幸福航空为何突然取消“五一”前全部航班？

Core Viewpoint - Happiness Airlines has been facing operational difficulties and legal issues, leading to the cancellation of all flights from April 28 to 30, with uncertainty regarding future operations [2][3]. Company Overview - Happiness Airlines, headquartered in Xi'an, Shaanxi, has over 1,000 employees and operates routes to cities such as Harbin, Changsha, Yantai, Dalian, and Weihai, with a fleet of 25 new Shaanxi Y-60 aircraft and 5 Boeing 737 aircraft [3]. - The airline's operational capacity has significantly decreased, with only 2 Y-60 and 3 Boeing 737 aircraft in operation by March 2025 [3]. Financial Performance - The airline has struggled financially, reporting a net loss of 152 million yuan in 2014 and an asset-liability ratio of 110% [4]. - Despite attempts to improve operations, including the introduction of Boeing 737 aircraft, the company has continued to face financial challenges, with a reported revenue of 395 million yuan and a net loss of 222 million yuan in 2017 [4]. Legal Issues - Happiness Airlines is entangled in numerous legal disputes, with 183 risk entries and 74 court announcements, including labor disputes and contract issues with various entities [3][4]. - A former executive has sought unpaid performance bonuses from the airline, highlighting ongoing issues with salary payments and employee compensation [3]. Industry Context - The small airline sector faces significant challenges, including high operational costs, lack of scale advantages, and uncertain market demand, exacerbated by the COVID-19 pandemic [5]. - The global aviation industry has seen numerous bankruptcies and mergers, with examples from South Korea and the United States illustrating the difficulties faced by smaller airlines [5][6]. - In China, while many airlines are still struggling post-pandemic, there has been no significant merger or restructuring activity among the major airlines, although some smaller airlines have been acquired by local state-owned enterprises [6][7].