Financial Performance Expectations - The company expects a net loss attributable to shareholders for 2024 between RMB -1.25 billion and RMB -1.87 billion[3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between RMB -3.35 billion and RMB -4.38 billion[4] - In the same period last year, the net profit attributable to shareholders was RMB -4.209 billion, with a loss of RMB -6.420 billion when excluding non-recurring items[6] Operational Challenges - The company faces significant operational pressure due to slow recovery in international markets, rising costs of aircraft materials, and depreciation of the RMB[7] Strategic Goals - The company aims to enhance its core competitiveness in the market and improve passenger and cargo operations quality[7] Financial Reporting - The financial department is working diligently to prepare the 2024 financial report, ensuring no uncertainties affect the accuracy of the forecast[8] - The forecast data is preliminary and subject to change upon the release of the audited annual report[9]

Investment Rating - The investment rating for China Southern Airlines A is neutral with a target price of Rmb6.12 [5][6][24]. Core Insights - The report indicates that business travel demand will be key for 2025, while domestic passenger revenue is expected to be weak in 2024 due to consumer downgrade and increased competition from high-speed rail [2][3]. - The company anticipates a strong travel demand during the Spring Festival in 2025, but a rapid decline in demand is expected towards the end of the travel season [3]. - The airline's international flight capacity is projected to recover to 90-100% of 2019 levels by 2025, although profitability remains challenging outside of routes to Japan and South Korea [4]. - The aircraft utilization rate is expected to reach historical highs, increasing from 9.62 hours per day in 2024 to over 10 hours per day in 2025 [4]. Summary by Sections Financial Performance - Revenue is projected to increase from Rmb159.398 billion in 2023 to Rmb184.396 billion in 2024, with further growth to Rmb199.190 billion in 2025 [8]. - The company expects to achieve a net profit of Rmb3.727 million in 2024, increasing to Rmb6.782 million in 2025 [8]. Market Position - As of the end of 2022, China Southern Airlines is the largest airline in China by fleet size, operating 894 aircraft [10]. - The airline's market capitalization is approximately Rmb115 billion (US$15.7 billion) [6]. Valuation Metrics - The report provides a price-to-earnings (PE) target price of Rmb6.12, with the current stock price at Rmb6.36 [5][6]. - The average daily trading volume is reported at 75.945 million shares, with a market price fluctuation range of Rmb7.27 to Rmb5.26 over the past year [6][8].

Core Viewpoint - On January 14, 2025, China Southern Airlines deployed three C919 domestically produced aircraft for the Spring Festival travel season, marking a significant milestone in the airline's operations and the domestic aviation industry [1] Group 1 - The C919 aircraft were utilized on ten flights across four routes: Guangzhou to Hangzhou, Shanghai Hongqiao, Haikou, and Chengdu Tianfu [1] - January 14, 2025, is noted as the first day of the Spring Festival travel rush in China, highlighting the importance of this period for the airline industry [1] - The interactive knowledge session about the C919 aircraft between cabin crew and passengers indicates an effort to promote awareness and acceptance of domestic aviation technology [1]

Group 1 - The core point of the article is that China Southern Airlines (600029) announced an increase in passenger capacity and turnover for December 2024, indicating positive growth in its operations [1] - The company's passenger capacity (measured in available seat kilometers) is expected to rise by 3.33% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) is projected to increase by 10.07% year-on-year [1] - The passenger load factor is reported to be 84.55%, which is an increase of 5.17 percentage points year-on-year [1]

Summary of Conference Call Company and Industry - The conference call involved **China Southern Airlines** and discussed the **aviation industry** in the context of the upcoming spring travel season. Key Points and Arguments 1. **Operational Performance**: - From January 1 to January 9, 2025, flight frequency is expected to increase by approximately 4%, with passenger numbers growing by about 10% compared to 2024. The cooperation rate is projected to rise by around 6%, reaching approximately 83% [3][5][19]. - The overall domestic load factor is around 35%, slightly lower than previous years, while the international load factor is about 66%, showing a slight improvement [3][5]. 2. **Comparison with Previous Years**: - The total flight volume during the spring festival period is expected to recover to about 130% of the levels seen in 2019, indicating a 30% increase compared to that year [4][5]. - The average ticket price is under pressure, with a noted decline compared to 2023, and is not expected to return to 2019 levels [19][24]. 3. **Market Dynamics**: - The company is focusing on maximizing operational efficiency and adjusting capacity based on market demand. There is an emphasis on balancing customer needs with pricing strategies [7][8]. - The company is not currently aware of any industry-wide price coordination efforts, indicating a market-driven pricing strategy [8][9]. 4. **Fleet Management**: - The company is in the process of disposing of certain aircraft, specifically the Boeing 787-8, which is currently not in operation [9][10]. - There are challenges in aircraft deliveries due to supply chain issues with Boeing, affecting the fleet expansion plans for 2025 [10][11]. 5. **Financial Health**: - The external debt in foreign currencies accounts for approximately 20% to 12% of total liabilities, indicating a stable financial structure [20]. - The company is managing its foreign currency exposure effectively, having reduced its foreign debt ratio over the years [20]. 6. **Customer Segmentation**: - There has been a notable shift in customer demographics, with a decline in business travelers and an increase in price-sensitive groups such as students and families [28][30]. - The company is observing a weakening trend in the business travel segment, which is impacting overall revenue potential [28]. Other Important Content - The company is actively monitoring the impact of external factors such as currency fluctuations and interest rates on its financial performance [20]. - There is an ongoing focus on improving aircraft utilization rates, with current utilization around 9 hours, with potential to increase to over 10 hours [12][22]. - The company is also considering modifications to aircraft to increase seating capacity in response to market demand [12][13]. This summary encapsulates the key discussions and insights from the conference call, highlighting the operational, financial, and market dynamics affecting China Southern Airlines and the broader aviation industry.

证券代码：600029 证券简称：南方航空 公告编号：临 2025-001 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 可转债转股结果暨股份变动公告 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： 累计转股情况：南航转债的转股期间为 2021 年 4 月 21 日至 2026 年 10 月 14 日。截至 2024 年 12 月 31 日,累计已有人 民币 10,103,715,000 元南航转债转换成公司 A 股股票，累计转 股股数为 1,619,185,222 股，占南航转债转股前公司已发行股份 总额的比例约为 10.56%。 未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股 的南航转债金额为人民币 5,896,285,000 元，占南航转债发行总 量的比例约为 36.85%。 本季度转股情况：自 2024 年 10 月 1 日至 2024 年 12 月 31 日期间，南航转债累计转股金额为人民币 15,000 元，累计转 股股数为 2,430 股。 一、可转债 ...

证券代码：600029 证券简称：南方航空 公告编号：临2024-063 中国南方航空股份有限公司 第十届董事会第四次会议决议公告 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。 一、董事会会议召开情况 表决情况：同意 6 票、反对 0 票、弃权 0 票，表决结果：通 过。 （二）关于修订中国南方航空股份有限公司董事会审计与风 险管理委员会工作细则的议案； 该议案已经公司董事会审计与风险管理委员会审议通过，并 同意提交公司董事会审议。 表决情况：同意 6 票、反对 0 票、弃权 0 票，表决结果：通 过。 2024 年 12 月 27 日，中国南方航空股份有限公司（以下简 称"本公司""公司"）第十届董事会第四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 6 人，实际 出席会议董事 4 人，韩文胜董事因公未出席本次会议，授权马须 伦董事代为出席会议并表决，罗来君董事因公未出席本次会议， 授权马须伦董事代为出席会议并表决。本次会议由 ...

证券代码：600029 证券简称：南方航空 公告编号：临 2024-064 中国南方航空股份有限公司 第十届监事会第四次会议决议公告 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 2024 年 12 月 27 日，中国南方航空股份有限公司（以下简 称"本公司""公司"）第十届监事会第四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。本次 会议由监事会主席任积东先生主持，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。 公司监事会全体成员对上述关联交易事项进行了审核，发表 审核意见如下： 1.本次关联交易已经公司第十届董事会第四次会议审议、关 联董事回避表决后通过，其程序合法合规； 2.上述关联交易按照市场原则，交易公允，符合公开、公平、 公正的原则; 3.关联交易不存在损害公司 ...

Group 1: Objectives of Investor Relations Management - The purpose of investor relations management is to enhance communication between the company and investors, promoting understanding and recognition of the company [4][8] - It aims to maximize company value and shareholder interests while protecting the legal rights of investors, especially small and medium-sized investors [4][8] - The management should foster a corporate culture that respects and rewards investors, as well as the capital market [12][16] Group 2: Principles of Investor Relations Management - Compliance Principle: Investor relations activities must adhere to legal and regulatory requirements [15][16] - Equality Principle: All investors should be treated equally, with particular attention to small and medium-sized shareholders [11][12] - Proactivity Principle: The company should actively engage in investor relations activities [11][12] - Honesty Principle: The company must maintain integrity and transparency in its investor relations activities [11][16] Group 3: Key Communication Content - Communication should include the company's development strategy, legal information disclosure, operational management information, and environmental, social, and governance (ESG) information [2][8] - The company must also address potential risks and challenges it may face [22][8] Group 4: Communication Methods - Various methods for communication include shareholder meetings, investor briefings, roadshows, analyst meetings, and dedicated sections on the company website [20][24] - The company should ensure that communication channels are accessible and facilitate investor participation [24][25] Group 5: Crisis Management Procedures - In the event of media misinformation, the company should promptly report to the board and issue clarifications if necessary [122][123] - For significant adverse litigation or regulatory penalties, the company must disclose relevant information and communicate with investors to mitigate negative impacts [127][129] Group 6: Responsibilities and Training - The board office is responsible for managing investor relations, ensuring all departments cooperate in providing accurate information [81][90] - Personnel involved in investor relations must possess relevant knowledge and skills, including financial and legal expertise [103][104]

证券代码：600029 证券简称：南方航空 公告编号：临 2024-065 中国南方航空股份有限公司 关于续签《传媒服务框架协议》暨日常关联 交易公告 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。 重要提示： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2024年12月27日，中国南方航空股份有限公司（以下简称"本 公司"、"公司"）第十届董事会第四次会议审议批准公司与中 国南航集团文化传媒股份有限公司（以下简称"传媒公司"）续 签《传媒服务框架协议》（以下简称"框架协议"）。因中国南 方航空集团有限公司（以下简称"南航集团"）同为本公司和传 媒公司的控股股东，上述事项构成关联交易，关联董事马须伦先 生、韩文胜先生、罗来君先生回避对于上述议案的表决。经有表 决权的董事审议，一致同意上述议案。按照《上海证券交易所股 票上市规则》，由于本次关联交易年度交易上限超过本公司最近 一期经审计净资产绝对值的0.5%，本次关联交易需提交公司董事 会审议并履行信息披露义务，但无需提交公司股东会审议。 本次关联交易事项已经公 ...