Airlines and Airports - China: Monthly Monitor – Apr’26: Domestic Jet Fuel Hits New High, Pressuring May

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Airlines and Airports - China: Monthly Monitor – Apr’26: Domestic Jet Fuel Hits New High, Pressuring May

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Airlines and Airports - China

Monthly Monitor – Apr’26: Domestic Jet

Fuel Hits New High, Pressuring May

Industry Overview

Monthly Monitor to track China Airlines & Airports 19 December 2025

Our monthly China Airlines & Airports monitor includes monthly operational data for Equity

covered Chinese major airlines & airports, high frequency industry data and highlights on China

industry updates to track trends in the industry. April ex-fuel ticket prices and load Airlines and Airports

factors continued to improve, supported by Qingming/Spring holidays, business demand, Amy Han >>

and supply cut, with ASK broadly flattish YoY for Big 3. In May, domestic jet fuel price Research Analyst

surged to a historical high of RMB11,525/ton (+111% YoY), prompting a fuel surcharge Merrill+852 3508Lynch5344(Hong Kong)

increase to RMB90/170 from RMB60/120, which adds pressure to both demand and amy.han@bofa.com

costs in slow season. No. of flight was further subdued, down 7% YoY in 1H May. April Nathan Gee, CFA >>

Int’l continued to show great load factor but facing increasing cancelation rate ahead as ResearchMerrill LynchAnalyst(Singapore)

May recovery dropping to 82% of 2019. The impact of further fuel surcharge increases +65 6678 0418

nathan.gee@bofa.com

and jet fuel price trends on demand will be key factors to monitor heading into summer.

Hiro Nakakura, CFA >>

Research Analyst

Merrill Lynch (Singapore)Domestic: supply further cut amid domestic fuel surge +65 6678 0972

Domestic ASK growth dropped to flattish YoY for Big 3 airlines in Apr and Spring also hiro.nakakura@bofa.com

slowed down to 13% YoY, as the impact of the domestic fuel price surge (+73% YoY in