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Spring Airlines Co., Ltd.

Spring Airlines Co., Ltd.

601021.SS
Spring Airlines Co., Ltd.CN flagShanghai Stock Exchange
47.20
CNY
-0.69
- -
46.18BMarket Cap
Spring Airlines Co., Ltd.
601021.SS
(Shanghai Stock Exchange)

Recent

price

47.20

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
7.44
9.38
10.94
12.18
10.24
10.55
13.74
14.57
16.16
10.19
11.1
9.1
18.36
20.5
22.04
20.82
Revenue per Share
0.81
1.04
1.22
1.47
1.68
1.19
1.58
1.67
2.01
-0.64
0.04
-3.3
2.31
2.33
2.38
2.12
Basic EPS, GAAP
- -
-0.43
1.35
-2.3
-3.63
-3.49
-0.32
-0.31
-2.08
-3.85
-4.62
-4.49
3.57
-1.35
0.3
-5.94
Free Cash Flow per Basic Share
0.15
0.22
0.36
0.39
0.38
0.65
0.54
0.5
0.63
0.69
0.49
0.62
0.57
1.2
1.69
1.15
Dividend per Share
1.8
2.74
3.85
5.19
5.98
6.79
8.07
8.77
10.47
9.05
8.55
5.86
7.75
9.39
10.57
9.71
Book Value per Share
2.41
3.36
4.48
5.82
8.19
9.09
10.52
14.73
16.4
13.97
13.26
14.05
15.35
17.07
17.92
17.12
Tangible Book Value per Share
600
601
600
601
790
799
798
900
916
919
978
920
977
976
974
981
Basic Weighted Avg Shares
4,463
5,632
6,563
7,328
8,094
8,429
10,971
13,114
14,804
9,373
10,858
8,369
17,938
20,000
21,460
20,429
Sales/Revenue/Turnover
4.61
7.68
8.16
9.82
14.52
7.43
16.29
15.18
16.6
1.91
2.73
-33.58
16.26
14.59
15.6
14.77
Operating Margin (%)
114
218
273
305
377
535
742
818
878
925
2,161
2,288
2,371
2,729
2,987
- -
Depreciation Expense
483
625
732
884
1,328
951
1,262
1,503
1,841
-588
39
-3,036
2,257
2,273
2,317
2,081
Net Income, GAAP
25.88
25.87
25.81
27.28
26.39
25.95
23.6
24.94
23.54
- -
- -
- -
14.56
14.34
23.52
22.71
Effective Tax Rate (%)
10.83
11.09
11.16
12.07
16.41
11.28
11.5
11.46
12.44
-6.28
0.36
-36.27
12.58
11.36
10.8
10.19
Profit Margin (%)
-679
266
-311
-1,295
-714
1,518
1,174
2,205
1,080
-1,645
-961
-1,601
184
2,964
-1,108
1,607
Working Capital
941
2,431
1,961
2,329
3,354
6,152
5,703
5,282
4,450
10,354
12,778
13,995
13,282
15,037
14,866
15,688
LT Debt
1,449
2,073
2,743
3,553
6,540
7,323
8,464
13,325
15,084
13,619
13,747
13,693
15,750
17,381
18,164
17,528
Total Equity
- -
7.13
7.07
7.13
7.97
3.14
7.93
7.37
7.79
- -
- -
- -
6.45
6.59
6.64
6.2
Return on Invested Capital (%)
- -
18.13
16.97
14.81
14.96
9.13
9.82
10.29
11.06
- -
- -
- -
9.33
9.33
8.95
8.55
Return on Capital (%)
- -
45.8
37
32.53
33.83
18.73
21.26
20.97
21.06
-6.57
0.47
-44.16
34.85
27.17
23.83
23.41
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
4,601
5,586
5,283
LT Borrowings
13,812
15,025
13,834
LT Finance Leases
1,225
1,244
1,855
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
979
978
978
Market Capitalization
56,274
51,001
54,612

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
12,013
12,793
12,098
Cash, Cash Equivalents & STI
10,224
10,861
10,260
Accounts Receivable, Net
126
165
147
Inventories
355
363
357
Total Current Liabilities
9,049
9,123
10,492
Payables & Accruals
- -
- -
- -
ST Debt
4,601
5,586
5,283
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
11.89%
6.09%
4.5%
Free Cash Flow
16.83%
-85.02%
-122.11%
Net Income, GAAP
-822.63%
-1,628.05%
1.96%
Sales/Revenue/Turnover
15.61%
25.21%
7.3%
Total Cash Common Dividend
24.06%
28.78%
41.16%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
5,168
4,707
6,102
4,023
20,000
2025
5,317
4,987
4,687
- -
21,460
2026
6,070
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.83
- -
- -
- -
2.33
2025
0.69
- -
- -
- -
2.38
2026
1.02
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.14
- -
- -
- -
1.2
2025
0.11
- -
- -
- -
1.69
2026
0.1
- -
- -
- -
- -
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Business
Spring Airlines Co., Ltd. (601021.SS) operates as China's first private low-cost carrier, providing scheduled passenger and cargo air transportation services domestically and internationally. The company offers economy-class flights on an all-Airbus A320 family fleet of 134 aircraft across over 190 routes, including key domestic destinations such as Shanghai, Guangzhou, Shenzhen, Xiamen, Sanya, Shenyang, Harbin, Dalian, Qingdao, Shijiazhuang, Chongqing, Xi'an, Urumqi and Hohhot; it also provides ancillary services encompassing onboard meals, seat selection, baggage upgrades, hotels, scenic spot tickets, visa processing, car rentals, airport transfers, insurance products and e-commerce platforms. Founded in 2004 and headquartered in Shanghai, China, with domestic bases at Shanghai Hongqiao and Pudong airports as well as Shenyang, Shijiazhuang, Shenzhen, Yangzhou, Ningbo, Lanzhou, Xi'an, Chengdu, Dalian, Nanchang and Jieyang, the airline maintains an overseas base in Jeju, South Korea, and a Hebei branch established in 2018; it is a subsidiary of Shanghai Spring International Travel Service (Group) Co., Ltd. In 2024, Spring Airlines achieves the highest on-time performance among major domestic carriers with a 91.49% load factor and fares approximately 30% below market averages, alongside supplemental businesses in import-export of goods and technologies, advertising, financial leasing, equipment rental and aviation catering. Recent developments include receiving AirlineRatings' 7 Star Safety Rated Airline award in October 2025, accumulating 4 million safe flight hours for the CAAC Four-Star Flight Safety Award in June 2025, announcing a CNY 500 million share repurchase program with price adjustments in October 2025, and exploring a potential Hong Kong listing advised by JPMorgan and UBS potentially raising several hundred million dollars.