今年以来，民航运输生产延续稳健增长态势。中国民用航空局数据显示，上半年，民航全行业完成运输 总周转量783.5亿吨公里、旅客运输量3.7亿人次、货邮运输量478.4万吨，同比分别增长11.4%、6%、 14.6%，运输规模再创新高。 数据显示，截至8月25日，共有4家机场或航空公司发布2025年半年报，各公司营收、净利润均实现同比 增长。 中国航空运输协会表示，民航客运市场稳步回暖、旅客运输量创新高，头部机场客流量保持稳定增长， 主要受益于国内特色旅游目的地需求旺盛、居民出行意愿增强，以及入境游政策利好推动国际旅客来华 热度攀升。 国际业务持续恢复 上半年，深圳市机场股份有限公司实现营业收入25.28亿元，同比增长12.32%；归属于上市公司股东的 净利润3.12亿元，同比增长79.13%。公司方面表示，随着民航市场需求的逐步增加，公司抢抓发展机 遇，客货业务稳步增长，旅客吞吐量、航班起降架次、货邮吞吐量均同比增加，使得公司营业收入同比 增长，经营业绩同比提高。 元翔（厦门）国际航空港股份（600463）有限公司（以下简称"厦门空港（600897）"）上半年实现营业 收入9.91亿元，同比增长7.1%；归属于 ...

证券之星消息，8月25日航空机场板块较上一交易日上涨1.54%，中信海直领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000099 | 中信海直 | 24.38 | 2.22% | 42.25万 | | 10.22亿 | | 600115 | 中国东航 | 4.17 | 2.21% | 83.65万 | | 3.45亿 | | 600029 | 南方航空 | 6.00 | 2.04% | 84.93万 | | 5.05亿 | | 600221 | 海航控股 | 65" I | 1.92% | 520.64万 | | 8.23亿 | | 601111 | 中国国航 | 7.54 | 1.89% | 121.59万 | | 2660'6 | | 601021 | 春秋航空 | 53.46 | 1.44% | 6.90万 | | 3.67亿 | | ...

北京商报记者注意到，吉祥航空的营业收入同比虽然微增1.02%，但其营业成本增速相对更明显，同比增长5.65%。不仅如此，吉祥航空的客公里收益逐年下降，2023年上半年为0.5元，2024 面对客公里收益下降的行业共性问题，吉祥航空如何持续提升盈利？ 国内航线运力收缩近10%，国际航线运力却猛增超六成——在这道清晰的运力"加减法"背后，吉祥航空成为2025年上半年首家实现营收净利双增长的境内上市航司。面对客公里收益持续下行的行 国际旅客周转量增长68.33% 不仅如此，2023年以来，在境内航司从减亏到扭亏的路上，提升机队运营效率也是提升效益的关键举措。 2025年上半年，吉祥航空的营业收入和净利润同比双增长。 国内航线运力转投国际航线是重要举措之一。其财报数据显示，吉祥航空上半年国内航线客运运力投入同比减少9.76%，国际航线客运运力反而增长65.55%。同样，其国内旅客周转量（按收入 有民航业内人士向北京商报记者提到，在国内航线竞争激烈、收益也出现下降时，国际航线的运力投放就显得尤为关键。 来源：北京商报 2025年上半年，吉祥航空加足马力新开、增投国际航线。其财报显示，上半年吉祥航空国际（地区）航班量达1 ...

暑期客运市场承压 不仅如此，2023年以来，在境内航司从减亏到扭亏的路上，提升机队运营效率也是提升效益的关键举 措。 国内航线运力收缩近10%，国际航线运力却猛增超六成——在这道清晰的运力"加减法"背后，吉祥航空 成为2025年上半年首家实现营收净利双增长的境内上市航司。面对客公里收益持续下行的行业困局，吉 祥航空通过结构性调整运力、提升机队运营效率与精细的成本控制，在复杂的市场环境中再度提升盈 利。不过，7月运营数据的全线下滑，也为其下半年发展带来新的不确定性。 国际旅客周转量增长68.33% 2025年上半年，吉祥航空的营业收入和净利润同比双增长。 北京商报记者注意到，吉祥航空的营业收入同比虽然微增1.02%，但其营业成本增速相对更明显，同比 增长5.65%。不仅如此，吉祥航空的客公里收益逐年下降，2023年上半年为0.5元，2024年上半年为0.47 元，2025年上半年则下降至0.45元。在这种情况下，吉祥航空依然实现盈利5.05亿元，同比增长 3.29%。 面对客公里收益下降的行业共性问题，吉祥航空如何持续提升盈利？ 国内航线运力转投国际航线是重要举措之一。其财报数据显示，吉祥航空上半年国内航线客运 ...

证券研究报告 | 公司点评 | 航空机场 上半年归母净利润 5.1 亿元，关注飞机利用率提升 ——吉祥航空 2025 年中报点评 投资要点 ❑ 25H1 归母净利润 5.1 亿元，同比+3% 2025H1，公司实现营业收入 110.7 亿元，同比+1%，归母净利润约 5.1 亿元，同 比+3%，扣非归母净利润 4.1 亿元，同比-14%。其中 25Q2，公司实现营业收入 53.4 亿元，同比+2%；归母净利润 1.6 亿元，同比+40%，扣非归母净利润 1.4 亿 元，同比+41%。 ❑ 运营数据： 25H1 飞机利用率同比下滑 0.6 小时，客座率同比提升 0.66pct 25H1，公司 ASK 同比+4%，其中国内航线、国际航线、地区航线 ASK 同比分 别-10%、+66%、-18%；客座率 85.17%，同比+0.66pct，其中国内航线、国际航 线、地区航线客座率分别为 88.05%、78.44%、85.16%，同比分别+1.78、 +1.30、+3.98pct。其中 25Q2，公司 ASK、RPK 同比分别+2%、+5%；客座率 86.34%，同比 24 年+2.78pct，同比 19 年+0.8 ...

国际旅客周转量增长68.33% 国内航线运力收缩近10%，国际航线运力却猛增超六成——在这道清晰的运力"加减法"背后，吉祥航空（603885）成为2025年上半年首家实现营收净利双增 长的境内上市航司。面对客公里收益持续下行的行业困局，吉祥航空通过结构性调整运力、提升机队运营效率与精细的成本控制，在复杂的市场环境中再度 提升盈利。不过，7月运营数据的全线下滑，也为其下半年发展带来新的不确定性。 根据吉祥航空的财报，报告期内，吉祥航空及子航司九元航空共拥有130架飞机，平均机龄为7.61年，在册飞机日利用率和可用飞机日利用率均高于9小时， 其中，B787系列可用飞机的日利用率为14.75小时，去年同期则为11.77小时，同比提升2.98小时。 2025年上半年，吉祥航空的营业收入和净利润同比双增长。 北京商报记者注意到，吉祥航空的营业收入同比虽然微增1.02%，但其营业成本增速相对更明显，同比增长5.65%。不仅如此，吉祥航空的客公里收益逐年 下降，2023年上半年为0.5元，2024年上半年为0.47元，2025年上半年则下降至0.45元。在这种情况下，吉祥航空依然实现盈利5.05亿元，同比增长3.29%。 ...

Core Viewpoint - 吉祥航空 reported a slight increase in total revenue and net profit for the first half of 2025, but faced rising short-term debt pressure and a decrease in gross margin [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 11.067 billion yuan, a year-on-year increase of 1.02% [1]. - Net profit attributable to shareholders was 505 million yuan, up 3.29% year-on-year [1]. - In Q2 2025, total revenue was 5.345 billion yuan, reflecting a 2.07% increase year-on-year, while net profit for the quarter surged by 39.67% to 160 million yuan [1]. - The gross margin decreased to 11.84%, down 24.61% year-on-year, while the net margin improved to 4.57%, an increase of 2.27% [1]. - Total expenses (selling, administrative, and financial) amounted to 1.284 billion yuan, accounting for 11.6% of revenue, a decrease of 7.04% year-on-year [1]. Key Financial Ratios - Current ratio stood at 0.31, indicating increased short-term debt pressure [1][3]. - Earnings per share (EPS) increased to 0.23 yuan, a rise of 4.55% year-on-year [1]. - Cash flow per share improved to 1.41 yuan, reflecting a 14.67% increase year-on-year [1]. - The company’s return on invested capital (ROIC) was reported at 5.51%, with a historical median of 9.21% since its listing [3]. Debt and Cash Flow - The company’s interest-bearing debt increased to 21.355 billion yuan, a rise of 1.61% year-on-year [1]. - Cash and cash equivalents saw a significant increase of 75.63% to 2.866 billion yuan, attributed to increased financing activities [1][2]. Investment Insights - The company is expected to generate a net profit of 1.276 billion yuan for 2025, with an average EPS forecast of 0.58 yuan [3]. - The company has a projected dividend yield of 6.59% [3]. Fund Holdings - The most notable fund manager holding shares in 吉祥航空 is Jiang Cheng from Zhongtai Securities, who has a total fund size of 12.606 billion yuan [4]. - Several funds have reduced their holdings in 吉祥航空, including 兴全商业模式LOF and 中泰开阳价值优选混合A [5].

Core Viewpoint - 吉祥航空 reported a slight increase in total revenue and net profit for the first half of 2025, indicating stable performance despite rising short-term debt pressure [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 11.067 billion yuan, a year-on-year increase of 1.02% [1]. - Net profit attributable to shareholders was 505 million yuan, up 3.29% year-on-year [1]. - In Q2 2025, total revenue was 5.345 billion yuan, reflecting a 2.07% increase year-on-year, while net profit for the quarter surged by 39.67% to 160 million yuan [1]. - The gross margin decreased to 11.84%, down 24.61% year-on-year, while the net margin improved to 4.57%, an increase of 2.27% [1]. - Total expenses (selling, administrative, and financial) amounted to 1.284 billion yuan, accounting for 11.6% of revenue, a decrease of 7.04% year-on-year [1]. Key Financial Ratios - Current ratio stood at 0.31, indicating increased short-term debt pressure [1][3]. - Earnings per share (EPS) increased to 0.23 yuan, a rise of 4.55% year-on-year [1]. - Cash flow per share improved to 1.41 yuan, reflecting a 14.67% increase year-on-year [1]. - The company's return on invested capital (ROIC) was reported at 5.51%, with a historical median ROIC of 9.21% since its listing [2][3]. Asset and Liability Changes - Cash and cash equivalents increased significantly by 75.63% to 12.866 billion yuan due to growth in financing [2]. - Long-term borrowings rose by 42.27% as a result of increased bank loans [2]. - The company experienced a significant decrease in trading financial assets by 87.85%, attributed to reduced stock investments [2]. Market Position and Fund Holdings - The company is held by several funds, with the largest being 兴全商业模式LOF, which has reduced its holdings [4]. - The most notable fund manager holding the company is from 中泰证券(上海)资管, recognized for expertise in growth stocks [3].

Investment Rating - The report maintains a "Positive" outlook on the shipping sector, particularly highlighting the potential for VLCC (Very Large Crude Carrier) rates to strengthen in the upcoming months [4]. Core Insights - The report indicates that tanker rates have exceeded expectations during the off-season, with VLCC rates expected to perform strongly from September to December due to reduced exports from Iran and increased production in the Middle East [4]. - The report recommends specific companies such as China Merchants Energy Shipping and highlights the potential for consolidation in the Chinese shipping industry [4]. - The report emphasizes the resilience of freight volumes in rail and highway transport, suggesting steady growth in these sectors [4]. Summary by Sections Shipping Sector - VLCC rates increased by 32% this week, reaching $45,800 per day, driven by limited supply and increased demand from the Atlantic market [4]. - The report notes that the average export volume from Iran has decreased to 1.3-1.5 million barrels per day, down from 1.7-1.9 million barrels per day in July [4]. - The Suez crude oil tanker rates rose by 15% to $59,563 per day, supported by strong demand from the West African market [4]. Dry Bulk Shipping - The Baltic Dry Index (BDI) fell by 4.9% to 1,944 points, primarily due to a decline in large vessel rates, while smaller vessels showed stronger performance [5]. - The report remains optimistic about the Capesize bulk carrier market in the second half of the year, citing expected increases in shipments from major miners [4]. Air Transport - The report suggests that the "anti-involution" policy from the Civil Aviation Administration is likely to optimize competition in the airline industry, benefiting airline profitability in the long term [4]. - Recommended airlines include China Eastern Airlines, Spring Airlines, and China Southern Airlines, with a focus on the potential for improved earnings due to supply constraints and demand recovery [4]. Express Delivery - The report anticipates a price increase in the express delivery sector driven by the "anti-involution" policy, with expectations for sustained profitability in the e-commerce delivery segment [4]. - Companies such as Shentong Express and YTO Express are highlighted as having strong potential for recovery and valuation improvement [4]. Rail and Highway Transport - Data from the Ministry of Transport indicates that rail freight volume increased by 1.22% week-on-week, while highway freight traffic rose by 3.06% [4]. - The report identifies two main investment themes in the highway sector: high dividend yield stocks and potential value recovery in undervalued stocks [4].

上海吉祥航空股份有限公司2025 年半年度报告 公司代码：603885 公司简称：吉祥航空 上海吉祥航空股份有限公司 上海吉祥航空股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王均金、主管会计工作负责人于成吉及会计机构负责人（会计主管人员）张言 国声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 报告期内，本公司未拟定半年度利润分配预案或公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 ...