13 airlines: insolvent!

After three consecutive years of losses, the airline's debt crisis continues to climb.By the end of 2022, the number of participating airlines under the four major airlines that are insolvent has expanded to 13

After three consecutive years of losses, the airline's debt crisis continues to climb.

By the end of 2022, the number of participating airlines under the four major airlines that are insolvent has expanded to 13.

First: Shenzhen Airlines

Shenzhen Airlines is the largest subsidiary of Air China and the fifth largest airline in China (based on fleet size). By 2022, Shenzhen Airlines has 226 aircraft (including Kunming Airlines).

It is an airline jointly owned by Air China and local state-owned enterprises in Shenzhen.

In 2022, Shenzhen Airlines:

The operating revenue was 12.54 billion yuan, a year-on-year decrease of 32.2%.

The net loss was 11.127 billion yuan, with a year-on-year increase of 7.8 billion yuan.

By the end of 2022, Shenzhen Airlines:

Total assets: 64.31 billion yuan.
Total liabilities: 73.09 billion yuan.

The asset liability ratio is 113.7%.

Shenzhen Airlines is already insolvent.

Shenzhen Airlines is also the largest insolvent airline in China.

Second: Shandong Airlines

Shandong Airlines is one of the four major local airlines in China.

It is also the only airline listed only on the B-share market.

Due to continuous losses and the inability of Shan Hang to repay its debts, Air China launched its acquisition of Shan Hang.

At present, Shan Hang has become a consolidated subsidiary of Air China.

In 2022, Shandong Airlines:

The operating revenue was 7.72 billion yuan, a year-on-year decrease of 38.3%.

The net loss was 6.91 billion yuan, a year-on-year increase of 4.5 billion yuan.

By the end of 2022, Shandong Airlines:

Total assets: 31.32 billion yuan.
Total liabilities: 39.13 billion yuan.

The asset liability ratio is 124.9%.

First: Shanghai Airlines

Shanghai Airlines, originally a local airline in Shanghai, was once listed in A-share market, and was eventually absorbed and merged by China Eastern Airlines.

Currently, SAIC operates a total of 91 B737 series, B787, and A330 aircraft.

In 2022, Shanghai Airlines:

The operating revenue was 3.754 billion yuan, a year-on-year decrease of 42.36%,

The net loss was 4.47 billion yuan, with a year-on-year increase of 2.6 billion yuan.

Transporting 3.9226 million passengers, a year-on-year decrease of 52.60%.

By the end of 2022, Shanghai Airlines:

Total assets: 23.34 billion yuan.
Total liabilities: 25.21 billion yuan.

The asset liability ratio is 108%.

Second company: China Eastern Airlines Jiangsu Company

China Eastern Airlines Jiangsu Company is an airline jointly established by China Eastern Airlines and the local government of Jiangsu.

In 2022, China Eastern Airlines Jiangsu Company:

The operating revenue was 4.097 billion yuan, a year-on-year decrease of 20.55%,

The net loss was 3.041 billion yuan, with a year-on-year increase of 1.4 billion yuan.

Transporting 5.1465 million passengers, a year-on-year decrease of 37.77%.

As of the end of 2022, China Eastern Airlines Jiangsu Company has operated a total of 72 A320 series aircraft.

As of the end of 2022, China Eastern Jiangsu Airlines:

Total assets: 13.21 billion yuan.
Total liabilities: 15.2 billion yuan.

The asset liability ratio is 115.1%.

First: Chongqing Airlines

Chongqing Airlines is an airline jointly established by China Southern Airlines and Chongqing local government.

China Southern Airlines holds 60% of the shares, while Chongqing Urban Communications Investment Co., Ltd. holds 40%.

Currently, we have a fleet of 30 aircraft.

In 2022, Chongqing Airlines:

The operating revenue was 1.949 billion yuan, a year-on-year decrease of 23.09%.
The net loss was 1.457 billion yuan, a year-on-year increase of 500 million yuan.

Transporting 2.564 million passengers.

As of December 31, 2022, Chongqing Airlines:

Total assets: 4.413 billion yuan.
Total liabilities: 6.504 billion yuan.
The asset liability ratio is as high as 147.4%.

Second: Shantou Airlines

Shantou Airlines is an airline jointly established by China Southern Airlines and the local government of Shantou.

China Southern Airlines holds 60% of the shares, while Shantou Airlines invests 40%.

Shantou Airlines was established in 1993 and has only developed 16 aircraft to this day.

Shantou Airlines uses the carrier qualification and two to three character code of China Southern Airlines.

In 2022, Shantou Airlines:

Operating revenue: 1.14 billion yuan, a year-on-year decrease of 20.6%,
Net loss: 688 million yuan, with an increase in loss of 300 million yuan.

Transport 1.27 million passengers.

As of December 31, 2022, Shantou Airlines:

Total assets: 723 million yuan
Net debt: 504 million yuan
The asset liability ratio is 169.7%.

Third: Zhuhai Airlines

Zhuhai Airlines and Shantou Airlines have similar situations.

It was established in 1995 by China Southern Airlines and the local government of Zhuhai, and it is not an independent carrier.
In 2022, Zhuhai Airlines:

Operating revenue of 1.015 billion yuan, a year-on-year decrease of 25.97%
Net loss of 676 million yuan

As of December 31, 2022, Zhuhai Airlines:

Total assets: 394 million yuan,
Net debt: 289 million yuan.
The asset liability ratio is 173.3%.

Zhuhai Airlines has the highest debt ratio among airlines under China Southern Airlines.

First: Shanxi Airlines

Shanxi Airlines was originally an airline company established locally in Shanxi, but was later acquired by Hainan Airlines.

Strictly speaking, Shanxi Airlines is no longer an airline company, of course, it is also a legal entity.

In 2022, Shanxi Airlines will have an operating revenue of 930 million yuan and a net profit of -380 million yuan.

As of the end of 2022, Shan Hang Airlines:

Total assets of 971 million yuan

Net assets -262 million yuan

The asset liability ratio is 127%.

Second: Lucky Air

The process of equity change of Lucky Air is relatively complicated, and the current equity ratio of HNA is 90.75%.

At present, Lucky Air operates 51 aircraft.

In 2022, the operating revenue was 2.709 billion yuan and the net profit was -2.273 billion yuan.

By the end of 2022, Lucky Air:

Total assets 16.711 billion yuan

Net assets -3103 million yuan

Asset liability ratio 118.6%

Third: Urumqi Air

Urumqi Air is an airline jointly established by Hainan Airlines and the local government.

At present, the equity ratio held by HNA is 84.02%.

There are 15 registered aircraft.

In 2022, the operating revenue was 1.064 billion yuan and the net profit was -621 billion yuan.

By the end of 2022, Urumqi Air:

Total assets of 1.925 billion yuan

Net assets of 1.888 billion yuan

The asset liability ratio is 198%.

Fourth: Fuzhou Airlines

HNA holds 65.22% of the equity of Fuzhou Airlines..

Fuzhou Airlines was once bought by Fuzhou.

At present, Fuzhou Airlines has 16 aircraft on the list.

In 2022, the operating revenue was 892 million yuan and the net profit was -671 million yuan.

By the end of 2022, Fuzhou Airlines:

Total assets of 2.364 billion yuan

Net assets -1.623 billion yuan

The asset liability ratio is 169%.

Fifth: GX Airlines

HNA holds 70% of the equity of GX Airlines.

There are 28 registered aircraft of GX Airlines.

In 2022, the operating revenue was 1.295 billion yuan and the net profit was -624 billion yuan.

By the end of 2022, GX Airlines:

The total assets are 4.201 billion yuan,

Net assets -423 million yuan.

The asset liability ratio is 110%.

Sichuan Airlines is a special airline.

Air China, China Eastern Airlines, and China Southern Airlines all hold shares.

Among them, Air China is a subsidiary of Shanhang Airlines.

China Southern Airlines holds 39% of the shares

China Eastern Airlines holds a 10% stake

Shan Hang holds a 10% stake

Sichuan Airlines is a non listed company and a relatively influential airline in China.

No data has been released to the public.

2022 is the year with the most severe losses in the civil aviation industry, and Sichuan Airlines is no exception.

Yi Ge even believes that the loss amount of Sichuan Airlines is still very high, and insolvency is also a nail in the class.

From this, it can be seen that,

China Airlines: 2, Shenzhen Airlines and Shanhang Airlines

China Eastern Airlines: 2 companies, Shanghai Airlines and China Eastern Airlines Jiangsu

China Southern Airlines: 3, Chongqing Airlines, Shantou Airlines and Zhuhai Airlines

Hainan Airlines: 5, Lucky Air, Urumqi Air, Fuzhou Airlines, Shanxi Airlines, GX Airlines

There are also three major airlines holding shares in Sichuan Airlines.

As of the end of 2022, a total of 13 airlines controlled by the four major airlines are insolvent.

Of course, besides these airlines, there are definitely other airlines that are insolvent.

Amazing netizens, who else do you think there will be?

Performance of the Four Major Participating Airlines in 2022 (100 million yuan)

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