Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company recorded a net loss of 1.696 billion yuan in 2024, a reduction of 59.71% year-on-year, aligning with expectations [6] - Total operating revenue for 2024 reached 174.224 billion yuan, reflecting an 8.94% year-on-year growth [6] - The company is gradually moving towards a profit phase, with projected net profits of 3.64 billion yuan in 2025 and 7.229 billion yuan in 2026 [6] Financial Data and Profit Forecast - Total operating revenue (in million yuan): - 2023: 159,929 - 2024: 174,224 - 2025E: 176,292 - 2026E: 186,869 - 2027E: 196,419 [8] - Net profit (in million yuan): - 2023: -4,209 - 2024: -1,696 - 2025E: 3,640 - 2026E: 7,229 - 2027E: 9,823 [8] - The company expects a gross margin improvement from 8.4% in 2024 to 12.8% by 2027 [6] Operational Data - The company’s capacity and volume continued to recover in 2024, with overall ASK (Available Seat Kilometers) increasing by 14.8% year-on-year [6] - Domestic RPK (Revenue Passenger Kilometers) recovered to 118.5% of the 2019 level, with a year-on-year increase of 11.3% [6] - The company plans to increase its fleet by 53, 55, and 59 aircraft in the years 2025 to 2027, respectively [6]

Financial Performance - In 2024, the company achieved operating revenue of RMB 174,224 million, an increase of 8.94% compared to RMB 159,929 million in 2023[20]. - The net loss attributable to shareholders was RMB (1,696) million, a significant improvement of 59.71% from RMB (4,209) million in the previous year[20]. - The cash flow from operating activities was RMB 31,445 million, a decrease of 21.65% from RMB 40,134 million in 2023[20]. - The total assets at the end of 2024 were RMB 329,738 million, reflecting a growth of 6.63% from RMB 309,226 million at the end of 2023[20]. - The basic loss per share improved to RMB (0.09) from RMB (0.23) in 2023, marking a 60.87% reduction in losses[21]. - The weighted average return on equity increased by 6.09 percentage points to (4.72)% compared to (10.81)% in 2023[21]. - The total operating revenue for the reporting period was RMB 174,224 million, an increase of RMB 14,295 million or 8.94% year-on-year[64]. - The total operating cost was RMB 159,571 million, an increase of RMB 11,989 million or 8.12% year-on-year, with fuel costs rising to RMB 54,989 million, up 5.65%[65]. - The net cash inflow from operating activities was RMB 31,445 million, a decrease of 21.65% compared to the previous year[81]. - The total liabilities increased to RMB 277,143 million, up 7.74% from the end of the previous year, with current liabilities accounting for 49.94% of total liabilities[67]. Operational Highlights - The company reported a total passenger transport volume of 1.65 billion people, contributing to a significant operational scale in the aviation sector[33]. - The company achieved a passenger transport volume increase of 15.8% and a cargo mail transport volume increase of 15.7% during the reporting period[35]. - The total revenue passenger kilometers (RPK) reached 305,965.93 million, up 23.90% from 246,947.23 million in the previous year[42]. - The total revenue ton kilometers (RTK) increased by 21.54% to 36,207.79 million from 29,791.11 million[42]. - The average passenger load factor improved to 84.38%, an increase of 6.28 percentage points compared to the previous year[43]. - The total number of flights increased by 5.50% to 1,135.10 thousand flights in 2024 from 1,075.95 thousand flights in 2023[44]. - The fleet size reached 917 aircraft, with 345 owned, 241 under finance lease, and 331 under operating lease[45]. Strategic Initiatives - The company aims to build a world-class airline by 2025, focusing on core air transport and collaborative development[55]. - The company is enhancing its hub network strategy, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area[54]. - The company plans to accelerate the construction of the Beijing Daxing hub and implement digital transformation initiatives[56]. - The company is focusing on strengthening its hub network strategy centered around Guangzhou and Beijing, aiming to enhance its international hub capabilities[59]. - The company is advancing its digital transformation initiatives, with key performance indicators such as social media followers and app downloads ranking among the industry leaders[62]. - The company is committed to advancing digital transformation and strategic industry adjustments to enhance competitiveness and market responsiveness[120]. Governance and Compliance - The company guarantees the authenticity, accuracy, and completeness of the annual report, with no false records or major omissions[5]. - The audit report issued by KPMG Huazhen shows a standard unqualified opinion for the company[5]. - The company’s governance structure complies with relevant laws and regulations, ensuring a balanced decision-making process among its governing bodies[140]. - The company held 2 shareholder meetings and 2 category shareholder meetings during the reporting period, ensuring all shareholders, especially minority investors, could participate in decision-making through online voting[143]. - The board of directors consists of 6 members, including 3 executive directors and 3 independent directors, and held 8 board meetings during the reporting period[144]. - The company received an A-level rating for information disclosure from the Shanghai Stock Exchange for the 2023-2024 period, marking the 11th consecutive year of receiving this rating[153]. Risk Factors - The company faces macroeconomic risks that could impact demand for air passenger and cargo services, directly affecting business performance[125]. - The company is exposed to fuel price fluctuations, with a 10% increase in average fuel prices potentially raising operating costs by RMB 5,499 million[136]. - The company has a significant capital expenditure risk due to high fixed costs associated with aircraft operations, which could lead to financial difficulties if business conditions deteriorate[133]. - The company’s financial performance is sensitive to exchange rate fluctuations, with a 1% change in the USD/CNY exchange rate potentially impacting shareholder equity by RMB 289 million[134]. - The company is subject to regulatory risks related to macroeconomic policies, which could affect its operational performance and future business development[126]. Future Outlook - The company projects that by 2025, global air transport revenue will exceed $1 trillion, with a 4.4% year-on-year growth[111]. - In China, the aviation industry is expected to achieve a passenger transport volume of 780 million by 2025, driven by rising national income and increased public holidays[112]. - The company aims to establish a world-class aviation transport enterprise by 2025, focusing on core aviation operations and collaborative development[113]. - The company plans to deliver a total of 970 aircraft by the end of 2025, with 91 deliveries expected in that year, and a total of 1,084 aircraft by the end of 2027[122]. Employee and Management - The company reported a total of 102,597 employees, with 67,303 in the parent company and 35,294 in major subsidiaries[188]. - The company has established a market-oriented personnel selection and incentive mechanism to enhance employee motivation and performance linkage[189]. - The total pre-tax remuneration for all directors, supervisors, and senior management during the reporting period amounted to RMB 8.2459 million, including deferred compensation[172]. - The company has appointed new senior management members, including a new Chief Safety Officer and a new Chief Flight Officer, indicating a restructuring in leadership[159]. - The company is actively engaging in performance assessments to align management compensation with company performance metrics[159].

Core Points - China Southern Airlines reported a total operating revenue of 174.22 billion yuan for the year 2024, an increase of 8.94% year-on-year [1] - The loss attributable to equity holders narrowed to 1.769 billion yuan, a decrease of 57.27% compared to the previous year [1] - The basic loss per share was 0.1 yuan [1] Revenue Breakdown - The majority of the company's operating revenue comes from air transportation, accounting for 94.79% in 2024 [1] - In 2024, passenger revenue constituted 88.68% of total transportation revenue, while cargo and mail revenue made up 11.32% [1] - Total transportation revenue increased by 9.05% year-on-year to 165.145 billion yuan, driven by growth in both passenger and cargo revenues [1] Passenger Metrics - Passenger revenue rose from 136.17 billion yuan in 2023 to 146.45 billion yuan in 2024, marking a 7.55% increase [2] - Total passenger numbers increased by 15.84% to 165 million in 2024 [2] - Revenue passenger kilometers (RPK) grew by 23.90% from 246.947 billion RPK in 2023 to 305.966 billion RPK in 2024, primarily due to increased production capacity [2]

Financial Performance - Total operating revenue for the year ended December 31, 2024, was RMB 174,224 million, an increase of 8.06% from RMB 159,929 million in 2023[4] - Transportation revenue reached RMB 165,145 million, up 9.06% from RMB 151,445 million in the previous year[4] - The company reported a net profit of RMB 25 million for 2024, a significant recovery from a net loss of RMB 2,957 million in 2023[5] - Basic and diluted loss per share improved to RMB 0.10 from RMB 0.23 in the previous year[5] - The company reported a net loss of RMB 1,769 million for the year ending December 31, 2024, with total comprehensive income amounting to a loss of RMB 60 million[10] - The company’s net profit for the year ending December 31, 2023, was a loss of RMB 4,140 million, resulting in a total comprehensive loss of RMB 3,040 million[9] - The company reported a net profit of RMB 154 million for the fiscal year ending December 31, 2024, compared to a net loss of RMB 3,082 million in 2023, indicating a substantial improvement in profitability[32][33] - The net loss attributable to equity holders for 2024 was RMB 1,769 million, compared to a net loss of RMB 4,140 million in 2023, indicating a significant improvement[84] Operating Expenses - Operating expenses totaled RMB 171,806 million, reflecting an increase of 8.06% compared to RMB 159,052 million in 2023[5] - Operating expenses for flights rose to RMB 83,046 million in 2024, up from RMB 76,799 million in 2023, representing an increase of about 8.5%[44] - Fuel costs increased to RMB 54,989 million in 2024 from RMB 52,050 million in 2023, marking a rise of approximately 5.6%[44] - Operating expenses for 2024 totaled RMB 171,806 million, an increase of 8.14% from RMB 159,052 million in 2023[91] - Flight operating expenses accounted for 48.34% of total operating expenses, rising 8.13% from RMB 76,799 million in 2023 to RMB 83,046 million in 2024, primarily due to increased flight volume and fuel costs[91] Assets and Liabilities - Non-current assets increased to RMB 292,216 million as of December 31, 2024, compared to RMB 281,657 million in 2023[7] - Current liabilities rose to RMB 138,402 million, up from RMB 134,934 million in the previous year[8] - Total assets less current liabilities increased to RMB 191,577 million from RMB 174,662 million in 2023[8] - The total liabilities increased from RMB 129,436 million to RMB 134,934 million due to the reclassification of convertible bonds as current liabilities[20] - The total assets as of December 31, 2024, amounted to RMB 329,738 million, up from RMB 309,226 million in 2023, representing an increase of 6.65%[64] - The company's total liabilities rose to RMB 277,143 million in 2024, compared to RMB 257,229 million in 2023, marking an increase of 7.73%[66] Revenue Growth - The total revenue from customer contracts for 2024 is projected to be RMB 173,838 million, compared to RMB 159,566 million in 2023, indicating a growth of approximately 8.9%[26] - The revenue from cargo operations increased from RMB 15,275 million in 2023 to RMB 18,695 million in 2024, reflecting a growth of about 22.5%[26] - International passenger revenue surged by 52.64% from RMB 21,616 million in 2023 to RMB 32,994 million in 2024[89] - Cargo and mail revenue increased by 22.39% to RMB 18,695 million in 2024, up from RMB 15,275 million in 2023, due to rising international demand[89] Market and Operational Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[3] - The company has implemented a strategy to enhance market competitiveness, focusing on optimizing operational efficiency and customer segmentation[72] - The company aims to enhance core competitiveness and achieve high-quality development, focusing on sustainable and safe operations[120] - The company plans to deepen safety management systems and improve safety quality, targeting a stable safety status by 2025[121] Cash Flow and Investments - The company’s cash and cash equivalents increased to RMB 12,984 million, up from RMB 9,531 million in 2023[7] - The company added non-current assets worth RMB 40,788 million in 2024, significantly higher than the RMB 28,099 million added in 2023, indicating a strong investment in growth[32][35] - The group reported a net current liability of RMB 106,995 million as of December 31, 2023, an increase from RMB 101,497 million[20] Shareholder Equity - As of December 31, 2023, total equity attributable to the company's shareholders was RMB 37,071 million, a decrease from RMB 41,275 million at the beginning of the year[9] - By December 31, 2024, total equity attributable to the company's shareholders was RMB 34,943 million, down from RMB 37,071 million[10] - The total equity attributable to shareholders under Chinese accounting standards as of December 31, 2024, is RMB 34,729 million, down from RMB 36,784 million in 2023[68] Safety and Compliance - The company achieved a total of 314.8 million safe flight hours during the reporting period, maintaining a leading safety level in the Chinese civil aviation sector[71] - The company received an AA rating from China National New ESG evaluation, highlighting its commitment to sustainable development[76] Future Outlook - The global economic growth forecast for 2025 is projected at 3.3%, with China's economy expected to remain stable and resilient[119] - The group has committed to expanding domestic demand and stabilizing expectations through proactive macroeconomic policies[119]

证券代码：600029 证券简称：南方航空 公告编号：临 2025-013 中国南方航空股份有限公司 第十届监事会第五次会议决议公告 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 （二）关于提名张弢先生为公司第十届监事会股东代表监事 候选人的议案； 根据本公司控股股东中国南方航空集团有限公司的推荐，监 事会同意提名张弢先生为本公司第十届监事会股东代表监事候 选人（简历附后）。监事会同意将此议案提交本公司股东会审议。 表决情况：同意 3 票、反对 0 票、弃权 0 票。表决结果：通 过。 （三）关于公司 2024 年度报告全文、摘要及业绩公告的议 案； 2025 年 3 月 26 日，中国南方航空股份有限公司（以下简称 "本公司""公司"）第十届监事会第五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，任积东 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。本次会议由魏振兴监事主 ...

证券代码：600029 证券简称：南方航空 公告编号：临2025-012 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。 一、董事会会议召开情况 2025 年 3 月 26 日，中国南方航空股份有限公司（以下简称 "本公司""公司"）第十届董事会第六次会议在广州市白云区 齐心路 68 号中国南方航空大厦 33 楼 3301 会议室以现场会议结 合视频会议的方式召开。本次会议应出席会议董事 5 人，实际出 席会议董事 5 人，张俊生董事因公未亲自出席本次会议，授权郭 为董事代为出席会议并表决。本次会议由董事长马须伦先生主持， 公司部分监事及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》以及本公司章程的有关规定。 中国南方航空股份有限公司 第十届董事会第六次会议决议公告 二、董事会会议审议情况 经出席本次董事会的董事审议并表决，一致通过以下议案： 1 （一）关于公司 2024 年度董事会工作报告的议案； 表决情况：同意 5 票、反对 0 票、弃权 0 票，表决结 ...

Meeting Overview - The 5th meeting of the 10th Supervisory Board of China Southern Airlines was held in Guangzhou, with all 3 attending supervisors present [1] - The meeting was conducted in accordance with relevant laws and regulations [1] Resolutions Passed - The Supervisory Board unanimously approved the 2024 work report, which will be submitted to the annual shareholders' meeting for review [2] - Zhang Zhao was nominated as a candidate for the shareholder representative supervisor, with the proposal also submitted for shareholder meeting review [2] - The full text, summary, and performance announcement of the 2024 annual report were reviewed and approved, confirming compliance with legal and regulatory requirements [2] - The audited consolidated financial report for 2024 was approved [4] - The profit distribution plan for 2024 was approved [3] - The proposal regarding unmade losses reaching one-third of the total share capital was approved [4] - The financial derivatives business plan for 2025 was approved [4] - The report on the use of raised funds for 2024 was approved [4] - A risk assessment report for China Southern Airlines Group Financial Co., Ltd. was approved [4] - The internal control evaluation report for 2024 was approved [4] - The social responsibility and ESG report for 2024 was approved [4] - The shareholder dividend return plan for 2025-2027 was approved [5] Candidate Profile - Zhang Zhao, born in February 1973, holds a master's degree in management and has extensive experience in the aviation industry, including roles in Guizhou Airport Group and China Southern Airlines [5]

中国南方航空股份有限公司 内部控制审计报告 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了中 国南方航空股份有限公司（以下简称"南方航空"）2024 年 12 月 31 日的财务报告内部控制的 有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是南方航空董事会的责任。 毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计师事 务所，是与毕马威国际有限公司(英国私营担保有限公司)相关联的 独立成员所全球组织中的成员。 毕马威华振审字第 2507336 号 中国南方航空股份有限公司全体股东： 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见， 并对注意到的非财 ...

中国南方航空股份有限公司 独立董事 2024年度沭职报告 (张俊生) 2024年,作为中国南方航空股份有限公司(以下简称公 司）的独立董事,我严格遵照《公司法》《上市公司独立董 事管理办法》《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独立董事工 作制度》以及境内外上市地上市规则等法律法规的规定,忠 实、诚信、勤勉地履行独立董事的职责和义务,客观、独立、 公正地参与公司决策,全面了解公司经营运作,关注公司持 续健康发展,充分发挥自身专业优势,发表独立客观意见, 促进公司规范运作,切实维护全体股东,尤其是中小股东的 合法权益。 现将 2024 年度的履职情况汇报如下: 一、基本情况 (一)个人履历 我的独立董事任职符合相关法律法规要求,我本人擅长 财务、会计及审计等专业领域,个人工作履历如下: 男,1975年12月生(49岁),博士研究生学历,毕业 于厦门大学,获管理学博士学位,中共党员。曾担任华大智 造、恒生前海基金等公司独立董事。现任中山大学管理学院 院长、教授、博士生导师;保利发展控股集团股份有限公司 独立董事;全国会计专业研究生教育指导委员会委员;China 1 J ...