厦门航空，有上市计划？

Core Viewpoint - Xiamen Airlines is looking to make breakthroughs in capital operations, potentially indicating plans for an IPO, while also facing operational pressures and market challenges [1][2]. Group 1: Company Strategy and Plans - Xiamen Airlines held a mid-year work meeting on July 14, 2025, where the chairman emphasized the need for innovation and integration of operations and finance, aiming to enhance corporate governance and efficiency [1]. - The company is expected to deepen reforms and expand its industrial ecosystem, aligning with the path of modern enterprise reform in China [1][2]. - A framework agreement was signed by shareholders to support further reforms at Xiamen Airlines during its 40th anniversary in July 2024, indicating a collaborative effort towards potential listing [2]. Group 2: Financial Performance - In 2024, Xiamen Airlines reported a revenue of 36.438 billion and a net profit of 0.697 billion, contributing positively to the financial recovery of its parent company, China Southern Airlines [3]. - China Southern Airlines reported a revenue of 174.224 billion in 2024, with a year-on-year growth of 8.9%, although it still faced a net loss of 1.696 billion [3]. Group 3: Market Challenges - Xiamen Airlines is experiencing increased cost pressures and declining market revenues, with both income and cost sides under pressure [5]. - The airline industry is shifting from growth in scale to improvements in efficiency, influenced by competitive pressures and high-speed rail alternatives [5]. - Despite these challenges, Xiamen Airlines' subsidiaries performed well in the first half of 2025, achieving profitability [6].