Juneyao Airlines (603885) H2 2025 earnings summary

Executive summary

• Achieved revenue of RMB 22.50 billion in 2025, up 1.83% year-over-year; net profit attributable to shareholders reached RMB 1.04 billion, up 13.71% year-over-year.

• Passenger transport remained the core business, accounting for 96.23% of main business revenue; cargo transport grew significantly, with revenue up 32.93% year-over-year.

• Dividend payout of RMB 0.2 per share (pre-tax), with total cash dividends and share repurchases representing 85.93% of net profit attributable to shareholders.

• Maintained a modern fleet of 129 aircraft with an average age of 8.08 years; continued expansion in international and domestic routes.

Financial highlights

• Operating income: RMB 22.50 billion (+1.83% YoY); operating cost: RMB 19.70 billion (+3.80% YoY).

• Net profit attributable to shareholders: RMB 1.04 billion (+13.71% YoY); basic and diluted EPS: RMB 0.48 (+14.29% YoY).

• Operating cash flow: RMB 7.27 billion (-5.80% YoY); total assets: RMB 52.25 billion (+9.30% YoY).

• Gross margin for passenger transport: 10.61%; for cargo transport: 45.95%.

• R&D investment: RMB 95.33 million, 0.42% of revenue.

Outlook and guidance

• 2026 industry outlook: Civil aviation sector expected to reach 8.1 billion passengers and 1,070 million tons of cargo.

• Strategic focus on internationalization, digital transformation, and green development; continued expansion of fleet and route network.

• Plans to further enhance safety, operational efficiency, and customer experience through digitalization and service upgrades.