本案例由江南大学商学院的朱晋伟教授团队撰写，江南大学商学院案例中心研究员郝婷婷全文改编，江南大学商学院案例中心研究员陈田田为责任编辑，作者拥有著作权中的署名权、修改权、改编权。

摘要：为推动无锡航空产业发展，实现无锡在航空发展史上的历史性飞跃，无锡市交通产业集团有限公司（以下简称“交通集团”）积极布局航空产业板块，加快转型升级步伐，以丁蜀通航机场和通航产业园为发展载体，聚焦航空制造，通过建立江苏省首家航空公司——江南瑞丽航空，最终实现产业集群。本案例描述了江南瑞丽航空成立及探索发展的过程，通过分析收购过程中的战略考量和收购后的生存发展，对瑞丽航空的未来发展进行布局。瑞丽航空因股权结构、资产规模、控股股东及盈利状况不佳，现金流出现暂时性短缺被确定为潜在收购标的。收购瑞丽航空并成立江南瑞丽航空之后，为了解决公司运营现金流的危机和减少亏损，公司采取了一系列手段来扩大销售额或者降低成本以增加利润。公司在后续的探索发展之路上，不仅有扩张战略的迷茫，也有航空货运发展战略的暂停。后疫情背景下的江南瑞丽航空能否在通过大力开展国内民航业务和开拓国际民航业务来实现盈利，这是一个值得跟踪研究的课题。

关键词：瑞丽航空；收购；无锡交通；业务转型

Jiangnan Ruili Airlines: Exploring the road to development

Abstract: In order to promote the development of Wuxi aviation industry and realize the historic leap of Wuxi in the history of aviation development, Wuxi City Transportation Industry Group Co. By establishing Jiangnan Ruili Airlines, the first airline company in Jiangsu Province, the industry cluster is finally realized. This case describes the establishment and exploration and development of Jiangnan Ruili Airlines. By analyzing the strategic considerations in the acquisition process and the survival and development after the acquisition to lay out the future development of Ruili Airlines. Ruili Air was identified as a potential acquisition target due to its shareholding structure, asset size, controlling shareholders and poor profitability, and temporary shortage of cash flow. After acquiring Ruili Air and establishing Jiangnan Ruili Air, the company adopted a series of means to expand sales or reduce costs to increase profits in order to solve the company's operating cash flow crisis and reduce losses. The company's subsequent path of exploration and development was not only confused by its expansion strategy, but also by the suspension of its air cargo development strategy. Whether Jiangnan Ruili Airlines can make profits by vigorously developing domestic civil aviation business and international civil aviation business under the post-epidemic background is a topic worth tracking and studying.

Keywords: Air Renaissance; Acquisition; Wuxi Transportation; Business transformation