China’s three biggest airlines are on track for full-year losses after sharply weaker third-quarter results, as surging jet fuel costs, weak domestic fares and typhoon disruptions hit the peak summer travel season. Air China and China Eastern Airlines are heading for a seventh consecutive annual net loss since the COVID-19 pandemic, based on analyst estimates compiled by LSEG. China Southern Airlines is also expected to return to a loss after turning profitable in 2025 for the first time since 2019. Air China’s third-quarter net profit dropped 92.6% year on year to 270.6 million yuan ($40.62 million), while China Eastern’s profit fell 98.2% to 64 million yuan. China Southern reported a 609 million yuan loss, compared with a 3.84 billion yuan profit a year earlier. All three carriers were loss-making in the first nine months, despite being profitable during the same period in 2025. Jet fuel prices have more than doubled since the United States and Israel launched a military campaign against Iran in late February. Chinese airlines hedge less fuel than many Asian and European peers, increasing their exposure to oil-price swings. Domestic airfares also weakened amid intense competition from high-speed rail; Huatai Securities estimated Air China’s yields, a proxy for airfares, fell 5% in the third quarter. BofA Global Research expects the carriers to remain loss-making in the seasonally weaker fourth quarter, although fares rose at double-digit year-on-year rates after the October Golden Week holiday as airlines restrained capacity. Efforts to increase flying hours per aircraft may help control costs, but analysts said substantial reductions will be difficult. Shares of Air China, China Eastern and China Southern have fallen 38%, 46% and 39%, respectively, this year.