Spring Airlines Co Ltd (601021) - Net Assets

Latest as of March 2026: CN¥18.64 Billion CNY ≈ $2.73 Billion USD

Based on the latest financial reports, Spring Airlines Co Ltd (601021) has net assets worth CN¥18.64 Billion CNY (≈ $2.73 Billion USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CN¥48.42 Billion ≈ $7.09 Billion USD) and total liabilities (CN¥29.78 Billion ≈ $4.36 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check 601021 intangible-adjusted equity ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	CN¥18.64 Billion
% of Total Assets	38.5%
Annual Growth Rate	19.79%
5-Year Change	32.13%
10-Year Change	148.02%
Growth Volatility	24.39

Spring Airlines Co Ltd - Net Assets Trend (2011–2025)

This chart illustrates how Spring Airlines Co Ltd's net assets have evolved over time, based on quarterly financial data. See how many days can Spring Airlines Co Ltd fund operations to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Spring Airlines Co Ltd (2011–2025)

The table below shows the annual net assets of Spring Airlines Co Ltd from 2011 to 2025. For live valuation and market cap data, see market cap of Spring Airlines Co Ltd.

Year	Net Assets	Change
2025-12-31	CN¥18.16 Billion ≈ $2.66 Billion	+4.50%
2024-12-31	CN¥17.38 Billion ≈ $2.54 Billion	+10.36%
2023-12-31	CN¥15.75 Billion ≈ $2.30 Billion	+15.02%
2022-12-31	CN¥13.69 Billion ≈ $2.00 Billion	-0.39%
2021-12-31	CN¥13.75 Billion ≈ $2.01 Billion	-3.06%
2020-12-31	CN¥14.18 Billion ≈ $2.08 Billion	-5.72%
2019-12-31	CN¥15.04 Billion ≈ $2.20 Billion	+12.88%
2018-12-31	CN¥13.32 Billion ≈ $1.95 Billion	+57.43%
2017-12-31	CN¥8.46 Billion ≈ $1.24 Billion	+15.57%
2016-12-31	CN¥7.32 Billion ≈ $1.07 Billion	+11.98%
2015-12-31	CN¥6.54 Billion ≈ $956.98 Million	+84.05%
2014-12-31	CN¥3.55 Billion ≈ $519.96 Million	+29.54%
2013-12-31	CN¥2.74 Billion ≈ $401.39 Million	+32.31%
2012-12-31	CN¥2.07 Billion ≈ $303.38 Million	+43.12%
2011-12-31	CN¥1.45 Billion ≈ $211.98 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Spring Airlines Co Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 1089.7% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	CN¥9.31 Billion	51.26%
Other Components	CN¥8.85 Billion	48.74%
Total Equity	CN¥18.16 Billion	100.00%

Spring Airlines Co Ltd Competitors by Market Cap

The table below lists competitors of Spring Airlines Co Ltd ranked by their market capitalization.

Company	Market Cap
Informatica Inc NYSE:INFA	$6.55 Billion
GUOTAI JUNAN SEC. H YC1 F:153A	$6.56 Billion
Richter Gedeon Vegyészeti Gyár Nyilvánosan Muködo Rt F:RIG2	$6.56 Billion
Galaxy Digital Holdings Ltd NASDAQ:GLXY	$6.56 Billion
Central Bancompany, Inc. Class A Common Stock NASDAQ:CBC	$6.55 Billion
Nkt A/S NYSE:NRKBY	$6.55 Billion
Yanzhou Coal Mining Company Limited F:YZCA	$6.55 Billion
PSP Swiss Property AG SW:PSPN	$6.55 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Spring Airlines Co Ltd's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 17,380,895,272 to 18,163,501,472, a change of 782,606,200 (4.5%).
Net income of 2,317,401,673 contributed positively to equity growth.
Dividend payments of 1,646,435,036 reduced retained earnings.
Other comprehensive income decreased equity by 540,184,868.
Other factors increased equity by 651,824,431.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	CN¥2.32 Billion	+12.76%
Dividends Paid	CN¥1.65 Billion	-9.06%
Other Comprehensive Income	CN¥-540.18 Million	-2.97%
Other Changes	CN¥651.82 Million	+3.59%
Total Change	CN¥-	4.50%

Book Value vs Market Value Analysis

This analysis compares Spring Airlines Co Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 2.46x
The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
The price-to-book ratio has decreased from 18.96x to 2.46x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2011-12-31	CN¥2.41	CN¥45.76	x
2012-12-31	CN¥3.45	CN¥45.76	x
2013-12-31	CN¥4.57	CN¥45.76	x
2014-12-31	CN¥5.91	CN¥45.76	x
2015-12-31	CN¥8.27	CN¥45.76	x
2016-12-31	CN¥9.17	CN¥45.76	x
2017-12-31	CN¥10.60	CN¥45.76	x
2018-12-31	CN¥14.81	CN¥45.76	x
2019-12-31	CN¥16.41	CN¥45.76	x
2020-12-31	CN¥15.47	CN¥45.76	x
2021-12-31	CN¥15.00	CN¥45.76	x
2022-12-31	CN¥14.88	CN¥45.76	x
2023-12-31	CN¥16.12	CN¥45.76	x
2024-12-31	CN¥17.82	CN¥45.76	x
2025-12-31	CN¥18.57	CN¥45.76	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Spring Airlines Co Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 12.76%
The company shows good efficiency in utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 10.80%
• Asset Turnover: 0.46x
• Equity Multiplier: 2.58x
Recent ROE (12.76%) is below the historical average (13.39%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2011	33.35%	10.83%	0.92x	3.34x	CN¥338.32 Million
2012	30.13%	11.09%	0.80x	3.38x	CN¥417.27 Million
2013	26.69%	11.16%	0.86x	2.79x	CN¥457.93 Million
2014	24.88%	12.07%	0.65x	3.17x	CN¥528.85 Million
2015	20.30%	16.41%	0.50x	2.45x	CN¥673.88 Million
2016	12.98%	11.28%	0.43x	2.68x	CN¥218.17 Million
2017	14.91%	11.50%	0.53x	2.43x	CN¥415.19 Million
2018	11.28%	11.46%	0.49x	1.99x	CN¥170.37 Million
2019	12.24%	12.44%	0.50x	1.95x	CN¥337.15 Million
2020	-4.15%	-6.28%	0.29x	2.29x	CN¥-2.01 Billion
2021	0.28%	0.36%	0.28x	2.79x	CN¥-1.34 Billion
2022	-22.17%	-36.27%	0.19x	3.17x	CN¥-4.41 Billion
2023	14.33%	12.58%	0.41x	2.81x	CN¥682.44 Million
2024	13.08%	11.36%	0.46x	2.52x	CN¥534.85 Million
2025	12.76%	10.80%	0.46x	2.58x	CN¥501.05 Million

Industry Comparison

This section compares Spring Airlines Co Ltd's net assets metrics with peer companies in the Airlines industry.

Industry Context

Industry: Airlines
Average net assets among peers: $13,686,439,214
Average return on equity (ROE) among peers: 9.04%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Spring Airlines Co Ltd (601021)	CN¥18.64 Billion	33.35%	1.60x	$6.55 Billion
China Express Airlines Co Ltd Class A (002928)	$793.93 Million	43.55%	3.56x	$1.34 Billion
China Southern Airlines Co Ltd Class A (600029)	$54.98 Billion	9.20%	2.65x	$10.43 Billion
China Eastern Airlines Corp Ltd (600115)	$1.68 Billion	10.07%	41.87x	$9.77 Billion
Hainan Airlines Co Ltd A (600221)	$3.25 Billion	3.09%	3.62x	$9.09 Billion
Air China Ltd Class A (601111)	$23.96 Billion	20.99%	3.43x	$11.41 Billion
Juneyao Airlines (603885)	$9.57 Billion	-43.34%	3.72x	$3.47 Billion
Hainan Airlines Co Ltd B (900945)	$1.58 Billion	19.71%	83.98x	$82.76 Million

About Spring Airlines Co Ltd

SHG:601021 China Airlines

Market Cap

$6.55 Billion

CN¥44.77 Billion CNY

Market Cap Rank

#3032 Global

#410 in China

Share Price

CN¥45.76

Change (1 day)

-2.76%

52-Week Range

CN¥43.66 - CN¥59.82

All Time High

CN¥68.58