China Southern Airlines Company Limited reported a consolidated net profit attributable to shareholders of RMB 0.86 billion for the year ended 31 December 2025, reversing a RMB 1.77 billion loss in 2024.

Operating revenue rose 4.61 % year-on-year to RMB 182.26 billion, driven by a 4.95 % increase in traffic revenue to RMB 173.31 billion. Passenger revenue expanded 4.91 % to RMB 153.64 billion, while cargo and mail revenue advanced 5.22 % to RMB 19.67 billion.

Key operating metrics improved: • Revenue passenger kilometres grew 8.28 % to 331.31 billion. • Passenger load factor climbed 1.36 percentage points to 85.74 %. • International RPKs surged 19.57 %, lifting international passenger revenue 20.48 % to RMB 39.75 billion. • Total passengers carried increased 5.46 % to 173.73 million.

Cost control supported profitability. Total operating expenses rose 3.00 % to RMB 176.97 billion, below revenue growth. Depreciation and amortisation was the largest incremental item, up 10.12 % to RMB 31.21 billion, reflecting fleet expansion. Jet fuel costs edged down 4.49 % to RMB 52.53 billion, helping flight operation expenses remain broadly stable at RMB 83.45 billion.

Operating profit improved 15.08 % to RMB 9.58 billion. Net finance costs eased as interest expense fell 3.56 % to RMB 5.55 billion and the company recorded a RMB 0.35 billion net foreign-exchange gain versus a RMB 0.91 billion loss a year earlier. Income tax expense increased to RMB 2.13 billion, in line with higher pre-tax earnings.

Cash generated from operations totalled RMB 32.71 billion. After RMB 19.52 billion of investing outflows and RMB 16.76 billion of financing outflows, year-end cash and cash equivalents stood at RMB 9.40 billion, down from RMB 12.98 billion in 2024. The company held total interest-bearing liabilities of RMB 238.42 billion, yielding a debt-to-asset ratio of 84.22 %, broadly unchanged from 83.99 % a year earlier.

Capital commitments amounted to RMB 118.67 billion, including RMB 104.95 billion for aircraft, engines and related equipment. Post-year end, the airline agreed to sell 10 B787-8 aircraft and two spare engines to Avolon, with deliveries commencing April 2026.

The board proposed no dividend for 2025, citing the company’s profit distribution conditions under its Articles of Association.

Looking to 2026, management plans to reinforce safety systems, enhance passenger and cargo operations, advance digital transformation and pursue cost optimisation amid a global economic backdrop that the IMF projects to grow 3.3 %. The company aims to build on 2025’s recovery and progress toward establishing itself as a world-class air-transport enterprise.