Zheng Quan Zhi Xing·2025-08-29 17:02Key Points - The core viewpoint of the report indicates that China Southern Airlines has shown a slight increase in total assets and operating revenue, while experiencing a significant reduction in net losses compared to the previous year [1][2]. Financial Performance - Total assets at the end of the reporting period reached RMB 336,535 million, an increase of 2.06% from the previous year [1]. - Operating revenue for the first half of 2025 was RMB 86,291 million, reflecting a growth of 1.77% year-on-year [1]. - The total profit amounted to RMB 596 million, a substantial increase of 274.84% compared to the same period last year [1]. - The net loss attributable to shareholders was RMB 1,533 million, a decrease of 24.84% from RMB 1,228 million in the previous year [1]. - The net loss attributable to shareholders after deducting non-recurring items was RMB 2,033 million, down 41.31% from RMB 3,464 million year-on-year [1]. - The net cash flow from operating activities was reported, with a weighted average return on equity of -4.51%, a decrease of 1.11 percentage points [1]. Shareholder Information - The total number of shareholders at the end of the reporting period was 139,951 [2]. - The largest shareholder, China Southern Airlines Group, holds 51.90% of the shares, amounting to 9,404,468,936 shares [2]. - Other significant shareholders include Nanjing Long Holdings with 14.41% and Hong Kong Central Clearing with 9.66% [2]. Debt Instruments - The company has issued several medium-term notes and short-term financing bonds, with varying amounts and interest rates, indicating ongoing financing activities [4][5][6]. - The debt-to-asset ratio at the end of the reporting period was 84.62%, slightly up from 84.05% at the end of the previous year [7]. Operational Highlights - The EBITDA interest coverage ratio improved to 6 from 5 in the previous year, indicating better earnings relative to interest expenses [8].