记者丨高江虹 出品丨21财经客户端 21世纪经济报道 编辑丨张嘉钰 21君荐读 编辑丨高梦阳 1月16日，大韩航空发布2025年第四季度及全年财报。2025年，大韩航空实现营业收入165019亿韩元 （约合人民币780.54亿元），同比增长2%，而受物价上涨等因素推高运营成本的影响，净利润下跌21% 至9650亿韩元（约合人民币45.64亿元）。若只看去年第四季度的业绩，大韩航空的表现则要好得多， 第四季度营收45516亿韩元（约合215.29亿元人民币），净利润为2840亿韩元（约合人民币13.43亿 元），均较去年同期大涨13%。拉动其第四季度业绩的中国因素不容小觑。 财报披露，第四季度大韩航空客运业务营收达到25917亿韩元，同比增加2171亿韩元。由于北美航线因 入境限制加强及西部航线竞争加剧，相关需求略有放缓，但得益于10月初中秋黄金周期间以中国和日本 为主的短途出行需求强劲增长，该公司客运业务的整体营收与盈利能力较去年同期均有所提升。 21世纪经济报道也从多家OTA了解到，今年以来中韩旅游持续升温，尤其是11月中日关系降温之后，众 多游客将日本旅游计划替换成韩国，带动韩国航线热卖，大韩航空的客流量 ...

Core Viewpoint - Korean Air reported a mixed financial performance for 2025, with a slight increase in revenue but a significant drop in net profit due to rising operational costs [1][2] Group 1: Financial Performance - In 2025, Korean Air achieved an operating revenue of 165,019 billion KRW (approximately 78.05 billion RMB), representing a 2% year-on-year increase [1] - The net profit for the year fell by 21% to 9,650 billion KRW (approximately 4.56 billion RMB) [1] - For Q4 2025, the revenue was 45,516 billion KRW (approximately 21.53 billion RMB), with a net profit of 2,840 billion KRW (approximately 1.34 billion RMB), both showing a 13% increase compared to the same period last year [1] Group 2: Passenger Business - The passenger business revenue in Q4 reached 25,917 billion KRW, an increase of 2,171 billion KRW year-on-year [1] - Strong demand for short-haul travel, particularly from China and Japan during the Mid-Autumn Festival, significantly boosted overall revenue and profitability [1] - The increase in passenger traffic was also supported by a shift in tourist plans from Japan to Korea following the deterioration of Sino-Japanese relations in November [1] Group 3: Cargo Business - In Q4, the cargo business revenue was 12,331 billion KRW, an increase of 351 billion KRW compared to the previous year [2] - The uncertainty surrounding US-China tariff issues has temporarily eased, contributing to stable demand from cross-border e-commerce and the year-end shopping season [2] - Korean Air plans to diversify its business and adjust cargo capacity flexibly in response to external economic uncertainties to maximize profitability [2] Group 4: Future Strategies - For Q1 2026, Korean Air aims to expand sales in overseas departure markets to counteract the recent weakening of the Korean won and the slowdown in domestic outbound demand [2] - The company intends to adjust capacity flexibly around peak demand periods, such as the Lunar New Year, to enhance profitability [2]