航班筹备阶段，客舱乘务员便将爱意融入细节。客舱内，"南航伴您，七夕'翼'起" 等主题标语牌营造出 甜蜜氛围。登机时刻，旅客们惊喜开启浪漫之旅。乘务人员手持特色手牌，热情与旅客互动，送上诚挚 节日祝福。在飞行过程中，互动环节接连登场，幸运旅客收获小巧飞机模型，成为七夕独特纪念。旅客 纷纷在云端分享爱情故事、七夕期许，欢声笑语弥漫客舱。 此次主题航班，是南航新疆分公司对 "让更多人乐享美好飞行" 理念的生动践行。从乌鲁木齐至喀什航 线，不仅串联起地域，更串联起情感。借七夕契机，南航新疆分公司以优质服务为载体，传递浪漫与温 暖，让旅客在旅途里感受传统节日魅力，体验航空出行的温度。 《中国民航报》、中国民航网 记者李佳为 通讯员余桐报道："七夕"至，浪漫与航空相遇。2025年8月27 日，在南航新疆分公司CZ6804喀什至乌鲁木齐的航班上，精心打造了一场别开生面的七夕特别主题航 班活动，为旅客们编织了一段难忘的云端浪漫。 南航供图 当航班平稳落地，这段云端浪漫之旅暂告段落，但南航传递美好、缔造浪漫的初心始终延续，未来也将 继续在航线中书写更多温暖故事，陪伴旅客奔赴每一场美好 。（编辑：陈虹莹 校对：许浩存 审核：程 ...

Core Viewpoint - The financial performance of major Chinese airlines in the first half of 2025 shows a mixed picture, with state-owned airlines continuing to incur losses but at a reduced rate, while private airlines have achieved profitability. Group 1: State-Owned Airlines Performance - China National Airlines reported operating revenue of 80.757 billion yuan, a year-on-year increase of 1.6%, with a net loss of 1.806 billion yuan, a reduction in losses compared to the previous year [2] - China Eastern Airlines achieved operating revenue of 66.822 billion yuan, a year-on-year increase of 4.09%, with a net loss of 1.431 billion yuan, down from a loss of 2.768 billion yuan in the same period last year [2] - Southern Airlines reported operating revenue of 86.291 billion yuan, a year-on-year increase of 1.77%, with a net loss of 1.533 billion yuan, which is a 24.84% increase in losses compared to the previous year [3] Group 2: Private Airlines Performance - Hainan Airlines, Spring Airlines, Juneyao Airlines, and China Express Airlines all reported profits, with a total net profit of nearly 2 billion yuan [1] - Spring Airlines achieved a net profit of 1.169 billion yuan, although this represents a year-on-year decline of 14.11% [4] - Juneyao Airlines reported a net profit of 505 million yuan, an increase of 3.29% year-on-year [6] - China Express Airlines reported a net profit of 251 million yuan, a significant increase of 858.95% year-on-year [7] Group 3: Market Conditions and Trends - The aviation industry is experiencing a "volume up, price down" trend, with significant pressure on ticket prices leading to reduced revenue per passenger kilometer for major airlines [8] - The Civil Aviation Administration of China has emphasized the need to address "involution" in the aviation sector, which may improve airline profitability in the short term [8] - Airlines are actively expanding their markets and optimizing services, with China National Airlines implementing AI-driven customer service and China Eastern Airlines enhancing its product marketing strategies [9][10]

Core Viewpoint - The three major airlines in China have collectively reduced their losses by 2.008 billion yuan in the first half of 2023, with international routes being a key factor for performance improvement [1][3][5]. Financial Performance - The three major airlines reported a total loss of 4.77 billion yuan in the first half of the year, with Eastern Airlines having the least loss and the most significant reduction in losses [3][4]. - Air China reported revenue of 80.757 billion yuan, a year-on-year increase of 1.56%, with a net loss of 1.806 billion yuan, reduced by 976 million yuan [3]. - Eastern Airlines reported revenue of 66.822 billion yuan, a year-on-year increase of 4.09%, with a net loss of 1.431 billion yuan, reduced by 1.337 billion yuan [3]. - Southern Airlines reported revenue of 86.291 billion yuan, a year-on-year increase of 1.77%, with a net loss of 1.533 billion yuan, an increase in loss of 305 million yuan [3][4]. International Route Performance - International passenger revenue for the three major airlines saw double-digit growth, with Air China's international passenger revenue increasing by 16.09%, Eastern Airlines by 20.34%, and Southern Airlines by 15.74% [5][6]. - Eastern Airlines opened 14 new international routes in the first half of the year, becoming the domestic airline with the most international destinations [5][6]. Cost Management - The three major airlines have effectively controlled costs, with operating costs increasing by less than 5% year-on-year [1][8]. - The decline in fuel prices has significantly reduced fuel costs, with Air China, Eastern Airlines, and Southern Airlines seeing reductions of 10.34%, 8.08%, and 9.15% respectively [8][9]. - Financial expenses for Air China decreased by 9.36 billion yuan year-on-year, while Eastern Airlines implemented a cost management committee to enhance cost control [9][10]. Future Strategies - The airlines plan to capitalize on the traditional cargo peak season and explore new routes to South America to further improve profitability [10][11]. - Southern Airlines aims to optimize sales strategies and innovate products to enhance revenue, while Eastern Airlines focuses on expanding its network and reducing costs [11][12].

Core Viewpoint - The three major airlines in China have collectively reduced their losses by 2.008 billion yuan in the first half of 2025, with international routes being a key factor for performance improvement [1][3]. Financial Performance - The total loss for the three major airlines in the first half of 2025 was 4.77 billion yuan, a reduction of 2.008 billion yuan year-on-year [3]. - Air China reported a revenue of 80.757 billion yuan, a year-on-year increase of 1.56%, with a net loss of 1.806 billion yuan, reduced by 976 million yuan [2][3]. - Eastern Airlines achieved a revenue of 66.822 billion yuan, up 4.09% year-on-year, with a net loss of 1.431 billion yuan, reduced by 1.337 billion yuan [2][3]. - Southern Airlines reported a revenue of 86.291 billion yuan, a 1.77% increase, but a net loss of 1.533 billion yuan, which is an increase in loss by 305 million yuan [2][3]. International Route Performance - International passenger revenue for the three airlines saw significant growth, with Air China's international revenue up 16.09%, Eastern Airlines up 20.34%, and Southern Airlines up 15.74% [7]. - Eastern Airlines expanded its international route network by opening 14 new international routes, becoming the domestic airline with the most international destinations [7]. - The capacity and passenger turnover for international routes increased significantly, with Eastern Airlines' international capacity up 24.38% and passenger turnover up 28.74% [7]. Cost Management - The three airlines managed to keep their cost increases below 5% year-on-year, with specific increases of 1.14% for Air China, 3.27% for Eastern Airlines, and 0.17% for Southern Airlines [11]. - The decline in fuel prices contributed to a significant reduction in fuel costs, with Air China, Eastern Airlines, and Southern Airlines seeing decreases of 10.34%, 8.08%, and 9.15% respectively [11]. - Eastern Airlines implemented a cost management committee to enhance control over major costs, achieving a 9.5% reduction in average bridge time at major airports [12]. Future Strategies - The airlines plan to capitalize on the traditional peak season for cargo and explore new routes, including Southern Airlines' focus on the South American market [13][15]. - Eastern Airlines aims to enhance its network layout and increase domestic and international flight offerings, particularly targeting emerging markets in the Middle East, Africa, and South America [15].

Group 1: Airline Performance - All listed airlines in A-shares have reported their 2025 semi-annual results, with private airlines achieving profitability while state-owned airlines continue to incur losses [1] - Spring Airlines has reported the highest net profit among private airlines at 1.169 billion yuan, making it the most profitable listed airline in mainland China for the first half of the year [1] - In contrast, the three major state-owned airlines, Air China, China Eastern Airlines, and China Southern Airlines, reported losses of 1.806 billion yuan, 1.441 billion yuan, and 1.533 billion yuan respectively in the first half of the year [2] Group 2: Market Dynamics - The disparity in performance among airlines is attributed to the slower-than-expected recovery of international routes and ongoing competition in the domestic market [2] - International passenger flights in civil aviation increased by 24.9% year-on-year in the first half of the year, but still fell 12% compared to 2019 levels, indicating that international flight volumes have not fully recovered [2] - Private airlines like Spring Airlines and Juneyao Airlines, which focus on international routes primarily to neighboring countries, are less affected by the slow recovery of international markets compared to state-owned airlines [2][3] Group 3: Revenue and Cost Management - Spring Airlines reported a significant increase in capacity on Japanese routes, with a year-on-year growth of over 116.8%, positively impacting revenue performance [3] - Despite the overall revenue decline in domestic routes, cost control has become crucial for maintaining performance, with private airlines like Spring Airlines having more advantages in this area compared to state-owned airlines [3] Group 4: Airport and Cargo Performance - Among seven listed airport companies, five reported profits in the first half of the year, while only two, Meilan Airport and Capital Airport, continued to incur losses [4] - Capital Airport has faced continuous losses since 2020, with cumulative losses exceeding 10 billion yuan, largely due to competition from Beijing Daxing Airport [4] - Cargo logistics companies also reported profit growth, with China National Aviation and Eastern Air Logistics earning 1.24 billion yuan and 1.289 billion yuan respectively, reflecting a positive trend in global air cargo demand [5] Group 5: Global Cargo Trends - The global air cargo demand is on the rise, with a year-on-year increase of 2.8% in cargo ton-kilometers in the first half of the year, and a significant growth of 8.4% in the Asia-Pacific region [5] - China's air cargo export volume reached 2.67 million tons, a year-on-year increase of 11.6%, with international cargo transport volumes hitting record highs [5] - However, adjustments in U.S. tariff policies and the cancellation of small package exemptions are impacting air carriers, with negative growth observed in exports to North America [5][6]

Group 1 - The core viewpoint of the article is that China Southern Airlines reported a revenue of 86.291 billion yuan for the first half of the year, reflecting a year-on-year growth of 1.77% [1] - The company experienced a net loss attributable to shareholders of 1.533 billion yuan during the same period [1] - The basic earnings per share for the company were reported at -0.08 yuan [1]

Core Viewpoint - China Southern Airlines reported an increase in revenue but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite higher sales [1] Financial Performance - Total operating revenue reached 86.291 billion yuan, a year-on-year increase of 1.77% [1] - Net profit attributable to shareholders was -1.533 billion yuan, a decrease of 24.84% year-on-year [1] - In Q2 2025, operating revenue was 42.884 billion yuan, up 6.71% year-on-year, while net profit was -0.786 billion yuan, an increase of 60.38% year-on-year [1] - Gross margin improved to 8.81%, up 19.74% year-on-year, while net margin decreased to -0.96%, down 55.72% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 8.427 billion yuan, accounting for 9.77% of revenue, a decrease of 4.02% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) was -0.08 yuan, a decrease of 14.29% year-on-year [1] - Cash flow per share was 0.79 yuan, down 8.71% year-on-year [1] - Return on Invested Capital (ROIC) for the previous year was 2.2%, indicating weak capital returns [1] - The company has recorded a median ROIC of 2.37% over the past decade, with a particularly poor performance in 2022 at -10.05% [1] Debt and Cash Flow - Cash and cash equivalents increased by 32.60% to 15.149 billion yuan [1] - Interest-bearing liabilities decreased by 10.68% to 120.48 billion yuan [1] - The ratio of cash to current liabilities is 13.38%, and the average operating cash flow to current liabilities over the past three years is 19.14% [3] Fund Holdings - The largest fund holding China Southern Airlines is the ICBC Convertible Bond Fund, with 40.9963 million shares, newly entering the top ten holdings [4] - Other notable funds include GF Ruiyi Leading Mixed A and Fortune China Tourism Theme ETF, which have increased their holdings [4]

证券代码：600029 证券简称：南方航空 公告编号：临 2025-042 中国南方航空股份有限公司 第十届监事会第八次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 "本公司""公司"）第十届监事会第八次会议在广州市白云区 齐心路 68 号中国南方航空大厦 34 楼 33A12 会议室以现场会议 方式召开。应出席会议监事 3 人，实际出席会议监事 3 人，杨斌 监事因公未亲自出席本次会议，授权魏振兴监事代为出席会议并 表决。本次会议由监事会主席张弢先生主持，公司部分高级管理 人员列席。本次会议的通知和资料已以书面方式发出。会议的召 开及表决等程序符合《中华人民共和国公司法》、本公司章程和 本公司监事会议事规则的有关规定。 二、监事会会议审议情况 经出席本次监事会的监事审议并表决，一致通过以下议案： （一）关于公司 2025 年半年度报告全文、摘要及业绩公告 的议案； 公司监事会全体成员对本公司 2025 年半年度报告全文、摘 要及业绩公告进行了审核，发表审核意见如下： （三）关于公司 ...

Core Viewpoint - China Southern Airlines is revising its Articles of Association, Shareholders' Meeting Rules, and Board Meeting Rules, and will abolish the Supervisory Board, transferring its responsibilities to the Audit and Risk Management Committee of the Board [1][2]. Summary by Sections Company Articles of Association - The company will no longer have a Supervisory Board, with its powers being transferred to the Audit and Risk Management Committee [2]. - The legal representative of the company will be the chairman of the board, who will execute company affairs [3]. - The company’s assets are divided into equal shares, and shareholders are liable only to the extent of their subscribed shares [4]. Shareholders' Meeting Rules - The revised rules will allow shareholders to propose matters for discussion, and the rules will be subject to approval by the shareholders' meeting [2][4]. - The rules outline the rights and obligations of shareholders, ensuring equal rights for shareholders of the same class of shares [6][7]. Board Meeting Rules - The board will have the authority to make decisions regarding the company’s operations, including capital increases and significant asset transactions [6][7]. - The board is required to convene meetings under specific circumstances, such as when the number of directors falls below legal requirements [22][23]. Transition and Implementation - The revisions will take effect after approval by the shareholders' meeting [2]. - The company will ensure compliance with relevant laws and regulations during the transition [2][19].

Key Points - The core viewpoint of the report indicates that China Southern Airlines has shown a slight increase in total assets and operating revenue, while experiencing a significant reduction in net losses compared to the previous year [1][2]. Financial Performance - Total assets at the end of the reporting period reached RMB 336,535 million, an increase of 2.06% from the previous year [1]. - Operating revenue for the first half of 2025 was RMB 86,291 million, reflecting a growth of 1.77% year-on-year [1]. - The total profit amounted to RMB 596 million, a substantial increase of 274.84% compared to the same period last year [1]. - The net loss attributable to shareholders was RMB 1,533 million, a decrease of 24.84% from RMB 1,228 million in the previous year [1]. - The net loss attributable to shareholders after deducting non-recurring items was RMB 2,033 million, down 41.31% from RMB 3,464 million year-on-year [1]. - The net cash flow from operating activities was reported, with a weighted average return on equity of -4.51%, a decrease of 1.11 percentage points [1]. Shareholder Information - The total number of shareholders at the end of the reporting period was 139,951 [2]. - The largest shareholder, China Southern Airlines Group, holds 51.90% of the shares, amounting to 9,404,468,936 shares [2]. - Other significant shareholders include Nanjing Long Holdings with 14.41% and Hong Kong Central Clearing with 9.66% [2]. Debt Instruments - The company has issued several medium-term notes and short-term financing bonds, with varying amounts and interest rates, indicating ongoing financing activities [4][5][6]. - The debt-to-asset ratio at the end of the reporting period was 84.62%, slightly up from 84.05% at the end of the previous year [7]. Operational Highlights - The EBITDA interest coverage ratio improved to 6 from 5 in the previous year, indicating better earnings relative to interest expenses [8].