文 | 《BUG》栏目组 刘丽丽 幸福航空"停航"近一个月。航司表示，目前还没有接到航线恢复通知。内部员工则透露， 公司已经明确再一次延长停航到 10 月 25 日，首批轮岗上班名单已经出台，初步名单是 159 人，还要报控股股东西安航空航天投资公司审核。 谁能接盘幸福航空成为业内热议的话题。有消息称，幸福航空大股东西安国资方面曾在内部 透露，正在为幸福航空寻找战投，谈妥后将复航，时间最快为 3 个月，最慢要到今年年 底。 西安市国资委、幸福航空控股股东西安航空航天投资公司内部人士告诉新浪财经，有意向的 投资人不方便说，以内部会议的宣贯和解答为准。 在业内看来，幸福航空持有牌照，该牌照是它的"护身符"。一位幸福航空飞行员表示，民 航大型飞机公共航空运输承运人牌照价格昂贵，可达十几亿元。 同时，幸福航空的相关诉讼信息却在不断增加。查询发现，从停航至今，幸福航空已新增 6 条被执行人信息，其中 4 条是劳动仲裁和劳动争议相关。 工资缩水 全员等待"接盘侠" 5 月中旬，幸福航空管理层与控股股东西安航空航天投资股份有限公司（下称"西安航 投"）高管，就幸福航空最新情况及下一步计划，与包括飞行员在内的员工进行了沟通交 ...

Core Viewpoint - The future of Xingfu Airlines appears bleak, with significant operational challenges and financial distress leading to potential bankruptcy or acquisition by a larger entity [1][2][4]. Group 1: Financial Distress - Xingfu Airlines has canceled all flights during the May Day holiday, with employees receiving a notice to take leave without pay due to financial issues [1]. - The company is reported to owe 10 months of salaries, 40 months of pension contributions, and 28 months of social security payments, indicating severe cash flow problems [1]. - The airline's debt has reached 300 million, and it has been unable to pay critical fees such as airport service and fuel costs since the first quarter of 2023 [6][7]. Group 2: Operational Challenges - Xingfu Airlines has a high employee-to-aircraft ratio of 200, significantly exceeding the industry average, and currently operates only 5 aircraft, including 3 Boeing 737s and 2 MA60s [7]. - The MA60 aircraft, which constitutes 90% of its fleet, is described as outdated and inefficient, leading to high operational costs and low market acceptance [7][8]. - The airline's route planning has been criticized, with flights on routes easily accessible by high-speed rail, resulting in low passenger load factors [8][9]. Group 3: Historical Context - Founded in 2008, Xingfu Airlines aimed to operate domestically produced aircraft but has faced continuous financial losses since its inception, including a net loss of 1.52 billion in 2014 [3][4]. - The airline has undergone multiple ownership changes, with significant equity transfers and restructuring efforts, including a takeover by the Xi'an State-owned Assets Supervision and Administration Commission in 2018 [4][6]. - The company has struggled to adapt to market demands, failing to establish a differentiated positioning in the competitive aviation landscape [9].

Core Viewpoint - Happiness Airlines has been facing operational difficulties and legal issues, leading to the cancellation of all flights from April 28 to 30, with uncertainty regarding future operations [2][3]. Company Overview - Happiness Airlines, headquartered in Xi'an, Shaanxi, has over 1,000 employees and operates routes to cities such as Harbin, Changsha, Yantai, Dalian, and Weihai, with a fleet of 25 new Shaanxi Y-60 aircraft and 5 Boeing 737 aircraft [3]. - The airline's operational capacity has significantly decreased, with only 2 Y-60 and 3 Boeing 737 aircraft in operation by March 2025 [3]. Financial Performance - The airline has struggled financially, reporting a net loss of 152 million yuan in 2014 and an asset-liability ratio of 110% [4]. - Despite attempts to improve operations, including the introduction of Boeing 737 aircraft, the company has continued to face financial challenges, with a reported revenue of 395 million yuan and a net loss of 222 million yuan in 2017 [4]. Legal Issues - Happiness Airlines is entangled in numerous legal disputes, with 183 risk entries and 74 court announcements, including labor disputes and contract issues with various entities [3][4]. - A former executive has sought unpaid performance bonuses from the airline, highlighting ongoing issues with salary payments and employee compensation [3]. Industry Context - The small airline sector faces significant challenges, including high operational costs, lack of scale advantages, and uncertain market demand, exacerbated by the COVID-19 pandemic [5]. - The global aviation industry has seen numerous bankruptcies and mergers, with examples from South Korea and the United States illustrating the difficulties faced by smaller airlines [5][6]. - In China, while many airlines are still struggling post-pandemic, there has been no significant merger or restructuring activity among the major airlines, although some smaller airlines have been acquired by local state-owned enterprises [6][7].

Group 1 - Happiness Airlines canceled all flights on May 1, and there is no ticket information available for flights after the May Day holiday [1] - Employees were notified of the suspension of flights after work on April 27, with a temporary cancellation of three days of flights starting from April 28 [1] - This is the first time Happiness Airlines has canceled all flights in its 17-year history, and there have been multiple changes in shareholders over the years [1][6] Group 2 - Happiness Airlines was initially established with shareholders from AVIC and Eastern Airlines, primarily operating the new turboprop aircraft, the Xinjian 60, which has faced operational challenges due to its design flaws [6] - In 2014, the company reported a loss of 152 million and a debt-to-asset ratio of 110% [6][7] - After a series of shareholder changes, a state-owned enterprise from Xi'an became the controlling shareholder, and the airline began introducing Boeing 737 aircraft [7] Group 3 - Currently, Happiness Airlines operates 25 Xinjian 60 aircraft and 5 Boeing 737 aircraft, but only 4 aircraft were operational in April, consisting of 2 Xinjian 60 and 2 Boeing 737 [7] - The airline has faced frequent restrictions on high consumption due to contract disputes, with the latest restriction issued by a court in March 2024 for a contract dispute involving 124 million [9] Group 4 - The operational difficulties of Happiness Airlines reflect broader challenges in the regional aviation market in China, where only one airline operates purely regional aircraft [10] - The lack of passenger demand and competition from high-speed rail have contributed to the struggles of regional airlines, with 75.8% of regional routes averaging less than one flight per day [10] - To be profitable, regional airlines often rely on government subsidies, which can be uncertain and lead to sustainability issues in the regional market [10] Group 5 - Suggestions for improving regional airline operations include focusing on secondary hubs in smaller cities and increasing flight frequency to attract passengers [11] - The use of capacity purchase agreements (CPA) between major airlines and regional carriers is recommended to enhance operational efficiency and market reach [11]