Di Yi Cai Jing·2025-08-30 12:49Group 1: Airline Performance - All listed airlines in A-shares have reported their 2025 semi-annual results, with private airlines achieving profitability while state-owned airlines continue to incur losses [1] - Spring Airlines has reported the highest net profit among private airlines at 1.169 billion yuan, making it the most profitable listed airline in mainland China for the first half of the year [1] - In contrast, the three major state-owned airlines, Air China, China Eastern Airlines, and China Southern Airlines, reported losses of 1.806 billion yuan, 1.441 billion yuan, and 1.533 billion yuan respectively in the first half of the year [2] Group 2: Market Dynamics - The disparity in performance among airlines is attributed to the slower-than-expected recovery of international routes and ongoing competition in the domestic market [2] - International passenger flights in civil aviation increased by 24.9% year-on-year in the first half of the year, but still fell 12% compared to 2019 levels, indicating that international flight volumes have not fully recovered [2] - Private airlines like Spring Airlines and Juneyao Airlines, which focus on international routes primarily to neighboring countries, are less affected by the slow recovery of international markets compared to state-owned airlines [2][3] Group 3: Revenue and Cost Management - Spring Airlines reported a significant increase in capacity on Japanese routes, with a year-on-year growth of over 116.8%, positively impacting revenue performance [3] - Despite the overall revenue decline in domestic routes, cost control has become crucial for maintaining performance, with private airlines like Spring Airlines having more advantages in this area compared to state-owned airlines [3] Group 4: Airport and Cargo Performance - Among seven listed airport companies, five reported profits in the first half of the year, while only two, Meilan Airport and Capital Airport, continued to incur losses [4] - Capital Airport has faced continuous losses since 2020, with cumulative losses exceeding 10 billion yuan, largely due to competition from Beijing Daxing Airport [4] - Cargo logistics companies also reported profit growth, with China National Aviation and Eastern Air Logistics earning 1.24 billion yuan and 1.289 billion yuan respectively, reflecting a positive trend in global air cargo demand [5] Group 5: Global Cargo Trends - The global air cargo demand is on the rise, with a year-on-year increase of 2.8% in cargo ton-kilometers in the first half of the year, and a significant growth of 8.4% in the Asia-Pacific region [5] - China's air cargo export volume reached 2.67 million tons, a year-on-year increase of 11.6%, with international cargo transport volumes hitting record highs [5] - However, adjustments in U.S. tariff policies and the cancellation of small package exemptions are impacting air carriers, with negative growth observed in exports to North America [5][6]