Core Viewpoint - China Southern Airlines has officially launched a new route from Guangzhou to Riyadh, indicating strong travel demand and market potential between the two locations [1] Group 1: Route Details - The inaugural flight CZ375 departed Guangzhou at 15:52, carrying 263 passengers, with an occupancy rate close to 100% [1] - The route will be operated by Airbus A330 aircraft, with three round trips scheduled weekly on Tuesdays, Thursdays, and Saturdays [1] - The flight duration is approximately 9.5 hours for the outbound flight and 8.5 hours for the return flight [1] Group 2: Market Expansion - This new route is the fourth direct flight to the Middle East launched by China Southern Airlines during the peak summer travel season, following routes to Dubai, Doha, and Istanbul [1] - After the launch, the total number of weekly round trips from Guangzhou to the Middle East will reach 27 [1] Group 3: Strategic Partnerships - China Southern Airlines has partnered with Saudi Arabian Airlines to facilitate convenient connections for passengers traveling to 18 destinations within Saudi Arabia, the Middle East, and Africa [1]

Core Insights - China Southern Airlines (CSA) successfully launched its inaugural flight from Guangzhou to Riyadh, Saudi Arabia, on September 2, carrying 263 passengers [1][3] - The new route has received a strong market response, with an occupancy rate nearing 100% [3] - The route will be operated by an Airbus A330 aircraft, with three round trips scheduled weekly on Tuesdays, Thursdays, and Saturdays [3] Flight Details - The outbound flight number is CZ375, with a flight duration of approximately 9.5 hours, while the return flight number is CZ376, taking about 8.5 hours [3] - Following the launch of this route, the total number of weekly round trips from Guangzhou to the Middle East will increase to 27 [3]

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 截至月份: 2025年8月31日 狀態: 新提交 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: 2025年9月2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 | | 0 | | 本月底結存 | | | 4,643,997,308 | RMB | | | 1 RMB | | 4,643,997,308 | | 2. 股 ...

Market Overview - On September 2, the aviation and airport sector declined by 0.63%, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Key stocks in the aviation sector showed varied performance, with China Eastern Airlines closing at 4.01, up 0.50%, while Huaxia Airlines closed at 8.75, down 2.78% [1][2] - Other notable declines included China Southern Airlines at 5.91, down 1.01%, and Shanghai Airport at 32.17, down 0.59% [1][2] Trading Volume and Capital Flow - The aviation and airport sector experienced a net outflow of 322 million yuan from institutional investors, while retail investors saw a net inflow of 229 million yuan [2] - The trading volume for major stocks included China Eastern Airlines with 897,200 shares traded and a transaction value of 360 million yuan [1] Individual Stock Capital Flow - China National Airlines had a net inflow of 507,500 yuan from institutional investors, while Huaxia Airlines saw a net outflow of 20.93 million yuan [3] - The largest net outflow was recorded for Baiyun Airport at 30.11 million yuan, with retail investors contributing a net inflow of 25.12 million yuan [3]

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 截至月份: 2025年8月31日 狀態: 新提交 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: 2025年9月2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 | | 0 | | 本月底結存 | | | 4,643,997,308 | RMB | | | 1 RMB | | 4,643,997,308 | | 2. 股 ...

Core Viewpoint - The A-share listed airlines have shown steady revenue growth in the first half of 2025, with state-owned airlines reducing losses significantly while private airlines achieved profitability, marking a notable turnaround in the industry [1][4]. Financial Performance of Major Airlines - The three major state-owned airlines (Air China, China Eastern Airlines, and China Southern Airlines) reported a combined loss of 4.77 billion yuan, a reduction of 2.008 billion yuan compared to the previous year [1][5]. - China Eastern Airlines had the least loss among the three, with a net loss of 1.431 billion yuan, a reduction of 1.337 billion yuan year-on-year [5][6]. - Revenue for the three major airlines increased significantly, with Air China reporting 80.757 billion yuan (up 1.6%), China Eastern Airlines at 66.822 billion yuan (up 4.09%), and China Southern Airlines at 86.291 billion yuan (up 1.77%) [4][5]. International Operations and Capacity - China Eastern Airlines expanded its international operations, opening 14 new international routes and restoring flight numbers to over 110% of 2019 levels [5][6]. - The international passenger capacity for China Eastern Airlines increased by 24.38%, while domestic capacity rose by 1.07% [6]. - The three major airlines saw significant growth in international passenger turnover, with China Eastern Airlines at 28.74%, China Southern Airlines at 25.88%, and Air China at 16.99% [6]. Cost Control Measures - China Eastern Airlines implemented a "cost hard battle" plan, focusing on detailed cost management, which resulted in an 8.08% decrease in fuel costs and a 26.89% reduction in financial expenses [9][10]. - Air China also emphasized cost control, reducing major costs such as fuel and operational expenses, leading to a financial expense reduction of 9.36% [9][10]. Performance of Private Airlines - Private airlines such as Spring Airlines, Juneyao Airlines, Huaxia Airlines, and Hainan Airlines achieved profitability, with Spring Airlines leading with a net profit of 1.169 billion yuan [1][10]. - Spring Airlines has maintained its profitability for two consecutive years, with net profits of 2.257 billion yuan in 2023 and 2.273 billion yuan in 2024 [10]. Market Conditions and Challenges - The average domestic economy class ticket price fell by 6.9% year-on-year in the first half of 2025, indicating pressure on pricing [11]. - The recovery of international routes has not yet reached pre-2019 levels, posing challenges for the three major airlines to achieve profitability [11].

Core Viewpoint - The article highlights the financial performance of China's major airlines during the first half of 2025, indicating that while state-owned airlines continue to incur losses, they have significantly reduced their losses, whereas private airlines have achieved profitability, showcasing a contrasting trend in the industry [1][4]. Group 1: Financial Performance of Major Airlines - The three major state-owned airlines (Air China, China Eastern Airlines, and China Southern Airlines) reported a combined loss of 4.77 billion yuan, which is a reduction of 2.008 billion yuan compared to the previous year [1][4]. - China Eastern Airlines had the least loss among the three, with a net loss of 1.431 billion yuan, a reduction of 1.337 billion yuan year-on-year [4]. - In contrast, four private airlines (Spring Airlines, Juneyao Airlines, China United Airlines, and Hainan Airlines) achieved profitability, with Spring Airlines leading with a net profit of 1.169 billion yuan [1]. Group 2: Revenue Growth and Cost Control - All three major airlines experienced revenue growth, with Air China reporting 80.757 billion yuan (up 1.6%), China Eastern Airlines at 66.822 billion yuan (up 4.09%), and China Southern Airlines at 86.291 billion yuan (up 1.77%) [4]. - The international operations of these airlines have been a significant factor in their revenue recovery, with China Eastern Airlines increasing its international passenger capacity by 24.38% and achieving a 28.74% increase in international passenger turnover [6][4]. - Cost control measures have become crucial, with China Eastern Airlines implementing a "cost hard battle" plan, resulting in an 8.08% decrease in fuel costs and a 26.89% reduction in financial expenses [9][10]. Group 3: Market Conditions and Challenges - Despite the improvements, the three major airlines have not yet returned to profitability due to several factors, including the burden of unprofitable routes and the incomplete recovery of the international market [7][11]. - The average ticket price for domestic economy class has decreased by 6.9% year-on-year, indicating ongoing pressure on revenue [11]. - The article suggests that the major airlines face significant challenges in achieving profitability in the near term, as the domestic ticket prices remain under pressure and international routes have not fully recovered to pre-2019 levels [11].

《中国民航报》、中国民航网 记者胡夕姮 通讯员梅莹、张萌、潘水花 报道：8月31日，在中国南方航 空CZ3679（上海浦东—珠海）航班上，一名孕早期旅客突发身体不适，随后在南航乘务组专业、细 致、温暖的全程守护下，最终转危为安。 当天航班起飞后不久，一名老人焦急地跑到后厨房求助："乘务员！能不能帮帮忙！我女儿很难受，她 刚怀孕一个月！"乘务员张薛立即前往旅客座位查看，发现57H座的旅客蜷缩在座位上，脸色苍白、双 手捂腹、浑身发抖，嘴里断断续续说着"想吐……喘不上气……好冷……"张薛一边轻声安抚，一边协同 组员迅速协调出附近整排的空座位，并铺好毛毯，扶助旅客平躺休息。 乘务长黄璟璐获悉后立即广播寻医，不巧的是，此时机上无医护人员。拥有十多年飞行经验的她赶到旅 客身边，见旅客指尖发抖、双手冰凉，当即搓热双手为其取暖。她坚定地安慰旅客："您别慌，我们受 过专业训练，一定能保护好您和孩子。"话音刚落，乘务员岳琳抱着氧气瓶快步走来。黄璟璐看到旅客 状态，果断决策供氧。岳琳为旅客戴好吸氧面罩，其他组员则分工照顾旅客同行的老人与孩子，维护好 客舱秩序，最大程度减少对其他旅客的影响。 （南航供图） 19时20分，旅客眉头终于 ...

Core Viewpoint - The report on China Southern Airlines indicates a narrowing of investment losses in Q2 2025, with a positive outlook on the profitability potential of all-cargo aircraft, leading to a "buy" rating for the company [1][4]. Financial Performance - In H1 2025, the company reported revenue of 86.3 billion yuan, a year-on-year increase of 1.8%, with a net loss attributable to shareholders of 1.53 billion yuan, compared to a net loss of 1.23 billion yuan in H1 2024 [2]. - For Q2 2025, revenue reached 42.9 billion yuan, reflecting a year-on-year growth of 6.7%, with a net loss of 790 million yuan, significantly improved from a loss of 1.98 billion yuan in Q2 2024 [2]. - The company’s pre-tax profit in H1 2025 grew year-on-year, but the net loss was primarily due to a significant provision for income tax expenses [2][4]. Revenue and Cost Analysis - The decline in passenger revenue per kilometer in Q2 2025 was narrowed to 4.9%, with domestic and international revenues decreasing by 3.9% and 8.0%, respectively, compared to Q1 2025 [3]. - The company’s unit cost decreased by 5.4% year-on-year in Q2 2025, with fuel costs showing a reduction of 22% and a slight increase in non-fuel costs by 3.7% [3]. - The logistics subsidiary, China Southern Airlines Logistics, generated revenue of 9.4 billion yuan in H1 2025, a year-on-year increase of 1.9%, although net profit decreased by 6.5% due to tariff impacts [3]. Investment Losses and Tax Implications - Investment losses in H1 2025 amounted to 320 million yuan, significantly reduced from 1.2 billion yuan in H1 2024, as the company completed its final capital injection into Sichuan Airlines [4]. - The company recorded a total profit of 600 million yuan in H1 2025, but the substantial provision for income tax expenses of 1.43 billion yuan negatively impacted net profit [4]. Future Outlook - The company maintains a positive outlook on the profitability potential of its all-cargo aircraft assets and anticipates a rebound in industry ticket prices [4]. - The net profit forecast for 2025 has been adjusted to 1.84 billion yuan, while projections for 2026 and 2027 remain at 4.24 billion yuan and 7.67 billion yuan, respectively [4].

25Q2 客公里收益同比降幅收窄，看好全货机潜力盈利释放。我们测算25Q2公司整体客收下滑4.9%，其 中国内同比-3.9%、国际同比-8.0%，国内和国际客公里收益降幅均较25Q1 收窄（25Q1 国内同 比-6.0%、国际同比-10%），国际线降幅较大我们认为或与公司加大短途国际航线运力投放有关（25H1 公司国际ASK 同比+23%）。货运方面，上半年子公司南航物流引进2 架777F，南航物流盈利表现整体 稳健，25H1 南航物流营收94.0 亿元，同比+1.9%，净利润16.0亿元，同比-6.5%，盈利表现受到上半年 关税影响，看好全货机潜在盈利释放。 25Q2 单位扣油成本同比上涨，油价回落缓解单位成本上涨压力。25Q2 公司单位成本同比-5.4%，我们 测算25Q2 单位燃油成本、扣油成本分别为0.12、0.31 元，同比-22%、+3.7%，二季度扣油成本同比上 涨，达到近几个季度较高水平，但油价下降缓解了成本压力。此外25Q2 公司财务费用同比改善，汇率 小幅升值贡献单季度盈利改善，我们测算25Q2 公司汇兑收益约2600 万元，上年同期24Q2 汇兑亏损3.3 亿元。 川航投资损失收窄，但所 ...