2019年末以来，新冠肺炎给各行业都带来了沉痛的打击。对于民航业来说无疑是一场浩劫，多家航空公司在疫情期间遭受了巨大损失甚至陷入财务危机。其中，实施低成本战略的春秋航空在2021年扭亏为盈，展现出了较高的抗风险能力。在这个特殊的时期，单纯的财务分析不足以来展现出该时期春秋航空的主要优势和综合能力。

哈佛分析框架是近年来提出的能够弥补传统财务分析缺陷的分析方法。本文将以春秋航空股份有限公司（以下简称春秋航空）为例，对其2017年至2022年（9月）相关财务因素与非财务因素进行全面分析。从战略分析、会计分析、财务分析、前景分析来对所处行业环境以及企业综合能力作出判断，纵向对比同行业发展状况相近的企业，来发现春秋航空经营中存在的问题，并根据问题提出参考建议。

Since the end of 2019, COVID-19 has brought a painful blow to all industries. For the civil aviation industry, which is undoubtedly a catastrophe. Many airlines suffered huge losses and even fell into financial crisis during the epidemic. Among them, Spring Airlines, which implemented the low-cost strategy, turned losses into profits in 2021, showing a high ability to resist risks. In this special period, pure financial analysis has not been sufficient to show the main advantages and comprehensive capabilities of Spring Airlines in this period.

The Harvard Analysis Framework makes up for the shortcomings of traditional financial analysis. This paper will take Spring Airlines as an example to comprehensively analyze its financial and non-financial factors from 2017 to 2022 (September). From the perspective of strategic analysis, accounting analysis, financial analysis, and prospect analysis, make judgments on the industry environment and the comprehensive ability of enterprises, and compare the enterprises with similar development status in the same industry vertically to find the problems in the operation of Spring Airlines, and put forward reference suggestions based on the problems.