Core Viewpoint - The major domestic airlines in China have reported profitability in the first three quarters of 2025, marking a significant recovery from previous years of losses, with international markets becoming a key area for growth [1][2][3]. Group 1: Financial Performance of Major Airlines - All three major state-owned airlines (Air China, China Eastern Airlines, and China Southern Airlines) achieved profitability in the first three quarters of 2025, with Air China reporting a net profit of 1.87 billion yuan [2]. - China Eastern Airlines and China Southern Airlines reported net profits of 2.10 billion yuan and 2.31 billion yuan respectively, indicating a recovery from significant losses in the previous year [2]. - Cumulatively, the three airlines had incurred losses exceeding 200 billion yuan over the past five years, but signs of recovery are evident in their recent performance [2][3]. Group 2: International Market Growth - The international market has shown a significant recovery, with passenger turnover for international routes increasing at a higher rate than domestic routes for all three major airlines [4]. - For instance, Air China's international passenger turnover increased by 14.9%, while domestic turnover rose by only 1.2% [4]. - China Eastern Airlines has been particularly aggressive in expanding its international routes, recently launching a new route that sets a record for the longest single flight [4][5]. Group 3: Challenges Faced by Private Airlines - Private airlines such as Spring Airlines and Juneyao Airlines have reported declines in profits despite increased revenues, indicating challenges in maintaining profitability [6][7]. - Spring Airlines, once the most profitable airline, has seen its net profit decrease by 10.32% year-on-year, while Juneyao Airlines' profit fell by 14.28% [6][7]. - The decline in profitability is attributed to increased competition and lower ticket prices, which have not translated into higher profits despite higher passenger volumes [7][8].