SA(SH:601021)2016-04-28 16:00Financial Performance - The audited net profit for the parent company in 2015 was RMB 1,295,272,161, with cumulative undistributed profits amounting to RMB 3,889,640,814 as of December 31, 2015[2]. - The company's operating revenue for 2015 was CNY 8,093,672,545, representing a 10.45% increase compared to CNY 7,327,613,512 in 2014[21]. - Net profit attributable to shareholders for 2015 reached CNY 1,327,858,772, a significant increase of 50.18% from CNY 884,181,886 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was CNY 652,613,188, up 72.81% from CNY 377,641,178 in 2014[21]. - The company's total assets increased by 42.33% to CNY 16,028,988,804 at the end of 2015, compared to CNY 11,261,488,910 at the end of 2014[21]. - The weighted average return on equity decreased to 23.01% in 2015 from 28.31% in 2014, a decline of 5.3 percentage points[22]. - Basic earnings per share for 2015 were CNY 1.68, reflecting a 14.29% increase from CNY 1.47 in 2014[22]. - The total equity attributable to shareholders increased by 84.05% to CNY 6,539,779,044 at the end of 2015, compared to CNY 3,553,290,072 at the end of 2014[21]. Dividend Distribution - The proposed cash dividend distribution for 2015 is RMB 168,000,000, which translates to RMB 2.10 per share (before tax), based on a total share capital of 80 million shares[2]. - The cash dividend payout ratio relative to the net profit attributable to shareholders is below 30%, attributed to significant capital expenditures in the capital-intensive airline industry[3]. - The company plans to retain undistributed profits primarily for operational liquidity and capital expenditures for aircraft and related equipment[3]. - The company aims to maintain a minimum cash dividend distribution of 20% of the distributable profits during its growth phase[137]. Operational Efficiency - The company maintained a high passenger load factor and aircraft utilization rate, with fixed costs accounting for approximately 34% of its main business costs, allowing for maximum cost dilution[45]. - In 2015, the company achieved an average unit sales expense of 0.0098 RMB per seat kilometer, significantly lower than the A-share airline average of 0.0328 RMB per seat kilometer[46]. - The company’s unit management expense was 0.0081 RMB per seat kilometer, compared to the A-share airline average of 0.0162 RMB per seat kilometer, reflecting efficient management practices[46]. - The unit cost of main business decreased by 15.15% to 0.27 RMB per available seat kilometer, which is 35.12% lower than the average of A-share listed airlines[79]. Market Expansion - The company maintained a focus on international expansion, particularly in the Japanese, Korean, and Southeast Asian markets, which contributed to improved performance in international and regional routes[21]. - The company expanded its fleet to 52 aircraft and operated 114 domestic and international routes by the end of 2015[32]. - The company has established regional hubs in Shenyang, Shijiazhuang, and Shenzhen, with plans for further expansion in Chongqing, Kunming, and Chengdu in 2016[49]. - The company aims to expand its fleet size to 66 aircraft by the end of 2016, up from 52 at the end of 2015, with a long-term goal of reaching 100 aircraft by the end of 2018[119]. Risk Management - The company has provided detailed risk descriptions in the management discussion and analysis section of the report[5]. - The company faces significant risks from oil price fluctuations, as fuel costs constitute the largest portion of operating expenses[128]. - The company is exposed to competition from major airline groups and alternative transportation methods, such as high-speed rail, which may impact its market share[129]. - The company is at risk of losing subsidy income from route and government subsidies due to the expiration of cooperation agreements[134]. Corporate Governance - The company has not engaged in non-operational fund occupation by controlling shareholders or related parties[5]. - There are no violations of decision-making procedures regarding external guarantees[5]. - The company has committed to maintaining a stable stock price and protecting minority shareholders' interests through a stock price stabilization plan effective for three years post-IPO[146]. - The company has a plan for share repurchase, with a minimum amount of 10 million and a maximum of 50 million for stabilizing stock prices[147]. Environmental Responsibility - The company has implemented various energy-saving projects, including the installation of winglets on aircraft and the promotion of ground power units, achieving significant energy conservation results[180]. - The company joined the Shanghai carbon emissions trading system in 2013, maintaining low carbon emission intensity and achieving a balance between corporate development and environmental protection[181]. - A total of 1,500 million yuan was donated to establish a special fund for ecological restoration projects in Hebei Province, demonstrating the company's commitment to environmental protection[182]. - The company strictly adheres to environmental protection regulations and has not faced any administrative penalties related to environmental management during the reporting period[185].