证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-090 上海吉祥航空股份有限公司 关于会计估计变更的公告 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。 重要内容提示： 本次会计估计变更事项采用未来适用法，不涉及对已披露财务报告进行 追溯调整，不会对公司已披露的财务报告产生影响，也不会对未来公司 财务状况、经营成果和现金流量产生重大影响。 （1） 应收账款 一、 会计估计变更情况概述 上海吉祥航空股份有限公司（以下简称"公司"）于 2025 年 12 月 29 日召 开第五届董事会第二十二次会议，审议通过了《关于会计估计变更的议案》。为 更客观、公允反映公司财务状况和经营成果，根据《企业会计准则第 28 号—— 会计政策、会计估计变更和差错更正》《企业会计准则第 22 号——金融工具确 认和计量》的相关规定，公司拟对应收账款以及其他应收款计提预期信用损失的 会计估计进行变更。 本次会计估计变更事项无须提交公司股东会审议。 二、 会计估计变更具体情况及对公司的影响 （一） 会计估计变更的原因 公司根据《企业会 ...

上海吉祥航空股份有限公司 关于公司购买飞机的公告 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。 证券代码：603885 证券简称：吉祥航空 公告编号：2025-089 重要内容提示： 上海吉祥航空股份有限公司（以下简称"公司"或"本公司"）拟与空 中客车公司（AIRBUS S.A.S，以下简称"空客公司"）签订《飞机购买协议》， 根据该协议，本公司向空客公司购买 25 架空客 A320 系列飞机（以下简称"本 次交易"），经国家批准认可后，空客公司将于 2028 年至 2032 年分批向本公司 交付上述飞机。 本次交易不构成关联交易，亦不构成《上市公司重大资产重组管理办 法》规定的重大资产重组。 2025 年 12 月 29 日，公司第五届董事会第二十二次会议审议通过了《关 于公司购买飞机的议案》，该事项尚需提交股东会审议及国家批准认可。 本次购买飞机，系为保障公司未来正常生产运营需要进行的采购。双方 已达成合作共识，但是后续可能存在飞机交付进度不达预期或受不可抗力影响 而延期等风险。敬请广大投资者谨慎决策，注意投资风险。 ...

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-088 上海吉祥航空股份有限公司 第五届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 上海吉祥航空股份有限公司（以下简称"公司"）第五届董事会第二十二次 会议于 2025 年 12 月 29 日以现场结合通讯表决方式召开。会议通知于 2025 年 12 月 24 日以电子邮件、电话等形式发出。会议由公司董事长王均金先生召集并 主持，公司全体董事认真审阅了会议议案，全部 9 名董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《中华人民共和国公司法》（以下简称 "《公司法》"）和《公司章程》的有关规定，所作决议合法有效。 二、董事会会议审议情况 本次董事会会议审议并通过了以下议案： （一）审议通过《关于公司购买飞机的议案》 董事会同意与空中客车公司（Airbus S.A.S.，以下简称"空客公司"）签订 协议，向空客公司购买 25 架 A320 系列飞机，前述 25 架 A320 系列飞机的基 ...

今天分享的是：国际市场快速修复，行业运行稳中提质—2025年航空运输行业回顾及展望 报告共计：11页 2025年航空运输行业运行总结及2026年展望 2025年航空运输行业整体运行稳中提质，国内客货运市场稳步增长，国际业务快速修复，政策引导行业规范发展，企业经营业 绩持续改善，信用风险展望为稳定。 行业发展环境持续优化。2025年我国经济稳中有进，前三季度GDP同比增长5.2%，居民人均可支配收入实际增长5.2%，外贸进 出口同比增长4%，为航空运输业提供坚实支撑。政策层面聚焦运营效益提升与国际市场拓展，修订国际客运航权配置规则，发 布《空中丝绸之路建设发展报告》，推进"一带一路"航空合作，出台航空客运自律公约遏制恶性竞争，冬春航季加大旅游航线 与国际航班运力投放，中印航线全面复航，助力行业高质量发展。 市场运行呈现"国内稳增、国际复苏"态势。2025年前三季度，全行业完成运输总周转量1220.3亿吨公里，同比增长10.3%。客运 方面，旅客周转量达10536.5亿人公里，同比增长8.1%，其中国内航线增长4.2%，国际航线增长23.5%，已超过2019年同期水 平；旅客运输量5.82亿人次，同比增长5.2% ...

Investment Rating - Maintain "Buy" rating for the transportation sector [5] Core Views - The international passenger turnover for October and November 2025 is expected to grow by 12.9% and 14.3% year-on-year compared to the same months in 2019, indicating a recovery in demand [1][2] - The average economy class ticket price for the New Year holiday in 2026 is projected to be 597 RMB, reflecting a 1.1% decrease from 2024 and a 6.7% increase from 2025 [1][2] - The logistics sector is benefiting from explosive growth in overseas e-commerce, with TikTok Shop's GMV in Southeast Asia increasing by 2.7 times during the "12.12" promotion [1][3] Summary by Sections Weekly Insights and Market Review - The transportation sector index rose by 1.37%, underperforming the Shanghai Composite Index by 0.51 percentage points [1][19] - The top three performing sub-sectors were shipping, public transport, and logistics, with increases of 4.70%, 4.65%, and 1.96% respectively [1][19] Air Travel - From January to November 2025, civil aviation passenger turnover reached 12,865.80 billion person-kilometers, a 19.6% increase compared to the same period in 2019 [2][12] - Domestic routes saw a 25.6% increase, while international routes grew by 3.6% [2][12] - The aviation sector is expected to maintain a positive outlook due to low supply growth and recovering demand, with a focus on business travel and international flight recovery [2][12] Shipping and Ports - The oil and dry bulk freight rates are experiencing a decline, with VLCC rates significantly dropping due to seasonal factors and lower-than-expected January loading volumes [3][13] - The dry bulk shipping index continues to fall, with a focus on the impact of new iron ore production and geopolitical developments [3][14] - The LNG transportation market is anticipated to follow a different cycle compared to larger vessels, with new projects in hydrogen production [3][16] Logistics - The logistics sector is focusing on two investment themes: overseas expansion driven by e-commerce growth and internal competition management amid slowing industry growth [3][17] - The express delivery volume showed a modest increase of 1.6% year-on-year in December, indicating a competitive landscape where leading companies are expected to gain market share [3][17]

Core Viewpoint - The aviation and airport sector experienced a 2.8% increase on December 26, with HNA Holding leading the gains, while the overall market indices showed modest increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3963.68, up 0.1%, and the Shenzhen Component Index closed at 13603.89, up 0.54% [1]. - HNA Holding's stock price rose by 2.27% to 1.80, with a trading volume of 10.22 million shares and a transaction value of 1.834 billion [1]. - Other notable performers included CITIC Offshore Helicopter, which increased by 1.14%, and Spring Airlines, which saw a slight increase of 0.16% [1]. Group 2: Stock Performance Summary - The table of stock performance shows various companies in the aviation sector, with HNA Holding leading in percentage increase, while several companies like China Eastern Airlines and Shanghai Airport experienced declines [2]. - The overall aviation and airport sector saw a net outflow of 313 million in main funds, while retail investors contributed a net inflow of 340 million [2]. Group 3: Fund Flow Analysis - HNA Holding had a net inflow of 18.76 million from main funds, but a net outflow of 17.27 million from retail investors [3]. - China Eastern Airlines experienced a significant net outflow of 26.35 million from main funds, while retail investors contributed a net inflow of 60.68 million [3]. - The analysis indicates that retail investors are actively participating in the market, contrasting with the outflows from institutional and speculative funds [3].

创新篇 随着中国民航市场持续复苏，国际航线的恢复质量成为衡量航司韧性与战略眼光的关键。总部位于上海 的吉祥航空，其近期网络动态呈现出清晰的布局思维。加密东北亚与东南亚航线、发力洲际航线及季节 性运力调配，共同勾勒出其拓展图景。例如计划于2026年1月开通的上海至马来西亚斗湖(仙本那)直 航，意在打通热门潜水胜地的空中通道，可视为对细分市场的一次精准切入。 更具战略意义的转变，是对上海枢纽中转功能的日益重视。数据显示，今年以来，其国际入境旅客中的 中转占比已达一定比例，国际转国际旅客量增长显著。这表明吉祥航空正从单一的上海始发承运人， 向"上海枢纽网络承运人"的角色演进。吸引并保障中转旅客，意味着航班时刻、网络衔接、地面流程及 整体运行可靠性都需对标国际枢纽标准，这是一个系统性升级的过程。 与航线"硬扩张"同步，吉祥航空在品牌传播上尝试构建"软实力"，这反映了在硬件与服务趋同的当下， 航司正尝试通过文化共鸣塑造新竞争力的思路。其近期实践侧重精准圈层营销，如"上海乐高乐园 号"与"原神号"彩绘飞机及主题航班，通过绑定知名IP，针对亲子家庭与二次元文化等圈层，在社交媒 体引发传播，以期触达年轻消费群体。吉祥航空在直 ...

Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.17% on December 25, with significant contributions from airlines like Juneyao Airlines, while the overall market indices also showed positive movements [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3959.62, up by 0.47%, and the Shenzhen Component Index closed at 13531.41, up by 0.33% [1]. - Juneyao Airlines led the aviation sector with a closing price of 14.08, reflecting a rise of 1.51% [1]. - Other notable performers included CITIC Offshore Helicopter and Spring Airlines, both showing increases of 1.51% and 1.46% respectively [1]. Group 2: Stock Performance and Trading Volume - The trading volume for Juneyao Airlines was 201,600 shares, with a transaction value of 285 million yuan [1]. - China Southern Airlines and China Eastern Airlines remained stable, with no change in their stock prices, while Shanghai Airport and Air China saw minor increases of 0.39% and 0.46% respectively [1]. - The overall trading volume in the aviation sector indicated a mixed performance, with some stocks experiencing declines [2]. Group 3: Capital Flow Analysis - The aviation sector saw a net outflow of 336 million yuan from institutional investors, while retail investors contributed a net inflow of 388 million yuan [2]. - The capital flow data indicated that Shanghai Airport had a net inflow of 27.85 million yuan from institutional investors, despite a net outflow from retail and speculative investors [3]. - Conversely, Air China experienced significant net outflows from institutional investors amounting to 60.80 million yuan, while retail investors showed a net inflow of 65.73 million yuan [3].

虹桥机场在隔离区内设置了专属服务点位，如旅客在隔离区内发出签转申请，机场相关保障单位将提供 跨航司行李签转服务，实现行李同步签转的无缝衔接。沪渝快线跨航司自愿签转服务推出后，虹桥机场 成为国内唯一同时在京沪、沪深、沪渝三大枢纽航线上实现跨航司签转的机场，"虹桥快线"服务范围进 一步拓展，为跨航司协同合作搭建了更加广阔的平台，机场、航司共同携手提升旅客航空出行服务体 验。 据悉，虹桥机场沪渝快线当前日均计划往返航班量达到32班，2025年预计运输旅客超183万人次。（编 辑：许浩存 校对：陈虹莹 审核：程凌） 《中国民航报》、中国民航网 记者钱擘 通讯员尚机轩 报道：12月22日，虹桥机场的沪渝快线跨航司自 愿签转服务上线，并在国内机场首次实现隔离区内、有托运行李的跨航司签转，更好满足长三角与成渝 地区间商务及高频出行旅客的航空出行需求。 这一服务是在民航局运输司、民航华东地区管理局、民航西南地区管理局指导下，上海虹桥机场、重庆 江北机场联合东航、国航、吉祥航、厦航共同推出的。 乘坐东航、国航、厦航或吉祥航承运的"上海虹桥—重庆江北"航班，且购买经济舱6折（含）以上舱位 （含超级经济舱、公务舱，限同物理舱位等级 ...

Core Viewpoint - 吉祥航空's stock price has shown a modest increase, with a year-to-date rise of 4.03% and a recent 20-day increase of 11.33%, indicating positive market sentiment towards the company [1]. Group 1: Stock Performance - As of December 25, 吉祥航空's stock price reached 14.15 yuan per share, with a trading volume of 88.07 million yuan and a turnover rate of 0.29%, resulting in a total market capitalization of 30.90 billion yuan [1]. - The company experienced a net inflow of main funds amounting to 775,700 yuan, with large orders accounting for 14.08% of total purchases [1]. - Over the past 60 days, the stock price has increased by 5.60% [1]. Group 2: Financial Performance - For the period from January to September 2025, 吉祥航空 reported an operating revenue of 17.48 billion yuan, a slight decrease of 0.06% year-on-year, and a net profit attributable to shareholders of 1.09 billion yuan, down 14.28% year-on-year [1]. - The company has distributed a total of 2.35 billion yuan in dividends since its A-share listing, with 565 million yuan distributed over the past three years [2]. Group 3: Shareholder Information - As of September 30, 2025, 吉祥航空 had 24,200 shareholders, an increase of 2.09% from the previous period, with an average of 90,121 circulating shares per shareholder, a decrease of 2.72% [1]. - The top ten circulating shareholders include new entrants such as 工银可转债债券 and 南方中证500ETF, while some previous shareholders have exited the list [2].