端午假期日益临近，机票进入预订高峰。据航旅纵横大数据显示，截至5月27日，端午假期国内航线机 票预订量超293万张。国际航线机票预订量超62万张，比去年同期增长约19%，中短途热门航线机票预 订量同比增长近1倍。 近期，航空股频频活跃。富途牛牛显示，自4月8日起，港股航空概念指数累计涨幅已超30%，跑赢大 盘。 5月28日，在港股普跌走势中，航空股表现依旧强势。其中，中国东方航空股份（00670.HK）涨3.4%， 中国国航（00753.HK）涨2.05%，中国南方航空股份（01055.HK）涨2.56%，美兰空港（00357.HK）涨 1.36%。 今日A股航空板块虽稍逊港股同业，仍逆势走强彰显韧性。吉祥航空（603885.SH）涨1.71%，中国国航 （601111.SH）、南方航空（600029.SH）、中国东航（600115.SH）分别上涨0.87%、0.65%、0.5%。 近期，航空股反复活跃，或与市场预期向好有关。 然而，从业绩层面看，今年一季度，多家航空公司利润大幅缩水甚至亏损。业内人士分析，春节后出行 需求季节性回落，叠加以价换量;竞争，导致票价承压下行，航司陷入旺丁不旺财;的困境。 不过，高 ...

Core Points - The company has announced an adjustment to the maximum repurchase price of its shares following the implementation of the 2024 annual profit distribution plan [3][4][6] Group 1: Share Repurchase Plan - The company plans to repurchase shares using a budget between RMB 250 million and RMB 500 million, with a maximum price of RMB 15.80 per share [2][5] - The adjusted maximum repurchase price is set at RMB 15.7017 per share, effective from June 4, 2025 [4][5] Group 2: Profit Distribution - The company will distribute a cash dividend of RMB 0.1 per share to all shareholders, excluding shares held in the repurchase account [3][9] - The total number of shares eligible for the cash dividend is approximately 2,162,059,778, leading to a total cash distribution of about RMB 216.2 million [12][13] Group 3: Calculation of Adjusted Price - The adjusted maximum repurchase price formula accounts for the cash dividend and any changes in the number of circulating shares, which remains unchanged in this case [3][5][14] - The cash dividend per share is calculated to be approximately RMB 0.0983 after considering the total share distribution [15]

Core Viewpoint - The average annual growth rate of China's civil aviation passenger supply (available seat kilometers, ASK) is expected to be around 3.1% from 2025 to 2028, significantly lower than the 15.4% growth rate from 2009 to 2019, indicating a solid foundation for the aviation cycle to start [1][12][64]. Supply Growth Factors - The introduction of tariffs may further suppress the growth rate of China's civil aviation supply. Although the tariff rate has significantly decreased compared to April 2025, it still impacts the willingness of Chinese airlines to introduce new Boeing aircraft, potentially leading to a longer recovery cycle for aircraft manufacturers' production capacity [3][6]. - As of April 2025, Chinese airlines have nearly 600 aircraft orders from Boeing and Airbus, with most deliveries concentrated between 2025 and 2027. However, there is a high uncertainty regarding delivery timelines, with an expected 25% of aircraft deliveries being delayed in the next three years [3][13][20]. - The impact of leased aircraft on China's aviation supply is expected to gradually diminish, as major airlines have substantial aircraft orders and are less inclined to expand their fleets through leasing due to rising leasing costs [3][43]. Aircraft Retirement Trends - The volume of aircraft retirements remains at a peak level, with the industry entering a phase of high aircraft retirements due to aging fleets and concentrated lease expirations. The retirement rate is projected to stabilize around 2.5% in the coming years [4][51]. - Factors affecting aviation supply include aircraft utilization rates, which are expected to gradually improve, and a trend of decreasing average seat numbers per aircraft due to the increasing proportion of smaller aircraft [4][59]. Tariff Impacts - The tariffs imposed on U.S. imports have increased the costs for Chinese airlines to acquire Boeing aircraft, potentially leading to a decrease in demand for new aircraft and delays in orders [6][30]. - The global supply chain for aircraft manufacturing remains tight, with tariffs exacerbating the situation by increasing the costs of imported components, thereby extending the aircraft maintenance cycles [8][7]. Production Capacity and Delivery Issues - The production capacity of Boeing, Airbus, and COMAC is affected by global supply chain constraints and tariffs, leading to slower recovery in production capacity and delivery timelines [7][20]. - The delivery peak for Airbus aircraft is expected in 2026, while Boeing's delivery peak is anticipated in 2027, with significant uncertainty surrounding the delivery schedules due to production capacity issues [21][34]. Market Dynamics - The average annual growth rate of the passenger fleet is projected to be 2.8% from 2025 to 2028, a significant decrease from pre-2020 levels, driven by rationalized aircraft acquisitions and the peak retirement phase in the aviation market [61][64]. - The demand for domestic aircraft, particularly the C919, is expected to grow, but actual delivery timelines may be extended due to production capacity constraints and tariff impacts [35][38].

Group 1 - The company announced an adjustment to the maximum repurchase price of its shares following the implementation of the 2024 annual equity distribution plan [1][3] - The repurchase plan was approved on January 27, 2025, with a budget of 250 million to 500 million yuan, and a maximum price of 15.80 yuan per share [2] - The adjustment of the repurchase price limit is due to the implementation of cash dividends, resulting in a new maximum price of 15.7017 yuan per share [4] Group 2 - The calculation for the adjusted repurchase price limit was based on the formula that considers cash dividends and changes in the number of circulating shares [4] - The total repurchase amount remains unchanged, with an estimated repurchase quantity of approximately 15.92 million shares at the lower limit and 31.84 million shares at the upper limit, representing 0.72% and 1.45% of the total share capital, respectively [4] - Other aspects of the repurchase plan remain unchanged, and the company will continue to execute the repurchase plan based on market conditions [5]

上海吉祥航空股份有限公司（以下简称"公司"）于 2025 年 1 月 27 日召开 第五届董事会第十五次会议，审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，同意公司自董事会审议通过回购股份方案之日起 12 个月内， 使用不低于人民币 25,000 万元（含）、不超过人民币 50,000 万元（含）的自有 资金通过集中竞价交易方式，以不超过 15.80 元/股（含 15.80 元/股）的价格回 购公司股份。具体内容详见公司披露于上海证券交易所网站（www.sse.com.cn） 的《上海吉祥航空股份有限公司关于以集中竞价交易方式回购股份的回购报告书》 （公告编号：2025-011）。 二、调整回购股份价格上限的原因 根据公司 2024 年年度股东会审议通过的《关于公司 2024 年度利润分配方案 的议案》，公司将以具体实施权益分派股权登记日的总股本扣除回购专用证券账 户中的股份数为基数分配利润，向全体股东每股派发现金红利 0.1 元（含税）。 调整前回购价格上限：不超过 15.80 元/股（含） 调整后回购价格上限：不超过 15.7017 元/股（含） 回购价格调整起始日：2025 年 6 月 ...

国浩律师（上海）事务所 关于 上海吉祥航空股份有限公司 差异化分红事项 之 专项法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5234 1670 网址/Website: http://www.grandall.com.cn 二〇二五年五月 国浩律师（上海）事务所 关于上海吉祥航空股份有限公司 三、本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理 办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见 书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽 责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真 实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性 陈述或者重大遗漏，并承担相应法律责任。 差异化分红事项之专项法律意见书 致：上海吉祥航空股份有限公司 ...

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：2025-041 上海吉祥航空股份有限公司 2024年年度权益分派实施公告 重要内容提示： 每股分配比例 A 股每股现金红利0.1元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/3 | － | 2025/6/4 | 2025/6/4 | 差异化分红送转： 是 1. 发放年度：2024年年度 2. 分派对象： 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 12 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东（上海吉祥航空股份有 限公司回购专用证券账户除外）。 在实施权益分派的股权登记日前，因可转债转股、期权 ...

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].

Group 1 - The A-share airport and shipping sector has strengthened, with Huaxia Airlines rising over 7% [1] - Both Juneyao Airlines and China National Aviation have increased by more than 3% [1] - China Eastern Airlines and Southern Airlines also experienced gains [1]

Group 1 - The core activity involved a collaboration between the flight department of Juneyao Airlines and the Civil Aviation Shanghai Hospital to enhance the integration of party building and business in the civil aviation sector [1] - Key topics discussed included the management of pilots' physical and mental health, as well as aviation medical research [1][2] - A cooperation agreement was signed to deepen collaboration in areas such as health risk warning mechanisms, psychological health support, optimization of aviation emergency systems, and joint research projects [2] Group 2 - Juneyao Airlines has established a "Party Member Workstation" mechanism and a "Party Member Demonstration Post" service system as part of its unique party building brand [2] - The airline has conducted dynamic assessments of the physical and mental health of flight personnel for three consecutive years, providing detailed data support for understanding health conditions and risk factors [2] - The event introduced an innovative working model of "Party Building + Health + Safety," aiming for synchronized development of party work and business growth [2]