Xin Lang Cai Jing·2025-10-28 13:38Core Viewpoint - The company reported a significant increase in net profit for Q3 2025, exceeding expectations, with a year-on-year growth of 20.3% [1][4]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 137.7 billion yuan, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 2.31 billion yuan, up 17.4% year-on-year [1]. - In Q3 2025, operating revenue reached 51.4 billion yuan, reflecting a 3.0% year-on-year increase, while net profit attributable to shareholders was 3.84 billion yuan, marking a 20.3% increase year-on-year [1][4]. Operational Data - As of the end of Q3 2025, the company operated 956 aircraft, a 4.3% increase from the end of 2024 [2]. - The Available Seat Kilometers (ASK) increased by 6% year-on-year, with a passenger load factor of 85.9%, up 0.4 percentage points year-on-year [2]. Revenue and Cost Analysis - The company estimated a 5% year-on-year decline in unit revenue per passenger for the first three quarters of 2025, with Q3 showing a 3% decline [3]. - Operating costs for the first three quarters of 2025 were 121.6 billion yuan, a 0.7% increase year-on-year, with unit ASK operating costs decreasing by 5% due to falling oil prices [3]. Profit Outlook - The company anticipates a sustained high profit elasticity due to limited industry supply and steady demand growth, projecting net profits of 0.851 billion yuan, 5.403 billion yuan, and 9.015 billion yuan for 2025, 2026, and 2027 respectively [4].