Investment Rating - The report maintains an "Overweight" rating for the aviation transportation sector [6]. Core Viewpoints - The aviation industry is expected to benefit from a strong summer travel season, with airlines likely to realize pricing and profit elasticity [2][5]. - The industry has shown a steady increase in capacity and passenger load factors, indicating a positive trend in operational performance [3][4]. - Airlines are anticipated to enter a profit cycle due to low supply growth and improved revenue management, alongside the appreciation of the Renminbi [2][5]. Summary by Sections Passenger Load Factors - In May, the three major airlines reported a passenger load factor of 84.1%, up 3.4 percentage points year-on-year, with capacity increasing by 6.0% [3][11]. - Spring Airlines achieved a load factor exceeding 90%, reflecting strong operational performance [4]. - The overall passenger load factor for the combined three major airlines, Spring Airlines, and Juneyao Airlines was 84.6%, an increase of 3.2 percentage points year-on-year [11]. Revenue and Pricing - The report indicates that the average ticket price has been rising for eight consecutive weeks, suggesting a positive revenue outlook for the summer peak season [2][5]. - The domestic route average ticket price was reported at 693 RMB, showing a significant improvement compared to previous weeks [5]. Company Recommendations - The report recommends buying shares in several airlines, including China National Aviation (753 HK), China Eastern Airlines (670 HK), and Spring Airlines (601021 CH), among others, with target prices set for each [9][25]. - The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate a favorable investment outlook [25][27].

南方航空（600029）及所属子公司5月客运运力投入同比上升4.99%，旅客周转量（按收入客公里计， 下同）同比上升8.43%，客座率为85.91%，同比上升2.73个百分点。 中国国航（601111）及所属子公司客运运力投入同比上升4.5%，旅客周转量同比上升8.4%，平均客座 率为81.3%，同比上升2.9个百分点。 春秋航空（601021）客运运力同比上升11.49%，旅客周转量同比上升11.66%，客座率91.07%。 近日，多家上市航司陆续披露了5月运营情况，运力、旅客周转量等数据整体同比增长，显示持续向 好。 上市航司5月运营数据向好 客运方面，中国东航（600115）5月客运运力投入（按可用座公里计，下同）同比上升9.27%，旅客周 转量（按客运人公里计）同比上升15.43%，客座率为85.39%，同比上升4.56个百分点。 2025年一季度，上市航司业绩出现分化。春秋航空、吉祥航空、海航控股（600221）和华夏航空 （002928）实现盈利，中国国航、中国东航、南方航空仍未扭亏。 一季报盈利的航司中，春秋航空实现营业收入53.17亿元，同比增长2.88%，归母净利润6.77亿元，同比 下滑1 ...

2025 年员工持股计划第一次持有人会议决议公告 春秋航空股份有限公司 证券代码：601021 证券简称：春秋航空 公告编号：2025-031 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、持有人会议召开情况 春秋航空股份有限公司（以下简称"公司"或"春秋航空"）2025 年员工持 股计划第一次持有人会议于 2025 年 6 月 16 日以现场以及通讯方式召开，出席本次 会议的持有人共 144 人，代表员工持股计划份额 2,510.5 万份，占公司 2025 年员工 持股计划已认购总份额 2,938.5 万份的 85.43%。 本次会议由董事会秘书陈可先生主持，会议的召集、召开和表决程序符合《春 秋航空股份有限公司 2025 年员工持股计划》和《春秋航空股份有限公司 2025 年员 工持股计划管理办法》的有关规定。 二、持有人会议审议情况 （一）审议并通过《关于设立公司 2025 年员工持股计划管理委员会的议案》 根据《春秋航空股份有限公司 2025 年员工持股计划管理办法》等相关规定， 同意设立员工持股计划管理委员会， ...

证券代码：601021 证券简称：春秋航空 公告编号：2025-030 春秋航空股份有限公司 2025 年 5 月份主要运营数据公告 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。 截止本月末，公司共运营 132 架空客 A320 系列飞机。 | 机型 | 自购 | 经营租赁 | 融资租赁 | 小计 | | --- | --- | --- | --- | --- | | A320ceo | 47 | 25 | 3 | 75 | | A320neo | 32 | 13 | 0 | 45 | | A321neo | 11 | 1 | 0 | 12 | | 合计 | 90 | 39 | 3 | 132 | 二、本月主要新增航线情况 本月无新增航线。 三、本月运营数据主要情况 | 指标 | | 当月数据 | 环比 | 同比 | 当年累计 | 同比 | | --- | --- | --- | --- | --- | --- | --- | | 运力 | | | | | | | | 可用吨公里数(万吨公里) | | 48,058.42 | ...

（春秋航空供图） 本次真火实训严格对标民航局《"十四五"平安民航建设工作实施意见》和《关于加强客舱锂电池失火冒 烟风险管控的通知》要求，聚焦行业安全痛点。演练逼真模拟驾驶舱EFB设备、客舱锂电池（充电宝） 等起火冒烟场景，重点围绕机组协作展开，设置水源传递接力、驾驶舱与客舱通讯中断应急处置、伤员 战术救护（TECC）、机载海伦灭火器材使用等环节科目，打造沉浸式训练体验。 演练数据显示，从发现火情冒烟到完成初次灭火仅耗时6秒。参与演练的灭火组、隔离组、通讯组职责 分工明确，不仅使用真实海伦灭火器材高效扑灭火情，而且推动"三查一控"机制高效落地，形成立体化 安全防护网。驾驶舱与客舱通过"信息同步机制"实现零延迟联动处置，机组资源管理（CRM）效能显 著。安全员动态调整站位，重点覆盖起火点前后高风险区域，同步协助乘务组维护客舱秩序，并在事后 排查安保威胁。 春秋航空表示，将继续由"模拟演练"向"实战淬炼"转型，把真火实训纳入常态化安全培训体系，在潜移 默化中增强机组的心理抗压能力。随着平安民航建设的纵深推进，此类沉浸式训练将为行业处置新型风 险积累宝贵经验，切实筑牢航空安全底线。（编辑：陈虹莹 校对：许浩存 审核： ...

Investment Rating - The investment rating for Spring Airlines is "Accumulate" with a target price of CNY 65.5, representing a potential upside of 13.8% from the current price of CNY 57.55 [5][10]. Core Insights - Spring Airlines has demonstrated stable operating performance with a projected revenue of CNY 20 billion for 2024, reflecting an 11% year-on-year increase, and a net profit of CNY 2.27 billion, up 0.7% year-on-year [2]. - The airline's passenger turnover (RPK) increased by 18.8% in 2024, reaching 127% of 2019 levels, with international routes showing significant recovery [3]. - The average load factor for 2024 was 91.5%, although it slightly decreased to 90.6% in Q1 2025 due to external factors [4]. Financial Performance - For FY24, Spring Airlines is expected to achieve net sales of CNY 20 billion, with net profit projected at CNY 2.27 billion [6]. - The earnings per share (EPS) for FY25 is forecasted to be CNY 2.68, with a price-to-earnings (P/E) ratio of 21.5 [6][10]. - The company plans to distribute a cash dividend of CNY 0.82 per share for FY24, resulting in a dividend yield of approximately 1.4% [6]. Operational Metrics - The airline's aircraft utilization improved to 9.30 hours per day in 2024, which helped mitigate the impact of declining ticket prices [8]. - The fleet size is expected to grow from 129 aircraft at the end of 2024 to 160 by 2027, indicating ongoing expansion [9]. - The cost per available seat kilometer (ASK) decreased by 3.3% year-on-year, reflecting effective cost management strategies [8]. Market Position - Spring Airlines holds a competitive advantage in the low-cost airline sector, with a strong focus on leisure and low-cost business travel [10]. - The airline's market share in Shanghai's Pudong and Hongqiao airports increased in Q1 2025 compared to the previous year [9].

春秋航空股份有限公司 章 程 （2025 年 6 月修订） | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 2 | | | 第三章 | 股 份 | 3 | | 第四章 | 股东和股东会 7 | | | 第五章 | 董事和董事会 23 | | | 第六章 | 高级管理人员 35 | | | 第七章 | 财务会计制度、利润分配和审计 37 | | | 第八章 | 通知和公告 41 | | | 第九章 | 合并、分立、增资、减资、解散和清算 42 | | | 第十章 | 修改章程 | 46 | | 第十一章 | 附 则 | 47 | 春秋航空股份有限公司 章程 第一章 总则 公司经中国民用航空局"民航函[2010]1282 号"文《民航企业机场联合 重组改制许可决定书》批准，由春秋航空有限公司整体变更为股份有限 公司；在上海市工商行政管理局注册登记，取得营业执照，营业执照注 册号为：310227001340394。 - 1 - 第一条 为维护春秋航空股份有限公司（以下简称"公司"或"本公司"）、股东、 职工和债权人的合法权益，规范公司的组织和行为，根据《中华 ...

北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 北京市嘉源律师事务所 关于春秋航空股份有限公司 2024 年年度股东大会的 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 a IA YUAN LAW OFFICES 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 2024 年年度股东大会的 法律意见书 嘉源(2025)-04-416 春秋航空 2024 年年度股东大会 嘉源·法律意见书 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")的委托,根据《中华人民共和国公司法》(以下简称"《公司法》") 《上市公司股东会规则》(以下简称"《股东会规则》")等现行有效的法律、行政 法规、部门规章、规范性文件(以下简称"法律法规")以及《春秋航空股份有 限公司章程》(以下简称"《公司章程》")的有关规定,指派本所律师对公司 2024 年年度股东大会(以下简称"本次股东大会")进行见证,并依法出具本法律意 见书。 为出具本 ...

证券代码：601021 证券简称：春秋航空 公告编号：2025-029 春秋航空股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 10 日 (二)股东大会召开的地点：上海市长宁区虹桥路 2599 号春秋航空总部办公楼一 楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 329 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 627,304,209 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 64.1196 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采用现场会议、现场投票与网络投票的方式召 开。公司董事长王煜先生主持会议，符合《公司法》等法律、法规及《公司 ...

Core Insights - The demand for pet travel has surged since 2025, prompting domestic airlines to introduce "pet in cabin" services as a new revenue strategy to counter declining passenger yields [1][3] - The "pet in cabin" service is not only enhancing airline revenues but also expanding the "civil aviation + pet" service industry chain into areas such as quarantine, insurance, and tourism [1][13] - Challenges remain in balancing pet safety, passenger experience, and regulatory frameworks, which are crucial for the future normalization of "pet-friendly flights" [1][15] Airline Initiatives - Multiple airlines, including Hainan Airlines, China Southern Airlines, and Eastern Airlines, have initiated or upgraded their "pet in cabin" services since 2025, reflecting a growing trend in the industry [3][5] - Hainan Airlines was the first to launch this service in 2018 and has since expanded its offerings, including a new "pet seat" service [3][5] - The pricing for "pet in cabin" services varies, with fees generally under 1500 yuan, and can reach up to 2000 yuan depending on additional seat purchases [7][8] Market Demand and Trends - The pet economy in China is experiencing significant growth, with a market size of 592.8 billion yuan in 2023, projected to reach 1.15 trillion yuan by 2028 [13] - Social media discussions indicate high consumer interest in pet travel services, with 370,000 related posts on platforms like Xiaohongshu [4] - The shift in consumer perception of pets as family members is driving increased spending on pet-related services, including travel [13] Revenue Generation - The introduction of "pet in cabin" services allows airlines to tap into high-value consumer segments, enhancing revenue streams amid declining passenger yields [9][12] - Airlines can charge additional fees for extra seating for pets, significantly increasing potential revenue per flight [8][9] - The average ticket price for economy class has dropped over 10%, making the "pet in cabin" service a strategic move to boost profitability [8] Industry Challenges - Current regulations regarding pet size and breed restrictions pose challenges for the implementation of "pet in cabin" services [15] - Airlines must ensure a balance between the needs of pet owners and other passengers, addressing concerns such as allergies and fears of animals [15] - Safety protocols for pets during flights, including vaccination checks and secure transport containers, are essential for maintaining operational integrity [15][16]