Zhi Tong Cai Jing·2026-01-15 11:05Core Viewpoint - China Southern Airlines (600029.SH) reported an increase in passenger capacity and turnover for December 2025, indicating growth in both domestic and international markets, despite a slight decline in overall passenger load factor [1] Passenger Operations - The group's passenger capacity (measured in available seat kilometers) increased by 11.89% year-on-year, with domestic, regional, and international segments rising by 6.81%, 2.80%, and 25.76% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 11.20% year-on-year, with domestic, regional, and international segments increasing by 6.88%, 5.72%, and 22.77% respectively [1] - The passenger load factor was 84.05%, a decrease of 0.53 percentage points year-on-year, with domestic and regional segments increasing by 0.05 and 2.16 percentage points, while international load factor decreased by 2.03 percentage points [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) increased by 19.28% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) rose by 10.86% year-on-year [1] - The cargo load factor was 51.95%, a decline of 3.95 percentage points year-on-year [1]