可转债转股结果暨股份变动公告 证券代码：600029 证券简称：南方航空 公告编号：临2025-047 转债代码：110075 转债简称：南航转债 中国南方航空股份有限公司 ● 本季度转股情况：自2025年7月1日至2025年9月30日期间，南航转债累计转股金额为人民币7,000元， 累计转股股数为1,134股。 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准中国南方航空股份有限公司公开发行可转换公司债券的批复》 （证监许可[2020]2264号）核准，中国南方航空股份有限公司（以下简称"公司"、"本公司"）于2020年 10月15日公开发行16,000万张可转换公司债券（以下简称"南航转债"、"可转债"），每张面值人民币 100元，发行总额人民币160.00亿元，期限6年。 经上海证券交易所自律监管决定书[2020]355号文同意，公司人民币160.00亿元可转债已于2020年11月3 日起在上海证券交易所挂牌交易，债券简称"南航转债"，债券代码110075。 根据《上海证券交易所股票上市规则》等相关规定以及《中国南方航空股份有限公司公开发行A股可转 换公司债券募集说明书》的有关约定，南航转债自 ...

自2025年7月1日至2025年9月30日期间，南航转债累计转股金额为人民币7000元，累计转股股数为1134 股。 截至2025年9月30日，尚未转股的南航转债金额为人民币58.96亿元，占南航转债发行总量的比例约为 36.85%。 中国南方航空（600029）股份(01055)发布公告，南航转债的转股期间为2021年4月21日至2026年10月14 日。截至2025年9月30日，累计已有人民币101.04亿元南航转债转换成公司A股股票，累计转股股数为 16.19亿股，占南航转债转股前公司已发行股份总额的比例约为10.56%。 ...

（原标题：中国南方航空股份(01055)三季度南航转债累计转股金额为7000元） 智通财经APP讯，中国南方航空股份(01055)发布公告，南航转债的转股期间为2021年4月21日至2026年 10月14日。截至2025年9月30日，累计已有人民币101.04亿元南航转债转换成公司A股股票，累计转股股 数为16.19亿股，占南航转债转股前公司已发行股份总额的比例约为10.56%。 截至2025年9月30日，尚未转股的南航转债金额为人民币58.96亿元，占南航转债发行总量的比例约为 36.85%。 自2025年7月1日至2025年9月30日期间，南航转债累计转股金额为人民币7000元，累计转股股数为1134 股。 ...

格隆汇9月30日丨中国南方航空股份(01055.HK)公告，中国南方航空股份有限公司(以下简称"本公 司"、"公司")于2020年10月15日发行的可转换公司债券(以下简称"南航转债"、"可转债")将于2025年10 月15日开始支付自2024年10月15日至2025年10月14日期间的利息。根据公司《募集说明书》的约定，本 次付息为南航转债第五年付息，计息期间为2024年10月15日至2025年10月14日。本计息年度可转债的票 面利率为1.50%(含税)，即每张面值人民币100元的可转债兑息金额为人民币1.50元(含税)。 ...

格隆汇9月30日丨中国南方航空股份(01055.HK)公告，中国南方航空股份有限公司(以下简称"本公 司"、"公司")于2020年10月15日发行的可转换公司债券(以下简称"南航转债"、"可转债")将于2025年10 月15日开始支付自2024年10月15日至2025年10月14日期间的利息。根据公司《募集说明书》的约定，本 次付息为南航转债第五年付息，计息期间为2024年10月15日至2025年10月14日。本计息年度可转债的票 面利率为1.50%(含税)，即每张面值人民币100元的可转债兑息金额为人民币1.50元(含税)。 ...

智通财经APP讯，中国南方航空股份(01055)发布公告，该公司于2020年10月15日发行的可转换公司债券 (以下简称"南航转债"、"可转债")将于2025年10月15日开始支付自2024年10月15日至2025年10月14日期 间的利息。 据悉，本期债券发行总额160亿元，本次发行的可转债期限为发行之日起6年，即自2020年10月15日至 2026年10月14日，本计息年度可转债的票面利率为1.50%(含税)。 ...

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints of the Report - Historically, convertible bonds with overseas - listed stocks rarely had successful downward revisions. From 2016 to now, among 36 convertible bonds with overseas - listed stocks, only 2 had downward - revision histories, namely Huayou Convertible Bond (Swiss GDR listed) and Electric Convertible Bond (Hong Kong listed) [4][8]. - Currently, there are 9 convertible bonds in the entire convertible bond market with shares circulating outside the A - share market. Among them, 5 companies are listed in Hong Kong, and Great Wall Motor also has shares circulating in the US OTC market. 4 companies have issued Swiss GDRs [4][7]. - Overall, after listing in Hong Kong or the US, due to the opposition of foreign investors, there may be some obstacles to the downward revision of convertible bonds. However, considering the downward - revision situation of Electric Convertible Bond, such convertible bonds still have the possibility of downward revision, but it may require the controlling shareholder to have a relatively large number of domestic and overseas equities and the convertible bonds to have been reduced for voting [4]. - Recently, the number of issuers submitting Hong Kong - listing plans in the convertible bond market has been increasing. Considering the more complex clause handling of convertible bonds after Hong Kong listing historically, some low - remaining - term targets may have opportunities to play with clauses, which is a potential "possible change" worthy of attention in the current market environment where the overall parity of convertible bonds has significantly increased [4]. Summary by Relevant Catalogs 1. Historical Downward - Revision Situations of Convertible Bonds with Overseas - Listed Stocks - There are 9 convertible bonds in the current convertible bond market with shares circulating outside the A - share market, including 5 Hong Kong - listed companies and 4 companies with Swiss GDR issuances [7][8]. - From 2016 to now, among 36 convertible bonds with overseas - listed stocks, only 2 had downward - revision histories. About 16 of these targets triggered downward revisions, among which 3 convertible bonds proposed downward revisions, but Fulai Convertible Bond failed in the downward - revision proposal. Among the remaining 13 convertible bonds, 7 have been delisted, and 6 are still in the market [8][9]. 1.1 Shanghai Electric: Shareholder Meetings Held in Both A - share and H - share Markets, with 25% of H - shareholders Opposing - Electric Convertible Bond was listed on the Shanghai Stock Exchange in February 2016 and delisted in 2021. In November 2018, the company's board of directors proposed a downward revision of the convertible bond. In the special resolution on voting to revise the conversion price of Electric Convertible Bond, nearly 100% of A - shareholders voted in favor, and 75% of H - shareholders voted in favor. Since the total number of favorable votes in both places exceeded two - thirds, the downward - revision proposal passed. Throughout its life cycle, Electric Convertible Bond only had this one downward revision and finally expired and was delisted [11][12]. - From the 2018 holder structure of Electric Convertible Bond, it can be inferred that the actual controller participated in the voting. From the shareholder structure disclosed by the Hong Kong Stock Exchange in the 2018 semi - annual report, neither the controlling shareholder nor foreign investors had the right to veto [15]. - Three points can be summarized from the case of Electric Convertible Bond: foreign investors are likely to vote against downward revisions; the successful downward revision of Electric Convertible Bond may be due to the controlling shareholder having a large proportion of voting rights in both A - shares and H - shares; if a convertible bond proposes a downward revision, it may require more than two - thirds of favorable votes from both A - shares and H - shares [18][19]. 1.2 Huayou Cobalt: No Separate Shareholder Meeting for GDR, Similar to Foreign Investors in A - shares - Since Huayou Cobalt issued GDRs, its holders need to exercise voting rights through custodians. In November 2024, only one A - share temporary shareholder meeting was held for the downward - revision vote. The participating equity was 560 million shares, accounting for 33.4% of the total share capital. The major shareholder did not participate in the voting, and the opposing votes were about 10%. Considering that Huayou Cobalt's GDRs accounted for less than 6% of the total share capital, foreign investors had relatively less say in the downward revision [20]. 2. Summary: Planning for Hong Kong Listing is a "Possible Change" for Convertible Bonds - After listing in Hong Kong or the US, due to the opposition of foreign investors, there may be some obstacles to the downward revision of convertible bonds. However, such convertible bonds still have the possibility of downward revision. Since 2025, the number of issuers submitting Hong Kong - listing plans in the convertible bond market has been increasing. Some low - remaining - term targets may have opportunities to play with clauses, but after the corresponding issuers' H - share listing, the opportunities for clause games may be fewer [22].

Core Viewpoint - China Southern Airlines has issued A-share convertible bonds totaling 16 billion yuan, approved by the board and shareholders, to support its operational and financial needs [2][3][4]. Section 1: Bond Details - The bond issuance was approved on May 14, 2020, and the total amount authorized is up to 16 billion yuan [2]. - The company issued 160 million A-share convertible bonds at a face value of 100 yuan each, raising a total of 16 billion yuan [3]. - The bonds have a term of 6 years, from October 15, 2020, to October 14, 2026, with a tiered interest rate starting at 0.2% in the first year and reaching 2.0% in the sixth year [4][5]. Section 2: Financial Performance - For the fiscal year 2024, the company reported a total operating revenue of 174.224 billion yuan, an increase of 8.94% from the previous year [19]. - The passenger transport volume reached 164.73 million, up 15.84% year-on-year [19]. - Despite revenue growth, the company faced a net loss attributable to shareholders of 1.696 billion yuan, a significant improvement from a loss of 4.209 billion yuan in the previous year [19]. Section 3: Use of Proceeds - The net proceeds from the bond issuance, after deducting underwriting fees, amounted to approximately 15.98 billion yuan, which is allocated for aircraft purchases, spare engine acquisition, and working capital [17][19]. - The company has committed to investing 1.06 billion yuan in aircraft and maintenance projects, 60 million yuan in spare engines, and 480 million yuan in working capital, with actual investments meeting or exceeding these commitments [19][20]. Section 4: Credit Rating - The bonds have been rated AAA by the credit rating agency, indicating a strong credit quality and stable outlook for the issuer [16][18].

Credit Ratings Overview - The report updates the credit ratings for convertible bonds as of Q1 2025, covering a total of 448 non-financial convertible bonds[2] - Infrastructure, retail, and light asset service sectors saw an increase in credit ratings compared to the previous quarter, while consumer healthcare, manufacturing, and cyclical sectors experienced a decline[2] Sector Breakdown - Infrastructure sector includes 37 bonds, retail sector has 12, public utilities 21, light asset services 22, consumer healthcare 90, manufacturing 162, and cyclical 104[2] - The credit ratings for public utilities remained relatively stable compared to the previous quarter[2] Risk Factors - The credit analysis framework for convertible bonds is noted to be incomplete, and the assessment of issuers' creditworthiness lacks detail[3] - Potential unexpected adjustments to convertible bond regulations pose a risk to the market[3] Future Updates - The company plans to continue updating the credit ratings for convertible bonds on a quarterly basis, encouraging investors to stay informed[2]

Core Viewpoint - China Southern Airlines maintains a strong market position and has achieved a turnaround in profitability, although it still faces challenges from high fuel costs and debt levels [3][4][5]. Company Overview - China Southern Airlines is a key player in the domestic aviation industry, operating under the China Southern Airlines Group, with a fleet of 917 aircraft as of the end of 2024 [10][11]. - The company reported total assets of 3297.38 billion yuan and equity of 525.95 billion yuan in 2024, with operating revenue reaching 1742.24 billion yuan and a profit of 15.81 billion yuan [10][11]. Financial Performance - The company experienced a significant recovery in 2024, with total profit turning from a loss of 16.45 billion yuan in 2023 to a profit of 15.81 billion yuan [10][11]. - Operating revenue increased by 8.52% year-on-year, driven by a rise in passenger and cargo transport volumes [16][20]. - The gross profit margin for the main business slightly improved, with the main business cost rising by 8.52% [16][20]. Market Position - China Southern Airlines holds the largest market share in passenger transport, accounting for 22.56% of the total market, and 20.42% in cargo transport [11][12]. - The company has a well-developed route network, focusing on key hubs in Guangzhou, Beijing, and Urumqi, and has expanded its international routes significantly [10][11][12]. Operational Efficiency - The company achieved a passenger load factor of 71.21% in 2024, reflecting improved operational efficiency [22]. - The average age of the fleet is 9.2 years, with a focus on maintaining a modern and efficient aircraft lineup [22]. Industry Environment - The aviation industry is recovering from the impacts of the pandemic, with demand for air travel increasing as economic conditions improve [10][11]. - The industry remains sensitive to fluctuations in fuel prices and exchange rates, which can significantly impact operational costs [5][10].