Spring Airlines Co., Ltd.


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Feb 23, 2018
Prev close: 34.43
Feb 23, 2018
Market cap:
Market cap(USD):
Shares: 916.89M

Currency in CNY

Company profile

Market(Ticker): SHG(601021)
Full time employees: 5,617

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. It also offers international routes within Asia. The company was founded by Zheng Hua Wang on November 1, 2004 and is headquartered in Shanghai, China.

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.

In the news

Financial highlights

Dec 2016

  • Local currency
  • US Dollar
Revenue 8,422.72M
Gross profit 1,054.49M
Operating income 1,529.01M
Income before tax 1,374.23M
Net income 950.51M
EBITDA 2,112.72M
Diluted EPS 1.19
Dividends per share 0.16
Total assets 19,646.56M
Total liabilities 12,323.07M
Total equity 7,323.48M
Operating cash flow 2,191.04M

Currency in CNY

Revenue 1,267.80M
Gross profit 158.72M
Operating income 230.15M
Income before tax 206.85M
Net income 143.07M
EBITDA 318.01M
Diluted EPS 0.17
Dividends per share 0.02
Total assets 2,827.04M
Total liabilities 1,773.23M
Total equity 1,053.81M
Operating cash flow 329.79M

Currency in USD

Valuation measures

Dec 2016

PER 30.87
ROA 5.32%
ROE 13.71%
Operating margin 18.15%
Profit margin 11.28%

Key executive

  • CFO, Secretary & Investor Relations Contact: Ke Chen
  • Director & Vice President: Zhi Jie Wang
  • Vice President: Xin Yu Wu

Share holders

  • Shanghai Spring Autumn International Travel Service Group Co.(63%)
  • Shanghai Chunqiu Charter Flights Travel Agency Co.(5.2%)
  • Shanghai Chuncheung Investment Co. Ltd.(4.5%)
  • Shanghai Chunyi Investment Co. Ltd.(2.2%)
  • China Securities Finance Corp. Ltd.(1.9%)
  • GF Fund Management Co., Ltd.(1.7%)
  • Penghua Fund Management Co., Ltd.(0.6%)
  • Taikang Asset Management Co., Ltd.(0.6%)
  • JF Asset Management Ltd.(0.6%)
  • Norges Bank Investment Management(0.5%)


  • Website:
  • Address: Hangyou Binguan, No. 528 Hongqiao Airport Road, Shanghai, 200335, China
  • Phone: +86.21.22353088

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