China Southern Airlines reports mixed half-year 2025: Revenue up, losses widen

China Southern Airlines reported an operating revenue of 86,291 million yuan for the first half of 2025, a 1.77% increase from 84,790 million yuan in the same period of 2024. Despite this revenue growth, the company experienced a net loss attributable to equity shareholders of 1,534 million yuan, an increase of 45.54% from the 1,054 million yuan loss in the prior year. Basic and diluted loss per share stood at 0.08 yuan, up from 0.06 yuan in 2024. Net cash generated from operating activities decreased by 9.45% to 11,674 million yuan.

Total assets grew by 2.06% to 336,775 million yuan as of June 30, 2025, while equity attributable to equity shareholders declined by 4.39% to 33,408 million yuan. Total operating expenses increased by 0.90% to 84,884 million yuan. The Group's total traffic volume, passenger transportation volume, and cargo and mail transportation volume for China’s civil aviation increased by 11.4%, 6.0%, and 14.6% respectively.

The company's debt ratio increased to 84.56% as of June 30, 2025, up from 83.99% at the end of 2024, with total borrowings reaching 133,520 million yuan. Capital commitments were approximately 132,849 million yuan, mainly for aircraft and related flight equipment acquisitions.