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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 2019 CNYUSD
Gross Profit1,653.69M239.32M
Operating income1,071.36M155.04M
Income before tax2,405.98M348.19M
Net income1,841.00M266.43M
Diluted EPS2.000.29
Dividends Per Share0.200.02
Total Assets29,408.49M4,221.90M
Total liabilities14,367.16M2,062.55M
Total equity15,038.55M2,158.94M
Operating cash flow3,646.39M527.70M
Currency in CNYCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 8,069.60M 8,422.72M 10,956.24M 13,098.58M 14,786.09M
Gross Profit 1,591.79M 1,054.49M 1,298.43M 1,237.41M 1,653.69M
Operating income 1,175.45M 1,529.01M 768.15M 687.75M 1,071.36M
Income before tax 1,921.30M 1,374.23M 1,650.17M 2,007.78M 2,405.98M
Net income 1,327.85M 950.51M 1,261.58M 1,502.84M 1,841.00M
EBITDA 1,591.16M 2,112.72M 1,563.56M 1,564.82M 2,011.62M
Diluted EPS 1.66 1.19 1.58 1.67 2.00
Dividends Per Share 0.21 0.16 0.18 0.20 0.20
Total Assets 16,028.98M 19,646.56M 20,605.60M 26,602.26M 29,408.49M
Total liabilities 9,489.20M 12,323.07M 12,131.16M 13,277.59M 14,367.16M
Total equity 6,539.77M 7,323.48M 8,463.90M 13,324.67M 15,038.55M
Operating cash flow 1,612.14M 2,191.04M 2,431.25M 3,099.79M 3,646.39M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 1,283.92M 1,267.80M 1,621.17M 1,979.53M 2,139.85M
Gross Profit 253.26M 158.72M 192.12M 187.00M 239.32M
Operating income 187.02M 230.15M 113.66M 103.93M 155.04M
Income before tax 305.69M 206.85M 244.17M 303.42M 348.19M
Net income 211.27M 143.07M 186.67M 227.11M 266.43M
EBITDA 253.16M 318.01M 231.35M 236.48M 291.12M
Diluted EPS 0.26 0.17 0.23 0.25 0.29
Dividends Per Share 0.03 0.02 0.02 0.03 0.02
Total Assets 2,468.42M 2,827.04M 3,164.25M 3,874.66M 4,221.90M
Total liabilities 1,461.31M 1,773.23M 1,862.89M 1,933.90M 2,062.55M
Total equity 1,007.11M 1,053.81M 1,299.73M 1,940.76M 2,158.94M
Operating cash flow 256.50M 329.79M 359.74M 468.45M 527.70M

Valuation Measures

Dec 2019
Operating margin7.24%
Profit margin12.45%

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


  • Shanghai Spring Autumn International Travel Service Group Co. (54.9%)
  • Shanghai Chunqiu Charter Flights Travel Agency Co. (3.7%)
  • Shanghai Chuncheung Investment Co. Ltd. (2.6%)
  • Minsheng Royal Fund Management Co., Ltd. (1.9%)
  • China Securities Finance Corp. Ltd. (1.8%)
  • Shanghai Chunyi Investment Co. Ltd. (1.5%)
  • Harvest Fund Management Co., Ltd. (1.0%)
  • China State-Owned Assets Supervision & Admn Commission (0.7%)
  • China Asset Management Co., Ltd. (0.6%)
  • JT Asset Management Co., Ltd. (0.6%)

Contact Details

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    Last Updated on 30 Oct, 2020

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