SA(SH:601021) 3 6 Ke·2025-09-19 21:09Core Viewpoint - Spring Airlines has achieved profitability through a combination of cost-saving measures and a low-cost business model, distinguishing itself from major state-owned airlines that are currently facing losses [6][7]. Group 1: Financial Performance - Spring Airlines reported a net profit of 11.69 billion yuan in the first half of 2025, while major airlines like Air China, China Eastern Airlines, and China Southern Airlines reported losses exceeding 1 billion yuan each [7]. - Since its listing in 2015, Spring Airlines has only recorded two years of losses, achieving a record net profit of 2.273 billion yuan in 2024 [6]. Group 2: Operational Efficiency - The airline's available seat kilometers and passenger turnover increased by 9.95% and 9.06% year-on-year, respectively, leading the industry in these metrics [6]. - Spring Airlines operates a fleet of 134 Airbus A320 series aircraft, with a higher seating capacity of 186 and 240 seats compared to the 158 seats of its competitors [8]. Group 3: Cost Management - The unit cost for Spring Airlines was 0.303 yuan per available seat kilometer, a 3.5% decrease from the previous year, while Air China's unit cost was 0.44 yuan [7][8]. - The airline's business model emphasizes "two singles" (single aircraft type and single cabin class), "two highs" (high seat occupancy and high aircraft utilization), and "two lows" (low sales and management costs) to enhance efficiency and reduce costs [8][11]. Group 4: Revenue Generation - Spring Airlines employs a low-cost strategy by offering promotional fares, attracting price-sensitive travelers and maintaining high occupancy rates [7][9]. - The airline has a high direct sales ratio, significantly above the industry average, which helps reduce sales expenses [12]. - Additional revenue streams are generated through ancillary services, such as baggage fees and in-flight purchases, which are offered separately from the base ticket price [12].