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春秋航空上半年净利润116.86亿元 同比下降14.11%

Company Performance - In the first half of 2025, the company achieved operating revenue of 103.045 billion yuan, a year-on-year increase of 4.35% [2] - The net profit attributable to shareholders was 11.686 billion yuan, a year-on-year decrease of 14.11% [2] - The board approved a mid-term dividend plan, proposing a cash dividend of 0.43 yuan per share, totaling 4.176 billion yuan, which accounts for 35.74% of the net profit [2] - The total profit for the period was 15.429 billion yuan, a year-on-year increase of 2.59%, but net profit declined due to a higher tax burden compared to the previous year [3] Industry Overview - In the first half of 2025, China's civil aviation passenger transport reached a record high, with an industry seat load factor of 84.2%, an increase of 1.9 percentage points year-on-year [2] - The average aircraft utilization for the company increased to 9.74 hours per day, a year-on-year increase of 4.96% [2] - The total transport turnover reached 241.296 billion ton-kilometers, a year-on-year increase of 8.94% [2] - The passenger transport volume for the company was 15.2189 million, a year-on-year increase of 9.45%, with international passenger transport volume increasing by 45.83% to 2.9159 million [2] Profitability Challenges - The average revenue per passenger kilometer for the company was 0.377 yuan, a year-on-year decrease of 4.24%, with domestic and international routes seeing declines of 4.85% and 5.47% respectively [3] - The decline in average ticket prices has put pressure on profitability [3]