SA(SH:601021) 36氪·2025-09-19 13:42Core Viewpoint - Spring Airlines has achieved significant profitability in the competitive airline industry, primarily through its low-cost operating model and effective cost control strategies [4][6][10]. Financial Performance - In the first half of 2025, Spring Airlines reported a revenue of 10.304 billion yuan and a net profit of 1.169 billion yuan, making it the most profitable airline among A-share listed companies [5][9]. - Spring Airlines' net profit for 2024 reached a record high of 2.273 billion yuan, while the three major state-owned airlines reported losses exceeding 1 billion yuan each in the same period [9]. Operational Metrics - Spring Airlines led the industry with a 9.95% increase in available seat kilometers and a 93.87% passenger load factor in August 2025 [8][9]. - The airline operates a fleet of 134 Airbus A320 series aircraft with an average age of 7.76 years, covering major business and tourist cities in China and Southeast Asia [8]. Cost Control Strategies - The airline's unit cost was reported at 0.303 yuan per available seat kilometer, a 3.5% decrease from the previous year, compared to 0.44 yuan for China National Airlines [14]. - Spring Airlines employs a "two singles, two highs, and two lows" operational model to minimize costs and maximize efficiency [16]. Pricing Strategy - The airline's pricing strategy focuses on low fares, attracting price-sensitive travelers and maintaining high occupancy rates, with an average load factor of 90.52% in the first half of 2025 [12][13]. - Promotional activities have included extremely low fares, such as 9 yuan tickets for flights to Jeju Island, which further enhance customer attraction [12]. Revenue Diversification - Spring Airlines has separated ancillary services from ticket prices, allowing for additional revenue streams from services like baggage handling and in-flight meals, which contributed 1.03 billion yuan in 2024 [19][20]. - The airline's direct sales through its official website accounted for 99.7% of its sales channels, significantly reducing sales costs compared to industry averages [19]. Market Position and Future Outlook - The low-cost airline segment currently holds a 12.9% market share in China's domestic routes, indicating substantial growth potential as demand for affordable air travel increases [21].