China Southern Airlines' H1 2025: Revenue up, net loss widens

China Southern Airlines reported an operating income of 86,291 million yuan for the first six months of 2025, a 1.77% increase compared to 84,790 million yuan in H1 2024. Despite this revenue growth, the company's net loss attributable to equity holders widened to 1,534 million yuan from 1,054 million yuan in the prior year. Basic and diluted earnings per share both stood at (0.08) yuan for the period, up from (0.06) yuan in H1 2024.

Operating expenses rose to 84,884 million yuan, a 0.90% increase from 84,126 million yuan in H1 2024. This increase was primarily driven by higher depreciation and amortization, which grew 7.16% to 14,933 million yuan due to an expanded fleet and increased flight hours. Fuel costs decreased to 25,334 million yuan from 27,885 million yuan in H1 2024.

Total assets as of June 30, 2025, reached 336,775 million yuan, up 2.06% from 329,979 million yuan at the end of 2024. The company’s asset-liability ratio slightly increased to 84.56%, compared to 83.99% as of December 31, 2024. Cash flow from operating activities decreased by 9.45% to 11,674 million yuan.