2025-08-28-上交所-春秋航空2025年半年度报告页_178页_1mb

Spring Airlines 2025 First Half-Year Report Summary

Company Overview

Spring Airlines is a prominent low-cost carrier in China, known for its low-price strategy and continuous market expansion following initial success in domestic flights. By June 2025, the company had set an ambitious goal to unify major domestic routes and accelerate international network growth.

Financial Highlights (Q1-Q6 2025)

• Total revenue reached RMB 10.3 billion, marking a 4.3% increase year-on-year.
• Net profit attributable to shareholders stood at RMB 1.168 billion, partially due to underperforming international routes.

Business Operations and Strategy

• Revenue management remains a key focus, with pricing strategies aligned with fluctuating seasonal markets to maximize profits without significant discounts.
• Expansion included strengthening the domestic network and 34% international route growth through regional hubs.
• Fleet development highlighted an addition of four A320neo planes, increasing the fleet to 133 aircraft with an average age under eight years.

Operating Risks

• Fuel Price Volatility: High dependency on aviation fuel poses cost pressures, with a 5% reduction in net profit observed in 2025.
• Competition: Continued rivalry from low-cost carriers in price-sensitive markets requires adaptive pricing tactics.
• Seasonal Variations: Demand surges during peak travel seasons, requiring strategic inventory management.

Management Approach and Investor Commitments

• Board-approved share buybacks aim to retire 2.16% of outstanding shares, offering shareholders value while maintaining strategic flexibility.
• Dividend policy includes plans to distribute finalFY2025 dividends at RMB 0.43 shares, reflecting strongcommitment to shareholder returns.

Conclusion

Spring Airlines maintains a focus on sustainable operational investments and environmental responsibility. A 44% increase in sustainable aviation fuel applications was reported, aligning with corporate efforts to reduce emissions and explore cleaner aviation alternatives.

End of Summary