Core Viewpoint - Spring Airlines' stock price increased by 1.23% to 53.35 yuan as of August 29, 2025, with a market capitalization of 52.194 billion yuan, ranking 6th in the aviation sector and 316th in the A-share market [1] Shareholder Changes - As of June 30, 2025, the number of shareholders decreased by 7.43% to 21,000, with the average shareholding increasing from 43,100 shares to 46,600 shares, and the average shareholding value reaching 2.5906 million yuan [2][7] Performance Disclosure Highlights - For the first half of 2025, Spring Airlines reported a main revenue of 10.304 billion yuan, a year-on-year increase of 4.35%, while the net profit attributable to shareholders decreased by 14.11% to 1.169 billion yuan. The second quarter alone saw a revenue of 4.987 billion yuan, up 5.95%, but a net profit decline of 10.74% to 491 million yuan. The company’s debt ratio stood at 62.09% and gross profit margin at 13.88% [3][7] Company Announcements Summary - The company plans to distribute a cash dividend of 0.43 yuan per share, totaling approximately 417.62 million yuan, which represents 35.74% of the net profit attributable to shareholders. The total amount for dividends and share buybacks is 52.03% of the net profit for the first half of 2025 [4][7] Bond Issuance and Share Buyback Plans - The company received approval from the CSRC to publicly issue bonds up to 2 billion yuan, valid for 24 months. Additionally, the board approved a share buyback plan with a budget of 300 to 500 million yuan for an employee stock ownership plan, with a buyback price not exceeding 65 yuan per share [5]

Core Viewpoint - Spring Airlines reported a revenue of 10.3 billion yuan for the first half of 2025, reflecting a year-on-year increase of 4.35%, while the net profit attributable to shareholders decreased by 14.1% to 1.169 billion yuan [1][2] Revenue and Profit Summary - The company achieved a total revenue of 10.3 billion yuan in H1 2025, with passenger and cargo revenues at 9.99 billion yuan and 0.07 billion yuan, respectively, marking increases of 3.9% and 18.5% year-on-year [2] - The total profit for H1 2025 was 1.543 billion yuan, up 2.6% year-on-year, while the net profit attributable to shareholders was 1.169 billion yuan, down 14.1% [2] Operational Metrics - Spring Airlines' total Available Seat Kilometers (ASK) increased by 9.5% year-on-year, with domestic and international routes growing by 3.6% and 41.0%, respectively [3] - The total Revenue Passenger Kilometers (RPK) rose by 8.5% year-on-year, with domestic and international routes increasing by 3.5% and 36.7%, respectively [3] - The overall passenger load factor for H1 2025 was 90.5%, slightly down by 0.8 percentage points year-on-year [3] - The fleet size reached 133 aircraft by the end of H1 2025, with a net increase of 4 aircraft, and the fleet utilization rate improved to 9.74 hours, up 0.46 hours year-on-year [3] Pricing and Cost Management - The unit revenue per passenger kilometer was 0.377 yuan, down 4.2% year-on-year, with domestic, international, and regional routes at 0.362, 0.427, and 0.468 yuan, respectively [4] - The unit cost per ASK was 0.303 yuan, down 3.5% year-on-year, with unit fuel costs at 0.102 yuan, down 12.6%, and unit non-fuel costs at 0.201 yuan, up 1.9% [4] Market Outlook - The industry is expected to see a contraction in supply, which may improve the supply-demand relationship and lead to a potential recovery in ticket prices [5] - The Civil Aviation Administration's recent initiatives to promote rational competition may reduce harmful low-price competition, further supporting price recovery [5] - The company is projected to achieve net profits of 2.311 billion, 3.023 billion, and 3.514 billion yuan for 2025 to 2027, with corresponding year-on-year growth rates of 1.7%, 30.8%, and 16.2% [5]

Group 1: Airline Performance - All listed airlines in A-shares have reported their 2025 semi-annual results, with private airlines achieving profitability while state-owned airlines continue to incur losses [1] - Spring Airlines has reported the highest net profit among private airlines at 1.169 billion yuan, making it the most profitable listed airline in mainland China for the first half of the year [1] - In contrast, the three major state-owned airlines, Air China, China Eastern Airlines, and China Southern Airlines, reported losses of 1.806 billion yuan, 1.441 billion yuan, and 1.533 billion yuan respectively in the first half of the year [2] Group 2: Market Dynamics - The disparity in performance among airlines is attributed to the slower-than-expected recovery of international routes and ongoing competition in the domestic market [2] - International passenger flights in civil aviation increased by 24.9% year-on-year in the first half of the year, but still fell 12% compared to 2019 levels, indicating that international flight volumes have not fully recovered [2] - Private airlines like Spring Airlines and Juneyao Airlines, which focus on international routes primarily to neighboring countries, are less affected by the slow recovery of international markets compared to state-owned airlines [2][3] Group 3: Revenue and Cost Management - Spring Airlines reported a significant increase in capacity on Japanese routes, with a year-on-year growth of over 116.8%, positively impacting revenue performance [3] - Despite the overall revenue decline in domestic routes, cost control has become crucial for maintaining performance, with private airlines like Spring Airlines having more advantages in this area compared to state-owned airlines [3] Group 4: Airport and Cargo Performance - Among seven listed airport companies, five reported profits in the first half of the year, while only two, Meilan Airport and Capital Airport, continued to incur losses [4] - Capital Airport has faced continuous losses since 2020, with cumulative losses exceeding 10 billion yuan, largely due to competition from Beijing Daxing Airport [4] - Cargo logistics companies also reported profit growth, with China National Aviation and Eastern Air Logistics earning 1.24 billion yuan and 1.289 billion yuan respectively, reflecting a positive trend in global air cargo demand [5] Group 5: Global Cargo Trends - The global air cargo demand is on the rise, with a year-on-year increase of 2.8% in cargo ton-kilometers in the first half of the year, and a significant growth of 8.4% in the Asia-Pacific region [5] - China's air cargo export volume reached 2.67 million tons, a year-on-year increase of 11.6%, with international cargo transport volumes hitting record highs [5] - However, adjustments in U.S. tariff policies and the cancellation of small package exemptions are impacting air carriers, with negative growth observed in exports to North America [5][6]

Core Insights - Spring Airlines has achieved remarkable profitability, with a net profit of 1.169 billion yuan in the first half of the year, making it the most profitable airline in China despite holding less than 4% market share [1] - The airline's net profit margin remains stable at over 10%, significantly higher than the global average of 5% for major airlines like Delta [1] - Spring Airlines has adopted a cost-control strategy and precise market positioning, successfully creating a blue ocean market for low-cost airlines in China [1] Business Model Innovation - Spring Airlines has redefined itself as a "sky bus," offering only basic transportation services while making all additional services paid options, distinguishing itself from traditional airlines [3] - The airline has increased passenger capacity by 15% through fixed seating arrangements and optimized scheduling, resulting in daily flight times that exceed competitors by 2 hours [3] - By choosing smaller airports and non-peak hours for takeoffs and landings, Spring Airlines has significantly reduced airport costs [3] Competitive Landscape - The airline's pricing strategy includes regular fares of 99 yuan, 199 yuan, and 299 yuan, with instances of 1 yuan tickets, leading to an impressive 90% occupancy rate, which is 10 percentage points higher than the industry average [3] - Spring Airlines has a fleet of 127 A320 aircraft, benefiting from economies of scale in procurement, maintenance, and training costs, positioning it as the second-largest private airline in China [4] - Traditional airlines are beginning to mimic Spring Airlines' strategies by reducing seat width, charging for checked baggage, and lowering meal services and ticket prices [4] Market Implications - The success of Spring Airlines illustrates that in the Chinese market, success does not necessarily come from a comprehensive model; precise positioning and execution can also yield extraordinary results [5] - Future competition in the airline market may shift from service level to cost control and business model innovation, as demonstrated by Spring Airlines' approach [5] - The airline has applied to sell standing tickets, aiming to increase capacity by 40% and further reduce prices, indicating a potential shift in the low-cost airline revolution in China [4]

Core Viewpoint - Spring Airlines reported an increase in revenue but a decrease in profit for the first half of 2025, indicating challenges in maintaining profitability despite revenue growth [1] Financial Performance - Total operating revenue reached 10.304 billion yuan, a year-on-year increase of 4.35% [1] - Net profit attributable to shareholders was 1.169 billion yuan, down 14.11% year-on-year [1] - In Q2 2025, operating revenue was 4.987 billion yuan, up 5.95% year-on-year, while net profit was 491 million yuan, down 10.74% year-on-year [1] - Gross margin was 13.88%, a decrease of 7.17% year-on-year, and net margin was 11.34%, down 17.69% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 432 million yuan, representing 4.19% of revenue, an increase of 15.71% year-on-year [1] - Earnings per share (EPS) was 1.20 yuan, down 13.67% year-on-year [1] Business Model and Capital Efficiency - The company's return on invested capital (ROIC) was 8.16%, indicating average capital returns [3] - Historical data shows a median ROIC of 8.21% since the company went public, with two years of losses indicating a fragile business model [3] - The company's performance is heavily reliant on capital expenditures, necessitating careful evaluation of capital projects [3] Debt and Market Position - The interest-bearing debt ratio reached 41.35%, highlighting the company's debt situation [4] - Analysts project a net profit of 2.525 billion yuan for 2025, with an average EPS forecast of 2.58 yuan [4] Fund Holdings - The largest fund holding Spring Airlines is the ICBC Convertible Bond Fund, with 8.4571 million shares newly added to its top holdings [5] - Other funds have shown varied movements in their holdings, with some increasing and others decreasing their positions [5]

Group 1 - The company plans to distribute a cash dividend of 0.43 yuan per share (including tax) for the 2025 interim dividend, without issuing new shares or implementing capital reserve transfers [1][2] - The total number of shares eligible for distribution is calculated by deducting the shares in the company's repurchase account from the total share capital, which as of August 27, 2025, is 971,212,559 shares [1][2] - The total cash dividend to be distributed amounts to approximately 417.62 million yuan, representing 35.74% of the net profit attributable to shareholders for the first half of 2025, which is approximately 1.17 billion yuan [1][2] Group 2 - The decision-making process for the dividend distribution was approved in meetings held on May 13, 2025, and June 10, 2025, with the board authorized to determine the interim dividend plan [2] - The company has implemented a share repurchase amounting to approximately 190.40 million yuan, which combined with the interim cash dividend totals 52.03% of the net profit for the period [2]

Core Viewpoint - Spring Airlines reported a net profit of 1,168,631,539 yuan for the first half of 2025, a decrease of 14.11% compared to the same period last year, despite an increase in total revenue [1][3][17] Financial Performance - The company achieved total operating revenue of 10,304,467,333 yuan, up 4.35% year-on-year [3][17] - Total profit for the period was 1,542,895,172 yuan, reflecting a 2.59% increase from the previous year [3][17] - The net profit attributable to shareholders decreased by 14.11% compared to the previous year [3][17] - The basic earnings per share were 1.20 yuan, down 13.67% from 1.39 yuan in the same period last year [3][17] Operational Metrics - The company operated a fleet of 133 A320 series aircraft, making it one of the largest private airlines in China in terms of passenger volume and turnover [4] - The total passenger transport volume reached 1,521.89 million, an increase of 9.45% year-on-year [15] - The average passenger load factor was 90.52%, a slight decrease of 0.79 percentage points compared to the previous year [15] Industry Context - The global aviation industry is expected to see a 5.8% increase in passenger traffic in 2025, although this is a slowdown from the previous year's growth [5][6] - The average load factor for the industry is projected to reach a historical peak of 84% in 2025, up 0.5 percentage points from 2024 [5][6] - The low-cost airline sector has been growing, with Spring Airlines being a key player in the Chinese market, which currently holds a 12.9% share of domestic routes [7][8] Safety and Compliance - The company maintained a safety record with zero major accidents reported during the first half of 2025, emphasizing its commitment to safety management [18][19] - Safety-related expenditures amounted to 231,497 million yuan, reflecting the company's focus on maintaining high safety standards [18][19] Future Outlook - The aviation industry is expected to continue its recovery, driven by increasing demand for air travel, particularly in emerging markets [6][11] - The company is well-positioned to capitalize on the growing demand for low-cost travel, supported by favorable government policies promoting the development of the private aviation sector [17]

春秋航空股份有限公司2025 年半年度报告摘要 公司代码：601021 公司简称：春秋航空 春秋航空股份有限公司 春秋航空股份有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 根据公司 2025 年半年度财务报告（未经审计，下同），2025 年上半年，公司合并报表实现 归属于上市公司股东的净利润 1,168,631,539 元，母公司实现净利润 705,987,267 元，截至 2025 年 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》，公司拟以实施权益分派 股权登记日登记的总股本扣除公司回购专用证券账户中股份（以下简称"可分配股份"）为基数， 向全体股东每股派发现金红利人民币 0.43 元（含税）。截至 2025 年 8 月 27 日，公司总股本为 拟派发现金红利 417,621,400.37 元（含税），占 2025 年半年度合并报表中归属于上市公司股东的 净利润的比例为 35.74%。 如在实施权益分派股权登记日前，因回购股份等原 ...

证券代码：601021 证券简称：春秋航空 公告编号：2025-043 春秋航空股份有限公司 第五届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 春秋航空股份有限公司（以下简称"公司"）第五届董事会第十二次会议于 式发出，并予以确认回复。 会议应出席董事 9 名，实际出席董事 9 名，出席董事占应出席人数的 100%。 会议由董事长王煜召集并主持，公司全体董事认真审议了会议议案，全部 9 名 董事对会议议案进行了表决。会议参与表决人数及召集、召开程序符合有关法律、 法规和《公司章程》的规定，所作决议合法有效。 二、董事会会议审议情况 （一）审议并通过《关于公司 2025 年半年度报告及其摘要的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 该议案已经第五届董事会审计委员会 2025 年第三次会议审议通过，并同意提交 董事会审议。 详见公司同日披露的《春秋航空 2025 年半年度报告》及《春秋航空 2025 年半 年度报告摘要》。 （二）审议并通过《关于公司 2 ...

公司代码：601021 公司简称：春秋航空 春秋航空股份有限公司 （修订稿） 二〇二五年八月 声明 本公司及公司董事会全体成员保证本员工持股计划不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 风险提示 （一）春秋航空股份有限公司（以下简称"春秋航空"或"公司"）2022 年员工持股计划须经公司股东大会批准后方可实施，本次员工持股计划能否 获得公司股东大会批准，存在不确定性； （二）有关本次员工持股计划的具体的资金来源、出资比例、实施方案 等属初步结果，存在不确定性； （三）若员工认购资金较低时，本员工持股计划存在不成立的风险； （四）股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形 势及投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资 活动，投资者对此应有充分准备； （五）敬请广大投资者谨慎决策，注意投资风险。 特别提示 本部分内容中的词语简称与"释义"部分保持一致。 或"持股计划"）系依据《中华人民共和国公司法》、《中华人民共和国证券法》、 《关于上市公司实施员工持股计划试点的指导意见》等有关法律、行政法规、规 章、规范性文件和《公司章 ...