China Southern Airlines sees revenue rise, net loss deepen in H1 2025

For the six months ended 30 June 2025, China Southern Airlines recorded an operating revenue of 86,291 million yuan, a 1.77% increase from 84,790 million yuan in H1 2024. Despite this, the company's net loss attributable to equity shareholders significantly widened by 45.54% to (1,534) million yuan, compared to (1,054) million yuan in the prior year. Basic and diluted loss per share increased to (0.08) yuan from (0.06) yuan.

Operating expenses saw a modest increase of 0.90% to 84,884 million yuan. Key cost components included jet fuel costs at 25,334 million yuan (down from 27,885 million yuan in H1 2024) and depreciation and amortisation at 14,933 million yuan (up from 13,935 million yuan in H1 2024). The passenger load factor slightly improved to 85.47% from 83.12%, while the overall load factor increased to 71.85% from 70.18%.

Total assets grew by 2.06% to 336,775 million yuan. However, net cash generated from operating activities decreased by 9.45% to 11,674 million yuan. Total borrowings stood at 133,520 million yuan, up from 130,824 million yuan at the end of 2024, with the group's debt ratio increasing to 84.56%.