Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Views - The company has significantly reduced its losses in 2023, with a net profit of -4.21 billion RMB, an improvement of 28.47 billion RMB year-on-year [2][3]. - The recovery of international routes is expected, with projections indicating a return to approximately 80% of 2019 levels by the end of 2024 [3]. - The company has seen a substantial increase in revenue, achieving 159.93 billion RMB in 2023, a year-on-year growth of 83.7% [2][3]. Financial Performance Summary - In 2023, the company reported a revenue of 159.93 billion RMB, up from 87.06 billion RMB in 2022, marking an 83.7% increase [7]. - The net profit for 2023 was -4.21 billion RMB, a significant improvement from -32.68 billion RMB in 2022, reflecting a year-on-year increase of 284.7 billion RMB [7]. - The company's operating revenue in Q4 2023 reached 40.44 billion RMB, a 139.3% increase compared to the same quarter in the previous year [2]. Operational Metrics - The company's Available Seat Kilometers (ASK) increased by 105.6% in 2023, recovering to 92% of 2019 levels, with domestic routes exceeding 113% of 2019 levels [3]. - Revenue Passenger Kilometers (RPK) grew by 141.9%, reaching 87% of 2019 levels, with domestic routes recovering to 106% [3]. - The passenger load factor improved by 11.7 percentage points to 78.1%, narrowing the gap to 4.7 percentage points compared to 2019 [3]. Cost and Profitability Metrics - The unit cost per seat kilometer decreased to 0.46 RMB, down 32% year-on-year, although it remains 17% higher than in 2019 [3]. - The gross margin for 2023 was 7.7%, only 4.4 percentage points lower than in 2019 [3]. - The net profit margin improved to -2.6%, a 34.9 percentage point increase year-on-year [3]. Future Outlook - The company is expected to deliver 82 new aircraft in 2024 while retiring 40, resulting in a fleet size of 948 aircraft by year-end [3]. - The forecast for net profit is adjusted to 9.6 billion RMB for 2024 and 13.8 billion RMB for 2025, with a new estimate of 16.2 billion RMB for 2026 [3].

Investment Rating - The report maintains an "Outperform" rating for the company, Southern Airlines [8]. Core Views - The company reported a significant narrowing of losses in 2023, with a net loss of 4.21 billion yuan, which aligns with market expectations. Revenue increased by 83.7% year-on-year to 159.9 billion yuan, driven by the recovery of domestic air travel post-pandemic, despite slower recovery in international routes and high oil prices [8][9]. - The operational data indicates a recovery in domestic air travel, with ASK (Available Seat Kilometers) and RPK (Revenue Passenger Kilometers) returning to 113% and 106% of 2019 levels, respectively. However, international operations remain below pre-pandemic levels, with ASK and RPK at 45% and 43% of 2019 levels [8][9]. - The company plans to adjust its fleet growth, with a projected fleet size of 948 and 965 aircraft by the end of 2024 and 2025, respectively, down from previous forecasts [8]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 159.9 billion yuan, a year-on-year increase of 83.7%. Passenger revenue rose by 126.89% to 136.17 billion yuan, while cargo revenue decreased by 26.86% to 15.27 billion yuan [9][10]. - The average Brent crude oil price in 2023 was 83 USD, significantly higher than pre-pandemic levels, leading to a unit cost increase of 17% compared to 2019 [8][9]. Profitability Metrics - The company recorded a net loss of 4.21 billion yuan in 2023, a substantial improvement from the previous year's loss of 32.68 billion yuan. The projected net profit for 2024 is 693.7 million yuan, with further increases expected in subsequent years [9][10]. - The report forecasts a gradual recovery in profitability, with expected earnings per share of 0.38 yuan in 2024, 0.68 yuan in 2025, and 0.86 yuan in 2026 [9][10]. Market Outlook - The domestic market is expected to see a strong recovery in 2024, while international recovery is anticipated to lag, with the company expected to outperform its peers in the industry [8][9]. - The report suggests that the company's valuation remains attractive compared to industry averages, maintaining a favorable outlook for investors [8].

Financial Performance - The company reported a profit distribution plan for the reporting period, pending approval at the 2023 annual general meeting[7]. - The company will not conduct profit distribution or capital reserve transfer to share capital for the 2023 fiscal year[7]. - The company's operating revenue for 2023 reached RMB 159,929 million, an increase of 83.70% compared to RMB 87,059 million in 2022[24]. - The net loss attributable to shareholders for 2023 was RMB (4,209) million, a significant improvement from RMB (32,682) million in 2022, reflecting an 87.12% reduction in losses[24]. - The net cash flow from operating activities for 2023 was RMB 40,134 million, a substantial increase of 1,058.27% compared to RMB 3,465 million in 2022[24]. - The basic loss per share for 2023 was RMB (0.23), a decrease of 87.89% from RMB (1.90) in 2022[25]. - The company reported a total asset value of RMB 309,226 million at the end of 2023, a slight decrease of 0.89% from RMB 312,001 million at the end of 2022[24]. - The total operating revenue for the reporting period was RMB 159,929 million, an increase of RMB 72,870 million or 83.70% year-on-year[55]. - Passenger transportation revenue reached RMB 136,170 million, accounting for 88.07% of total revenue, up RMB 76,153 million or 126.89% year-on-year[55]. Operational Highlights - In 2023, the company achieved a total passenger transport volume of 142 million, a year-on-year increase of 127.02%[32]. - The cargo and mail transport volume reached 158,500 tons, with a year-on-year growth of 19.47%[34]. - The company’s revenue passenger kilometers (RPK) totaled 246,947.23 million, representing a 141.92% increase compared to 2022[40]. - The available seat kilometers (ASK) increased to 316,217.46 million, up by 105.55% year-on-year[40]. - The company maintained a safety record of 2.842 million flight hours, leading the industry in safety standards[33]. - The company expanded its customer base to 29,000 corporate clients and 99.06 million frequent flyers[34]. - The company achieved a quarterly operating revenue of RMB 47,661 million in Q3 2023, with a net profit attributable to shareholders of RMB 4,195 million for the same quarter[29]. Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and customer experience[1]. - The company is focusing on strategic mergers and acquisitions to strengthen its market position and drive future growth[1]. - The company aims to establish a world-class airline by 2025, focusing on core air transport and collaborative development with a target of enhancing service quality and operational efficiency[51]. - The company is enhancing its hub network strategy, focusing on Guangzhou and Beijing as key international hubs to drive profitability and market expansion[52]. - The company is committed to social responsibility, including rural revitalization and energy conservation, enhancing its corporate image[53]. Risk Management - The company has detailed potential risks in the "Management Discussion and Analysis" section of the report[7]. - The company is focusing on risk prevention by integrating its safety management system with a dual prevention mechanism to address significant risks[73]. - The company faces significant macroeconomic policy risks that could directly or indirectly impact its operational performance and future business development[95]. - The aviation industry is highly susceptible to external factors such as major pandemics and natural disasters, which can adversely affect the company's performance and long-term growth[96]. - Safety risks remain a critical concern, as adverse weather, mechanical failures, and other unforeseen events could impact flight safety and the company's reputation[99]. Governance and Compliance - The board of directors confirmed the authenticity, accuracy, and completeness of the annual report, with no significant omissions or misleading statements[7]. - The company received a standard unqualified audit report from KPMG Huazhen[7]. - The company has established a robust governance structure, ensuring compliance with relevant laws and regulations, and maintaining a balance of power among its governing bodies[105]. - The company held three shareholder meetings and two class shareholder meetings during the reporting period, with all resolutions passed by shareholders[119]. - The company received an A-level rating for information disclosure from the Shanghai Stock Exchange for the 2022-2023 period, marking ten consecutive years of receiving this rating[116]. Environmental Responsibility - The company has implemented pollution control facilities in accordance with environmental regulations, ensuring that production facilities operate simultaneously with pollution control measures[161]. - The company has established emergency response plans for environmental incidents, with updates completed in 2021 and 2022 for its subsidiaries[163]. - The company has promoted green flying initiatives, achieving significant fuel savings through various operational optimizations[166]. - The company actively participated in carbon trading markets, completing compliance work for the EU carbon trading in April 2023 and reporting for Guangdong Province in May 2023[167]. - The company has reduced fuel consumption by 17.51 million tons and achieved a carbon reduction of 55.16 million tons in 2023, earning recognition as the "Annual Environmental Airline" by China Civil Aviation[173]. Human Resources - The company reported a total of 99,468 employees, with 64,393 in the parent company and 35,075 in major subsidiaries[145]. - The company aims to improve training programs for employees in 2024, emphasizing various specialized training initiatives[147]. - The company has established a performance evaluation mechanism for senior management, linking compensation to performance outcomes[151]. - The total pre-tax remuneration for senior management during the reporting period amounted to 1,157.62 million yuan[122]. Future Outlook - The company provided a future outlook with a revenue guidance of $6 billion for the next quarter, representing a 15% increase compared to the current quarter[124]. - The company plans to deliver 928 passenger aircraft by the end of 2024, with a total fleet size projected to reach 948 aircraft[93]. - The company aims to achieve a transformation from speed-focused growth to quality-focused development, emphasizing digital and ecological transitions[86]. - The company is exploring potential mergers and acquisitions to strengthen its market position in the Asia-Pacific region[130].

Financial Performance - Total operating revenue for 2023 reached RMB 159,929 million, a significant increase from RMB 87,059 million in 2022, representing an increase of 83.3%[2] - Operating expenses totaled RMB 159,052 million in 2023, up from RMB 115,262 million in 2022, reflecting a rise of 38.0%[3] - The company reported an operating profit of RMB 5,557 million for 2023, a turnaround from an operating loss of RMB 22,542 million in 2022[3] - Net loss for the year was RMB 2,957 million, a substantial improvement compared to a net loss of RMB 33,716 million in the previous year[4] - Basic and diluted loss per share improved to RMB (0.23) in 2023 from RMB (1.90) in 2022[3] - The total comprehensive income for the year was a net loss of (32,699) million, compared to (33,608) million in the previous year, indicating a slight improvement[11] - The company reported a decrease in total comprehensive income, with a loss of (36,900) million as of December 31, 2023, compared to (32,760) million in the previous year[11] - The net loss attributable to shareholders for 2023 was RMB 4,209 million, compared to a net loss of RMB 32,682 million in 2022, showing significant improvement[65] Assets and Liabilities - Non-current assets as of December 31, 2023, amounted to RMB 281,657 million, slightly up from RMB 278,792 million in 2022[6] - Current assets decreased to RMB 27,939 million in 2023 from RMB 33,454 million in 2022, indicating a decline of 16.5%[6] - Total liabilities decreased to RMB 129,436 million in 2023 from RMB 141,458 million in 2022, a reduction of 8.5%[8] - The company’s total equity as of December 31, 2023, was RMB 52,367 million, down from RMB 55,359 million in 2022[8] - As of December 31, 2023, the total assets amounted to RMB 96,976 million, an increase from RMB 86,514 million on December 31, 2022, reflecting a growth of approximately 12.5%[43] - The total amount of borrowings as of December 31, 2023, is RMB 116,216 million, down from RMB 119,780 million in 2022, indicating a reduction of about 3.1%[53] - The total liabilities as of December 31, 2023, were RMB 257,229 million, consistent with the total liabilities reported for December 31, 2022[32] Revenue Breakdown - Passenger revenue for 2023 was RMB 136,170 million, significantly up from RMB 60,017 million in 2022, marking a growth of 127.3%[22] - The total revenue from domestic operations in 2023 was RMB 122,933 million, significantly up from RMB 57,256 million in 2022, indicating a growth of approximately 114%[30] - Passenger load factor rose by 11.74 percentage points to 78.09% in 2023, compared to 66.35% in 2022[82] - Revenue per available seat kilometer (RPK) decreased by 6.78% to RMB 0.55 in 2023 from RMB 0.59 in 2022[82] - Revenue per ton kilometer (RTK) increased by 2.83% to RMB 5.08 in 2023, up from RMB 4.94 in 2022[82] Operational Efficiency - The company plans to focus on expanding its market presence and enhancing operational efficiency in the upcoming year[1] - The company continues to focus on its core aviation business, including passenger and cargo transport services[12] - The group achieved a flight safety record of 2.842 million hours, maintaining a leading safety level in the industry[67] - The company aims to enhance safety management through digital transformation and strict management of safety personnel, maintaining a stable safety status in 2024[108] - The company plans to improve market competitiveness by enhancing core network connectivity and developing a comprehensive customer management system[109] Taxation and Financial Management - The income tax expense for 2023 was RMB 1,436 million, a decrease of 33.7% from RMB 2,166 million in 2022[37] - The effective income tax rate for the company and its subsidiaries in China remained between 15% to 25% for both 2023 and 2022[37] - The company recognized deferred tax assets from unused tax losses and deductible temporary differences amounting to RMB 1,345 million in 2023, down from RMB 6,956 million in 2022[38] - The company reported a decrease in tax expenses due to non-deductible expenses of RMB 109 million in 2023, compared to RMB 90 million in 2022[38] Future Outlook and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and asset utilization[44] - Strategic initiatives include high-quality development goals and expanding into emerging industries, particularly enhancing capabilities at Beijing hub and Daxing Airport[111] - The International Monetary Fund forecasts a global economic growth of 3.1% for 2024, with challenges from tightening monetary policies and geopolitical conflicts[107] Shareholder Information - The company did not recommend any dividends for the years ended December 31, 2023, and 2022[41] - The total number of shares as of December 31, 2023, was 18,120,892,710, with no repurchase or redemption of shares during the year[103] - The company confirmed compliance with the Hong Kong Stock Exchange's Listing Rules throughout the year ended December 31, 2023[105]

中国南方航空股份有限公司董事会关于 独立董事独立性情况的评估专项意见 根据《上市公司独立董事管理办法》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》的规定，独立 董事应当每年对独立性关于独立意见的发表情况进行自查， 并将自查情况提交董事会。董事会应当每年对在任独立董事 独立性情况进行评估并出具专项意见。基于此，中国南方航 空股份有限公司（以下简称"公司"）董事会根据法规并结 合独立董事出具的《关于独立性自查情况的报告》，就公司 在任独立董事的独立性情况进行评估，出具如下专项意见： 经公司独立董事自查及董事会核查独立董事在公司的 履职情况，董事会认为公司全体独立董事均具备胜任独立董 事岗位的资格。独立董事及其配偶、父母、子女、主要社会 关系未在公司或公司附属企业任职，未在公司主要股东及其 附属企业任职，未与公司存在重大的持股关系，与公司以及 主要股东之间不存在重大业务往来关系或提供财务、法律、 咨询、保荐等服务关系。 综上，独立董事不存在任何妨碍其进行独立客观判断的 关系，不存在影响独立董事独立性的情况，符合《上市公司 独立董事管理办法》等法律法规及《公司章程》中关于独立 董事的任职资格及独立性 ...

一、南航财务公司基本情况 （一）基本信息 中国国际金融股份有限公司 关于中国南方航空股份有限公司 与中国南航集团财务有限公司 关联交易的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 中国南方航空股份有限公司（以下简称"南方航空"或"公司"）2022 年非公开 发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易 所上市公司自律监管指引第 5 号——交易与关联交易》《上海证券交易所上市公 司自律监管指引第 11 号——持续督导》等规定，对公司与中国南航集团财务有 限公司（以下简称"南航财务公司"）涉及关联交易事项进行了核查，具体核查 情况如下： 公司名称：中国南航集团财务有限公司 注册地址：广东省广州市白云区齐心路 68 号中国南方航空大厦 13A 层 法定代表人：姚勇 注册资本：200000 万元人民币 公司类型：有限责任公司（外商投资企业与内资合资） 统一社会信用代码：91440000231120157L 金融许可证机构编码：L0059H244010001 经营范围：许可该机构经营中国银行业监督管理委员会依照有关法律、行 政法规和其他批准的业务，经营范围以批 ...

中国南方航空股份有限公司对中国 南航集团财务有限公司的 风险持续评估报告 一、南航财务公司基本情况 中国南航集团财务有限公司(以下简称南航财务公司) 是中国南方航空集团有限公司(以下简称南航集团)的控股 子公司,1994年1月27日经中国人民银行批准设立,1995 年 6 月 28 日经广东省工商行政管理局登记正式成立。 法定代表人:姚勇 金融许可证机构编码:L0059H244010001 统一社会信用代码:91440000231120157L 经营范围:吸收成员单位存款;办理成员单位贷款;办 理成员单位票据贴现;办理成员单位资金结算与收付;提供 成员单位委托贷款、债券承销、非融资性保函、财务顾问、 信用鉴证及咨询代理业务;从事同业拆借;办理成员单位票 据承兑;办理成员单位产品买方信贷;有价证券投资(股票 二级市场投资除外);对金融机构的股权投资;银行业监督 管理机构批准的其他业务。 - 1 - 二、南航财务公司内部控制基本情况 (一)控制环境 1.治理结构 南航财务公司按照《公司法》和《银行保险机构公司治 理准则》设立股东会、董事会和监事会,根据经营发展需要 配置高级管理层,内设部门8个:前台部门结算部、金 ...

2023年 A股 -、 (一 )实 1。 2020年 A股 2019年 10月 30日 2019年 12月 27日 2019年 2019 A股 2019年 H股 ,并 2020年 5月 14日 (证 2020〕 918号 )的 ,本 2,4539434,457股 (以 "2020年 A股 " )。 2020年 6月 11日 ,本 (A股 )2,453,4349457股 ,每 1。 00元 , 5.21元 ,募 12,7829393,520。 97元 ,扣 (含 )人 2,0009000.00元 ,实 12,780,393,520.97元 ,上 (特 )验 ,并 2000486号 (含 )共 4,308,207。 55元 ,实 -1- 129776,085,313.42元 2。 2020年 A股 2020年 5月 14日 2020年 6月 30日 2019年 2020年 A股 2020年 H股 ,并 2020年 9月 16日 (证 2020〕 2264号 )的 ,本 160亿 A股 (以 "2020年 A股 " )。 2020年 10月 21 ,本 160,000,000张 ,每 100.00元 ,每 100. ...

二、2023年度会计师事务所履职情况 (一)审计资源配备及审计工作实施情况 中国南方航空股份有限公司对 2023 年度 会计师事务所履职情况评估报告 中国南方航空股份有限公司(以下简称本公司)聘请毕马威 华振会计师事务所(特殊普通合伙,以下简称毕马威华振)作为 公司 2023年度财务报告审计机构。根据财政部、国资委及证监会 颁布的《国有企业、上市公司选聘会计师事务所管理办法》,本公 司对毕马威华振 2023年年报审计过程中的履职情况进行了评估。 具体情况如下: 一、会计师事务所基本情况 毕马威华振于 1992年8月18日在北京成立,2012年7月5 日获财政部批准转制为特殊普通合伙的合伙制企业,更名为毕马 威华振(特殊普通合伙),2012年7月10日取得工商营业执照, 于 2012 年 8 月 1 日正式运营。 毕马威华振拥有会计师事务所执业证书,拥有经财政部、证 监会备案的证券业务服务资格,在中国注册会计师协会网站公布 的《2022年度会计师事务所综合评价百家排名信息》中排名前 3 名。截至2023年12月31日,毕马威华振有合伙人234人,注 册会计师 1,121人,其中签署过证券服务业务审计报告的注册会 ...

证券代码：600029 证券简称：南方航空 公告编号：临 2024-012 中国南方航空股份有限公司 关于未弥补亏损达实收股本总额三分之一 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。 根据毕马威华振会计师事务所（特殊普通合伙）（以下简称 "毕马威华振"）出具的审计报告，中国南方航空股份有限公司 （以下简称"公司"）2023 年 12 月 31 日合并报表未弥补亏损 金额超过实收股本总额三分之一，具体情况如下： 一、情况概述 根据毕马威华振出具的审计报告，公司 2023 年 12 月 31 日 合并报表未弥补亏损金额为人民币 368.88 亿元，公司实收股本 为人民币 181.21 亿元，未弥补亏损金额超过实收股本总额三分 之一。根据《公司法》《中国南方航空股份有限公司章程》等规 定，公司未弥补的亏损达实收股本总额三分之一，需提交公司股 东大会审议。 二、未弥补亏损主要原因 2023 年，国内经济持续复苏，民航生产得到恢复，但受居 民消费能力不强、航油成本压力、供应链不畅及人民币贬值等影 三、应对措施 2024 年 ...