证券代码：603885 证券简称：吉祥航空 公告编号：临2025-055 上海吉祥航空股份有限公司 关于召开2025年半年度业绩说明会的公告 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： 上海吉祥航空股份有限公司（以下简称"公司"）计划于2025年8月23日发 布公司2025年半年度报告。为便于广大投资者更全面深入地了解公司2025年半年 度经营成果、财务状况，公司计划于2025年8月27日（星期三）13:00-14:00举行 2025年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2025年半年度的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 1 会议召开时间：2025年8月27日（星期三）13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sse ...

Core Insights - The aviation and airport sector saw a slight increase of 0.18% on August 19, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance Summary - China Eastern Airlines (600115) closed at 4.07, up 0.99% with a trading volume of 860,800 shares [1] - China Southern Airlines (600029) closed at 5.90, up 0.51% with a trading volume of 730,400 shares [1] - Xiamen Airport (600897) closed at 14.91, up 0.40% with a trading volume of 38,900 shares [1] - Shanghai Airport (600009) remained unchanged at 31.87 with a trading volume of 118,900 shares [1] - Hainan Airlines (600221) remained unchanged at 1.53 with a trading volume of 2,981,900 shares [1] - Spring Airlines (601021) remained unchanged at 52.81 with a trading volume of 42,500 shares [1] - The overall performance of the aviation and airport sector showed mixed results with some stocks gaining while others remained flat or declined [1][2] Capital Flow Analysis - The aviation and airport sector experienced a net outflow of 236 million yuan from major funds, while retail investors saw a net inflow of 169 million yuan [2] - Speculative funds had a net inflow of 67.72 million yuan into the sector [2]

Investment Rating - The report maintains a positive outlook on the aviation industry, indicating a "Look Favorably" rating for the sector [2][4]. Core Insights - The summer travel season has seen a steady increase in both capacity and passenger volume, with domestic flights up by 2.2% and international flights up by 14.1% year-on-year [4]. - The average daily aircraft utilization in July was 8.8 hours, reflecting a 13% increase month-on-month and a 0.6% increase year-on-year [4]. - The report highlights that the demand for air travel remains strong, with airlines increasing capacity to meet this demand [4]. Summary by Sections Capacity and Passenger Volume - In July, the overall capacity (ASK) increased by 3.5% year-on-year, with domestic passenger volume rising by 2.0% and international passenger volume increasing by 13.1% [4]. - The report provides detailed statistics for major airlines, showing varied growth rates in capacity and passenger turnover [5]. Airline Performance - Six listed airlines showed different performance metrics in July, with China Eastern Airlines and Spring Airlines leading in capacity growth [4]. - The report notes that Spring Airlines continues to have the highest passenger load factor at 91.9% [4]. Domestic and International Markets - The domestic market shows a balanced growth in supply and demand, with significant increases in capacity and passenger volume for China Eastern Airlines and Southern Airlines [4]. - In the international market, airlines have significantly increased capacity, with China Eastern Airlines and Spring Airlines recovering to pre-pandemic levels [4]. Investment Recommendations - The report suggests a continued positive outlook for the aviation sector, with expectations of a gradual increase in passenger volume and load factors over the next 3-5 years [4]. - Recommended stocks include China National Aviation, Spring Airlines, and China Eastern Airlines, among others, based on their strong performance and growth potential [7].

Investment Rating - The report maintains a "Buy" recommendation for several airlines, including China National Aviation, China Eastern Airlines, Southern Airlines, Spring Airlines, Juneyao Airlines, and Huaxia Airlines, indicating a positive outlook for these companies [5]. Core Insights - The aviation demand growth rate has slowed down year-on-year in July 2025, with the overall capacity growth limited. The six listed airlines in A-shares reported a year-on-year increase of 5.0% in Available Seat Kilometers (ASK) and 5.5% in Revenue Passenger Kilometers (RPK), with an overall load factor of 83.7%, up 0.4 percentage points [1][11]. - The industry is experiencing a price decline, with both domestic and international ticket prices dropping. The domestic economy class ticket prices fell by 7.4% year-on-year, while international ticket prices decreased by 16% [2][12]. - The international routes have recovered to 2019 levels, with ASK and RPK increasing by 12.5% and 12.7% year-on-year, respectively, indicating a strong recovery trend in international travel [1][16]. Summary by Sections Section 1: Demand and Supply Dynamics - In July 2025, the domestic aviation demand growth rate remained flat compared to June, with domestic ASK and RPK increasing by 3.1% and 2.3%, respectively, and a load factor of 85.0% [1][11]. - The international routes showed a significant recovery, with a year-on-year increase in ASK and RPK, reflecting a strong demand recovery driven by policy changes and market needs [16][19]. Section 2: Pricing Trends - The industry is characterized by a price-for-volume strategy, with high aircraft utilization and load factors not translating into revenue growth. The average aircraft utilization remained at 8.8 hours, unchanged from the previous year [2][12]. - The report highlights a significant drop in ticket prices, with domestic economy class prices down by 7.4% and international prices down by 16% year-on-year, indicating a challenging pricing environment [2][12]. Section 3: Fleet Expansion - The fleet of the six listed airlines increased by 0.3% month-on-month in July 2025, with a total of 3,315 aircraft managed. The report notes that the airlines are gradually receiving new Boeing aircraft, contributing to fleet growth [3][24]. - The report details the specific aircraft additions, including 12 narrow-body aircraft, primarily from the A320 series and B737 MAX, indicating a focus on modernizing the fleet [3][24][26]. Section 4: Investment Recommendations - The report suggests monitoring the recovery of business travel demand, as any marginal improvement could provide a basis for price increases in the fourth quarter, enhancing investor sentiment in the sector [4]. - The report emphasizes the importance of seasonal demand fluctuations and suggests that airlines like Huaxia Airlines, Juneyao Airlines, and Spring Airlines could benefit from improved business travel conditions [4].

Market Performance - On August 18, the aviation and airport sector rose by 0.47% compared to the previous trading day, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Stock Performance - Huaxia Airlines (002928) closed at 9.04, with a gain of 1.80% and a trading volume of 237,600 shares, amounting to a transaction value of 214 million yuan [1] - HNA Holding (600221) closed at 1.53, up 1.32%, with a trading volume of 4,299,600 shares [1] - China National Aviation (601111) closed at 7.45, gaining 1.09% with a trading volume of 1,050,700 shares [1] - Other notable performances include China Eastern Airlines (600115) at 4.03, up 0.50%, and Shanghai Airport (600009) at 31.87, up 0.22% [1][2] Capital Flow - The aviation and airport sector experienced a net outflow of 7.03 million yuan from institutional investors, while retail investors saw a net inflow of 12.1 million yuan [2][3] - The capital flow for specific stocks showed that Shanghai Airport had a net inflow of 30.52 million yuan from institutional investors, while HNA Holding had a net inflow of 29.26 million yuan [3]

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - Continuous efforts to combat "involution" in the aviation industry are underway, with expectations for ticket prices to stabilize and improve [9] - The demand side remains resilient due to endogenous growth in domestic demand and ongoing recovery in international routes [9] - Supply constraints are expected to persist, and a decrease in oil prices will alleviate cost pressures [9] - Positive outlook on domestic regional market leader Huaxia Airlines and low-cost airline leader Spring Airlines, which leverage their core competitiveness to optimize "traffic-cost-price" dynamics [9] - Anticipation of elasticity release from major airlines represented by Air China, with a favorable recovery in international routes and efficient operation of wide-body aircraft expected to benefit Juneyao Airlines [9] Summary by Sections 1. Airline Data Analysis for July - In July, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (10.4%), followed by Eastern Airlines (7.4%), Southern Airlines (6.7%), Air China (2.3%), and Juneyao Airlines (-3.0%) [2] - RPK (Revenue Passenger Kilometers) growth rates for July were highest for Eastern Airlines (9.4%), followed by Spring Airlines (8.6%), Southern Airlines (7.3%), Air China (2.2%), and Juneyao Airlines (-3.2%) [2] - Cumulative ASK growth from January to July showed Spring Airlines (9.6%) leading, followed by Eastern Airlines (7.5%) and Southern Airlines (5.7%) [2] - Cumulative RPK growth for the same period was highest for Eastern Airlines (11.8%) [2] 2. Passenger Load Factor - In July, the passenger load factor was highest for Spring Airlines at 91.9%, followed by Juneyao Airlines and Eastern Airlines both at 84.8% [4] - Cumulative load factor from January to July showed Spring Airlines at 90.7%, with Southern Airlines at 85.3% [4] 3. Fleet Size - As of July 2025, the five listed airlines collectively added 7 aircraft, with a year-on-year fleet size increase of 3.5% [4]

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2][6]. Core Insights - The industry has maintained a high passenger load factor, but ticket prices have shown weakness, particularly in July, attributed to limited travel demand and intense competition among airlines. The implementation of the "anti-involution" measures and the self-discipline agreement by the China Air Transport Association is expected to mitigate malicious competition and stabilize pricing [3][12]. - The average ticket price in the domestic market has decreased by 9.1% year-on-year as of mid-August 2025, with July's average ticket price down 8.8% year-on-year. However, the rate of decline in ticket prices has recently narrowed [4][25]. - The airline industry is experiencing a slowdown in capacity growth, with domestic airlines maintaining low growth rates in capacity deployment. The passenger load factor remains high, with significant year-on-year increases noted for major airlines [6][43]. Summary by Sections 1. Supply and Demand - The industry passenger load factor reached 84.6% in June 2025, up 1.3 percentage points year-on-year. The available seat kilometers (ASK) and revenue passenger kilometers (RPK) increased by 5.5% and 7.1% year-on-year, respectively [14][18]. - Domestic routes saw a 3.8% increase in turnover volume year-on-year, while international routes have nearly recovered to 97.7% of 2019 levels [23][24]. 2. Ticket Pricing - The average domestic ticket price was 867 CNY, down 9.1% year-on-year as of August 15, 2025. The average ticket price in July fell by 8.8% year-on-year, with a slight narrowing of the decline observed in early August [4][25]. - Recent weekly average ticket prices showed declines of -7.9%, -10.8%, -9.8%, and -8.4% in the four weeks leading up to mid-August [25][26]. 3. Fuel and Exchange Rates - The average price of aviation fuel decreased by 12.9% year-on-year in August 2025. The average ex-factory price of aviation kerosene was 5616 CNY per ton, with a significant decline noted in the first two quarters of 2025 [36][39]. - The exchange rate of the US dollar to the Chinese yuan remained stable, with a slight decrease of 0.71% from the end of 2024 to mid-August 2025 [36][42]. 4. Airline Operations - In the first seven months of 2025, domestic airlines showed varied capacity growth, with some airlines like Spring Airlines increasing capacity by 4.0%, while others like China United Airlines saw a decline [6][43]. - The passenger load factor for major airlines in July 2025 was as follows: China Southern Airlines at 84.38%, China Eastern Airlines at 84.76%, and Spring Airlines at 91.86% [46].

Investment Rating - The report maintains a positive outlook on the express delivery and shipping industries, highlighting potential recovery and investment opportunities [1][3]. Core Insights - The express delivery sector is entering a verification phase for price increases, with key observations on price implementation, regional interactions, merchant actions, demand impacts, and potential social security implications. The report presents three scenarios for the industry: 1) elimination of price disparities leading to profit recovery and significant dividends; 2) continuation of competitive dynamics in many regions, exacerbating industry differentiation; 3) potential for higher-level mergers and acquisitions to optimize supply [3]. - The report emphasizes the opportunity in China Shipbuilding, noting a combined order value of 378.7 billion with a market value-to-order ratio of 0.76, indicating a historically low position. It recommends focusing on the dry bulk shipping sector and highlights the potential for profit transmission from the black chain industry to shipping [3]. - In the oil transportation segment, VLCC rates remained stable at $34,764 per day, with expectations for continued price increases due to tight capacity and active demand. The report also discusses the impact of U.S. sanctions on Iranian oil exports and the resulting increase in compliant oil demand [3]. - The aviation sector is expected to benefit from the Civil Aviation Administration's "anti-involution" policies, which may optimize competitive structures and enhance airline profitability. The report recommends several airlines based on supply constraints and demand elasticity [3]. - The railway and highway sectors show resilience, with steady growth in freight volumes. The report suggests two main investment themes for the highway sector: traditional high-dividend investments and potential value management catalysts for undervalued stocks [3]. Summary by Sections Express Delivery - The express delivery industry is experiencing a price verification phase, with potential for profit recovery and significant dividends [3]. - Recommended companies include Shentong Express and YTO Express, with a focus on Jitu Express, Zhongtong Express, and Yunda Express [3]. Shipping - China Shipbuilding presents an investment opportunity with a low market value-to-order ratio [3]. - Recommended companies in the dry bulk shipping sector include China Merchants Energy Shipping and Pacific Shipping [3]. Oil Transportation - VLCC rates are stable, with expectations for increases due to tight capacity and demand [3]. - The report notes the impact of U.S. sanctions on oil exports from Iran and Russia, affecting overall oil demand [3]. Aviation - The aviation sector is poised for profitability improvements due to regulatory changes and supply constraints [3]. - Recommended airlines include China Eastern Airlines, Spring Airlines, and China Southern Airlines [3]. Railway and Highway - The railway and highway sectors are showing steady growth in freight volumes, indicating resilience [3]. - Investment themes include high-dividend stocks and undervalued stocks in the highway sector [3].

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"吉祥航空"或"公司"）及所属子公司九元航空有限公司（以下简 称"九元航空"）2025年7月份合并主要运营数据： （一）运营情况 2025年7月，公司客运运力投入（按可用座位公里计）同比下降2.98%，其中国内、国际和地区航线客 运运力投入同比变动分别为-8.26%、17.53%和-48.59%；旅客周转量（按收入客公里计）同比下降 3.16%，其中国内、国际和地区航线旅客周转量同比变动分别为-9.63%、25.59%和-46.03%；客座率为 84.81%，同比下降0.15%，其中国内、国际和地区航线客座率同比变动分别为-1.31%、5.12%和4.28%。 2025年7月，公司国内客运运力投入（按可用座位公里计）较上月环比上升13.69%，国内旅客周转量 （按收入客公里计）环比上升11.54%，国内航线客座率环比下降1.67%。国际客运运力投入（按可用座 位公里计）较上月环比上升5.18%，国际旅客周转量（按收入客公里计）环比上升1.41%， ...

Group 1 - The latest stock price of the company is 12.81 yuan, an increase of 2.07% compared to the previous trading day [1] - The stock reached a high of 12.90 yuan and a low of 12.49 yuan during the trading session, with a trading volume of 217,685 hands and a transaction amount of 278 million yuan [1] - The company operates 103 aircraft, including A320 and Boeing 787 series, and its subsidiary, Jiuyuan Airlines, operates 27 Boeing 737 series aircraft [1] Group 2 - In July, the international passenger turnover increased by 25.59% year-on-year, while the domestic passenger turnover decreased by 9.63% [1] - The overall passenger load factor is 84.81%, with the international load factor increasing by 5.12 percentage points year-on-year [1] Group 3 - On the day of reporting, the net outflow of main funds was 11.1173 million yuan, with a cumulative net outflow of 81.2942 million yuan over the past five days [1]