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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 2018 CNYUSD
Gross Profit1,237.41M187.00M
Operating income687.75M103.93M
Income before tax2,007.78M303.42M
Net income1,502.84M227.11M
Diluted EPS1.670.25
Dividends Per Share----
Total Assets26,602.26M3,874.66M
Total liabilities13,277.59M1,933.90M
Total equity13,324.67M1,940.76M
Operating cash flow3,099.79M468.45M
Currency in CNYCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 7,312.37M 8,069.60M 8,422.72M 10,956.24M 13,098.58M
Gross Profit 1,061.39M 1,591.79M 1,054.49M 1,298.43M 1,237.41M
Operating income 719.61M 1,175.45M 1,529.01M 768.15M 687.75M
Income before tax 1,215.85M 1,921.30M 1,374.23M 1,650.17M 2,007.78M
Net income 884.18M 1,327.85M 950.51M 1,261.58M 1,502.84M
EBITDA 1,056.42M 1,591.16M 2,112.72M 1,563.56M 1,564.82M
Diluted EPS 1.10 1.66 1.19 1.58 1.67
Dividends Per Share 0.12 0.21 0.16 0.18 --
Total Assets 11,261.48M 16,028.98M 19,646.56M 20,605.60M 26,602.26M
Total liabilities 7,708.19M 9,489.20M 12,323.07M 12,131.16M 13,277.59M
Total equity 3,553.29M 6,539.77M 7,323.48M 8,463.90M 13,324.67M
Operating cash flow 913.47M 1,612.14M 2,191.04M 2,431.25M 3,099.79M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 1,186.74M 1,283.92M 1,267.80M 1,621.17M 1,979.53M
Gross Profit 172.25M 253.26M 158.72M 192.12M 187.00M
Operating income 116.78M 187.02M 230.15M 113.66M 103.93M
Income before tax 197.32M 305.69M 206.85M 244.17M 303.42M
Net income 143.49M 211.27M 143.07M 186.67M 227.11M
EBITDA 171.45M 253.16M 318.01M 231.35M 236.48M
Diluted EPS 0.17 0.26 0.17 0.23 0.25
Dividends Per Share 0.01 0.03 0.02 0.02 --
Total Assets 1,815.19M 2,468.42M 2,827.04M 3,164.25M 3,874.66M
Total liabilities 1,242.45M 1,461.31M 1,773.23M 1,862.89M 1,933.90M
Total equity 572.74M 1,007.11M 1,053.81M 1,299.73M 1,940.76M
Operating cash flow 148.25M 256.50M 329.79M 359.74M 468.45M

Valuation Measures

Dec 2018
Operating margin5.25%
Profit margin11.47%

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%)
  • Nuode Asset Management Co., Ltd. (2.7%)
  • Shanghai Chuncheung Investment Co. Ltd. (2.6%)
  • Minsheng Royal Fund Management Co., Ltd. (2.5%)
  • China Securities Finance Corp. Ltd. (1.8%)
  • Shanghai Chunyi Investment Co. Ltd. (1.5%)
  • Penghua Asset Management Co., Ltd. (1.4%)
  • China State-Owned Assets Supervision & Admn Commission (1.2%)
  • Golden Trust Sinopac Fund Management Co., Ltd. (0.6%)

Contact Details

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