股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 中國南方航空股份有限公司 呈交日期: 2024年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01055 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,643,997,308 | RMB | | 1 | RMB | | 4,643,997,308 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 4,643,997,308 | RMB | | | 1 RMB | | 4,643,997,308 | | 2. 股份分類 | 普通股 | 股份類別 A | | | 於香 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A-shares and H-shares [5][6]. Core Views - The company experienced a significant decline in revenue levels in 2Q24, with a year-on-year revenue increase of 6.4% to RMB 40.189 billion, which is 13.8% higher than the same period in 2019. However, the unit revenue per passenger kilometer decreased by approximately 12% [5][6]. - The overall supply and demand for the company in 1H24 increased by 21.7% and 33.5%, respectively, recovering to 106% of the levels seen in 1H19. The passenger load factor was 83.1%, up 7.3 percentage points year-on-year [5][6]. - The company recorded a net loss attributable to shareholders of RMB 12.28 billion in 1H24, which is an improvement from a net loss of RMB 28.75 billion in 1H23. The net loss in 2Q24 expanded to RMB 19.84 billion, influenced by weak demand and investment losses from a subsidiary [5][6][7]. - The target price for A-shares is set at RMB 6.60 and for H-shares at HKD 4.05, reflecting a valuation premium based on expected improvements in profitability indicators [5][6]. Summary by Sections Financial Performance - In 2Q24, the company's operating revenue was RMB 40.189 billion, with a year-on-year increase of 6.4%. The passenger load factor was 83.2%, up 6.3 percentage points year-on-year, exceeding the same period in 2019 by 0.8 percentage points [5][6]. - The company reported a net loss of RMB 19.84 billion in 2Q24, which is an increase of RMB 10.07 billion compared to the previous year. The total operating cost for 2Q24 was RMB 38.826 billion, up 15.5% year-on-year [6][7]. Profitability Forecast - The net profit estimates for 2024-2026 have been adjusted to RMB 5.19 billion, RMB 38.45 billion, and RMB 79.15 billion, respectively, reflecting a downward revision from previous estimates [5][6][7]. - The expected book value per share (BVPS) for 2024 is RMB 2.06, with price-to-book (PB) ratios of 3.2x for A-shares and 1.8x for H-shares [5][6]. Market Conditions - The company is expected to benefit from increased capacity and strong private demand in the upcoming peak season (3Q24), which may help maintain high profitability levels [6][7]. - The report indicates that the recovery in supply and demand dynamics has not yet fully manifested in the off-peak season, leading to cautious adjustments in profit forecasts [6][7].

Investment Rating - The report maintains a "Buy" rating for China Southern Airlines (600029) with a target price of 6.42 CNY, representing a 13% upside from the current price of 5.70 CNY [2][4]. Core Views - The airline reported a loss of 1.23 billion CNY in H1 2024, with Q2 losses amounting to 1.98 billion CNY. However, improvements in supply and demand during the peak season are expected to lead to profitability for the airline [2]. - Revenue for H1 2024 reached 84.79 billion CNY, up 18.0% year-on-year, and 40.19 billion CNY for Q2, up 6.4% year-on-year. The losses in both periods were lower than in the same periods of the previous year [2]. - The report highlights significant growth in passenger traffic during the summer peak season, with a notable increase in average passenger volume and load factor [2]. Financial Summary - **Revenue and Profitability**: - H1 2024 revenue was 84.79 billion CNY, up 18.0% YoY, with a loss of 1.23 billion CNY. Q2 revenue was 40.19 billion CNY, up 6.4% YoY, with a loss of 1.98 billion CNY [2]. - The airline's net profit forecast for 2024-2026 has been adjusted to 0.5 billion, 7.8 billion, and 10.0 billion CNY respectively [2]. - **Operational Metrics**: - In H1 2024, Available Seat Kilometers (ASK) increased by 21.7% YoY, while Revenue Passenger Kilometers (RPK) rose by 33.5% YoY, with a load factor of 83.1%, up 7.3 percentage points YoY [2]. - For Q2 2024, ASK grew by 11.2% YoY, RPK by 20.3% YoY, and the load factor was 83.2%, up 6.3 percentage points YoY [2]. - **Cost Structure**: - H1 2024 operating costs were 78.6 billion CNY, up 17.4% YoY, with fuel costs at 29.7 billion CNY, an increase of 18.2% YoY [2]. - Q2 2024 operating costs were 38.8 billion CNY, up 15.5% YoY, with fuel costs at 13.4 billion CNY, up 16.0% YoY [2]. - **Earnings Per Share (EPS)**: - EPS for 2024 is projected at 0.03 CNY, increasing to 0.43 CNY in 2025 and 0.55 CNY in 2026 [2]. Market Conditions - The report notes a significant recovery in domestic air travel, with a 23% increase in passenger volume compared to 2019 levels during the summer peak season [2]. - The average domestic ticket price has decreased by 12% YoY, indicating competitive pricing in the market [2].

Investment Rating - The report assigns a "Buy" rating to China Southern Airlines (600029) [1] Core Views - China Southern Airlines' operations are improving, with profitability expected to rebound [1] - The company's domestic passenger load factor has exceeded 2019 levels, while international and regional capacity has recovered to 80% of 2019 levels [2] - Despite revenue growth, the company faced increased losses in Q2 2024 due to seasonal factors and adverse weather conditions [2] Financial Performance - In H1 2024, the company achieved revenue of RMB 84.79 billion, up 18.0% YoY and 16.2% compared to 2019 [2] - Net profit attributable to shareholders was RMB 1.228 billion, significantly reducing losses by RMB 1.647 billion YoY [2] - Q2 2024 revenue reached RMB 40.2 billion, up 6.4% YoY and 13.8% compared to 2019, but net loss widened to RMB 1.984 billion [2] Operational Metrics - H1 2024 gross margin was 7.36%, up 0.49 percentage points YoY, but still below 2019 levels [2] - Q2 2024 passenger load factor reached 83.1%, exceeding 2019 levels by 0.72 percentage points [2] - Domestic passenger load factor was 83.6%, while international and regional routes reached 81.7% [2] Cost Structure - Unit RPK revenue declined by 11.6% YoY in Q2 2024 to RMB 0.564 [3] - Unit ASK cost increased by 3.8% YoY in Q2 2024 to RMB 0.453, mainly due to high fuel prices [3] - Financial expenses decreased due to reduced foreign exchange losses of RMB 891 million [2] Fleet and Utilization - The company's fleet size reached 907 aircraft (including 18 freighters) by H1 2024 [3] - Total flight hours in H1 2024 reached 1,536.6 hours, up 15.82% YoY and 4.29% compared to 2019 [3] - The company plans to add 40, 17, and 10 aircraft in 2024-2026 respectively [3] Financial Projections - The report forecasts net profit of RMB 1.28 billion, RMB 4.288 billion, and RMB 5.694 billion for 2024-2026 [4] - EPS is projected to be RMB 0.07, RMB 0.24, and RMB 0.31 for 2024-2026 respectively [4] - Revenue is expected to grow to RMB 203.931 billion by 2026 [4] Valuation - The stock's PE ratio is projected at 80.71x, 24.09x, and 18.14x for 2024-2026 [4] - PB ratio is expected to decline from 2.72x in 2024 to 2.15x in 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Views - The company reported a significant reduction in losses for H1 2024, with a net profit of -1.23 billion RMB, an improvement of 1.65 billion RMB year-on-year [1]. - The recovery of international routes is expected to benefit the company, with passenger volume on international routes recovering to 87.5% of 2019 levels by July 2024 [1]. - The company has adjusted its net profit forecasts for 2024-2026 to 0.4 billion RMB, 6.9 billion RMB, and 11.3 billion RMB respectively [1]. Financial Performance - In H1 2024, the company's operating revenue reached 84.79 billion RMB, a year-on-year increase of 18.0% [1]. - Passenger transport revenue was 73.4 billion RMB, up 18% year-on-year, driven by increased capacity and load factors [1]. - Cargo revenue increased by 21.6% year-on-year to 8.7 billion RMB, with a 24.18% increase in cargo traffic [1]. - The company's unit cost per seat kilometer decreased by 3.9% year-on-year to 0.44 RMB [1]. Profitability Metrics - The gross profit margin for H1 2024 was 7.4%, an increase of 0.5 percentage points year-on-year [1]. - The company reported a significant decrease in financial expense ratio, primarily due to reduced foreign exchange losses [1]. - The forecasted earnings per share for 2024E is 0.022 RMB, with a projected return on equity (ROE) of 1.06% [4]. Future Outlook - The company is expected to benefit from favorable policies promoting international travel, which may further enhance the recovery of its international routes [1]. - The adjusted profit forecasts reflect a cautious but optimistic outlook for the company's recovery trajectory in the coming years [1].

Financial Performance - China Southern Airlines reported its unaudited interim results for the six months ended June 30, 2024[1]. - The company achieved a passenger turnover of 100 billion RPK, representing a year-on-year increase of 15%[2]. - Revenue from passenger transport reached 50 billion RMB, a 20% increase compared to the previous year[5]. - Operating revenue for the first half of 2024 reached RMB 84,790 million, an increase of 18.04% compared to RMB 71,830 million in the same period of 2023[10]. - The net loss attributable to equity holders of the company improved to RMB (1,054) million, a 63.36% reduction from RMB (2,877) million in the first half of 2023[10]. - Basic and diluted loss per share improved to RMB (0.06) from RMB (0.16), reflecting a 62.50% reduction in loss per share[11]. - The company reported a net loss of RMB 408 million for the six months ended June 30, 2024, significantly improved from a net loss of RMB 2,481 million in the prior year[162]. - Transportation revenue reached RMB 80,494 million, up 18% from RMB 68,138 million year-over-year[161]. Capacity and Operations - The available seat kilometers (ASK) increased by 12% to 120 billion, indicating a strong capacity expansion[3]. - The load factor improved to 82%, up from 78% in the same period last year[4]. - The total passenger kilometers (RPK) increased by 33.46% to 145,636.90 million compared to 109,127.69 million in the same period last year[31]. - The international RPK saw a significant rise of 178.14%, reaching 32,570.62 million from 11,710.03 million[31]. - The total available seat kilometers (ASK) grew by 21.72% to 175,321.27 million from 144,030.87 million year-on-year[32]. - The average passenger load factor improved by 7.30 percentage points to 83.07% from 75.77%[33]. - The company plans to expand its fleet by adding 20 new aircraft in the next 12 months[6]. - Total flight kilometers for the first half of 2024 were 962.74 million, a 17.40% increase from 820.05 million kilometers in the same period of 2023[34]. Financial Position and Assets - Total assets as of June 30, 2024, amounted to RMB 315,422 million, a 1.88% increase from RMB 309,596 million at the end of 2023[10]. - The equity attributable to equity holders of the company as of June 30, 2024, was RMB 35,945 million, a decrease of 3.04% from RMB 37,071 million at the end of 2023[10]. - Total liabilities increased by 2.47% to RMB 263,589 million as of June 30, 2024[45]. - The asset-liability ratio as of June 30, 2024, was 83.57%, up 0.48 percentage points from 83.09% on December 31, 2023[47]. - The company’s total equity decreased to RMB 51,833 million from RMB 52,367 million, a decline of 1.02%[164]. Cash Flow and Investments - Net cash inflow from operating activities decreased by 23.40% to RMB 12,893 million, down from RMB 16,831 million in the same period last year[10]. - Cash and cash equivalents stood at RMB 9,553 million, slightly up from RMB 9,531 million, indicating a marginal increase of 0.23%[163]. - The company recorded a net increase in cash and cash equivalents of RMB 27 million for the six months ended June 30, 2024, contrasting with a net decrease of RMB 6,863 million in the same period of 2023[167]. - Net cash outflow from investing activities was RMB 9,776 million, compared to RMB 4,505 million in the previous year, indicating a significant increase in investment expenditures[167]. Strategic Initiatives - The company is exploring potential mergers and acquisitions to enhance its market position in Asia[8]. - Future guidance indicates a projected revenue growth of 10-15% for the second half of 2024[9]. - The company is focusing on enhancing its digital services to improve customer experience and engagement[10]. - The company has set a target to build a world-class aviation transport enterprise by 2025, focusing on core aviation transport and collaborative development with pillar industries[19]. - The company is actively promoting digital transformation and enhancing its IT research and development ecosystem[28]. Environmental and Social Responsibility - The company adheres to green development principles and continuously improves pollution prevention and environmental management levels[86]. - The company achieved a significant reduction in carbon emissions, with fuel consumption per ton-kilometer decreasing to 2.572 tons per 10,000 ton-kilometers[102]. - The company has established an emergency management system for environmental incidents, enhancing its response capabilities[99]. - The company has engaged in various charitable projects, including the "Standing Plan" and "Angel Journey," to support children in need[105]. Risk Management and Compliance - The company has not made any additional disclosures in the interim financial report regarding the new disclosure requirements introduced by the amendments to IFRS 7[175]. - The company’s risk management policies have remained unchanged since December 31, 2023[176]. - There were no bankruptcy restructuring matters during the reporting period[116]. - The company did not face any significant litigation or arbitration matters during the reporting period[116].

中国南方航空股份有限公司 第十届监事会第二次会议决议公告 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 8 月 29 日，中国南方航空股份有限公司（以下简称 "本公司""公司"）第十届监事会第二次会议在广州市白云区 南航明珠大酒店 3 楼 3 号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 2 人，杨斌监事因公未出席本次 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。 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： 证券代码：600029 证券简称：南方航空 公告编号：临 2024-050 （一）关于公司 2024 年半年度报告全文、摘要及业绩公告 1 的议案； 公司监事会全体成员对本公司 2024 年半年度报告全文、摘 要及业绩公告进行 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 84,790 million, an increase of 18.04% compared to CNY 71,830 million in the same period last year[21]. - The net loss attributable to shareholders of the listed company was CNY (1,228) million, a significant improvement from CNY (2,875) million in the previous year, reflecting a decrease of 57.29%[21]. - The net loss attributable to shareholders after deducting non-recurring gains and losses was CNY (3,464) million, down 12.53% from CNY (3,960) million year-on-year[21]. - The net cash flow generated from operating activities was CNY 15,710 million, a decrease of 20.56% compared to CNY 19,775 million in the previous year[21]. - As of the end of the reporting period, the net assets attributable to shareholders of the listed company were CNY 35,484 million, down 3.53% from CNY 36,784 million at the end of the previous year[21]. - The total assets of the company increased to CNY 314,935 million, reflecting a growth of 1.85% from CNY 309,226 million at the end of the previous year[21]. - Basic loss per share for the first half of 2024 was (0.07) CNY, a 56.25% improvement from (0.16) CNY in the same period last year[22]. - The weighted average return on equity increased by 3.86 percentage points to (3.40)% compared to (7.26)% in the previous year[22]. Operational Efficiency - The company improved its operational efficiency, achieving an average passenger load factor of 83.07%, up by 7.30 percentage points[40]. - The company achieved a total flight time of 1.537 million hours, maintaining a leading safety level in the industry[33]. - The company expanded its cargo transport capacity, with total revenue ton kilometers (RTK) increasing by 30.40% to 17.32 billion[39]. - The total number of flights increased by 9.31% to 556.49 thousand flights, with international flights rising by 142.69%[41]. - Operating costs rose by 17.42% to RMB 78,551 million, driven by increased fuel costs which surged by 22.32% to RMB 27,885 million[49]. Market and Industry Trends - The total turnover of the civil aviation industry reached 70.3 billion ton-kilometers, with passenger transport volume at 350 million, and cargo and mail transport volume at 4.174 million tons, representing year-on-year growth of 32.2%, 23.5%, and 27.4% respectively[30]. - The company anticipates global civil aviation revenue to reach $996 billion in 2024, a year-on-year increase of 9.7%[83]. Strategic Initiatives - The company aims to build a world-class airline by 2025, focusing on core air transport and collaborative development with pillar industries[29]. - The company is implementing a digital transformation strategy to enhance operational efficiency and service quality[29]. - The company is focusing on building a hub network centered around Guangzhou and Beijing to create new profit models and development methods[31]. - The company plans to explore the application of large models in the civil aviation sector and establish an algorithm center as part of its technology innovation initiatives[88]. Environmental Commitment - The company is committed to green development and has implemented pollution prevention and environmental management measures[95]. - The company has successfully offset 600 tons of carbon dioxide through its passenger carbon account and flight carbon calculator by June 2024[106]. - The company has implemented a plastic pollution control plan, leading to the release of the first industry standard for non-degradable plastic alternatives in March 2024[107]. - The company promotes green flying and advocates for low-carbon travel to reduce environmental impact[103]. Financial Management - The company has a loan limit of RMB 21 billion with Southern Airlines Finance, with interest rates ranging from 2.8% to 3.3%[125]. - The total amount deposited with Southern Airlines Finance during the reporting period was RMB 204.86 billion, with a year-end balance of RMB 9.98 billion[124]. - The company reported a total of 30,000 million RMB in comprehensive credit with a related party, South Airlines Finance, of which 9,195 million RMB was actually utilized[126]. - The company has issued a total of RMB 16 billion in convertible bonds, with 19,292 holders at the end of the reporting period[154]. Shareholder Information - The largest shareholder, China Southern Airlines Group Co., Ltd., holds 9,404,468,936 shares, representing 51.90% of the total shares[142]. - The total number of common shareholders as of the end of the reporting period is 157,330[139]. - The total number of restricted shares at the end of the reporting period is 803,571,428, which will be released on November 24, 2025[144]. Risk Management - The company faces macroeconomic risks that could impact air passenger and cargo demand, affecting overall business performance[72]. - The company is addressing risks related to exchange rate fluctuations, with a potential impact of RMB 322 million on shareholder equity for a 1% change in USD/CNY exchange rate[80]. - Fuel costs are a major expense, with a 10% change in average fuel prices potentially affecting operating costs by RMB 2,789 million[81].

证券代码：600029 证券简称：南方航空 公告编号：临2024-051 中国南方航空股份有限公司 关于会计政策变更的公告 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： ● 中国南方航空股份有限公司（以下简称"公司"）本次发 生会计政策变更系依据财政部颁布的于 2024 年 1 月 1 日生效的 《企业会计准则解释第 17 号》相关规定及指引要求实施。 ● 本次会计政策变更将影响公司于以前年度发行的可转换 公司债券的列报，即将主债务工具对应的金额划分为流动负债， 并将其从"应付债券"重分类为"其他流动负债"。 一、会计政策变更概述 公司于 2024 年度执行了财政部于近年颁布的企业会计准则 相关规定及指引，即《企业会计准则解释第 17 号》(财会[2023]21 号)(以下简称"解释第 17 号")中"关于流动负债与非流动负 债的划分"的规定。 1 根据解释第 17 号的规定，公司在对负债的流动性进行划分 时，仅考虑公司在资产负债表日是否有将负债清偿推迟至资产负 债表日后一年以上的实质性权利(以下简称"推迟 ...

证券代码：600029 证券简称：南方航空 公告编号：临2024-049 中国南方航空股份有限公司 第十届董事会第二次会议决议公告 经出席本次董事会的董事审议并表决，一致通过以下议案： （一）关于公司 2024 年半年度报告全文、摘要及业绩公告 的议案； 1 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。 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 2024 年 8 月 29 日，中国南方航空股份有限公司（以下简称 "本公司""公司"）第十届董事会第二次会议在广州市白云区 南航明珠大酒店 3 楼 5 号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 6人。 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。 二、董事会 ...