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中国南方航空股份(01055) - 2025 - 中期财报
2025-09-22 08:48

About Us Definitions This chapter defines key terms, company entities, and aviation operational metrics like ASK and RPK, ensuring clear understanding of the report content - The report defines key entities including 'the Company' (China Southern Airlines Company Limited), 'the Group' (China Southern Airlines and its controlled subsidiaries), 'China Southern Air Holding' (China Southern Air Holding Company Limited), and various affiliated airlines such as Xiamen Airlines and Guizhou Airlines5 - The report also explains important aviation operational metrics such as Available Seat Kilometers (ASK), Available Tonne Kilometers (ATK), Revenue Passenger Kilometers (RPK), Revenue Tonne Kilometers (RTK), passenger load factor, and overall load factor, which are crucial for evaluating airline operational efficiency and market performance7 Company Information This chapter provides comprehensive basic information for China Southern Airlines, including legal representative, contact details, addresses, principal bankers, and auditors - The Company's legal representative is Ma Xulun, the Company Secretary is Chen Weihua, and the Joint Company Secretaries are Chen Weihua and Liu Wei9 - The Company's A-shares are listed on the Shanghai Stock Exchange (stock code: 600029), and H-shares are listed on The Stock Exchange of Hong Kong Limited (stock code: 01055)11 - The Company's controlling shareholder is China Southern Air Holding Company Limited, with principal bankers including Industrial and Commercial Bank of China, Export-Import Bank of China, China Development Bank, China Construction Bank, and Agricultural Bank of China1112 Key Accounting Data and Financial Indicators Key Accounting Data and Financial Indicators of the Group at the End of the Reporting Period The Group's H1 2025 operating revenue grew 1.77% to RMB 86,291 million, with pre-tax profit up 66.39% to RMB 594 million, but net loss attributable to equity holders widened 45.54% to RMB 1,534 million, and net cash inflow from operating activities decreased 9.45% Key Accounting Information for H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Operating Revenue | 86,291 | 84,790 | 1.77 | | Pre-tax Profit | 594 | 357 | 66.39 | | Net Loss Attributable to Equity Holders of the Company | (1,534) | (1,054) | 45.54 | | Net Cash Inflow from Operating Activities | 11,674 | 12,893 | (9.45) | | Equity Attributable to Equity Holders of the Company (2025/6/30 vs 2024/12/31) | 33,408 | 34,943 | (4.39) | | Total Assets (2025/6/30 vs 2024/12/31) | 336,775 | 329,979 | 2.06 | Key Financial Indicators for H1 2025 (RMB per share) | Indicator | H1 2025 | H1 2024 | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Basic Loss Per Share | (0.08) | (0.06) | 33.33 | | Diluted Loss Per Share | (0.08) | (0.06) | 33.33 | Differences in Accounting Data Under Domestic and Overseas Accounting Standards This chapter discloses differences in net loss and equity between International Financial Reporting Standards and China Accounting Standards for Business Enterprises, primarily due to capitalization of exchange gains/losses on specific borrowings, government grant treatment, business combinations under common control, and reversal of non-current asset impairment Differences in Net Loss and Equity Attributable to Equity Holders of the Company Under Domestic and Overseas Accounting Standards (RMB million) | Indicator | H1 2025 (Net Loss) | H1 2024 (Net Loss) | 2025/6/30 (Equity) | 2024/12/31 (Equity) | | :--- | :--- | :--- | :--- | :--- | | Under China Accounting Standards for Business Enterprises | (1,533) | (1,228) | 33,195 | 34,729 | | Under International Financial Reporting Standards | (1,534) | (1,054) | 33,408 | 34,943 | | Major Adjustment Items: | | | | | | Capitalization adjustment for exchange gains and losses on specific borrowings | (2) | (3) | 4 | 6 | | Transfer of government grants | – | – | (2) | (2) | | Adjustment for business combinations under common control of the Company | – | – | 237 | 237 | | Reversal of impairment of property, plant and equipment | – | 201 | – | – | | Impact of above adjustments on taxation | 1 | (81) | 1 | – | | Impact of above adjustments on non-controlling interests | – | 57 | (27) | (27) | - Under China Accounting Standards for Business Enterprises, exchange differences on foreign currency specific borrowings are capitalized, while International Financial Reporting Standards only allow partial capitalization, with the remainder recognized in profit or loss for the current period20 - International Financial Reporting Standards permit the reversal of impairment losses for non-current assets other than goodwill under specific conditions, whereas China Accounting Standards for Business Enterprises do not allow such reversals20 Material Asset Mortgages, Commitments, and Contingent Liabilities As of June 30, 2025, the Group's total capital commitments were approximately RMB 132,849 million, primarily for aircraft, engine, and flight-related equipment purchases, with approximately RMB 1,963 million in aircraft pledged as collateral for borrowings, and contingent liabilities disclosed Capital Commitments (As of June 30, 2025, RMB million) | Commitment Category | 2025/6/30 | 2024/12/31 | | :--- | :--- | :--- | | Total Capital Commitments | 132,849 | 144,437 | | Purchase of aircraft, engines and flight-related equipment | 119,120 | - | | Investment commitments | 105 | - | | Other property, plant and equipment purchases | 13,624 | - | - As of June 30, 2025, aircraft with a book value of approximately RMB 1,963 million were pledged as collateral for the Group's borrowings, a decrease from RMB 2,033 million as of December 31, 202419 Management Discussion and Analysis Industry and Principal Business of the Company The Company primarily offers domestic, regional, and international air passenger and cargo transportation services, alongside aircraft maintenance, agency, catering, and other extended businesses, guided by "Five Major Developments" and "Five Major Strategies" to become a world-class aviation enterprise, with China's civil aviation industry showing stable growth, rapid international market expansion, and strong cargo resilience during the reporting period - The Company's business scope is extensive, including domestic, regional, and international scheduled and unscheduled air passenger, cargo, mail, and baggage transportation services, as well as aircraft maintenance, agency, catering, ground extension, training, asset leasing, travel agency, retail and wholesale of goods, and other diverse services2124 - The Company has established a high-quality development strategy of "adhering to five major developments, implementing five major strategies, promoting six major actions, and achieving six major transformations," aiming to initially build a coordinated development pattern with air transportation as the core and pillar industries as the backbone by 202525 2025年上半年中國民航行業運輸數據 | Indicator | Total Transport Turnover | Passenger Transport Volume | Cargo and Mail Transport Volume | | :--- | :--- | :--- | :--- | | Value | 78.35 billion tonne-kilometers | 370 million passenger trips | 4.784 million tonnes | | Year-on-year Growth | 11.4% | 6.0% | 14.6% | Principal Business The Company primarily provides domestic, regional, and international air passenger, cargo, mail, and baggage transportation services, while also expanding into diversified businesses such as aircraft maintenance, agency, catering, ground extension, training, asset leasing, travel agency, and retail/wholesale of goods, aiming for comprehensive aviation services - The Company's business scope covers domestic, regional, and international scheduled and unscheduled air passenger, cargo, mail, and baggage transportation services21 - The Company also provides diversified services including aircraft maintenance, agency, catering, ground extension, civil aircraft type training, asset leasing, travel agency, retail and wholesale of goods, health check-ups, internet sales, and insurance agency[21