证券代码：603885 证券简称：吉祥航空 公告编号：2025-058 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公司股份的回购进展公告 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： | 回购方案首次披露日 | 2025/2/6 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 1 年 1 月 26 | 月 | 27 | 日~2026 | 日 | | 预计回购金额 | 25,000万元~50,000万元 | | | | | | 回购用途 | √减少注册资本 √用于员工持股计划或股权激励 | | | | | | | □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 34,980,186股 | | | | | | 累计已回购股数占总股本比例 | 1.60% | | | | | | 累计已回购金额 | 444,014,692.73元 | | | | ...

Core Insights - The aviation and airport sector experienced a decline of 0.94% on September 1, with Huaxia Airlines leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance Summary - The following stocks in the aviation and airport sector showed varied performance: - CITIC Haizhi: Closed at 24.77, up 0.20%, with a trading volume of 281,600 shares and a turnover of 695 million yuan [1] - Shanghai Airport: Closed at 32.36, up 0.12%, with a trading volume of 187,500 shares and a turnover of 608 million yuan [1] - HNA Holding: Closed at 1.59, unchanged, with a trading volume of 4.89 million shares and a turnover of 779 million yuan [1] - Xiamen Airport: Closed at 14.95, down 0.07%, with a trading volume of 26,500 shares and a turnover of 39.51 million yuan [1] - Shenzhen Airport: Closed at 7.22, down 0.55%, with a trading volume of 230,700 shares and a turnover of 166 million yuan [1] - Baiyun Airport: Closed at 9.95, down 0.60%, with a trading volume of 252,800 shares and a turnover of 252 million yuan [1] - Air China: Closed at 7.48, down 0.93%, with a trading volume of 617,800 shares and a turnover of 463 million yuan [1] - China Southern Airlines: Closed at 5.97, down 1.16%, with a trading volume of 545,400 shares and a turnover of 326 million yuan [1] - Juneyao Airlines: Closed at 12.43, down 1.35%, with a trading volume of 205,300 shares and a turnover of 256 million yuan [1] - Spring Airlines: Closed at 52.38, down 1.82%, with a trading volume of 74,000 shares and a turnover of 390 million yuan [1] Capital Flow Analysis - The aviation and airport sector saw a net outflow of 293 million yuan from institutional investors, while retail investors contributed a net inflow of 279 million yuan [2] - The following capital flows were noted for specific stocks: - HNA Holding: Net inflow of 45.64 million yuan from institutional investors, but a net outflow of 36.41 million yuan from retail investors [3] - Shenzhen Airport: Net inflow of 13.27 million yuan from institutional investors, with a net outflow of 20.78 million yuan from retail investors [3] - China Southern Airlines: Net outflow of 1.21 million yuan from institutional investors, but a net inflow of 2.78 million yuan from retail investors [3] - Xiamen Airport: Net outflow of 1.79 million yuan from institutional investors, with a net inflow of 178.71 million yuan from retail investors [3] - Huaxia Airlines: Net outflow of 3.68 million yuan from institutional investors, but a net inflow of 542.84 million yuan from retail investors [3] - Air China: Net outflow of 7.48 million yuan from institutional investors, with a net inflow of 38.94 million yuan from retail investors [3] - Juneyao Airlines: Net outflow of 7.64 million yuan from institutional investors, but a net inflow of 682.32 million yuan from retail investors [3] - Spring Airlines: Net outflow of 29.52 million yuan from institutional investors, with a net inflow of 283.88 million yuan from retail investors [3] - Baiyun Airport: Net outflow of 32.34 million yuan from institutional investors, with a net inflow of 239.79 million yuan from retail investors [3]

Core Viewpoint - The financial performance of major Chinese airlines in the first half of 2025 shows a mixed picture, with state-owned airlines continuing to incur losses but at a reduced rate, while private airlines have achieved profitability. Group 1: State-Owned Airlines Performance - China National Airlines reported operating revenue of 80.757 billion yuan, a year-on-year increase of 1.6%, with a net loss of 1.806 billion yuan, a reduction in losses compared to the previous year [2] - China Eastern Airlines achieved operating revenue of 66.822 billion yuan, a year-on-year increase of 4.09%, with a net loss of 1.431 billion yuan, down from a loss of 2.768 billion yuan in the same period last year [2] - Southern Airlines reported operating revenue of 86.291 billion yuan, a year-on-year increase of 1.77%, with a net loss of 1.533 billion yuan, which is a 24.84% increase in losses compared to the previous year [3] Group 2: Private Airlines Performance - Hainan Airlines, Spring Airlines, Juneyao Airlines, and China Express Airlines all reported profits, with a total net profit of nearly 2 billion yuan [1] - Spring Airlines achieved a net profit of 1.169 billion yuan, although this represents a year-on-year decline of 14.11% [4] - Juneyao Airlines reported a net profit of 505 million yuan, an increase of 3.29% year-on-year [6] - China Express Airlines reported a net profit of 251 million yuan, a significant increase of 858.95% year-on-year [7] Group 3: Market Conditions and Trends - The aviation industry is experiencing a "volume up, price down" trend, with significant pressure on ticket prices leading to reduced revenue per passenger kilometer for major airlines [8] - The Civil Aviation Administration of China has emphasized the need to address "involution" in the aviation sector, which may improve airline profitability in the short term [8] - Airlines are actively expanding their markets and optimizing services, with China National Airlines implementing AI-driven customer service and China Eastern Airlines enhancing its product marketing strategies [9][10]

Core Viewpoint - China International Cargo Airlines Co., Ltd. has shown significant growth in revenue and net profit, indicating a strong position in the domestic air logistics market [2][3]. Financial Performance - For the period from January to June 2025, the company achieved operating revenue of 10.935 billion yuan, representing a year-on-year increase of 21.92% [2]. - The net profit attributable to shareholders reached 1.240 billion yuan, marking an impressive year-on-year growth of 86.15% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 19.93% to 164,100, while the average circulating shares per person increased by 27.85% to 5,232 shares [2]. - The company has distributed a total of 794 million yuan in dividends since its A-share listing [3]. Stock Market Activity - On August 29, the stock price of China International Cargo Airlines fell by 1.01%, with a trading volume of 251 million yuan [1]. - The financing buy-in amount for the same day was 24.5458 million yuan, while the financing repayment was 21.7952 million yuan, resulting in a net financing buy of 2.7507 million yuan [1]. - The total financing and securities lending balance reached 254 million yuan, with the financing balance accounting for 4.31% of the circulating market value [1].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported significant improvement in profitability, with other income achieving high growth. For the first half of 2025, the company achieved operating revenue of 11.07 billion yuan, a year-on-year increase of 1.02%, and a net profit attributable to shareholders of 510 million yuan, a year-on-year increase of 3.3%. In Q2 2025, the company achieved operating revenue of 5.34 billion yuan, a year-on-year increase of 2.1%, and a net profit of 160 million yuan, a year-on-year increase of 35.6% [2][4]. Summary by Sections Financial Performance - In Q2 2025, the company saw a significant narrowing of revenue decline compared to Q1 2025, with ASK increasing by 1.7% and RPK increasing by 5.1%. The passenger load factor improved to 86.3%, an increase of 2.8 percentage points year-on-year. The unit revenue decline was only 2.9%, indicating a gradual recovery in demand [6]. - The company recorded a financial expense of 280 million yuan in Q2 2025, a decrease of 60 million yuan year-on-year. The company's exposure to US debt decreased from 1.442 billion USD at the end of 2023 to 758 million USD in the mid-2025 report, significantly reducing exchange rate sensitivity [6]. Investment Recommendations - The company is considered an undervalued excellent private enterprise with gradually releasing profit elasticity. Key factors include a high proportion of high-yield routes, superior operational management capabilities, and an increase in wide-body aircraft capacity utilization. The company is expected to achieve net profits of 1.25 billion, 2.02 billion, and 2.40 billion yuan from 2025 to 2027, corresponding to a current market PE of 21.9, 13.6, and 11.4 times, indicating strong cost-effectiveness for investment [6].

截至2025年8月29日收盘，吉祥航空（603885）报收于12.6元，较上周的12.69元下跌0.71%。本周，吉 祥航空8月26日盘中最高价报12.87元。8月28日盘中最低价报12.37元。吉祥航空当前最新总市值275.18 亿元，在航空机场板块市值排名7/12，在两市A股市值排名678/5152。 问：如何评价与东航这几年的合作，在均瑶集团与东航互相减持后，吉祥是否会减持东航？双方后续还 有哪些合作 答：尊敬的投资者，您好！公司未来将与各方战略合作伙伴持续优化国际及地区代码共享合作、国内航 线互售互签合作等内容，不断提升公司竞争力。公司没有其他应披露未披露的信息。感谢您对公司的关 注。 问：Q2利润增长的原因是什么？展望下半年公司经营成果？ 本周关注点 机构调研要点 问：公司未来飞机引进计划和速度是怎样的，是否还会进一步采购787宽体客机 答：尊敬的投资者，您好！公司未来飞机引进计划请详见公司年报中的相关内容。感谢您对公司的关 注。 问：在国际远程航线方面，公司未来有何新的开通计划，此前计划的南美航线会在什么时候开通 答：尊敬的投资者，您好！公司将继续优化航线网络，加速布局以上海为始发点的国际国内航线 ...

Core Viewpoint - A recent incident involving a Juneyao Airlines aircraft at Helsinki Vantaa Airport has raised concerns, where the plane collided with a passenger stair vehicle during taxiing after landing from Shanghai [1] Group 1 - The flight in question was HO1607, which operated from Shanghai to Helsinki on August 28 [1] - The aircraft was following standard guidance procedures while taxiing to the parking position when the left wingtip made contact with the improperly parked passenger stair vehicle [1] - Both passengers and crew members were unharmed and disembarked normally after the incident [1]

Group 1 - A China-based airline, 吉祥航空, experienced an incident where one of its aircraft collided with a passenger stair vehicle at Helsinki Vantaa Airport [1] - The subsequent flight operated by the involved aircraft was canceled due to mechanical failure, as confirmed by 吉祥航空 [1] - 吉祥航空's customer service stated that passengers on the affected flight could apply for a full refund and compensation for the delay [1] Group 2 - The incident did not result in any injuries, as reported by aviation safety networks [1] - The collision occurred when the aircraft's left wingtip made contact with the stair vehicle during taxiing after landing [1]

近日，吉祥航空（603885）一架飞机被曝在芬兰赫尔辛基万塔机场滑行时撞上了客梯车，消息引发关 注。8月29日，吉祥航空相关负责人回应南都N视频记者称，涉事航班为28日上海至赫尔辛基的HO1607 航班，飞机落地后按标准引导指示沿滑行线滑入停机位过程中，左大翼翼尖被违规停放的机场客梯车擦 碰。事发后旅客与机组人员均安然无恙并正常下机。 有网友发帖称，吉祥航空飞机机翼撞上赫尔辛基机场客梯车的楼梯。还有网友表示，"吉祥航空咋了？ 人刚到机场。我还带了个娃，现在已经发了30欧的餐券，不知道几点起飞，不知道是延误还是取消。" 针对此事，8月29日，吉祥航空相关负责人向南都记者表示，8月28日，吉祥航空B787机型（注册号B- 20D1）执行HO1607上海浦东至赫尔辛基航班，于北京时间18时46分落地赫尔辛基，飞机按标准引导指 示沿滑行线滑入停机位过程中，左大翼翼尖被违规停放的机场客梯车擦碰。 该负责人称，事发后该航班旅客与机组人员均安全无恙并正常下机。吉祥航空已为后续航班旅客开展航 班改签工作。对因此事件行程受到影响的旅客，吉祥航空深表歉意，并感谢大家的理解与配合。 ...

Core Insights - The aviation and airport sector saw a slight increase of 0.39% on August 28, with Baiyun Airport leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Baiyun Airport (600004) closed at 9.94, up 1.02% with a trading volume of 289,200 shares and a turnover of 286 million yuan [1] - China Eastern Airlines (600115) closed at 4.15, up 0.97% with a trading volume of 1,051,800 shares and a turnover of 43.5 million yuan [1] - HNA Holding (600221) closed at 1.58, up 0.64% with a trading volume of 5,617,700 shares and a turnover of 887 million yuan [1] - Shenzhen Airport (000089) closed at 7.21, up 0.42% with a trading volume of 224,900 shares and a turnover of 162 million yuan [1] - Shanghai Airport (600009) closed at 32.65, up 0.40% with a trading volume of 159,000 shares and a turnover of 519 million yuan [1] - China National Aviation (601111) closed at 7.55, up 0.40% with a trading volume of 718,000 shares and a turnover of 538 million yuan [1] - Xiamen Airport (600897) closed at 14.94, up 0.34% with a trading volume of 29,500 shares and a turnover of 43.81 million yuan [1] - China Southern Airlines (600029) closed at 6.03, up 0.33% with a trading volume of 654,400 shares and a turnover of 393 million yuan [1] - Spring Airlines (601021) closed at 54.00, unchanged with a trading volume of 62,700 shares and a turnover of 337 million yuan [1] - Juneyao Airlines (603885) closed at 12.54, down 0.08% with a trading volume of 209,000 shares and a turnover of 262 million yuan [1] Capital Flow - The aviation and airport sector experienced a net outflow of 232 million yuan from institutional investors, while retail investors saw a net inflow of 219 million yuan [2] - The detailed capital flow for individual stocks shows varying trends, with some stocks experiencing significant outflows from institutional investors [3] Individual Stock Capital Flow - Shenzhen Airport (000089) had a net outflow of 30.91 million yuan from institutional investors, with a retail net inflow of 22.64 million yuan [3] - Juneyao Airlines (603885) had a net inflow of 3.39 million yuan from institutional investors, but a net outflow of 10.06 million yuan from retail investors [3] - China National Aviation (601111) saw a net outflow of 8.40 million yuan from institutional investors, with a retail net inflow of 7.28 million yuan [3] - China Eastern Airlines (600115) had a net outflow of 37.44 million yuan from institutional investors, with a retail net inflow of 22.91 million yuan [3]