Loading…
Chinese airline based in Hainan, operating domestic and regional routes, restructured after parent HNA Group's collapse.
Chinese airline based in Hainan, operating domestic and regional routes, restructured after parent HNA Group's collapse.
Revenue comes from passenger tickets on mostly domestic routes, with flying to Hainan island the distinctive element. Earnings swing with passenger load, fuel prices and the yuan exchange rate, since aircraft leases and fuel are partly priced in dollars.
In one line: A mid-size regional carrier post-bankruptcy restructuring.
Moat: none (regulatory licence). Hainan free-trade-zone hub position offset by a weaker balance sheet post-HNA restructuring.
Headquarters: Haikou, China · Founded: 1993 · Employees: 35,527
Size Hainan Airlines (600221.SS) is a China Industrials company (Airlines) with a market value of $7.85B, the 315th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥1.21 on 6 Nov 2026.
Performance Over six months the shares fell 19.9%, against +9.7% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 5.7% over the last twelve months (peer median +10.6%); the operating margin is -3.2% (peer median 6.2%).
Valuation It trades at 24.2× forward earnings against a peer median of 10.9× (4th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.9 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥70.8B | CN¥68.4B | CN¥65.2B | CN¥58.6B | CN¥22.7B |
| Revenue growth | — | +5% | +11% | +158% | — |
| Gross profit | CN¥9.34B | CN¥5.03B | CN¥4.65B | CN¥5.94B | -CN¥12.1B |
| EBITDA | n/a | CN¥12.8B | CN¥12.4B | CN¥13.4B | -CN¥4.40B |
| Net income | -CN¥45.4M | CN¥1.98B | -CN¥921M | CN¥311M | -CN¥20.2B |
| Free cash flow | CN¥13.0B | CN¥14.7B | CN¥12.8B | CN¥6.46B | -CN¥404M |
| Capital expenditure | CN¥2.72B | CN¥2.19B | CN¥3.21B | CN¥2.63B | CN¥1.03B |
| Total debt | CN¥122B | CN¥117B | CN¥114B | CN¥108B | CN¥115B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hainan Airlines 600221.SS | $7.85B | -20% | +6% | -3% | 24.2× | 5.0% |
| Air China 601111.SS | $15.3B | -7% | +9% | -7% | n/a | 10.0% |
| China Southern Airlines 600029.SS | $12.2B | -4% | +8% | -3% | n/a | n/a |
| Spring Airlines 601021.SS | $6.51B | -6% | +16% | 6% | 26.0× | n/a |
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 | 600221.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.8% | +6.0% | 5th lowest of 21 |
| 6-month return | -19.9% | +9.7% | 2nd lowest of 21 |
| Distance from 52-week high | -37.3% | -16.4% | 4th lowest of 21 |
| Revenue growth (TTM) | +5.7% | +10.6% | 2nd lowest of 21 |
| Operating margin | -3.2% | 6.2% | 3rd lowest of 21 |
| Forward P/E | 24.2× | 10.9× | 4th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 5.0% | -6.7% | 4th most demanding of 11 |
| Growth delivered (Del g) | +18.4% | +25.9% | lowest of 11 |
| Hurdle (Req g minus delivered) | -13.4 pp | -31.5 pp | 3rd most demanding of 11 |
| ROIC minus cost of capital | -0.9 pp | -0.1 pp | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hainan Airlines 600221.SS | China | $7.85B | -20% | +6% | -3% | 24.2× | 5.0% | +18.4% |
| KAL 003490.KS | South Korea | $7.99B | +20% | +21% | 2% | 21.1× | n/a | n/a |
| Air China Cargo 001391.SZ | China | $7.12B | -21% | +10% | 9% | n/a | n/a | n/a |
| Eva Airways 2618.TW | Taiwan | $7.12B | +28% | +6% | 14% | 10.1× | -17.0% | +19.9% |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | n/a | n/a | n/a |
| easyJet EZJ.L | United Kingdom | $6.96B | +90% | +10% | 5% | 68.9× | 4.8% | +27.4% |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% | +33.1% |
| Spring Airlines 601021.SS | China | $6.51B | -6% | +16% | 6% | 26.0× | n/a | n/a |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% | +28.4% |
| Qantas Airways QAN.AX | Australia | $9.79B | +9% | +8% | 7% | 10.9× | n/a | n/a |
| Copa CPA | United States | $5.87B | +16% | +15% | 19% | 9.0× | n/a | n/a |
| China Eastern Airlines 600115.SS | China | $10.7B | -18% | +11% | -6% | n/a | 6.9% | +19.0% |
| Deutsche Lufthansa LHA.DE | Germany | $11.4B | +7% | +8% | -1% | 9.7× | n/a | n/a |
| Cathay Pacific Airways 0293.HK | Hong Kong | $11.7B | +19% | +20% | 11% | 8.1× | -12.4% | +20.0% |
| China Southern Airlines 600029.SS | China | $12.2B | -4% | +8% | -3% | n/a | n/a | n/a |
| Exchange Income EIF.TO | Canada | $4.77B | +13% | +33% | 11% | 24.6× | n/a | n/a |
| LATAM Airlines Group SA Sponsored ADR LTM | United States | $13.8B | -7% | +21% | 14% | 7.0× | -7.2% | +29.3% |
| Alaska Air ALK | United States | $4.35B | -5% | +8% | -1% | n/a | n/a | n/a |
| Air China 601111.SS | China | $15.3B | -7% | +9% | -7% | n/a | 10.0% | +19.8% |
| Air France-KLM AF.PA | France | $3.99B | +34% | +5% | 6% | 4.7× | -6.3% | +24.4% |
| Air Canada AC.TO | Canada | $3.95B | +10% | +13% | 2% | n/a | 14.3% | +30.8% |