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.

证券代码：600029 证券简称：南方航空 公告编号：临 2025-001 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 可转债转股结果暨股份变动公告 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： 累计转股情况：南航转债的转股期间为 2021 年 4 月 21 日至 2026 年 10 月 14 日。截至 2024 年 12 月 31 日,累计已有人 民币 10,103,715,000 元南航转债转换成公司 A 股股票，累计转 股股数为 1,619,185,222 股，占南航转债转股前公司已发行股份 总额的比例约为 10.56%。 未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股 的南航转债金额为人民币 5,896,285,000 元，占南航转债发行总 量的比例约为 36.85%。 本季度转股情况：自 2024 年 10 月 1 日至 2024 年 12 月 31 日期间，南航转债累计转股金额为人民币 15,000 元，累计转 股股数为 2,430 股。 一、可转债 ...

违反法律、法规、中国证监会规定、上市地证券交 易所规则及《公司章程》的规定。 第二章 人员组成 中国南方航空股份有限公司 董事会战略与投资委员会工作细则 第一章 总 则 1 第一条 为保证中国南方航空股份有限公司（以下简称公司） 持续、规范、健康地发展，进一步完善公司治理结 构；落实公司发展战略，确定公司发展规划，健全 投资决策程序，加强董事会决策科学性、提高重大 投资的效率和决策的水平，根据《中华人民共和国 公司法》《上市公司治理准则》《上市公司独立董 事管理办法》《上海证券交易所股票上市规则》《香 港联合交易所有限公司证券上市规则》及《中国南 方航空股份有限公司章程》（以下简称《公司章程》） 等规定，公司设立董事会战略与投资委员会（以下 简称战略与投资委员会），并制定本工作细则。 第二条 战略与投资委员会是董事会下设的专门委员会，对 董事会负责。其主要职责是对公司长期发展战略和 重大投资决策进行研究、审议，向公司董事会提出 建议、方案并监督实施。 第三条 战略与投资委员会在董事会领导下按照本工作细则 的职责权限和相关程序开展工作，并坚持诚信、尽 职、勤勉的执业精神，完成董事会决议和董事会赋 予的任务，努力 ...

独立董事候选人声明与承诺 本人祝海平,已充分了解并同意由提名人中国南方航空股份 有限公司董事会提名为中国南方航空股份有限公司第十届董事 会独立董事候选人。本人公开声明,本人具备独立董事任职资格, 保证不存在任何影响本人担任中国南方航空股份有限公司独立 董事独立性的关系,具体声明并承诺如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、部门规章及其他规范性文件,具有5年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已承诺参加最近一期证券交易所认可的培训并取得相关培 训证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的 规定(如适用); (三)中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定; (四)中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用); 1 (十 ...

中国南方航空股份有限公司 董事会薪酬与考核委员会工作细则 第一章 总 则 1 予的任务，努力维护公司及全体股东的利益，不得 违反法律、法规、中国证监会规定、上市地证券交 易所规则及《公司章程》的规定。 第二章 人员组成 第三章 职责权限 2 第四条 薪酬与考核委员会成员由三名以上董事组成，其中 独立董事应当过半数。 第五条 薪酬与考核委员会委员由董事长、过半数独立董事 或者三分之一以上董事提名，并经董事会选举产生 和罢免。 第六条 薪酬与考核委员会设主任委员一名，主任委员在薪 酬与考核委员会委员中选举产生，由当选的独立董 事担任，负责主持委员会工作。 第七条 薪酬与考核委员会任期与董事会任期一致，委员任 期届满，连选可以连任。期间如有委员不再担任公 司董事职务或应当具有独立董事身份的委员不再具 备《公司章程》所规定的独立性，自动失去委员资 格，并由董事会根据本工作细则规定予以补选。 第八条 公司人力资源部为薪酬与考核委员会日常支撑机构， 负责会议材料及相关准备工作；董事会办公室负责 日常联络和会议组织等工作，并对日常支撑机构提 供必要的协助。 （三）董事、高级管理人员在拟分拆所属子公司安 排持股计划； （四） ...