Air China vs ANA: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Air China Ltd Class A (601111.CG)

Q3 202614 Jul – 25 Sep 2026

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Fuel costs and weak demand drove Air China lower despite traffic growth

Fuel cost surge Jet fuel costs jumped 8.439 billion yuan due to Middle East conflicts, pushing Air China to a first-half net loss of 2.286 billion yuan and dragging down the whole sector.
This is the main reason for the loss and the stock's decline.
Weak demand and pricing power Morgan Stanley cut profit forecasts by 12% on weak domestic demand, and HSBC flagged limited pricing power, leading to a 42% share price drop in 2026.
Analyst downgrades and weak demand directly hurt investor sentiment and the stock price.
Traffic growth and capital injection July traffic rose 11.2% with 85% load factors, and Shenzhen Airlines raised 16 billion yuan, easing debt and funding long-haul routes.
These are positive operational and financial developments that partially offset the negative news.
Fleet expansion and international upside Air China ordered 55 Airbus jets for $12.44 billion, and the C919's international debut plus possible US route expansion offer future growth opportunities.
These strategic moves could drive future revenue and competitiveness.

August 202627 Jul – 25 Sep 2026

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Fuel shock deepens Air China's loss, but demand and capital offer support

Fuel price shock drives first-half loss wider Air China's first-half net loss widened to 2.286 billion yuan as jet fuel costs jumped 8.439 billion yuan on higher oil prices. The three big airlines lost 8.161 billion yuan combined. This is the main force pushing the stock down.
The widening loss is the core negative driver for the stock this period.
July traffic shows strong travel demand Air China's July passenger turnover rose 11.2% from a year earlier and planes were 85% full, up 4.9 points. More people flying and fuller planes support revenue and profit, a positive for the stock.
Strong demand is a key positive counterweight to the fuel-driven loss.
Shenzhen Airlines capital boost strengthens Air China Shenzhen Airlines raised 16 billion yuan in two rounds, with Air China injecting cash and five A350 jets while keeping 51% control. This eases the unit's debt and funds new long-haul routes, helping Air China's finances.
The capital injection improves Air China's balance sheet and subsidiary strength.
C919 international debut and possible US route expansion Air China flew the C919's first international route to Mongolia, a milestone for its fleet. Separately, a proposal to add US-China flights faces US airline opposition, but Air China could benefit if more flights are allowed.
These events could open new routes and boost Air China's long-term growth.

Latest27 Jul – 25 Sep 2026

▲3▼1

Fuel shock deepens Air China's loss, but demand and capital offer support

Fuel price shock drives first-half loss wider Air China's first-half net loss widened to 2.286 billion yuan as jet fuel costs jumped 8.439 billion yuan on higher oil prices. The three big airlines lost 8.161 billion yuan combined. This is the main force pushing the stock down.
The widening loss is the core negative driver for the stock this period.
July traffic shows strong travel demand Air China's July passenger turnover rose 11.2% from a year earlier and planes were 85% full, up 4.9 points. More people flying and fuller planes support revenue and profit, a positive for the stock.
Strong demand is a key positive counterweight to the fuel-driven loss.
Shenzhen Airlines capital boost strengthens Air China Shenzhen Airlines raised 16 billion yuan in two rounds, with Air China injecting cash and five A350 jets while keeping 51% control. This eases the unit's debt and funds new long-haul routes, helping Air China's finances.
The capital injection improves Air China's balance sheet and subsidiary strength.
C919 international debut and possible US route expansion Air China flew the C919's first international route to Mongolia, a milestone for its fleet. Separately, a proposal to add US-China flights faces US airline opposition, but Air China could benefit if more flights are allowed.
These events could open new routes and boost Air China's long-term growth.

July 202614 Jul – 20 Jul 2026

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Air China Swings to Loss on Fuel, but Orders 55 Jets

First-half loss on high fuel costs Air China expects a first-half 2026 net loss of 2.1–2.6 billion yuan. The culprit is persistently high jet fuel prices tied to Middle East conflicts, which squeezed profit margins despite more flights and revenue. This loss is a direct hit to earnings and weighs on the share price.
The loss is the single biggest new financial fact for the period and directly explains weak profitability.
Weak domestic demand and underperformance Air China shares have fallen over 42% in 2026, badly trailing Cathay Pacific. Morgan Stanley cut profit forecasts for Chinese airlines by 12% on soft domestic demand, and HSBC flagged high fuel costs and limited pricing power. This points to a tough operating environment that keeps pressure on the stock.
It shows the demand and competitive backdrop that explains why the stock has been weak beyond the fuel issue.
55 Airbus jets ordered for $12.44 billion Air China and its Shenzhen Airlines unit will buy 55 Airbus planes (15 A350-900s, 40 A320neos) for about $12.44 billion, delivered from 2029 to 2032. The deal expands capacity, modernizes the fleet, and aims to lower operating costs and emissions over time.
This is a major new capital commitment that signals long-term growth and fleet efficiency, a positive for future earnings.
Airbus order part of $17.8 billion China deal Airbus won $17.8 billion in orders from Air China, Shenzhen Airlines, and Hainan Airlines for 95 jets. The orders reinforce Airbus's lead over Boeing in China and support Air China's long-term route expansion and lower-emission goals, a positive signal for future growth.
It confirms the scale and strategic importance of the order, reinforcing the positive long-term capacity story.

14 Jul – 20 Jul 2026

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Air China Swings to Loss on Fuel, but Orders 55 Jets

First-half loss on high fuel costs Air China expects a first-half 2026 net loss of 2.1–2.6 billion yuan. The culprit is persistently high jet fuel prices tied to Middle East conflicts, which squeezed profit margins despite more flights and revenue. This loss is a direct hit to earnings and weighs on the share price.
The loss is the single biggest new financial fact for the period and directly explains weak profitability.
Weak domestic demand and underperformance Air China shares have fallen over 42% in 2026, badly trailing Cathay Pacific. Morgan Stanley cut profit forecasts for Chinese airlines by 12% on soft domestic demand, and HSBC flagged high fuel costs and limited pricing power. This points to a tough operating environment that keeps pressure on the stock.
It shows the demand and competitive backdrop that explains why the stock has been weak beyond the fuel issue.
55 Airbus jets ordered for $12.44 billion Air China and its Shenzhen Airlines unit will buy 55 Airbus planes (15 A350-900s, 40 A320neos) for about $12.44 billion, delivered from 2029 to 2032. The deal expands capacity, modernizes the fleet, and aims to lower operating costs and emissions over time.
This is a major new capital commitment that signals long-term growth and fleet efficiency, a positive for future earnings.
Airbus order part of $17.8 billion China deal Airbus won $17.8 billion in orders from Air China, Shenzhen Airlines, and Hainan Airlines for 95 jets. The orders reinforce Airbus's lead over Boeing in China and support Air China's long-term route expansion and lower-emission goals, a positive signal for future growth.
It confirms the scale and strategic importance of the order, reinforcing the positive long-term capacity story.

ANA Holdings Inc. (9202.JP)

Q3 202630 Jul – 24 Sep 2026

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ANA's profit squeezed by fuel costs; schedule pact and safety probe shape outlook

Fuel costs crush quarterly profit despite record revenue ANA's April–June revenue hit a record 672.7 billion yen, up 22.6%, but operating profit fell 43.5% to 20.7 billion yen as fuel costs and taxes jumped 86.9 billion yen. The full-year forecast and a dividend cut to 60 yen were kept unchanged, so the profit squeeze is the main drag on the shares.
This is the period's core earnings event and the biggest force pushing 9202.JP down.
Fuel surcharges falling as jet fuel prices ease ANA and JAL will cut international fuel surcharges to about 50,000–55,000 yen for September–October tickets, down from a record 65,000 yen, because jet fuel prices have fallen. Lower surcharges trim revenue per ticket, but cheaper fuel eases the cost pressure that crushed profits, so the net effect is mixed.
It shows the fuel-cost swing working in both directions on ANA's revenue and margins.
First-ever schedule coordination with JAL on domestic routes ANA and rival JAL will coordinate Haneda–Okayama departure times from late October, avoiding overlaps to lift load factors on money-losing domestic routes. Regulators signalled this does not break antitrust rules, opening the door to similar cooperation elsewhere and improving domestic profitability.
It is a new structural change that could improve ANA's weakest business, domestic routes.
Naha emergency evacuation classified a serious incident An ANA Boeing 737-800 turned back to Naha with engine trouble and passengers evacuated by slide; three people had minor injuries. Regulators classified it a serious incident and are investigating. Such events can bring scrutiny, repair costs and reputational risk, weighing on sentiment even if operations continue normally.
It is the period's newest safety event and a fresh risk to ANA's reputation and regulatory standing.

August 202630 Jul – 24 Sep 2026

▼2▲1

ANA's profit squeezed by fuel costs; schedule pact and safety probe shape outlook

Fuel costs crush quarterly profit despite record revenue ANA's April–June revenue hit a record 672.7 billion yen, up 22.6%, but operating profit fell 43.5% to 20.7 billion yen as fuel costs and taxes jumped 86.9 billion yen. The full-year forecast and a dividend cut to 60 yen were kept unchanged, so the profit squeeze is the main drag on the shares.
This is the period's core earnings event and the biggest force pushing 9202.JP down.
Fuel surcharges falling as jet fuel prices ease ANA and JAL will cut international fuel surcharges to about 50,000–55,000 yen for September–October tickets, down from a record 65,000 yen, because jet fuel prices have fallen. Lower surcharges trim revenue per ticket, but cheaper fuel eases the cost pressure that crushed profits, so the net effect is mixed.
It shows the fuel-cost swing working in both directions on ANA's revenue and margins.
First-ever schedule coordination with JAL on domestic routes ANA and rival JAL will coordinate Haneda–Okayama departure times from late October, avoiding overlaps to lift load factors on money-losing domestic routes. Regulators signalled this does not break antitrust rules, opening the door to similar cooperation elsewhere and improving domestic profitability.
It is a new structural change that could improve ANA's weakest business, domestic routes.
Naha emergency evacuation classified a serious incident An ANA Boeing 737-800 turned back to Naha with engine trouble and passengers evacuated by slide; three people had minor injuries. Regulators classified it a serious incident and are investigating. Such events can bring scrutiny, repair costs and reputational risk, weighing on sentiment even if operations continue normally.
It is the period's newest safety event and a fresh risk to ANA's reputation and regulatory standing.

Latest30 Jul – 24 Sep 2026

▼2▲1

ANA's profit squeezed by fuel costs; schedule pact and safety probe shape outlook

Fuel costs crush quarterly profit despite record revenue ANA's April–June revenue hit a record 672.7 billion yen, up 22.6%, but operating profit fell 43.5% to 20.7 billion yen as fuel costs and taxes jumped 86.9 billion yen. The full-year forecast and a dividend cut to 60 yen were kept unchanged, so the profit squeeze is the main drag on the shares.
This is the period's core earnings event and the biggest force pushing 9202.JP down.
Fuel surcharges falling as jet fuel prices ease ANA and JAL will cut international fuel surcharges to about 50,000–55,000 yen for September–October tickets, down from a record 65,000 yen, because jet fuel prices have fallen. Lower surcharges trim revenue per ticket, but cheaper fuel eases the cost pressure that crushed profits, so the net effect is mixed.
It shows the fuel-cost swing working in both directions on ANA's revenue and margins.
First-ever schedule coordination with JAL on domestic routes ANA and rival JAL will coordinate Haneda–Okayama departure times from late October, avoiding overlaps to lift load factors on money-losing domestic routes. Regulators signalled this does not break antitrust rules, opening the door to similar cooperation elsewhere and improving domestic profitability.
It is a new structural change that could improve ANA's weakest business, domestic routes.
Naha emergency evacuation classified a serious incident An ANA Boeing 737-800 turned back to Naha with engine trouble and passengers evacuated by slide; three people had minor injuries. Regulators classified it a serious incident and are investigating. Such events can bring scrutiny, repair costs and reputational risk, weighing on sentiment even if operations continue normally.
It is the period's newest safety event and a fresh risk to ANA's reputation and regulatory standing.