Hainan Airlines Holding (600221) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 68.47 billion in 2025, up 4.96% year-over-year; net profit attributable to shareholders was RMB 1.98 billion, reversing last year's loss.

• Passenger volume reached 70.58 million, up 3.75% year-over-year; cargo/mail volume rose 20.08%.

• Operating 359 aircraft, with a focus on expanding international and domestic routes, especially from Hainan.

• No dividend distribution for 2025 due to accumulated losses of RMB 55.81 billion at the parent company.

Financial highlights

• Operating income: RMB 68.47 billion (+4.96% YoY); operating cost: RMB 63.21 billion (+4.68% YoY).

• Net profit attributable to shareholders: RMB 1.98 billion (vs. loss of RMB 921 million in 2024).

• Basic and diluted EPS: RMB 0.046 (vs. -0.021 in 2024).

• Operating cash flow: RMB 16.05 billion (+13.57% YoY).

• Gross margin for main business: 5.74% (+0.12 pts YoY).

• Asset-liability ratio: 96.47% (down 2.47 pts YoY).

Outlook and guidance

• Global and China aviation markets expected to continue stable growth; Asia-Pacific remains fastest-growing region.

• Focus on expanding international and domestic hub networks, digital transformation, and leveraging Hainan Free Trade Port policy advantages.

• Plans to further optimize route structure, enhance service quality, and strengthen risk management.