上半年三大航仍未扭亏，东航国航亏损收窄

Group 1 - China Eastern Airlines reported a revenue of 66.822 billion yuan for the first half of 2025, a year-on-year increase of 4.09%, with a net loss of 1.431 billion yuan, significantly reducing losses by 1.337 billion yuan compared to the previous year [1] - The total transportation turnover for China Eastern Airlines reached 135.06 billion ton-kilometers, with a passenger volume of 73.1696 million, representing year-on-year growth of 11.89% and 8.03% respectively [1] - China International Airlines also reported a reduced net loss of 1.806 billion yuan for the first half of 2025, with a revenue of 80.757 billion yuan, an increase of 12.37% year-on-year [1] Group 2 - China Southern Airlines reported a revenue of 86.291 billion yuan for the first half of 2025, a year-on-year increase of 1.77%, but a net loss of 1.533 billion yuan, which is a 24.84% decline compared to the previous year [4] - The overall passenger transport volume in China's civil aviation sector reached approximately 370 million, reflecting a year-on-year growth of 5.9%, indicating a "high passenger volume but low profitability" situation [4] - Spring Airlines is projected to be the most profitable airline in mainland China, reporting a revenue of 10.304 billion yuan for the first half of 2025, with a year-on-year growth of 4.35% and a net profit of 1.169 billion yuan, down 14.11% year-on-year [4]