海航控股(600221) - 2023 Q2 - 季度财报

Financial Performance - Revenue for the first half of 2023 reached 27,636,003 thousand RMB, a 149.51% increase compared to the same period last year[15] - Net profit attributable to shareholders of the listed company was -1,609,365 thousand RMB, showing improvement from the -12,837,073 thousand RMB loss in the same period last year[15] - Operating cash flow turned positive at 5,724,610 thousand RMB, compared to -2,626,521 thousand RMB in the same period last year[15] - Basic earnings per share for the reporting period (January to June) was -0.0372 RMB per share, compared to -0.3862 RMB per share in the same period last year[16] - Diluted earnings per share for the reporting period was -0.0372 RMB per share, unchanged from the basic earnings per share[16] - Weighted average return on equity (ROE) for the reporting period was -182.12%, compared to -601.58% in the same period last year[16] - Non-recurring gains and losses amounted to 701,768 thousand RMB, including 491,928 thousand RMB from disposal of non-current assets and 155,550 thousand RMB from other non-recurring items[19] - Revenue for the first half of 2023 reached 27.636 billion yuan, a year-on-year increase of 149.51%[30] - Net profit attributable to shareholders was -1.609 billion yuan[30] - Total passenger traffic reached 28.455 million, a year-on-year increase of 173.90%[32] - Cargo and mail volume reached 165,728 tons, a year-on-year increase of 26.07%[32] - Available seat kilometers (ASK) increased by 140.70% to 5,961.48 million[32] - Passenger load factor increased by 13.52 percentage points to 80.54%[33] - Aircraft utilization rate increased by 4.17 hours to 8.24 hours per day[33] - Financial exchange losses due to exchange rate fluctuations amounted to 2.6246 billion yuan[35] - Contract liabilities increased by 68.63% to 2.7909 billion yuan[36] - Total external equity investments amounted to 3,186,201 thousand yuan, including 48,941 thousand yuan in trading financial assets, 1,256,590 thousand yuan in other equity instrument investments, 1,823,117 thousand yuan in other non-current financial assets, and 57,553 thousand yuan in long-term equity investments[39] - The fair value of stock investments at the end of the period was 982,436 thousand yuan, with a fair value change loss of 14,943 thousand yuan during the period[40] - The fair value of other financial assets at the end of the period was 10,288,579 thousand yuan, with a fair value change gain of 804 thousand yuan during the period[40] - The fair value of China Civil Aviation Information Network stock at the end of the period was 714,014 thousand yuan, with a cumulative fair value change of 684,154 thousand yuan included in equity[41] - The fair value of Meilan Airport stock at the end of the period was 47,337 thousand yuan, with a cumulative fair value change of 40,431 thousand yuan included in equity[41] - The fair value of Shanghai Rural Commercial Bank stock at the end of the period was 189,407 thousand yuan, with a fair value change loss of 14,943 thousand yuan during the period[42] - Total revenue for the first half of 2023 reached 27,636,003 thousand yuan, a significant increase from 11,076,011 thousand yuan in the same period last year[122] - Operating profit for the first half of 2023 was -1,920,414 thousand yuan, compared to -13,765,037 thousand yuan in the same period last year[123] - Net profit for the first half of 2023 was -1,822,625 thousand yuan, compared to -13,645,508 thousand yuan in the same period last year[123] - Research and development expenses for the first half of 2023 were 15,455 thousand yuan, up from 7,544 thousand yuan in the same period last year[122] - Financial expenses for the first half of 2023 were 4,566,859 thousand yuan, down from 6,182,815 thousand yuan in the same period last year[122] - Total comprehensive income for the first half of 2023 was -2,050,315 thousand yuan, a significant decrease compared to -13,495,660 thousand yuan in the same period last year[124] - Basic earnings per share for the first half of 2023 were -0.0372 yuan per share, compared to -0.3862 yuan per share in the same period last year[124] - Operating income for the first half of 2023 was 16,785,587 thousand yuan, a substantial increase from 6,657,012 thousand yuan in the same period last year[125] - Operating costs for the first half of 2023 were 14,020,526 thousand yuan, compared to 9,624,363 thousand yuan in the same period last year[125] - Financial expenses for the first half of 2023 were 3,122,257 thousand yuan, a decrease from 4,765,544 thousand yuan in the same period last year[125] - Credit impairment losses for the first half of 2023 were 200,704 thousand yuan, compared to -277,154 thousand yuan in the same period last year[127] - Net cash flow from operating activities for the first half of 2023 was 5,724,610 thousand yuan, a significant improvement from -2,626,521 thousand yuan in the same period last year[129] - Cash received from sales of goods and services for the first half of 2023 was 27,321,177 thousand yuan, compared to 11,750,802 thousand yuan in the same period last year[129] - Cash paid for goods and services for the first half of 2023 was 14,699,719 thousand yuan, compared to 8,885,500 thousand yuan in the same period last year[129] - Cash paid to and for employees for the first half of 2023 was 5,004,513 thousand yuan, compared to 3,777,732 thousand yuan in the same period last year[129] - Operating cash flow for the first half of 2023 was RMB 7,699,741 thousand, a significant improvement from a negative RMB 3,688,373 thousand in the same period last year[132] - Investment cash outflow for the first half of 2023 was RMB 1,826,166 thousand, compared to RMB 4,103,370 thousand in the same period last year[132] - Financing cash outflow for the first half of 2023 was RMB 5,918,920 thousand, compared to RMB 3,438,024 thousand in the same period last year[133] - Net cash flow from investment activities for the first half of 2023 was negative RMB 1,669,654 thousand, compared to positive RMB 1,735,947 thousand in the same period last year[132] - Net cash flow from financing activities for the first half of 2023 was negative RMB 5,918,920 thousand, compared to positive RMB 614,880 thousand in the same period last year[133] - Total cash and cash equivalents at the end of the first half of 2023 were RMB 170,622 thousand, compared to RMB 253,147 thousand at the end of the same period last year[133] - Total owner's equity at the end of the first half of 2023 was RMB 458,849 thousand, a decrease of RMB 341,300 thousand from the beginning of the year[134] - Comprehensive income for the first half of 2023 was negative RMB 2,050,315 thousand, primarily due to a decrease in retained earnings of RMB 1,609,365 thousand[134] - Capital reserve increased by RMB 1,693,696 thousand during the first half of 2023[134] - Minority shareholders' equity decreased by RMB 204,444 thousand during the first half of 2023[134] - Total owner's equity at the end of the period was 117,549 thousand yuan, a significant decrease compared to the previous period[135] - Comprehensive income for the period was -12,837,073 thousand yuan, reflecting a substantial loss[136] - Capital reserve decreased by 3,019 thousand yuan during the period[137] - Retained earnings at the end of the period were -2,532,106 thousand yuan, indicating a deficit[137] - Total owner's equity at the beginning of the period was 10,966,573 thousand yuan[136] - The company's capital reserve at the end of the period was 1,672,872 thousand yuan[135] - The company's undistributed profit at the end of the period was -909,974 thousand yuan[135] - The company's total owner's equity at the end of the period was 14,820,159 thousand yuan[138] - The company's capital reserve at the beginning of the period was 1,672,872 thousand yuan[136] - The company's undistributed profit at the beginning of the period was -50,994,600 thousand yuan[136] - The company's comprehensive income for the period decreased by 203,604 units, primarily due to a reduction in other comprehensive income of 56,654 units and a decrease in retained earnings of 146,950 units[139] - The company's total equity at the end of the period was 16,310,251 units, reflecting an increase of 1,490,092 units from the beginning of the period[139] - The company's capital reserve decreased by 3,019 units during the period, contributing to a total equity decrease of 8,612,135 units[140] - The company's retained earnings decreased by 8,641,635 units, leading to a significant reduction in total equity[140] - The company's other comprehensive income increased by 32,519 units, partially offsetting the overall equity decrease[140] - The company's total equity at the end of the period was 9,915,694 units, reflecting a decrease of 8,612,135 units from the beginning of the period[141] - Net loss attributable to parent company shareholders for the first half of 2023 was 1,609,365 thousand yuan[145] - Operating cash flow for the first half of 2023 was a net inflow of 5,724,610 thousand yuan[145] - Current liabilities exceeded current assets by approximately 2,738,321 thousand yuan as of June 30, 2023[145] - Total equity attributable to parent company shareholders was 1,027,523 thousand yuan as of June 30, 2023[145] - Monetary funds balance was 8,575,744 thousand yuan as of June 30, 2023[145] - Financial liabilities due within one year totaled 27,904,028 thousand yuan as of June 30, 2023[145] Assets and Liabilities - Total assets decreased slightly by 0.98% to 136,762,452 thousand RMB compared to the end of the previous year[15] - Shareholders' equity decreased by 11.75% to 1,027,523 thousand RMB compared to the end of the previous year[15] - Total assets decreased from 138,114,275 thousand yuan to 136,762,452 thousand yuan, a decline of 1.0%[117] - Current assets increased from 22,567,222 thousand yuan to 25,691,957 thousand yuan, a growth of 13.8%[115] - Non-current assets decreased from 115,547,053 thousand yuan to 111,070,495 thousand yuan, a decline of 3.9%[116] - Total liabilities decreased from 137,655,426 thousand yuan to 136,644,903 thousand yuan, a decline of 0.7%[117] - Current liabilities decreased from 30,842,306 thousand yuan to 28,430,278 thousand yuan, a decline of 7.8%[116] - Non-current liabilities increased from 106,813,120 thousand yuan to 108,214,625 thousand yuan, a growth of 1.3%[116] - Shareholders' equity decreased from 458,849 thousand yuan to 117,549 thousand yuan, a decline of 74.4%[117] - Cash and cash equivalents decreased from 10,638,492 thousand yuan to 8,575,744 thousand yuan, a decline of 19.4%[115] - Accounts receivable increased from 1,145,504 thousand yuan to 1,690,112 thousand yuan, a growth of 47.6%[115] - Prepayments increased from 622,797 thousand yuan to 1,593,294 thousand yuan, a growth of 155.8%[115] - Total assets as of the end of the first half of 2023 were 110,080,279 thousand yuan, slightly down from 111,121,890 thousand yuan at the end of the previous period[120] - Total liabilities as of the end of the first half of 2023 were 93,770,028 thousand yuan, down from 96,301,731 thousand yuan at the end of the previous period[121] - Long-term equity investments increased to 12,805,290 thousand yuan, up from 12,670,290 thousand yuan in the previous period[120] - Fixed assets decreased to 29,590,722 thousand yuan, down from 30,593,141 thousand yuan in the previous period[120] - Total equity attributable to owners of the company was 16,310,251 thousand yuan, up from 14,820,159 thousand yuan in the previous period[121] Market and Operational Performance - Global air passenger demand grew by 39.1% year-over-year in May 2023, reaching 96.1% of 2019 levels, with international passenger demand recovering to 90.8% of 2019 levels[20] - Domestic air passenger demand in China recovered to 88.2% of 2019 levels in the first half of 2023, with total passenger traffic reaching 284 million[21] - Hainan Airlines operated nearly 1,400 routes in the first half of 2023, including over 1,300 domestic routes covering all provinces and regions in China, and more than 100 international routes[21] - Hainan Airlines achieved a flight punctuality rate of 92.33% in the first half of 2023, an increase of 12.88 percentage points compared to the same period in 2019[23] - The company launched in-flight Wi-Fi services on 28 B787-9 aircraft, making it the largest domestic B787-9 fleet with air-ground connectivity and the second-largest B737 fleet with local area network capabilities[24] - Hainan Airlines ranked first in market share in Haikou and among the top in key cities such as Sanya, Xi'an, Urumqi, Kunming, Fuzhou, and Nanning[25] - The company expanded its EasyFly baggage sales network to 35 locations, offering diverse and convenient service experiences[26] - Hainan Airlines completed 187 major flight support missions, including 147 in-flight medical emergencies and 50 organ and stem cell transport tasks[27] - The company saved 46,200 tons of fuel and reduced CO2 emissions by 145,500 tons through 30+ energy-saving projects in H1 2023[28] - Since 2008, Hainan Airlines has saved 786,700 tons of fuel and reduced CO2 emissions by 2.4782 million tons[28] - The company used 29.8044 million sets of eco-friendly tableware, meal boxes, and paper cups on domestic flights in H1 2023[28] - Hainan Airlines plans to increase capacity in core markets such as Hainan, Beijing, Guangzhou-Shenzhen, Chengdu-Chongqing, Xi'an, Urumqi, Kunming, Fuzhou, and Nanning[29] - The company aims to enhance its product system, improve membership services, and advance digital transformation to boost operational efficiency[29] - The company operated a total of 339 aircraft as of June 30, 2023[30] - The company saved 46,200 tons of fuel and reduced carbon dioxide emissions by approximately 145,500 tons in the first half of 2023 through refined fuel-saving management[67] - The company used 29,804,400 sets of disposable eco-friendly products in the first half of 2023, with a total investment of 5.9285 million yuan[66] - The company received donations of 48,931 tons of carbon credits for its "Green Journey•Carbon Offset" initiative, which restored approximately 50 acres of degraded mangroves[66] - The company opened nearly 100 red tourism routes to over 30 revolutionary base areas in the first half of 2023, supporting rural revitalization and economic development in remote areas[68] Corporate Governance and Shareholder Information - The company's A-share stock is listed on the Shanghai Stock Exchange with the ticker symbol 600221[13] - The company's B-share stock is listed on the Shanghai Stock Exchange with the ticker symbol 900945[13] - The company's registered office and headquarters are located at HNA Building, No. 7 Guoxing Avenue, Haikou, Hainan[11] - The company operates subsidiaries including Hainan Airlines (2016) Co., Ltd., Hainan Fushun Investment Development Co., Ltd., and Hainan Airlines (Hong Kong) Co., Ltd.[8] - The company's main financial indicators are reported in thousands of RMB[15] - The company elected Ou Zhewei as a director on March 24, 2023, and Ding Guoqing as a director on August 29, 2023[61][62] - The company appointed Ding Guoqing and Liu Jun as vice presidents, and Chen Yao as CFO in 2023[61][62] - The company approved a cash reward plan for all employees based on 2023 operating profit targets, with specific amounts to be determined by the Compensation and Assessment Committee[63] - The company proposed leasing 3 A330 aircraft to Hong Kong Airlines at the 2022 annual shareholders' meeting on May 6, 2023[59] - Fangda Aviation commits to integrating non-listed aviation assets into the listed company within three years if they meet regulatory conditions, including profitability and compliance[70] - Fangda Aviation has resolved the issue of competition with Hainan Airlines by purchasing the future income rights of Grand China Air's operating routes[70] - Fangda Aviation and its controlling shareholder, Hanwei Investment, have committed to not transferring the shares obtained through the capital increase for 36 months[72] - Fangda Aviation ensures the independence of the