China Eastern Airlines (600115) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached RMB 66,822 million, up 4.09% year-over-year, with net loss narrowing to RMB 1,431 million from RMB 2,768 million in H1 2024.

• Operating cash flow improved to RMB 12,547 million, a 17.06% increase year-over-year.

• Passenger volume rose 8.03% year-over-year to 73.17 million, with international routes showing strong recovery.

• The company continued to optimize its fleet, operating 816 aircraft as of June 30, 2025, and expanded C919 operations.

• Market share in Shanghai increased to 43.1%, with international transfer passengers up 25.3% year-over-year.

Financial highlights

• Revenue: RMB 66,822 million (+4.09% YoY); net loss: RMB 1,431 million (vs. RMB 2,768 million loss YoY).

• Operating loss: RMB 1,745 million, improved from RMB 3,051 million loss YoY.

• EBITDA/total debt ratio: 0.06; interest coverage improved to 0.28 from -0.04 YoY.

• Cash flow from operations: RMB 12,547 million (+17.06% YoY).

• Gross margin: 3.47%, up 0.76 pts YoY.

Outlook and guidance

• Focus on safety, cost control, and digital transformation to drive high-quality growth in H2 2025.

• Plans to introduce 34 new aircraft and retire 12 in H2 2025, with further fleet optimization through 2027.

• Continued expansion of international and domestic routes, with emphasis on Shanghai as a global hub.