来源：民航之翼 刚刚，国际机场协会欧洲分会（ACI Europe）发布了2025年全年欧洲机场旅客吞吐量排名。 尽管面临地缘政治挑战，欧洲民航仍保持稳定增长态势。 2025年，欧洲机场的旅客吞吐量26亿人次，同比增长了4.4%，比2019年增长5.6%，相当于比2024年增 加了1亿人次。 相比而言，非欧盟国家增速更快，为6.2%，而欧盟国家只有4.0%。 国际客运量增速5.6% 国内客运量增速0.2% 看来，欧洲民航业与我国民航业有点类似，都是来自于国际旅客的增长。 那么谁是2025年欧洲最繁忙的机场？ 一、榜单看点：格局重塑，黑马涌现 2025年欧洲十大机场旅客吞吐量（万人次） | | 排名 机场代码 | 机场 | 旅客吞吐量 | | --- | --- | --- | --- | | 1 | LHR | 伦敦希思罗机场 | 8448 | | 2 | ાટા | 伊斯坦布尔机场 | 8444 | | 3 | CDG | 巴黎戴高乐机场 | 7203 | | 4 | AMS | 阿姆斯特丹史基浦机场 | 6877 | | 5 | MAD | 马德里巴拉哈斯机场 | 6812 | | 6 | FRA | 法兰 ...

【导读】在政策与市场的双重驱动下，春秋航空以创纪录低利率成功发债 中国基金报记者 郑俊婷 11 月初 ， 春 秋 航空 2025 年面向专业投资者公开发行的科技创新公司债券（第一期） （以下简称 "25 春秋 K1" ）在上交所成功发行。该债券规模为 8 亿元，期限三年，票面利 率为 1.98% ，超额认购倍数达 3.03 倍，创下交运领域民营企业同期限信用债最低利率，亦 为航空公司同期限公司债的最低发行利率。 作为一家中大型规模的民营航司， 春 秋航 空的公司债缘何受到市场热捧？在负债率同行业 最低的情况下，本次发债的初衷是什么？募集资金主要投向哪些业务板块？面对风险扰动， 倚重东北亚及东南亚市场的国际业务是否会进行战略调整？ …… 带着这些问题，近日中国基 金报记者实地参与春秋航空媒体活动，并与公司董事、 CFO 、董事会秘书 陈 可深度对话。 春秋航空 上海总部 中国基金报记者郑俊婷摄 自成立以来， 春秋航空 定位于低成本航空业务模式，在细分领域吸引价格敏感型客户，被网 友戏称为 " 空中绿皮车 " 。凭借超强的成本控制能力和较高的运营效率，春秋航空成为疫情 后首家扭亏的航司。 时隔 9 年发债 效果超 ...

【导读】在政策与市场的双重驱动下，春秋航空以创纪录低利率成功发债 中国基金报记者 郑俊婷 11月初，春秋航空2025年面向专业投资者公开发行的科技创新公司债券（第一期）（以下简称"25春秋K1"）在上交所成功发行。该债券规模为8亿元，期 限三年，票面利率为1.98%，超额认购倍数达3.03倍，创下交运领域民营企业同期限信用债最低利率，亦为航空公司同期限公司债的最低发行利率。 上海总部中国基金报记者郑俊婷摄 时隔9年发债效果超出预期 "25春秋K1"是春秋航空时隔9年再次发行公司债券。对于3倍的超额认购和较低的票面利率，陈可坦言超出预期。 作为一家中大型规模的民营航司，春秋航空的公司债缘何受到市场热捧？在负债率同行业最低的情况下，本次发债的初衷是什么？募集资金主要投向哪些 业务板块？面对风险扰动，倚重东北亚及东南亚市场的国际业务是否会进行战略调整？……带着这些问题，近日中国基金报记者实地参与春秋航空媒体活 动，并与公司董事、CFO、董事会秘书陈可深度对话。 据陈可介绍，之所以在当前时点发债，主要有三点考量。一是为未来的资本性开支做准备，如购买飞机和发动机等核心设备。二是在目前货币政策比较宽 松的环境下，回应投资 ...

Core Viewpoint - AirAsia's decision to suspend three routes between China and Thailand is a strategic response to market demand changes, competitive pressures, and a broader restructuring of the company [1][5]. Group 1: Strategic Restructuring - AirAsia's route adjustments are part of a larger restructuring effort, which includes the integration of subsidiaries under the AirAsia Group and the retirement of long-haul brand AirAsia X [6]. - The company is shifting its fleet strategy by retiring A330 wide-body aircraft and focusing solely on the Airbus A320 series, particularly the A321XLR, to enhance its low-cost carrier model [9]. - The previous "super app" strategy has been shelved, with a clear focus on core aviation operations [9]. Group 2: Market Demand and Financial Performance - The demand for flights on the China-Thailand routes has declined significantly, with a recovery rate of only 53.8% for flights from China to Thailand during the summer travel season [12]. - Data from OAG indicates that the number of seats available on routes from mainland China to Thailand has dropped from 7.4 million in summer 2019 to 4.1 million in summer 2025, a 44% decrease [13]. - AirAsia's Q2 financial report shows a 9% year-on-year decline in sales and service revenue, totaling 23.045 billion Thai Baht, with an average load factor of 84% [16]. Group 3: Competitive Landscape - The low-cost airline market in Southeast Asia is experiencing intense competition, with two-thirds of international flights operated by low-cost carriers, compared to one-third globally [17]. - Competitors like Thai Airways and Spring Airlines are expanding their services to capture market share, further squeezing AirAsia's operational space [18]. - The airline industry is facing a paradox of increasing passenger volumes but declining profitability, prompting AirAsia to optimize its route network as a strategic response to competitive pressures [19].

Investment Rating - The report maintains a "Buy" rating for Spring Airlines (601021) [1][6] Core Views - The company reported a revenue of 16.8 billion yuan for the first three quarters of 2025, a year-on-year increase of 5.0%, while the net profit attributable to shareholders was 2.336 billion yuan, a decrease of 10.3% year-on-year [1][2] - The report highlights that despite a decline in profitability due to falling ticket prices, the company has shown resilience in its operations and cost management [2][5] - The airline's capacity has steadily increased, with a high passenger load factor, indicating strong demand recovery [3][5] Revenue and Profitability - For Q3 2025, the company achieved revenues of 6.47 billion yuan, with a year-on-year growth of 6.0%, while the gross margin and net profit margin showed slight declines [2][3] - The unit revenue per RPK (Revenue Passenger Kilometer) decreased by 7.0% year-on-year, reflecting significant pressure on ticket prices [4] Capacity and Load Factor - The total ASK (Available Seat Kilometer) for Q3 2025 increased by 14.1% year-on-year, with domestic and international routes showing growth [3] - The overall passenger load factor for Q3 was 92.5%, slightly down from the previous year but still above pre-pandemic levels [3] Cost Management - The unit cost per ASK decreased by 4.7% year-on-year, benefiting from lower fuel prices and improved fleet utilization [4] - The report suggests that the company is effectively managing its fixed costs, which has contributed to a reduction in overall costs [4] Future Outlook - The report anticipates a recovery in travel demand in Q4, which could lead to improved ticket prices and profitability for the airline [5] - The company is expected to achieve net profits of 2.409 billion yuan, 3.054 billion yuan, and 3.542 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 6.0%, 26.8%, and 16.0% [6][7]

Core Viewpoint - Spring Airlines reported a revenue of 16.8 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 5.0%, while the net profit attributable to shareholders decreased by 10.3% to 2.336 billion yuan [1][2]. Group 1: Financial Performance - For Q3 2025, the company achieved a revenue of 6.47 billion yuan, with a year-on-year growth of 6.0%, while the net profit attributable to shareholders was 1.167 billion yuan, down 6.2% year-on-year [2]. - The overall revenue for the first three quarters was 16.77 billion yuan, with Q1, Q2, and Q3 revenues of 5.32 billion, 4.99 billion, and 6.47 billion yuan respectively, showing year-on-year growth rates of 2.9%, 6.0%, and 6.0% [2]. Group 2: Capacity and Load Factor - In Q3 2025, the total Available Seat Kilometers (ASK) increased by 14.1% year-on-year, with domestic, international, and regional ASK growth rates of 11.4%, 27.5%, and -26.7% respectively [3]. - The total Revenue Passenger Kilometers (RPK) also rose by 14.0% year-on-year, with domestic, international, and regional RPK growth rates of 11.6%, 26.3%, and -25.8% respectively [3]. - The overall passenger load factor for Q3 was 92.5%, with domestic, international, and regional load factors of 93.5%, 89.2%, and 91.8% respectively, showing slight year-on-year changes [3]. Group 3: Pricing and Cost Structure - The unit revenue per RPK for Q3 was 0.412 yuan, down 7.0% year-on-year, while the unit revenue per ASK was 0.381 yuan, also down 7.1% year-on-year, indicating significant price declines in the industry [4]. - The unit cost per ASK for Q3 was 0.290 yuan, reflecting a year-on-year decrease of 4.7% and a quarter-on-quarter decrease of 3.2%, benefiting from lower fuel prices and improved fleet utilization [4]. Group 4: Future Outlook - The demand for travel is expected to improve in Q4, with favorable oil and exchange rate factors potentially leading to significant performance improvements for airlines [5]. - The industry is anticipated to experience a contraction in supply, which may enhance pricing power and revenue for airlines, including Spring Airlines, which is expected to benefit from resilient pricing [5]. - Profit forecasts for the company from 2025 to 2027 are projected at 2.409 billion, 3.054 billion, and 3.542 billion yuan, with corresponding year-on-year growth rates of 6.0%, 26.8%, and 16.0% [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 75.50 [1][10]. Core Views - The company is expected to benefit from an improving industry environment, with a focus on its position as a leading low-cost airline in China. The report highlights the potential for revenue growth driven by increased demand for low-cost travel and improved pricing dynamics in the industry [6][9]. Financial Performance - For the first nine months of 2025, the company reported revenue of RMB 16.773 billion, a year-on-year increase of 5.0%. However, the net profit attributable to the parent company was RMB 2.336 billion, a decrease of 64.69% year-on-year [6]. - In Q3 2025, the company achieved revenue of RMB 6.469 billion, reflecting a 6.0% year-on-year increase, while the net profit was RMB 1.167 billion, down 6.2% year-on-year [7][8]. Operational Metrics - The company experienced a 14.1% increase in capacity and a 14.0% increase in demand in Q3, with a slight decline in passenger load factor to 92.5%. Domestic capacity growth was notably strong at 11.4% [7]. - The average aircraft utilization in the first half of 2025 was 9.7 hours, below the 11.2 hours recorded in the first half of 2019, indicating room for operational efficiency improvements [9]. Revenue and Profitability Forecast - Revenue projections for the upcoming years are as follows: RMB 20 billion in 2024, RMB 21.059 billion in 2025, RMB 23.774 billion in 2026, and RMB 26.888 billion in 2027, with growth rates of 11.50%, 5.30%, 12.89%, and 13.10% respectively [5]. - The net profit attributable to the parent company is forecasted to be RMB 2.273 billion in 2025, with an expected EPS of RMB 2.30 [10]. Valuation Metrics - The report provides valuation metrics including a PE ratio of 22.96 for 2024, decreasing to 14.58 by 2027, and a PB ratio of 3.00 for 2024, decreasing to 2.21 by 2027 [5][10]. - The target price is based on a projected PB of 3.5x for 2026, with a BPS of RMB 21.56 [10].

Core Viewpoint - Spring Airlines has launched a special recruitment for "air sisters" (experienced female flight attendants), targeting married women up to 40 years old, marking a shift from the industry's typical focus on youth and beauty [1][4][10]. Group 1: Recruitment Strategy - The recruitment aims to leverage the natural advantages of experienced women, such as strong interpersonal skills and the ability to handle children and passenger emotions effectively [9][10]. - This move is seen as a progressive step in breaking the industry's "youth filter," providing more job opportunities for mature women [10][12]. - The recruitment is strategically focused on key hubs like Lanzhou and Shanghai, aligning with the company's expansion plans for new routes [18][20]. Group 2: Cost Efficiency and Service Quality - Spring Airlines maintains its cost-saving philosophy, viewing the recruitment as a way to optimize training investments and reduce turnover costs associated with younger flight attendants [18][21]. - The experienced "air sisters" are expected to enhance service quality, leading to fewer complaints and lower operational risks, ultimately saving costs for the airline [18][24]. - The company has demonstrated strong financial performance, with a revenue of 10.304 billion and a net profit of 1.169 billion in the first half of 2025, outperforming competitors [24][25]. Group 3: Market Positioning - Spring Airlines is positioned as a low-cost carrier that successfully combines cost efficiency with high service quality, challenging the notion that service upgrades require significant spending [28][29]. - The airline's approach has resonated with consumers, as evidenced by a 22.87% year-on-year increase in passenger turnover in September, indicating a strong market presence [28]. - The company's strategy reflects a broader trend in the low-cost airline market, which is still underdeveloped in China compared to the U.S., suggesting significant growth potential [28].

Core Viewpoint - Spring Airlines has initiated a specialized recruitment program for "air sisters" targeting married women, aiming to break traditional age barriers in flight attendant hiring and enhance its brand image as a low-cost airline [1][5]. Recruitment Strategy - The recruitment plan allows for candidates aged up to 40, with a minimum education requirement of a full-time bachelor's degree, and no prior work experience necessary. The company plans to hire between 30 to 60 individuals, with training starting in early 2026 [1][4]. - This initiative is a response to the growing demand for talent due to the expansion of western flight routes, leveraging the life experience of "air sisters" to improve customer service and team cohesion [2][8]. Brand Logic - The recruitment aligns with Spring Airlines' low-cost brand positioning, aiming to reduce non-core costs while enhancing its employer brand as practical and inclusive [5][7]. - The strategy is expected to increase brand value by embedding local, mature employees into the community, enhancing customer relations through familiarity and warmth [7][8]. Performance Metrics - Spring Airlines has shown strong financial performance, reporting a net profit of 22.57 billion in 2023 and 22.73 billion in 2024, with a continued profit of 11.69 billion in the first half of 2025 [8]. - The airline's operational metrics include a total transport turnover of 24.1 billion ton-kilometers and a passenger turnover of 265.3 billion person-kilometers, reflecting year-on-year increases of 8.9% and 8.5%, respectively [8]. Competitive Advantage - The "air sisters" program is expected to reduce employee turnover rates, as older employees tend to have lower attrition, thus enhancing service reliability and reducing training costs [8][9]. - Other airlines may find it challenging to replicate this model due to structural differences in their operations and brand positioning [9].

Core 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].