长江商报消息●长江商报记者 徐佳 值得关注的是，在民航强势复苏的背景下，三大航司中的中国国航再次获得大股东真金白银支持。10月30日晚 间，中国国航抛出定增预案，公司拟向控股股东中国航空集团有限公司（以下简称"中航集团"）及其全资子公司 定增募资不超过200亿元，全部用于偿还债务和补充流动资金。 由于航空业具有显著的资本密集型特征，保持合理的资本结构是航司实现长期稳健发展的重要基础。直接获得大 股东注入资金，中国国航的资金实力将得到提升。 长江商报记者粗略计算，包括本次定增在内，三年间，中航集团方面合计将向中国国航注资超333.12亿元。 燃油成本下降毛利率集体回升 在油价下行与需求改善的共同驱动下，三大航司集体实现盈利。 数据显示，2025年前三季度，中国国航实现营业收入1298.26亿元，同比增长1.31%；净利润18.7亿元，同比增长 37.31%；扣除非经常性损益后的净利润（以下简称"扣非净利润"）16.44亿元，同比增长279.95%。 同期，南方航空实现营业收入1376.65亿元，同比增长2.23%；净利润和扣非净利润分别为23.07亿元、14.23亿元， 同比增长17.4%、345.77%。中国 ...

Core Viewpoint - Major domestic airlines in China have collectively turned profitable in the first three quarters of 2023 after five consecutive years of losses, indicating a significant recovery in the industry [1] Group 1: Financial Performance - Air China, China Eastern Airlines, and China Southern Airlines achieved profitability in the first three quarters of 2023, marking a turning point in the industry's recovery [1] - Hainan Airlines topped the profitability rankings with a net profit of 2.845 billion yuan, a year-on-year increase of 30.93% [1] - China Southern Airlines led the three major airlines with a net profit of 2.307 billion yuan, reflecting a year-on-year growth of 17.40% [1] - China Eastern Airlines reported a net profit of 2.103 billion yuan, successfully turning around from losses [1] - Air China achieved a net profit of 1.870 billion yuan, with a year-on-year increase of 37.31% [1] Group 2: Operational Metrics - International routes have become the core driver of profitability for the three major airlines [1] - Passenger turnover for international routes significantly outpaced that of domestic routes: Air China's international and domestic passenger turnover increased by 14.9% and 1.2% respectively; China Eastern Airlines saw increases of 24.16% and 6.08%; China Southern Airlines reported increases of 19.54% and 4.10% [1] - China Southern Airlines' international business performance is particularly notable, with its international seat occupancy rate and revenue per seat kilometer exceeding pre-pandemic levels in 2019 [1]

10月31日中国国航（601111）收盘报7.86元，跌8.07%，当日成交2.51亿元，已连续2日下跌。前10个交 易日主力资金累计净流出4.88亿元，股价累计下跌7.2%；融资余额累计减少2168.27万元，融券余量累 计减少2.18万股。近90天内有10家机构给予评级，其中买入评级5家，增持评级5家，机构目标均价为 9.18元。 截至2025年10月31日收盘，中国国航(601111)报收于7.86元，下跌8.07%，换手率2.16%，成交量250.84 万手，成交额19.9亿元。 当日关注点 资金流向方面，10月31日主力资金净流出2.91亿元，占总成交额14.64%；游资资金净流入1.74亿元，占 总成交额8.73%；散户资金净流入1.18亿元，占总成交额5.91%。 股本股东变化 中国国际航空股份有限公司拟向特定对象发行A股股票，发行对象为控股股东中航集团及其全资子公司 中航控股，募集资金总额不超过200亿元，以现金全额认购。发行数量不超过3,044,140,030股，不超过 发行前总股本的30%。当前公司总股本为17,448,421,000股，中航集团直接和间接合计持股约53.71%。 发行完成 ...

Core Viewpoint - The three major airlines in China have collectively achieved a profit of 6.28 billion yuan in the first three quarters of 2025, marking their first overall profit since reducing losses in 2023, driven by market demand recovery, international route expansion, and lower oil costs [1][3]. Financial Performance - In the first three quarters, Air China, China Eastern Airlines, and China Southern Airlines reported net profits of 1.87 billion yuan, 2.103 billion yuan, and 2.307 billion yuan, respectively [3]. - In Q3 alone, Air China reported a net profit of 3.676 billion yuan, a year-on-year decrease of 11.31%, while China Eastern Airlines and China Southern Airlines saw increases of 34.37% and 20.26% in net profit, reaching 3.534 billion yuan and 3.84 billion yuan, respectively [3][4]. - The overall revenue growth for the three airlines was modest, with Air China, China Eastern Airlines, and China Southern Airlines reporting year-on-year revenue increases of 1.31%, 3.73%, and 2.23% [3]. Market Demand and Operations - The recovery in market demand, particularly in international routes, has been a significant factor in the airlines' improved performance, with a notable increase in passenger numbers [5][6]. - In Q3, the total number of civil aviation passengers reached 210 million, a year-on-year increase of 3.9%, with international passenger transport growing by 13.3% [6]. - China Eastern Airlines has notably expanded its international routes, with a 20.08% increase in capacity and a 24.16% rise in passenger turnover from January to September [7]. Future Outlook - The fourth quarter is expected to maintain a growth trend, driven by the National Day and Mid-Autumn Festival holidays, with an anticipated 5% increase in passenger volume [8]. - The airlines are focusing on reducing losses during the off-peak season and enhancing international route recovery, with strategies to optimize production organization and improve revenue management [8][9].

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - In Q3 2025, the company's net profit attributable to shareholders was 3.68 billion yuan, a year-on-year decrease of 11%, slightly below expectations due to higher-than-expected non-fuel costs [1][3] - Total operating revenue for the first three quarters of 2025 was 129.8 billion yuan, a year-on-year increase of 1.3%, with a net profit of 1.87 billion yuan, up 37.3% year-on-year [1] - The company plans to raise no more than 20 billion yuan through a private placement to optimize its capital structure, with full subscription from its controlling shareholder and related parties, indicating confidence in future growth [4] Summary by Sections Financial Performance - In Q3 2025, the company recorded total operating revenue of approximately 49.1 billion yuan, a year-on-year increase of 0.9%, and a net profit of 3.68 billion yuan, down 11.3% year-on-year [1][2] - The company's fleet size at the end of Q3 2025 was 946 aircraft, with a net increase of 16 aircraft in the first three quarters [2] - The company's gross margin improved by 0.7 percentage points year-on-year to 13.8%, despite a decline in unit revenue due to falling ticket prices [3] Revenue and Cost Analysis - In Q3 2025, the unit revenue per RPK was 0.607 yuan, down 2.6% year-on-year, while the unit revenue per ASK was 0.499 yuan, down 1.0% year-on-year [3] - The estimated unit fuel cost per ASK decreased by 11% year-on-year due to falling oil prices, while non-fuel costs increased by 3% [3] Future Outlook - The company expects steady growth in demand and a potential reversal in supply-demand dynamics, with projected net profits for 2025, 2026, and 2027 at approximately 0.6 billion, 5.5 billion, and 9.1 billion yuan, respectively [5] - The company maintains a "Buy" rating based on the anticipated recovery in the industry [5]

中国国航(601111.SH)今日低开低走，现跌7.37%报7.92元，成交额15.42亿元（昨日4.23亿元），总市值1382亿元。中国国航发布2025年第三季度报告，前三 季度实现营业收入1298.26亿元，同比增长1.31%；归属于上市公司股东的净利润为18.70亿元，同比增长37.31%。第三季度实现营业收入490.69亿元，同比增 长0.90%；归属于上市公司股东的净利润为36.76亿元，同比下降11.31%。(格隆汇) ...

Core Insights - The major domestic airlines in China have collectively turned profitable in the first three quarters of 2025 after five consecutive years of losses, indicating a significant recovery in the industry [1][2][4] - Hainan Airlines leads the profitability among private carriers with a net profit of 2.845 billion yuan, marking a year-on-year increase of 30.93% [3] Group 1: Major Airlines Performance - China Southern Airlines reported a net profit of 2.307 billion yuan, a year-on-year increase of 17.40% [2] - China Eastern Airlines achieved a net profit of 2.103 billion yuan, successfully turning around from losses [2] - Air China recorded a net profit of 1.870 billion yuan, with a year-on-year growth of 37.31% [2] Group 2: International Routes as Growth Drivers - International routes have become the core driver of profitability for the three major airlines, with passenger turnover growth significantly higher than domestic routes [2] - Air China's international and domestic passenger turnover growth rates were 14.9% and 1.2%, respectively [2] - China Eastern Airlines reported growth rates of 24.16% for international and 6.08% for domestic routes, while China Southern Airlines had 19.54% and 4.10% respectively [2] Group 3: Private Airlines Performance Disparity - Hainan Airlines topped the profitability chart among private airlines, while Spring Airlines and Juneyao Airlines faced profit declines of 10.32% and 14.28%, respectively [3] - Juneyao Airlines experienced a significant drop in third-quarter net profit, decreasing by over 25% year-on-year [3] - The decline in performance is attributed to increased competition in the domestic market, characterized by rising volume but falling prices [3] Group 4: Industry Supply and Demand Improvement - The overall supply-demand relationship in the civil aviation industry has improved, with a total of 1.51 million flights in the third quarter, a year-on-year increase of 2.9% [4] - Passenger transport volume reached 210 million, up 3.9% year-on-year, with international passenger transport volume increasing by 13.3% [4] - The overall passenger load factor reached 85.9%, a year-on-year increase of 1 percentage point, with domestic routes achieving a record high load factor of 87.3% [4]

Core Insights - The major domestic airlines in China have reported profitability in the first three quarters of 2025, marking a significant recovery from previous years of losses [1][2][3] - Despite the overall recovery, some private airlines like Spring Airlines and Juneyao Airlines have experienced declines in performance, indicating challenges in the competitive landscape [1][6][7] Group 1: Airline Performance - The three major state-owned airlines (Air China, China Eastern Airlines, and China Southern Airlines) have all achieved profitability in the first three quarters of 2025, with Air China reporting a net profit of 1.87 billion yuan [2][3] - China Eastern Airlines and China Southern Airlines reported net profits of 2.10 billion yuan and 2.31 billion yuan respectively, showing a consistent recovery trend [2] - The cumulative losses of these three airlines over the past five years exceeded 200 billion yuan, but signs of recovery are evident as they aim for full-year profitability in 2025 [2][3] Group 2: International Market Focus - The international market has become a key growth area for major airlines, with significant increases in passenger turnover on international routes compared to domestic routes [4][5] - For instance, Air China's international passenger turnover increased by 14.9%, while China Eastern Airlines saw a 24.16% increase [4] - China Eastern Airlines is expanding its international routes, including a new route from Shanghai to Buenos Aires, which will set a record for the longest single-route flight [4][5] Group 3: Challenges Faced by Private Airlines - Private airlines like Juneyao Airlines and Spring Airlines have reported declines in net profits, with Juneyao's profit down by 14.28% and Spring Airlines down by 10.32% [6][7] - Despite increased flight volumes and passenger numbers surpassing pre-pandemic levels, these airlines struggle with profitability due to lower ticket prices driven by intense competition [7][8] - The average ticket price has decreased significantly, with a reported drop of 8.5% year-on-year from January to September 2025, impacting revenue generation [7][8]

Core Viewpoint - The major domestic airlines in China have reported profitability in the first three quarters of 2025, marking a significant recovery from previous years of losses, with international markets becoming a key area for growth [1][2][3]. Group 1: Financial Performance of Major Airlines - All three major state-owned airlines (Air China, China Eastern Airlines, and China Southern Airlines) achieved profitability in the first three quarters of 2025, with Air China reporting a net profit of 1.87 billion yuan [2]. - China Eastern Airlines and China Southern Airlines reported net profits of 2.10 billion yuan and 2.31 billion yuan respectively, indicating a recovery from significant losses in the previous year [2]. - Cumulatively, the three airlines had incurred losses exceeding 200 billion yuan over the past five years, but signs of recovery are evident in their recent performance [2][3]. Group 2: International Market Growth - The international market has shown a significant recovery, with passenger turnover for international routes increasing at a higher rate than domestic routes for all three major airlines [4]. - For instance, Air China's international passenger turnover increased by 14.9%, while domestic turnover rose by only 1.2% [4]. - China Eastern Airlines has been particularly aggressive in expanding its international routes, recently launching a new route that sets a record for the longest single flight [4][5]. Group 3: Challenges Faced by Private Airlines - Private airlines such as Spring Airlines and Juneyao Airlines have reported declines in profits despite increased revenues, indicating challenges in maintaining profitability [6][7]. - Spring Airlines, once the most profitable airline, has seen its net profit decrease by 10.32% year-on-year, while Juneyao Airlines' profit fell by 14.28% [6][7]. - The decline in profitability is attributed to increased competition and lower ticket prices, which have not translated into higher profits despite higher passenger volumes [7][8].

Core Insights - The three major airlines in China, namely China Southern Airlines, China Eastern Airlines, and Air China, have reported their first overall profitability for the first three quarters since the pandemic, but industry experts remain cautious about their ability to maintain profitability for the entire year [1][6] Financial Performance - China Southern Airlines reported a third-quarter revenue of 51.374 billion yuan, a year-on-year increase of 3.01%, with a net profit of 3.840 billion yuan, up 20.26%. For the first three quarters, total revenue reached 137.665 billion yuan, a 2.23% increase, and net profit was 2.307 billion yuan, up 17.40% [1] - China Eastern Airlines achieved a third-quarter revenue of 39.592 billion yuan, a 3.14% year-on-year increase, with a net profit of 3.534 billion yuan, up 34.37%. The total revenue for the first three quarters was 106.414 billion yuan, a 3.73% increase, and net profit was 2.103 billion yuan, a significant turnaround from a loss of 138 million yuan in the same period last year [1] - Air China reported a third-quarter revenue of 49.069 billion yuan, a 0.90% year-on-year increase, with a net profit of 3.676 billion yuan, down 11.31%. For the first three quarters, total revenue was 129.826 billion yuan, a 1.31% increase, and net profit was 1.870 billion yuan, up 37.31% [1] Strategic Insights - The recovery of China Southern Airlines is attributed to the sustained economic vitality of the Greater Bay Area and the support from its "dual-hub" strategy in Guangzhou and Beijing [2] - China Eastern Airlines faced significant pressure from the stagnation of international markets but demonstrated strong strategic resilience with the highest net profit growth among the three airlines [2] - Air China has built competitive barriers through its advantageous position in Beijing, focusing on international rights and high-value passenger sources, which contributed to its performance recovery [2] Operational Efficiency - All three airlines have a fleet size exceeding 800 aircraft, but their average profit per aircraft remains low, with all three below 2.6 million yuan, indicating room for improvement in unit capacity profitability [3] Market Trends - In September, China Southern Airlines saw a 4.43% year-on-year increase in passenger capacity, while China Eastern Airlines and Air China reported increases of 3.63% and 1.2%, respectively [4][5] - The overall civil aviation market did not experience a sharp decline post-summer travel season, with sustained demand for domestic business travel and cultural activities supporting passenger numbers [5] - The winter tourism season is expected to provide new growth opportunities, particularly in northeastern and Xinjiang routes, while international business travel demand is anticipated to continue recovering [5] Future Outlook - Despite the traditional seasonal downturn in the fourth quarter, industry experts suggest that the three major airlines may still achieve overall profitability for the year, although the profit margins are expected to be limited [6]