Spring Airlines (601021) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached RMB 6.47 billion, up 6.01% year-over-year, with YTD revenue at RMB 16.77 billion, up 4.98% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 1.17 billion, down 6.17% year-over-year; YTD net profit was RMB 2.34 billion, down 10.32% year-over-year.

• Basic and diluted EPS for Q3 was RMB 1.20, down 5.51% year-over-year; YTD EPS was RMB 2.40, down 10.11% year-over-year.

Financial highlights

• Operating cash flow for the first nine months was RMB 5.54 billion, up 0.51% year-over-year.

• Total assets as of September 30, 2025, were RMB 46.53 billion, up 6.14% from year-end 2024.

• Shareholders’ equity attributable to listed company shareholders was RMB 18.18 billion, up 4.59% from year-end 2024.

• Non-recurring gains for the first nine months totaled RMB 22.00 million, mainly from government subsidies.

Key financial ratios and metrics

• Weighted average ROE for Q3 was 6.50%, a decrease of 0.79 percentage points year-over-year; YTD ROE was 12.93%, down 2.52 percentage points.

• Gross margin and other profitability metrics not explicitly disclosed.