Core Viewpoint - Spring Airlines has achieved remarkable profitability in 2024, with a net profit of 2.273 billion yuan, leading among A-share listed airlines, despite facing significant criticism from passengers regarding service quality and aircraft conditions [4][5][6]. Financial Performance - In 2024, Spring Airlines reported a revenue of 20 billion yuan, an increase of 11.5% year-on-year, and a net profit of 2.273 billion yuan, up 0.69% from the previous year, resulting in a profit margin of 11.36% [7][8]. - The airline's profitability exceeds the combined profits of six other major airlines, which reported losses totaling 69.83 million yuan [9][10]. Operational Metrics - Spring Airlines achieved an impressive average passenger load factor of 91.49% in 2024, up 2.1 percentage points from the previous year, with domestic routes reaching 92.16% [12]. - The airline transported over 28.6 million passengers in 2024, marking an 18.8% increase year-on-year [13]. Competitive Strategy - The airline's success is attributed to its low-cost model and high operational efficiency, appealing to cost-conscious travelers [11][14]. - Spring Airlines has focused on expanding its capacity in key provincial airports, increasing capacity by 267% compared to 2019 [17]. Fleet and Cost Management - The airline operates a fleet of 129 Airbus A320 series aircraft, maintaining a single-class economy seating arrangement to maximize capacity and reduce operational costs [21][22]. - In 2024, the airline's operating costs were 17.412 billion yuan, accounting for 87.05% of total revenue, which is lower than many competitors [32]. Ancillary Revenue - Spring Airlines generated 1.03 billion yuan from ancillary services in 2024, contributing 5.15% to total revenue, with services including in-flight sales and baggage handling [34]. Challenges and Market Conditions - Despite its low-cost strategy, Spring Airlines faces challenges such as declining unit revenue and increasing operational costs due to market conditions and rising supplier prices [43][45]. - In the first quarter of 2025, the airline's revenue growth slowed to 2.9%, with net profit declining by 16.4% compared to the previous year [46][47].