2019 年年度报告 公司代码：601021 公司简称：春秋航空 春秋航空股份有限公司 2019 年年度报告 1 / 210 2019 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 普华永道中天会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人王煜、主管会计工作负责人王志杰及会计机构负责人（会计主管人员）陈可声明： 保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 经普华永道中天会计师事务所（特殊普通合伙）审计，公司2019年度母公司净利润为 1,675,399,245元，截至2019年12月31日，母公司累计未分配利润为7,965,868,456元。2019年度 公司拟向全体股东派发现金红利183,345,543元，占当年实现的可供分配利润的10.94%，占当年归 属于上市公司股东的净利润的9.96%。按公司目前总股本916,727,713股 1 ...

[Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, assuming corresponding legal responsibilities - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, assuming corresponding legal responsibilities[4](index=4&type=chunk)[39](index=39&type=chunk) - Wang Yu, the company's responsible person, Wang Zhijie, the person in charge of accounting, and Chen Ke, the head of the accounting department, guarantee the truthfulness, accuracy, and completeness of the financial statements[4](index=4&type=chunk)[39](index=39&type=chunk) - This company's Q3 2019 report has not been audited[4](index=4&type=chunk)[39](index=39&type=chunk) [Company Profile](index=3&type=section&id=Item%20II.%20Company%20Profile) This section provides an overview of the company's key financial performance and shareholder structure as of the reporting period [Key Financial Data](index=3&type=section&id=2.1%20Key%20Financial%20Data) As of the first three quarters of 2019, the company achieved robust performance with operating revenue growing by **13.61% to CNY 11.56 billion** and net profit attributable to shareholders increasing by **21.70% to CNY 1.72 billion**, demonstrating strong profitability and healthy cash flow Key Financial Data for Q1-Q3 2019 | Metric | Q1-Q3 2019 | Q1-Q3 2018 | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue (CNY)** | 11,564,379,345 | 10,179,252,453 | 13.61% | | **Net Profit Attributable to Shareholders (CNY)** | 1,718,747,518 | 1,412,285,997 | 21.70% | | **Net Profit Excluding Non-recurring Items (CNY)** | 1,586,748,394 | 1,272,125,437 | 24.73% | | **Net Cash Flow from Operating Activities (CNY)** | 3,199,218,415 | 2,543,556,962 | 25.78% | | **Basic Earnings Per Share (CNY/share)** | 1.87 | 1.58 | 18.35% | | **Weighted Average ROE (%)** | 12.19% | 11.98% | Increased by 0.21 percentage points | - In the first three quarters of 2019, the company's non-recurring gains and losses totaled **CNY 132 million**, primarily from government subsidies, disposal gains on non-current assets, and bill settlement income[6](index=6&type=chunk)[41](index=41&type=chunk) [Shareholder Information](index=4&type=section&id=2.2%20Shareholder%20Information) As of the reporting period, the company had **20,134 shareholders**, with Shanghai Spring International Travel Service (Group) Co., Ltd. as the controlling shareholder holding **54.98%**, and Mr. Wang Zhenghua as the ultimate controlling person - As of the end of the reporting period, the company had a total of **20,134 shareholders**[7](index=7&type=chunk)[42](index=42&type=chunk) Top Five Shareholders' Holdings | Shareholder Name | Number of Shares Held | Shareholding Percentage (%) | | :--- | :--- | :--- | | Shanghai Spring International Travel Service (Group) Co., Ltd. | 504,000,000 | 54.98 | | Hong Kong Securities Clearing Company Limited | 35,441,316 | 3.87 | | Shanghai Spring Airlines Charter Travel Service Co., Ltd. | 34,295,661 | 3.74 | | Shanghai Chunxiang Investment Co., Ltd. | 23,907,711 | 2.61 | | Minsheng Royal Asset Management - Ping An Bank - Minsheng Royal Xinniu Targeted Issuance No. 82 Asset Management Plan | 17,447,657 | 1.90 | - The controlling shareholder, Spring International Travel Service, along with Spring Airlines Charter, Chunxiang Investment, and Chunyi Investment, form a concerted action group, with Mr. Wang Zhenghua as the ultimate controlling person[10](index=10&type=chunk)[45](index=45&type=chunk) [Significant Events](index=6&type=section&id=Item%20III.%20Significant%20Events) This section analyzes significant changes in key financial statement items and indicators, detailing the underlying reasons for these movements [Analysis of Significant Changes in Key Financial Statement Items and Indicators](index=6&type=section&id=3.1%20Analysis%20of%20Significant%20Changes%20in%20Key%20Financial%20Statement%20Items%20and%20Indicators) During the reporting period, several financial statement items experienced significant changes, including a **68.31% increase in monetary funds** and a **91.63% decrease in bonds payable**, alongside substantial shifts in investment income, asset disposal gains, and cash flows from investing and financing activities Balance Sheet Key Item Changes and Reasons | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Monetary Funds | 68.31% | Increase in other monetary funds | | Prepayments | 173.34% | New prepaid land transfer fees | | Other Receivables | -71.60% | Decrease in structured deposits | | Short-term Borrowings | 49.82% | Increase in aircraft prepayment borrowings | | Taxes Payable | 112.99% | Increase in corporate income tax payable | | Bonds Payable | -91.63% | Bond repurchases | Income Statement Key Item Changes and Reasons | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | R&D Expenses | 36.22% | Increased investment in IT technology application and development | | Investment Income | 149.40% | Changes in net gains/losses from foreign exchange forward contracts and loan interest rate swap contracts settlement | | Fair Value Change Income | -149.02% | Fair value changes of financial assets and liabilities held for trading | | Asset Disposal Gains | 108.50% | Increase in gains from transfer of purchase rights | - Net cash outflow from investing activities decreased by **80.80%**, primarily due to a reduction in structured deposits, while net cash inflow from financing activities decreased by **68.82%** due to prior period private placement financing and current period bond repurchases[12](index=12&type=chunk)[13](index=13&type=chunk)[48](index=48&type=chunk) [Appendix](index=9&type=section&id=Item%20IV.%20Appendix) This section includes the company's unaudited financial statements and details on the impact of new accounting standards implementation [Financial Statements](index=9&type=section&id=4.1%20Financial%20Statements) This section presents the company's unaudited consolidated and parent company financial statements, including the balance sheet, income statement, and cash flow statement, reflecting the financial position as of September 30, 2019, and operating results for the first three quarters of 2019 [Consolidated Balance Sheet](index=9&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2019, total assets reached **CNY 29.39 billion**, a **10.60% increase** from year-end, with total liabilities at **CNY 14.53 billion** and owners' equity attributable to the parent company at **CNY 14.86 billion**, up **11.52%** Consolidated Balance Sheet Key Items (Unit: CNY) | Item | September 30, 2019 | December 31, 2018 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **29,391,219,056** | **26,575,393,475** | **+10.60%** | | Monetary Funds | 8,235,214,579 | 4,892,899,395 | +68.31% | | Fixed Assets | 10,665,488,380 | 10,454,334,362 | +2.02% | | **Total Liabilities** | **14,527,398,120** | **13,250,715,198** | **+9.63%** | | Short-term Borrowings | 4,037,850,663 | 2,695,159,618 | +49.82% | | **Owners' Equity Attributable to Parent Company** | **14,859,473,636** | **13,324,678,277** | **+11.52%** | [Consolidated Income Statement](index=12&type=section&id=Consolidated%20Income%20Statement) In the first three quarters of 2019, operating revenue reached **CNY 11.56 billion**, a **13.61% increase**, with total operating costs at **CNY 10.03 billion**, resulting in net profit attributable to parent company shareholders of **CNY 1.72 billion**, up **21.70%** Consolidated Income Statement Key Items (Unit: CNY) | Item | Q1-Q3 2019 | Q1-Q3 2018 | Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **11,564,379,345** | **10,179,252,453** | **+13.61%** | | **Total Operating Costs** | **10,024,778,666** | **9,083,614,554** | **+10.36%** | | Operating Profit | 2,228,333,598 | 1,846,704,599 | +20.66% | | **Total Profit** | **2,274,504,090** | **1,878,850,184** | **+21.06%** | | **Net Profit Attributable to Parent Company Shareholders** | **1,718,747,518** | **1,412,285,997** | **+21.70%** | | **Basic Earnings Per Share (CNY/share)** | **1.87** | **1.58** | **+18.35%** | [Consolidated Cash Flow Statement](index=15&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first three quarters of 2019, net cash flow from operating activities was **CNY 3.20 billion**, a **25.78% increase**, while net cash outflow from investing activities significantly decreased by **80.80% to CNY 896 million**, and net cash inflow from financing activities decreased by **68.82% to CNY 922 million** Consolidated Cash Flow Statement Key Items (Unit: CNY) | Item | Q1-Q3 2019 | Q1-Q3 2018 | Change | | :--- | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | **3,199,218,415** | **2,543,556,962** | **+25.78%** | | **Net Cash Flow from Investing Activities** | **-895,832,774** | **-4,665,332,043** | **-80.80% (Net outflow decreased)** | | **Net Cash Flow from Financing Activities** | **922,265,149** | **2,958,132,958** | **-68.82%** | | **Period-end Cash and Cash Equivalents Balance** | **8,043,373,181** | **5,099,744,695** | **+57.72%** | [Impact of Accounting Standard Changes](index=17&type=section&id=4.2%20Impact%20of%20Accounting%20Standard%20Changes) Effective January 1, 2019, the company adopted new financial instrument accounting standards, reclassifying certain financial assets and liabilities on the opening balance sheet, which solely impacted statement presentation without affecting opening net assets or net profit - The company adopted new financial instrument accounting standards, including the Ministry of Finance's revised 'Accounting Standard for Business Enterprises No. 22 – Recognition and Measurement of Financial Instruments,' effective January 1, 2019[31](index=31&type=chunk)[35](index=35&type=chunk)[66](index=66&type=chunk) Key Adjustments to Opening Consolidated Balance Sheet (Unit: CNY) | Item Before Adjustment | Amount Before Adjustment | Item After Adjustment | Amount After Adjustment | | :--- | :--- | :--- | :--- | | Financial Assets Measured at Fair Value with Changes Recognized in Profit or Loss | 16,745,806 | Financial Assets Held for Trading | 16,745,806 | | Available-for-sale Financial Assets | 986,758,817 | Investments in Other Equity Instruments | 986,758,817 | | Financial Liabilities Measured at Fair Value with Changes Recognized in Profit or Loss | 3,558,635 | Financial Liabilities Held for Trading | 3,558,635 |

Financial Performance - Operating revenue for the first nine months reached CNY 10,179,252,453, a 20.85% increase year-on-year[6] - Net profit attributable to shareholders rose by 18.89% to CNY 1,412,285,997 for the first nine months[6] - Basic earnings per share increased by 6.76% to CNY 1.58[6] - Total operating revenue for Q3 reached ¥3,847,146,934, an increase of 14.5% compared to ¥3,357,969,791 in the same period last year[39] - Operating profit for the period was ¥904,029,950, up from ¥807,096,521, reflecting a growth of 12.0% year-over-year[39] - Net profit for Q3 was ¥685,543,247, compared to ¥633,906,738 in the previous year, marking an increase of 8.2%[40] - The company reported a total profit of ¥914,977,784 for Q3, compared to ¥817,068,193 in the previous year, indicating a growth of 12.0%[40] - The company achieved a total comprehensive income of ¥763,538,263 for Q3, compared to ¥633,906,738 in the previous year, reflecting an increase of 20.5%[40] Assets and Liabilities - Total assets increased by 26.72% to CNY 26,107,366,241 compared to the end of the previous year[6] - Total assets increased to CNY 27,159,603,323 from CNY 22,188,640,864, representing a growth of approximately 22%[34] - Current assets rose to CNY 8,979,596,168, up from CNY 6,788,578,255, indicating an increase of about 32%[35] - Total liabilities increased to CNY 14,337,261,565 from CNY 13,982,167,698, reflecting a rise of about 2.6%[36] - Shareholders' equity rose to CNY 12,822,341,758 from CNY 8,206,473,166, marking an increase of approximately 56%[36] Cash Flow - Net cash flow from operating activities increased by 43.41% to CNY 2,543,556,962 for the first nine months[6] - Operating cash inflow for the period reached CNY 13,691,924,159, an increase of 17.7% compared to CNY 11,625,837,878 in the same period last year[45] - Net cash flow from operating activities was CNY 2,543,556,962, up 43.3% from CNY 1,773,570,552 year-on-year[45] - Total cash inflow from financing activities amounted to CNY 5,655,773,927, a significant increase from CNY 3,289,454,879 in the previous year[45] - Net cash flow from financing activities improved to CNY 2,958,132,958, compared to CNY 186,355,541 in the same period last year[45] - Cash outflow from investment activities was CNY 6,179,002,687, compared to CNY 5,854,180,599 in the previous year, resulting in a net cash outflow of CNY 4,665,332,043[45] Shareholder Information - The total number of shareholders reached 16,506 by the end of the reporting period[8] - The largest shareholder, Shanghai Spring International Travel Agency, holds 54.97% of the shares[9] Investments and Financial Assets - Financial assets measured at fair value increased to ¥23,123,767, a 134.87% increase from the beginning of the year[12] - Other receivables rose to ¥3,528,960,774, reflecting a 108.83% increase compared to the start of the year[12] - Available-for-sale financial assets surged to ¥1,002,867,215, marking a 1,796.72% increase from the beginning of the year[13] - Long-term equity investments increased to ¥36,814,883, a 77.01% rise from the start of the year[13] - Construction in progress grew to ¥3,565,357,884, representing a 105.01% increase from the beginning of the year[13] Government Subsidies - The company received government subsidies totaling CNY 120,771,455 for the first nine months, which are closely related to its normal business operations[8] Research and Development - Research and development expenses increased to ¥35,492,341, up 49.4% from ¥23,794,701 in the same quarter last year[39]

Financial Performance - The company reported a total revenue of 1.5 billion RMB for the first half of 2018, representing a year-on-year increase of 12%[1]. - The company's operating revenue for the first half of 2018 was CNY 6,332,105,519, representing a 25.01% increase compared to CNY 5,065,238,630 in the same period last year[22]. - The net profit attributable to shareholders for the first half of 2018 was CNY 726,742,750, a 31.19% increase from CNY 553,970,825 in the previous year[22]. - The basic earnings per share for the first half of 2018 was CNY 0.83, a 20.29% increase from CNY 0.69 in the same period last year[23]. - The company's total profit for the first half of 2018 was CNY 796,940,330, an increase of 14.2% from CNY 697,810,801 in the same period last year[199]. - The operating profit for the first half of 2018 reached CNY 777,161,409, up 34.8% from CNY 576,425,242 in the previous year[199]. - The company's operating costs increased to CNY 5,580,580,490, up 21.4% from CNY 4,596,796,512 in the same period last year[198]. - The financial expenses decreased significantly to CNY 90,772,922 from CNY 165,959,469, a reduction of 45.2%[198]. - The net cash flow from operating activities reached CNY 1,442,024,786, showing a significant increase of 98.13% compared to CNY 727,828,557 in the same period last year[22]. Operational Metrics - Passenger traffic increased to 5.2 million, with a year-on-year growth of 15%[1]. - The average load factor reached 85%, indicating efficient capacity utilization[1]. - The average ticket price increased by 5% compared to the previous year, contributing to revenue growth[1]. - The company expanded its fleet to 80 A320 aircraft and operated 208 domestic and international routes, becoming one of the largest private airlines in China by passenger volume[30]. - The company transported 9.53 million passengers, representing a year-on-year growth of 14.5%, with a passenger load factor of 89.3%, down 2.5 percentage points[72]. - The total transportation turnover (RTK) rose by 15.36% to 1,539.52 million ton-kilometers, with domestic routes contributing 1,049.68 million ton-kilometers, a 15.07% increase[68]. - The average passenger load factor decreased by 2.50 percentage points to 89.31% in the first half of 2018[69]. - The company achieved a unit sales expense of 0.0089 yuan and 0.0077 yuan per available seat kilometer in 2017 and the first half of 2018, significantly lower than industry peers[54]. Fleet and Capacity Expansion - The company plans to expand its fleet by adding 10 new aircraft by the end of 2018, enhancing operational capacity[1]. - The company introduced 4 Airbus A320 CEO aircraft through operating leases, maintaining an average fleet age of 4.34 years, with a total of 80 A320 CEO aircraft by mid-2018[74]. - The overall available seat kilometers increased by 18.3% year-on-year, with domestic, international, and regional routes rising by 17.8%, 20.3%, and 10.2% respectively[76]. - The company's domestic route capacity in second-tier markets grew by 37.7%, while new bases saw a 98.4% increase in available seat kilometers[77]. - International route capacity for major routes to Japan, Korea, and Thailand increased by 19.9%, with Thailand contributing a 51.1% growth in capacity[78]. Market and Strategic Positioning - The company has positioned itself as a low-cost airline, targeting price-sensitive travelers and business passengers seeking high cost-performance[30]. - The domestic low-cost airlines in China hold a market share of 9.7% in domestic routes, indicating significant growth potential as policies to promote low-cost aviation are implemented[35]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2024[126]. - The company has identified potential risks related to fuel price volatility and regulatory changes in the aviation sector[1]. - The company anticipates that the domestic market will remain its primary development area while actively expanding international routes to neighboring countries and regions[104]. Research and Development - The company is investing 200 million RMB in new technology development to enhance customer experience and operational efficiency[1]. - Research and development expenses increased to 150 million, accounting for 10% of total revenue, as the company focuses on innovation[126]. - The information technology team has grown to nearly 500 personnel, with a dedicated R&D center established in Chongqing, enhancing the company's technological capabilities[62]. Shareholder and Financial Management - The company committed to distributing at least 10% of the distributable profits as cash dividends annually from 2018 to 2020, with a minimum of 20% of the total profit distribution[130]. - The company has implemented a stock incentive plan for 30 key technical staff, granting a total of 580,000 restricted shares to ensure management stability and motivation[63]. - The company aims to protect the interests of minority shareholders through its stock price stabilization measures[121]. - The company has a stock incentive plan with various unlocking dates based on performance conditions[157]. - The company will ensure compliance with relevant regulatory requirements during the implementation of the stabilization measures[121]. Risks and Challenges - The company has faced challenges in securing airport resources due to the saturation of some hub airports and competition from established airlines[65]. - The company faces significant risks from oil price fluctuations, as fuel costs represent the largest portion of operating expenses for domestic airlines[105]. - The company may face challenges in recruiting and training pilots due to a shortage of experienced personnel in the aviation industry[111]. - The competitive landscape includes major players like the four major airline groups, which possess advantages in route resources, capital strength, and brand recognition[108]. Environmental and Social Responsibility - The company implemented various energy-saving projects, achieving significant energy conservation and emission reduction effects, recognized as "Four New" projects by local authorities[145]. - The company actively participates in ecological restoration projects in Hebei Province, contributing to environmental protection and resource utilization[146].

Financial Performance - Net profit attributable to shareholders rose by 346.90% to CNY 389.46 million compared to the same period last year[6]. - Operating revenue grew by 25.63% to CNY 3.23 billion year-on-year[6]. - Basic and diluted earnings per share increased by 21.05% to CNY 0.46[6]. - Operating profit for Q1 2018 was CNY 508,128,910, significantly up from CNY 119,478,460 in Q1 2017[33]. - Net profit for Q1 2018 was CNY 385,499,896, compared to CNY 303,256,022 in the previous year, reflecting a growth of 27.1%[33]. - The total profit for Q1 2018 was CNY 465,249,191, compared to CNY 373,939,657 in Q1 2017, reflecting a growth of 24.4%[35]. - The company’s operating profit for Q1 2018 was CNY 465,188,339, significantly higher than CNY 92,559,130 in the previous year[34]. Assets and Liabilities - Total assets increased by 19.09% to CNY 24.54 billion compared to the end of the previous year[6]. - Total assets increased to CNY 26,021,296,792 from CNY 22,188,640,864 at the beginning of the year, marking a growth of 17.5%[31]. - Total liabilities amounted to CNY 14,002,489,667, slightly up from CNY 13,982,167,698 at the start of the year[31]. - The company's equity increased to CNY 12,018,807,125 from CNY 8,206,473,166, indicating a growth of 46.5%[31]. Cash Flow - Cash flow from operating activities improved significantly to CNY 546.03 million, compared to a negative cash flow of CNY 15.38 million in the previous year[6]. - Cash flow from operating activities generated a net amount of CNY 546,026,903, compared to a negative cash flow of CNY -15,381,285 in the previous year[36]. - The net cash flow from investing activities decreased to -¥3,207,377,003 from ¥212,258,883, primarily due to increased structured deposits[27]. - The net cash flow from financing activities increased to ¥3,658,606,856 from -¥221,521,487, attributed to the completion of a private placement[27]. - The company reported a significant increase in cash inflow from financing activities, totaling CNY 4,394,699,064, compared to CNY 1,222,281,993 in the same period last year[39]. Shareholder Information - The total number of shareholders reached 22,821 by the end of the reporting period[10]. - The largest shareholder, Shanghai Spring International Travel Service (Group) Co., Ltd., holds 54.97% of the shares[10]. Government Subsidies and Financial Adjustments - The company reported government subsidies of CNY 189.06 million, with CNY 184.33 million classified as recurring profits[7]. - The company has made adjustments to its financial reporting, particularly in the classification of non-recurring profits, affecting the comparability of certain metrics[7]. Other Financial Metrics - The weighted average return on equity decreased by 0.13 percentage points to 3.93%[6]. - The company reported a significant decrease in financial expenses by 58.25%, down to ¥36,126,606 from ¥86,531,185[27]. - The company’s financial expenses decreased to CNY 66,362,845 from CNY 120,267,670 in the previous year, indicating improved cost management[34]. Receivables and Investments - Accounts receivable interest rose by 94.03%, reaching ¥15,948,977 compared to ¥8,219,739 in the previous period[27]. - Other receivables surged by 119.84%, totaling ¥3,696,954,020, up from ¥1,681,619,873[27]. - Construction in progress increased by 59.33%, amounting to ¥2,771,025,316 from ¥1,739,137,001[27]. - The capital reserve grew significantly by 215.16%, reaching ¥4,896,914,910 compared to ¥1,553,800,125[27]. - The company received CNY 3,459,432,498 from investment activities, marking a strong capital inflow[39].