证券代码：601021 证券简称：春秋航空 公告编号：2025-052 春秋航空股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.43元 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 | 2025/10/16 | － | 2025/10/17 | 2025/10/17 | 差异化分红送转： 是 一、 通过分配方案的股东会届次和日期 2025 年 6 月 10 日召开的2024年年度股东大会审议通过了《关于提请股东大会 授权董事会制定 2025 年中期分红方案的议案》，股东大会同意授权董事会在符合 利润分配的条件下制定具体的中期分红方案，2025 年 8 月 27 日召开的第五届董事 会第十二次会议审议通过了《关于公司 2025 年中期分红方案的议案》。 二、 分配方案 1. 发放年度：2025年半年度 2. ...

Investment Rating - The report gives an "Overweight" rating for the aviation industry, indicating a positive outlook for the sector's performance compared to the overall market [8]. Core Insights - The National Day holiday data for the aviation industry exceeded expectations, signaling an upcoming golden era for airlines. The domestic aviation market showed stable performance despite adverse weather conditions, with daily passenger transport volume averaging approximately 2.15 million, a 31% increase compared to 2019 and a 4% increase compared to 2024 [2]. - The growth in passenger volume is primarily dependent on the increase in aircraft numbers, and a low growth rate in passenger volume amidst high load factors is seen as a positive indicator for profitability. If fleet size does not grow, passenger volume may stagnate or decline, leading to potential supply-demand mismatches and price fluctuations [2]. - The report highlights two misconceptions in the market: first, the belief that the recovery of Boeing and Airbus production capacity will reverse the aging trend of aircraft; second, the notion that lower ticket prices will negatively impact airline profitability. The report argues that many domestic airlines have already surpassed 2019 levels in international market recovery, and as long as the reduction in unit costs exceeds the decline in unit revenues, airline profitability will improve [2]. - The Chinese civil aviation sector is entering a golden age, expected to last 5-10 years, driven by supply chain improvements. Short-term indicators include record profits for major airlines during the National Day holiday, while medium-term expectations include a transition from losses to profitability for airlines [2]. - Investment recommendations include focusing on the aviation sector, with a strong supply-side logic and elastic demand. Airlines such as China Eastern Airlines, Spring Airlines, and China Southern Airlines are highlighted as potential investment opportunities, along with global aircraft leasing companies and airport sectors showing continuous recovery [2][3]. Summary by Sections - **Passenger Transport Data**: Daily domestic passenger transport volume reached approximately 2.15 million, with a 31% increase from 2019 and a 4% increase from 2024. Daily domestic flight volume averaged about 14,500 flights, a 19% increase from 2019 and a 2% increase from 2024 [2]. - **International Market Performance**: Daily international passenger transport volume averaged around 380,000, a 13% decrease from 2019 but an 11% increase from 2024. The average ticket price for international flights decreased by 12% compared to 2024 [2]. - **Company Valuation Table**: Key companies in the aviation sector, such as China Southern Airlines and China Eastern Airlines, have been rated as "Outperform" or "Buy," with projected earnings per share (EPS) growth indicating strong future performance [3].

Core Viewpoint - The aviation and airport sector experienced a rise of 0.82% on October 9, with Southern Airlines leading the gains, while the Shanghai Composite Index rose by 1.32% and the Shenzhen Component Index increased by 1.47% [1]. Group 1: Stock Performance - Southern Airlines (600029) closed at 6.17, up by 1.98% with a trading volume of 1.2 million shares and a transaction value of 724 million yuan [1]. - China Eastern Airlines (600115) closed at 4.22, up by 1.69% with a trading volume of 2.3 million shares and a transaction value of 941 million yuan [1]. - Hainan Airlines (600221) closed at 1.64, up by 1.23% with a trading volume of 4.6 million shares and a transaction value of 752 million yuan [1]. - Xiamen Airport (600897) closed at 14.37, down by 0.62% with a trading volume of 19,700 shares and a transaction value of 28.2 million yuan [2]. - Baiyun Airport (600004) closed at 9.44, down by 0.42% with a trading volume of 201,000 shares and a transaction value of 18.9 million yuan [2]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 119 million yuan from institutional investors, while retail investors contributed a net inflow of 27.67 million yuan [2]. - China National Airlines (601111) had a net inflow of 33.72 million yuan from institutional investors, but a net outflow of 36.14 million yuan from retail investors [3]. - Hainan Airlines (600221) experienced a net inflow of 22.03 million yuan from institutional investors, while retail investors had a net inflow of 231,800 yuan [3].

Investment Rating - The industry maintains a "Recommended" investment rating, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [3]. Core Insights - The overall supply and demand growth in the aviation industry continues to slow down, with record high passenger load factors during peak seasons. Domestic growth remains low, while international routes are experiencing a gradual normalization effect from last year's base [1][7]. - Key performance indicators for August 2025 show significant year-on-year increases in passenger turnover and flight operations, with domestic routes showing stronger growth compared to international routes [7][23]. - The report emphasizes the importance of addressing "involution" within the industry, highlighting recent calls for a unified market and reduced competition pressures [7]. Summary by Sections Industry Monthly Review - In August 2025, the Shanghai Composite Index rose by 10.3%, while the aviation index increased by 5.9%, underperforming the broader market by 4.4% [11]. - Most aviation stocks saw gains, with the largest increase being 11.5% for a specific stock, while the largest decline was 3.1% for another [11]. Key Data Tracking - Passenger turnover for August 2025 reached 136.5 billion passenger-kilometers, up 25.4% from 2019 and 5.8% from 2024. Domestic routes accounted for 104.7 billion passenger-kilometers, reflecting a 35.6% increase from 2019 [7][24]. - The available seat kilometers (ASK) for August 2025 were 156.1 billion, a 24.1% increase from 2019, with a passenger load factor of 87.5%, up 0.9 percentage points from 2019 [7][24]. - The report notes a decline in domestic ticket prices, with full ticket prices down 6.4% year-on-year [7][24]. Recent Reports - The report references several recent industry analyses, including insights on the recovery of international flights and the performance of major airlines [6][93].

Group 1: Movie Market - The National Day box office exceeded 1.7 billion yuan, with over 3.7 million screenings and more than 46 million attendees, indicating a strong performance in the Chinese film market [2] - China Film Group's film "The Volunteer Army: Blood and Peace" led the box office with 450 million yuan, while other films like "Assassination Novelist 2" and "The Sound of Thunder" ranked second and third [2] - Shanghai Film Company reported that its film "The Little Monster of Langlang Mountain" generated nearly 30 million yuan in box office revenue during the holiday, showcasing sustained market interest [2] Group 2: Tourism and Scenic Spots - Huangshan Tourism received 199,800 visitors during the holiday, a 7.54% increase from last year, thanks to diverse activities and themed experiences [3] - Jiangsu Tianmuhu Tourism created immersive vacation experiences with over 400 events, establishing a new benchmark for high-quality tourism in the Yangtze River Delta [3] - Nanjing's tourism market saw significant growth, with the Confucius Temple boat tours receiving over 10,000 visitors daily, and total revenue increasing by 10% compared to last year [3] Group 3: Airline Industry - China Eastern Airlines operated over 15,400 flights and transported more than 2.278 million passengers from October 1 to 5, achieving a historical high for this period [4] - China Southern Airlines planned to add over 2,700 flights during the holiday period, with a total of 48,000 flights scheduled to meet travel demand [4] - Spring Airlines expected a daily flight volume of nearly 600 aircraft, with domestic flights increasing by over 9% and international flights by over 30% [4] Group 4: Dining and Retail - Guangzhou Restaurant Group launched festive dining packages to attract customers during the holiday, enhancing sales performance [7] - Shanghai Yuyuan Tourist Mart reported over 1.1 million visitors during the holiday, with overall sales increasing by 10% due to the "Food Carnival" event [7] - Zhejiang Wufangzhai introduced innovative mooncake products, with sales exceeding expectations prior to the holiday [7]

Core Insights - The National Day and Mid-Autumn Festival holiday has significantly boosted travel demand, with airlines and airports reporting record-high passenger numbers and flight operations during this period [1][2][3][4] Airline Performance - Eastern Airlines executed over 15,400 flights and transported more than 2.278 million passengers from October 1 to 5, achieving a daily average of over 3,000 flights, a 3.9% year-on-year increase, and a daily average of 456,000 passengers, a 6.2% increase [1] - Southern Airlines planned to add over 2,700 flights during the holiday period, with a total of 48,000 flights scheduled, focusing on popular routes from Guangzhou and Shenzhen to regions like Xinjiang and Yunnan [2] - Spring Airlines anticipated a daily flight volume of nearly 600 during the holiday, with a projected year-on-year growth of over 13%, driven by increased domestic and international travel demand [2] Airport Statistics - Baiyun Airport reported approximately 7,808 flights and 1.2094 million passengers from October 1 to 5, with a daily average of 1,562 flights and 245,400 passengers, reflecting year-on-year growth of 4.04% and 3.96% respectively [3] - Xiamen Airport experienced a daily passenger volume exceeding 90,000 for five consecutive days, with an average of 92,000 passengers, marking a 3% year-on-year increase, and international passenger growth of 14.2% [3] - Shanghai Airports (Pudong and Hongqiao) expected a total of 19,000 flights and 3.141 million passengers from October 1 to 8, with a daily average of 2,366 flights and 393,000 passengers, reflecting a 2.5% and 5.6% year-on-year increase respectively [4]

Core Insights - Spring Airlines expects an average of nearly 600 flights per day during the National Day and Mid-Autumn Festival holiday period (October 1 to 8), representing a year-on-year growth of over 13% [1] - Domestic flights are projected to grow by more than 9%, while international flights are anticipated to increase by over 30% year-on-year [1]

Group 1 - The article discusses the tragic car accident involving Chen Zhen, highlighting the impact on his family and his subsequent apology and commitment to cooperate with authorities for compensation [2] - The article reports on the significant drop in followers for the internet celebrity "Northeast Rain Sister," losing over 5 million followers in a year due to account restrictions [4] - Spring Airlines is considering a potential IPO in Hong Kong, with discussions ongoing about the scale and timing of the offering [4] - Xiaomi's new phone series, the Xiaomi 17, achieved over 1 million sales within just five days of its launch, indicating strong market demand [4] - Tesla reported record global deliveries of 497,000 vehicles in Q3, with a notable 31% increase in sales in the Chinese market [5] - Meta is tracking employee AI usage through a dashboard and gamification, aiming to increase AI tool engagement across teams [8] Group 2 - Jaguar Land Rover is preparing to provide up to £500 million (approximately $674 million) in loans to support its suppliers following a cyberattack that disrupted production [9] - Disney is shutting down Hulu and integrating its streaming services into Disney+, aiming for a unified application experience by 2026 [9] - Stellantis plans to invest approximately $10 billion in the U.S. to revitalize its operations and focus on key brands like Jeep and Ram [9] - OpenAI has acquired the personalized financial investment company Roi, enhancing its consumer AI offerings [11] - The Chinese electric vehicle charging infrastructure has seen significant growth, with charging volume during the recent holiday reaching 43.81 million kWh, a 51.33% increase year-on-year [14][15]

经济观察网针对春秋航空（601021）正考虑在香港上市传闻，春秋航空相关负责人表示，公司目前暂无 相关计划，若有重大事项公司将依法依规履行信息披露义务，以公司公告为准。 ...

记者向春秋航空方面求证，多位管理层称目前暂无赴香港上市计划。 【#春秋航空回应考虑在香港上市# 】#春秋多位管理层称暂无赴港上市计划# 据彭博社报道，春秋航空 正考虑在香港上市，最快或将于明年进行，预计融资规模可达数亿美元。 今年上半年，春秋航空是A股上市航司中最赚钱的航司。 （一财） ...