The third quarter of 2025 saw a major reshuffle in China’s civil aviation profit rankings.
Spring Airlines, which had long dominated profitability among China’s private carriers, posted a Q3 net profit of RMB 1.167 billion (about USD 164 million), down 6.17% year on year. In contrast, Hainan Airlines Holding achieved a net profit of RMB 2.788 billion (about USD 391 million), surpassing Spring Airlines for the top spot.
For the first three quarters combined, Hainan Airlines Holding recorded a net profit of RMB 2.845 billion (about USD 396 million), exceeding Spring Airlines by RMB 509 million (about USD 71.48 million), with a robust year-on-year growth of 30.93%.
This reversal challenges the industry’s conventional perception that low-cost carriers naturally maintain a profit edge.
Hainan Airlines Holding’s profit surge is primarily driven by its strategic expansion into international routes.
During the first three quarters of this year, the airline transported over 3 million international passengers, a year-on-year increase of 46.83%.
By the end of October, Hainan Airlines had launched or resumed 16 international routes and operated a total of 70 international and regional routes throughout the year.
Crucially, the policy advantages of the Hainan Free Trade Port have amplified the airline’s growth momentum.
As the core carrier based in Hainan, Hainan Airlines has played a key role in leveraging the province’s rapid expansion of international routes..
Hainan enjoys unique privileges in air aviation rights: it is the only province in China to proactively open fifth and seventh freedoms of the air, as well as stopover rights.
As of October 13, 2025, Hainan had launched 79 international passenger routes, covering 21 countries and 39 cities, a 30% year-on-year increase, with passenger throughput up 31%. Hainan Airlines has been central to this expansion.
