Shandong Airlines Co., Ltd. Summary of Annual Report 2021
Stock Code: 200152 Notice No.: 2022-12
Short Form of Stock: Shanhang-B
Shandong Airlines Co., Ltd.
Summary of Annual Report 2021
I. Important Notice
The summary is abstract from full-text of annual report, for more details of operating results, financial condition and future
development plan of the Company; investors should found in the full-text of annual report that published on media appointed by
CSRC.
All directors have attended the Board Meeting for Report Deliberation.
Prompt of non-standard audit opinion
□ Applicable √ Not applicable
Profit distribution pre-plan of common stock or capitalizing of common reserves pre-plan deliberated by the Board in the reporting
period
□ Applicable √ Not applicable
The Company has no plans of cash dividend distributed, no bonus shares and has no share converted from capital reserve either.
Profit distribution pre-plan of preferred stock deliberated and approved by the Board in the reporting period
□ Applicable √ Not applicable
II. Basic information of the company
1. Company profile
Short form of the stock Shanhang-B Stock code 200152
Stock exchange for listing Shenzhen Stock Exchange
Person/Way to contact Secretary of the Board Rep. of security affairs
Name Dong Qiantang Fan Peng
1/F, Tiangong Office Building, North of 3/F, Tiangong Office Building, North of
Red-crowed cranes Hotel, Yaoqiang Red-crowed cranes Hotel, Yaoqiang
Office add.
International Airlines, Licheng District, International Airlines, Licheng District,
Jinan, Shandong Jinan, Shandong
Fax. 0531-85698034 0531-85698034
Tel. 0531-82085939 0531-82085586
E-mail dongqt@sda.cn fanp@sda.cn
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Shandong Airlines Co., Ltd. Summary of Annual Report 2021
2. Main business or product introduction in the reporting period
The Company is mainly engaged in international and domestic air passenger and cargo transportation business;
hotel catering; aircraft maintenance; civil aviation personnel training; insurance agency; airline agency business;
ground services related to main business; sales of aviation materials, general merchandise, food, health foods,
handicrafts, souvenirs, etc., and retail sales of tobacco; leasing of aviation materials; leasing of premises, rental of
houses; business services; hotel accommodation agents and ticket agents; conference services; transport agency
services, air cargo storage; and labor services. Among them, international and domestic air passenger and cargo
transportation business is the Company's main business.
For more than 20 years, the Company consistently giving first priority to “ensure safety, pay close attention to
efficiency, and strive to punctuality and quality service” and to established the industry position with a deep
foundation. By the end of 2021, the Company owns 134 Boeing B737 series aircraft, ranking among the larger
airlines. Currently, the Company bases its headquarters in Jinan and has branch offices and flight bases in
Qingdao, Yantai, Xiamen, Chongqing, Beijing, Urumqi and Guiyang. The Company operates more than 200
domestic, and opens routes to the surrounding countries as South Korea, Japan, Thailand, India and Cambodia as
well as the region of Taiwan China and Hong Kong China.
In 2021, the epidemic continues to spread international-wide, travel demand for passengers is sluggish. In front of
the difficult challenges such as epidemic prevention and controls, operation losses and safety pressure, as a
strategic industry in economic development, the country’s civil aviation industry adheres to seeking a progress in
a stable manner and shows a strong resilience in adversity. The Company make full use of the advantages with its
own in aspect of security control ability, cost control capability and team execution ability, persist in strategic
thinking orientation, and mobilize all kinds of resources to prevent risks, improve quality and increase the
efficiency, production and operation remain stable.
3. Main accounting data and financial indexes
(1) Main accounting data and financial indexes for recently three years
Whether the Company needs to retroactively adjust or restate the accounting data of previous years
□Yes √No
Unit: million yuan
Changes at end of the
current year compared
Year-end of 2021 Year-end of 2020 Year-end of 2019
with the end of
previous year (+,-)
Total assets 32,643.58 22,403.51 45.71% 17,392.94
Net assets attributable to
-917.66 2,570.26 -135.70% 5,173.52
shareholder of listed company
Changes in the current
2021 2020 year over the previous 2019
year (+,-)
Operating income 12,515.32 10,534.4 18.80% 18,990.42
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Shandong Airlines Co., Ltd. Summary of Annual Report 2021
Net profit attributable to
-1,813.71 -2,382.02 23.86% 361.01
shareholders of the listed company
Net profit attributable to
shareholders of the listed company
-1,998.27 -2,491.14 19.79% 203.11
after deducting non-recurring gains
and losses
Net cash flow arising from
1,557.32 -1,699.73 191.62% 2,629.81
operating activities
Basic earnings per share
-4.53 -5.96 23.99% 0.90
(RMB/Share)
Diluted earnings per share
-4.53 -5.96 23.99% 0.90
(RMB/Share)
9,291.62 percentage
Weighted average ROE -9,352.93% -61.31% 7.22%
points down
(2) Quarterly main financial index
Unit: million yuan
Q1 Q2 Q3 Q4
Operating income 2,496.1 4,139.45 3,559.15 2,320.62
Net profit attributable to
-835.09 39.89 -337.87 -680.63
shareholders of the listed company
Net profit attributable to
shareholders of the listed company
-862.63 -19.85 -391.04 -724.75
after deducting non-recurring gains
and losses
Net cash flow arising from
-12.86 881.48 435.21 253.49
operating activities
Whether there are significant differences between the above-mentioned financial index or its total number and the relevant financial
index disclosed in the company’s quarterly report and semi-annual report
□Yes √ No
4. Share capital and shareholders
(1) Number of common shareholders and preferred shareholders whose voting rights have been restored
and top 10 shareholder’s holding
In Share
Total common Total preferred Total preferred shareholders
Total common
shareholders as of the shareholders whose whose voting rights were
shareholders
13,032 end of the month 12,743 voting rights were 0 restored at end of the month 0
at end of the
preceding the date of restored at end of the prior to the date of annual
Period
annual report disclosed Period report disclosed
Top ten shareholders
Full name of Shareholders Nature of Proporti Amount of Amount of non Information of shares
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Shandong Airlines Co., Ltd. Summary of Annual Report 2021
shareholder on of shares held tradable shares pledged, tagged or frozen
shares held
State of share Amount
held
State-owned
Shandong Aviation Group 42.00% 168,004,000 168,004,000
legal person
State-owned
Air China Limited 22.80% 91,200,000 91,200,000
legal person
WANXIANG INTERNATIONAL Foreign legal
0.66% 2,658,100 0
INVESTMENT CORPORATION person
VANGUARD TOTAL
Foreign legal
INTERNATIONAL STOCK INDEX 0.58% 2,312,677 0
person
FUND
Domestic
Yang Ming 0.51% 2,020,421 0
nature person
Domestic
Hou Chunhu 0.45% 1,796,145 0
nature person
Domestic
Chen Jingjian 0.40% 1,595,200 0
nature person
Domestic
Wang Jinjun 0.37% 1,484,600 0
nature person
VANGUARD EMERGING Foreign legal
0.36% 1,442,841 0
MARKETS STOCK INDEX FUND person
Domestic
Wang Hui 0.30% 1,187,700 0
nature person
1. Shandong Aviation Group (SDA) is the first largest shareholder of the
Company, who holds the shares of the Company on behalf of the State with
unlisted shares;
Explanation on related relationship or concerted 2. Air China Limited is the second largest shareholder of the Company, who
action among the above mentioned shareholders holds the shares of the Company on behalf of the State with unlisted shares;
3. Among the above top ten shareholders, Air China Limited is the first
largest shareholder of the SDA; there is no relationship between SDA, Air
China and other shareholders, and they are not the parties acting in concert.
Explanation on shareholders involving margin
N/A
business (if applicable)
(2) Total preferred shareholders of the Company and top 10 preferred shareholders’ shareholding
The Company had no preferred shareholder holdings during the reporting period
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Shandong Airlines Co., Ltd. Summary of Annual Report 2021
(3) Ownership and control relationship between the Company and actual controller in form of a block
diagram
Shandong Aviation Group
42%
Shandong Airlines Co., Ltd.
5.Bonds in existence as of the approval date of the annual report
√ Applicable □ Not applicable
(1) Basic information of bond
Bond Bond balance (10
Bond name Bond code Issuing date Due date Interest rate
abbreviation thousand yuan)
Shandong
Airlines Co.,
20 Shandong
Ltd. 2020 first
Airlines 102000814 April 24, 2020 April 24, 2023 102,051.47 2.99%
phase of
MTN001
medium-term
notes
Interest payment and
Found more in the Notice on 2020 Interest Payment (phase I) of MTN for year of 2021 (Notice
redemption of the bonds
No.: 2021-12) released on Juchao Website
during the reporting period
(2) Latest tracking ratings and rating changes of bonds
As a local airline company with strong comprehensive competitive strength in China, the company has a certain
competitive advantage in the eastern coastal and surrounding international areas with Shandong province as the
core, and has obtained favorable external support. During the tracking period, China Lianhe Credit Rating Co.,
Ltd. noticed that the Company’s credit level was adversely affected by the impact of epidemic, operation losses,
decline of owners’ equity and debt burden, etc. With the gradual control of the pandemic and the promotion of
vaccines, the company's business situation is expected to improve. In conclusion, after tracking analysis and
evaluation of the credit status of the Company and its related bonds, downgraded the long-term credit rating of the
main body from AAA to AA, and the credit rating of “20MTN001" from AAA to AA with stable outlook.
(3) The company’s main accounting data and financial indicators for the past two years as of the end of the
reporting period
Unit: 10 thousand yuan
Item 2021 2020 Increase or decrease in the
current year over the previous
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Shandong Airlines Co., Ltd. Summary of Annual Report 2021
year
Debt-to-asset ratio 102.81% 88.53% 14.28 percentage points up
Net profit after deducting
-199,826.76 -249,114.3 19.79%
non-recurring gains and losses
EBITDA total debt ratio 6.98% -18.21% 25.19 percentage points up
Interest coverage multiple -1.93 -12.63 84.75%
III. Important matters
As the audited ending net assets of the Company for year of 2021 are negative, pursuit to the article 9.3.1 (1) (b)
of the Rules Governing the Listing of Stock on Shenzhen Stock Exchange (Revised in 2022), stock trading of the
Company will be subject to “Delisting Risk Warning”, the investors are advised to notice the risks in investment.
Shandong Airlines Co., Ltd
Legal representative: Sun Xiujiang
March 31, 2022
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