regarding the transfer service and counter locations can be obtained through official channels of the airlines and airports [1]

来源： 东航集团网站 据东航集团网站消息， 9月19日，中国东方航空集团有限公司召开领导班子（扩大）会议。 受中央组织部领导委托，中央组织部有关干部局负责同志宣布了党中央关于中国东方航空集 团有限公司总经理任职的决定： 高飞同志任 中国东方航空集团有限公司董事、总经理、党组副书记， 免去其中国南方航空集 团有限公司董事、党组副书记职务。相关职务任免，按有关法律和章程的规定办理。 2025年3月，高飞出任中国南方航空集团有限公司董事、党组副书记，至此番履新东航。 高飞。图源：南航官网 原任中国东方航空集团有限公司董事、总经理、党组副书记的刘铁祥，已于今年8月调任中国 航空集团有限公司董事长、党组书记。 据官网介绍，中国东方航空集团有限公司总部位于上海，是中国三大国有骨干航空运输集团之 一，是首家实现航空客运和航空物流两项核心主业"双上市"的国有大型航空运输集团。 公开资料显示，高飞出生于1976年8月，长期在南航集团工作，曾任南航集团安全监察部总 经理，南方航空股份有限公司飞行总队总队长、党委副书记，南航集团副总经理、党组成员， 南方航空股份有限公司副总经理、党委委员等职。 ...

中新社广州9月19日电 (记者 郭军)中国南方航空(以下简称"南航")首架十五运会主题彩绘客机"活力湾区 号"19日14时12分从广州白云国际机场起飞，搭载309名乘客飞往北京大兴机场，标志着首架主题彩绘客 机正式投入运营。 作为第十五届全国运动会和全国第十二届残疾人运动会暨第九届特殊奥林匹克运动会(简称"十五运会") 的官方指定航空服务合作伙伴，南航联合全运会组委会打造了"活力湾区号"和"大美湾区号"两架主题彩 绘客机，机型分别为空客A350客机和中国商飞C919客机。 据悉，此次投入运营的"活力湾区号"历时17天完成全身"彩绘新衣"，以"活力湾区 跃动世界"为主题，突 破性运用电影错位视觉手法，呈现大湾区连接全球、美美与共的壮阔图景。以蓝、粉、黄等色彩串联， 融合港珠澳大桥、十五运会吉祥物"喜洋洋"和"乐融融"、海鸥及木棉花等元素。 "活力湾区号"的客舱内饰同步焕新，每一处装饰都与十五运会主题深度融合。 9月19日， 广东广州，首架十五运会主题彩绘客机"活力湾区号"正式投入运营。图为该彩绘飞机客舱内景。中新社 记者 陈骥旻 摄 首航当天，广州白云国际机场设置首航专属柜台，为运动健儿、赛事官员及观赛旅客提供 ...