Core Viewpoint - The three major airlines in China have collectively achieved a profit of 6.28 billion yuan in the first three quarters of 2025, marking their first overall profit since reducing losses in 2023, driven by market demand recovery, international route expansion, and lower oil costs [1][3]. Financial Performance - In the first three quarters, Air China, China Eastern Airlines, and China Southern Airlines reported net profits of 1.87 billion yuan, 2.103 billion yuan, and 2.307 billion yuan, respectively [3]. - In Q3 alone, Air China reported a net profit of 3.676 billion yuan, a year-on-year decrease of 11.31%, while China Eastern Airlines and China Southern Airlines saw increases of 34.37% and 20.26% in net profit, reaching 3.534 billion yuan and 3.84 billion yuan, respectively [3][4]. - The overall revenue growth for the three airlines was modest, with Air China, China Eastern Airlines, and China Southern Airlines reporting year-on-year revenue increases of 1.31%, 3.73%, and 2.23% [3]. Market Demand and Operations - The recovery in market demand, particularly in international routes, has been a significant factor in the airlines' improved performance, with a notable increase in passenger numbers [5][6]. - In Q3, the total number of civil aviation passengers reached 210 million, a year-on-year increase of 3.9%, with international passenger transport growing by 13.3% [6]. - China Eastern Airlines has notably expanded its international routes, with a 20.08% increase in capacity and a 24.16% rise in passenger turnover from January to September [7]. Future Outlook - The fourth quarter is expected to maintain a growth trend, driven by the National Day and Mid-Autumn Festival holidays, with an anticipated 5% increase in passenger volume [8]. - The airlines are focusing on reducing losses during the off-peak season and enhancing international route recovery, with strategies to optimize production organization and improve revenue management [8][9].