南航物流IPO获受理 三大航物流业务即将齐聚A股

China Southern Airlines Logistics IPO Accepted, Top Three Airlines' Logistics Business to Gather on A-Share Market

赶在2023年末，南航物流正式启动IPO。继东航物流2021年完成A股上市，国货航去年9月深主板IPO过会后，三大航物流板块混改上市即将齐聚A股。

China Southern Airlines Logistics officially initiated its IPO at the end of 2023. Following the A-share listing of Eastern Airlines Logistics in 2021 and the approval of Air China Cargo's IPO on the Shenzhen Stock Exchange last September, the logistics segments of the top three airlines are set to converge on the A-share market as they undergo mixed-ownership reforms and listings.

南方航空1月2日晚间公告，南方航空物流股份有限公司（简称“南航物流”）沪主板IPO于2023年12月31日获上交所受理。本次IPO，南航物流计划募资60.8亿元，其中，56亿元用于购置全货机，4.8亿元用于信息化及数字化建设。

China Southern Airlines announced on the evening of January 2 that Southern Airlines Logistics Co., Ltd. (referred to as "Southern Airlines Logistics") had its Shanghai Stock Exchange main board IPO application accepted by the Shanghai Stock Exchange on December 31, 2023. With this IPO, Southern Airlines Logistics plans to raise 6.08 billion yuan, of which 5.6 billion yuan will be used to purchase freighter aircraft, and 480 million yuan will be allocated for informatization and digital construction.

2022年营收达215亿元

In 2022, the revenue reached 21.5 billion yuan.

南航物流借助全球化的航线网络，广深、上海的综合性航空物流枢纽，打造多层次的航空物流产品体系，已成为国内领先的航空物流服务供应商之一。公司主营业务可分为航空速运、地面综合服务和供应链综合解决方案。

Leveraging its global route network and comprehensive aviation logistics hubs in Guangzhou-Shenzhen and Shanghai, Southern Airlines Logistics has developed a multi-tiered aviation logistics product system and has become one of the leading aviation logistics service providers in China. The company's main business can be divided into air express, ground integrated services, and supply chain integrated solutions.

南航物流服务的客户遍及传统航空货运代理、快递物流、跨境电商、合作航司、生产厂商等多个领域，拥有众多知名客户。货机方面，截至招股说明书签署日，南航物流独家经营17架全货机，均为B777F大型全货机，拥有国内领先的大型货机运输机队。借助全货机在远程航线上的显著优势，公司能够进一步提升国际业务的市场份额水平。此外，借助南方航空丰富的客机机队资源开展客机货运业务，形成了国内领先的客机货运运力和网络。

China Southern Airlines Logistics serves a diverse clientele that includes traditional air freight forwarders, express logistics companies, cross-border e-commerce businesses, partner airlines, and manufacturers, boasting many well-known customers. In terms of cargo aircraft, as of the date of signing the prospectus, China Southern Airlines Logistics exclusively operates 17 B777F large all-cargo aircraft, owning one of the leading large cargo fleets in China. Leveraging the significant advantages of all-cargo aircraft on long-haul routes, the company is able to further increase its market share in international operations. Additionally, by utilizing the abundant passenger aircraft resources of Southern Airlines to conduct passenger aircraft cargo operations, it has formed a leading domestic network and capacity for passenger aircraft cargo transport.

业绩方面，2020年—2023年上半年，南航物流实现营业收入153.25亿元、196.88亿元、215.38亿元和77.88亿元，同期净利润分别为40.14亿元、56.32亿元、46.48亿元和12.43亿元。

In terms of performance, from 2020 to the first half of 2023, China Southern Airlines Logistics achieved operating revenues of 15.325 billion yuan, 19.688 billion yuan, 21.538 billion yuan, and 7.788 billion yuan, respectively, with net profits of 4.014 billion yuan, 5.632 billion yuan, 4.648 billion yuan, and 1.243 billion yuan for the same periods.

南航物流表示，2020年至2022年，受客机腹舱运力供应大幅下降的影响，航空货运市场格局发生了较大变化，供给端运力紧缺，出现供不应求情况，航空货运价格持续攀升，行业整体处于景气高点。在此背景下南航物流2020年度至2022年度收入和净利润也总体保持在较高水平。

China Southern Airlines Logistics stated that from 2020 to 2022, the aviation cargo market structure underwent significant changes due to the substantial decrease in belly hold capacity supply. There was a shortage of supply-side capacity, leading to a situation where demand exceeded supply, and air cargo prices continued to rise, keeping the industry at a high point of prosperity. Against this backdrop, Southern Airlines Logistics maintained relatively high levels of revenue and net profit from 2020 to 2022.

南航物流2022年度净利润较2021年度有所下滑，主要系2022年航油价格上升等市场因素及当年度航油成本大幅提升所致。南航物流2023年上半年和净利润同比有所下滑，主要系全球经济增速放缓、欧美国家通胀水平居高不下、海外市场消费需求下降，导致航空货运需求有所下降。此外，随着海运、铁路等运输网络逐渐通畅，叠加民航业复苏背景下腹舱运力恢复，全球供应链的整体运力供给不断增加。

The net profit of China Southern Airlines Logistics in 2022 declined compared to 2021, mainly due to market factors such as the rise in jet fuel prices and a significant increase in jet fuel costs during the year. The net profit for the first half of 2023 also saw a year-on-year decline, primarily because of the global economic slowdown, persistent high inflation levels in European and American countries, and a decrease in overseas market consumer demand, leading to a drop in air cargo demand. Additionally, with the gradual reopening of maritime and railway transport networks, coupled with the recovery of belly hold capacity as the civil aviation industry revives, the overall supply of global supply chain capacity has been continuously increasing.

南航物流表示，2023年上半年公司业绩和2020年—2022年的高点相比，虽然同比下降较大，但较2020年前的业绩还是有较高增长，公司总体经营仍处于正常稳定情况。

China Southern Airlines Logistics indicated that although the company's performance in the first half of 2023 saw a significant year-on-year decline compared to the high points from 2020 to 2022, there was still considerable growth compared to the performance before 2020. The overall operation of the company remains normal and stable.

三大航物流冲刺IPO

The logistics arms of the three major airlines sprint for IPO.

回顾南航物流上市历程，早在2020年南方航空启动混改时已有部署。2020年12月22日，南方航空公告，南航物流混改正式落定。公告显示，南航物流引入普洛斯隐山资本、钟鼎资本、国改双百基金、君联逸格、中国外运、中金启辰和中金浦成7家投资主体，并实施员工持股，共计增资约33.55亿元。

Looking back at the listing process of Southern Airlines Logistics, plans were already in place when Southern Airlines initiated its mixed-ownership reform in 2020. On December 22, 2020, Southern Airlines announced that the mixed-ownership reform of Southern Airlines Logistics was officially finalized. The announcement revealed that Southern Airlines Logistics introduced seven investment entities including Prologis Hidden Hill Capital, Zhongding Capital, National Reform Double Hundred Fund, Junlian Yige, Sinotrans, CICC Qichen, and CICC Pucheng, and also implemented an employee stock ownership plan, with a total capital increase of approximately 3.355 billion yuan.

南航方面介绍，实施混改后，南航物流将向现代物流综合服务商转型发展，而混改募集的资金则将重点投入到增加航空货运运力、加强地面物流基础设施建设，构建“天地合一”航空物流产业体系。按规划，“十四五”期间，南航物流在稳定发展航空货运业务的基础上，重点推动现代仓储、供应链管理及电商贸易板块的发展，初步形成完整的航空物流产业链。

China Southern Airlines explained that after the mixed-ownership reform, Southern Airlines Logistics will transform and develop into a modern comprehensive logistics service provider. The funds raised from the mixed-ownership reform will be primarily invested in increasing air cargo capacity and strengthening the construction of ground logistics infrastructure to build an integrated "sky and earth" aviation logistics industry system. According to the plan, during the "14th Five-Year Plan" period, Southern Airlines Logistics will focus on developing modern warehousing, supply chain management, and e-commerce trade sectors while stabilizing its air cargo business, initially forming a complete aviation logistics industry chain.

随后，2022年12月，南航物流上市辅导备案获证监局受理。一年后，2023年12月，南航物流沪主板IPO正式获受理。招股书显示，南航物流本次发行上市方式为南方航空分拆下属子公司至上交所主板上市。

Subsequently, in December 2022, the filing for listing guidance of Southern Airlines Logistics was accepted by the Securities Regulatory Commission. One year later, in December 2023, the Shanghai main board IPO application of Southern Airlines Logistics was officially accepted. The prospectus shows that the issuance and listing method for Southern Airlines Logistics is a spin-off of a subsidiary from Southern Airlines to be listed on the main board of the Shanghai Stock Exchange.

招股书显示，截至2023年6月30日，南方航空直接持有南航物流55%股份，为公司控股股东。南航集团直接及间接持有南方航空66.52%的股份，为公司实际控制人。

The prospectus reveals that as of June 30, 2023, Southern Airlines directly held 55% of the shares of Southern Airlines Logistics, making it the controlling shareholder of the company. The Southern Air Holding Company directly and indirectly owns 66.52% of the shares of Southern Airlines, serving as the actual controller of the company.

南航物流、国货航和东航物流是我国航空物流市场主要的参与者。中国国航旗下的物流业务国货航深主板IPO已于去年9月顺利过会，拟募资65亿元。东航旗下的东航物流则已在2021年完成A股上市。

China Southern Airlines Logistics, Air China Cargo, and China Eastern Logistics are the main players in China's air logistics market. The IPO of Air China Cargo, under China National Aviation Corporation, was successfully approved in September last year, aiming to raise 6.5 billion yuan. China Eastern Logistics, belonging to China Eastern Airlines, completed its A-share listing in 2021.

回顾东航物流上市历程，2017年6月19日，东航物流引入联想控股、普洛斯、德邦、绿地集团等战略投资者，以22.55亿元出让45%的股权。2021年6月，东航物流在沪市主板上市，成为民航混改“第一股”。东航表示，登陆A股标志着东航物流作为全国首批、民航首家混合所有制改革试点企业完成“三步走”的“混改”路径，正式成长为一家公众性公司，同时也意味着东航集团成为首家实现航空客运和航空物流两项核心主业“双上市”的国有大型航空运输集团。

Reflecting on the listing journey of China Eastern Logistics, on June 19, 2017, China Eastern Logistics introduced strategic investors including Legend Holdings, Prologis, Deppon, and Greenland Group, transferring 45% of its shares for 2.255 billion yuan. In June 2021, China Eastern Logistics was listed on the Shanghai Stock Exchange main board, becoming the first stock in the civil aviation mixed-ownership reform. China Eastern Airlines stated that the A-share listing signifies that China Eastern Logistics, as the nation's pioneer and the first among civil aviation companies to pilot mixed-ownership reform, has completed its "three-step" mixed-ownership reform path. It has officially grown into a public company, which also means that China Eastern Group has become the first state-owned large-scale aviation transportation group to achieve dual listings for both its core businesses of passenger air transport and air logistics.

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