目錄 關於我們 經營業績 企業管治 財務報告 57 獨立核數師報告 58 中期財務報告 2 釋義 4 公司資料 6 主要會計資料和財務指標 8 管理層討論與分析 30 公司治理 33 環境與社會責任 36 重要事項 46 股份變動、股東情況及權益披露 52 債券相關情況 釋義 在本報告書中，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、南方航空 | 中國南方航空股份有限公司 | | --- | --- | | 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 | 廈門航空有限公司 | | 貴州航空 | 貴州航空有限公司 | | 珠海航空 | 珠海航空有限公司 | | 汕頭航空 | 汕頭航空有限公司 | | 重慶航空、重航 | 重慶航空有限責任公司 | | 河南航空 | 中國南方航空河南航空有限公司 | | 河北航空 | 河北航空有限公司 | | 江西航空 | 江西航空有限公司 | | 南航財務 | 中國南航集團財務有限公司 | | 南航物流 | 南方航空物流股份有限公司 | | 南貨航 | 中國南方航空貨運有限公司 | ...

[About Us](index=4&type=section&id=About%20Us) [Definitions](index=4&type=section&id=Definitions) This chapter defines key terms, company entities, and aviation operational metrics like ASK and RPK, ensuring clear understanding of the report content - The report defines key entities including 'the Company' (China Southern Airlines Company Limited), 'the Group' (China Southern Airlines and its controlled subsidiaries), 'China Southern Air Holding' (China Southern Air Holding Company Limited), and various affiliated airlines such as Xiamen Airlines and Guizhou Airlines[5](index=5&type=chunk) - The report also explains important aviation operational metrics such as Available Seat Kilometers (ASK), Available Tonne Kilometers (ATK), Revenue Passenger Kilometers (RPK), Revenue Tonne Kilometers (RTK), passenger load factor, and overall load factor, which are crucial for evaluating airline operational efficiency and market performance[7](index=7&type=chunk) [Company Information](index=6&type=section&id=Company%20Information) This chapter provides comprehensive basic information for China Southern Airlines, including legal representative, contact details, addresses, principal bankers, and auditors - The Company's legal representative is Ma Xulun, the Company Secretary is Chen Weihua, and the Joint Company Secretaries are Chen Weihua and Liu Wei[9](index=9&type=chunk) - The Company's A-shares are listed on the Shanghai Stock Exchange (stock code: **600029**), and H-shares are listed on The Stock Exchange of Hong Kong Limited (stock code: **01055**)[11](index=11&type=chunk) - The Company's controlling shareholder is China Southern Air Holding Company Limited, with principal bankers including Industrial and Commercial Bank of China, Export-Import Bank of China, China Development Bank, China Construction Bank, and Agricultural Bank of China[11](index=11&type=chunk)[12](index=12&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) [Key Accounting Data and Financial Indicators of the Group at the End of the Reporting Period](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators%20of%20the%20Group%20at%20the%20End%20of%20the%20Reporting%20Period) The Group's H1 2025 operating revenue grew **1.77%** to **RMB 86,291 million**, with pre-tax profit up **66.39%** to **RMB 594 million**, but net loss attributable to equity holders widened **45.54%** to **RMB 1,534 million**, and net cash inflow from operating activities decreased **9.45%** Key Accounting Information for H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Operating Revenue | 86,291 | 84,790 | 1.77 | | Pre-tax Profit | 594 | 357 | 66.39 | | Net Loss Attributable to Equity Holders of the Company | (1,534) | (1,054) | 45.54 | | Net Cash Inflow from Operating Activities | 11,674 | 12,893 | (9.45) | | Equity Attributable to Equity Holders of the Company (2025/6/30 vs 2024/12/31) | 33,408 | 34,943 | (4.39) | | Total Assets (2025/6/30 vs 2024/12/31) | 336,775 | 329,979 | 2.06 | Key Financial Indicators for H1 2025 (RMB per share) | Indicator | H1 2025 | H1 2024 | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Basic Loss Per Share | (0.08) | (0.06) | 33.33 | | Diluted Loss Per Share | (0.08) | (0.06) | 33.33 | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) This chapter discloses differences in net loss and equity between International Financial Reporting Standards and China Accounting Standards for Business Enterprises, primarily due to capitalization of exchange gains/losses on specific borrowings, government grant treatment, business combinations under common control, and reversal of non-current asset impairment Differences in Net Loss and Equity Attributable to Equity Holders of the Company Under Domestic and Overseas Accounting Standards (RMB million) | Indicator | H1 2025 (Net Loss) | H1 2024 (Net Loss) | 2025/6/30 (Equity) | 2024/12/31 (Equity) | | :--- | :--- | :--- | :--- | :--- | | Under China Accounting Standards for Business Enterprises | (1,533) | (1,228) | 33,195 | 34,729 | | Under International Financial Reporting Standards | (1,534) | (1,054) | 33,408 | 34,943 | | **Major Adjustment Items:** | | | | | | Capitalization adjustment for exchange gains and losses on specific borrowings | (2) | (3) | 4 | 6 | | Transfer of government grants | – | – | (2) | (2) | | Adjustment for business combinations under common control of the Company | – | – | 237 | 237 | | Reversal of impairment of property, plant and equipment | – | 201 | – | – | | Impact of above adjustments on taxation | 1 | (81) | 1 | – | | Impact of above adjustments on non-controlling interests | – | 57 | (27) | (27) | - Under China Accounting Standards for Business Enterprises, exchange differences on foreign currency specific borrowings are capitalized, while International Financial Reporting Standards only allow partial capitalization, with the remainder recognized in profit or loss for the current period[20](index=20&type=chunk) - International Financial Reporting Standards permit the reversal of impairment losses for non-current assets other than goodwill under specific conditions, whereas China Accounting Standards for Business Enterprises do not allow such reversals[20](index=20&type=chunk) [Material Asset Mortgages, Commitments, and Contingent Liabilities](index=9&type=section&id=Material%20Asset%20Mortgages,%20Commitments,%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group's total capital commitments were approximately **RMB 132,849 million**, primarily for aircraft, engine, and flight-related equipment purchases, with approximately **RMB 1,963 million** in aircraft pledged as collateral for borrowings, and contingent liabilities disclosed Capital Commitments (As of June 30, 2025, RMB million) | Commitment Category | 2025/6/30 | 2024/12/31 | | :--- | :--- | :--- | | Total Capital Commitments | 132,849 | 144,437 | | Purchase of aircraft, engines and flight-related equipment | 119,120 | - | | Investment commitments | 105 | - | | Other property, plant and equipment purchases | 13,624 | - | - As of June 30, 2025, aircraft with a book value of approximately **RMB 1,963 million** were pledged as collateral for the Group's borrowings, a decrease from **RMB 2,033 million** as of December 31, 2024[19](index=19&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) [Industry and Principal Business of the Company](index=10&type=section&id=Industry%20and%20Principal%20Business%20of%20the%20Company) The Company primarily offers domestic, regional, and international air passenger and cargo transportation services, alongside aircraft maintenance, agency, catering, and other extended businesses, guided by "Five Major Developments" and "Five Major Strategies" to become a world-class aviation enterprise, with China's civil aviation industry showing stable growth, rapid international market expansion, and strong cargo resilience during the reporting period - The Company's business scope is extensive, including domestic, regional, and international scheduled and unscheduled air passenger, cargo, mail, and baggage transportation services, as well as aircraft maintenance, agency, catering, ground extension, training, asset leasing, travel agency, retail and wholesale of goods, and other diverse services[21](index=21&type=chunk)[24](index=24&type=chunk) - The Company has established a high-quality development strategy of "adhering to five major developments, implementing five major strategies, promoting six major actions, and achieving six major transformations," aiming to initially build a coordinated development pattern with air transportation as the core and pillar industries as the backbone by 2025[25](index=25&type=chunk) 2025年上半年中國民航行業運輸數據 | Indicator | Total Transport Turnover | Passenger Transport Volume | Cargo and Mail Transport Volume | | :--- | :--- | :--- | :--- | | Value | 78.35 billion tonne-kilometers | 370 million passenger trips | 4.784 million tonnes | | Year-on-year Growth | 11.4% | 6.0% | 14.6% | [Principal Business](index=10&type=section&id=Principal%20Business) The Company primarily provides domestic, regional, and international air passenger, cargo, mail, and baggage transportation services, while also expanding into diversified businesses such as aircraft maintenance, agency, catering, ground extension, training, asset leasing, travel agency, and retail/wholesale of goods, aiming for comprehensive aviation services - The Company's business scope covers domestic, regional, and international scheduled and unscheduled air passenger, cargo, mail, and baggage transportation services[21](index=21&type=chunk) - The Company also provides diversified services including aircraft maintenance, agency, catering, ground extension, civil aircraft type training, asset leasing, travel agency, retail and wholesale of goods, health check-ups, internet sales, and insurance agency[21

Market Overview - On September 22, the aviation and airport sector declined by 0.27%, with Xiamen Airport leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Notable stock performances included: - CITIC Hainan Airlines (Code: 6600000) closed at 22.68, up 2.81% with a trading volume of 220,300 shares and a turnover of 497 million yuan [1] - China National Aviation (Code: 601111) closed at 7.88, up 0.51% with a trading volume of 543,300 shares [1] - Xiamen Airport (Code: 600897) closed at 14.46, down 1.57% with a trading volume of 16,800 shares and a turnover of 24.29 million yuan [2] Capital Flow - The aviation and airport sector experienced a net outflow of 126 million yuan from institutional investors, while retail investors saw a net inflow of 126 million yuan [2] - The capital flow for individual stocks showed: - CITIC Hainan Airlines had a net inflow of 39.99 million yuan from institutional investors [3] - Xiamen Airport had a net inflow of 4.81 million yuan from institutional investors [3] - China Eastern Airlines (Code: 600115) had a net inflow of 24.98 million yuan from institutional investors [3]

Core Viewpoint - The event "Light Accompanying, Helping Dreams Come True" organized by China Southern Airlines (CSA) and a local law firm aims to improve the educational environment for students in Pixinan Township through donations of eye-protection lamps and sports supplies, totaling a value of 80,000 yuan [1][3]. Group 1 - The donation included 1,110 eye-protection lamps and various sports supplies, emphasizing the commitment to enhance the learning conditions for students [1][3]. - The event reflects CSA's corporate social responsibility and its dedication to supporting rural education, showcasing the company's role in promoting educational equity [5][6]. - CSA's team leader, Gao Yun, encouraged students to cherish their improved conditions and strive for academic success, highlighting the importance of education in community development [3][6]. Group 2 - The initiative is part of CSA's ongoing efforts to gather resources and collaborate with various parties to support educational development in Pixinan Township [5][6]. - The event not only provided physical resources but also aimed to inspire confidence and enthusiasm among students for their educational pursuits [3].

Core Insights - In August, China's civil aviation transportation scale reached a historical high, with total turnover surpassing 150 billion ton-kilometers for the first time, showing a positive operational trend [1] - The overall transportation turnover was 151.8 billion ton-kilometers, with passenger transport volume at 75.36 million and cargo mail transport volume at 865,000 tons, representing year-on-year growth of 8%, 3.3%, and 13.3% respectively [1] - Domestic passenger transport volume increased by 2.2% to 67.89 million, while international routes saw a 15.3% increase to 7.465 million passengers [1] Industry Performance - From January to August, the total transportation turnover reached 1,083.3 billion ton-kilometers, a year-on-year increase of 10.5%, with domestic and international routes growing by 4.7% and 22.4% respectively [2] - Cargo mail transport volume for the same period was 651.6 thousand tons, up 14.5% year-on-year [2] Airline Operations - China International Airlines reported a 2.3% increase in passenger capacity and a 3.2% rise in passenger turnover for August, with cargo capacity up 1.5% and cargo turnover up 10.2% [2] - China Southern Airlines saw a 6.37% increase in passenger capacity and a 0.90% increase in cargo capacity in August, with a total of 952 operational aircraft [3] Market Trends - Airlines are actively expanding international routes, with China Eastern Airlines resuming and increasing flights on several international routes [4] - Hainan Airlines plans to enhance its international route network, focusing on Southeast Asia and Europe, to strengthen its competitive position in the international market [5] Future Outlook - Analysts express cautious optimism regarding the annual performance of listed airlines, anticipating improvements in supply-demand relationships and potential profitability recovery [5]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [13] Core Insights - The transportation industry is expected to see improvements in profitability across various sub-sectors in Q3 2025, driven by domestic demand recovery and resilient international demand [2][6][7][8][9][10][11][12] Summary by Sub-Sector Aviation - The aviation sector is experiencing subdued demand but is benefiting from reduced costs, leading to an overall improvement in profitability for Q3 2025. The international flight recovery remains strong, and oil prices have significantly decreased [6][19][24] Airports - Domestic airport traffic is recovering, with international flights also increasing. Revenue is expected to improve steadily, with key airports benefiting from both domestic and international demand growth [2][6][24][26] Express Delivery - The "anti-involution" policy is driving price increases in the express delivery sector, leading to improved profitability for e-commerce deliveries. However, operational costs are temporarily pressuring profit margins [2][6][28][30] Logistics - The logistics sector is stabilizing, with major players expected to see profit growth due to improved supply chain performance and resilient cross-border logistics profitability [2][6][7][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different shipping types. While container shipping faces challenges, oil tanker profits are improving due to favorable market conditions [2][6][8][33][37] Ports - Port operations are expected to see improved profitability in bulk cargo handling, while container throughput remains resilient despite external pressures [2][6][9][39] Highways - Highway traffic is relatively stable, with a slight increase in profitability anticipated for Q3 2025, supported by steady freight and passenger traffic [2][10][41] Railways - Railway passenger and freight volumes are showing mixed trends, with a focus on opportunities arising from high-speed rail transformations. Overall, passenger transport is expected to grow, while freight transport is improving [2][11][43][44]

作为连接我国两大核心经济圈的骨干空中通道，"深圳宝安=上海虹桥"航线是深圳机场频次最高、旅客 运输量最大的航线。据统计，今年1-8月，"深圳宝安=上海虹桥"航线累计运输旅客已超400万人次。 "深圳宝安=上海虹桥"是继"北京大兴=广州白云""上海虹桥=北京首都"后，第三条推出跨航司自愿签转 服务的国内航空快线。值得一提的是，深沪快线跨航司签转服务首次将合作航司规模拓展至4家，进一 步拓展了服务的覆盖范围，激发了航班运力潜能。 据介绍，该服务适用于东方航空、南方航空、深圳航空或吉祥航空实际承运的"深圳宝安=上海虹桥"双 向航班经济舱六折（含）以上（含超级经济舱、公务舱，限同物理舱位等级签转）舱位的旅客，可免变 更费签转至原购票航班起飞时间前后4小时（含）内同航段其他航司航班，其中八折（含）以上舱位旅 客还可享受免补差价权益，真正实现"随到随走"。旅客在无行李托运或未托运行李的前提下，可在原购 票航班当日、航班起飞前在机场隔离区外人工柜台办理跨航司自愿签转。具体签转政策细则、柜台分布 等信息，旅客可通过航空公司、机场官方渠道进行咨询。 服务覆盖4家航司 【深圳商报讯】（记者 陈发清 通讯员 刘韶滨 童茜）为加快打 ...

Core Points - China Southern Airlines (CSA) launched the "Vibrant Bay Area" themed aircraft on September 19, 2023, marking its official operation with a flight from Guangzhou Baiyun International Airport to Beijing Daxing Airport [1] - The "Vibrant Bay Area" aircraft is part of a collaboration with the 15th National Games Organizing Committee, featuring two specially painted aircraft: the Airbus A350 and the COMAC C919 [3] - The aircraft's design incorporates elements such as the Hong Kong-Zhuhai-Macao Bridge and mascots from the 15th National Games, symbolizing the connection of the Greater Bay Area to the world [4] Company Initiatives - CSA has introduced a series of exclusive travel services for athletes and spectators, including the "All Sports Participation Package," "Athlete Card," and "Bay Area Viewing Pass" [5] - The airline has committed to operating over 300 themed flights for the 15th National Games, enhancing the travel experience for attendees [5] - The cabin decor of the "Vibrant Bay Area" aircraft reflects a deep integration with the event's theme, featuring a new Chinese style and auspicious symbols [4]

Core Viewpoint - The launch of the voluntary transfer service for domestic flights between Shenzhen Bao'an Airport and Shanghai Hongqiao Airport aims to enhance the travel experience for passengers by allowing flexible flight changes among different airlines [1] Group 1: Service Details - The "Shenzhen-Shanghai Express" transfer service is a collaboration between Shenzhen Bao'an Airport, Shanghai Hongqiao Airport, and four airlines: China Eastern Airlines, China Southern Airlines, Shenzhen Airlines, and Juneyao Airlines [1] - Passengers holding economy class tickets (60% off or above) on flights operated by the aforementioned airlines can transfer to other flights on the same route within 4 hours before or after the original flight departure time without incurring change fees [1] - Passengers with tickets priced at 80% off or above are also eligible for a waiver of fare differences when transferring [1] Group 2: Transfer Process - Passengers without checked baggage can process the voluntary transfer at designated service counters outside the airport isolation area on the day of the original flight before departure [1] - Detailed policies regarding the transfer service and counter locations can be obtained through official channels of the airlines and airports [1]

Core Insights - The aviation and airport sector saw a slight increase of 0.24% on September 19, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Huaxia Airlines (002928) closed at 9.80, up 2.40% with a trading volume of 180,100 shares and a transaction value of 174 million [1] - Xiamen Airport (600897) closed at 14.69, up 1.80% with a trading volume of 34,500 shares and a transaction value of 49.97 million [1] - China Eastern Airlines (600115) closed at 4.07, up 0.74% with a trading volume of 1,130,800 shares and a transaction value of 457 million [1] Capital Flow - The aviation and airport sector experienced a net outflow of 242 million from institutional investors, while retail investors saw a net inflow of 213 million [2] - The net inflow from speculative funds was 29.57 million [2] Individual Stock Capital Flow - Shanghai Airport (600009) had a net inflow of 19.13 million from institutional investors, while retail investors had a net outflow of 1.09 million [3] - Huaxia Airlines (002928) saw a net inflow of 4.48 million from institutional investors and a net outflow of 8.98 million from retail investors [3] - China Southern Airlines (600029) experienced a net outflow of 2.13 million from institutional investors, with a net inflow of 3.73 million from speculative funds [3]