China Southern Airlines Company (1055) H2 2025 earnings summary

行业环境

• Global economic growth is slowing, but China's economy is resilient and expected to contribute over 30% to global growth in 2025, with GDP surpassing RMB 140 trillion.

• Global aviation continues to grow, with China's civil aviation sector stable and improving; international flights are recovering to over 90% of 2019 levels.

• Passenger transport volume in China is projected to reach 810 million in 2026, with cargo and mail transport volume at 10.7 million tons.

• China's civil aviation industry saw transportation turnover up 10.5%, passenger volume up 5.5%, and cargo volume up 13.3% year-over-year.

“十四五”回顾与“十五五”目标 / Executive summary

• Maintained stable safety performance, earning the Civil Aviation Administration's top safety award.

• Improved operational efficiency and cost management, with enhanced brand image and service innovation.

• Strategic reforms and technological innovation have strengthened company vitality.

• Aims to reach world-class airline standards, focusing on core business, efficiency, and technological innovation.

• Maintained top safety awards and expanded digital transformation and AI initiatives.

经营情况 / Segment performance

• Achieved 3.309 million flight hours in 2025, maintaining leading safety standards in Chinese civil aviation.

• Transported 174 million passengers and 1.958 million tons of cargo in 2025.

• Opened 33 new domestic and 27 new international/regional routes, with international routes contributing to profit growth.

• Enhanced customer management, with frequent flyer numbers up by 18.09 million year-over-year.

• Airline transportation operations contributed RMB179,834 million in external revenue and RMB3,604 million in segment profit before tax.