Core Viewpoint - Southern Airlines has successfully integrated traditional cultural elements into its flight experience, enhancing passenger engagement and creating memorable journeys [1][2]. Group 1: Cultural Engagement - On September 21, Southern Airlines' Xinjiang branch organized a unique autumn equinox-themed event on flight CZ6963 from Urumqi to Chengdu, showcasing traditional culture at high altitudes [1]. - The flight crew narrated the characteristics and customs associated with the autumn equinox, such as moon worship and seasonal foods, captivating passengers with the cultural significance of the festival [1]. - A knowledge quiz about the autumn equinox engaged passengers, with questions that sparked enthusiasm and participation [1]. Group 2: Passenger Experience - Passengers expressed that the flight, originally ordinary, became memorable due to Southern Airlines' thoughtful planning, allowing them to enjoy traditional culture during their journey [2]. - The airline's service philosophy of "affectionate and meticulous" was evident, as they aimed to create a culturally rich and warm flying experience [2]. - Specially prepared drinks, such as osmanthus oolong tea, allowed passengers to taste the essence of autumn even at high altitudes [1].

Group 1 - The central weather station issued an orange alert for Typhoon Haikui, which is expected to make landfall in Guangdong between Zhuhai and Zhanjiang on September 24, with wind speeds of 40-48 m/s [1] - Multiple airlines have announced flight cancellations due to the typhoon, including China Southern Airlines, which canceled all flights at Huizhou Pingtan Airport on September 23 and 24, and all flights at Taipei Taoyuan Airport on September 23 [1][2] - Cathay Pacific announced the suspension of all inbound and outbound flights in Hong Kong starting from September 23 at 6 PM, with over 500 flights expected to be canceled [2] Group 2 - Hong Kong Airlines will cancel all flights from September 23 at 6 PM to September 25 at 6 AM, with several airports issuing suspension notices [3] - Shenzhen Airport will suspend operations starting from September 23 at 8 PM, with the resumption time dependent on the typhoon's impact [3][4] - As of September 23 at 10 AM, flight cancellations included 201 at Zhuhai Jinwan Airport (61% cancellation rate), 55 at Macau Airport (38%), 400 at Hong Kong Airport (46%), 529 at Shenzhen Bao'an Airport (41%), and 63 at Huizhou Pingtan Airport (71%) [4]

Core Viewpoint - The recent collaboration between China Southern Airlines (CSA) and Xilin Hot Airport focuses on the new route "Xilin Hot - Zhengzhou - Guangzhou," emphasizing its significance for regional economic and cultural exchange as well as tourism development [1][2]. Group 1: Route Development and Strategic Importance - The new route is considered a key step in CSA's regional layout strategy, aiming to enhance cooperation with the airport and achieve mutual benefits [2]. - Xilin Hot Airport's management highlighted the importance of the new route for regional economic and cultural exchanges, as well as tourism growth [2]. Group 2: Marketing and Collaboration Efforts - Both parties plan to promote the new route by visiting local travel agencies and sales agents, discussing flight schedules, team ticket prices, and transfer services [2]. - There is an intention to launch winter tourism routes that integrate the unique characteristics of Zhengzhou, Xilin Hot, and Guangzhou, coinciding with local autumn and winter cultural tourism events [2][3]. Group 3: Future Cooperation - The exchange lays a foundation for the operational promotion of the new route, with plans for ongoing collaboration to optimize route services and support the regional aviation tourism market [3].

2025.09. 23 本文字数：1251，阅读时长大约2分钟 作者 | 第一财经 陈姗姗 中央气象台9月23日10时继续发布台风橙色预警：今年第18号台风"桦加沙"（超强台风级）的中心今 天（23日）上午10点钟位于广东省阳江市东偏南方向约640公里的南海北部海面上，预计将于24日 中午到晚上在广东珠海到湛江一带沿海登陆（台风级或强台风级，13-15级，40-48米/秒）。 据记者了解，此次超强台风主要影响珠海金湾、深圳宝安、香港、澳门、广州白云、惠州平潭、揭阳 潮汕、高雄小港、台北桃园、福州长乐、厦门高崎、湛江吴川、海口美兰机场的航班运行。为此，多 家航空公司发布了航班取消的计划。 其中， 南航 表示，23日、24日在惠州平潭机场的航班全部取消；23日在台北桃园机场的航班全部 取消；24日在澳门机场的航班全部取消；同时提前取消23日进出珠海金湾机场航班21班；取消23日 在香港机场的CZ603、CZ604、CZ5009航班，24日航班全部取消；深圳宝安机场23日出港航班起 飞时间安排在20:00前执行，23日进港航班落地时间安排在18:30前执行。 主基地位于中国香港的 国泰航空 也宣布，自23日下午6时 ...

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]

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

Market Overview - On September 22, the aviation and airport sector declined by 0.27%, with Xiamen Airport leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Notable stock performances included: - CITIC Hainan Airlines (Code: 6600000) closed at 22.68, up 2.81% with a trading volume of 220,300 shares and a turnover of 497 million yuan [1] - China National Aviation (Code: 601111) closed at 7.88, up 0.51% with a trading volume of 543,300 shares [1] - Xiamen Airport (Code: 600897) closed at 14.46, down 1.57% with a trading volume of 16,800 shares and a turnover of 24.29 million yuan [2] Capital Flow - The aviation and airport sector experienced a net outflow of 126 million yuan from institutional investors, while retail investors saw a net inflow of 126 million yuan [2] - The capital flow for individual stocks showed: - CITIC Hainan Airlines had a net inflow of 39.99 million yuan from institutional investors [3] - Xiamen Airport had a net inflow of 4.81 million yuan from institutional investors [3] - China Eastern Airlines (Code: 600115) had a net inflow of 24.98 million yuan from institutional investors [3]

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].