Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report highlights a significant increase in net profit for the third quarter of 2025, with a year-on-year growth of 17.4%, reaching 2.307 billion yuan, despite a slight increase in revenue of 2.2% to 137.7 billion yuan [2][3] - The report expresses optimism about the recovery of passenger traffic and revenue in the fourth quarter, driven by strong demand during the National Day holiday and improving ticket prices [5][7] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 137.67 billion yuan, a year-on-year increase of 2.23%, and a net profit of 2.307 billion yuan, a year-on-year increase of 17.40% [2][3] - The quarterly net profit figures for Q1, Q2, and Q3 were -747 million, -786 million, and 3.84 billion yuan, respectively, indicating a substantial recovery in Q3 [2] Capacity and Traffic - The total Available Seat Kilometers (ASK) increased by 5.6% year-on-year for the first three quarters of 2025, with domestic, international, and regional ASK growing by 1.95%, 17.8%, and 1.5%, respectively [3] - The Revenue Passenger Kilometers (RPK) rose by 7.6% year-on-year, with international RPK recovering to 95.8% of the 2019 levels [3][4] Passenger Load Factor - The overall passenger load factor for the first three quarters was 85.6%, with domestic and international load factors at 86.2% and 84.2%, respectively, showing improvements compared to 2019 [4] - In Q3 alone, the load factor was 85.9%, reflecting a year-on-year increase of 0.4 percentage points [4] Pricing and Cost Management - The unit revenue per RPK decreased by 3.0% to 0.570 yuan, while the unit cost per ASK fell by 3.9% to 0.408 yuan, benefiting from lower oil prices and effective cost control [5] - The report notes that the decline in ticket prices is gradually stabilizing, which is expected to positively impact revenue [5] Future Outlook - The company is projected to achieve a net profit of 1.057 billion yuan in 2025, with significant growth rates of 162.3% and 486.0% expected in the following years [7] - The report maintains a positive outlook on the recovery of air travel and the company's profitability, reiterating the "Accumulate" rating [7]

Group 1 - The successful inaugural flight of the Xilin Hot—Zhengzhou—Guangzhou route by China Southern Airlines (CZ8533) took place on October 28, 2025 [1] - The new route is operated by Boeing 737-800 aircraft with flights scheduled every Tuesday, Thursday, and Saturday, providing efficient travel options for passengers [3] - The flight schedule includes a total travel time of approximately 6 hours, facilitating quick transfers between northern and southern regions through the Zhengzhou hub [3] Group 2 - To celebrate the launch of the new route, Xilin Hot Airport and China Southern Airlines are offering promotional ticket prices starting from 780 yuan for one-way flights to Guangzhou and 430 yuan to Zhengzhou, excluding airport construction and fuel fees [4] - The opening of this route optimizes the network layout of Xilin Hot Airport, connecting three distinct tourist regions: the Xilin Gol Grassland, the Central Plains culture of Zhengzhou, and the Guangdong-Hong Kong-Macao Greater Bay Area [4] - This new connection is expected to enhance personnel exchanges, material circulation, and cultural interactions between northern and southern regions, thereby boosting regional cooperation and economic development [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 137.6 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.2%, with a net profit of 2.3 billion yuan, up 17.4% [2]. - In Q3 2025, the company achieved a revenue of 51.4 billion yuan, reflecting a 3% increase year-on-year, and a net profit of 3.84 billion yuan, which is a 20% increase compared to the previous year [2]. - The growth in revenue was primarily driven by an increase in passenger traffic (RPK), which rose by 6% year-on-year, with domestic routes increasing by 5% and international routes by 9% [2]. - The company’s load factor reached a record high of 85.9% in Q3 2025, indicating strong demand and the potential for future price increases [3]. Summary by Sections Performance - For Q3 2025, the company’s revenue was 51.4 billion yuan, a 3% increase year-on-year, while the net profit was 3.84 billion yuan, up 20% [2]. - The overall revenue for the first three quarters of 2025 was 137.6 billion yuan, with a net profit of 2.3 billion yuan [2]. Cost Optimization - The gross margin for Q3 2025 was 16.5%, an increase of 1.1 percentage points year-on-year, attributed to cost improvements [3]. - The unit cost per seat kilometer decreased by 3.9% to 0.41 yuan due to lower oil prices [3]. Profit Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 have been revised upwards to 1.3 billion yuan, 6.6 billion yuan, and 9.8 billion yuan, respectively [4]. - The report anticipates a sustainable improvement in supply-demand dynamics, leading to potential price increases and profit releases in the medium term [3].

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company, with target prices set at RMB 8.70 for A shares and HKD 6.30 for H shares [6]. Core Insights - The company reported a revenue of RMB 137.67 billion for the first nine months of 2025, reflecting a year-on-year increase of 2.2%, and a net profit attributable to shareholders of RMB 2.31 billion, up 17.4% [1]. - The third quarter of 2025 saw a revenue of RMB 51.37 billion, a 3.0% increase year-on-year, and a net profit of RMB 3.84 billion, marking a 20.3% increase [1][2]. - The report indicates that the airline industry is showing signs of recovery, with a tightening supply of flight schedules and a potential for ticket prices to turn positive in the fourth quarter of 2025 [1][4]. Financial Performance - The company's operating costs for the third quarter of 2025 were RMB 42.87 billion, a 1.6% increase year-on-year, while the average price of aviation fuel decreased by 11% [3]. - Gross profit for the third quarter increased by 10.6% to RMB 8.50 billion, resulting in a gross margin of 16.5%, up 1.1 percentage points year-on-year [3]. - The company’s fleet size reached 936 passenger aircraft and 20 cargo aircraft by September 2025, maintaining a leading position in the industry [4]. Profitability Forecast - The report projects significant growth in net profit for the years 2025 to 2027, with estimates of RMB 6.42 billion, RMB 6.05 billion, and RMB 8.56 billion respectively, corresponding to EPS of RMB 0.04, RMB 0.33, and RMB 0.47 [5][9]. - The report anticipates a continued improvement in unit revenue per passenger kilometer, with expectations for ticket prices to remain positive [5][25]. Market Dynamics - The supply growth in the airline industry is expected to remain low, which should support revenue improvement for the company [4]. - The report highlights that the cargo business is showing resilience, which may contribute to profit growth [4].

Summary of China Southern Airlines 3Q25 Earnings Call Company Overview - **Company**: China Southern Airlines (CSA) - **Ticker**: 1055.HK - **Industry**: Transportation & Infrastructure - **Market Cap**: Rmb108,739.8 million - **Current Share Price**: HK$4.65 - **Price Target**: HK$5.33, indicating a 15% upside potential [5][7] Key Financial Highlights - **Net Profit**: Rmb3.8 billion in 3Q25, representing a 20% year-over-year increase [2][7] - **Profit Before Tax (PBT)**: Rmb5.8 billion, up 30% YoY, excluding Rmb0.3 billion of foreign exchange loss [2][7] - **Revenue**: Rmb51.4 billion in 3Q25, a 3% YoY increase [7] - **Operating Cash Flow**: Rmb18 billion in 3Q25, a 62% YoY increase, contributing to a total of Rmb32 billion for the first nine months of 2025 [7] - **Capital Expenditure (Capex)**: Rmb8 billion in 9M25, indicating positive free cash flow after lease payments [7] Operational Metrics - **Available Seat Kilometers (ASK)**: Increased by 5.7% YoY [7] - **Revenue Passenger Kilometers (RPK)**: Increased by 6.2% YoY, reaching 115% of 2019 levels [7] - **Unit Cost (including fuel)**: Decreased by 3% YoY, but increased by 3% compared to 3Q19 [7] Market Outlook - **Profitability**: High probability of continued YoY profitability improvement in 4Q25, with expectations of full-year profitability [7] - **Yield Trends**: Anticipated low-single-digit YoY drop in passenger yield in 3Q25, supported by strong long-haul international yields and improved domestic yields in September [7] Valuation and Risks - **Valuation Methodology**: Utilizes probability-weighted P/BV multiples with different scenarios (bull, base, bear) for 2026 estimates [13] - **Bull Case P/BV**: 3.2x; Base Case P/BV: 1.9x; Bear Case P/BV: 1.0x [13] - **Upside Risks**: Include yield improvements from higher ticket prices, faster-than-expected traffic recovery, and significant RMB appreciation [13] - **Downside Risks**: Include weak travel demand and RMB depreciation [13] Analyst Ratings - **Stock Rating**: Overweight [5] - **Industry View**: In-Line [5] Additional Insights - **Earnings Estimates**: Morgan Stanley's earnings estimates for CSA are above consensus for 2026-2027 [7] - **Market Sentiment**: The overall sentiment remains bullish on Chinese airlines, with CSA-H rated as Overweight and CSA-A rated as Equal-weight [7] This summary encapsulates the key points from the earnings call, highlighting the financial performance, operational metrics, market outlook, and valuation considerations for China Southern Airlines.

消息上，南方航空昨日晚公告，2025年第三季度营收为513.74亿元，同比增长3.01%；净利润为38.4亿 元，同比增长20.26%。前三季度营收为1376.65亿元，同比增长2.23%；净利润为23.07亿元，同比增长 17.40%。 10月28日，港股航空股盘初拉升，尤其是中国南方航空绩后涨至6%领衔，并且创2023年8月以来新高， 中国国航目前涨2%，国泰航空涨1.5%，中国东方航空涨1%，美兰空港跟涨。 从民航局了解到，全国民航从10月26日起至2026年3月28日执行冬春航季航班计划。新航季共有210家国 内外航空公司计划每周安排客货运航班11.95万班，比去年同期增长1.3%。有分析指，在过去两三年， 受疫情和国际航线停滞影响，航空股长期处于历史估值底部。近期以来，伴随着航空板块的持续拉升， 这块"价值洼地"似乎出现了明显的修复行情。 港股频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 01055 | 中国南方航空股 | 4.870 4.73% | | 00753 | 中国国航 | 6.350 2 ...

（原标题：港股异动 | 南方航空(01055)涨超6% 三季度归母净利同比增两成至38.4亿元） 智通财经APP获悉，南方航空(01055)涨超6%，截至发稿，涨6.02%，报4.93港元，成交额3835.69万港 元。 消息面上，中国南方航空股份发布公告称，2025年前三季度，营业收入1376.65亿元(人民币，下同)，同 比增长2.23%；归属于上市公司股东的净利润23.07亿元，同比增长17.40%。其中三季度公司实现收入 513.74亿元，同增3.0%；归母净利润38.40亿元，同增20.3%。 华泰证券表示，往后展望，新航季时刻数同比持续收紧，景气呈现底部好转迹象，叠加反内卷和低基 数，该行认为票价同比转正有望在4Q延续。中长期行业供给增速或将保持低位，支撑收益水平改善， 同时油价下跌有望降低航司成本压力，共同推动航司兑现盈利弹性。 ...

有分析指，在过去两三年，受疫情和国际航线停滞影响，航空股长期处于历史估值底部。近期以来，伴 随着航空板块的持续拉升，这块"价值洼地"似乎出现了明显的修复行情。(格隆汇) | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 01055 | 中国南方航空股 | 4.870 4.73% | | 00753 | 中国国航 | 6.350 2.09% | | 00293 | 国泰航空 | 11.220 1.54% | | 00670 | 中国东方航空股 | 4.100 0.99% | | 00357 | 美兰空港 | 10.520 0.10% | 从民航局了解到，全国民航从10月26日起至2026年3月28日执行冬春航季航班计划。新航季共有210家国 内外航空公司计划每周安排客货运航班11.95万班，比去年同期增长1.3%。 港股航空股盘初拉升，尤其是中国南方航空绩后涨至6%领衔，并且创2023年8月以来新高，中国国航目 前涨2%，国泰航空涨1.5%，中国东方航空涨1%，美兰空港跟涨。 消息上，南方航空昨日晚公告，2025年第三季度营收为513.74亿元，同比增长3.01%；净利 ...

每经AI快讯，南方航空(01055.HK)涨超6%，截至发稿，涨6.02%，报4.93港元，成交额3835.69万港元。 ...

Group 1 - Wang Yi, the Foreign Minister, communicated with U.S. Secretary of State Rubio, expressing hope for mutual efforts to prepare for high-level interactions and create conditions for the development of China-U.S. relations [2] - The People's Bank of China will maintain a supportive monetary policy stance, resume open market operations for government bonds, and explore measures to support personal credit repair [2][3] - The National Bureau of Statistics reported that profits of industrial enterprises above designated size increased by 21.6% year-on-year in September, with high-tech manufacturing and equipment manufacturing showing rapid growth [3] Group 2 - The State Administration of Foreign Exchange will introduce nine new policy measures focusing on trade facilitation, including expanding cross-border trade pilot programs and optimizing foreign exchange fund settlement for new trade entities [3] - The Ministry of Finance reported that in September, central government revenue was 691.3 billion yuan, while expenditure was 1.5844 trillion yuan [4] - The 138th Canton Fair saw participation from nearly 240,000 overseas buyers from 223 countries and regions, marking a 6.8% increase compared to the previous session [4] Group 3 - The China Securities Regulatory Commission (CSRC) released a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, enhancing its attractiveness to long-term foreign capital [5] - The CSRC also issued opinions on strengthening the protection of small and medium investors in the capital market, proposing 23 specific measures across various aspects [5] - A-share market saw significant gains, with the Shanghai Composite Index approaching the 4000-point mark, driven by strong performance in technology stocks [5][6] Group 4 - The Hong Kong Hang Seng Index closed up 1.05%, with notable gains in pharmaceutical and materials sectors, while Southbound funds recorded a net purchase of 2.873 billion HKD [6] - The Shanghai Stock Exchange announced the third advisory committee member list, including founders from various tech companies [6] - New listings on the STAR Market include He Yuan Bio, Xi'an Yicai, and Bibet, with a total of 758,000 investor accounts opening trading permissions for the STAR Growth Layer [6] Group 5 - QFII holdings in A-shares reached 1.018 billion shares, valued at approximately 21.283 billion yuan, with a focus on cyclical sectors like non-ferrous metals and electricity [7] - Five listed securities firms have disclosed their Q3 reports, showing growth in both revenue and net profit, indicating a recovery in brokerage and asset management businesses [7] Group 6 - The central bank's market operations led to a significant drop in bond yields, with the 30-year special government bond yield falling by 5.75 basis points [18] - The trading association emphasized the need for stricter supervision of funds raised through debt financing tools [18] - Hebei Province disclosed special bond issuance information, with 4.738 billion yuan allocated for land storage, marking a pilot area for non-self-examination [18] Group 7 - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.71% and the Nasdaq up 1.86%, driven by easing international trade tensions [16] - European stock indices also experienced slight increases, reflecting improved market sentiment following U.S.-China trade discussions [16] - The Nikkei 225 index in Japan closed above 50,000 points for the first time, indicating strong market performance [16] Group 8 - The international gold futures market saw a decline, with COMEX gold futures dropping by 3.40% [20] - Brent crude oil futures experienced a slight decrease, while U.S. oil futures rose marginally [20] - The OPEC+ group is expected to discuss a slight increase in oil production at their upcoming meeting [21]