Spring Airlines Tops China’s Listed Carriers in Profit and Employee Pay

(Yicai) May 8 -- Spring Airlines retained its position as the most profitable listed airline in China last year, while also paying the highest average salary per employee among A-share listed carriers, according to a Yicai review of airline financial reports.The financial results showed that the performance of listed airlines improved year-on-year in 2025, with several carriers returning to profitability. Spring Airlines posted a net profit of CNY2.3 billion (USD340 million), up 2 percent from a year earlier, ranking first in the industry for the second consecutive year. Juneyao Airlines ranked third with a net profit of CNY1 billion, an increase of 14 percent.Spring Airlines also recorded the highest average annual employee salary among listed airlines at CNY427,100 (USD62,797), while Juneyao Airlines ranked second with an average labor cost of CNY334,000 per employee.Yicai learned that many Spring Airlines employees not only receive the industry’s highest salaries, but also benefit from indirect shareholdings that allow them to share in the company’s profits. At the time of the company’s listing, its four major shareholder entities were all held by individuals, most of whom were executives and key personnel from Spring Airlines and Shanghai Spring International Travel Service Group. The incentive structure has been an important factor behind employee motivation and the airline’s ability to maintain strong profitability after the Covid-19 pandemic.However, the company’s top executives were not the highest-paid employees. In the airline industry, senior flight personnel often earn more than corporate management.Spring Airlines’ 2025 financial report showed that the company’s three highest-paid executives -- two vice presidents and one chief pilot -- each received annual salaries exceeding CNY2 million (USD294,068), the highest among executives at listed airlines. All three executives have flying backgrounds and are classified as flight personnel, with compensation exceeding that of the airline’s chairman and president.Last year, Spring Airlines Chairman Wang Yu received annual compensation of CNY1.1 million, while President Wang Zhijie earned CNY1.5 million.The only other airline executives with annual compensation exceeding CNY2 million were Zhu Tao, chairman of Hainan Airlines Holding, who earned CNY2 million, and Yu Chengji, president of Juneyao Airlines, whose annual compensation totaled CNY2.2 million.Editor: Emmi Laine