南方航空2025年度财务公司关联交易专项说明

投资者需关注的关键信息及潜在影响

中国南方航空股份有限公司（简称“南方航空”）于2026年3月30日由毕马威华振会计师事务所出具了2025年度财务公司关联交易的存款、贷款等金融业务汇总表的专项说明。该报告为投资者提供了关于公司与财务公司之间资金往来及其透明度的重要信息。

主要内容与关键信息

• 审计结论： 毕马威华振对南方航空2025年度合并及母公司财务报表进行了审计，并出具了无保留意见的审计报告。这意味着会计师认为公司的财务报表在所有重大方面公允反映了公司的财务状况和经营成果。
• 关联交易披露： 根据上海证券交易所《上市公司自律监管指引第5号——交易与关联交易》的要求，南方航空编制了涵盖与财务公司关联交易的存款、贷款等金融业务的“汇总表”，并进行了专项说明。这一汇总表的真实性、合法性和完整性由公司负责。
• 核查程序： 会计师事务所对汇总表所载项目金额与经审计财务报表及会计资料内容进行了核对，未发现重大不一致。但除了核对项目金额外，未执行其他附加审计程序。
• 重要提示： 投资者在解读该汇总表时，应与公司经审计的财务报表一并阅读，以全面了解公司与财务公司之间的资金往来情况。
• 合规披露： 汇总表的编制和披露严格按照监管指引执行，有助于提升公司治理透明度，降低潜在的合规和财务风险。

对股东和投资者的潜在影响

• 透明度提升： 此次专项说明有助于提升南方航空在关联方资金交易方面的信息披露，减少了资金流动的“灰色地带”，有助于增强投资者信心。
• 风险评估： 由于未发现重大不一致，表明公司与关联方的资金往来在2025年度未出现异常，有助于稳定市场预期。
• 合规性强化： 公司严格按照证交所要求进行关联交易披露，有助于避免因信息披露不足带来的监管处罚或负面舆情，间接利好公司估值。
• 无重大负面事项： 报告未披露任何需要警惕的重大风险事项或潜在损失，短期内对公司股价无显著负面影响。

结论

综上所述，南方航空2025年度涉及财务公司关联交易的相关业务均经审计确认无重大异常，公司治理合规透明。虽然本次公告未发现可导致公司估值大幅波动的负面信息，但持续关注公司后续资金运作及关联交易披露情况，仍是投资者保护自身利益的关键。

免责声明：本文基于毕马威华振会计师事务所出具的专项说明及公开信息整理，内容仅供投资参考，不构成投资建议。投资者应结合自身情况及专业意见审慎决策。

English Version

Special Report on China Southern Airlines’ 2025 Related Party Transactions with Finance Companies

Key Points and Potential Market Impacts for Investors

China Southern Airlines Co., Ltd. (“China Southern Airlines”) has published a special explanation regarding its 2025 related party transactions with finance companies, including deposits and loans, as audited by KPMG Huazhen on March 30, 2026. This report provides crucial transparency into the company’s intercompany financial flows, of significant interest to investors.

Main Contents and Highlights

• Audit Opinion: KPMG Huazhen issued an unqualified (clean) audit opinion on China Southern Airlines’ consolidated and parent company financial statements for 2025. This indicates that the auditor believes the statements fairly present the company’s financial position and performance in all material respects.
• Disclosure of Related Transactions: In accordance with the Shanghai Stock Exchange’s guidelines, China Southern prepared a summary table of related party transactions with finance companies, covering deposits, loans, and other financial operations. The company is responsible for the authenticity, legality, and completeness of this table.
• Review Procedures: The auditor compared the amounts in the summary table with the audited financial statements and underlying accounting records, finding no material inconsistencies. No additional audit procedures were performed on the table.
• Important Reminder: Investors should read the summary table together with the audited financial statements for a comprehensive understanding of the company’s intercompany financial activities.
• Compliance: The company’s strict adherence to disclosure rules enhances governance transparency and reduces potential compliance and financial risks.

Potential Impact for Shareholders and Investors

• Enhanced Transparency: This special report improves insight into China Southern’s related party financial transactions, reducing uncertainty and potentially boosting investor confidence.
• Risk Assessment: The absence of material inconsistencies reflects no abnormal fund flows in 2025, supporting stable market expectations.
• Strengthened Compliance: By disclosing related transactions as required, the company reduces risks of regulatory penalties or negative market sentiment, which is generally positive for valuation.
• No Major Negative Findings: The report does not disclose any significant risks or potential losses, suggesting no immediate negative impact on the company’s share price.

Conclusion

In summary, China Southern Airlines’ 2025 related party financial transactions have been confirmed by audit to be free of major anomalies, and the company demonstrates strong compliance and transparency. While no information in this report suggests significant share price movement, investors should continue to monitor ongoing disclosures for any changes in the company’s financial operations.

Disclaimer: This article is based on the special explanation and publicly available information provided by KPMG Huazhen. It is intended for reference only and does not constitute investment advice. Investors should make decisions with due diligence and professional consultation where necessary.

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