Individually? Yes. Collectively? Most likely no. Without giving up some ethics? Heck no.
Your question is very fuzzy. When you ask...
I was wondering whether it is possible to boil down ethics to a simple formula.
...we get stuck on the following: "[is it] possible". That expression is very imprecise and leads us to several different answers, or more precisely: to several different questions that — if expressed sloppily — leads to the phrasing in your question.
So let us examine a few of those questions:
Q: Is it possible for one person to adopt this as their personal ethics?
A: Sure you can. There is nothing to stop you from doing it.
Q: It it possible to get the whole of humanity to adopt this as everyone's personal ethics?
A: Well that depends... how good are you at persuading people? Ethics are decided on consensus. So if you can reach consensus, then this ethic could be adopted. Is it practically possible to achieve consensus on this? Most likely not because... see next paragraph.
Q: It is possible to replace all our present ethics with this one formula, and arrive at the same moral code as we have now?
A: That is resounding no. Looking at for instance the Universal Declaration of Human Rights; there are many rights in there that do not "promote the survival of humanity". They to not work against the survival of humanity either, they simply do not affect that and are aimed at making this survival more palatable and pleasant (or at least prevent grief that makes the survival unpleasant).
- Everyone has the right to work, to free choice of employment, to just and favourable conditions of work and to protection against unemployment.
- Everyone, without any discrimination, has the right to equal pay for equal work.
- Everyone who works has the right to just and favourable remuneration ensuring for himself and his family an existence worthy of human dignity, and supplemented, if necessary, by other means of social protection.
- Everyone has the right to form and to join trade unions for the protection of his interests.
Now the right to equal pay for equal work is a rather ubiquitous ethic, and even animals exhibit outrage if this ethic is not followed.
But there is nothing in the Equal Pay For Equal Work ethic that "promotes the survival of humanity". Humanity has had unequal pay for equal work well over 90% of if the time we have been civilised, and it was not until this past century that we codified Equal Pay For Equal Work. And yet humanity has survived quite well during all of that time.
The issue with your formula is that it lacks coverage for many of the ethics we have employed today, such as for instance equality in rights and duties. So it cannot replace our current ethics and achieve the same results; we would have to give some of them up and start accepting behaviour we today feel is unethical, simply because your formula does not ban that sort of behaviour.