SA(SH:601021) 3 6 Ke·2025-10-05 03:30Core Viewpoint - Spring Airlines is considering a potential listing in Hong Kong, with discussions ongoing regarding the scale and timing of the issuance, although the company has stated that there are currently no formal plans for this [1][2]. Group 1: Company Overview - Spring Airlines, established in 2004, is one of China's first private airlines, focusing on low-cost aviation services, including domestic and international passenger and cargo transport [1]. - The company was listed on the Shanghai Stock Exchange in 2015 and has been expanding its international routes since 2010 [1]. Group 2: Financial Performance - In the first half of the year, Spring Airlines reported a profit of 1.169 billion yuan, making it the most profitable among four private airlines, although this represents a 14.11% year-on-year decline [1][2]. - The company's revenue for the same period was 10.304 billion yuan, reflecting a year-on-year growth of 4.35% [1]. Group 3: Profitability Analysis - The decline in net profit is attributed to the previous year's use of deferred tax assets, which significantly reduced tax expenses, leading to a decrease in net profit despite an increase in total profit [2]. - The airline industry is facing challenges such as decreased passenger revenue per kilometer and intense competition, contributing to a "high traffic but low profit" scenario [2]. Group 4: Market Dynamics - Spring Airlines noted that while the international route capacity has largely recovered to 2019 levels, the Thai market has experienced a decline in demand and pricing, prompting the airline to adjust its capacity to more favorable markets like Singapore and Vietnam [2]. - The company plans to continue monitoring domestic and international market conditions and leverage its differentiated positioning and enhanced data analysis capabilities for refined revenue management [3].