Xin Lang Cai Jing·2025-10-31 10:47Core Viewpoint - China Southern Airlines is the largest airline in China by passenger volume and fleet size, with significant revenue and profit performance in the industry [1][2]. Group 1: Business Performance - In Q3 2025, China Southern Airlines achieved an operating revenue of 1376.65 billion CNY, ranking first among eight companies in the industry, surpassing China National Aviation's 1298.26 billion CNY and the industry average of 586.2 billion CNY [2]. - The net profit for the same period was 39.96 billion CNY, also the highest in the industry, exceeding HNA Holding's 29.76 billion CNY and the industry average of 18.6 billion CNY [2]. - For the first three quarters of 2025, the company reported a revenue increase of 2.2% year-on-year and a net profit increase of 17.4% year-on-year [6][7]. Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 83.39%, higher than the industry average of 75.72%, indicating a relatively high debt pressure [3]. - The gross profit margin was 11.70%, which, while improved from 10.34% year-on-year, remains below the industry average of 12.66% [3]. Group 3: Management and Shareholder Structure - The chairman, Ma Xulun, has extensive experience in the aviation industry and holds multiple significant positions, indicating strong leadership [4]. - As of September 30, 2025, the number of A-share shareholders decreased by 10.46%, while the average number of shares held per shareholder increased by 11.68% [5]. Group 4: Operational Highlights - The company reported an increase in capacity (ASK) of 5.5% and a rise in passenger revenue kilometers (RPK) of 7.6% for the first three quarters of 2025, with a seat occupancy rate of 85.6% [6]. - The fleet size expanded to 956 aircraft, reflecting a year-on-year growth of 4.7% [6].