ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

China Southern Airlines Co. Ltd.

Company Background

China Southern Airlines is one of the top three Chinese carriers, alongside Air China and China Eastern Airlines. By sales and passenger numbers in 2014, it ranked No. 1.

China Southern in 2014 carried more than 100 million passengers for the first time. As of April 2015, it had 474 aircraft in its fleet.

The airline is based at Guangzhou Baiyun International Airport in Guangzhou, Guangdong Province. It was established in 1995 and listed on the Hong Kong Exchanges and Clearing in 1997.

The airline is expanding internationally. Its strength is in the Asia-Pacific region, flying to popular destinations such as Bangkok and other parts of Southeast Asia, as well as Japan, Australia and New Zealand. Last year, the airline served 1,052 destinations in 177 countries and regions, including code shares.

China Southern's subsidiaries include Xiamen Airlines, Shantou Airlines, Guizhou Airlines, Zhuhai Airlines, Chongqing Airlines and Henan Airlines. It is a member of SkyTeam, an alliance led by U.S. carrier Delta Air Lines.

Business Summary

China Southern Airlines Co. Ltd. engages in the provision of domestic, international, and regional scheduled and unscheduled air transportation of passenger, cargo, mail and baggage, general aviation, and aircraft maintenance. The company operates through the following segments: Airline Transportation Operations and Other segments. The Airline Transportation Operations segment engages in the passenger and cargo and mail operations. The other segment includes hotel and tour operation, ground services, cargo handling and other miscellaneous services. The company was founded on March 25, 1995 and is headquartered in Guangzhou, China.

Financial Highlights

Dec 2021 HKDUSD
Gross Profit-1,777.68M-228.70M
Operating income-14,581.84M-1,876.00M
Income before tax-17,101.94M-2,200.21M
Net income-14,590.28M-1,877.08M
Diluted EPS-0.90-0.11
Dividends Per Share00
Total Assets395,372.90M50,712.89M
Total liabilities291,712.15M37,416.74M
Total equity82,999.79M10,646.04M
Operating cash flow9,591.06M1,233.92M
Currency in HKDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 147,371.42M 170,114.82M 174,988.25M 104,010.18M 122,502.46M
Gross Profit 19,663.59M 19,371.74M 22,173.73M -1,828.24M -1,777.68M
Operating income 6,245.11M 4,004.63M 6,499.60M -14,146.17M -14,581.84M
Income before tax 9,621.35M 4,620.55M 4,371.24M -16,549.75M -17,101.94M
Net income 6,873.55M 3,428.99M 2,993.53M -12,188.70M -14,590.28M
EBITDA 21,192.58M 20,550.27M 34,340.66M 13,412.40M 14,633.67M
Diluted EPS 0.60 0.27 0.21 -0.77 -0.90
Dividends Per Share 0.12 0.05 0 0 0
Total Assets 262,559.00M 281,610.05M 343,328.24M 386,972.81M 395,372.90M
Total liabilities 187,300.68M 192,030.44M 256,580.05M 285,766.56M 291,712.15M
Total equity 59,945.43M 74,416.28M 71,708.67M 82,501.59M 82,999.79M
Operating cash flow 20,702.52M 18,555.65M 35,670.74M 3,432.88M 9,591.06M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 18,911.18M 21,705.11M 22,333.60M 13,410.29M 15,760.32M
Gross Profit 2,523.29M 2,471.65M 2,830.01M -235.72M -228.70M
Operating income 801.39M 510.95M 829.53M -1,823.90M -1,876.00M
Income before tax 1,234.64M 589.54M 557.89M -2,133.80M -2,200.21M
Net income 882.03M 437.50M 382.06M -1,571.52M -1,877.08M
EBITDA 2,719.50M 2,622.02M 4,382.87M 1,729.29M 1,882.66M
Diluted EPS 0.07 0.03 0.02 -0.09 -0.11
Dividends Per Share 0.01 0.00 0 0 0
Total Assets 33,586.91M 35,968.51M 44,062.76M 49,907.18M 50,712.89M
Total liabilities 23,959.76M 24,526.99M 32,929.49M 36,854.79M 37,416.74M
Total equity 7,668.30M 9,504.78M 9,203.09M 10,640.08M 10,646.04M
Operating cash flow 2,656.61M 2,367.53M 4,552.62M 442.61M 1,233.92M

Valuation Measures

Dec 2021
Operating margin-11.90%
Profit margin-11.91%

Key executives

  • Chairman & Chief Executive Officer: Xu Lun Ma
  • Vice Chairman & President: Wen Sheng Han
  • Chief Operating Officer: Hai Long Zhu
  • Chief Financial Officer, Chief Accountant & EVP: Yong Yao
  • Chief Engineer: Zhi Gang Li


  • China State-Owned Assets Supervision & Admn Commission (57.0%)
  • American Airlines Group, Inc. (5.8%)
  • GF Fund Management Co., Ltd. (2.8%)
  • Norges Bank Investment Management (1.5%)
  • The Vanguard Group, Inc. (1.3%)
  • E Fund Management Co., Ltd. (1.0%)
  • BlackRock Fund Advisors (0.7%)
  • Huashang Fund Management Co., Ltd. (0.7%)
  • Dimensional Fund Advisors LP (0.6%)
  • FIL Investment Management (Hong Kong) Ltd. (0.4%)

Contact Details

  • Website:
  • Address: China Southern Airlines Building, 68 Qixin Road, Guangzhou, 510403, China
  • Phone: +86.20.86124462

Related Companies

  • Southern Airlines Freight & Logistic (Guangzhou) Co., Ltd.
  • China Southern Airlines Xiong'an Airlines Co., Ltd.
  • China Southern Airlines Co., Ltd. (India)
  • Guangzhou Baiyun International Logistics Co. Ltd.
  • Southern Airlines General Aviation Co., Ltd.
  • China Southern Airlines Henan Airlines Co., Ltd.
  • Shantou Airlines Co., Ltd.
  • Southern Airlines Group Import & Export Trading Co.
  • China Southern Airlines Co. Ltd. (Australia)
  • Tian He Information Technology Co., Ltd.
  • China Southern Airlines Group Passenger & Cargo Agent Co. Ltd.
  • China Southern Zhuhai Helicopter Co.
  • Guanxi Airlines Co. Ltd.
  • China Southern West Australian Flying College Pty Ltd.
  • Southern Airlines Group Shantou Airlines Co., Ltd.
  • Zhuhai Xiang Yi Aviation Technology Co., Ltd.
  • Beijing China Southern Airlines Ground Services Co., Ltd.
  • Nan Lung International Freight Ltd.
  • Guangzhou Baiyun International Logistic Co., Ltd.
  • Guangzhou Nanland Air Catering Co., Ltd.
  • Zhuhai Airlines Co., Ltd.
  • Guizhou Airlines Co., Ltd.
  • Chongqing Airlines Co., Ltd.
  • Guangzhou Nanlian Aviation Food Co. Ltd.
  • Xiamen Airlines Co., Ltd.
  • Guangxi Airlines Co. Ltd.
  • China Xinjiang Airlines
  • China Northern Airlines
  • Southern Airlines Advertising Co.
  • Zhongyuan Airlines


  • China Airlines Ltd.
  • Spring Airlines Co., Ltd. Class A
  • PT Garuda Indonesia (Persero) Tbk Class B
  • Air China Limited Class H
  • Thai Airways International Public Co. Ltd.
  • Qantas Airways Limited
  • Cathay Pacific Airways Limited
  • China Eastern Airlines Corporation Limited Class H
  • Eva Airways Corporation
  • Singapore Airlines Ltd.
  • PAL Holdings, Inc.
  • Deutsche Lufthansa AG
  • Vietnam Airlines JSC
  • United Airlines Holdings, Inc.
Last Updated on 3 Feb, 2023

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more