另外两家航司的业绩仍处亏损中。其中，中国国航预计2025年实现归母净利润约为-13亿元至-19亿元； 中国东航预计2025年归母净利润约为-13亿元至-18亿元。 对于亏损的原因，两家航司皆提及，报告期内转回部分前期可抵扣亏损形成的递延所得税资产，增加所 得税费用，导致归母净利润为负值。 其中，南方航空、海航控股预计2025年净利润同比扭亏为盈，中国国航、中国东航仍亏损，亏损规模较 为接近。 南方航空方面，2025年，公司预计实现归属于上市公司股东的净利润8亿元-10亿元，上年同期为-16.96 亿元。至于盈利的原因，南方航空表示，主要是因为公司积极主动作为，抢抓市场机遇，精准投放运 力，优化客货经营布局，强化精益成本管控，狠抓提质增效，经营效益持续改善。 智通财经记者还从南方航空获悉，截至2025年年底，南航集团新开及复航40余条国内国际航线，国际航 线覆盖全球46个国家和地区。 海航控股预计去年实现归母净利润18亿元-22亿元。公司表示，除了及时调整运力配给，持续加强精细 化管理，推进航线网络提质增效外，海南自由贸易港封关运作也带来了积极影响，带动了经营增长。此 外，公司大多数的租赁债务及部分贷款以外币结 ...

Core Viewpoint - The three major airlines in China, Air China, China Eastern Airlines, and China Southern Airlines, are expected to reduce losses in 2025, with China Southern Airlines achieving profitability for the first time, while the overall industry shows signs of recovery and growth [1][2][3]. Group 1: Financial Performance - China Southern Airlines is projected to achieve a net profit of 800 million to 1 billion yuan in 2025, marking a turnaround from previous losses [2][4]. - China Eastern Airlines and Air China are expected to incur net losses of 1.3 billion to 1.8 billion yuan and 1.3 billion to 1.9 billion yuan, respectively, but both are showing reduced losses compared to 2024 [2][4]. - The three airlines collectively expect to reduce losses by 3.259 billion to 4.559 billion yuan in 2025 [2][4]. Group 2: Operational Improvements - The airlines attribute their improved performance to several strategies, including optimizing route networks, precise capacity deployment, and strengthening cost control [5][6]. - The overall civil aviation industry in China is projected to complete a total transportation turnover of 1,640.8 billion ton-kilometers and carry 770 million passengers in 2025, reflecting a steady growth trend [5][6]. - China Eastern Airlines plans to open 24 new international routes in 2025, significantly expanding its global network [5][6]. Group 3: Market Dynamics - The recovery of international routes is crucial for improving airline performance, as it enhances the utilization of wide-body aircraft and alleviates domestic market competition [6]. - The Civil Aviation Administration of China emphasizes the need to address "involution" competition and promote consumption, which is expected to support the airlines' recovery efforts [6].

Core Viewpoint - The company is focusing on the procurement of A350F freighters to align with its development plans and market demand, which will optimize its fleet structure and provide core resource support for stable long-term operations [1] Group 1: Fleet Optimization - The acquisition of A350F freighters will help the company build a large and medium-sized freighter capacity structure that meets market and customer needs [1] - The company has signed a firm order for 6 A350F freighters, expected to be delivered between 2029 and 2031, with an additional option for 4 more freighters, which must be exercised by the end of 2026 [1] Group 2: Operational Efficiency - The A350F freighter offers significant improvements in fuel efficiency, payload capacity, and range, enhancing the company's competitive edge [1] - The enhanced fuel efficiency of the A350F freighter will contribute to the company's long-term operational stability and risk resilience [1]

Core Viewpoint - China Eastern Airlines (600115.SH) expects a net profit attributable to shareholders of approximately RMB -1.3 billion to -1.8 billion for the fiscal year 2025 [1] Group 1: Financial Performance - The company completed a total transportation turnover of 27.981 billion ton-kilometers, with a passenger transportation volume of nearly 150 million, representing a year-on-year increase of 10.82% and 6.68% respectively [1] - The total profit for the year is expected to be between RMB 200 million to 300 million, indicating a turnaround from previous losses [1] - The negative net profit is attributed to the reversal of certain previously deductible losses that formed deferred tax assets, which increased income tax expenses [1]

Core Viewpoint - China Eastern Airlines (600115.SH) expects a profit of approximately RMB 200 million to 300 million for the fiscal year 2025, despite forecasting a net loss attributable to shareholders of RMB -1.3 billion to -1.8 billion [1] Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, to be between RMB -2.7 billion and -3.3 billion for 2025 [1] - In 2025, the total transportation turnover is projected to reach 27.981 billion ton-kilometers, with passenger transport volume nearing 150 million, reflecting year-on-year growth of 10.82% and 6.68% respectively [1] Strategic Initiatives - The company is focused on strengthening safety foundations, optimizing route network layouts, enhancing marketing capabilities, and continuously innovating service quality [1] - There is an ongoing push for digital transformation and improved cost control, which is expected to significantly enhance operational efficiency [1]

2025年，我国经济运行总体平稳、稳中有进，民航客运市场呈现稳健发展态势。公司坚持夯实安全基 础，持续优化航线网络布局，积极提升营销能力，不断创新服务品质，深入推进业财融合和成本管控， 加快推动数字化转型，经营效益显着改善。公司全年完成运输总周转量279.81亿吨公里，旅客运输量近 1.50亿人次，分别同比增长10.82%和6.68%，利润总额预计为人民币2亿元至3亿元，实现扭亏为盈。根 据会计准则，公司报告期内转回部分前期可抵扣亏损形成的递延所得税资产，增加所得税费用，导致公 司归属于上市公司股东净利润为负值。 格隆汇1月30日丨中国东方航空股份(00670.HK)发布2025年度业绩预告。经公司财务部门初步测算，按 中国企业会计准则，预计2025年度利润总额约为人民币2亿元至3亿元。2.预计2025年度归属于上市公司 股东的净利润约为人民币-13亿元至-18亿元。3.预计2025年度归属于上市公司股东的扣除非经常性损益 的净利润约为人民币-27亿元至-33亿元。 ...

Core Viewpoint - China Eastern Airlines expects a profit of approximately RMB 200 million to 300 million for the fiscal year 2025, despite projecting a net loss attributable to shareholders of RMB 1.3 billion to 1.8 billion [1] Financial Performance - For the fiscal year 2024, the company reported a total loss of RMB 3.904 billion, with a net loss attributable to shareholders of RMB 4.226 billion, and a net loss excluding non-recurring items of RMB 4.983 billion [1] - In 2025, the company anticipates a significant improvement in operational efficiency, with a total transport turnover of 27.981 billion ton-kilometers and a passenger transport volume of nearly 150 million, representing year-on-year growth of 10.82% and 6.68% respectively [1] Strategic Initiatives - The company is focusing on strengthening safety foundations, optimizing route network layouts, enhancing marketing capabilities, and continuously innovating service quality [1] - There is an ongoing push for digital transformation and cost control, which is expected to contribute to the improvement in operational efficiency [1]

Core Viewpoint - China Eastern Airlines expects a total profit of approximately RMB 200 million to 300 million for the fiscal year 2025, despite forecasting a net loss attributable to shareholders of RMB 1.3 billion to 1.8 billion [1] Financial Performance - For the fiscal year 2024, the company reported a total loss of RMB 3.904 billion, with a net loss attributable to shareholders of RMB 4.226 billion, and a net loss of RMB 4.983 billion after excluding non-recurring losses [1] - The company anticipates a significant improvement in 2025, with a projected total profit of RMB 200 million to 300 million, indicating a turnaround from previous losses [1] Operational Metrics - In 2025, the company completed a total transportation turnover of 27.981 billion ton-kilometers and transported nearly 150 million passengers, representing year-on-year growth of 10.82% and 6.68% respectively [1] - The company is focusing on enhancing safety, optimizing route network layout, improving marketing capabilities, and innovating service quality as part of its operational strategy [1] Strategic Initiatives - The company is advancing its digital transformation and cost control measures, which are expected to contribute to improved operational efficiency [1] - The overall economic environment in China is stable and progressing, supporting the robust development of the civil aviation passenger market [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00670） 2025 年度業績預告 本公告是由中國東方航空股份有限公司（「本公司」）根據香港法例第571章《證券及期貨條 例》第XIVA部項下的內幕消息條文及香港聯合交易所有限公司證券上市規則第13.09(2)(a) 條及第13.10B條而作出。 本公司及董事會全體成員保證公告內容的真實、準確和完整，對公告的虛假記載、誤導性 陳述或者重大遺漏負連帶責任。 一、本期業績預告情況 （一）業績預告期間 2025年1月1日至2025年12月31日。 （二）業績預告情況 1 1. 經本公司財務部門初步測算，按中國企業會計準則，預計2025年度利潤總額 約為人民幣2億元至3億元。 2. 預計2025年度歸屬於上市公司股東的淨利潤約為人民幣-13億元至-18億元。 3. 預計2025年度歸屬於上市公司股東的扣除非經常性損益的淨利潤約為人民 幣-27億元至-33 ...

Core Viewpoint - China National Airlines (00753.HK) is expected to report a net loss of approximately RMB 1.3 billion to RMB 1.9 billion for the fiscal year 2025, with a net loss attributable to shareholders, excluding non-recurring gains and losses, estimated between RMB 1.9 billion and RMB 2.7 billion [1] Group 1: Financial Projections - The company anticipates a net loss of about RMB 1.3 billion to RMB 1.9 billion for 2025 [1] - The projected net loss attributable to shareholders, excluding non-recurring items, is expected to be between RMB 1.9 billion and RMB 2.7 billion [1] Group 2: Industry Outlook - The overall Chinese economy is expected to remain stable and improve in 2025, with the civil aviation industry continuing its steady growth trend [1] - The company aims to seize market opportunities and actively respond to the new normal of industry development [1] Group 3: Operational Strategies - The company is focused on optimizing production organization and maximizing the utilization of available aircraft resources to ensure effective investment [1] - It plans to dynamically grasp market trends and scientifically balance pricing relationships to stabilize revenue quality [1] - The company is committed to enhancing cost control and reinforcing a "tight budget" mindset to reduce cost levels [1] Group 4: Financial Management - The company strictly adheres to accounting standards and will review the book value of deferred tax assets on the balance sheet, leading to a reversal of some deferred tax assets [1] - This review is part of the reason for the anticipated net loss for 2025 [1]