Group 1 - The core viewpoint of the report is that Minsheng Securities has given a "recommended" rating to Spring Airlines (601021.SH) based on several positive indicators [1] - In Q3 2025, the company's capacity increased by 14% year-on-year, with overall passenger load factor remaining stable compared to Q3 2024 [1] - A decline in oil prices and a recovery in aircraft utilization have led to a decrease in unit costs, although revenue per passenger kilometer is under pressure, resulting in a year-on-year decline in profit margins [1] Group 2 - The company is facing challenges with passenger kilometer revenue due to pressure from domestic ticket prices during the summer and a decrease in prices on routes to Japan, but there is optimism for a recovery in revenue [1] - Risks highlighted include the potential for business travel demand to recover slower than expected, significant increases in oil prices, and slower-than-anticipated progress in pilot recovery [1]