SA(SH:601021) 凤凰网财经·2025-05-23 12:51Core Viewpoint - Spring Airlines is aggressively expanding its international routes in response to significant challenges in its domestic business, where revenue growth has sharply declined [1][3]. Group 1: Revenue Growth Trends - The revenue growth rate for Spring Airlines has been continuously declining, with a reported revenue of 20 billion yuan in 2024, reflecting an 11.5% year-on-year increase, compared to 114.34% in 2023 [3]. - In Q1 2024, the company's revenue growth further slowed to 2.88%, while net profit decreased by 16.39% year-on-year [4]. - The main business revenue growth for 2024 was only 11.1%, significantly lower than the previous year's 114.52% [5]. Group 2: Business Performance Analysis - Despite a recovery in the civil aviation market, Spring Airlines faces intense competition, leading to a decline in domestic business revenue growth to just 2.89% in 2024, down from 89.56% in 2023 [7]. - The company reported a total passenger turnover of 50.4 billion person-kilometers in domestic routes, a growth of 18.79%, but domestic revenue only reached 15.32 billion yuan [7]. - International business revenue grew by 66.89% to 4.017 billion yuan in 2024, increasing its share of total revenue from 13.42% to 20.08% [8]. Group 3: Cost and Profitability Challenges - The gross margin for the main business decreased by 0.63% to 12.04% due to rising operational costs [6]. - The average revenue per passenger-kilometer for domestic and international routes fell by 6.35% and 14.77%, respectively, indicating pressure on pricing [9]. Group 4: Shareholder Actions - Major shareholders of Spring Airlines are continuously reducing their holdings, with a recent announcement of a potential sale of up to 781,470 shares, representing 0.8% of the total share capital [10]. - Since 2018, these shareholders have repeatedly sold shares, with the latest reduction in March 2023, amounting to 1.05% of total shares [11]. - Institutional investors are also reducing their stakes, with one major shareholder decreasing its holdings by 54.7% from Q1 2023 to Q1 2024 [12].