Lower Fares and a Regional Focus Help China’s Private Airlines Win Race to Profitability

A handful of private airlines in China were the first to return to profitability post-pandemic by beating their state-owned peers on price and by adapting more quickly to demand caused by a shift away from long-haul international flights.

In the first quarter, three of the country’s major privately owned carriers — Spring Airlines Co. Ltd. (601021.SH), Juneyao Airlines Co. Ltd. (603885.SH), Hainan Airlines Holding Co. Ltd. (600221.SH) — all reported profits backed by strong revenue growth, marking a reversal from losses taken in the same period in 2022.