Hainan Airlines Holding (600221) Q4 2024 earnings summary

Executive summary

• Revenue rose 11.25% year-over-year to RMB 65.24 billion, with transportation revenue up 11.49%.

• Net loss attributable to shareholders was RMB 921 million, reversing a profit of RMB 311 million last year.

• Operating cash flow increased 74.86% year-over-year to RMB 14.13 billion.

• Passenger volume reached 68.03 million, up 14.36% year-over-year; cargo/mail volume up 36.06%.

• The company maintained a strong safety record, with 1.17 million flight hours and 451,016 flights.

Financial highlights

• Gross margin on main business fell by 3.96 percentage points to 5.64%.

• Basic and diluted EPS were -0.021 yuan, down from 0.007 yuan last year.

• Weighted average ROE dropped to -36.76% from 14.75% last year.

• Total assets increased 5.72% to RMB 141.71 billion; net assets slightly decreased to RMB 2.27 billion.

• Main cost drivers: aviation fuel (34.09% of costs), staff compensation (15.95%), and maintenance (10.64%).

Outlook and guidance

• Global and domestic air travel demand expected to grow in 2025, but geopolitical and economic uncertainties remain.

• Company will focus on safety, digital transformation, network expansion, and cost control.

• Plans to deepen presence in core markets, expand international routes, and enhance service quality.