Summary of Key Points Core Viewpoint - The company has announced an adjustment to the maximum repurchase price of its shares following the implementation of the 2024 annual equity distribution, reducing the limit from 60 CNY to 59.1842 CNY per share [1][2][3]. Group 1: Share Repurchase Details - The company plans to repurchase its shares using its own and self-raised funds through the Shanghai Stock Exchange, with a total repurchase amount between 150 million CNY and 300 million CNY [1]. - The repurchase period will not exceed 12 months from the date of the board's approval of the repurchase plan [1]. Group 2: Reasons for Price Adjustment - The adjustment in the repurchase price limit is due to the cash dividend distribution of 0.82 CNY per share, which will not affect the total number of circulating shares [2][3]. - The formula used for the adjustment is based on the cash dividend and the change in circulating shares, which in this case remains zero due to the nature of the distribution [2]. Group 3: Calculation of Adjusted Price - The adjusted maximum repurchase price is calculated as follows: (60 CNY - 0.8158 CNY) / (1 + 0) = 59.1842 CNY per share [3]. - The estimated number of shares to be repurchased will depend on the actual repurchase situation, based on the lower limit of 150 million CNY [3]. Group 4: Other Matters - Other aspects of the share repurchase plan remain unchanged, and the company will continue to implement the plan based on market conditions while fulfilling disclosure obligations [3].

证券代码：601021 证券简称：春秋航空 公告编号：2025-037 春秋航空股份有限公司 关于实施 2024 年年度权益分派后调整回购股份价格上限的公告 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。 调整前回购价格上限：不超过 60 元/股（含，下同） 调整后回购价格上限：不超过 59.1842 元/股（含，下同） 回购价格调整起始日：2025 年 7 月 17 日 进行资本公积金转增股本、不派送股票红利、不进行股份拆细、缩股、配股等事 项，公司回购专用证券账户所持有的本公司股份不参与利润分配。 根据有关规定和《回购报告书》，如公司在本次回购期间发生资本公积金转增 股本、派息、派送股票红利、股份拆细、缩股、配股等除权除息事项，公司将按照 中国证券监督管理委员会及上海证券交易所的相关规定相应调整本次回购价格上 限。 三、本次回购股份价格上限的调整 重要内容提示： 一、股份回购基本情况 春秋航空股份有限公司（以下简称"公司"）于 2024 年 11 月 4 日召开第五届 董事会第八次会议，审议通过了《关于以集中竞价交易方式回 ...

北京市嘉源律师事务所 关于春秋航空股份有限公司 差异化分红事项之 专项法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致：春秋航空股份有限公司 北京市嘉源律师事务所 关于春秋航空股份有限公司 差异化分红事项之 专项法律意见书 1 春秋航空差异化分红 嘉源·法律意见书 何明示或暗示的保证。对本次差异化分红所涉及的财务数据等专业事项，本所未 被授权、亦无权发表任何评论。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发 表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承 担相应法律责任。 嘉源(2025)-05-216 北京市嘉源律师事务所（以下简称"本所"）接受春秋航空股份有限公司（以 下简称"公司"或 ...

证券代码：601021 证券简称：春秋航空 公告编号：2025-036 春秋航空股份有限公司 2024年年度权益分派实施公告 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/16 | － | 2025/7/17 | 2025/7/17 | 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： 每股分配比例 A 股每股现金红利0.82元 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 10 日的2024年年度股东大会审议通过。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关规定，公 司回购专用账户中的股份，不享有利润分配的权利。因此，公司存放于回购专用账户中的 股份将不参与本次利润分配。 3. 差异化分红送转方案： （1）差异化分红方案 根据公司2024年年度股东大会审议通过的《关于公司2024年度 ...

Core Viewpoint - The Shanghai Composite Index opened lower but rose throughout the day, with the CSI 300 Transportation Index reported at 3817.95 points, reflecting a recent decline of 1.38% over the past month, an increase of 3.61% over the past three months, and a year-to-date decline of 1.63% [1] Group 1: Index Composition and Performance - The CSI 300 Transportation Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300 Index, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The top ten weighted stocks in the CSI 300 Transportation Index include: - Beijing-Shanghai High-Speed Railway (26.28%) - SF Express (17.91%) - COSCO Shipping Holdings (14.98%) - Datong Railway (12.6%) - China Eastern Airlines (5.1%) - China Southern Airlines (4.83%) - Air China (4.4%) - Spring Airlines (4.26%) - YTO Express (3.41%) - China Merchants Energy Shipping (3.08%) [1] Group 2: Market Segmentation - The market composition of the CSI 300 Transportation Index shows that the Shanghai Stock Exchange accounts for 81.16%, while the Shenzhen Stock Exchange accounts for 18.84% [1] - The industry breakdown of the index's sample includes: - Railway Transportation (38.88%) - Express Delivery (21.33%) - Shipping (20.28%) - Air Transportation (19.51%) [2] Group 3: Sample Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample changes, remaining fixed until the next scheduled adjustment unless a temporary adjustment is required due to changes in the CSI 300 Index [2] - Special events affecting sample companies, such as delisting, mergers, or changes in industry classification, will prompt corresponding adjustments to the CSI 300 industry index samples [2]

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

Group 1: Core Insights - The report highlights a turning point in the aviation industry, with strong attractiveness in odds and a multi-factor resonance leading to improvement, indicating that profitability is on the rise quarter by quarter [4][24]. - The supply side is tightening, with clear signals of supply-demand improvement, and the cyclical elasticity is finally being released [4][24]. - Most companies in the industry currently have a single-machine market value in the historical top 40% percentile, making the odds highly attractive [4][24]. Group 2: Aviation Sector Analysis - The report reviews the price challenges faced in 2024, noting a significant decline in domestic ticket prices, which has negatively impacted stock performance [22][25]. - Starting from Q2 2025, the decline in naked ticket prices has significantly narrowed, with passenger load factors and aircraft utilization rates approaching historical highs [22][41]. - The demand side is evolving, with trends similar to Japan's past, including increased travel frequency and stable business demand, driven by demographic changes and economic structure [23][64]. Group 3: Supply Side Dynamics - The report indicates that engine issues during the off-season have further squeezed about 5% of capacity, complicating global aircraft introductions due to tariff impacts on the supply chain [23][24]. - It forecasts a 2.3% year-on-year growth in industry supply for 2025 and 1.7% for 2026, suggesting a continuous improvement in supply-demand relationships [23][24]. Group 4: Investment Recommendations - The report recommends A-share private airlines (Hua Xia, Spring Airlines, and Ji Xiang) and the three major Hong Kong airlines, considering performance elasticity and valuation percentiles [4][24]. - If the PMI index shows a significant reversal, it suggests recommending the three major A-share airlines as elastic targets [4][24]. Group 5: Airport Sector Insights - The airport sector is expected to see steady profit growth, with its business model's sustainability and the upgrade of duty-free operations closely tied to long-term economic recovery expectations [8]. - The report anticipates accelerated recovery of international passenger flows, with rising per capita consumption driving steady increases in airport duty-free and taxable commercial spending [8]. Group 6: Highway Sector Analysis - The highway sector is characterized by stable profit foundations, with low-interest rates enhancing the cost-effectiveness of road investments [9]. - The report suggests focusing on stable growth and dividend-paying stocks like China Merchants Highway, Ninghu Highway, and Guangdong Highway, which are backed by monopolistic core assets [9].

Investment Rating - The investment rating for the aviation industry is "Positive" [2] Core Viewpoints - The aviation industry's profitability framework is influenced by capacity supply, travel demand, load factor, ticket price performance, fuel prices, and exchange rate fluctuations, which ultimately affect company profit performance [16][2] - Domestic travel demand is steadily increasing, while international routes have largely recovered to 2019 levels [3][31] - Supply chain disruptions are delaying aircraft deliveries, leading to a contraction in capacity supply [4][6] Summary by Sections Demand - Domestic air passenger traffic increased by 4.2% year-on-year from January to May 2025, with high load factors sustained [3] - International passenger traffic has nearly returned to 2019 levels, with recovery rates of 106.3% for passenger volume and 101.0% for turnover by May 2025 [31][33] - Policies aimed at boosting consumption are expected to enhance public leisure travel demand, thereby increasing aviation travel demand [3][37] Supply - The growth rate of capacity introduction is slowing, and aircraft leasing prices are rising due to ongoing supply chain issues [4] - The average fleet utilization rate is expected to have limited improvement during peak seasons, with a significant gap remaining compared to 2019 levels [5] - The number of grounded aircraft for maintenance has increased, exacerbating capacity constraints [6] Supply and Demand Balance - The industry is experiencing a tight supply-demand balance, with load factors returning to high levels, and ticket prices are expected to rise during peak seasons [6] - In 2023, ticket prices reached historical highs, but are projected to decline in 2024 before rebounding in 2025 [7] - Airlines are likely to benefit from rising ticket prices and declining fuel costs, leading to high earnings elasticity [8] Revenue and Cost Sensitivity - Airlines can maximize revenue through high load factors and unit revenue per route, with domestic capacity growth slowing and international capacity gradually recovering [8] - Fuel cost pressures are expected to ease, with average fuel prices declining year-on-year [8] - Sensitivity analysis indicates that a 1% increase in ticket prices could significantly boost profits for major airlines [8] Investment Recommendations - The report recommends a positive outlook for the aviation industry, emphasizing the potential for improved supply-demand dynamics and ticket price recovery during peak seasons [8]

Group 1 - China's Ministry of Commerce announced reciprocal restrictions on medical device imports from the EU, citing ongoing barriers to Chinese companies in EU public procurement [5] - Over 5,400 individuals have been repatriated as part of a joint crackdown on telecom fraud by China, Myanmar, and Thailand, demonstrating significant law enforcement cooperation [5] - Hong Kong's IPO market is experiencing a surge, with 42 IPOs completed in the first half of 2025, raising over HKD 107 billion, marking a 22% increase compared to the previous year [6] Group 2 - The total box office for the summer film season in 2025 has surpassed RMB 2.5 billion as of July 6 [7] - NIO's CEO Li Bin highlighted the company's focus on technological innovation, with cumulative R&D investments reaching RMB 60 billion, despite reporting significant losses [10][11] - Spring Airlines experienced a two-hour delay on a flight due to a temporary mechanical failure causing fuel leakage, emphasizing the importance of equipment maintenance in the aviation sector [12] Group 3 - China's three major telecom operators have restarted eSIM services after a two-year hiatus, focusing initially on IoT and smart wearable devices [14] - A significant recall of over 1.2 million power banks by Romoss and Anker due to safety concerns related to battery quality has raised consumer awareness about product safety [15]

Core Viewpoint - Spring Airlines has emerged as the most profitable airline in 2024, achieving a net profit of 2.28 billion yuan, while major competitors like Air China, China Eastern Airlines, and China Southern Airlines are facing significant losses despite revenue growth [1][2]. Financial Performance - Spring Airlines reported a net profit of 2.28 billion yuan in 2024, a slight increase of 0.69% from 2023 [2]. - The airline's operating revenue reached approximately 20 billion yuan, reflecting an 11.5% increase compared to the previous year [2]. - In contrast, Air China, China Eastern Airlines, and China Southern Airlines reported net losses of 237 million yuan, 4.23 billion yuan, and 1.7 billion yuan respectively in 2024 [1]. Customer Experience and Pricing Strategy - Spring Airlines maintains a high seat occupancy rate of 92.16%, which is significantly higher than its competitors [7]. - The airline employs a pricing strategy that includes various fare classes, with the lowest fare class offering limited services, while higher fare classes provide additional benefits such as free baggage [3][5]. - Despite complaints about its service model, Spring Airlines has a high repurchase rate, indicating customer acceptance of its low-cost model [7][8]. Operational Efficiency - Spring Airlines operates a fleet of 129 Airbus A320 series aircraft, with an average age of 7.5 years, allowing for cost-effective maintenance and operations [9][10]. - The airline's unit sales expenses are significantly lower than industry averages, contributing to its profitability [11]. - Spring Airlines maximizes aircraft utilization by scheduling flights during off-peak hours, thereby reducing fixed costs [10]. Market Trends - The overall airline industry is experiencing a decline in ticket prices, with domestic economy class fares averaging 787 yuan, down 17% year-on-year [15]. - The competitive landscape is influenced by the rise of high-speed rail and changing consumer behaviors post-pandemic, leading airlines to offer discounted fares to attract customers [12][15]. - Spring Airlines has successfully capitalized on this trend by offering ultra-low fares and ancillary services, which accounted for 18% of its revenue in 2024 [18].