Sou Hu Cai Jing·2025-11-01 06:52Core Insights - The major domestic airlines in China have collectively turned profitable in the first three quarters of 2025 after five consecutive years of losses, indicating a significant recovery in the industry [1][2][4] - Hainan Airlines leads the profitability among private carriers with a net profit of 2.845 billion yuan, marking a year-on-year increase of 30.93% [3] Group 1: Major Airlines Performance - China Southern Airlines reported a net profit of 2.307 billion yuan, a year-on-year increase of 17.40% [2] - China Eastern Airlines achieved a net profit of 2.103 billion yuan, successfully turning around from losses [2] - Air China recorded a net profit of 1.870 billion yuan, with a year-on-year growth of 37.31% [2] Group 2: International Routes as Growth Drivers - International routes have become the core driver of profitability for the three major airlines, with passenger turnover growth significantly higher than domestic routes [2] - Air China's international and domestic passenger turnover growth rates were 14.9% and 1.2%, respectively [2] - China Eastern Airlines reported growth rates of 24.16% for international and 6.08% for domestic routes, while China Southern Airlines had 19.54% and 4.10% respectively [2] Group 3: Private Airlines Performance Disparity - Hainan Airlines topped the profitability chart among private airlines, while Spring Airlines and Juneyao Airlines faced profit declines of 10.32% and 14.28%, respectively [3] - Juneyao Airlines experienced a significant drop in third-quarter net profit, decreasing by over 25% year-on-year [3] - The decline in performance is attributed to increased competition in the domestic market, characterized by rising volume but falling prices [3] Group 4: Industry Supply and Demand Improvement - The overall supply-demand relationship in the civil aviation industry has improved, with a total of 1.51 million flights in the third quarter, a year-on-year increase of 2.9% [4] - Passenger transport volume reached 210 million, up 3.9% year-on-year, with international passenger transport volume increasing by 13.3% [4] - The overall passenger load factor reached 85.9%, a year-on-year increase of 1 percentage point, with domestic routes achieving a record high load factor of 87.3% [4]