China Southern Airlines Company (1055) Q3 2025 earnings summary

Executive summary

• Operating revenue for Q3 2025 reached RMB 51,374 million, up 3.01% year-over-year, with nine-month revenue at RMB 137,665 million, up 2.23% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 3,840 million, a 20.26% increase year-over-year; nine-month net profit was RMB 2,307 million, up 17.40% year-over-year.

• The company achieved a significant turnaround from loss to profit in the nine months ended 30 September 2025, driven by improved operational performance and profitability.

Financial highlights

• Profit before income tax for Q3 was RMB 5,497 million, up 14.62% year-over-year; nine-month profit before tax was RMB 6,093 million, up 22.97%.

• Net cash flows from operating activities for the nine months were RMB 32,387 million, a 20.59% increase year-over-year.

• Basic earnings per share for Q3 was RMB 0.21, up 16.67% year-over-year; nine-month EPS was RMB 0.13, up 18.18%.

• Total assets as of 30 September 2025 were RMB 340,579 million, up 3.29% from year-end 2024.

• Equity attributable to shareholders increased 6.64% to RMB 37,035 million.

Key financial ratios and metrics

• Weighted average return on net assets for Q3 was 10.70%, up 2.11 percentage points year-over-year; nine-month return was 6.43%, up 1.14 points.

• Gross margin improved as cost of sales rose only slightly to RMB 121,562 million for the nine months, compared to revenue growth.