Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has improved operational efficiency and is the first among the "Big Three" airlines to return to profitability [5] - The company achieved a revenue of 182.26 billion yuan in 2025, with a year-on-year growth of 4.61%, and a net profit attributable to shareholders of 0.857 billion yuan, marking a significant turnaround from a loss of 2.696 billion yuan [6] - The company is expected to continue benefiting from the growth in domestic travel demand and the recovery of international travel, with a projected net profit of 4.018 billion yuan in 2026, representing a year-on-year growth of 368.89% [5][6] Financial Summary - The company's total market capitalization is approximately 102.38 billion yuan, with a closing price of 5.65 yuan per share [3] - The company's total assets are projected to reach 352.35 billion yuan by 2026, with total liabilities of 291.60 billion yuan [7] - The company’s earnings per share (EPS) is expected to be 0.05 yuan in 2026, increasing to 0.50 yuan by 2028 [5][7] - The return on equity (ROE) is projected to improve from 2.41% in 2026 to 16.34% in 2028 [5][7]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported an operating revenue of 182.3 billion yuan for 2025, a year-on-year increase of 4.6%, and achieved a net profit attributable to shareholders of 860 million yuan, marking a return to profitability [4][6] - The fourth quarter saw a revenue of 44.6 billion yuan, up 13% year-on-year, while the net profit attributable to shareholders was a loss of 1.45 billion yuan, reducing the loss by 2.2 billion yuan compared to the previous year [4][6] - The company is actively expanding its capacity and international route network, having introduced 78 new aircraft in 2025, bringing the total fleet to 972, with plans for further growth in the coming years [6] Financial Data and Profit Forecast - The projected total operating revenue for 2026 is 200.6 billion yuan, with a year-on-year growth rate of 10.1% [5] - The net profit attributable to shareholders is expected to reach 1.12 billion yuan in 2026, with a significant increase forecasted for 2027 at 9.82 billion yuan [5] - The gross profit margin is projected to be 9.5% in 2026, with a return on equity (ROE) of 3.1% [5][8] Revenue Breakdown - Passenger revenue for 2025 was 156.7 billion yuan, a 4.7% increase year-on-year, while cargo revenue reached 19.7 billion yuan, up 5.2% [6] - The company’s operational cost per seat kilometer decreased by 4% to 0.42 yuan, benefiting from lower fuel prices and improved fuel efficiency [6] Strategic Developments - The company plans to introduce new international routes, including Beijing-Helsinki and Xiamen-Vientiane, to capitalize on the growing demand for international travel [6] - The company’s fleet expansion strategy is expected to enhance its competitive position in the market, with a focus on increasing international capacity [6]

Investment Rating - The investment rating for the company is "Accumulate (downgraded)" [3] Core Views - The company has significantly improved its utilization rates and logistics, leading to a substantial reduction in losses [3] - The airline industry is expected to recover in 2026, driven by a slowdown in supply growth and high load factors, despite facing high fuel cost pressures due to geopolitical tensions [5] - The company's operational adjustments have resulted in a turnaround, with a projected net profit of 857 million yuan in 2025, compared to a loss in the previous year [5] Financial Summary - The company achieved a revenue of 182.26 billion yuan in 2025, a year-on-year increase of 4.61% [5] - The net profit for 2025 is projected at 857 million yuan, with a significant year-on-year growth rate of 150.5% [5] - The company plans to expand its fleet to 968 aircraft by 2026, with a growth rate of 1.68% [5] - The average passenger load factor improved to 85.74%, an increase of 1.36 percentage points year-on-year [5] - The average aircraft utilization rate increased to 9.79 hours, up by 1.77 hours year-on-year [5] Profit Forecast and Valuation - The revenue forecast for 2026 is 203.95 billion yuan, with a growth rate of 12% [3] - The projected net profit for 2026 is 1.49 billion yuan, with a growth rate of 74% [3] - The price-to-earnings (P/E) ratio for 2026 is estimated at 69.6x, decreasing to 12.6x by 2028 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of RMB 6.95 and HKD 5.30 [6]. Core Insights - The company reported a revenue of RMB 182.26 billion for 2025, a year-on-year increase of 4.6%, and achieved a net profit attributable to shareholders of RMB 857 million, recovering from a net loss of RMB 1.696 billion in 2024 [1][4]. - The fourth quarter of 2025 saw a revenue of RMB 44.59 billion, up 12.7% year-on-year, with a net loss of RMB 1.45 billion, which was a 60.4% reduction in losses compared to the previous year [1][3]. - The company is expected to face challenges due to rising fuel costs influenced by geopolitical tensions, particularly in the Middle East, which may impact profitability despite a generally improving industry outlook [1][4]. Summary by Sections Financial Performance - The company achieved a gross margin improvement of 3.5 percentage points to 5.3% in Q4 2025, with a gross profit increase of RMB 1.643 billion year-on-year [3]. - The operating costs for Q4 2025 were RMB 42.22 billion, a year-on-year increase of 8.7%, while the unit cost per available ton-kilometer (ATK) decreased by 1.5% [3][4]. Operational Metrics - The company’s passenger load factor (PLF) increased by 1.4 percentage points to 85.7% for the year, while the unit revenue per passenger kilometer decreased by 4.2% [4][24]. - In Q4 2025, the available seat kilometers (ASK) increased by 9.8%, with international routes showing a significant growth of 19.3% [2][4]. Future Outlook - The company anticipates a stabilization of oil prices in the medium term, with industry supply growth expected to remain low, suggesting a potential upward trend in industry conditions [1][4]. - Profit forecasts for 2026 and 2027 have been revised downwards to net losses of RMB 2.376 billion and a profit of RMB 5.985 billion, respectively, primarily due to rising fuel costs [5][24].

Macro Insights - The Middle East conflict has raised global inflation expectations, with March PMI indicators for the US, Europe, and Japan showing weakness due to energy supply shocks and high oil prices impacting the real economy [2][3] - The US stock indices fell throughout the month, while oil prices surged significantly, leading to increased volatility in equity and commodity markets [2] - Domestic manufacturing capacity adjustments are nearing completion, and raw material prices have risen sharply due to oil supply shocks, potentially squeezing profits for mid- and downstream enterprises [3] Company-Specific Insights - Guizhou Moutai (600519 CH) is undergoing a critical year of market-oriented governance transformation, with short-term price stability for its flagship product and long-term growth potential [7] - China Duty Free Group (601888 CH) reported a revenue of 53.694 billion yuan, down 4.92% year-on-year, but showed signs of recovery in Q4 with a revenue increase of 2.81% [8] - RuiPu Bio (300119 CH) achieved a revenue of 3.398 billion yuan in 2025, reflecting a 10.7% year-on-year growth, with a focus on the development of its microbial protein project [10] - MingNing (1768 HK) reported a revenue increase of 68.2% to 66.17 billion yuan, driven by higher store openings and improved profitability [11] - Torch Electronics (603678 CH) achieved a revenue of 4.121 billion yuan, up 47.09% year-on-year, with a focus on diversifying its business to enhance competitiveness [13] - China Overseas Development (688 HK) reported a revenue of 168.1 billion yuan, down 9% year-on-year, but maintains a strong competitive advantage in the industry [14] - Poly Property (6049 HK) achieved a revenue of 17.13 billion yuan, up 5% year-on-year, with expectations for continued stable growth in 2026 [24] - Times Electric (688187 CH) reported a revenue of 28.703 billion yuan, up 15.23% year-on-year, with strong performance in its non-rail business segments [25]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook compared to the overall market performance [3]. Core Insights - The report highlights that the current high freight rates for oil tankers need to be realized in Q2, with a focus on overseas oil tanker stocks' Q1 performance as guidance for Q2 expectations. The VLCC freight rates in Q1 2026 are projected to average $111,492 per day, representing a year-on-year increase of 232% and a month-on-month increase of 17% [3][4]. - The report anticipates a strong demand for oil transportation due to geopolitical tensions and the need for energy stockpiling post-conflict, which will enhance the pricing power in the VLCC market [3]. - The dry bulk shipping market is expected to remain stable, with the impact of geopolitical events on the market being neutral. The report forecasts an improvement in the fundamentals for 2026-2027, driven by increased production capacity from new projects [3]. - Container shipping rates are expected to rebound post-Spring Festival, supported by geopolitical sentiments, particularly in Southeast Asia [3]. - The shipbuilding sector is projected to enter an acceleration phase in Q1 2026, with high-value orders leading to increased revenue recognition [3]. - The freight forwarding sector is expected to see improved profitability per unit due to steady growth in cross-border trade and increased demand from the Asia-Pacific region [3]. - The domestic aviation sector is projected to see a significant increase in passenger transport volume, with a year-on-year growth of 6% expected in Q1 2026 [3]. - The express delivery sector is anticipated to show strong performance due to price stability and the ability to pass on increased fuel costs to consumers [3]. Summary by Sections Shipping - The report emphasizes the strong performance of oil tanker freight rates, with VLCC rates expected to average $111,492 per day in Q1 2026, marking a 232% year-on-year increase [3]. - The dry bulk market is expected to remain stable, with geopolitical tensions having a neutral impact [3]. - Container shipping rates are projected to rebound, particularly in Southeast Asia [3]. Shipbuilding - The shipbuilding sector is expected to see accelerated performance in Q1 2026, driven by high-value order deliveries [3]. - The report notes that the pricing of new ships is expected to rise, particularly for oil tankers, which will positively impact overall ship price indices [3]. Freight Forwarding - The freight forwarding sector is expected to benefit from steady growth in global container trade and improved profitability per unit [3]. Aviation - The domestic aviation sector is projected to achieve a record high in passenger transport volume, with a 6% year-on-year increase expected in Q1 2026 [3]. Express Delivery - The express delivery sector is expected to maintain high pricing levels, with the ability to pass on increased fuel costs to consumers [3]. Rail and Road - The report anticipates growth in highway traffic and railway passenger volume in Q1 2026, driven by improved coal demand and rising oil prices [3].

Financial Performance - The company reported a cumulative unabsorbed loss of RMB 50.855 billion as of the end of the reporting period, which affects its ability to distribute profits[10]. - The board of directors approved a profit distribution plan for the 2025 fiscal year, which is pending approval at the annual shareholders' meeting, with no profit distribution or capital reserve transfer planned[9]. - The company has received a standard unqualified audit report from KPMG Huazhen, ensuring the accuracy and completeness of the financial report[8]. - The company's operating revenue for 2025 reached RMB 182,256 million, an increase of 4.61% compared to RMB 174,224 million in 2024[26]. - The total profit for 2025 was RMB 4,811 million, a significant increase of 204.30% from RMB 1,581 million in 2024, recovering from a loss of RMB 1,645 million in 2023[26]. - The net profit attributable to shareholders for 2025 was RMB 857 million, a recovery from a loss of RMB 1,696 million in 2024 and RMB 4,209 million in 2023[26]. - The net cash flow from operating activities for 2025 was RMB 38,209 million, up 21.51% from RMB 31,445 million in 2024[26]. - The total assets at the end of 2025 were RMB 349,814 million, reflecting a 6.09% increase from RMB 329,738 million at the end of 2024[26]. - The basic earnings per share for 2025 was RMB 0.05, recovering from a loss of RMB 0.09 in 2024[27]. - The weighted average return on equity for 2025 was 2.44%, improving from a negative 4.72% in 2024[27]. - The company reported a total of RMB 712 million in non-recurring gains for 2025, down from RMB 2,252 million in 2024[35]. Operational Highlights - The company achieved a total transportation turnover of 39.06 billion ton-kilometers, with passenger transportation volume reaching 17.4 million people and cargo transportation volume at 1.958 million tons, reflecting year-on-year growth of 10.5%, 5.5%, and 13.3% respectively[48]. - The company maintained the highest safety award in Chinese civil aviation, the "Diamond Three-Star Award for Flight Safety," and achieved a total of 3.309 million safe flight hours during the reporting period[49]. - The company expanded its passenger routes along the "Belt and Road" initiative, with a year-on-year increase of 15.4% in flights[50]. - The company launched new products such as integrated air-land transportation services and developed 247 new group customers, enhancing its competitive advantage[50]. - The company reported a 5.75 percentage point improvement in flight punctuality from a passenger perspective, enhancing overall customer satisfaction[51]. - The company’s hubs in Guangzhou and Beijing saw a year-on-year increase in transfer passengers of 19.2% and 3.8% respectively, indicating improved hub competitiveness[53]. Technological Innovation - The company added 101 new invention patents during the reporting period, reflecting its commitment to technological innovation[54]. - The company is focusing on building a hub network centered around Guangzhou and Beijing to enhance intercontinental connections and global reach[64]. - The group is advancing technological innovation with initiatives like the "AI+" project and the development of proprietary systems for operational efficiency[68]. - The company plans to enhance its fleet with new aircraft models, including the C919 and C909, to improve operational efficiency[94]. - The company is investing $200 million in R&D for new technologies aimed at enhancing user experience[153]. - Research and development investments increased by 18%, focusing on sustainable aviation technologies[154]. Environmental Initiatives - The company has implemented a "green flight" initiative, focusing on fuel-saving measures such as single-engine taxiing and sustainable aviation fuel trials, achieving significant fuel savings[194]. - The company has developed a "dual carbon" action plan, addressing carbon peak and neutrality through seven major actions, including flight efficiency optimization and energy green transition[195]. - The company successfully completed the EU carbon trading compliance for 2025 and submitted the carbon emission report for Guangdong Province, utilizing its self-developed MRV system for monitoring[196]. - The company has optimized its environmental protection management information system for online reporting and monitoring of energy consumption and pollution emissions, improving data quality and accuracy[197]. Governance and Compliance - The company has a robust governance structure, ensuring compliance with laws and regulations, and has held 2 shareholder meetings during the reporting period[137]. - The board of directors consists of 6 members, including 4 independent directors, ensuring diverse expertise and compliance with governance standards[138]. - The company received an A-level rating for information disclosure from the Shanghai Stock Exchange for the 12th consecutive year, reflecting its commitment to transparency[144]. - The company revised its corporate governance documents in line with the latest regulations, ensuring compliance with the new Company Law and other guidelines[145]. - The company has established a collaborative management mechanism to strengthen compliance management and improve the quality of financial data and disclosures[144]. Strategic Planning - The company aims to build a world-class aviation enterprise, focusing on five development concepts and five strategic implementations to achieve high-quality growth[110]. - The company plans to enhance safety management systems and improve risk identification and warning capabilities through smart safety management systems[112]. - The company will implement a new round of structural adjustments, concentrating capacity on key markets to improve operational efficiency[116]. - The company is exploring potential mergers and acquisitions to strengthen its market position in Asia-Pacific[160]. Risks and Challenges - The company faces risks from macroeconomic fluctuations, regulatory changes, and intensified industry competition that could impact performance[121][124]. - The company faces significant safety risks due to adverse weather, mechanical failures, and human errors, which could negatively impact operations and reputation[126]. - Information security risks are increasing, and failure to enhance management could affect safety, production, and marketing efforts[127]. - Currency fluctuations pose a risk, with a 1% change in the RMB/USD exchange rate potentially impacting shareholder equity and net profit by RMB 226 million[130]. - Fuel price volatility is a major cost factor, with a 10% change in average fuel prices affecting operational costs by RMB 5,253 million[131]. - Interest rate fluctuations can significantly impact financial expenses, with a 100 basis point change affecting shareholder equity and net profit by RMB 426 million[132].

承董事會命 中國南方航空股份有限公司 聯席公司秘書 陳威華及劉巍 中華人民共和國，廣州 2026年3月30日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號： 1055） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列中國南方航空股份有限公司在上海證券交易所網站刊登的《中國南方航空股 份有限公司第十屆董事會第十四次會議決議公告》、《中國南方航空股份有限公司 關於2026年開展金融衍生及期货業務的公告》及《中國南方航空股份有限公司關於 2025年度擬不進行利潤分配的公告》，僅供參閱。 於本公告日期，董事包括執行董事馬須倫、韓文勝及蔡治洲；獨立非執行董事何超瓊、郭為、 張俊生及祝海平；及職工董事張弢。 证券代码：600029 证券简称：南方航空 公告编号：临2026-014 中国南方航空股份有限公司 第十届董事会第十四次会议决议公告 本公司董 ...

目录 | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | ESG 责任荣誉 | 05 | | 走进南航 | 07 | | 董事会声明 | 13 | | ESG 管理 | 13 | | 专题聚焦：锚定世界一流， | 19 | | 奋力谱写"十四五"高质量发展篇章 | | | 01 | 矢志笃行绘美好 | | --- | --- | | 完善公司治理 | 29 | | 坚持党建引领 | 35 | | 强化风险管理 | 37 | | 推进科技创新 | 45 | | 至诚·使命领航向 矢志笃行绘美好 | | | | --- | --- | --- | | 03 | 至精·匠心筑品质 云程万里赴美好 | 05 | | 保障顺畅飞行 | 69 | | --- | --- | | 优化产品体系 | 72 | | 打造卓越服务 | 75 | | 02 | | | --- | --- | | 至稳·安全铸基石 | 可靠飞行守美好 | | 139 | 坚守安全第一 | 51 | | --- | --- | --- | | 141 | 守护航空安全 | 57 | | 155 | 维护信息安全 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 於本公告日期，董事包括執行董事馬須倫、韓文勝及蔡治洲；獨立非執行董事何超瓊、郭為、 張俊生及祝海平；及職工董事張弢。 （在中華人民共和國註冊成立的股份有限公司） （股份代號： 1055） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列中國南方航空股份有限公司在上海證券交易所網站刊登的《中國南方航空股 份有限公司對2025年度會計師事務所履職情況評估報告》、《中國南方航空股份有 限公司2025年度內部控制評價報告》、《中國國際金融股份有限公司關於中國南方 航空股份有限公司2025年度募集資金存放與使用情況的專項核查報告》及《中國南 方航空股份有限公司對中國南航集團財務有限公司的風險持續評估報告》，僅供參 閱。 承董事會命 中國南方航空股份有限公司 聯席公司秘書 陳威華及劉巍 中華人民共和國，廣州 2026年3月30日 公司代码：600029 公司简 ...