（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]

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 article discusses the phenomenon of airlines selling tickets at significantly discounted prices through live streaming platforms, highlighting a shift in consumer behavior and airline marketing strategies in response to ongoing financial challenges in the aviation industry [2][22]. Group 1: Ticket Pricing and Consumer Behavior - Many consumers believe that waiting to purchase tickets will yield lower prices, while others are actively buying tickets in advance during live streams, treating them like essential goods [2][4]. - Recent promotions have led to astonishingly low ticket prices, such as 200 yuan for flights to South Korea and 19 yuan for flights from Chengdu to Bangkok, raising questions about the sustainability of such pricing [4][7]. - The trend of airlines selling tickets through live streaming has become more frequent, with some airlines hosting multiple sessions each month [7][9]. Group 2: Airline Financial Performance - Major airlines in China have faced significant financial losses, with the three largest airlines collectively losing 496.59 billion yuan in the first half of 2022, and continuing to report losses in 2025 [27][28]. - Despite a recovery in domestic travel, airlines have struggled to return to profitability, with average ticket prices dropping to 740 yuan, a 6.9% decrease year-on-year [31][32]. - The financial struggles of airlines are compounded by high fixed costs and a competitive market, leading to a strategy of "price for volume" to maintain cash flow [29][30]. Group 3: Market Competition and Challenges - The aviation industry is experiencing intense competition, with many airlines unable to reduce flight schedules due to high fixed costs, resulting in an oversupply of flights [29][40]. - The expansion of high-speed rail networks has created direct competition for airlines, particularly on short-haul routes, leading to a decline in flight numbers and passenger volumes [38][39]. - International flight recovery has been slow, with airlines facing challenges in filling seats, further exacerbating the oversupply situation in the domestic market [40][43]. Group 4: Future Outlook and Consumer Impact - The current market conditions are prompting airlines to innovate and differentiate their services to attract consumers, suggesting a potential shift towards enhanced customer experience [48]. - Consumers are benefiting from lower ticket prices and increased flexibility in travel options, as airlines adapt to the changing landscape [48].

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]

Core Viewpoint - The controversy surrounding "mileage redemption for seat selection" and "paid seat selection" has resurfaced as several domestic airlines require passengers to pay additional fees or use mileage points to unlock certain seats, leading to public outcry and discussions about transparency and consumer rights [1][4][5]. Group 1: Airline Practices - Many domestic airlines have implemented a system where certain seats are locked and require additional payment or mileage redemption to select [1][4]. - Passengers have reported that a significant number of seats are locked, with some requiring over 200 yuan to unlock, while others are only available for free close to the flight departure time if not selected [2][3]. - The pricing for seat selection varies by seat type and flight duration, with some premium seats costing up to 1000 yuan for long-haul flights [3]. Group 2: Consumer Reactions - Passengers express frustration over the additional fees for seat selection after already paying for tickets, with concerns about the lack of transparency regarding the proportion of locked seats [4][5]. - Some passengers have noted that they were unable to select seats next to their companions due to the locked seat policy, raising concerns about family travel [4]. Group 3: Legal and Regulatory Perspectives - The China Consumer Association has criticized the practice of paid seat selection, arguing that it infringes on consumer rights and should not become a standard industry practice [5][6]. - Legal experts suggest that airlines may be engaging in price manipulation, as consumers are often unaware of the locked seat policies until after purchasing tickets, which could violate consumer protection laws [6][7]. - The application of format clauses by airlines may also be scrutinized, as they could unfairly limit consumer rights and responsibilities [7].

《中国民航报》、中国民航网 记者田以丹 通讯员杨莎莎、刘翠、袁丹 报道：9月30日，一批来自台北 的货物经广州白云国际机场中转，搭乘南航航班飞往最终目的地。同日，该批货物的通关数据同步传输 至目的地海关并顺利获批放行——这是南方航空物流股份有限公司旗下广州白云物流有限公司（以下简 称"白云物流"）今年3月正式推出"换单国际中转"服务以来，完成的首票广州地区跨航空公司联运货 物，标志着广州枢纽再添高效中转新路径。 随着"一带一路"倡议的实施深化，"空中丝绸之路"正成为中国连通世界的战略纽带。白云物流将持续创 新，搭建起更为便捷的空中货运桥梁，将不同国家的航空货运市场资源紧密串联起来，为世界经贸合作 提供一个更为广阔和便捷的平台，为降低全社会物流成本贡献南航力量。（编辑：李季威 校对：张彤 审核：韩磊） （白云物流供图） "'换单国际中转'服务，实现了更加灵活的跨运单、跨航司、跨国界货物中转操作，为客户提供了多元 化物流解决方案，进一步提升广州枢纽保障能力。"白云物流国际货站负责人介绍。对企业而言，这意 味着可根据成本、时效需求自主选择中转机场与航线组合，既压缩了物流成本，又能缩短货物转运周 期。 跨航司中转的高 ...

Core Viewpoint - The event organized by China Southern Airlines' Xinjiang branch aimed to bridge the understanding between new pilots and their families, highlighting the rigorous training and responsibilities involved in becoming a pilot [1][3]. Group 1: Event Overview - A welcoming meeting and family discussion for 37 new pilots was held, allowing family members to explore the training environment and understand the pilots' preparation process [1]. - The event included a detailed presentation by the flight department manager, showcasing the strength of the team, which consists of 736 operational personnel and a fleet of 58 aircraft [3]. Group 2: Training Path and Responsibilities - The training pathway for new pilots was outlined, consisting of a three-step progression from basic training to advanced specialization, culminating in captain training [3]. - A ceremony was held where eight new pilot representatives received their flight shoulder insignias, symbolizing their responsibilities and commitments [3]. Group 3: Personal Reflections - A mentor shared personal experiences, emphasizing the collective support from families in the journey of becoming a pilot, highlighting the sacrifices made by family members [4]. - The event concluded with a group photo, capturing the commitment and pride of both new and experienced pilots, as well as the support from their families [6].

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].