春秋航空股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 大股东持股的基本情况：截至本公告披露日，春秋航空股份有限公司（以 下简称"公司"或"春秋航空"）股东：（1）上海春秋包机旅行社有限公司（以 下简称"春秋包机"）持有公司股份 22,720,600 股，占公司总股本比例为 2.32%； （2）上海春翔投资有限公司（以下简称"春翔投资"）持有公司股份 15,785,507 股，占公司总股本比例为 1.61%；（3）上海春翼投资有限公司（以下简称"春翼 投资"）持有公司股份 11,715,638 股，占公司总股本比例为 1.20%（春秋包机、 春翔投资、春翼投资合称"三个股东"）。三个股东与公司控股股东上海春秋国际 旅行社（集团）有限公司（以下简称"春秋国旅"）构成一致行动关系，合计持 有公司股份 554,221,745 股，占公司总股本比例为 56.65%；其中三个股东合计 持有公司股份 50,221,745 股，占公司总股本比例为 5.13%。 证券代码：6010 ...

Core Viewpoint - The airline industry is experiencing intense competition, leading to a decline in net profits despite slight revenue growth for companies like 吉祥航空 in Q1 2025 [1][4]. Financial Performance - 吉祥航空 reported a revenue of 57.22 billion yuan in Q1 2025, a year-on-year increase of 0.05%, while net profit decreased by 7.87% to 3.45 billion yuan [1]. - The company's net profit excluding non-recurring items fell by 29.50% to 2.63 billion yuan [1][3]. - In 2024, 吉祥航空 achieved a total revenue of 220.95 billion yuan, a 9.95% increase, and a net profit of 9.14 billion yuan, up 17.52% [3]. Industry Trends - The aviation industry is adopting a "price for volume" strategy due to heightened competition and pressure from high-speed rail, resulting in a decline in average ticket prices by over 10% in 2024 [2][4]. - The average revenue per passenger kilometer decreased by 12.5% year-on-year [2]. International Business Expansion - 吉祥航空 significantly increased its international flight operations, executing over 20,000 international flights in 2024, a 90% increase from 2023 [5]. - The international business revenue for 吉祥航空 reached 46.95 billion yuan in 2024, marking an 82.15% increase, while domestic revenue slightly declined by 1.00% [6]. - The company is focusing on expanding its international routes, including new destinations in Europe and Oceania, and enhancing its hub network [6][7]. Market Outlook - The airline industry is expected to see a potential improvement in ticket prices in Q2 2025, driven by seasonal travel demand [4]. - The overall international passenger volume for Chinese airlines increased by 34% year-on-year in Q1 2025, indicating a recovery trend in international travel [6].

证券代码：601021 证券简称：春秋航空 公告编号：2025-022 春秋航空股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司截至上月末回购股份的进展情 况公告如下： 截至 2025 年 4 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易 方式已累计回购公司股份 3,711,800 股，占公司目前总股本的 0.3794%，回购最高 价格为人民币 55.99 元/股，回购最低价格为人民币 48.25 元/股，使用资金总额为 人民币 190,398,675.44 元（不含交易佣金、过户费等交易费用）。 上述回购股份符合法律法规的规定及公司回购股份方案。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号— ...

Core Insights - Spring Airlines reported a revenue of 20 billion yuan for 2024, marking an 11.50% year-on-year increase, with a net profit of 2.273 billion yuan, up 0.69% [1] - For Q1 2025, the company achieved a revenue of 5.317 billion yuan, a 2.88% increase year-on-year, but the net profit decreased by 16.39% to 677 million yuan [1] Operational Performance - The overall Available Seat Kilometers (ASK) for 2024 grew by 16.1% year-on-year, and by 26.1% compared to 2019; Revenue Passenger Kilometers (RPK) increased by 18.8% year-on-year and 27.0% compared to 2019 [1] - In Q1 2025, ASK increased by 6.9% year-on-year, with domestic ASK down by 3.3%, international ASK up by 66.1%, and regional ASK down by 58.08% [1] - RPK for Q1 2025 grew by 6.2% year-on-year, with domestic RPK down by 2.9%, international RPK up by 61.6%, and regional RPK down by 58.6% [1] Profitability and Dividend Strategy - The single aircraft profit for 2023 and 2024 was 19.05 million yuan and 18.184 million yuan respectively, indicating a recovery towards pre-pandemic levels [2] - The company plans to distribute at least 30% of its distributable profits in cash dividends from 2024 to 2026, with a total cash dividend of 798 million yuan for 2024 [2] Earnings Forecast and Investment Recommendation - The projected net profits for 2025, 2026, and 2027 are 2.71 billion yuan, 3.3 billion yuan, and 4.04 billion yuan respectively, with corresponding EPS of 2.77 yuan, 3.38 yuan, and 4.13 yuan [3] - The target price for the company is set at 66.48 yuan, based on a 24x PE ratio for 2025, with a "buy" rating recommended [3]

Core Insights - Spring Airlines reported a revenue of 20 billion yuan for 2024, representing a year-on-year growth of 11.50%, with a net profit of 2.273 billion yuan, up 0.69% [1] - For Q1 2025, the company achieved a revenue of 5.317 billion yuan, a 2.88% increase year-on-year, but the net profit decreased by 16.39% to 677 million yuan [1] Group 1: Operational Performance - In 2024, the overall Available Seat Kilometers (ASK) increased by 16.1% year-on-year, and by 26.1% compared to 2019 [1] - Revenue Passenger Kilometers (RPK) grew by 18.8% year-on-year, and by 27.0% compared to 2019, with a passenger load factor improving by 2.1 percentage points year-on-year and 0.7 percentage points compared to 2019 [1] - For Q1 2025, ASK grew by 6.9%, with domestic, international, and regional segments showing changes of -3.3%, +66.1%, and -58.08% respectively [1] - RPK for Q1 2025 increased by 6.2%, with domestic, international, and regional segments showing changes of -2.9%, +61.6%, and -58.6% respectively [1] Group 2: Profitability and Shareholder Returns - The single aircraft profit margin has been recovering, with figures of 19.05 million and 18.184 million for 2023 and 2024 respectively, approaching pre-pandemic levels [2] - The company has committed to a cash dividend strategy for 2024-2026, ensuring at least 30% of distributable profits are paid out in cash if profits are positive [2] - In 2024, the total cash dividend amounted to 798 million yuan, with a share buyback of 66.86 million yuan, totaling 864 million yuan, which is 38.03% of the net profit [2] Group 3: Earnings Forecast and Investment Recommendation - The company is expected to maintain strong profitability, with projected net profits of 2.71 billion, 3.3 billion, and 4.04 billion yuan for 2025, 2026, and 2027 respectively [3] - Earnings per share (EPS) are forecasted to be 2.77, 3.38, and 4.13 yuan for the same years [3] - A target price of 66.48 yuan is set based on a 24 times price-to-earnings ratio for 2025, with an initial "buy" rating [3]

在民航飞行训练改革不断走深走实的大背景下，长龙航空积极参与飞行训练改革，坚持在飞行训练上增 加投入，从2022年开始便与空客公司合作推进EBT训练工作，目前已完成60余名EBT教员的训练，并正 在准备初阶EBT的申请工作。在硬件方面，长龙航空新的训练中心大楼和第4台模拟机也将于今年投 用。 《中国民航报》、中国民航网 记者徐业刚 通讯员王净 报道：5月6日，华东地区PLM-CBTA-Initial- A320课程开发项目组在长龙航空召开第二次集中办公会议，深入探讨该课程的开发、应用及对提升飞 行安全的作用。 长龙航空运行总裁王宏表达了对项目组的热烈欢迎，他要求公司项目组成员多向春秋航空和青岛航空的 专家学习，共同完成好课程开发任务，并希望与两家航司在CBTA领域开展更广泛的合作。民航浙江监 管局飞标处处长董剑鹏代表局方对集中办公提出要求，希望项目组充分利用集中办公时间，高效工作开 展工作，切实产出成果。简短的集中办公启动会后，项目组成员随即进入了紧张的工作状态。 民航华东地区管理局始终坚持以提升飞行安全和飞行员胜任能力为核心，积极推动CBTA理念的深入实 践，并建立了PLM岗位胜任力建设工作机制。此次PLM- ...

Investment Rating - The report rates the transportation industry as "Outperform the Market" [1] Core Insights - COSCO Shipping Specialised Carriers reported a revenue of 5.196 billion yuan in Q1 2025, a year-on-year increase of 51.47%, with a net profit of 345 million yuan, up 1.56% [2][12] - HNA Holding achieved a revenue of 65.236 billion yuan in 2024, reflecting an 11.25% increase, while Guangzhou Baiyun Airport's net profit doubled [2][14] - YTO Express reported a business volume growth of 25.32% in 2024, with a total logistics value of 91 trillion yuan in Q1 2025, marking a 5.7% year-on-year increase [2][18] Summary by Sections 1. Industry Hot Events - COSCO Shipping Specialised Carriers maintained steady growth despite global shipping market volatility, with a Q1 revenue of 5.196 billion yuan, a 51.47% increase year-on-year [12] - HNA Holding's 2024 revenue reached 65.236 billion yuan, an 11.25% increase, while Guangzhou Baiyun Airport's net profit surged by 109.51% [14][16] - YTO Express's business volume grew by 25.32% in 2024, with a logistics total of 91 trillion yuan in Q1 2025, up 5.7% year-on-year [18][19] 2. Industry High-Frequency Data Tracking - In April 2025, domestic air cargo flights decreased by 1.67% year-on-year, while international flights increased by 25.08% [33] - The SCFI index for container shipping reported a decrease of 1.66% week-on-week, while the PDCI index for domestic shipping increased by 0.67% [40] - In March 2025, express delivery volume rose by 20.30% year-on-year, with total revenue reaching 124.6 billion yuan [51] 3. Company Performance - COSCO Shipping Specialised Carriers added 13 new vessels in Q1 2025, increasing total capacity to 691.5 thousand deadweight tons, a 12.53% increase from the end of 2024 [13] - HNA Holding's passenger transport volume exceeded 68 million in 2024, a 14.36% increase, with international passenger transport volume growing by 132.68% [15] - YTO Express's capital expenditure exceeded 6.7 billion yuan in 2024, focusing on automation upgrades and expanding its logistics network [19]

Group 1 - The A-share airport and shipping sector experienced a significant rise in the afternoon, with Huaxia Airlines increasing by nearly 7.5% [1] - China National Airlines saw an increase of over 5%, while Southern Airlines rose nearly 5% [1] - Other companies such as China Eastern Airlines, Juneyao Airlines, Hainan Airlines, Spring Airlines, CITIC Offshore Helicopter, and Hainan Airport also reported gains of over 2% [1]

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

Core Viewpoint - Goldman Sachs released a report on May 5, analyzing the supply-demand imbalance and turning points in the Asian passenger and cargo transportation sectors, indicating that the three major Chinese airlines will underperform in Q1 2025, but the supply shortage logic remains unchanged, with Labor Day holiday ticket prices potentially exceeding expectations [1] Summary by Sections Airline Performance - The three major Chinese airlines reported Q1 2025 results: Air China (601111) recorded a net loss of 2 billion yuan, Eastern Airlines 995 million yuan, Southern Airlines 747 million yuan, and Spring Airlines (601021) a net profit of 677 million yuan. In comparison, Q1 2024 results were net losses of 1.7 billion yuan, 803 million yuan, and net profits of 756 million yuan and 810 million yuan respectively. Market expectations were for at least flat growth, but only Spring Airlines met expectations, while Southern Airlines underperformed due to a 683 million yuan loss from an investment in Sichuan Airlines [2] - The underperformance of the three major airlines is primarily linked to a 6% and 12% year-on-year decline in domestic and international ticket prices in March 2025, partially offset by improved aircraft utilization leading to lower unit costs [2] Future Outlook - Goldman Sachs has lowered its passenger yield forecast, assuming airlines will offer higher discounts to attract passengers amid low oil prices, but maintains its expectations for passenger yield excluding fuel costs. Additionally, anticipated tariff increases may raise maintenance costs, and overseas airport landing fees will be adjusted according to guidance [2][5] - Spring Airlines has reduced its fleet introduction plan for 2025/2026, citing increased aircraft and parts procurement costs due to tariff hikes, which will slow industry fleet expansion. Despite ongoing delivery delays, Goldman Sachs believes the supply shortage logic remains unchanged, with net demand expected to be 4%, 2%, and 1% for 2025-2027 [3][8] Labor Day Holiday Expectations - The Civil Aviation Administration of China (CAAC) predicts an 8% year-on-year increase in passenger volume during the Labor Day holiday, reaching 119% of 2019 levels, exceeding Goldman Sachs' full-year growth forecast of 7%. Domestic and international passenger volume is expected to grow by 6% and 26% year-on-year, respectively [7] Cost and Revenue Analysis - In Q1 2025, domestic ticket prices are expected to decline by 6% year-on-year, while international ticket prices are projected to drop by 12%. However, domestic ticket prices are anticipated to turn positive starting April 2025, driven by a low base effect. Unit costs have decreased, with Eastern and Southern Airlines showing a 3% decline in cost per available ton-kilometer, while Air China saw a 1% decrease [5][11] - Southern Airlines reported a 683 million yuan loss from investments in Sichuan Airlines, while Air China recorded 710 million yuan in investment income, primarily from its investment in Cathay Pacific [6] Supply and Demand Adjustments - Due to the underperformance in Q1, Goldman Sachs has slightly lowered its domestic passenger volume growth assumption for 2025 from 5% to 4%, while maintaining a 22% growth forecast for international passenger volume. Consequently, the expected growth in air travel demand for 2025-2027 is projected at 6%, 5%, and 5% [11][15] Airline Valuation and Ratings - Southern Airlines has a 12-month target price of 4.1 HKD for its Hong Kong stock and 5.5 CNY for its A-shares, based on a projected price-to-book ratio of 1.9 times for 2025. The stock is rated "Neutral" for A-shares and "Buy" for Hong Kong shares [16] - Eastern Airlines has a target price of 3.3 HKD for its Hong Kong stock and 4.6 CNY for its A-shares, rated "Buy" for both [20] - Air China has a target price of 8.6 CNY for its A-shares and 6.5 HKD for its Hong Kong stock, rated "Buy" for both [22] - Spring Airlines is rated "Buy" with a target price of 60.5 CNY based on a projected price-to-book ratio of 3.1 times for 2025 [24]