来源：上海证券报·中国证券网 上证报中国证券网讯（记者 曾庆怡）8月28日晚间，春秋航空发布了2025年半年度报告。财报显示， 2025年上半年，公司实现营业收入103.04亿元，同比增长4.35%；归母净利润11.69亿元，同比下降 14.11%。 | | | | 甲区: 兀 巾秤:人民巾 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | | (1-6月) | | 同期增减(%) | | 营业收入 | 10. 304. 467, 333 | 9.875. 103.007 | 4. 35 | | 利润总额 | 1,542,895,172 | 1.503.961.344 | 2. 59 | | 归属于上市公司股东的净利润 | 1,168,631,539 | 1, 360, 572, 268 | -14.11 | | 归属于上市公司股东的扣除非经常性 | 1, 148, 632, 527 | 1, 355, 255, 039 | -15.25 | | 损益的净利润 | | | | | 经营活动产生的现金流量净额 | 2.790. 13 ...

| | | 1 | 12 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比上年 同期增减(%) | | 营业收入 | 10. 304. 467. 333 | 9. 875. 103.007 | 4. 35 | | 利润息额 | 1. 542. 895. 172 | 1.503. 961. 344 | 2. 59 | | 归属于上市公司股东的净利润 | 1, 168, 631, 539 | 1, 360, 572, 268 | -14.11 | | 归属于上市公司股东的扣除非经常性 | 1, 148, 632, 527 | 1, 355, 255, 039 | -15.25 | | 损益的净利润 | | | | | 经营活动产生的现金流量净额 | 2. 790. 132, 521 | 3. 212. 568, 388 | -13. 15 | | | 本报告期末 | 上年度末 | 本报告期末比上 | | | | | 年度末增减(%) | | 归属于上市公司股东的净资产 | 17,528, 148, 074 | 17, 380, 89 ...

8月25日，@春秋航空 发文：关于网络上出现大量"将夏季客舱内出现的正常冷凝水汽现象与客舱销售强行关联"的不实信息，春秋航空在此严正声明。 春秋航空表示，经核实，视频中展示的是夏季客舱内的潮湿空气和空调制造的干冷空气相遇后，形成正常的冷凝水汽现象。飞机起飞后，冷凝水汽现象就 会很快消失。该现象是常见的物理反应。 春秋航空称，公司已于2023年8月在相关媒体回复并辟谣，这几年也通过官方各类途径向旅客进行了科普（详见附件截图）。公司严格按照客舱要求设 定，确保客舱温度保持在舒适范围内，不存在故意调低客舱温度售卖毛毯的情况。 公司已对相关网络谣言全面取证，并敦促发布不实信息的媒体及网络用户立即删除相关内容。对于任何恶意损害公司商誉的行为，春秋航空将依法采取诉 讼等法律途径，向恶意造谣、传谣的相关主体追究法律责任。 作为廉价航空，春秋航空飞机上的毛毯、饮用水等需要收费。据悉，此前不少乘客吐槽乘坐春秋航空感觉太冷，机舱内空调大开犹如冷库。向空姐索要毛 毯防寒，却被告知航班不提供免费毛毯，需扫码购买15元一条。 部分乘客质疑机舱温度被故意调低，以引导购买毛毯。但也有网友表示，15元一条的全新毛毯可带回家，这个价格可以接受 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月25日，@春秋航空 发文：关于网络上出现大量"将夏季客舱内出现的正常冷凝水汽现象与客舱销售 强行关联"的不实信息，春秋航空在此严正声明。 春秋航空表示，经核实，视频中展示的是夏季客舱内的潮湿空气和空调制造的干冷空气相遇后，形成正 常的冷凝水汽现象。飞机起飞后，冷凝水汽现象就会很快消失。该现象是常见的物理反应。 春秋航空称，公司已于2023年8月在相关媒体回复并辟谣，这几年也通过官方各类途径向旅客进行了科 普（详见附件截图）。公司严格按照客舱要求设定，确保客舱温度保持在舒适范围内，不存在故意调低 客舱温度售卖毛毯的情况。 公司已对相关网络谣言全面取证，并敦促发布不实信息的媒体及网络用户立即删除相关内容。对于任何 恶意损害公司商誉的行为，春秋航空将依法采取诉讼等法律途径，向恶意造谣、传谣的相关主体追究法 律责任。 但不可否认的是，还有不少乘客认为春秋航空的机票价格"真香"。同一条航线差不多的时间点出发，春 秋航空的票价有时会比部分全服务航司便宜一半。 官网显示，春秋航空于2005年7月18日首航，是中国首批民营航空公司之一。至2025年 ...

春秋航空称，公司已于2023年8月在相关媒体回复并辟谣，这几年也通过官方各类途径向旅客进行了科普（详见附件截图）。公司严格按照客舱要求设 定，确保客舱温度保持在舒适范围内，不存在故意调低客舱温度售卖毛毯的情况。 公司已对相关网络谣言全面取证，并敦促发布不实信息的媒体及网络用户立即删除相关内容。对于任何恶意损害公司商誉的行为，春秋航空将依法采取诉 讼等法律途径，向恶意造谣、传谣的相关主体追究法律责任。 8月25日，@春秋航空发文：关于网络上出现大量"将夏季客舱内出现的正常冷凝水汽现象与客舱销售强行关联"的不实信息，春秋航空在此严正声明。 春秋航空表示，经核实，视频中展示的是夏季客舱内的潮湿空气和空调制造的干冷空气相遇后，形成正常的冷凝水汽现象。飞机起飞后，冷凝水汽现象就 会很快消失。该现象是常见的物理反应。 作为廉价航空，春秋航空飞机上的毛毯、饮用水等需要收费。据悉，此前不少乘客吐槽乘坐春秋航空感觉太冷，机舱内空调大开犹如冷库。向空姐索要毛 毯防寒，却被告知航班不提供免费毛毯，需扫码购买15元一条。 部分乘客质疑机舱温度被故意调低，以引导购买毛毯。但也有网友表示，15元一条的全新毛毯可带回家，这个价格可以接受。 ...

每经编辑｜程鹏 8月25日，@春秋航空 发文：关于网络上出现大量"将夏季客舱内出现的正常冷凝水汽现象与客舱销售强行关联"的不实信息，春秋航空在此严正声明。 春秋航空表示，经核实，视频中展示的是夏季客舱内的潮湿空气和空调制造的干冷空气相遇后，形成正常的冷凝水汽现象。飞机起飞后，冷凝水汽现象就 会很快消失。该现象是常见的物理反应。 春秋航空称，公司已于2023年8月在相关媒体回复并辟谣，这几年也通过官方各类途径向旅客进行了科普（详见附件截图）。公司严格按照客舱要求设 定，确保客舱温度保持在舒适范围内，不存在故意调低客舱温度售卖毛毯的情况。 公司已对相关网络谣言全面取证，并敦促发布不实信息的媒体及网络用户立即删除相关内容。对于任何恶意损害公司商誉的行为，春秋航空将依法采取诉 讼等法律途径，向恶意造谣、传谣的相关主体追究法律责任。 作为廉价航空，春秋航空飞机上的毛毯、饮用水等需要收费。据悉，此前不少乘客吐槽乘坐春秋航空感觉太冷，机舱内空调大开犹如冷库。向空姐索要毛 毯防寒，却被告知航班不提供免费毛毯，需扫码购买15元一条。 部分乘客质疑机舱温度被故意调低，以引导购买毛毯。但也有网友表示，15元一条的全新毛毯可带回家， ...

Core Viewpoint - Hong Kong Express, known for its "affordable + local flavor" approach, is facing significant financial challenges, with losses in the first half of 2025 surpassing the total losses of 2024 [2][7]. Financial Performance - In the first half of 2025, Hong Kong Express reported a loss of 524 million HKD, exceeding the 400 million HKD loss recorded for the entirety of 2024 [7][8]. - The airline's passenger revenue remained flat at approximately 3.004 billion HKD despite a 38% increase in passenger capacity and a 28% rise in passenger numbers, due to a 22% drop in passenger yield [9][10]. Market Challenges - The airline's heavy reliance on Japanese routes has exposed it to risks, particularly following rumors of earthquakes in Japan, which led to a significant decline in travel demand from Hong Kong to Japan [9][11]. - The CEO of Cathay Pacific noted that the losses were primarily due to travelers avoiding traditional popular destinations and the need for new routes to mature before generating profit [11]. Strategic Expansion - Hong Kong Express is actively expanding its route network, moving from a reliance on Japan to a more diversified approach with multiple new destinations [12][13]. - In 2023, the airline announced 12 new routes, increasing its presence in South Korea, Taiwan, Vietnam, Malaysia, and expanding from 1 to 6 destinations in mainland China [14][15]. Operational Efficiency - The airline is expected to improve operational efficiency with the opening of the new terminal at Hong Kong International Airport, which may help reduce unit operating costs [17]. - The airline's innovative "pay-as-you-go" model aims to lower base ticket prices while enhancing revenue through add-on services, which could provide a competitive edge in a price-sensitive market [18][19]. Industry Context - Despite current challenges, the low-cost airline sector remains promising, with a growing demand for budget travel options in the post-pandemic era [20]. - Hong Kong Express ranks fifth globally in on-time performance among low-cost carriers, indicating strong operational reliability [21][23].

Core Insights - Another low-cost airline, Jetstar Asia, has ceased operations due to rising supplier costs, increased airport fees, and intensified competition in the region, leading to an expected loss of AUD 35 million in EBITDA for the current fiscal year [1] - The performance of low-cost airlines varies significantly between regions, with U.S. low-cost carriers struggling post-pandemic while some Chinese low-cost airlines are thriving [2][3] Group 1: Airline Performance - Jetstar Asia, established in 2004, primarily operated short-haul flights from Singapore, including routes to cities in China [1] - Other low-cost airlines, such as Spirit Airlines and Canada Jetlines, have also faced operational shutdowns, indicating a broader trend in the industry [1] - Southwest Airlines, a pioneer in low-cost travel, reported a 3% revenue decline in Q2 2023, contrasting with the strong performance of full-service airlines like Delta, which achieved a record revenue of USD 15.6 billion [1] Group 2: Market Dynamics - The recovery of business travel in the U.S. has favored full-service airlines, while low-cost carriers, which primarily serve leisure travelers, have seen slower recovery [2] - Southwest Airlines is adapting by introducing premium seating options and upgrading cabin services to attract cost-conscious travelers seeking better service [2] - In China, Spring Airlines, modeled after Southwest, has become the most profitable airline, while state-owned carriers have struggled to return to profitability [2][3] Group 3: Strategic Changes - The domestic market in China is experiencing a phase of capacity oversupply and changing passenger demographics, impacting revenue for airlines [3] - Spring Airlines has differentiated itself by offering "business economy seats" with increased legroom and additional services, similar to changes made by Southwest Airlines [3] - Airlines are increasingly focusing on diversifying their service offerings to meet the varied demands of different customer segments while controlling costs [4]

Core Viewpoint - The article discusses the recent shutdown of Jetstar Asia Airlines, a low-cost carrier under the Qantas Group, due to rising supplier costs, increased airport fees, and intensified competition in the region, leading to an expected loss of AUD 35 million in EBITDA for the current fiscal year [3][4]. Group 1: Industry Trends - Jetstar Asia Airlines ceased operations on July 31, marking another low-cost airline's failure post-pandemic, following Spirit Airlines and Canada Jetlines [3][4]. - The performance of low-cost carriers in the U.S. has been declining, with Southwest Airlines reporting a 3% revenue drop in Q2, while full-service airlines like Delta Air Lines achieved record revenues of USD 15.6 billion [3][4]. - In contrast, domestic airlines in China, particularly Spring Airlines, have thrived post-pandemic, with Spring Airlines reporting the highest net profit among listed airlines in 2023 [4][5]. Group 2: Competitive Landscape - The competitive landscape for low-cost airlines in Asia is challenging, with increased competition from carriers like AirAsia and Scoot, leading to a struggle for profitability [3][4]. - Spring Airlines has adopted a hybrid model, offering "business economy seats" with additional legroom and premium services, similar to changes made by Southwest Airlines to attract a broader customer base [5][6]. - The need for airlines to diversify their service offerings to meet varying customer demands is emphasized, as both low-cost and full-service airlines aim to reduce costs while expanding revenue sources [6].

Group 1 - The performance of low-cost airlines in the domestic market contrasts with that in the U.S., as evidenced by the shutdown of Jetstar Asia due to rising supplier costs, airport fees, and increased competition [1] - Jetstar Asia, which was established in 2004 and primarily operated short-haul flights from Singapore, is projected to incur a loss of AUD 35 million in EBITDA for the current fiscal year [1] - Other low-cost airlines, such as Spirit Airlines and Canada Jetlines, have also ceased operations, indicating a broader trend of challenges faced by low-cost carriers post-pandemic [1] Group 2 - In the U.S., full-service airlines have recovered faster due to a quicker rebound in business travel, while low-cost carriers have lagged behind [2] - Southwest Airlines has begun to diversify its offerings by introducing premium seating options and upgrading cabin services to attract cost-conscious travelers seeking better service [2] - In contrast, domestic airlines like Spring Airlines have thrived post-pandemic, with Spring Airlines achieving the highest net profit among listed airlines in 2023, and projected to remain the most profitable in 2024 [2][3] Group 3 - The differing fates of low-cost airlines in China and abroad can be attributed to temporary oversupply in the domestic market and changes in passenger demographics leading to revenue declines [3] - Spring Airlines has adopted a hybrid cabin layout, offering "business economy seats" with increased legroom, similar to the changes made by Southwest Airlines [3] - Airlines are increasingly required to develop a diverse service product system to meet the varied demands of low, medium, and high-end customers while simultaneously reducing costs and expanding revenue sources [4]