SA(SH:601021) Zheng Quan Zhi Xing·2025-08-29 22:42Core Viewpoint - Spring Airlines reported an increase in revenue but a decrease in profit for the first half of 2025, indicating challenges in maintaining profitability despite revenue growth [1] Financial Performance - Total operating revenue reached 10.304 billion yuan, a year-on-year increase of 4.35% [1] - Net profit attributable to shareholders was 1.169 billion yuan, down 14.11% year-on-year [1] - In Q2 2025, operating revenue was 4.987 billion yuan, up 5.95% year-on-year, while net profit was 491 million yuan, down 10.74% year-on-year [1] - Gross margin was 13.88%, a decrease of 7.17% year-on-year, and net margin was 11.34%, down 17.69% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 432 million yuan, representing 4.19% of revenue, an increase of 15.71% year-on-year [1] - Earnings per share (EPS) was 1.20 yuan, down 13.67% year-on-year [1] Business Model and Capital Efficiency - The company's return on invested capital (ROIC) was 8.16%, indicating average capital returns [3] - Historical data shows a median ROIC of 8.21% since the company went public, with two years of losses indicating a fragile business model [3] - The company's performance is heavily reliant on capital expenditures, necessitating careful evaluation of capital projects [3] Debt and Market Position - The interest-bearing debt ratio reached 41.35%, highlighting the company's debt situation [4] - Analysts project a net profit of 2.525 billion yuan for 2025, with an average EPS forecast of 2.58 yuan [4] Fund Holdings - The largest fund holding Spring Airlines is the ICBC Convertible Bond Fund, with 8.4571 million shares newly added to its top holdings [5] - Other funds have shown varied movements in their holdings, with some increasing and others decreasing their positions [5]