Quarterly Performance Preview | China Southern Airlines: Expected to announce Q1 earnings report by April 30, 2026, with projected operating revenue of 46.48B yuan, a year-on-year change of 7.1%

China Taifong Securities believes: In 2025, China Southern Airlines achieved operating revenue of 182.3 billion yuan, up 4.61% year over year, successfully turning a loss into a profit. The net profit attributable to shareholders and the net profit after deducting non-recurring items attributable to shareholders were 857 million yuan and 145 million yuan, respectively. By adjusting its operating strategy, the company improved quality and efficiency, resulting in a significant improvement in performance. The fleet size reached 972 aircraft, up 6% year over year. Both the number of passenger aircraft and freighters increased. The load factor rose to 85.74%, and aircraft utilization increased to 9.79 hours. Although passenger revenue per seat-kilometer and cost declined, China Southern Airlines Logistics, as a subsidiary, contributed higher profitability, achieving net profit of 3.58B yuan. The company disclosed its sensitivity to oil and foreign exchange; fluctuations in fuel prices and exchange rates have a significant impact on operating costs and net profit.

In terms of business segments:

1. Fleet expansion: By the end of 2025, the fleet size reached 972 aircraft, up 6% year over year, with both the number of passenger aircraft and freighters increasing.

2. Load factor improvement: The load factor rose to 85.74%, and aircraft utilization increased to 9.79 hours.

3. China Southern Airlines Logistics’ profit contribution: China Southern Airlines Logistics recorded net profit of 3.58B yuan. Although it declined 14.60% year over year, it still contributed relatively high profitability to the company.

Haitong Securities believes: China Southern Airlines’ 2025 annual report shows that in 2025, the company generated revenue of 182.26B yuan, up 4.6% year over year. Net profit attributable to shareholders was 857 million yuan, successfully turning losses into profits. In the fourth quarter, revenue was 44.59B yuan, up 12.7% year over year, while net loss attributable to shareholders was 1.45B yuan. The year-over-year loss narrowed by 60.4%. International route capacity grew significantly: ASK increased by 19.3% year over year, while load factor declined slightly. Revenue per passenger-kilometer increased by approximately 3.5% year over year, and in the cargo business, freight ton-kilometers (cargo mail turnover) increased by 8.7% year over year. For the full year, the load factor increased by 1.4 percentage points to 85.7%. Main business costs per ATK decreased by 3.3%, and net profit attributable to shareholders turned losses into profits. Although instability in the Middle East may affect jet fuel ex-works prices, in the medium to long term, the industry’s supply growth rate is expected to remain low, and industry profitability is expected to improve from the bottom.

(Note: The content of this article is generated by Chaoyang Yongxu AI technology. The related profitability forecast data in the text all come from Chaoyang Yongxu’s profitability forecast database.)

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