Core Viewpoint - China Southern Airlines (CSA) has successfully facilitated the first independent air travel for visually impaired passengers accompanied by guide dogs, marking a significant step in enhancing accessibility in air travel [1][3]. Group 1: Company Initiatives - CSA's Dalian branch has established a dedicated support team for visually impaired travelers with guide dogs, ensuring a smooth travel experience from ticket purchase to arrival at the destination [3][5]. - The airline has developed and refined service guidelines specifically for guide dog passengers, enhancing the overall travel process and ensuring compliance with accessibility standards [3][6]. Group 2: Social Impact - The initiative has fostered a positive societal change, with increased acceptance and support from other passengers towards visually impaired individuals and their guide dogs, reflecting a growing awareness and compassion within the community [5]. - CSA's commitment to improving accessibility is further demonstrated through ongoing training for staff and the enhancement of facilities to support travelers with disabilities, aligning with the company's mission to create a welcoming travel environment [6].

Core Insights - The transportation sector, represented by the CSI All Share Transportation Index, has shown a slight increase of 0.13% as of April 29, 2025, with notable gains from stocks like Longjiang Transportation and Wuchan Zhongda [3][4] - The Transportation ETF (159666) has experienced a 4.07% increase over the past year, with a current price of 0.95 yuan [3][4] - The ETF's net asset value has risen by 4.32% in the last year, with a maximum monthly return of 15.82% since its inception [3][4] Performance Metrics - The Transportation ETF has a year-to-date maximum drawdown of 7.56%, with a tracking error of 0.006% over the past three months [4] - The management fee for the ETF is 0.50%, and the custody fee is 0.10% [4] - The current price-to-earnings ratio (PE-TTM) for the index is 15.13, indicating a valuation lower than 93.56% of the time over the past year [4] Top Holdings - As of March 31, 2025, the top ten weighted stocks in the CSI All Share Transportation Index account for 49.96% of the index, with SF Express and Beijing-Shanghai High-Speed Railway being the largest components [5][7] - The top ten stocks include major players in logistics, rail, and aviation sectors, reflecting the overall performance of the transportation industry [5][7]

Group 1: Domestic Air Travel Trends - During the upcoming "May Day" holiday, the civil aviation passenger transport volume is expected to reach 10.75 million, averaging 2.15 million per day, representing an 8% increase compared to the same period in 2024, marking a historical high for this period [1] - As of April 27, the search interest for travel during the "May Day" holiday has surged by 326% year-on-year, indicating strong demand for travel [1] - Domestic flight ticket bookings have exceeded 5.42 million, reflecting a 31% increase compared to 2024, with major passenger flows concentrated in key city clusters such as Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao, and Chengdu-Chongqing [1] Group 2: International Air Travel Developments - The civil aviation authority anticipates that both passenger transport volume and flight numbers for international routes will peak during the "May Day" holiday, with popular destinations including Japan, South Korea, and Southeast Asia [2] - A total of 88,000 scheduled flights have been arranged nationwide for the holiday, representing a 2.3% year-on-year increase, with 173 additional flights approved, marking an 8% increase [2] - Airlines are actively increasing flight frequencies and introducing new routes, such as China Southern Airlines launching new flights from Guangzhou to Nagoya and Shenzhen to Osaka [2] Group 3: Overall Industry Recovery - In the first quarter of this year, China's civil aviation sector saw year-on-year growth in total turnover, passenger transport, and cargo mail transport, with international flight volumes and passenger numbers increasing significantly [3] - The overall recovery of the civil aviation industry is evident, with international passenger volumes returning to pre-pandemic levels for the first time, driven by strong demand during the Spring Festival and favorable policies for inbound tourism [3] - The civil aviation industry is focusing on expanding international routes, particularly to emerging markets in East Asia, which is seen as a valuable recovery strategy [3] Group 4: Policy and Infrastructure Enhancements - The civil aviation authority has been working to enhance the convenience of foreign travelers entering the country, including increasing international flight frequencies and improving payment processes [4] - Recent policy initiatives aim to facilitate international passenger transport and support foreign trade and diplomatic relations, with a total of 6,532 international passenger flights executed in the past week, connecting to 78 countries [4] - The long-term sustainability of the civil aviation industry's growth will depend on its ability to convert policy benefits into competitive service offerings and extend the value of the industry chain [4]

国泰航空正式入局乌鲁木齐—香港航线，与先发布局的南航展开正面竞争。4月28日，国泰航空举办乌 鲁木齐—香港航线首航仪式。这一新航线主打"空中丝绸之路"定位，瞄准中亚转机及"一带一路"客货运 市场。值得注意的是，国泰航空这一航线的去程航班时刻与南航十分相近，回程的红眼航班时刻则更有 利于游客出行。5月起，南航将加密乌鲁木齐—香港至每日1班。国泰航空将通过优质的客舱布置、餐食 服务来吸引旅客，应对竞争。 据了解，在国泰航空乌鲁木齐—香港的首航航班上，有不少东南亚的旅客经香港转机前往乌鲁木齐。郑 家驹表示，国泰集团在全球有近100个航点，依托全球网络和香港枢纽，来自不同航点的旅客能经香港 中转前往新疆。同时，新增的乌鲁木齐航点也可以把全球旅客再送往中亚的其他航点，由此进一步推动 共建"一带一路"国家的互联互通。 国泰集团中国内地董事郑家驹在接受采访时表示，国泰航空这一新航线的目标客群并非只有乌鲁木齐和 香港两地的旅客。 据了解，在国泰航空乌鲁木齐—香港的首航航班上，有不少东南亚的旅客经香港转机前往乌鲁木齐。郑 家驹表示，国泰集团（含子航司香港快运，下同）在全球有近100个航点，依托全球网络和香港枢纽， 来自不同航点 ...

Core Viewpoint - The article highlights the achievements of Liu Yuhui, an expert in aircraft system engineering at China Southern Airlines, who has been recognized as a "National Labor Model" for his contributions to the aviation industry, particularly through the development of the "Nanhang Tian Tong System," a remote aircraft diagnostic system [1][6]. Group 1: Achievements and Innovations - Liu Yuhui led the development of the "Nanhang Tian Tong System," which serves as a remote diagnostic tool for aircraft, significantly enhancing flight safety and maintenance efficiency [6][7]. - The system was developed independently by China Southern Airlines, breaking the technical monopoly previously held by manufacturers, which charged exorbitant service fees [6][7]. - The "Nanhang Tian Tong System" received a national invention patent in 2006, marking it as the first invention patent for China Southern Airlines and filling a gap in the domestic aviation industry [6][7]. Group 2: Contributions to the Aviation Industry - Liu Yuhui's team has expanded the remote diagnostic system to be compatible with various mainstream aircraft models, evolving it into a comprehensive health monitoring system for aircraft [7][9]. - The team has actively participated in the development of China's domestic large aircraft projects, sharing their expertise and experiences with engineers from Commercial Aircraft Corporation of China (COMAC) [7][9]. - The introduction of the C919 aircraft by China Southern Airlines in 2024 is a significant milestone, with Liu Yuhui's team contributing to the safety monitoring systems for these new aircraft [9][10]. Group 3: Personal Dedication and Vision - Liu Yuhui's commitment to his work is evident in his long hours and dedication to the development of aviation technology, which he views as a lifelong journey [10]. - His family, particularly his wife, who is also a senior expert in the aviation field, supports his passion for aviation, highlighting the personal sacrifices made for professional dedication [10]. - Liu Yuhui emphasizes the importance of continuous innovation and technological advancement to meet future challenges in the aviation industry [10].

Core Insights - The successful completion of the first third-party aircraft dismantling task by China Southern Airlines (CSA) Guizhou Company marks a significant step in the aircraft dismantling sector and fills a gap in the southwest region [1][4]. Group 1: Dismantling Task Overview - The dismantled aircraft was not owned by CSA, representing the company's first market-oriented dismantling task [4]. - A specialized dismantling team was formed, utilizing 708 person-times over approximately 30 calendar days [4]. Group 2: Dismantling Process and Standards - The dismantling team implemented a "standardized dismantling" concept, adhering strictly to troubleshooting and manual execution standards [7]. - All removed components were meticulously documented and stored, with over 200 square meters of warehouse space allocated for the preservation of fasteners and consumables, ensuring future material reuse [7]. Group 3: Future Development and Strategy - CSA Guizhou Company aims to enhance dismantling efficiency and improve the dismantling industry chain by leveraging CSA's extensive maintenance network and supply chain capabilities [7]. - The company plans to promote technological innovation and explore new fields, contributing to the development of a green circular economy and supporting Guizhou's transportation strategy [7].

目錄 關於我們 002 釋義 004 公司簡介 005 公司資料 經營業績 008 主要會計資料和財務指標 016 全年大事記 020 管理層討論與分析 企業管治 | 051 | 董事會報告 | | --- | --- | | 068 | 股份變動、股東情況及權益披露 | | 074 | 董事、監事、高級管理人員和員工情況 | | 087 | 公司治理報告 | | 102 | 環境與社會責任 | | 115 | 重要事項 | | 124 | 風險管理及內部控制 | 財務報告 按照國際財務報告準則編製之財務報表 128 獨立核數師報告 133 合併利潤表 134 合併綜合收益表 135 合併財務狀況表 137 合併權益變動表 138 合併現金流量表 139 財務報表附註 248 財務補充資料 252 五年財務摘要 釋義 在本報告中，除非文義另有所指，下列詞語具有如下含義： | 本公司、公司、南航、 | 中國南方航空股份有限公司 | | --- | --- | | 南方航空 | | | 本集團 | 中國南方航空股份有限公司及控股子公司 | | 南航集團 | 中國南方航空集團有限公司 | | 廈門航空、廈航 | 廈 ...

中華人民共和國，廣州 2025年4月25日 於本公告日期，董事包括執行董事馬須倫及韓文勝 ; 及獨立非執行董事何超瓊、郭為及張俊 生。 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） 暫停辦理股份過⼾登記⼿續 中國南方航空股份有限公司（「本公司」）將於2025年5月23日（星期五）舉行股東週年會 （「股東週年會」）。一份載有將於股東週年會上提呈的決議案詳情之通函，連同股東週 年會通知，將在適當時候寄發予股東。 為確定符合資格出席股東週年會及於會上投票的H股股份持有人，本公司將於2025年5月14 日（星期三）至2025年5月23日（星期五）（包括首尾兩日）暫停辦理H股股份持有人過戶 登記手續。為符合資格出席股東週年會，所有H股過戶文件連同有關股票須於2025年5月13 日（星期二）下午4時30分前送達本公司香港股份過戶登記處香港中央證券登記有限公司， 地址為香港灣仔皇后大道東18 ...

Fleet and Operations - China Southern Airlines operates a fleet of 917 aircraft, including models from Boeing and Airbus, covering a comprehensive domestic and international route network[11]. - The company achieved the highest passenger volume in China, focusing on developing a hub-and-spoke network centered around key cities like Guangzhou and Beijing[11]. - In 2024, the company plans to deepen its presence in the Guangdong-Hong Kong-Macao Greater Bay Area while optimizing its Beijing hub operations[11]. - The fleet size at the end of 2024 was 917 aircraft, with 57 new deliveries and 48 retirements during the reporting period[27]. - The company operates a fleet of over 900 aircraft, making it the first domestic airline to exceed 100 million passenger transport volume[69]. - The company is focusing on building a hub network centered around Guangzhou and Beijing, aiming to create a new profit model and development approach[70]. - New routes added include Shenzhen to Mexico City and Guangzhou to Doha, with plans to increase domestic and international routes in 2025[109]. Financial Performance - Operating revenue for 2024 reached RMB 174,224 million, an increase of 8.94% compared to RMB 159,929 million in 2023[18]. - Net loss attributable to equity holders of the company improved to RMB (1,769) million, a reduction of 57.27% from RMB (4,140) million in 2023[18]. - Total assets increased by 6.58% to RMB 329,979 million from RMB 309,596 million in 2023[18]. - Passenger traffic (RPK) increased by 23.90% to 305,965.93 million from 246,947.23 million in 2023, with international routes seeing a significant rise of 93.35%[20]. - Cargo traffic (RTK) rose by 21.54% to 36,207.79 million from 29,791.11 million in 2023, driven by international routes which increased by 41.45%[20]. - Total passenger numbers reached 164,732.05 thousand, a 15.84% increase from 142,201.09 thousand in 2023[21]. - Average passenger load factor improved to 84.38%, up 6.28 percentage points from 78.09% in 2023[23]. - Operating profit for 2024 was RMB 8,327 million, an increase of RMB 2,770 million from RMB 5,557 million in 2023[83]. - Transportation revenue accounted for 94.79% of total operating revenue in 2024, with a total of RMB 165,145 million, up 9.05% from 2023[76]. Safety and Environmental Commitment - The company was awarded the "Diamond Three-Star Award" for flight safety, the highest honor in civil aviation safety in China[11]. - The airline successfully completed its first commercial flight using sustainable aviation fuel (SAF) on September 19, 2024, marking a significant step in its green development strategy[37]. - The company achieved a fuel consumption rate of 2.572 tons per 10,000 ton-kilometers during the reporting period, indicating a commitment to sustainability[56]. - The company is committed to environmental and social responsibility, as outlined in its governance report[5]. Market Strategy and Development - The company emphasizes strategic market development and aims to enhance its operational efficiency and service quality[11]. - Future outlook includes potential market expansion and new product development strategies to enhance competitiveness[11]. - The company is actively expanding its market presence in emerging markets such as the Middle East and Central and Eastern Europe, enhancing its cargo operations capabilities[52]. - The company aims to build a world-class airline by 2025, focusing on core air transport operations and collaborative development with pillar industries[68]. - The company will implement five major strategies, including hub network strategy and innovation-driven strategy, to enhance operational quality and market competitiveness[129]. Digital Transformation and Innovation - The airline's digital transformation is progressing steadily, with the establishment of a private cloud platform and computing power center, and it has achieved a level 3 certification for data security capability maturity[54]. - The company is focusing on technological innovation and strategic emerging industry development, promoting the application of advanced monitoring and control systems for aircraft[55]. - The company is committed to digital transformation and optimizing its service structure through six major actions, including enhancing quality and promoting innovation[68]. - The company is advancing its digital capabilities by integrating digital technology into core business areas, enhancing operational efficiency and service quality[71]. Risk Management and Financial Stability - The company maintains strong relationships with major banks, ensuring financial stability and support for growth initiatives[14]. - The company is actively managing six major risks, including runway incursions and significant mechanical failures, to strengthen its risk control capabilities[73]. - The company is leveraging digital transformation to enhance its safety management system, incorporating advanced technologies like AI for risk identification[73]. - The company faces significant financial risks, including a potential RMB 289 million impact on net profit for every 1% change in the USD/RMB exchange rate[146]. - Fuel costs represent the largest expense for the company, with a 10% fluctuation in average fuel prices potentially affecting operating costs by RMB 5,499 million[147]. Subsidiaries and Investments - China Southern Airlines has 22 subsidiaries and 9 holding airline subsidiaries, with a global presence through 52 overseas offices[11]. - The company invested RMB 4,680 million in Sichuan Airlines, holding a 39% stake, with an investment loss of RMB 1,385 million reported[111]. - A significant non-equity investment includes an agreement to purchase 100 C919 aircraft from Commercial Aircraft Corporation of China[112]. Compliance and Governance - The group strictly complies with significant laws and regulations affecting its operations, ensuring safety and compliance in applying for new flight slots and returning unused operating permits[178][179]. - The audit and risk management committee has reviewed and confirmed the audited financial statements for the fiscal year ending December 31, 2024[177]. - The company has made appropriate insurance arrangements for its directors and senior management against potential legal claims arising from corporate activities[176].