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Spring Airlines Co., Ltd.

Company Background

Spring Airlines is a Chinese commercial airline based in Shanghai and is the nation's first low-cost carrier. Founded in 2004, the company made its maiden flight in July 2005. Demand for both domestic and overseas tours is growing in China along with an increase in the number of middle-income consumers. Spring Airlines is seeking to capitalize on the trend by minimize the cost of management and offering bargain fares.

Listed on the Shanghai Stock Exchange, Spring Airlines originated from Shanghai Spring International Travel Service founded in the 1980s by Wang Zhenghua after retiring from a civil service position. Wang developed the company into one of the largest private travel agencies in China.

While railways were the principal means of transportation in China until around 2000, Wang entered the aviation business in expectation of a steep increase in demand for flight services.

Spring Airlines currently flies over more than 50 domestic and international routes in total. Promoting cost cuts including fee-based in-flight meals, the company offers special discount tickets such as 99 yuan and 199 yuan.

Spring Airlines is also pushing ahead with business strategies to remain in the black despite lower fares. For example, the promotion of marketing campaigns enables the company to operate at more than 90% of capacity.

At present, Spring Airlines offers fares 30% lower on the average than rivals and maintains a seat-occupancy rate of more than 95%, it said.

Business Summary

Spring Airlines Co., Ltd. engages in the provision of local and international aviation services. It offers domestic routes such as Guangzhou, Zhuhai, Kunming, Xiamen, Shenyang, Harbin, Urumqi, Haikou, Guilin, Wenzhou and Qingdao. The company also offers international routes within Asia. Spring Airlines was founded by Zheng Hua Wang on November 1, 2004 and is headquartered in Shanghai, China.

Financial Highlights

Dec 2021 CNYUSD
Gross Profit-514.85M-79.83M
Operating income-1,037.85M-160.92M
Income before tax16.14M2.50M
Net income39.11M6.06M
Diluted EPS0.040.00
Dividends Per Share00
Total Assets38,381.93M6,022.25M
Total liabilities24,634.83M3,865.28M
Total equity13,747.09M2,156.96M
Operating cash flow1,891.57M293.29M
Currency in CNYCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 10,956.24M 13,098.58M 14,786.09M 9,358.81M 10,837.41M
Gross Profit 1,298.43M 1,237.41M 1,653.69M -636.14M -514.85M
Operating income 768.15M 687.75M 1,071.36M -1,090.21M -1,037.85M
Income before tax 1,650.17M 2,007.78M 2,405.98M -202.47M 16.14M
Net income 1,261.58M 1,502.84M 1,841.00M -588.41M 39.11M
EBITDA 1,563.56M 1,564.82M 2,011.62M -106.67M 1,177.82M
Diluted EPS 1.58 1.67 2.00 -0.64 0.04
Dividends Per Share 0.18 0.20 0.20 0 0
Total Assets 20,605.60M 26,602.26M 29,408.49M 37,987.23M 38,381.93M
Total liabilities 12,131.16M 13,277.59M 14,324.80M 24,367.84M 24,634.83M
Total equity 8,463.90M 13,324.67M 15,080.90M 13,619.36M 13,747.09M
Operating cash flow 2,431.25M 3,099.79M 3,646.39M 1,044.28M 1,891.57M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 1,621.17M 1,979.53M 2,139.85M 1,355.91M 1,680.38M
Gross Profit 192.12M 187.00M 239.32M -92.16M -79.83M
Operating income 113.66M 103.93M 155.04M -157.95M -160.92M
Income before tax 244.17M 303.42M 348.19M -29.33M 2.50M
Net income 186.67M 227.11M 266.43M -85.24M 6.06M
EBITDA 231.35M 236.48M 291.12M -15.45M 182.62M
Diluted EPS 0.23 0.25 0.29 -0.09 0.00
Dividends Per Share 0.02 0.03 0.02 0 0
Total Assets 3,164.25M 3,874.66M 4,221.90M 5,808.62M 6,022.25M
Total liabilities 1,862.89M 1,933.90M 2,056.47M 3,726.08M 3,865.28M
Total equity 1,299.73M 1,940.76M 2,165.02M 2,082.53M 2,156.96M
Operating cash flow 359.74M 468.45M 527.70M 151.29M 293.29M

Valuation Measures

Dec 2021
Operating margin-9.57%
Profit margin0.36%

Key executives

  • President, General Manager & Director: Zhi Jie Wang
  • Chief Financial Officer & Secretary: Ke Chen
  • Vice President: Xin Yu Wu
  • Securities Affairs Representative: Zhi Qin Zhao


  • Harvest Fund Management Co., Ltd. (4.9%)
  • Shanghai Chuncheung Investment Co. Ltd. (2.1%)
  • China Securities Finance Corp. Ltd. (1.8%)
  • Zhong Ou Asset Management Co., Ltd (1.8%)
  • Shanghai Chunyi Investment Co. Ltd. (1.4%)
  • Hongde Fund Management Co., Ltd. (0.7%)
  • China Asset Management Co., Ltd. (0.5%)
  • ICBC Credit Suisse Asset Management Co., Ltd. (0.4%)
  • GF Fund Management Co., Ltd. (0.4%)

Contact Details

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Last Updated on 30 Nov, 2022

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