Air China, China Eastern Airlines, and China Southern Airlines were hit by surging fuel prices, weather disruptions, and depressed domestic airfares that prevented them from passing rising operating expenses on to passengers. This pressure was compounded by aggressive competition from the national high-speed rail network alongside muted broader consumer spending. Although domestic ticket prices experienced double-digit gains after the October Golden Week holiday, analysts anticipate that the seasonally weak fourth quarter will lock in deep annual deficits.
Key points
Chinese commercial carriers remain exceptionally vulnerable to energy spikes because they…: Chinese commercial carriers remain exceptionally vulnerable to energy spikes because they hedge far less fuel than their Asian and European rivals.
Intensive competition from high-speed rail routes has restricted the airlines' ability to…: Intensive competition from high-speed rail routes has restricted the airlines' ability to raise domestic ticket prices and recoup soaring operational costs.
Air China and China Eastern are positioned to record their seventh consecutive full-year…: Air China and China Eastern are positioned to record their seventh consecutive full-year financial loss since the onset of the COVID-19 pandemic.
Sources checked by our analysis pipeline: 1
Air China, China Eastern Airlines and China Southern Airlines all reported losses for the first nine months of the year, a period in which they were profitable in 2025.
BEIJING/HONG KONG: China's three biggest airlines are on track for full-year losses after posting far weaker third-quarter results than last year as surging jet fuel costs, weak domestic fares and typhoon disruptions hit what is normally their most profitable period.
Air China and China Eastern Airlines are heading for a seventh consecutive annual net loss since the COVID-19 pandemic, according to analyst estimates compiled by LSEG.
China Southern Airlines, which returned to the black in 2025 for the first time since 2019, is also set to slip back into the red, the estimates showed.
Air China's third-quarter net profit fell 92.6 per cent from a year earlier to 270.6 million yuan (US$40.62 million). China Eastern posted a net profit of 64 million yuan for the quarter, down 98.2 per cent from 2025.
China Southern swung to a third-quarter net loss of 609 million yuan from a net profit of 3.84 billion…
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