中国南方航空股份有限公司 2024 年度监事会工作报告 报告期内，中国南方航空股份有限公司（以下简称公司）监 事会按照《公司法》《证券法》《中国南方航空股份有限公司章程》 （以下简称《公司章程》）《中国南方航空股份有限公司监事会议 事规则》（以下简称《公司监事会议事规则》）等有关规定，认真 履行职责，切实维护公司利益和广大股东权益。现将监事会 2024 年工作情况汇报如下： 一、监事会召开会议情况 报告期内，公司监事会共召开了 7 次会议，均以现场方式召 开。具体如下： 1.2024 年 3 月 27 日，第九届监事会第十八次会议审议通过 关于公司 2023 年度监事会工作报告的议案，关于公司 2023 年度 报告全文、摘要及业绩公告的议案，关于公司 2023 年度经审计合 并财务报告的议案，关于公司 2023 年利润分配预案的议案，关于 公司 2024 年套期保值计划及方案的议案，关于 2023 年度 A 股募 集资金存放与实际使用情况报告的议案，关于公司前次募集资金 使用情况报告的议案，关于对南航财务公司的风险持续评估报告 的议案，关于未弥补亏损达股本总额三分之一的议案，关于公司 2023 年度内部控制评 ...

证券代码：600029 证券简称：南方航空 公告编号：临 2025-017 中国南方航空股份有限公司 关于 2024 年度拟不进行利润分配的公告 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： ●本次利润分配预案已经公司第十届董事会第六次会议、第 十届监事会第五次会议审议通过，尚需提请公司2024年年度股东 会审议。 ●公司不触及《上海证券交易所股票上市规则》第9.8.1条 第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配预案的内容 经毕马威华振会计师事务所（特殊普通合伙）审计，截至2024 年12月31日，本公司的母公司报表中期末未分配利润为人民币 -505.28亿元。公司第十届董事会第六次会议审议通过了2024年 利润分配预案的议案，鉴于2024年公司不符合《公司章程》规定 1 的利润分配条件，公司2024年度拟不进行利润分配及资本公积转 增股本。本次利润分配预案尚需提请公司2024年年度股东会审 议。 ●中国南方航空股份有限公司（以下简称"公司""本公司"） 2024年度拟不进行利润分 ...

Investment Rating - The report maintains an "Overweight" rating for the aviation industry [1] Core Viewpoints - The aviation industry shows a long-term growth logic, with passenger traffic in January-February increasing by 6% year-on-year, and load factors recovering to 2019 levels. The new flight season is expected to support supply and demand recovery, with anticipated growth in business travel and ticket price recovery. Improved cost pressures may aid in better-than-expected profit recovery [3][4] Summary by Sections Passenger Traffic - During the Spring Festival period of 40 days, passenger volume increased by 7.4% year-on-year, reaching a new high. For January-February, the industry passenger volume grew by 6% year-on-year, which is an 18% increase compared to 2019. Domestic and international traffic increased by 3% and 39% year-on-year, respectively, with international traffic showing positive growth for the first time compared to 2019 [3][20] Load Factor - The industry load factor for January-February was 84%, up by 1.7 percentage points year-on-year, remaining consistent with 2019 levels. This trend continues from December 2024, where the increase compared to 2019 has narrowed [20][21] Ticket Prices - By the end of 2024, airlines' revenue management strategies have positively changed, continuing into the Spring Festival. Due to high base numbers and a reduction in fuel surcharges, it is estimated that domestic ticket prices fell by 5% year-on-year in January-February, with prices including fuel dropping by nearly 10%. After the Lantern Festival, domestic ticket prices remained stable year-on-year, and recently began to rise with the recovery of business travel post the Two Sessions [3][20] Airline Operations - In January-February, the turnover of airlines continued to improve year-on-year, with expectations that the growth rate of domestic Available Seat Kilometers (ASK) will gradually decrease. The first quarter of 2025 is expected to see continued improvement in fleet turnover and load factors, with a year-on-year increase in ASK of 5% for the three major airlines compared to 2019 [3][20] Flight Schedule Changes - The summer flight season will begin on March 30, 2025. The total planned flight volume is expected to decrease by 3% year-on-year, while actual flight operations are anticipated to stabilize. Domestic flight plans are expected to decrease by 3.9% year-on-year, while international flight plans are projected to increase by 4% year-on-year, recovering nearly 84% compared to the summer season of 2019 [3][20] Profitability Outlook - The report suggests that the recovery in profitability for airlines may exceed expectations due to improved unit non-fuel cost pressures and a 10% year-on-year decrease in aviation fuel prices. The consensus among airlines is that ticket price recovery is expected in 2025, with a focus on business demand growth and ticket price recovery [3][20] Company Ratings - The report maintains an "Overweight" rating for several airlines, including Air China, Juneyao Airlines, China Southern Airlines, Spring Airlines, and China Eastern Airlines [3][32]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The new ship orders for dry bulk carriers have dropped to a near historical low, with a 92% year-on-year decline in the first two months of 2025, marking the lowest level in at least 30 years. Factors such as low freight rates, high new ship costs, long delivery times, and market uncertainty are suppressing new orders [3][15] - South Korea plans to implement a phased visa exemption for Chinese group tourists, with the International Air Transport Association (IATA) projecting that China will become the world's largest air passenger market by 2030 [3][16][17] - In February 2025, the express delivery business volume reached 13.59 billion pieces, a year-on-year increase of 58.8%, indicating a strong recovery and robust market demand in the industry [3][25] Summary by Sections 1. Industry Hot Events - The U.S. Trade Representative proposed fees on ships built in China, leading to a significant drop in new dry bulk carrier orders [14] - South Korea's phased visa exemption for Chinese tourists aims to boost tourism and economic cooperation [16] - February's express delivery volume reached 13.59 billion pieces, reflecting a strong recovery in the postal industry [24][25] 2. Industry High-Frequency Data Tracking - Air logistics: Stable capacity on routes from China to the Asia-Pacific region [28] - Shipping ports: Container shipping price index decreased while dry bulk freight rates increased [42] - Express logistics: February express delivery volume increased by 58.75% year-on-year [54] - Air travel: Daily average international flights increased by 21.09% year-on-year in March [84] - Road and rail: Nationwide highway truck traffic increased by 3.45% [98] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy Shipping [5] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [5] - Investment opportunities in cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [5] - E-commerce and express delivery investment opportunities, recommending SF Express and Jitu Express [5] - Investment opportunities in the aviation sector, recommending China Southern Airlines and Spring Airlines [5]

证券代码：600029 证券简称：南方航空 公告编号：临 2025-010 中国南方航空股份有限公司 关于召开 2024 年度业绩说明会的公告 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： http://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心视频直播和网络文字互动 ● 投资者可于 2025 年 3 月 21 日（星期五）至 3 月 26 日（星 期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏 目或通过公司邮箱 ir@csair.com 进行提问，邮件标题请注明"600029 业绩说明会"，公司将在说明会上对投资者普遍关注的问题进行回 答。 中国南方航空股份有限公司（以下简称"公司"）2025 年 3 月 27 日发布公司 2024 年度报告，为便于广大投资者更全面深入地了 1 ● 会议召开时间：2025 年 3 月 27 日（星期四）16:00-17:00 ● 会议召开地点：上海证券交易所上证路演中心（网址： 解公司 2024 年度经营成果、财务状况， ...

证券代码：600029 证券简称：南方航空 公告编号：临2025-011 特此公告。 中国南方航空股份有限公司董事会 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。 2025 年 3 月 21 日 2025 年 3 月 21 日，中国南方航空股份有限公司（以下简称 "公司"）董事会收到罗来君先生提交的辞任申请。因工作变动， 罗来君先生申请辞去公司执行董事、董事会提名委员会委员及薪 酬与考核委员会委员职务。 1 鉴于罗来君先生的辞任不会导致公司董事会低于法定最低 人数要求，根据法律法规和公司章程的规定，罗来君先生的辞任 自 2025 年 3 月 21 日起生效。 中国南方航空股份有限公司 关于董事辞任的公告 罗来君先生确认与公司董事会和公司无不同意见，亦不存在 公司股东需要知悉有关其辞任的其他事宜。董事会对罗来君先生 在任职期间作出的重要贡献表示诚挚的感谢。 ...

Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2][8] Core Viewpoints - The industry has maintained a high passenger load factor since the beginning of 2025, with a slight year-on-year decline in domestic capacity in January and February. The recent decline in ticket prices has narrowed, and if travel demand continues to grow, ticket prices may turn positive year-on-year in the second and third quarters [3][10] - The supply growth rate for capacity in 2025 is expected to slow down, and with ticket prices at low levels following significant declines in 2024, there is potential for airline performance to rebound with economic recovery and increased travel demand. Factors such as declining oil prices and stable exchange rates also suggest upward potential for airline profits [3][10] Summary by Sections Industry Supply and Demand - The monthly passenger load factor remains high, with January 2025 data showing a year-on-year increase in Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) of 13.7% and 18.1%, respectively. The load factor reached 82.8%, up 3.1 percentage points year-on-year [4][13] - Domestic line turnover increased by 10% year-on-year in January 2025, while international and regional lines recovered to 107.5% of 2019 levels [18] Ticket Pricing - After the Spring Festival, the year-on-year difference in ticket prices has gradually narrowed. As of early March 2025, the average ticket price was 560 yuan, down 12.6% year-on-year. The weekly average ticket prices showed a decreasing trend in year-on-year declines, indicating a potential stabilization in pricing [20][21] Oil and Exchange Rates - The average price of aviation kerosene in Q1 2025 was 5,952 yuan per ton, down 10% year-on-year. Brent crude oil prices were stable, with a settlement price of $71.07 per barrel as of March 17, 2025, a decrease of 4.8% from the end of 2024. The exchange rate remained stable, with the USD to RMB exchange rate at 7.1733 as of March 18, 2025, a slight decrease of 0.21% from the end of 2024 [5][32] Airline Operations - In January and February 2025, domestic airline capacity saw a slight year-on-year decline, while the passenger load factor remained high. Most airlines reported international capacity and turnover exceeding 2019 levels, although there were still discrepancies in load factors [38][40] - In February, China Eastern Airlines had the highest net increase in aircraft, adding 5 aircraft, while other airlines also saw increases. Cumulatively, China Eastern, China Southern, and Air China saw net increases of 8, 6, and 4 aircraft, respectively [52]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1] Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the oil tanker sector [2][7] - The express delivery business volume has shown significant year-on-year growth, with a reported increase of 21.5% in 2024 [3] Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers, which constitutes about 20% of the global tanker fleet [7] - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7] Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10] - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11] - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11] Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a 3.99% increase from the previous week [17] - Year-to-date, the average daily collection volume is about 495 million pieces, reflecting a 36.00% increase year-on-year [17] - In 2024, the express delivery business volume increased by 21.5% year-on-year, with revenue up by 13.8% [3] Shipping Data - The BDI index for dry bulk shipping was reported at 1,517 points, a 20% increase week-on-week [48] - The VLCC-TCE rate was $38,329 per day, a 3% decrease week-on-week [49] Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4]

Investment Rating - The report maintains an "Outperform" rating for the aviation sector, recommending a focus on specific airlines and related companies [77]. Core Insights - Domestic flight schedules have decreased by 4% compared to 2024, but show a 22% increase compared to 2019, indicating a further easing of domestic supply [7][8]. - International flight schedules are steadily recovering, with plans to restore to 81% of 2019 levels, reflecting a 5% increase compared to 2024 [7][50]. - The overall daily flight schedule for domestic airlines is projected at 17,519 flights, an 18% increase from 2019 [7][8]. Summary by Sections Domestic Market Overview - Domestic flight schedules for the summer-autumn season of 2025 are expected to average 16,081 flights, down 4% from 2024 but up 22% from 2019 [5][11]. - The total daily flight schedule for coordinated airports is projected at 8,041 flights, a 21% increase from 2019 [7][11]. International Market Overview - The average daily international and regional flights are set at 2,487, recovering to 81% of 2019 levels [50][61]. - Specific regional recovery rates include 78% for Australia, 26% for North America, and 95% for Northeast Asia [50][51]. Investment Analysis - The report suggests that external factors such as oil prices and currency exchange rates are improving, which could enhance airline profitability as domestic demand recovers [7][76]. - Recommended airlines include China National Aviation, Spring Airlines, China Eastern Airlines, and others, with a focus on the overall aviation sector's recovery potential [76][77].