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China's largest airline by fleet size, operating an extensive domestic and international network from its Guangzhou hub.
China's largest airline by fleet size, operating an extensive domestic and international network from its Guangzhou hub.
Sells tickets mostly on domestic routes from hubs at Guangzhou and Beijing's Daxing airport. Owned by China Southern Air Holding, a central-government group, it also controls Xiamen Airlines and has an air-cargo arm, and is a member of the SkyTeam alliance.
In one line: China's Delta Air Lines.
Moat: narrow (scale, regulatory licence, brand). Largest domestic fleet/network, but airline economics stay fuel- and fare-competition-sensitive.
Headquarters: Guangzhou, China · Founded: 1988 · Employees: 108,176
Size China Southern Airlines (600029.SS) is a China Industrials company (Airlines) with a market value of $12.2B, the 202nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.19 on 6 Nov 2026.
Performance Over six months the shares fell 4.1%, against +9.1% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 8.2% over the last twelve months (peer median +11.4%); the operating margin is -3.1% (peer median 7.3%).
Valuation It trades at 1.6× enterprise value to sales against a peer median of 1.1× (8th most expensive of 21).
Capital Return on invested capital runs 0.1 points below its cost of capital (5.0% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥192B | CN¥182B | CN¥174B | CN¥160B | CN¥87.1B |
| Revenue growth | — | +5% | +9% | +83% | — |
| Gross profit | CN¥31.2B | CN¥17.3B | CN¥13.6B | CN¥11.7B | -CN¥19.2B |
| EBITDA | n/a | CN¥36.7B | CN¥30.6B | CN¥28.1B | -CN¥3.42B |
| Net income | -CN¥5.75B | CN¥857M | -CN¥1.70B | -CN¥4.21B | -CN¥32.7B |
| Free cash flow | -CN¥5.19B | CN¥21.4B | CN¥16.0B | CN¥29.4B | -CN¥7.64B |
| Capital expenditure | CN¥37.1B | CN¥17.8B | CN¥16.1B | CN¥11.4B | CN¥11.7B |
| Total debt | CN¥230B | CN¥242B | CN¥225B | CN¥205B | CN¥215B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| China Southern Airlines 600029.SS | $12.2B | -4% | +8% | -3% | 1.6× | n/a |
| Air China 601111.SS | $15.3B | -7% | +9% | -7% | 1.7× | 10.0% |
| China Eastern Airlines 600115.SS | $10.7B | -18% | +11% | -6% | 1.7× | 6.9% |
| Cathay Pacific Airways 0293.HK | $11.7B | +19% | +20% | 11% | 1.1× | -12.4% |
| Singapore Airlines C6L.SI | $17.2B | +11% | +5% | 12% | 1.1× | -11.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600029.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.9% | +5.8% | 8th highest of 21 |
| 6-month return | -4.1% | +9.1% | 7th lowest of 21 |
| Distance from 52-week high | -38.6% | -13.5% | 2nd lowest of 21 |
| Revenue growth (TTM) | +8.2% | +11.4% | 7th lowest of 21 |
| Operating margin | -3.1% | 7.3% | 4th lowest of 21 |
| EV / Sales | 1.6× | 1.1× | 8th most expensive of 21 |
| ROIC minus cost of capital | -0.1 pp | +3.0 pp | 9th lowest of 21 |
| Net debt / EBITDA | 8.0× | 1.6× | 4th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Southern Airlines 600029.SS | China | $12.2B | -4% | +8% | -3% | 1.6× | n/a | n/a |
| Cathay Pacific Airways 0293.HK | Hong Kong | $11.7B | +19% | +20% | 11% | 1.1× | -12.4% | +20.0% |
| Deutsche Lufthansa LHA.DE | Germany | $11.4B | +7% | +8% | -1% | 0.4× | n/a | n/a |
| LATAM Airlines Group SA Sponsored ADR LTM | United States | $13.8B | -7% | +21% | 14% | 1.2× | -7.2% | +29.3% |
| China Eastern Airlines 0670.HK | Hong Kong | $10.8B | -40% | +13% | -4% | 1.8× | 18.6% | +18.1% |
| Air China 601111.SS | China | $15.3B | -7% | +9% | -7% | 1.7× | 10.0% | +19.8% |
| Qantas Airways QAN.AX | Australia | $9.79B | +9% | +8% | 7% | 0.8× | n/a | n/a |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 0.6× | -10.0% | +28.4% |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 0.6× | -9.7% | +33.1% |
| Singapore Airlines C6L.SI | Singapore | $17.2B | +11% | +5% | 12% | 1.1× | -11.0% | +40.0% |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | 0.6× | n/a | n/a |
| KAL 003490.KS | South Korea | $7.99B | +20% | +21% | 2% | 1.1× | n/a | n/a |
| Hainan Airlines 600221.SS | China | $7.85B | -20% | +6% | -3% | 2.2× | 5.0% | +18.4% |
| Air China Cargo 001391.SZ | China | $7.12B | -21% | +10% | 9% | 1.8× | n/a | n/a |
| Eva Airways 2618.TW | Taiwan | $7.12B | +28% | +6% | 14% | 0.9× | -17.0% | +19.9% |
| easyJet EZJ.L | United Kingdom | $6.96B | +90% | +10% | 5% | 0.5× | 4.8% | +27.4% |
| Southwest Airlines LUV | United States | $21.8B | +8% | +14% | 5% | 0.8× | n/a | n/a |
| InterGlobe Aviation INDIGO.NS | India | $22.4B | +22% | +13% | 8% | 2.6× | 25.5% | +42.2% |
| Spring Airlines 601021.SS | China | $6.51B | -6% | +16% | 6% | 2.5× | n/a | n/a |
| International Consolidated Airlines IAG.L | United Kingdom | $25.3B | +9% | +4% | 14% | 0.8× | -3.9% | +32.4% |
| Copa CPA | United States | $5.87B | +16% | +15% | 19% | 1.8× | n/a | n/a |