航司净利410亿！单客仅赚7.9美元，国际航协：不如卖手机壳

Core Insights - The International Air Transport Association (IATA) forecasts that global airlines will achieve a net profit of $41 billion by 2026, marking a historical high for the industry [1] - The industry net profit margin is expected to remain at 3.9%, consistent with 2025 figures [1] - Despite the large total profit, the individual profit per passenger remains low at $7.90, which is unchanged from 2025 but lower than the historical peak in 2023 [3] Financial Performance - The current return on capital in the airline industry is insufficient to cover capital costs, indicating a fragile profit margin [3] - The average net profit per passenger is significantly lower than profits made by other industries, such as the profit from selling an iPhone case [3] Value Chain Dynamics - There is a notable structural imbalance in profit distribution within the value chain, with airlines earning lower profit margins compared to engine manufacturers, avionics manufacturers, and service providers [3] - IATA's leadership suggests that rebalancing the profit distribution within the value chain could enable airlines to create greater economic value [3] - Reducing regulatory pressures and tax burdens is also seen as a critical pathway to improving the financial situation of airlines [3]