Spring Airlines (601021) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached RMB 5.32 billion, up 2.88% year-over-year.

• Net profit attributable to shareholders was RMB 677 million, down 16.39% year-over-year.

• Operating cash flow dropped 55.75% year-over-year to RMB 454 million, mainly due to timing of ticket pre-sales and increased capacity costs.

Financial highlights

• Total assets at quarter-end were RMB 45.43 billion, up 3.65% from year-end 2024.

• Shareholders' equity rose 2.34% to RMB 17.79 billion.

• Basic and diluted EPS were RMB 0.69, down 16.87% year-over-year.

• Non-recurring profit items contributed RMB 3.08 million, mainly from asset disposals and government grants.

Key financial ratios and metrics

• Gross margin declined as operating costs increased faster than revenue.

• Weighted average ROE was 3.84%, down 1.18 percentage points year-over-year.

• Other comprehensive income loss widened to RMB -85.37 million, mainly from fair value changes in equity investments.