民航2025年盈利65亿元，今年整治“过低票价”要动真格

Core Insights - The Civil Aviation Administration of China (CAAC) anticipates further growth in passenger volume for 2026, along with more practical regulatory measures to combat "involution" in the industry [1][3]. Financial Performance - The civil aviation sector achieved a profit of 6.5 billion yuan in 2025, building on a turnaround from losses in 2024, indicating improved operational efficiency [2][4]. - In 2025, the industry recorded a total transport turnover of 1,640.8 billion ton-kilometers, with passenger transport reaching 770 million people and cargo/mail transport at 10.172 million tons, representing year-on-year growth of 10.5%, 5.5%, and 13.3% respectively [4]. Passenger and Cargo Trends - The growth rate of passenger throughput in 2025 was lower compared to 2024, where passenger and cargo transport increased by 17.9% and 22.1% respectively [5]. - For 2026, the CAAC aims for a total transport turnover of 1,750 billion ton-kilometers, with passenger transport projected at 810 million people and cargo/mail transport at 1.07 million tons, indicating a further decline in growth rate compared to 2025 [5]. Market Competition and Regulation - The CAAC has noted that the industry has been experiencing "involution," characterized by airlines adopting aggressive pricing strategies, leading to a decline in average ticket prices [6]. - In response, the CAAC plans to enhance price monitoring and supervision, requiring airlines to strengthen price self-discipline and stabilize pricing levels [6][7]. - The CAAC is collecting data from airlines to assess cost structures on various routes to prevent predatory pricing below cost [8]. Domestic Production and Innovation - The focus on "domestic production" includes advancements in domestic aircraft and components, with the C919 aircraft surpassing 4 million passengers in 2025 and expanding into international markets [9]. - During the "14th Five-Year Plan," the domestic aircraft fleet is expected to reach 220 units, with a target of 96% domestic production for key air traffic control equipment [9]. - The CAAC aims to promote the optimization and certification of key models like the C919 and C909, enhancing the international market presence of domestic aviation products [9].