北京/香港，11月2日——中国三大航空公司全年将出现亏损，第三季度业绩远不及去年，因为燃油成本飙升、国内机票价格疲软以及台风干扰，打击了通常是其最盈利的时期。
BEIJING/HONG KONG, Nov 2 - China's three biggest airlines are on track for full-year losses after posting far weaker third-quarter results than last year as surging jet fuel costs, weak domestic fares and typhoon disruptions hit what is normally their most profitable period.
据LSEG汇总的分析师估计，国航和东方航空将连续第七年出现年度净亏损，自新冠疫情以来一直如此。
Air China and China Eastern Airlines are heading for a seventh consecutive annual net loss since the COVID-19 pandemic, according to analyst estimates compiled by LSEG.
南方航空2025年自2019年以来首次扭亏为盈，但估计显示，该公司也将重新陷入亏损。
China Southern Airlines, which returned to the black in 2025 for the first time since 2019, is also set to slip back into the red, the estimates showed.
国航第三季度净利润较去年同期下降92.6%，至2.706亿元人民币（4062万美元）。东方航空第三季度净利润为6400万元人民币，较2025年下降98.2%。
Air China's third-quarter net profit fell 92.6% from a year earlier to 270.6 million yuan ($40.62 million). China Eastern posted a net profit of 64 million yuan for the quarter, down 98.2% from 2025.
南方航空第三季度由盈转亏，净亏损6.09亿元人民币，而去年同期为净利润38.4亿元人民币。
China Southern swung to a third-quarter net loss of 609 million yuan from a net profit of 3.84 billion yuan last year.
三家航空公司均报告今年前九个月亏损，而2025年同期他们仍盈利。
All three airlines reported losses for the first nine months of the year, a period in which they were profitable in 2025.
第三季度涵盖暑期旅游旺季，传统上是中国航空公司业绩最强劲的季度，也为同比比较设定了高基数。但三家航空公司均表示，燃油价格大幅上涨对其业绩产生了负面影响。
The third quarter, which covers the peak summer travel season, is traditionally the strongest for Chinese airlines and set a high base for year-on-year comparisons. But all three carriers said the steep rise in jet fuel prices had a negative impact on their results.
自2月底美国和以色列对伊朗发动军事行动以来，航空燃油价格已翻了一番多。
The price of jet fuel has more than doubled since the US and Israel launched a military campaign against Iran in late February.
中国航空公司对冲的燃油比例远低于许多亚洲和欧洲同行，因此更容易受到油价波动的影响。
Chinese airlines hedge far less of their fuel than many Asian and European peers, leaving them more exposed to swings in oil prices.
竞争激烈 第三季度国内机票价格疲软，竞争激烈，包括来自高铁的竞争。
INTENSE COMPETITION Domestic fares were weak in the third quarter amid intense competition, including from high-speed rail.
华泰证券估计，国航的收益率（机票价格的代理指标）在此期间下降了5%，使其无法弥补更高的燃油成本。
Huatai Securities estimated Air China's yields, a proxy for airfares, fell 5% during the period, leaving it unable to recoup higher fuel costs.
“鉴于航空燃油价格飙升的影响，中国航空公司预计将在季节性较弱的第四季度继续陷入净亏损，”美国银行环球研究亚太交通研究主管内森·吉（Nathan Gee）表示。
"Chinese airlines are expected to remain in net loss into the seasonally weaker fourth quarter given the impact of spiking jet fuel," said Nathan Gee, head of Asia-Pacific transport research at BofA Global Research.
吉表示，第三季度业绩略好于“非常低的预期”。调查显示，10月黄金周假期后，国内机票价格同比以两位数增长，因为航空公司控制了运力。但燃油“仍然是巨大的逆风”，他说。
Gee said third-quarter earnings had come in slightly better than "very low expectations". Checks suggested domestic fares were rising at double-digit rates year on year after the October Golden Week holiday, as airlines kept a lid on capacity. But fuel "remains the big headwind," he said.
“中国航空公司的利润率仍面临航空燃油价格飙升和消费需求疲软的极端压力，”吉补充道。航空公司正试图提高每架飞机的飞行小时数以控制成本，但大幅削减成本将很困难，他说。
"Chinese airline margin remains under extreme pressure from spiking jet fuel and soft consumption demand," Gee added. Airlines are trying to boost flying hours per plane to control costs, but big cost cuts will be difficult, he said.
今年以来，中国国际航空、中国东方航空和中国南方航空的股价分别下跌38%、46%和39%。
Shares of Air China, China Eastern and China Southern have dropped 38%, 46% and 39% respectively this year.