Last weekend，The first half of 2020 annual reports of all aviation listed companies have been released。No surprise，Most 188bet sports betting suffered losses in the first half of the year，Only China 188bet sports betting received a small profit of 8.23 ​​million yuan。

Due to the substantial grounding of flights during the epidemic，Airline revenue plummets，Aircraft rental、Fixed costs such as parking fees still need to be paid，Time reporting as early as the 188bet sports betting quarter，Every listed airline announced daily losses ranging from millions to tens of millions。

It stands to reason，188bet sports betting with large fleets，The daily loss will be more，However, the financial report data for the first half of the year shows the losses of each airline company，But it is not directly proportional to the fleet size。

Three major state-owned 188bet sports betting，The order of fleet size is China Southern 188bet sports betting、China Eastern 188bet sports betting and Air China，However, the order of losses is exactly the opposite: Air China、The net profits of China Eastern 188bet sports betting and China Southern 188bet sports betting attributable to shareholders of listed companies were losses of 94 respectively.4.1 billion yuan、85.4.2 billion yuan、81.7.4 billion yuan。

In the three major flights，Air 188bet sports betting has always been the most profitable airline，Loss the most in the first half of this year，The Beijing base camp where it is located has been more seriously affected by the epidemic，It is not unrelated to the fact that Cathay Pacific’s huge losses have dragged down Air 188bet sports betting’s investment income。

First half of this year，Air 188bet sports betting’s investment loss is 28.7.1 billion yuan，In the same period last year, it was investment income 2.9.7 billion yuan，Among them, the investment loss in Cathay Pacific Airways reached 23.7.3 billion yuan，In the same period last year, it was investment income 1.9.9 billion yuan。

Also，The epidemic in Beijing once affected Air 188bet sports betting’s main base revenue in the first half of the year，The continuation of the epidemic in Europe and the United States has also had the greatest impact on Air 188bet sports betting, which accounts for the highest proportion of international routes。

If you add smaller 188bet sports betting，It is not the three larger state-owned 188bet sports betting that suffered the most losses in the first half of the year，It is HNA Holdings, the fourth largest airline in China (loss of 118.2.3 billion yuan)。

Also，Juneyao 188bet sports betting, which has a fleet size of four less than Spring 188bet sports betting，The loss was nearly 300 million more than that of Spring 188bet sports betting，This also reflects Spring 188bet sports betting’ resilience during the epidemic。

This is not unrelated to Spring 188bet sports betting’ low-cost gene，Not only the company’s unit cost is lower than the three major 188bet sports betting，The company’s fleet layout of all narrow-body aircraft (96 320 aircraft)，And the deployment of transportation capacity will focus more on domestic and surrounding international markets，It also made the recovery of flights and passenger load factors during the epidemic faster than other 188bet sports betting。

Semi-annual report display，Spring 188bet sports betting’ available seat kilometers on domestic routes in the first half of the year only dropped by 2 compared with the same period last year.9%，The recovery level far exceeds that of the industry，Domestic route capacity has achieved year-on-year growth in a single month since May，At the same time, the passenger load factor is also increasing month by month，The domestic passenger load factor has recovered to 78 in June.4%。Also，2019 and the first half of 2020，The company’s unit management expense is 0.0042 yuan and 0.0040 yuan，Far lower than the level of comparable listed companies in the industry。

Among all listed 188bet sports betting，China 188bet sports betting has a fleet of only 50 aircraft，Is the only domestic airline to make a profit in the first half of the year。

As the first domestic airline to focus on regional aviation，One-third of China 188bet sports betting’ revenue comes from capacity purchase agreements (selling flight capacity to local governments/airports，Tickets are still sold by 188bet sports betting，The government/airport conducts actual settlement based on the difference between the "fixed amount" payable for capacity purchase and the airline's "ticket revenue")。

In other words，China 188bet sports betting only flies once，You can get the first class money，As for the revenue from flights and cargo，The local government/airport is responsible for its own profits and losses，Similar to the industry’s guaranteed “government charter flights”。

This is one of the important reasons why China 188bet sports betting has been less affected by the epidemic。2019，China 188bet sports betting’ net profit attributable to shareholders of listed companies surged 102% year-on-year.96%，It is closely related to the above-mentioned increase in "guaranteed subsidies"。According to annual report，Other income of China 188bet sports betting in 20195.5.2 billion yuan，94 year-on-year increase.57%，Mainly route subsidies。In the 2020 semi-annual report of China 188bet sports betting，“Other income” mainly composed of route subsidies is 1.8.2 billion yuan，1521 of total profit.75%。

But it is worth noting，China 188bet sports betting’ accounts receivable in the first half of the year reached 11.3.4 billion yuan，9 in the same period last year.8.5 billion yuan，The increase in accounts receivable is mainly due to the impact of the epidemic，The collection time of receivables in some areas is extended，This may be a hidden danger to China 188bet sports betting caused by the insufficient timely "route subsidies" from some local governments/airports。

*Source of this article：188bet sports betting Finance, forAuthor: Chen Shanshan, original title: "Airline companies suffered more losses in the 188bet sports betting the year，Why is only this company profitable》.