2 1 Shi Ji Jing Ji Bao Dao·2025-09-01 11:48Core Viewpoint - The A-share listed airlines have shown a significant reduction in losses for the first half of 2025, with state-owned airlines still in the red but improving, while private airlines have turned profitable, indicating a contrasting performance in the industry [2][5]. Financial Performance - The three major state-owned airlines (Air China, China Eastern Airlines, and China Southern Airlines) reported a combined loss of 4.77 billion yuan, a reduction of 2.008 billion yuan compared to the previous year [2]. - China Eastern Airlines had the least loss among the three, with a net loss of 1.431 billion yuan, a reduction of 1.337 billion yuan year-on-year [3]. - The revenue for the three major airlines showed growth: Air China at 80.757 billion yuan (up 1.6%), China Eastern at 66.822 billion yuan (up 4.09%), and China Southern at 86.291 billion yuan (up 1.77%) [2]. International Operations - China Eastern Airlines expanded its international operations significantly, opening 14 new international routes and restoring flight numbers to over 110% of 2019 levels [3]. - Air China and China Southern Airlines also increased their international capacity, with Air China's international passenger capacity up 16.7% and China Southern's up 22.5% [4]. Cost Control Measures - Cost control has become a critical focus for the airlines, with China Eastern Airlines implementing a "cost hard battle" plan to manage expenses effectively [6]. - The airlines reported a decrease in fuel costs, with Air China, China Eastern, and China Southern seeing reductions of 10.34%, 8.08%, and 9.15% respectively [7]. Market Conditions - The average ticket price for domestic economy class fell by 6.9% year-on-year in the first half of 2025, indicating ongoing pressure on pricing [8]. - The recovery of international routes remains incomplete, with the overall market still facing challenges in returning to pre-pandemic levels [8].