SA(601021)2024-04-29 14:12Financial 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]