Financial Performance - The company's operating revenue for the first half of 2021 was CNY 2,329,073,531.54, representing a 17.41% increase compared to CNY 1,983,770,376.00 in the same period last year[25]. - The net profit attributable to shareholders for the first half of 2021 was CNY 11,659,596.66, a 41.71% increase from CNY 8,227,672.33 in the previous year[25]. - The net profit after deducting non-recurring gains and losses surged by 909.56% to CNY 13,927,574.69 from CNY 1,379,568.47 year-on-year[25]. - The net cash flow from operating activities decreased by 19.83% to CNY 144,456,027.79 compared to CNY 180,195,154.19 in the same period last year[25]. - The total assets at the end of the reporting period were CNY 16,406,372,747.26, reflecting a 42.57% increase from CNY 11,507,588,172.59 at the end of the previous year[25]. - The net assets attributable to shareholders decreased by 3.52% to CNY 3,798,842,694.98 from CNY 3,937,458,588.62 at the end of the previous year[25]. - Basic earnings per share increased by 26.37% to CNY 0.0115 from CNY 0.0091 in the same period last year[25]. - Diluted earnings per share rose by 27.78% to CNY 0.0115 from CNY 0.0090 year-on-year[25]. - The weighted average return on equity was 0.30%, slightly up from 0.29% in the previous year[25]. Operational Highlights - The company operates a fleet of 55 aircraft, covering 91 regional destinations, which accounts for 46% of the national regional route network[34]. - The company aims to enhance connectivity and comfort for air travel in smaller cities, addressing the increasing demand for air travel services[33]. - The company is focused on expanding its network and improving service offerings to meet the rising demand for air travel in underserved regions[40]. - The average daily aircraft utilization rate was 7.49 hours, with a total passenger volume of 3.0914 million, up 22% year-on-year[59]. - The company operated 148 flight routes, with 132 unique routes accounting for 89% of the total, covering 46% of regional branch points nationwide[67]. - The company has added 6 new provincial routes, enhancing accessibility for local communities[73]. Market and Industry Context - In the first half of 2021, the civil aviation industry in China saw a passenger transport volume of 245 million, a year-on-year increase of 66.40%[38]. - The second quarter of 2021 saw a significant recovery in passenger transport volume, reaching 89% of the levels seen in the same period of 2019, an increase of 25.6 percentage points from the first quarter[38]. - The overall airport throughput in China reached 857.16 million passengers in 2020, with regional airports showing significant growth potential[39]. - By 2025, the national civil transport airport layout is planned to include 370 airports, with most new constructions being regional airports, supporting the growth of regional aviation[41]. - The company benefits from government policies that support regional aviation development, including subsidies and regulatory adjustments[47]. Financial Management and Investments - The cost of goods sold was ¥2,048,067,089.05, which is a 10.91% increase from ¥1,846,605,977.79 in the same period last year[89]. - Research and development expenses increased by 52.84% to ¥5,788,644.40, primarily due to increased investment in information technology[89]. - The company reported a significant increase in non-operating income, with other income rising to ¥178,846,887.30, a 950.43% increase, mainly from route subsidies[94]. - The company invested ¥45,000,000.00 during the reporting period, marking a 10.13% increase from ¥40,859,300.00 in the same period last year[102]. Risk Factors - The company faces risks related to macroeconomic cycle fluctuations, as demand in the civil aviation industry is closely linked to business, trade, and tourism, which are affected by economic conditions[118]. - The company has developed solutions for emergency events but remains vulnerable to public health crises and natural disasters, which can disrupt normal operations and negatively impact profitability[119]. - Changes in aviation industry policies by the Civil Aviation Administration of China can affect the company's operations, including route allocation and fleet expansion plans[120]. - Fluctuations in fuel prices significantly impact the company's production costs, with recent adjustments in fuel surcharge mechanisms aimed at mitigating adverse effects[121]. - The company is exposed to exchange rate fluctuations, particularly as aircraft purchases and some materials are priced in USD, which can affect financial performance[124]. - Interest rate changes can increase the company's interest expenses, particularly as it relies on bank loans for funding future business developments[125]. Shareholder and Governance Matters - The company held its annual general meeting on May 18, 2021, with a 64.90% investor participation rate, approving various financial and operational proposals[128]. - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[129]. - There are no current employee stock incentive plans or other employee incentive measures in place[130]. - The company has fulfilled its commitment regarding the lock-up period for shares held prior to the IPO, which was set for 36 months, and this commitment was completed on March 2, 2021[137]. - The company has established a mechanism to return any profits gained from non-fulfillment of commitments to the designated account of the company[137]. - The commitments made by the company and its affiliates are in compliance with relevant laws and regulations[137]. Legal and Compliance Issues - The semi-annual financial report has not been audited[154]. - The company has no significant litigation or arbitration matters during the reporting period[156]. - The company has ongoing litigation with a claim amount of 8.53 million yuan, awaiting first-instance judgment[159]. - The company reported no violations regarding external guarantees during the reporting period[153]. - The total approved external guarantee amount at the end of the reporting period was ¥185,192.52 million, with an actual guarantee balance of ¥32,896.07 million, accounting for 8.66% of the company's net assets[178].

Financial Performance - The company's operating revenue for 2020 was ¥4,727,891,755.42, a decrease of 12.56% compared to ¥5,407,112,960.26 in 2019[20]. - The net profit attributable to shareholders for 2020 was ¥612,889,904.77, representing a 22.03% increase from ¥502,237,458.23 in 2019[20]. - The net cash flow from operating activities was ¥1,007,667,347.40, down 4.41% from ¥1,054,200,477.23 in 2019[20]. - The total assets at the end of 2020 were ¥11,507,588,172.59, an increase of 17.49% from ¥9,794,823,583.26 at the end of 2019[20]. - The company maintained a weighted average return on equity of 18.26% in 2020, down from 21.15% in 2019[20]. - The total operating costs amounted to ¥4,073,913,789.20, a decrease of 13.54% compared to ¥4,711,958,634.04 in 2019[86]. - The cost of aviation fuel was ¥879,601,466.56, representing 21.59% of total operating costs, down 40.46% from ¥1,477,341,888.82 in 2019[86]. - The passenger transport cost was ¥3,953,942,618.41, accounting for 97.06% of total costs, a decrease of 15.88% from ¥4,700,468,814.61 in 2019[87]. - The company achieved a cargo revenue of ¥20,872,834.17, marking a significant increase of 93.11% year-on-year[83]. - The total passenger volume for the company reached 6,426.39 thousand, a decrease of 16.96% compared to the previous year[80]. Dividend Distribution - The company plans to distribute a cash dividend of 0.61 CNY per share based on a total share capital of 1,013,567,644 shares, with no bonus shares issued[3]. - The cash dividend payout ratio for 2020 is 10.09% of the net profit attributable to shareholders[155]. - The total distributable profit for 2020 was RMB 1,483,764,322.58, with the cash dividend representing 100% of the profit distribution[156]. - The company has maintained a consistent cash dividend policy over the past three years, ensuring clarity and compliance with regulations[156]. - The company did not issue any bonus shares or increase capital from reserves in the 2020 distribution plan[156]. Operational Challenges - In 2020, the company faced significant challenges due to the COVID-19 pandemic, with a reported 68.1% decline in global passenger capacity[35]. - The company anticipates a significant increase in domestic flight numbers as passenger demand rebounds with the improvement of the pandemic situation[127]. - The company plans to establish a normalized epidemic prevention mechanism and strengthen risk detection to ensure safe operations in 2021[130]. - The company emphasizes safety as the highest priority and will enhance risk control measures in key operational areas[130]. - The company has implemented a mechanism to ensure compliance with national epidemic prevention policies while maintaining operational safety[130]. Fleet and Network Expansion - The company operated a fleet of 54 aircraft and covered 92 regional destinations, accounting for 47% of the national regional points[34]. - The fleet consisted of 54 aircraft with an average age of 4.12 years, including 38 CRJ900 series, 14 A320 series, and 2 ARJ21 series aircraft[70]. - The company aims to expand its network and improve service for small and medium-sized cities, addressing the growing demand for air travel[34]. - As of the end of the reporting period, the company operated 169 flight routes, with 151 unique routes, accounting for 89% of its total routes[71]. - The company added 39 new service airports for its travel service, bringing the total to 76 airports[74]. Strategic Initiatives - The company has established six operational bases and seven overnight bases, covering key regions in Southwest, Northwest, Northeast, North China, and Xinjiang[58]. - The company established a strategic partnership with the government of Chuzhou, launching 6 cross-province routes to enhance local connectivity[75]. - The company implemented a member system to improve user profiling for targeted marketing, leading to an increase in direct ticket sales[76]. - The company is focused on enhancing its regional route network to improve accessibility and efficiency for passengers and partners[57]. - The company plans to invest in new markets such as Quzhou and Yunnan, utilizing CRJ900 and ARJ21 aircraft to develop low-cost regional markets and improve economic benefits[132]. Risk Management - The company faces risks related to flight safety, macroeconomic fluctuations, and potential changes in aviation policies that could impact operations and profitability[139][141]. - Fuel price volatility poses a significant risk to operational costs, with recent adjustments to fuel surcharge mechanisms aimed at mitigating impacts from rising oil prices[144]. - The company is exposed to exchange rate fluctuations due to aircraft purchases and maintenance costs being denominated in USD, which could affect financial performance[145]. - Interest rate changes could increase the company's debt servicing costs, impacting overall financial stability and operational performance[146]. - The company has committed to enhancing IT development for intelligent flight combinations and pricing strategies to meet diverse passenger needs[131]. Governance and Compliance - The company has established a sound organizational structure and operational processes for crude oil hedging, ensuring compliance with relevant laws and regulations[109]. - The company has committed to publicly disclosing any non-compliance reasons and will repurchase shares sold in violation of commitments within 10 trading days[164]. - The company is currently adhering strictly to all shareholding commitments and regulations[165]. - The company has confirmed that there are no non-operational fund occupations by major shareholders or related parties during the reporting period[176]. - The company aims to enhance its governance structure to provide institutional support for its development[170].

Financial Performance - The company's operating revenue for Q1 2021 was ¥1,101,069,713.08, representing a 4.84% increase compared to ¥1,050,226,848.57 in the same period last year[10]. - The net profit attributable to shareholders was -¥48,024,688.52, an improvement of 50.11% from -¥96,254,358.57 year-on-year[10]. - The basic earnings per share for the period was -¥0.0474, showing a 55.62% improvement from -¥0.1068 in the same period last year[10]. - The diluted earnings per share was also -¥0.0474, which is a 50.05% improvement from -¥0.0949 year-on-year[10]. - The total operating revenue for the current period reached CNY 1,101,069,713.08, an increase from CNY 1,050,226,848.57 in the previous period, representing a growth of approximately 4.85%[79]. - The net profit for the current period was a loss of CNY 48,024,688.52, compared to a loss of CNY 96,254,358.57 in the previous period, showing an improvement of approximately 50%[85]. - The total comprehensive income for the current period is -¥59,384,301.42, compared to -¥120,852,880.35 in the previous period, showing a reduction in losses[96]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥244,579,094.79, a significant decline of 348.04% compared to ¥98,605,453.26 in the previous year[10]. - Cash flow from operating activities shows a net outflow of -¥244,579,094.79, a significant decline from a net inflow of ¥98,605,453.26 in the previous period[102]. - The cash inflow from sales of goods and services is ¥1,009,431,789.51, an increase from ¥891,149,988.88 in the previous period[102]. - Cash flow from operating activities showed a net outflow of ¥195,760,228.22, compared to a net inflow of ¥33,383,588.90 in the previous period[105]. - Cash and cash equivalents at the end of the period decreased to ¥1,032,540,376.21 from ¥1,263,971,518.69[108]. - The net increase in cash and cash equivalents was -¥92,030,704.06, compared to an increase of ¥232,178,461.63 in the previous period[108]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥15,201,213,629.17, reflecting a 32.10% increase from ¥11,507,588,172.59 at the end of the previous year[10]. - Total assets reached approximately CNY 15.20 billion, compared to CNY 11.51 billion, indicating a growth of about 31.8%[70]. - Current liabilities increased to approximately CNY 4.02 billion from CNY 3.29 billion, a rise of about 22.3%[67]. - Total liabilities amounted to approximately CNY 11.44 billion, up from CNY 7.57 billion, reflecting an increase of about 51.5%[70]. - Owner's equity decreased to approximately CNY 3.76 billion from CNY 3.94 billion, a decline of about 4.4%[70]. - Total liabilities rose to CNY 11,509,766,779.24, compared to CNY 7,324,424,119.91, marking an increase of approximately 57.5%[77]. Operational Metrics - The company faced significant operational impacts due to a sharp decline in passenger travel demand amid recurring pandemic measures[24]. - Available ton-kilometers (ATK) increased by 18.83% to 28,961.05 million ton-kilometers compared to the same period last year[28]. - Domestic available ton-kilometers rose by 20.73% to 28,852.24 million ton-kilometers, while international available ton-kilometers decreased by 76.97% to 108.80 million ton-kilometers[28]. - Total passenger numbers rose by 29.04% to 1,428.13 thousand passengers[28]. - The overall load factor (RTK/ATK) improved by 4.47% to 54.23%[28]. Investments and Expenditures - Research and development expenses surged by 185.44% to ¥4,273,676.15 as the company increased investment in information technology[20]. - The company reported a significant increase in research and development expenses, which rose to CNY 4,273,676.15 from CNY 1,497,213.10, representing an increase of approximately 185.5%[82]. - Cash paid for the purchase of fixed assets increased by 126.89% to ¥409,793,681.64, mainly due to increased aircraft prepayments[23]. - The company has completed the purchase of 6 CRJ900 aircraft and 3 engines, with a total investment of 26.46 million RMB, achieving an investment progress of 100.57%[45]. Shareholder Information - The total number of shareholders at the end of the reporting period was 23,274, with the largest shareholder holding 31.97% of the shares[14]. - Shareholders released 594,843,345 shares from lock-up, accounting for 58.69% of total share capital, effective March 2, 2021[32]. Future Outlook - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and customer service[81]. - Future guidance indicates a focus on cost management and strategic investments to drive profitability in upcoming quarters[81].

Financial Performance - Operating revenue for the reporting period was ¥1,341,170,597.15, down 13.75% compared to the same period last year[10] - Net profit attributable to shareholders of the listed company was ¥163,152,713.67, a decrease of 27.64% year-on-year[10] - Basic earnings per share were ¥0.1616, representing a decline of 35.41% compared to the same period last year[10] - The total operating revenue for the current period is ¥3,323,434,335.19, a decrease of 16.1% compared to ¥3,964,713,377.48 in the previous period[112] - The net profit for the current period is ¥171,380,386.00, down 53.3% from ¥366,061,986.65 in the previous period[109] - The total profit for the current period is ¥203,002,194.11, down 52.0% from ¥422,725,797.66 in the previous period[109] - The total comprehensive income for the current period is ¥172,984,528.97, down 52.7% from ¥366,061,986.65 in the previous period[109] Assets and Liabilities - Total assets at the end of the reporting period reached ¥11,720,104,511.45, an increase of 19.66% compared to the end of the previous year[10] - The total liabilities as of September 30, 2020, were CNY 8,224,160,653.03, up from CNY 7,012,898,012.82 at the end of 2019[73] - The company's fixed assets increased to CNY 5,155,388,019.70 as of September 30, 2020, compared to CNY 4,370,464,358.82 at the end of 2019[70] - The total owner's equity increased to CNY 3,495,943,858.42 as of September 30, 2020, from CNY 2,781,925,570.44 at the end of 2019[73] Cash Flow - The net cash flow from operating activities was ¥372,902,296.77, showing a slight increase of 1.39% year-on-year[10] - Cash and cash equivalents increased by 64.47% to ¥2,096,397,254.25 from ¥1,274,620,014.46, primarily due to loans obtained during the reporting period[25] - The ending balance of cash and cash equivalents was CNY 2,012,586,403.53, compared to CNY 699,267,752.76 at the end of the previous period[121] Shareholder Information - Net assets attributable to shareholders of the listed company amounted to ¥3,495,943,858.42, reflecting a growth of 25.67% year-on-year[10] - The total number of common shareholders at the end of the reporting period was 30,599[14] - Major shareholder 华夏航空控股 (Shenzhen) Limited holds 31.97% of the shares, totaling 324,000,000 shares[14] Research and Development - Research and development expenses rose by 81.65% to ¥6,672,206.93 from ¥3,673,168.04, reflecting increased investment in R&D[25] - Research and development expenses increased to CNY 2,884,707.06 from CNY 1,922,283.09, highlighting a focus on innovation[88] - Research and development expenses for the current period are CNY 292,075.46, significantly lower than CNY 1,921,325.07 in the previous period, indicating a reduction of approximately 84.8%[95] Operational Metrics - Available ton-kilometers (ATK) decreased by 2.50% to 32,903.25 million ton-kilometers compared to 33,747.27 million ton-kilometers in the same period last year[29] - Passenger turnover (RPK) decreased by 11.71% year-over-year to 215,732.12 million person-kilometers, with domestic RPK down by 9.18% and international RPK down by 95.76%[32] - Total passenger numbers decreased by 12.00% year-over-year to 1,883.61 thousand passengers, with domestic passengers down by 10.89% and international passengers down by 93.83%[32] Financing Activities - The company received cash related to financing activities amounting to ¥77,126,339.35, primarily from the sale and leaseback of engines[28] - Short-term borrowings increased by 111.15% to ¥1,826,454,597.27 from ¥865,000,000.00, attributed to an increase in current loans[25] Future Plans - The company plans to purchase a total of 100 ARJ21 and C919 aircraft from COMAC over the next ten years, with 50 confirmed as ARJ21[36] - The company plans to expand its market presence and invest in new technologies to drive future growth[79] Risk Management - The company has established a comprehensive risk control system for its derivative investments, ensuring compliance with relevant laws and regulations[49] - The company aims to mitigate the impact of oil price fluctuations on its operations through effective hedging strategies[49]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 1,983,770,376, a decrease of 19.96% compared to CNY 2,478,492,359 in the same period last year[28]. - The net profit attributable to shareholders of the listed company was CNY 8,227,672.33, down 94.15% from CNY 140,597,721.78 in the previous year[28]. - The net cash flow from operating activities was CNY 180,195,154.19, a decline of 34.48% compared to CNY 275,029,803.34 in the same period last year[28]. - Basic earnings per share decreased to CNY 0.0091, down 94.17% from CNY 0.1560 in the same period last year[28]. - The diluted earnings per share were CNY 0.0090, a decrease of 94.23% compared to CNY 0.1560 in the previous year[28]. - The weighted average return on net assets was 0.29%, down 6.17% from 6.46% in the same period last year[28]. - The gross margin for the main business was 5.87%, a decrease of 5.56% year-on-year[56]. - The total transportation turnover (RTK) decreased by 23.15% to 27,887.79 million ton-kilometers compared to the previous period[70]. - Passenger turnover (RPK) fell by 24.72% to 303,639.23 million passenger-kilometers, with international passenger turnover dropping by 49.90%[70]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 11,532,667,400.35, an increase of 17.74% from CNY 9,794,823,583.26 at the end of the previous year[28]. - The net assets attributable to shareholders of the listed company were CNY 3,272,076,867.49, up 17.62% from CNY 2,781,925,570.44 at the end of the previous year[28]. - Cash and cash equivalents increased by 69.69% compared to the beginning of the period, primarily due to loans obtained during the reporting period[47]. - Deferred tax assets rose by 42.83% compared to the beginning of the period, mainly due to the recognition of deductible losses[47]. - Cash and cash equivalents at the end of the reporting period amounted to ¥2,162,924,819.61, representing 18.75% of total assets, an increase of 7.29% compared to the previous year[83]. - Accounts receivable reached ¥1,134,304,583.30, accounting for 9.84% of total assets, a decrease of 1.93% year-on-year due to extended collection times in some regions affected by the pandemic[83]. - Fixed assets increased to ¥4,701,915,041.37, making up 40.77% of total assets, a decrease of 5.67% from the previous year, primarily due to an increase in aircraft assets[83]. - Short-term borrowings rose to ¥1,983,434,945, representing 17.20% of total liabilities, an increase of 0.88% compared to the previous year, attributed to increased working capital loans[86]. - Long-term borrowings increased to ¥1,487,692,334, accounting for 12.90% of total liabilities, up by 1.24% year-on-year due to additional long-term loans[86]. Operational Highlights - The company operates a fleet of 50 aircraft, covering 92 branch aviation points, which accounts for 47% of the national branch aviation points[39]. - The company has established a route network with 158 operational routes, of which 147 are branch routes, representing 93% of its total operational routes[39]. - The average travel time from branch cities to domestic central cities is 13.1 hours, indicating significant room for improvement in accessibility[43]. - The average daily aircraft utilization improved to 7.73 hours, recovering to 9.31 hours by the end of the reporting period[56]. - The number of passengers for connecting travel reached 235,600, representing a year-on-year increase of 26.50%[56]. - The company operated 50 aircraft, including 38 CRJ900 series and 12 A320 series, with an average fleet age of 3.93 years[57]. - The company has established partnerships with 27 airlines for through service cooperation[63]. Investment and Funding - The company reported a total investment of ¥40,859,300 during the reporting period, a 100% increase compared to the previous year[91]. - The company has cumulatively invested 71,744.14 million CNY in projects funded by the initial public offering[103]. - The company has a total of 6,000 million CNY in idle raised funds currently invested in financial products[103]. - The company approved the temporary use of idle raised funds not exceeding CNY 705.25 million to supplement working capital, with CNY 60 million in wealth management products as of the reporting period[113]. - The company has completed 100.57% of the investment progress for the purchase of 6 CRJ900 aircraft and 3 engines, with a cumulative investment of 26,615.95 million CNY[104]. Risk Management - The company does not foresee any significant risks affecting its normal operations[6]. - The company faces risks related to fluctuations in fuel prices, which significantly impact operational costs and profit levels[130]. - The company is exposed to interest rate fluctuations, which could increase interest expenses and affect financial performance[132]. - The company is also subject to exchange rate fluctuations, impacting costs related to aircraft purchases and foreign currency-denominated assets[133]. - The company has established a risk control system for its oil hedging business, including setting stop-loss lines to mitigate price volatility risks[99]. Shareholder Information - The total number of shares increased from 600,750,000 to 667,966,097, reflecting a growth of approximately 11.14% due to the conversion of "Huaxia Convertible Bonds"[180]. - The net assets attributable to ordinary shareholders rose from CNY 2,781,925,570.44 to CNY 3,272,076,867.49, representing an increase of about 17.66%[183]. - The book value per share increased from CNY 4.63 to CNY 4.90, indicating a growth of approximately 5.83%[183]. - The largest shareholder, Huaxia Aviation Holdings (Shenzhen) Co., Ltd., holds 32.34% of the shares, totaling 216,000,000 shares[187]. - The company did not implement any share buyback during the reporting period[182]. Corporate Governance - The annual shareholders meeting had a participation rate of 68.54% on May 19, 2020[137]. - There were no significant litigation or arbitration matters during the reporting period[143]. - The company has no major related party transactions during the reporting period[150]. - The half-year financial report has not been audited[139]. - The company has no significant non-operating fund occupation by controlling shareholders or related parties during the reporting period[155].

Financial Performance - The company's operating revenue for Q1 2020 was ¥1,050,226,848.57, a decrease of 15.97% compared to ¥1,249,880,009.38 in the same period last year[10]. - The net profit attributable to shareholders was -¥96,254,358.57, representing a decline of 212.50% from a profit of ¥85,561,907.32 in the previous year[10]. - The basic earnings per share for the quarter was -¥0.1602, down 212.50% from ¥0.1424 in the same period last year[10]. - The diluted earnings per share also fell to -¥0.1424, a decrease of 200.00% compared to ¥0.1424 in the previous year[10]. - The operating profit for the current period was -¥121,594,819.49, compared to a profit of ¥79,548,067.81 in the previous period, indicating a significant decline[85]. - The net profit for the current period was -¥120,550,063.20, down from a profit of ¥74,267,489.97 in the previous period[85]. - The total comprehensive income for the current period was -¥120,852,880.35, compared to ¥74,267,489.97 in the previous period[88]. Cash Flow and Liquidity - The net cash flow from operating activities improved to ¥98,605,453.26, a significant increase of 225.94% compared to -¥78,295,361.39 in the same period last year[10]. - The cash flow from operating activities generated a net amount of ¥33,383,588.90, recovering from a negative cash flow of ¥45,021,021.23 in the previous year[96]. - The net increase in cash and cash equivalents for the period was ¥232,178,461.63, a turnaround from a decrease of ¥58,210,277.44 in the prior period[99]. - Total cash and cash equivalents at the end of the period reached ¥1,263,971,518.69, up from ¥488,651,187.73 at the end of the previous period, marking an increase of approximately 158.5%[99]. - Cash inflow from operating activities totaled ¥1,132,677,016.23, slightly down from ¥1,164,686,077.96 in the previous period, indicating a decrease of about 2.7%[96]. - Cash outflow from operating activities decreased to ¥1,099,293,427.33 from ¥1,209,707,099.19, showing a reduction of approximately 9.1%[96]. Assets and Liabilities - The total assets at the end of the reporting period were ¥9,913,204,697.67, reflecting a 1.21% increase from ¥9,794,823,583.26 at the end of the previous year[10]. - Total current liabilities rose to CNY 2,605,413,197.93, up from CNY 2,423,305,438.25, indicating an increase of approximately 7.51%[60]. - The company's non-current liabilities increased to CNY 4,625,692,099.31 from CNY 4,589,592,574.57, marking a rise of about 0.79%[60]. - The company's total liabilities reached CNY 7,201,861,742.59, an increase from CNY 6,934,150,842.45, indicating higher leverage[70]. - The total equity attributable to shareholders decreased to CNY 2,682,099,400.43 from CNY 2,781,925,570.44, a decline of approximately 3.56%[63]. Operational Metrics - Operating revenue decreased significantly due to a sharp drop in passenger travel caused by COVID-19, with flight execution and load factors both declining year-on-year[29]. - The average monthly flight recovery rate reached 67% by March 2020, indicating gradual recovery from the pandemic impact[29]. - The comprehensive load factor dropped to 49.76%, down 13.62% from the previous year[33]. - Passenger turnover decreased by 29.94% year-on-year, with domestic passenger turnover down by 30.94% and international turnover up by 92.14%[33]. - Available ton-kilometers decreased by 9.84% year-on-year, with domestic capacity down by 10.69% and international capacity up by 73.14%[30]. Research and Development - R&D expenses surged by 864.09% to ¥1,497,213.10, reflecting increased investment in information technology[25]. - Research and development expenses rose significantly to CNY 1,497,213.10 from CNY 155,298.36, highlighting a focus on innovation[75]. Government Support and Subsidies - The company received government subsidies amounting to ¥779,926.00, primarily for energy conservation and employment stabilization[10]. - Cash received from government subsidies increased by 1691.68% to ¥254,518,349.68, reflecting support during the pandemic[25]. Risk Management - The company has implemented risk control measures for its oil hedging business to mitigate price volatility risks[42]. - The company has established a comprehensive management system for its hedging operations, including approval processes and internal audits[42].

Financial Performance - The company's operating revenue for 2019 was ¥5,407,112,960.26, representing a year-over-year increase of 26.93% from ¥4,260,039,818.89 in 2018[18]. - Net profit attributable to shareholders for 2019 was ¥502,237,458.23, a significant increase of 102.96% compared to ¥247,461,081.68 in 2018[18]. - The net profit after deducting non-recurring gains and losses was ¥491,890,924.53, up 164.43% from ¥186,021,906.16 in the previous year[18]. - The net cash flow from operating activities reached ¥1,054,200,477.23, an increase of 102.21% compared to ¥521,337,391.41 in 2018[18]. - Basic earnings per share for 2019 was ¥0.8360, reflecting a 99.52% increase from ¥0.4190 in 2018[18]. - Total assets at the end of 2019 amounted to ¥9,794,823,583.26, a growth of 25.82% from ¥7,785,025,297.43 at the end of 2018[18]. - The company's net assets attributable to shareholders increased by 30.98% to ¥2,781,925,570.44 from ¥2,123,949,232.05 in 2018[20]. - Total operating revenue for 2019 reached ¥5,407,112,960.26, a year-on-year increase of 26.93% compared to ¥4,260,039,818.89 in 2018[57]. - Passenger revenue accounted for ¥5,265,769,206.31, representing 97.39% of total revenue, with a year-on-year growth of 32.79%[57]. - Operating costs totaled ¥4,711,958,634.04, an increase of 28.83% from ¥3,657,528,281.90 in 2018[60]. Dividend Distribution - The company plans to distribute a cash dividend of 0.76 yuan per 10 shares to all shareholders, based on a total of 600,750,000 shares[4]. - The cash dividend amount for 2019 was ¥45,657,000, representing 9.09% of the net profit attributable to ordinary shareholders[124]. - In 2018, the cash dividend amount was ¥52,065,000, which accounted for 21.04% of the net profit attributable to ordinary shareholders[124]. - The cash dividend for every 10 shares is set at ¥0.76 (tax included), with a total cash dividend amount of ¥45,657,000[125]. - The company plans to distribute 5 additional shares for every 10 shares held, using capital reserves for the increase[125]. - The company has committed to maintaining a cash distribution policy of at least 10% of the net profit attributable to the parent company each year[125]. Business Operations and Strategy - The company aims to expand its business from air cargo and passenger transport to include training, tourism, and fresh produce, leveraging its regional aviation network[29]. - The company operates a fleet of 49 aircraft, including 38 CRJ900 series and 11 A320 series, with an average fleet age of 3.52 years[44]. - The company has established a network of 147 flight routes, including 141 domestic routes and 6 international routes, with 89% of routes being unique[37]. - The company focuses on enhancing connectivity and operational efficiency through a differentiated business model targeting third and fourth-tier cities[36]. - The company has increased its capacity in the Xinjiang region, establishing 33 domestic branch routes and 18 branch points, with a domestic connectivity rate of 86%[45]. Safety and Risk Management - The company has achieved a safety performance with no accidents reported during the reporting period, maintaining a general error rate of 0.12 per 10,000 hours[48]. - The company has developed a comprehensive safety management system, integrating real-time monitoring and risk assessment mechanisms[48]. - The company will continue to invest in safety management systems to mitigate risks associated with aviation operations[105]. - The company faces risks related to aviation safety, which is critical for its survival and reputation[104]. Research and Development - Research and development expenses surged to ¥5,653,432.83, reflecting a significant increase of 1,182.08% compared to ¥440,956.91 in 2018[66]. - The number of R&D personnel rose to 88 in 2019, a 183.87% increase compared to 31 in 2018[68]. Market Position and Competition - The company holds a 42% market share of domestic branch airport destinations, leading the branch aviation business model in China[36]. - The competitive landscape of the Chinese aviation industry includes four major airline groups, which dominate the domestic passenger and cargo transport market[95]. Financial Management and Fundraising - The company raised a total of 77,038.03 million yuan from its initial public offering, with a net amount of 77,038.03 million yuan after deducting issuance costs of 6,553.97 million yuan[81]. - The company has committed to purchasing 6 CRJ900 aircraft and 3 engines, with a total investment commitment of 47,038.03 million yuan[84]. - The company has utilized 6,930.61 million yuan from the convertible bond proceeds to replace previously invested self-owned funds[81]. - The company has a remaining balance of 8,602.22 million yuan in unused raised funds, with 3,602.22 million yuan (including interest) in a special account[81]. Corporate Governance - The company is focused on improving corporate governance to provide institutional guarantees for its development[175]. - The company has implemented changes in accounting policies, including the adoption of new financial instrument standards effective from January 1, 2019, which will not significantly impact total assets, liabilities, or net profit[178]. - The current accounting firm, Lixin Certified Public Accountants, has been engaged for 7 consecutive years, with an audit fee of 1.1 million RMB for the current period[187]. Regulatory Compliance - The company has disclosed the change in fundraising project usage in accordance with regulatory requirements, ensuring transparency[91]. - The company did not experience any penalties or rectification issues during the reporting period[190]. - The company did not engage in any related party transactions during the reporting period[193].

Financial Performance - Operating revenue for the period reached CNY 1,555,019,274.62, a 40.39% increase year-on-year[10] - Net profit attributable to shareholders surged by 196.77% to CNY 225,464,264.87 compared to the same period last year[10] - The net profit after deducting non-recurring gains and losses increased by 458.45% to CNY 248,961,253.48[10] - Basic earnings per share rose by 196.68% to CNY 0.3753[10] - Operating profit for the current period was ¥275,177,343.39, compared to ¥58,082,459.67 in the previous period, reflecting a significant increase[72] - Net profit for the current period was ¥210,414,755.90, up from ¥74,988,921.35 in the previous period, indicating a growth of 180.5%[75] - The company reported a total profit of ¥247,546,771.65, up from ¥88,222,260.41, which is an increase of 180.5%[72] - The net profit for the year-to-date period was ¥366,061,986.65, compared to ¥197,820,111.80 in the previous year, indicating an increase of 84.9%[81] Asset and Liability Management - Total assets increased by 13.85% to CNY 8,863,134,168.49 compared to the end of the previous year[10] - Total liabilities increased to CNY 6,425,187,949.79, up 13.5% from CNY 5,661,076,065.38 year-over-year[48] - The company's equity attributable to shareholders rose to CNY 2,437,946,218.70, an increase of 14.8% from CNY 2,123,949,232.05 at the end of 2018[51] - Long-term borrowings increased significantly to CNY 1,116,578,671.59, compared to CNY 557,904,384.25 at the end of 2018, marking a growth of 99.9%[48] - Total current assets amounted to CNY 2,942,277,275.39, an increase of 19.8% from CNY 2,454,604,663.83 on December 31, 2018[42] - Total liabilities increased to ¥6,396,471,903.13, compared to ¥5,649,821,408.84 in the previous period, reflecting a growth of 13.2%[62] Cash Flow and Financing Activities - Cash flow from operating activities increased by 17.24% to CNY 367,778,243.09[10] - Cash received from borrowings increased by 51.19% to CNY 1,936,498,082.79, due to a larger borrowing scale[25] - The company reported a decrease in financial expenses to CNY 165,815,836.72 from CNY 169,465,533.54[89] - Net cash flow from operating activities was ¥634,899,479.40, significantly up from ¥17,640,612.87 in the prior period[105] - Cash outflow from investment activities totaled ¥831,897,242.26, compared to ¥1,310,962,378.58 in the previous period, indicating a reduction of approximately 37%[105] - Cash inflow from financing activities was ¥1,912,498,082.79, compared to ¥2,100,753,640.74 in the previous period, showing a decline of approximately 9%[108] Operational Costs and Investments - Operating costs increased by 32.08% to CNY 3,388,122,333.54, attributed to expanded operations[22] - R&D expenses skyrocketed by 167.58% to CNY 3,673,168.04, reflecting increased investment in research and development[22] - Other income grew by 474.99% to CNY 260,660,659.17, mainly due to increased route subsidies[22] - Total operating costs for the current period were ¥1,189,008,281.60, compared to ¥910,751,420.54 in the previous period, an increase of 30.5%[72] - Research and development expenses for the period were ¥1,922,283.09, significantly higher than ¥293,617.71 in the previous period, indicating a focus on innovation[62] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 26,688[14] - Major shareholder 华夏航空控股 (深圳)有限公司 holds 35.96% of the shares, with 216,000,000 shares pledged[14] Asset Composition - The total non-current assets reached CNY 5,920,856,893.10, up from CNY 5,330,420,633.60, reflecting a growth of 11.0%[44] - The company’s inventory increased to CNY 82,709,102.69, compared to CNY 73,546,885.50 at the end of 2018, showing a growth of 12.0%[42] - Accounts receivable increased by 31.13% to CNY 1,053,957,193.66 due to expanded operational scale[22] - Prepayments rose by 69.20% to CNY 164,846,001.86, primarily due to increased prepayments for aviation fuel and aircraft leasing[22] - Construction in progress surged by 79.14% to CNY 1,056,622,828.25, mainly for aircraft prepayments[22]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 2,478,492,359.09, representing a 22.22% increase compared to CNY 2,027,828,781.34 in the same period last year[24]. - The net profit attributable to shareholders was CNY 140,597,721.78, up 15.39% from CNY 121,847,138.93 year-on-year[24]. - The net profit after deducting non-recurring gains and losses was CNY 125,054,002.75, reflecting a significant increase of 35.16% compared to CNY 92,521,728.11 in the previous year[24]. - The net cash flow from operating activities reached CNY 275,029,803.34, a substantial increase of 130.41% from CNY 119,362,852.26 in the same period last year[24]. - The total operating cost increased by 33.10% year-on-year to RMB 2,190,462,840.92, primarily due to the expansion of operational scale[65]. - The company reported a net income of CNY 15,543,719.03, after accounting for income tax effects of CNY 2,733,455.84[32]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 8,363,558,413.60, which is a 7.43% increase from CNY 7,785,025,297.43 at the end of the previous year[24]. - Cash and cash equivalents at the end of the reporting period amounted to ¥958,874,506.59, representing 11.46% of total assets, a decrease of 4.42% compared to the previous year[76]. - Accounts receivable reached ¥984,652,496.00, accounting for 11.77% of total assets, an increase of 0.63% year-on-year, primarily due to expanded operational scale[76]. - Short-term borrowings increased to ¥1,365,000,000.00, accounting for 16.32% of total assets, up 2.76% from the previous year, due to an increase in current loans[79]. - Long-term borrowings rose to ¥975,384,656.20, representing 11.66% of total assets, an increase of 4.24% year-on-year, attributed to the growth in long-term loans[79]. Operational Highlights - The company has a total of 148 flight routes, including 144 domestic routes and 4 international routes, covering 115 cities[49]. - The company operates 38 CRJ900 series regional aircraft and 9 A320 series aircraft, optimizing its fleet for regional demand[49]. - The average age of the company's fleet is 3.16 years, making it one of the youngest fleets among major civil aviation enterprises in China[57]. - The company has established 6 operational bases and 3 overnight bases, enhancing its regional coverage in Southwest, Northwest, Northeast, North China, and Xinjiang[49]. - The company has launched new international routes, including Zhengzhou to Mandalay and Tianjin to Mandalay, expanding its market presence[58]. Market Strategy and Growth - The company focuses on the development of regional aviation, with a market strategy aimed at improving air accessibility in third and fourth-tier cities[48]. - The domestic aviation industry has seen an average annual growth of 12.4% in total transport turnover from 2013 to 2018[36]. - The number of regional airports in China increased from 138 to 184 between 2013 and 2018, representing a growth of 33.3%[45]. - The company is positioned as a leader in the regional aviation market, leveraging its unique business model to enhance connectivity between major cities and smaller urban areas[48]. Risks and Challenges - The company faces risks from potential changes in aviation policies that could impact its operations and expansion plans[108]. - Fluctuations in jet fuel prices significantly impact the company's production costs and profit levels, with a potential increase in fuel surcharge linked to oil prices exceeding 5,000 RMB per ton[112]. - Interest rate fluctuations could increase the company's interest expenses, as it relies on bank loans for future business development[114]. - Exchange rate volatility affects the costs of purchasing aircraft and materials from abroad, impacting the company's financial performance[115]. Corporate Governance and Compliance - The company has maintained compliance with commitments made during its initial public offering and other financing activities[120]. - There were no significant litigation or arbitration matters during the reporting period[125]. - The half-year financial report was not audited, indicating a potential area for investor scrutiny[123]. - The company has not implemented any employee incentive plans during the reporting period[133]. Shareholder Information - The company reported a total share count of 600,750,000 shares after a capital increase of 200,250,000 shares, resulting in a new total of 400,500,000 shares before the increase[167]. - Major shareholder 华夏航空控股 (Shenzhen) Co., Ltd. holds 35.96% of the company, with 216 million shares, and has not reduced its holdings[177]. - The total number of ordinary shareholders at the end of the reporting period was 26,580[174]. - The company completed the release of restricted shares for major shareholders, totaling 360 million shares, with 95.63 million shares released during the reporting period[174].

Financial Performance - The company's operating revenue for Q1 2019 was ¥1,249,880,009.38, representing a 26.09% increase compared to ¥991,256,381.71 in the same period last year[10] - Net profit attributable to shareholders was ¥85,561,907.32, a 3.96% increase from ¥82,305,693.00 year-on-year[10] - The net profit after deducting non-recurring gains and losses was ¥80,399,084.24, up 9.14% from ¥73,665,959.71 in the previous year[10] - The basic earnings per share decreased by 3.06% to ¥0.1424 from ¥0.1469 in the same period last year[10] - The weighted average return on equity was 3.95%, down 1.73% from 5.68% in the previous year[10] - The total operating profit for the period was CNY 79,548,067.81, compared to CNY 96,487,724.24 in the previous period, reflecting a decrease of approximately 17.6%[72] - The net profit for the period was CNY 74,267,489.97, down from CNY 90,595,966.01, indicating a decline of about 18%[72] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥7,973,194,860.41, a 2.42% increase from ¥7,785,025,297.43 at the end of the previous year[10] - The net assets attributable to shareholders increased by 4.03% to ¥2,209,511,139.37 from ¥2,123,949,232.05 at the end of the previous year[10] - Total current assets increased to ¥2,543,443,054.44 from ¥2,454,604,663.83, representing a growth of approximately 3.6%[45] - Fixed assets rose to ¥3,930,623,795.00 from ¥3,894,184,540.44, an increase of about 0.9%[45] - Non-current assets totaled ¥5,429,751,805.97, up from ¥5,330,420,633.60, reflecting a growth of approximately 1.9%[45] - Current liabilities increased to ¥2,395,336,829.63 from ¥2,328,524,205.18, marking a rise of about 2.9%[48] - Total liabilities amounted to ¥5,763,683,721.04, up from ¥5,661,076,065.38, representing an increase of approximately 1.8%[48] - Total equity attributable to shareholders increased to ¥2,209,511,139.37 from ¥2,123,949,232.05, a growth of about 4.0%[51] Cash Flow - The net cash flow from operating activities was negative at -¥78,295,361.39, a decline of 3.49% compared to -¥75,654,484.35 in the same period last year[10] - Cash received from operating activities decreased by 36.40% to ¥14,205,606.25, primarily due to a reduction in received deposits[26] - Cash paid for operating activities decreased by 52.63% to ¥61,312,145.19, mainly due to reduced deposit expenditures[26] - The company reported a financial expense of ¥42,319,375.27, which is significantly higher than the previous year's ¥18,372,269.54, reflecting increased borrowing costs[62] - Cash inflow from operating activities totaled CNY 1,145,390,933.12, an increase from CNY 1,044,321,090.97 in the previous period, representing a growth of approximately 9.7%[79] - Cash outflow from operating activities was CNY 1,223,686,294.51, compared to CNY 1,119,975,575.32, which is an increase of about 9.3%[79] Operational Changes - Operating costs increased by 36.11% to ¥1,086,582,921.90, primarily due to expanded operations, increased flights, and rising fuel and labor costs[22] - Financial expenses surged by 130.34% to ¥42,319,375.27, mainly due to increased aircraft leasing and borrowing interest[23] - The company introduced three A320 series aircraft through operating leases, bringing the total operational fleet to 47 aircraft[29] - The company has applied to the China Securities Regulatory Commission for a public offering of convertible bonds, which is currently under review[30] Government Support - The company received government subsidies amounting to ¥109,500.00 related to energy conservation and emission reduction in civil aviation[10] Accounting and Reporting - The report for the first quarter was not audited, indicating preliminary financial data[103] - The company has begun implementing new financial instrument standards from January 1, 2019, affecting its financial reporting[96] - The company did not restate comparative figures for 2018 due to the adoption of new accounting standards[102]