Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company is expected to see improved profitability, with a projected net profit of 2.664 billion yuan in 2025, representing a 17% year-over-year growth [2] - The company plans to distribute a cash dividend of 0.43 yuan per share, totaling 4.18 billion yuan, which is 35.74% of the net profit for the first half of 2025 [4] - The company maintains a low exposure to foreign exchange risks, with a net exchange loss of 19.89 million yuan in the first half of 2025 [4] Financial Performance Summary - Revenue is projected to grow from 17.938 billion yuan in 2023 to 27.496 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12% [2] - The net profit is expected to increase from 2.257 billion yuan in 2023 to 4.007 billion yuan in 2027, with a CAGR of approximately 24% [2] - Earnings per share (EPS) is forecasted to rise from 2.31 yuan in 2023 to 4.09 yuan in 2027 [2] Operational Highlights - The company achieved a passenger load factor of 90.52% in the first half of 2025, slightly down by 0.79 percentage points year-over-year, maintaining an industry-leading position [4] - The average ticket price decreased by 4.24% year-over-year, with domestic and international revenue per passenger kilometer showing mixed results [4] - The company’s operational capacity increased, with a 9% year-over-year growth in overall capacity in the first half of 2025 [4] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 23.4 in 2023 to 13.2 in 2027 [2] - The price-to-book (P/B) ratio is expected to decline from 3.4 in 2023 to 2.0 in 2027 [2] - The return on equity (ROE) is forecasted to improve from 14% in 2023 to 15% in 2027 [2]

Group 1 - National Development and Reform Commission will hold a press conference on August 29 [1] - Ministry of Agriculture and Rural Affairs will hold a press conference regarding the overall arrangements for the 2025 Chinese Farmers' Harvest Festival [2] - A total of 12.47 billion shares will be unlocked today, with a total market value of 13.171 billion yuan [3] Group 2 - 39 companies have disclosed stock repurchase progress, with 21 companies announcing new repurchase plans [4] - The highest repurchase plan amounts are from Daqin Railway, Shengtun Mining, and Spring Airlines, with proposed repurchase amounts of 1.5 billion yuan, 600 million yuan, and 500 million yuan respectively [4] - 361.2 billion yuan of 7-day reverse repos will mature today [5] Group 3 - Key economic data to be released includes the U.S. July core PCE price index year-on-year and Germany's August seasonally adjusted unemployment rate [6]

25Q2 税前利润同比+5.6%，归母净利润同比-10.7%，业绩符合预期25H1，公司实现营业收入103.0 亿 元，同比+4.3%，归母净利润11.7 亿元，同比-14.1%。其中25Q2 营业收入49.9 亿元，同比+6.0%，税前 利润6.5 亿元，同比+6%，归母净利润4.9 亿元，同比-10.7%，主要因为24Q2 使用税盾影响基数。 经营端：25H1 国际航线运力基本恢复至2019 年同期， 客座率小幅下滑截至2025H1 末，公司拥有133 架飞机，上半年净增4 架。根据公司披露的机队引进规划，计划2025 年净增长5 架飞机。 风险提示：需求不及预期，油价、汇率大幅波动。 飞机利用率同比恢复，增量运力主要投向国际航线，国际航线基本恢复至2019年同期水平。25H1 公司 飞机日平均利用率9.74 小时，同比+5%；ASK 同比+9.5%，客座率90.5%，同比-0.8pct。1）国内航线： ASK 同比+3.6%，客座率91.6%，同比-0.1pct；2）国际航线：ASK 同比+41.0%，占比恢复至22%；客 座率86.9%，同比-2.8pct；3）地区航线：ASK 同比-45.3%，客座 ...

智通财经APP讯，春秋航空(601021.SH)披露2025年半年度报告，报告期公司实现营收103.04亿元，同比 增长4.35%;归母净利润11.69亿元，同比下降14.11%;扣非净利润11.49亿元，同比下降15.25%;基本每股收 益1.20元。公司拟每股派发现金红利人民币0.43元(含税)。 ...

来源：上海证券报·中国证券网 上证报中国证券网讯 8月28日，春秋航空发布了2025年半年度业绩报告。公告显示，公司上半年实现营 业收入103.04亿元，同比增长4.35%；归属于上市公司股东的净利润11.69亿元，同比下降14.11%；基本 每股收益1.2元/股。其中，第二季度营业收入49.87亿元，同比增长5.95%；归属于母公司所有者的净利 润4.91亿元，同比减少10.74%。 公告显示，公司上半年共引进4架空客A320neo机型飞机，无退出飞机。截至报告期末，公司拥有空客 A320系列机型机队共133架，其中自购飞机90 架，经营租赁飞机39架，融资租赁飞机4架，平均机龄7.7 年；其中A321neo机型飞机12架，均为240座客舱布局；A320neo机型飞机46架，A320ceo型飞机75架， 包括18 座客舱布局96架以及180座客舱布局25架。截至2025年上半年末，飞行模拟机总数达到6台。飞 行、客舱服务、运行控制、飞机维修及地面服务等生产直接相关部门人员满足生产运行需要，保障体系 完备，确保公司安全可持续发展。（朱帆） 文：朱帆 ...

Core Viewpoint - Spring Airlines reported a revenue of 10.304 billion yuan for the first half of 2025, marking a year-on-year increase of 4.35%, while the net profit attributable to shareholders decreased by 14.11% to 1.169 billion yuan [1][2]. Financial Performance - The total revenue for the first half of 2025 was 10.304 billion yuan, up 4.35% from 9.875 billion yuan in the same period last year [2]. - The total profit amounted to approximately 1.543 billion yuan, reflecting a 2.59% increase compared to 1.504 billion yuan in the previous year [2]. - The net profit attributable to shareholders was 1.169 billion yuan, down 14.11% from 1.361 billion yuan year-on-year [2]. - The net profit after deducting non-recurring gains and losses was 1.149 billion yuan, a decrease of 15.25% from 1.355 billion yuan [2]. - The net cash flow from operating activities was 2.790 billion yuan, down 13.15% from 3.213 billion yuan [2]. - As of the end of the reporting period, the net assets attributable to shareholders were 17.528 billion yuan, an increase of 0.85% from 17.381 billion yuan at the end of the previous year [2]. - The total assets reached 46.235 billion yuan, up 5.47% from 43.835 billion yuan [2]. Company Overview - Spring Airlines, established in 2005, is one of the first private airlines in China, focusing on a low-cost business model and providing domestic and international passenger and cargo transportation services [3]. - As of June 2025, the company operated 192 domestic routes, 55 international routes to Northeast Asia and Southeast Asia, and 4 routes to Hong Kong, Macau, and Taiwan [3]. - The airline has a fleet of 133 A320 series aircraft, making it one of the largest private airlines in terms of domestic routes and passenger volume [3]. - The company has over 98.13 million registered members, reflecting an 8.1% growth compared to the end of the previous year [3]. - E-commerce direct sales accounted for 99.7% of the sales channels, excluding charter and seat booking services [3].

Core Viewpoint - Spring Airlines reported a net profit of 1.169 billion yuan in the first half of the year, making it the most profitable airline in China despite a year-on-year decline of 14.11% in net profit [1] Group 1: Spring Airlines Performance - Spring Airlines achieved an operating revenue of 10.304 billion yuan, representing a year-on-year growth of 4.35% [1] - The net profit attributable to shareholders decreased to 1.169 billion yuan, down 14.11% compared to the previous year [1] Group 2: Competitor Performance - China National Airlines reported an operating revenue of 80.757 billion yuan, with a year-on-year increase of 1.56%, but incurred a net loss of 1.806 billion yuan [1] - Southern Airlines recorded an operating revenue of 86.291 billion yuan, a year-on-year growth of 1.77%, with a net loss of 1.533 billion yuan, which is an increase in losses compared to the previous year [1] - China Eastern Airlines has not yet released its half-year report for 2025, but it is expected to report a net loss of approximately 1.2 billion to 1.6 billion yuan [1]

Core Viewpoint - Spring Airlines, known as the "most profitable airline in China," reported a revenue of 10.304 billion yuan for the first half of the year, a year-on-year increase of 4.35%, but a net profit attributable to shareholders of 1.169 billion yuan, a decrease of 14.11% compared to the previous year [1][2]. Financial Performance - Revenue for the first half of the year reached 10.304 billion yuan, up 4.35% from 9.875 billion yuan in the same period last year [2]. - Net profit attributable to shareholders was 1.169 billion yuan, down 14.11% from 1.361 billion yuan year-on-year [2]. - Basic earnings per share were reported at 1.2 yuan [1]. - The net cash flow from operating activities decreased by 13.15% to 2.79 billion yuan [2]. Operational Metrics - The total transport turnover for the first half of 2025 was 241,295.8 million ton-kilometers, with passenger turnover at 2,652,891.0 million passenger-kilometers, and the number of transported passengers at 15.219 million, representing increases of 8.9%, 8.5%, and 9.4% respectively [2]. - The passenger load factor was 90.5%, a decrease of 0.8 percentage points year-on-year [2]. Route Network and Capacity - As of the end of the first half of 2025, the company operated a total of 251 routes, including 192 domestic routes and 55 international routes [3]. - Available seat kilometers increased by 9.5% year-on-year, with domestic and international routes growing by 3.6% and 41.0% respectively [3]. Cost Management - The unit cost for the first half of 2025 was 0.303 yuan, a decrease of 3.5% compared to the previous year, while the unit non-fuel cost increased by 1.9% to 0.201 yuan [3]. - The main reason for the decrease in unit cost was the downward trend in international oil prices and a 5.0% increase in daily utilization hours [3]. Dividend Announcement - The company announced a cash dividend of 0.43 yuan per share, totaling 418 million yuan, which represents 35.74% of the net profit attributable to shareholders for the first half of 2025 [4].

格隆汇8月28日丨春秋航空(601021.SH)披露半年报，公司上半年实现营业收入103.04亿元，同比增长 4.35%；归属于上市公司股东的净利润11.69亿元，同比下降14.11%；基本每股收益1.2元/股。 ...

格隆汇8月28日丨春秋航空(601021.SH)公布，公司回购股份拟用于后续员工持股计划。回购资金总额不 低于人民币30,000万元（含，下同），不超过人民币50,000万元（含，下同）。回购股份价格不超过人 民币65元/股。 ...