Core Viewpoint - 吉祥航空 celebrates its 19th anniversary, highlighting its growth as a mid-to-large airline with a passenger transport volume nearing 30 million annually and a fleet size of 130 aircraft, including its subsidiary, 九元航空 [1] Group 1: Company Growth and Strategy - Since its inaugural flight in September 2006, 吉祥航空 has adopted the "HVC high-value airline" strategy, leading to a cumulative passenger count exceeding 190 million and a route network covering major cities in Asia, Europe, and Oceania [1] - The company has developed a differentiated growth pattern through a "dual brand, dual model" strategy, with its main brand focusing on full-service operations and expanding intercontinental routes, while its subsidiary 九元航空 operates on a low-cost model targeting Southeast and Northeast Asia [6] Group 2: Fleet and Operations - 吉祥航空's total flight mileage has reached 1.54 billion kilometers, with its own fleet consisting of 103 aircraft, including 93 Airbus A320 series and 10 Boeing 787-9 Dreamliners, while 九元航空 operates 27 Boeing 737 series aircraft [6] - The airline is increasing capacity on popular routes in response to the upcoming National Day and Mid-Autumn Festival travel peaks, focusing on long-haul destinations in Northwest China and short-haul tourist routes [11] Group 3: Customer Engagement and Innovations - To celebrate its anniversary, 吉祥航空 has launched various online and offline interactive activities, including the introduction of smart robots in its "似锦" international VIP lounge and a "Flying Frenzy Race" with rewards [11] - The airline is enhancing passenger engagement by offering incentives such as 190,000 loyalty points and discount coupons [11]

Core Insights - The company is increasing capacity to meet the peak travel demand during the upcoming National Day and Mid-Autumn Festival holidays [1] - The airline is focusing on enhancing flight frequency for long-haul popular routes such as Xinjiang and Northwest circular routes, as well as short to medium-haul tourist routes like Zhangjiajie and Guilin [1] - The airline's operational fleet consists of 103 aircraft, including 93 Airbus A320 series and 10 Boeing 787-9 Dreamliners, while its subsidiary, Juneyao Airlines, operates 27 Boeing 737 series aircraft [1] Capacity Expansion - The company is dynamically increasing flights in regions with concentrated family visit traffic, particularly in Southwest and Northeast China [1] - Domestic routes such as Shanghai to Hailar and Nanjing to Kunming are experiencing heightened demand, alongside international routes like Shanghai Pudong to Athens and Nanjing to Jeju [1] Company Milestones - The airline has celebrated its 19th anniversary and has cumulatively transported over 190 million passengers [1] - The total flight distance covered by the airline and its subsidiary has reached 15.4 billion kilometers [1] - The airline's route network spans major cities across Asia, Europe, and Oceania [1]

Core Viewpoint - The Chinese aviation industry is entering a "super cycle" due to the recovery of supply and demand, with passenger load factors exceeding 2019 levels and expected to continue improving [1][2] Group 1: Market Dynamics - The market for airline ticket prices is becoming more liberalized, allowing for better transmission of high load factors to ticket prices [2] - The growth rate of airline fleets is slowing, reducing the negative impact of increased investment in third and fourth-tier cities on ticket prices [2] - The demand for air travel in China is still in its early stages, with low frequency and penetration, indicating a long-term growth trend [2] Group 2: Seasonal Performance - In Q3, despite a temporary decline in business and commercial demand, profitability is still expected to exceed that of Q3 2019 [3][4] - The recovery of business demand in September is anticipated to set a historical high for the month, with domestic ticket prices turning positive year-on-year [4] Group 3: Future Outlook - The upcoming National Day and Mid-Autumn Festival are expected to drive strong travel demand, with airlines optimistic about pre-sale volumes and prices [5] - Continuous monitoring of business demand recovery post-October meetings is crucial, as sustained recovery could significantly elevate airline profitability by 2026 [5] - The Chinese aviation sector is expected to maintain strict control over flight schedules, which will help airlines reduce losses and improve profitability in the medium term [5] Group 4: Investment Recommendations - The long-term logic of the aviation "super cycle" suggests significant potential for performance and valuation growth, recommending strategic investment in high-quality airline networks [6] - Preferred stocks include China National Aviation (601111.SH), Juneyao Airlines (603885.SH), China Southern Airlines (600029.SH), China Eastern Airlines (600115.SH), and Spring Airlines (601021.SH) [6]

Group 1: Mechanical Industry - The mechanical industry report highlights that the US CPI increased by 2.9% year-on-year in August, with a core CPI rise of 3.1% and non-farm employment adding 22,000 jobs [1][4] - The report suggests focusing on export-oriented consumer companies with global manufacturing layouts, brand output capabilities, and channel integration advantages, especially those with diversified capacity and stable customer loyalty [3][16] - The report notes a slight depreciation of the US dollar against the RMB and a slight appreciation of the euro against the RMB, with major shipping routes experiencing a year-on-year increase in freight rates [1][5] Group 2: Aviation Industry - The aviation industry is expected to enter a "super cycle" with high passenger load factors and improving supply-demand dynamics, potentially leading to a significant increase in airline profitability by 2026 [2][8][25] - The report indicates that the Chinese aviation market has achieved market-driven pricing and high load factors, which are essential for price transmission [8][25] - The report anticipates that if business travel demand continues to recover, airlines' profitability will significantly increase, marking a long-term positive trend for the industry [8][25][27] Group 3: Fixed Income Research - The report discusses the issuance of local government bonds in various provinces, totaling 188.52 billion RMB, with a slight narrowing of the bond issuance spread [2][14] - It highlights the impact of the Federal Reserve's interest rate cuts on global policy cycles and the need to monitor liquidity changes and structural opportunities in the bond market [1][11] - The report emphasizes the importance of adjusting investment strategies in response to the evolving interest rate landscape and liquidity conditions [11][13]

Group 1 - The core point of the article is that 吉祥航空 (Juneyao Airlines) held its 19th board meeting on September 22, 2025, to review the revised "Audit Committee Work Guidelines" [1] - For the first half of 2025, the company's revenue composition was entirely from transportation, warehousing, and postal services, accounting for 100.0% [1] - As of the report, 吉祥航空 has a market capitalization of 29.5 billion yuan [1]

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-064 上海吉祥航空股份有限公司 关于取消监事会并修订《公司章程》、 新增及修订公司部分治理制度的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海吉祥航空股份有限公司（以下简称"公司"）于 2025 年 9 月 22 日召开 了第五届董事会第十九次会议及第五届监事会第十七次会议，审议通过了《关于 取消监事会并修订<公司章程>的议案》和《关于新增及修订公司部分治理制度的 议案》，现将相关事项公告如下： 一、取消监事会并修订《公司章程》的具体情况 为进一步完善公司治理结构，更好地促进公司规范运作，根据 2024 年 7 月 1 日起实施的《中华人民共和国公司法》（以下简称"《公司法》"），中国证 监会于 2024 年 12 月 27 日发布的《关于新<公司法>配套制度规则实施相关过渡 期安排》以及《上市公司章程指引（2025 年修订）》《上市公司股东会规则（2025 年修订）》等法律、法规和规范性文件的有关规定，并结合公司的实际情况，公 司拟取消监事会， ...

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-065 重要内容提示： 公司于 2025 年 9 月 22 日召开第五届董事会第十九次会议，审议通过了《关 于选聘公司 2025 年度财务报告审计机构及内控审计机构的议案》，拟聘请上会 为公司 2025 年度财务报告审计机构以及内控审计机构。本事项尚需提交公司 2025 年第一次临时股东会审议。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 拟聘任的会计师事务所名称：上会会计师事务所（特殊普通合伙）（以下简 称"上会"）。 原聘任的会计师事务所名称：中审众环会计师事务所（特殊普通合伙）（以 下简称"中审众环"）。 变更会计师事务所的简要原因及前任会计师的异议情况：为充分保障上海吉 祥航空股份有限公司（以下简称"公司"）年报审计工作安排，更好地适应 公司未来业务发展及规范化需要，综合考虑公司对审计服务的需求，根据《国 有企业、上市公司选聘会计师事务所管理办法》的相关规定，履行相应的选 聘程序，公司拟聘任上会为公司 2025 年度财务报告审计机构以及内控审计 机构。公司已就会计师事务所变更事宜与中审众环进行了沟通，中审众环对 变 ...

证券代码：603885 证券简称：吉祥航空 公告编号：2025-066 上海吉祥航空股份有限公司 关于召开2025年第一次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第一次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 9 日 14 点 00 分 召开地点：上海市浦东新区康桥东路 2 弄 2 号楼 2212 会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 10 月 9 日 股东会召开日期：2025年10月9日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 | | | 投票股东类 | | --- | --- | --- | | 序 号 | 议案名称 | 型 | | | | 股股东 ...

2025 年第一次临时股东会 上海吉祥航空股份有限公司 2025 年第一次临时股东会 现场会议地点：上海市浦东新区康桥东路2弄2号楼2212会议室 会议召开方式：现场投票与网络投票相结合 会议材料 二○二五年十月九日 中国·上海 1 2025 年第一次临时股东会 会议议程 会议时间：1、现场会议召开时间：2025年10月9日 14:00 2、网络投票时间：2025年10月9日，采用上海证券交易所网络 投票系统，通过交易系统投票平台的投票时间为股东会召开当日的交易时间段， 即9:15-9:25,9:30-11:30,13:00-15:00；通过互联网投票平台的投票时间为股 东会召开当日的9:15-15:00。 六、推选监票人和计票人 参加股东会的方式：公司股东选择现场投票和网络投票中的一种方式 股权登记日：2025年9月25日 会议主持人：董事长王均金先生 会议安排： 四、审议议案 七、股东及股东代表投票表决 十一、主持人宣布会议结束 2 一、参会人员签到，股东或股东代表登记（13:30-14:00） 二、主持人宣布会议开始（14:00） 三、宣布股东会现场出席情况及会议须知 1．《关于取消监事会并修订<公司章 ...

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-063 上海吉祥航空股份有限公司 第五届监事会第十七次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 上海吉祥航空股份有限公司（以下简称"公司"）第五届监事会第十七次会 议于 2025 年 9 月 22 日以现场结合通讯表决方式召开。会议通知于 2025 年 9 月 17 日以电子邮件方式发出，并以电话进行了确认。会议由公司监事会主席林乃 机先生召集并主持，公司全体监事认真审阅了会议议案，全部 3 名监事对会议议 案进行了表决。会议参与表决人数及召集、召开程序符合《公司法》和《公司章 程》的有关规定，所作决议合法有效。 二、监事会会议审议情况 本次监事会会议审议并通过了以下议案： （一） 审议通过《关于取消监事会并修订<公司章程>的议案》 为进一步完善公司治理结构，更好地促进公司规范运作，公司监事会同意取 消监事会，《监事会议事规则》相应废止，并对《公司章程》部分条款进行修订。 具体内容详见公司同日披露的《上海吉祥航空股份 ...