2 1 Shi Ji Jing Ji Bao Dao·2025-09-01 11:43Core Viewpoint - The A-share listed airlines have reported their 2025 semi-annual results, showing steady revenue growth among the three major state-owned airlines, despite still being in a loss position, while private airlines have achieved profitability, indicating a counter-trend breakthrough [1] Group 1: Financial Performance of Major Airlines - The three major airlines (Air China, China Eastern Airlines, and China Southern Airlines) collectively reported a loss of 4.77 billion yuan, with a reduction in losses by 2.008 billion yuan [2] - China Eastern Airlines had the least loss and the most significant reduction in losses among the three, with a net loss of 1.431 billion yuan, a decrease of 1.337 billion yuan year-on-year [3] - Revenue for the three major airlines showed notable growth: Air China reported 80.757 billion yuan (up 1.6%), China Eastern Airlines 66.822 billion yuan (up 4.09%), and China Southern Airlines 86.291 billion yuan (up 1.77%) [3] Group 2: International Operations and Capacity - China Eastern Airlines expanded its international operations significantly, opening 14 new international routes and restoring its international flight numbers to over 110% of 2019 levels [4] - The international passenger capacity for China Eastern Airlines increased by 24.38% year-on-year, while domestic capacity rose by 1.07% [4] - Air China and China Southern Airlines also increased their international capacity, with Air China seeing a 16.7% increase and China Southern Airlines a 22.5% increase [4] Group 3: Cost Control Measures - Cost control has become a crucial focus for the three major airlines, with China Eastern Airlines implementing a "cost hard battle" plan to manage expenses effectively [7] - China Eastern Airlines achieved an 8.08% reduction in fuel costs, while Air China and China Southern Airlines saw reductions of 10.34% and 9.15%, respectively [7] - Financial expenses for China Eastern Airlines decreased by 26.89% year-on-year, while Air China reduced its financial expenses by 9.36 billion yuan [7] Group 4: Performance of Private Airlines - Private airlines such as Spring Airlines, Juneyao Airlines, and others achieved profitability, with Spring Airlines reporting a net profit of 1.169 billion yuan, making it the most profitable airline in the first half of 2025 [2][8] - Spring Airlines' success is attributed to its low-cost model and strong market presence in Shanghai, which aligns well with current market conditions [8] Group 5: Market Challenges - The three major airlines face challenges in turning profitable due to factors such as unprofitable routes and the incomplete recovery of the international market, particularly in long-haul flights [5] - The average domestic economy class ticket price fell by 6.9% year-on-year in the first half of 2025, indicating ongoing pressure on pricing [9] - The recovery of international routes remains below 2019 levels, complicating the path to profitability for the major airlines [9]