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山 航B:2021年年度报告摘要(英文版)2022-03-31  

                                                                                                  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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