SA(SH:601021) Sou Hu Cai Jing·2025-09-19 11:18Core Insights - Spring Airlines reported a revenue of 10.304 billion yuan and a net profit of 1.169 billion yuan for the first half of 2025, becoming the "profit champion" among A-share airlines [3] - The airline's strategy involves maximizing passenger capacity, with 240 seats on its A321neo compared to 198 seats on Air China's equivalent, leading to higher profitability per flight [3] - The company's cost-saving measures include not providing free meals, minimizing seat spacing, and charging for excess baggage, which contribute to its ability to offer lower ticket prices while maintaining profitability [3][4] Financial Performance - Spring Airlines achieved a net profit of 1.169 billion yuan in the first half of 2025, marking a significant financial success in a volatile industry [3] - The airline has only recorded losses in two out of the ten years since its IPO in 2015, demonstrating its financial stability and resilience [3] Business Strategy - The airline's operational model focuses on "tight seating" to reduce costs and offer lower fares, appealing to customers whose primary concern is reaching their destination [4] - The founder's philosophy emphasizes that half of the profit comes from earnings and the other half from cost savings, reflecting a strategic approach to financial management [3]