Spring Airlines (601021) investor relations material

Executive summary

• Revenue for H1 2026 reached RMB 12.34 billion, up 19.7% year-over-year, with net profit attributable to shareholders at RMB 1.04 billion, down 10.8% year-over-year.

• Passenger volume rose 14.2% to 17.37 million, with a record-high load factor of 92.6%.

• The company maintained its leading position in the low-cost carrier segment, expanding its fleet to 138 aircraft and operating 263 routes.

Financial highlights

• Operating cash flow increased 24.1% to RMB 3.46 billion.

• Total assets grew 10% to RMB 51.57 billion, while net assets attributable to shareholders declined 2.6% to RMB 17.70 billion.

• Basic and diluted EPS were RMB 1.08, down 10% year-over-year.

• Non-recurring profit items contributed RMB 15.74 million.

Outlook and guidance

• The company plans to maintain high load factors and further optimize route structure, focusing on both domestic and international expansion.

• Management expects continued cost pressures from fuel prices but aims to offset through efficiency and ancillary revenue growth.

• Dividend payout for H1 2026 is set at RMB 0.33 per share, with total cash dividends and buybacks exceeding net profit for the period.