Trading Information Summary - On September 2, 2025, China Southern Airlines (600029) closed at 5.91 yuan, down 1.01%, with a turnover rate of 0.32% and a trading volume of 405,600 shares, amounting to a transaction value of 240 million yuan [1]. - On the same day, the net outflow of main funds was 18.173 million yuan, accounting for 7.57% of the total transaction value; retail funds saw a net inflow of 13.0308 million yuan, representing 5.43% of the total transaction value [1][3]. Company Announcement Summary - As of August 31, 2025, the monthly report of China Southern Airlines indicates no change in the legal/registered share capital. The H-share ordinary shares remained at 4,643,997,308 shares, while the A-share ordinary shares increased by 648 shares, totaling 13,476,921,001 shares at the end of the month [1]. - The increase in A-shares was due to the conversion of convertible bonds, with a conversion price of 6.17 yuan per share. This month, 648 new shares were issued due to the conversion, with no change in treasury shares [1].

Core Viewpoint - The overall performance of listed airlines in the first half of 2025 shows that state-owned airlines are still in a loss state, while private airlines demonstrate stronger performance recovery due to better operational flexibility [1][2]. Group 1: State-Owned Airlines Performance - In the first half of 2025, three state-owned airlines achieved revenue growth: China International Airlines reported revenue of 80.757 billion yuan, a 1.56% increase, with a net loss of 1.806 billion yuan, a reduction in loss [2] - China Eastern Airlines reported revenue of 66.822 billion yuan, a 4.09% increase, with a net loss of 1.431 billion yuan, also a reduction in loss [2] - China Southern Airlines reported revenue of 86.291 billion yuan, a 1.77% increase, with a net loss of 1.533 billion yuan [2]. Group 2: Private Airlines Performance - Private airlines achieved profitability in the first half of 2025, with Hainan Airlines reporting revenue of 33.083 billion yuan, a 4.22% increase, and a net profit of 56.945 million yuan [3] - Shanghai Juneyao Airlines reported revenue of 11.07 billion yuan, a 1.02% increase, with a net profit of 505 million yuan, a 3.29% increase [3] - Spring Airlines reported revenue of 10.304 billion yuan, a 4.35% increase, with a net profit of 1.169 billion yuan, a 14.11% decrease [3] - Huaxia Airlines reported revenue of 3.610 billion yuan, a 12.41% increase, with a net profit of 251 million yuan, an increase of 858.95% [3]. Group 3: Industry Trends and Insights - The summer transportation season saw a total of 147 million passengers transported, a 3.6% year-on-year increase, with an average seat occupancy rate of 84.8%, up 2.2 percentage points [4] - The market exhibited a trend of increasing volume but decreasing prices, attributed to oversupply and low-price competition [6] - The release of the "Self-Regulation Convention for Air Passenger Transport" aims to combat low-price competition and stabilize market prices [6]. Group 4: Future Outlook - The upcoming "Golden September and Silver October" period is expected to be a crucial window for revenue improvement [7] - Airlines plan to optimize sales strategies and innovate products to enhance efficiency and profitability in the second half of the year [7].

Core Viewpoint - China Southern Airlines has officially launched a new route from Guangzhou to Riyadh, indicating strong travel demand and market potential between the two locations [1] Group 1: Route Details - The inaugural flight CZ375 departed Guangzhou at 15:52, carrying 263 passengers, with an occupancy rate close to 100% [1] - The route will be operated by Airbus A330 aircraft, with three round trips scheduled weekly on Tuesdays, Thursdays, and Saturdays [1] - The flight duration is approximately 9.5 hours for the outbound flight and 8.5 hours for the return flight [1] Group 2: Market Expansion - This new route is the fourth direct flight to the Middle East launched by China Southern Airlines during the peak summer travel season, following routes to Dubai, Doha, and Istanbul [1] - After the launch, the total number of weekly round trips from Guangzhou to the Middle East will reach 27 [1] Group 3: Strategic Partnerships - China Southern Airlines has partnered with Saudi Arabian Airlines to facilitate convenient connections for passengers traveling to 18 destinations within Saudi Arabia, the Middle East, and Africa [1]

Core Insights - China Southern Airlines (CSA) successfully launched its inaugural flight from Guangzhou to Riyadh, Saudi Arabia, on September 2, carrying 263 passengers [1][3] - The new route has received a strong market response, with an occupancy rate nearing 100% [3] - The route will be operated by an Airbus A330 aircraft, with three round trips scheduled weekly on Tuesdays, Thursdays, and Saturdays [3] Flight Details - The outbound flight number is CZ375, with a flight duration of approximately 9.5 hours, while the return flight number is CZ376, taking about 8.5 hours [3] - Following the launch of this route, the total number of weekly round trips from Guangzhou to the Middle East will increase to 27 [3]

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8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9月2日 I. 法定/註冊股本變動 | 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 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,643,997,308 | RMB | | 1 | RMB | | 4,643,997,308 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,643,997,308 | RMB | | | 1 RMB | | 4,643,997,308 | | 2. 股 ...

Market Overview - On September 2, the aviation and airport sector declined by 0.63%, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Key stocks in the aviation sector showed varied performance, with China Eastern Airlines closing at 4.01, up 0.50%, while Huaxia Airlines closed at 8.75, down 2.78% [1][2] - Other notable declines included China Southern Airlines at 5.91, down 1.01%, and Shanghai Airport at 32.17, down 0.59% [1][2] Trading Volume and Capital Flow - The aviation and airport sector experienced a net outflow of 322 million yuan from institutional investors, while retail investors saw a net inflow of 229 million yuan [2] - The trading volume for major stocks included China Eastern Airlines with 897,200 shares traded and a transaction value of 360 million yuan [1] Individual Stock Capital Flow - China National Airlines had a net inflow of 507,500 yuan from institutional investors, while Huaxia Airlines saw a net outflow of 20.93 million yuan [3] - The largest net outflow was recorded for Baiyun Airport at 30.11 million yuan, with retail investors contributing a net inflow of 25.12 million yuan [3]

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8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9月2日 I. 法定/註冊股本變動 | 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 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,643,997,308 | RMB | | 1 | RMB | | 4,643,997,308 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,643,997,308 | RMB | | | 1 RMB | | 4,643,997,308 | | 2. 股 ...

Core Viewpoint - The A-share listed airlines have shown steady revenue growth in the first half of 2025, with state-owned airlines reducing losses significantly while private airlines achieved profitability, marking a notable turnaround in the industry [1][4]. Financial Performance of Major Airlines - The three major state-owned airlines (Air China, China Eastern Airlines, and China Southern Airlines) reported a combined loss of 4.77 billion yuan, a reduction of 2.008 billion yuan compared to the previous year [1][5]. - China Eastern Airlines had the least loss among the three, with a net loss of 1.431 billion yuan, a reduction of 1.337 billion yuan year-on-year [5][6]. - Revenue for the three major airlines increased significantly, with Air China reporting 80.757 billion yuan (up 1.6%), China Eastern Airlines at 66.822 billion yuan (up 4.09%), and China Southern Airlines at 86.291 billion yuan (up 1.77%) [4][5]. International Operations and Capacity - China Eastern Airlines expanded its international operations, opening 14 new international routes and restoring flight numbers to over 110% of 2019 levels [5][6]. - The international passenger capacity for China Eastern Airlines increased by 24.38%, while domestic capacity rose by 1.07% [6]. - The three major airlines saw significant growth in international passenger turnover, with China Eastern Airlines at 28.74%, China Southern Airlines at 25.88%, and Air China at 16.99% [6]. Cost Control Measures - China Eastern Airlines implemented a "cost hard battle" plan, focusing on detailed cost management, which resulted in an 8.08% decrease in fuel costs and a 26.89% reduction in financial expenses [9][10]. - Air China also emphasized cost control, reducing major costs such as fuel and operational expenses, leading to a financial expense reduction of 9.36% [9][10]. Performance of Private Airlines - Private airlines such as Spring Airlines, Juneyao Airlines, Huaxia Airlines, and Hainan Airlines achieved profitability, with Spring Airlines leading with a net profit of 1.169 billion yuan [1][10]. - Spring Airlines has maintained its profitability for two consecutive years, with net profits of 2.257 billion yuan in 2023 and 2.273 billion yuan in 2024 [10]. Market Conditions and Challenges - The average domestic economy class ticket price fell by 6.9% year-on-year in the first half of 2025, indicating pressure on pricing [11]. - The recovery of international routes has not yet reached pre-2019 levels, posing challenges for the three major airlines to achieve profitability [11].

Core Viewpoint - The article highlights the financial performance of China's major airlines during the first half of 2025, indicating that while state-owned airlines continue to incur losses, they have significantly reduced their losses, whereas private airlines have achieved profitability, showcasing a contrasting trend in the industry [1][4]. Group 1: Financial Performance of Major Airlines - The three major state-owned airlines (Air China, China Eastern Airlines, and China Southern Airlines) reported a combined loss of 4.77 billion yuan, which is a reduction of 2.008 billion yuan compared to the previous year [1][4]. - China Eastern Airlines had the least loss among the three, with a net loss of 1.431 billion yuan, a reduction of 1.337 billion yuan year-on-year [4]. - In contrast, four private airlines (Spring Airlines, Juneyao Airlines, China United Airlines, and Hainan Airlines) achieved profitability, with Spring Airlines leading with a net profit of 1.169 billion yuan [1]. Group 2: Revenue Growth and Cost Control - All three major airlines experienced revenue growth, with Air China reporting 80.757 billion yuan (up 1.6%), China Eastern Airlines at 66.822 billion yuan (up 4.09%), and China Southern Airlines at 86.291 billion yuan (up 1.77%) [4]. - The international operations of these airlines have been a significant factor in their revenue recovery, with China Eastern Airlines increasing its international passenger capacity by 24.38% and achieving a 28.74% increase in international passenger turnover [6][4]. - Cost control measures have become crucial, with China Eastern Airlines implementing a "cost hard battle" plan, resulting in an 8.08% decrease in fuel costs and a 26.89% reduction in financial expenses [9][10]. Group 3: Market Conditions and Challenges - Despite the improvements, the three major airlines have not yet returned to profitability due to several factors, including the burden of unprofitable routes and the incomplete recovery of the international market [7][11]. - The average ticket price for domestic economy class has decreased by 6.9% year-on-year, indicating ongoing pressure on revenue [11]. - The article suggests that the major airlines face significant challenges in achieving profitability in the near term, as the domestic ticket prices remain under pressure and international routes have not fully recovered to pre-2019 levels [11].

《中国民航报》、中国民航网 记者胡夕姮 通讯员梅莹、张萌、潘水花 报道：8月31日，在中国南方航 空CZ3679（上海浦东—珠海）航班上，一名孕早期旅客突发身体不适，随后在南航乘务组专业、细 致、温暖的全程守护下，最终转危为安。 当天航班起飞后不久，一名老人焦急地跑到后厨房求助："乘务员！能不能帮帮忙！我女儿很难受，她 刚怀孕一个月！"乘务员张薛立即前往旅客座位查看，发现57H座的旅客蜷缩在座位上，脸色苍白、双 手捂腹、浑身发抖，嘴里断断续续说着"想吐……喘不上气……好冷……"张薛一边轻声安抚，一边协同 组员迅速协调出附近整排的空座位，并铺好毛毯，扶助旅客平躺休息。 乘务长黄璟璐获悉后立即广播寻医，不巧的是，此时机上无医护人员。拥有十多年飞行经验的她赶到旅 客身边，见旅客指尖发抖、双手冰凉，当即搓热双手为其取暖。她坚定地安慰旅客："您别慌，我们受 过专业训练，一定能保护好您和孩子。"话音刚落，乘务员岳琳抱着氧气瓶快步走来。黄璟璐看到旅客 状态，果断决策供氧。岳琳为旅客戴好吸氧面罩，其他组员则分工照顾旅客同行的老人与孩子，维护好 客舱秩序，最大程度减少对其他旅客的影响。 （南航供图） 19时20分，旅客眉头终于 ...