CHINA SOUTH AIR (01055) announced its 2025 interim results, with operating revenue of 86.291 billion yuan (RMB, same below), an increase of 1.77% year-over-year; net loss attributable to parent of 15.34 billion yuan, expanding 45.54% year-over-year; basic loss per share of 0.08 yuan. The announcement stated that transportation revenue was 82.152 billion yuan, up 2.06% year-over-year, mainly due to increases in passenger revenue and cargo and mail revenue. During the reporting period, the Group actively seized market opportunities and made every effort to promote operational quality and efficiency improvements. The Group strengthened the precise matching of capacity investment with market demand, enhanced passenger market organization and channel governance; improved customer demand insights and strengthened customer management capabilities; flexibly allocated capacity and optimized network layout according to cargo market changes, achieving network-wide and normalized transportation of cross-border e-commerce electrified goods; deepened cargo network connectivity, strengthened coordination between Southeast Asia and Guangzhou-Shenzhen, Shanghai cargo hubs; built an aviation logistics product system and developed 70 new corporate clients; conducted comprehensive cost control special actions and improved the cost management responsibility system. During the reporting period, the Group's operational quality steadily improved, and service quality continued to enhance. The Group continuously optimized flight schedule planning, strictly controlled flight cancellations within three days, with flight execution rate exceeding 98% within three days; passenger-perspective flight punctuality rate improved 7.71 percentage points year-over-year; achieved 30-minute check-in cutoff for domestic express flights departing from seven cities including Guangzhou and Beijing; optimized aircraft maintenance fault warning and health trend prediction models. The Group strengthened service compliance management, improved service compliance systems, and revised disabled passenger transportation service plans; established rapid complaint handling processes, with customer service call abandonment rate dropping significantly year-over-year; expanded "Pet in Cabin" service to 18 domestic cities. During the reporting period, the company received the "Best Airline Award" from the Civil Aviation Passenger Service Evaluation (CAPSE) for eight consecutive years. During the reporting period, the Group advanced major strategic initiatives and solidly promoted high-quality development. The Group continuously carried out five major structural adjustments and optimizations, phased out low-efficiency aircraft, and increased the proportion of high-performance aircraft; strengthened hub competitiveness, optimized Guangzhou hub flight wave structure, enhanced transfer effectiveness, with transfer passenger completion rate reaching 98.5%; improved Beijing hub transfer connection quality and optimized Urumqi hub route structure; conducted in-depth real estate operation revitalization and further strengthened strategic coordination among aviation subsidiaries; promoted digital transformation, expanded artificial intelligence basic applications, deployed 8 large models, and achieved new results in IT R&D ecosystem platform construction.