[Table_MainInfo] 公司研究/交通运输/航空公司 证券研究报告 春秋航空（601021）公司年报点评 2024年05月08日 [Table_InvestInfo] 投资评级 优于大市 维持 Q1 盈利增长，经营α优势突显 股票数据 [Table_Summary] 0[5Ta月b0le8_日S收to盘ck价（In元fo）] 55.07 投资要点： 52周股价波动（元） 46.92-64.30 总股本/流通A股（百万股） 979/979  春秋航空 23年扭亏为盈，实现归母净利 22.57亿元，24年 Q1生产经营状 总市值/流通市值（百万元） 53889/53889 况大幅改善，实现营业收入51.68亿元，归母净利8.1亿元。春秋航空公告： 相关研究 1）23 年营收同比上升 114.3%至 179.38 亿元，较 19 年上升 21.2%，公司 [《Ta盈b利le_ 8.R 4e亿p元or与tIn 1f 9o年] 持平，精细管理优势 实现净利润 22.57 亿元，主因：a）23 年行业逐步恢复，公司供需同比各大 显现》2023.09.10 幅上升 56.4%/87.3%。2）24 年 Q1 盈 ...

[Table_Page] 季报点评|航空机场 证券研究报告 [春Table_秋Title] 航空（601021.SH） [公Tab司le_I评nves级t] 增持 当前价格 55.75元 业绩行至收获期，成长潜能持续释放 合理价值 61.60元 报告日期 2024-05-07 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 春秋航空发布2023年年报和 2024年一季报：公司 23年实现营业收 入179.38亿元/yoy+114%，归母净利润、扣非归母净利润分别为22.57 10% 亿元、22.30 亿元，同比扭亏为盈。24Q1 实现营业收入 51.68 亿元 4% -3%05/23 07/23 09/23 11/23 01/24 03/24 05/24 /yoy+34%，归母净利润、扣非归母净利润分别8.10亿元/yoy+128%、 -9% 8.10亿元/yoy+138%。 -16% ⚫ 恢复进度领先，23年业绩超过19年：伴随出行需求回暖，23年公司 -22% 春秋航空 沪深300 业务量快速修复。据公司经营数据公告，公司 23 全年运输旅客 241 ...

证券代码：601021 证券简称：春秋航空 公告编号：2024-020 春秋航空股份有限公司 关于回购公司股份进展公告 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。 二、 回购股份的进展情况 截止 2024 年 4 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易方 式回购公司股份合计 646,600 股，占公司总股本 978,548,805 股的比例为 0.066%， 回购成交的最高价为 53.69 元/股，最低价为 48.92 元/股，支付的资金总额为人民 币 33,125,370.00 元（不含印花税、交易佣金等交易费用）。 上述回购股份符合法律法规的规定及公司回购股份方案。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出回 购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务，敬请 广大投资者注意投资风险。 重要内容提示： | 回购方案首次披露日 | 2023/8/31，由公司董事 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 航空运输 ＃investSuggestion＃ ＃ ＃d春yCo秋mpa航ny＃空 （ 601021 ） investSug 买入 ( 维ges持tionC）h 000009 ＃title＃ 2023 年度净利润创历史新高，竞争优势持续凸显 ange＃ ＃createTime1＃ 2024年5月6日 投资要点 ＃市场ma数rk据etData＃ ＃ sum 春ma 秋ry 航＃ 空发布2023年年报及2024年一季报：2023年公司实现营业收入179.38 日期 2024-4-30 亿元，同比增加114.3%；实现归母净利润22.57亿元，为历史业绩新高，去年同 期实现归母净亏损30.36亿元。2024年一季度实现营业收入51.68亿元，同比增 收盘价（元） 56.79 长33.8%，实现归母净利润8.10亿元，同比增长127.8%。 总股本（百万股） 979  业务量恢复：1）2023年全年旅客周转量大超2019年同期，客座率水平领先行 流通股本（百万股） 979 业。公司 2023 年完成运输总周转量 38.59亿吨公里、旅客周转量 424 ...

证券研究报告：交通运输 | 公司点评报告 2024年5月5日 股票投资评级 春秋航空(601021) 买入|维持 业绩符合预期，盈利能力保持领先 个股表现 ⚫ 春秋航空披露 2023 年年报及 2024 年一季报 春秋航空披露 2023 年年报及 2024 年一季报，2023 年公司营业 春秋航空 交通运输 收入179.4亿元，同比增长114.3%，归母净利润22.6亿元，同比扭 1% -2% 亏；2024 年一季度公司营业收入 51.7 亿元，同比增长 33.8%，归母 -5% 净利润8.10亿元，同比增长127.8%。 -8% -11% ⚫ 行业需求不断复苏，公司业务量回升带动收入明显增长 -14% 2023 年民航需求不断复苏，公司业务量明显回升，2024 年一季 -17% -20% 度行业运量同比继续增长，全行业客流达到 1.77 亿人次，同比增长 -23% 37.7%。公司业务量不断提升，一季度公司 ASK136.1 亿，同比增长 2023-05 2023-07 2023-09 2023-12 2024-02 2024-04 31.4%，RPK124.1亿，同比增长37.8%，客座率达到91.2%, ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company reported a significant recovery in its financial performance, with a 114.34% year-on-year increase in revenue for 2023, reaching 17.938 billion yuan, and a net profit of 2.257 billion yuan, marking a return to profitability [5][6]. - In Q1 2024, the company achieved a net profit of 810 million yuan, reflecting a 127.78% year-on-year growth, which aligns with expectations [5]. - The company's operational metrics show a strong recovery in both domestic and international capacity, with passenger load factors reaching 91% overall, and 92% for domestic flights [5][6]. Summary by Sections Market Data - Closing price as of April 30, 2024: 56.79 yuan - Market capitalization: 55,572 million yuan - Price-to-book ratio: 3.4 [2][3]. Financial Data - Earnings per share for 2023: 2.31 yuan - Return on equity (ROE) for 2023: 14.3% - Total revenue projections for 2024E: 22.898 billion yuan, with a year-on-year growth rate of 27.7% [7][8]. Operational Data - Fleet size as of March 2024: 124 aircraft - Daily aircraft utilization in 2023: 8.5 hours, an increase of 51.8% year-on-year [5][6]. Future Earnings Projections - Expected net profits for 2024E, 2025E, and 2026E are 3.218 billion yuan, 4.388 billion yuan, and 4.972 billion yuan respectively, with corresponding PE ratios of 17x, 13x, and 11x [6][7].

业绩行业领先，盈利值得期待 春秋航空（601021.SH）/航空 证券研究报告/公司点评 2024年4月30日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：55.99元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,369 17,938 20,676 23,380 27,150 分析师：杜冲 增长率yoy% -23% 114% 15% 13% 16% 执业证书编号：S0740522040001 净利润（百万元） -3,036 2,257 3,362 4,252 4,530 电话： 增长率yoy% -7862% 174% 49% 26% 7% 每股收益（元） -3.10 2.31 3.44 4.35 4.63 Email：duchong@zts.com.cn 每股现金流量 0.45 6.84 4.66 7.42 6.32 联系人：李鼎莹 净资产收益率 -22% 14% 18% 18% 16% 电话： P/E -18.0 24.3 16.3 12.9 12.1 P/B ...

证券研究报告 | 2024年04月30日 春秋航空（601021.SH） 买入 一季度业绩表现强劲，24 年盈利上行可期 核心观点 公司研究·财报点评 春秋航空披露2023年年报和2024年一季报。2023年全年营收179.4亿元 交通运输·航空机场 （+114.3%），归母净利润22.6亿元（+174.4%）；23年四季度单季营收38.4 证券分析师：罗丹 证券分析师：高晟 亿元（+117.4%），归母净利润-4.2亿元（同比减亏）；2024年一季度单季 021-60933142 021-60375436 luodan4@guosen.com.cn gaosheng2@guosen.com.cn 营收51.7亿元（+33.8%），归母净利润8.1亿元（+127.8%）。 S0980520060003 S0980522070001 运投大幅增长，客座率显著提升，运价坚挺推动收入同比大增。2023年以来 基础数据 民航持续复苏，公司运力投放大幅增长，客座率显著提升，运价同比也实现 投资评级 买入(维持) 合理估值 了较大增幅，2023年全年和2024年一季度，ASK分别同比提升56%和31%， 收盘价 55.9 ...

Financial Performance - Net profit for 2023 reached 2,257,429,466 yuan, with a net profit of 1,815,367,094 yuan in the parent company's financial statements[2] - Revenue in 2023 reached RMB 17,937,857,423, a 114.34% increase compared to 2022[18] - Net profit attributable to shareholders in 2023 was RMB 2,257,429,466, compared to a loss of RMB 3,035,823,226 in 2022[18] - Operating cash flow in 2023 surged to RMB 6,694,171,165, a 1,426.19% increase from 2022[18] - Total assets at the end of 2023 were RMB 44,237,902,712, a 1.88% increase from 2022[18] - Basic earnings per share in 2023 were RMB 2.31, compared to a loss of RMB 3.30 per share in 2022[19] - Weighted average return on equity in 2023 was 15.32%, a significant improvement from -24.41% in 2022[19] - Q3 2023 revenue was the highest at RMB 6,072,343,238, while Q4 saw a net loss of RMB 419,930,459[22] - Government subsidies in 2023 amounted to RMB 64,281,046, a decrease from RMB 159,089,371 in 2022[24] - Total revenue reached a record high of 17,937,857,423 yuan, with net profit attributable to shareholders hitting 2,257,429,466 yuan[32] - Revenue in 2023 reached RMB 17,937,857,423, a year-on-year increase of 114.3%[66] - Net profit attributable to shareholders of the listed company in 2023 was RMB 2,257,429,466[66] - Passenger business revenue increased by 115.7% to RMB 17,476,880,767, while cargo business revenue rose by 5.4% to RMB 98,838,889[66] - Operating costs increased by 33.9% to RMB 15,518,700,426, driven by higher fuel and landing fees[69] - Domestic business contributed RMB 14,890,098,776 in revenue, with a gross margin increase of 56.19 percentage points[71] - International business revenue grew by 666.58% to RMB 2,407,210,770, but gross margin decreased by 50.42 percentage points[71] - Net cash flow from operating activities surged by 1,426.19% to RMB 6,694,171,165 due to increased business volume[67] - Financial expenses decreased by 58.00% to RMB 261,338,486, mainly due to increased interest income and favorable exchange rate movements[67] - R&D expenses increased by 17.88% to RMB 144,176,949, reflecting ongoing investment in innovation[67] - Aviation fuel costs increased by 42.98% to 5,641,874,003 yuan, accounting for 36.36% of total costs[73] - Aircraft and engine leasing depreciation costs rose by 4.60% to 2,287,365,593 yuan, making up 14.74% of total costs[73] - Wages and welfare expenses grew by 30.60% to 2,925,380,010 yuan, representing 18.85% of total costs[73] - Landing fees surged by 68.93% to 2,284,071,463 yuan, accounting for 14.72% of total costs[73] - Maintenance costs increased by 37.14% to 1,107,572,393 yuan, making up 7.14% of total costs[73] - Civil Aviation Development Fund expenses rose by 44.63% to 166,550,251 yuan, representing 1.07% of total costs[73] - Sales expenses increased by 32.2% to 237,236,689 yuan, primarily due to higher marketing personnel salaries[77] - R&D investment totaled 144,176,949 yuan, accounting for 0.80% of total revenue[78] - Operating cash flow increased by 1426.2% to 6,694,171,165 yuan, driven by higher business volume and revenue[81] - Accounts receivable grew by 71.38% to 180,380,469 yuan, representing 0.41% of total assets[82] - Other comprehensive income decreased by 115.86% to -27,286,865 yuan, mainly due to the fair value change of the investment in China Southern Airlines at the end of the period[83] - Undistributed profits increased by 49.51% to 6,591,246,370 yuan, driven by the company's profitability during the reporting period[83] - Available seat kilometers increased by 56.38% to 47,466.87 million, with a passenger load factor of 89.39%, up 14.74 percentage points year-on-year[86] - Revenue per passenger kilometer rose by 15.20% to 0.412 yuan[86] - The company's total restricted assets amounted to 15,605,607,568 yuan, including 192,206,128 yuan in cash and 14,740,806,244 yuan in fixed assets[84] - The company's total investment in external equity (parent company basis) decreased by 4.1% to 2.16 billion yuan, with a significant investment of 173.5 million yuan in subsidiary Spring Airlines Real Estate[88] - The fair value of the investment in China Southern Airlines decreased by 260 million yuan due to a decline in its stock price[88] - The company's total financial assets measured at fair value stood at 862,571,683 yuan, with a significant portion in other equity instrument investments[90] - The company's derivative financial liabilities amounted to 14,796,035 yuan, including 13,918,000 yuan in forward foreign exchange contracts and 878,035 yuan in interest rate swap contracts[92] - The company incurred a net loss of 17,938,492 yuan from interest rate swap contracts and a net loss of 22,027,655 yuan from forward foreign exchange contracts during the reporting period[92] - Total assets of Qiushi Company reached 157,833,648 yuan, with net assets of 81,826,156 yuan and a net profit of 4,068,426 yuan[94] - Shanglv Tong Company's total assets amounted to 268,892,622 yuan, with net assets of 140,005,269 yuan and a net profit of 13,309,290 yuan[94] - Feipei Company's total assets stood at 418,491,844 yuan, with net assets of 291,137,010 yuan and a net profit of 19,184,422 yuan[94] - Chunqiu International Hong Kong reported total assets of 716,674,855 HKD, net assets of 424,808,514 HKD, and a net profit of 20,402,238 HKD[94] - Chunqiu Financing Leasing's total assets reached 13,079,613,984 yuan, with net assets of 2,012,546,089 yuan and a net profit of 276,207,710 yuan[94] - Chunqiu Airlines Japan reported total assets of 4.4 billion JPY, with a net loss of 15.2 billion JPY and a net profit loss of 3.9 billion JPY[94] - The company's net profit for 2023 was 1,815,367,094 yuan, with a net profit attributable to shareholders of 2,257,429,466 yuan[161] - The company's total equity at the end of 2023 was 4,494,872,022 yuan[161] Dividend and Profit Distribution - The company plans to distribute a cash dividend of 0.70 yuan per share (tax included), totaling 683,971,767.50 yuan, with a dividend payout ratio of 31.77% of the net profit attributable to shareholders[2] - Total cash dividends for 2023, including share repurchases, amounted to 717,077,147.50 yuan[2] - The company's undistributed profit at the end of 2023 was 4,494,872,022 yuan[2] - The company's profit distribution plan has been approved by the board of directors and will be submitted to the 2023 annual shareholders' meeting for approval[3] - The company plans to distribute a cash dividend of 0.70 yuan per share (tax included), totaling 683,971,767.50 yuan[161] - The total cash dividend for 2023, including share repurchases, is 717,077,147.50 yuan, accounting for 31.77% of the net profit attributable to shareholders[161] - The company's cash dividend policy for 2024-2026 stipulates a minimum cash dividend of 30% of distributable profits[160] - The proposed cash dividend for 2023 is RMB 7.00 per 10 shares, totaling RMB 683,971,767.50, accounting for 30.30% of the net profit attributable to ordinary shareholders[164] - Including cash used for share repurchases, the total dividend amount is RMB 717,077,147.50, representing 31.77% of the net profit attributable to ordinary shareholders[164] Share Capital and Repurchases - The company's total share capital as of April 28, 2024, was 978,548,805 shares, excluding 1,446,280 shares in the repurchase account[2] - The company completed the non-trading transfer of 603,478 shares to the 2023 employee stock ownership plan on July 20, 2023, initiating a one-year lock-up period[166] - As of December 31, 2023, the 2020 employee stock ownership plan held 357,000 shares, representing 0.04% of the total share capital[168] - The 2021 employee stock ownership plan sold 160,400 shares during the reporting period and held 284,300 shares as of December 31, 2023, representing 0.03% of the total share capital[168] - The 2022 employee stock ownership plan sold 151,400 shares during the reporting period and held 388,242 shares as of December 31, 2023, representing 0.04% of the total share capital[168] Operational Performance - The company's asset scale, revenue, and net profit reached historical highs in 2023, marking a turnaround from previous years' losses[2] - Available Tonne Kilometers (ATK) increased by 56.49% to 454,748.81 million tonne kilometers in 2023, with international routes surging by 3074.76% to 53,800.71 million tonne kilometers[28] - Revenue Tonne Kilometers (RTK) grew by 81.62% to 384,975.45 million tonne kilometers, with international routes skyrocketing by 4434.29% to 41,579.72 million tonne kilometers[28] - Passenger traffic rose by 77.38% to 24.13 million passengers, with international passenger traffic surging by 3734.96% to 2.09 million passengers[28] - Average passenger load factor increased by 14.74 percentage points to 89.39%, with international routes seeing a 24.63 percentage point rise to 82.24%[28] - Cargo and mail traffic increased by 2.55% to 69,214.13 tons, with international cargo traffic surging by 1740.12% to 3,357.29 tons[29] - Number of flights increased by 44.53% to 150,287 takeoffs in 2023[29] - Passenger revenue per kilometer increased by 15.20% to 0.412 yuan, with domestic routes rising by 15.59% to 0.398 yuan[28] - Aircraft daily utilization increased by 51.79% to 8.50 hours in 2023[28] - Total industry passenger traffic recovered to 93.9% of 2019 levels, with cargo traffic at 97.6% of pre-pandemic levels[31] - The company achieved a major accident rate of 0 per million flight hours in 2023, with safety-related expenditures reaching 4,012.54 million yuan and a total of 370,319 safe flight hours[33] - The company introduced 6 Airbus A320neo aircraft and retired 1 A320ceo aircraft in 2023, resulting in a fleet of 121 A320 series aircraft by the end of the year, with an average fleet age of 7.4 years[34] - The company's total available seat kilometers (ASK) increased by 56.4% year-over-year in 2023, with domestic, international, and Hong Kong/Macau/Taiwan routes growing by 36.5%, 3194.0%, and 1487.0% respectively[34] - The company's domestic passenger scale reached a historical high in 2023, with domestic routes accounting for 86.7% of total ASK, while international and Hong Kong/Macau/Taiwan routes recovered to about 40% of 2019 levels[34] - The company increased its capacity deployment in five new provincial capital airport bases by 213.5% compared to 2019 levels[35] - By the end of 2023, the company operated 216 routes, including 179 domestic, 34 international, and 3 Hong Kong/Macau/Taiwan routes[34] - The company's overall passenger load factor reached 89.4% in 2023, an increase of 14.7 percentage points year-over-year, with domestic and international load factors at 90.3% and 82.2% respectively[39] - The company's revenue per passenger kilometer (RPK) increased by 15.2% year-over-year in 2023, with domestic and international RPK growing by 11.3% and 39.5% compared to 2019 levels[39] - The company's international routes recovered to over 60% of 2019 levels by the end of 2023, with Southeast Asia routes leading the recovery, particularly in Thailand[36] - The company's market share ranked in the top three at several key airports, including Shanghai Hongqiao, Lanzhou, Shijiazhuang, Ningbo, Yangzhou, and Jieyang airports[38] - The company achieved auxiliary business revenue of 900 million yuan in 2023, with registered members exceeding 78 million, a year-on-year increase of 16.4%, and frequent flyer members surpassing 33 million, a year-on-year growth of 29.7%[40] - The company's e-commerce direct sales (including OTA flagship stores) accounted for 97.0% of sales channels, excluding charter and block space businesses[40] - The company launched a self-developed mini-program on short video platforms, generating billions of yuan in revenue through live streaming, successfully opening a new direct sales channel for air tickets[41] - The company's gold and silver card members increased nearly threefold year-on-year, driven by cross-industry membership cooperation with hotels, financial institutions, and corporate travel companies[41] - The company sold over 1 million sets of "Fly Anytime" series products, including ticket sub-cards, premium cards, and family cards, catering to specific customer segments[41] - The company's unit cost decreased by 14.4% year-on-year to 0.327 yuan, with non-fuel unit cost dropping by 17.4% year-on-year to 0.208 yuan[44] - The company's daily utilization hours increased by 51.8% year-on-year in 2023, contributing to the reduction in unit costs[44] - The company achieved a net exchange gain of 24.84 million yuan in 2023, with a low exposure to USD liabilities, maintaining a neutral impact on the profit statement from exchange rate fluctuations[43] - The company ranked first in average flight punctuality rate among 12 major passenger airlines in 2023, according to the Civil Aviation Administration's statistics[42] - The company's online self-service rate for overall services reached 70%, with 15 domestic connecting flight points and 25 connecting flights established by the end of 2023[46] - Global low-cost airline market share increased from 30.3% to 31.8% for domestic routes and from 24.8% to 33.0% for international routes from 2014 to 2023[49] - Asia-Pacific low-cost airline market share rose from 25.7% to 28.3% for domestic routes and from 5.7% to 13.9% for international routes over the same period[49] - China's low-cost airline market share reached 6.4% of domestic routes in 2023[49] - China's domestic air passenger traffic in 2023 exceeded 2019 levels by 1.5%[50] - Total industry transport turnover in 2023 reached 1,188.3 billion ton-kilometers, recovering to 91.9% of 2019 levels[50] - Passenger traffic in 2023 reached 620 million, recovering to 93.9% of 2019 levels[50] - Cargo and mail transport volume in 2023 reached 7.354 million tons, recovering to 97.6% of 2019 levels[50] - Aircraft daily utilization in 2023 increased by 3.8 hours year-over-year to 8.1 hours[50] - International passenger flights recovered to 4,600 weekly flights by end of 2023, reaching 89.2% of 2019 levels[51] - The aviation industry reduced losses by 187.2 billion yuan in 2023 compared to previous years[52] - The company operates 179 domestic routes, 34 international routes to Northeast Asia and Southeast Asia, and 3 routes to Hong Kong, Macau, and Taiwan as of the end of 2023[55] - The company's fleet consists of 121 A320 series aircraft, including 84 A320 aircraft with 186 seats and 9 A321neo aircraft with 240 seats[57] - The company's e-commerce direct sales (including OTA flagship stores) accounted for 97.0% of sales channels in 2023, with a unit sales cost of 0.0050 yuan[57] - The company's unit management cost was 0.0049 yuan in 2023, significantly lower than industry peers[58] - The company's R&D investment in 2023 was approximately 144.18 million yuan, a year-on-year increase of 17.9%[62]

Financial Performance - The company's operating revenue for Q1 2024 reached ¥5,168,038,809, representing a year-on-year increase of 33.79%[4] - Net profit attributable to shareholders was ¥809,908,774, marking a significant increase of 127.78% compared to the same period last year[4] - Basic and diluted earnings per share were both ¥0.83, reflecting a growth of 130.56% year-on-year[4] - Operating profit for Q1 2024 was ¥887,044,277, up 85.5% from ¥478,478,695 in Q1 2023[15] - The company reported a decrease in total comprehensive income to ¥791,991,001 in Q1 2024 from ¥384,029,200 in Q1 2023[16] - Basic and diluted earnings per share for Q1 2024 were both ¥0.83, compared to ¥0.36 in Q1 2023, indicating improved profitability[16] Cash Flow and Assets - The net cash flow from operating activities decreased by 26.35% to ¥1,025,295,337[4] - Cash flow from operating activities for Q1 2024 was ¥1,025,295,337, down 26.4% from ¥1,392,192,149 in Q1 2023[20] - The company's cash and cash equivalents were RMB 10,555,641,112, a decrease from RMB 11,582,688,552, indicating a reduction of about 8.8%[11] - Total cash and cash equivalents at the end of Q1 2024 were ¥10,264,950,664, compared to ¥9,899,647,029 at the end of Q1 2023[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥43,271,477,159, a decrease of 2.18% from the end of the previous year[4] - The company's current assets totaled RMB 12,032,875,401, down from RMB 12,979,652,913 at the end of 2023, reflecting a decline of approximately 7.3%[11] - Total liabilities decreased to RMB 26,729,596,279 from RMB 28,487,992,833, representing a decline of approximately 6.2%[12] - The company reported a short-term loan of RMB 2,712,575,977, down from RMB 3,784,698,648, a reduction of approximately 28.3%[12] - The company's fixed assets increased to RMB 20,519,555,192 from RMB 19,073,479,481, reflecting an increase of about 7.6%[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,318[8] - The largest shareholder, Shanghai Spring International Travel Agency, holds 51.50% of the shares, totaling 504,000,000 shares[8] - Shareholder equity attributable to the company increased by 5.03% to ¥16,541,880,880[4] - The company's equity attributable to shareholders increased to RMB 16,541,880,880 from RMB 15,749,909,879, showing an increase of about 5%[13] Research and Development - Research and development expenses increased to ¥41,388,727 in Q1 2024, up from ¥37,533,686 in Q1 2023, reflecting a focus on innovation[15] - The company is actively exploring new product development and technological advancements to enhance its competitive edge in the market[14] Government Support - The company received government subsidies amounting to ¥4,875,136 during the period[6] Future Outlook - The company’s total revenue for Q1 2024 is yet to be disclosed, but the focus remains on improving operational efficiency and market expansion strategies[14]