Credit Brief — China Southern Airlines Company Limited (南方航空)
600029.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 马须伦
- Registered address: 办公楼3楼301室
- Office address: 中国广东省广州市白云区齐心路68号中国南方航空
- Controlling shareholder: 南航集团
- Employees: 108,176
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 20,240.0 | 9,924.0 | 15,994.0 | 16,973.0 | — |
| Trading financial assets | 0.0 | 3,157.0 | 2,695.0 | 2,853.0 | — |
| Accounts receivable | 2,656.0 | 3,322.0 | 3,463.0 | 3,954.0 | — |
| Other receivables | 1,943.0 | 1,640.0 | 3,095.0 | 3,817.0 | — |
| Inventories | 936.0 | 1,014.0 | 1,102.0 | 1,905.0 | — |
| Long-term equity investments | 6,205.0 | 6,718.0 | 7,168.0 | 7,633.0 | — |
| Fixed assets | 90,810.0 | 93,076.0 | 100,691.0 | 112,298.0 | — |
| Construction in progress | 33,322.0 | 34,199.0 | 34,584.0 | 23,955.0 | — |
| Intangible assets | 6,547.0 | 6,629.0 | 7,341.0 | 7,547.0 | — |
| Total assets | 312,001.0 | 309,226.0 | 329,738.0 | 349,814.0 | — |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 53,674.0 | 51,362.0 | 40,440.0 | 34,188.0 | — |
| Notes payable | 0.0 | 236.0 | 1,089.0 | 3,176.0 | — |
| Accounts payable | 14,351.0 | 19,722.0 | 18,490.0 | 20,622.0 | — |
| Contract liabilities | 1,496.0 | 1,509.0 | 1,749.0 | 1,938.0 | — |
| Other payables | 7,939.0 | 8,969.0 | 8,644.0 | 8,298.0 | — |
| Current portion of non-current liabilities | 41,167.0 | 33,782.0 | 35,457.0 | 54,009.0 | — |
| Long-term borrowings | 15,316.0 | 38,130.0 | 35,985.0 | 7,831.0 | — |
| Bonds payable | 19,128.0 | 6,894.0 | 20,885.0 | 40,385.0 | — |
| Total liabilities | 256,887.0 | 257,229.0 | 277,143.0 | 294,803.0 | — |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 18,121.0 | 18,121.0 | 18,121.0 | 18,121.0 | — |
| Capital reserve | 52,775.0 | 52,756.0 | 52,444.0 | 52,444.0 | — |
| Equity attributable to owners of the parent | 41,057.0 | 36,784.0 | 34,729.0 | 35,580.0 | — |
| Minority interests | 14,057.0 | 15,213.0 | 17,866.0 | 19,431.0 | — |
| Total equity | 55,114.0 | 51,997.0 | 52,595.0 | 55,011.0 | — |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 87,059.0 | 159,929.0 | 174,224.0 | 182,256.0 | — |
| Cost of sales | 105,862.0 | 147,582.0 | 159,571.0 | 163,780.0 | — |
| Selling expenses | 4,555.0 | 6,629.0 | 7,122.0 | 7,497.0 | — |
| Administrative expenses | 3,560.0 | 3,779.0 | 4,113.0 | 4,288.0 | — |
| Finance costs | 9,240.0 | 6,393.0 | 6,628.0 | 5,034.0 | — |
| Investment income | 1,831.0 | 1,911.0 | 1,021.0 | — | — |
| Operating profit | — | — | 3,967.0 | — | — |
| Profit before tax | — | — | 1,581.0 | 4,811.0 | — |
| Net profit | — | 0.0 | 154.0 | 2,685.0 | — |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.23x | 0.21x | 0.27x | 0.28x | — |
| Quick ratio | 0.23x | 0.21x | 0.26x | 0.26x | — |
| Debt-to-asset ratio | 82.3% | 83.2% | 84.0% | 84.3% | — |
| Total debt / EBITDA | 8.70x | 9.16x | 9.00x | 7.33x | — |
| EBITDA interest coverage | 2.47x | 2.40x | 2.56x | 3.35x | — |
| Gross margin | -21.6% | 7.7% | 8.4% | 10.1% | — |
| Net margin | — | 0.0% | 0.1% | 1.5% | — |
| Return on equity (ROE) | — | 0.0% | 0.3% | 4.9% | — |
| Revenue growth | — | 83.7% | 8.9% | 4.6% | — |
| Net profit growth | — | — | — | 1643.5% | — |
| Receivable days | 11 | 8 | 7 | 8 | — |
| Operating CF / net profit | — | — | 204.19x | 14.23x | — |
| Free cash flow | 3,465.0 | 40,134.0 | 31,445.0 | 38,209.0 | 0.0 |
Mechanical risk flags
- ⚠ Current ratio: 0.28 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.26 (level: high, reference threshold: <0.5)
- ⚠ EBITDA interest coverage: 3.35 (level: medium, reference threshold: <5.0)
- ⚠ Gross margin: 0.10 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 6,894.0 vs 12,392.0 CNY mn (deviation 44.37%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 5,498.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2025 · Same item across different source documents: 35,580.0 vs 30,119.0 CNY mn (deviation 15.35%, severity mid)
Sources:2025年年度报告.pdfvs2026年半年度报告.pdf. Two source documents differ by 5,461.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2025 · Same item across different source documents: 19,431.0 vs 21,126.0 CNY mn (deviation 8.02%, severity mid)
Sources:2025年年度报告.pdfvs2026年半年度报告.pdf. Two source documents differ by 1,695.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2025 · Same item across different source documents: 55,011.0 vs 51,245.0 CNY mn (deviation 6.85%, severity mid)
Sources:2025年年度报告.pdfvs2026年半年度报告.pdf. Two source documents differ by 3,766.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
5 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 现金及现金等价物净增加额 vs 货币资金变动; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 16,973.0 | 2025年年度报告.pdf | 92 | 货币资金 | 16973.0 (百万元) |
| Total assets | 2025 | 349,814.0 | 2025年年度报告.pdf | 92 | 资产总计 | 349814.0 (百万元) |
| Accounts receivable | 2025 | 3,954.0 | 2025年年度报告.pdf | 92 | 应收账款 | 3954.0 (百万元) |
| Fixed assets | 2025 | 112,298.0 | 2025年年度报告.pdf | 92 | 固定资产 | 112298.0 (百万元) |
| Short-term borrowings | 2025 | 34,188.0 | 2025年年度报告.pdf | 93 | 短期借款 | 34188.0 (百万元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.