Group 1 - The core point of the article is that 吉祥航空 announced a share buyback plan, indicating a strategic move to enhance shareholder value [1] - As of July 31, 2025, the company has repurchased a total of 30,767,686 shares [1] - This repurchase represents 1.41% of the company's total share capital, which is 2,184,005,268 shares [1]

证券代码：603885 证券简称：吉祥航空 公告编号：2025-053 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 月 27 1 | 1 | 日~2026 | 年 | 月 | 26 | 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 | 30,767,686股 | | | | | | | | 累计已回购股数占总股本比例 | 1.41% | | | | | | | | 累计已回购金额 ...

格隆汇8月1日丨吉祥航空(603885.SH)公布，2025年7月，公司通过集中竞价交易方式已累计回购股份 4,201,700股，占公司目前总股本（2,184,005,268股）的比例为0.19%，购买的最高价为12.88元/股、最低 价为12.19元/股，支付的金额为53,042,104元（不含交易费用）。截至2025年7月31日，公司通过集中竞 价交易方式累计回购股份数量为30,767,686股，占公司目前总股本（2,184,005,268股）的比例为1.41%， 购买的最高价为人民币13.46元/股，最低价为人民币11.93元/股，已支付的总金额为人民币 391,261,887.53元（不含交易费用）。本次股份回购进展符合法律法规的有关规定和公司回购股份方案 的要求。 ...

Group 1 - As of July 31, 2025, the stock price of Juneyao Airlines is 12.24 yuan, down by 0.39 yuan, representing a decline of 3.09% from the previous trading day [1] - The trading volume on that day reached 410 million yuan, with a turnover rate of 1.52% [1] - Juneyao Airlines operates primarily from Shanghai and focuses on domestic and international passenger and cargo transportation [1] Group 2 - Research reports indicate that short-term demand fluctuations do not affect the long-term logic of the aviation industry, with market-driven ticket pricing and supply-demand improvements expected to drive industry profitability upward [1] - The growth rate of aviation supply is slowing, suggesting that the supply-demand relationship in the industry may further optimize over the next two years [1]

Investment Rating - The report provides an "Increase" rating for the aviation industry, indicating a potential growth of over 15% relative to the CSI 300 index [27]. Core Insights - The aviation industry is experiencing a steady improvement in supply and demand, leading to significant reductions in losses. The summer travel season has shown unexpected weakness in business travel, but the long-term logic of the aviation sector remains intact, with expectations of benefiting from a "reverse internal competition" strategy [2][3]. Summary by Sections Supply and Demand Dynamics - In Q2 2025, domestic supply maintained low growth with 107 new aircraft introduced, resulting in a net increase of only 52 aircraft. The industry’s Available Seat Kilometers (ASK) is estimated to have grown by 6.7% year-on-year [3]. - Domestic demand showed a steady recovery, with domestic passenger traffic increasing by 5.5% in Q2, while the average domestic ticket price (including fuel) remained stable compared to Q1 [3][9]. Financial Performance - The industry significantly reduced losses in Q2, with passenger load factors improving by 1.9 percentage points year-on-year, reaching a historical high for the same period. The average domestic fuel price decreased by 17% year-on-year, contributing to profitability [3][9]. - The report estimates that the industry may achieve profitability in May, with major airlines expected to report substantial reductions in losses for Q2 [3]. Summer Travel Season Insights - The summer travel season has seen a 3% year-on-year increase in passenger traffic, although ticket prices have decreased by 4-5%, which is lower than previous expectations. The supply growth remains limited due to a slight increase in fleet size and strict flight scheduling by the Civil Aviation Administration [3]. - There is a notable increase in leisure travel, particularly among families and young travelers, while business travel has unexpectedly weakened [3]. Long-term Outlook - The report emphasizes that the aviation industry is entering a low-growth supply era, but the medium-term growth trend remains stable. The anticipated policies aimed at reducing excessive low pricing are expected to support profitability recovery [3]. - The report recommends a contrarian investment approach in the aviation sector, highlighting the potential for significant earnings recovery in 2025, with specific recommendations to increase holdings in China National Aviation, Spring Airlines, and others [3][22].

国泰海通发布研报称，短期需求波动不改航空长逻辑，建议逆向布局航空。中国航空业具长逻辑，考虑 票价市场化，待供需恢复盈利中枢上行与持续可期。航空供给已进入低增时代，短期需求波动不改中期 稳健增长趋势，该行预计未来两年供需继续向好，油价下行与"反内卷"加速盈利恢复与中枢上升。近期 旺季博弈风险释放，建议逆向布局航空长逻辑。增持中国国航（601111）(601111.SH)、吉祥航空 （603885）(603885.SH)、南方航空（600029）(600029.SH)、春秋航空（601021）(601021.SH)、中国东 航（600115）(600115.SH)。 国泰海通主要观点如下： 2025Q2：航空供需稳中向好，行业实现大幅减亏 1)Q2国内供给保持低增：上半年行业新引进飞机107架，净增仅52架(2024年底在册4394架);受益周转继 续提升，估算行业ASK同比增长6.7%。上半年三大航机队规模同比增长3%，ASK同比增长5.3%，其中 国内持平，国际增长达21%，宽体机错配继续改善。其中，Q2三大航国内ASK同比仅增2%，保持低 增。 2)Q2国内需求恢复稳健增长：上半年航空国内需求(量价)同比基 ...

Group 1 - The stock price of Juneyao Airlines closed at 12.63 yuan on July 30, 2025, down by 0.02 yuan, a decrease of 0.16% from the previous trading day [1] - The trading volume for the day was 223,300 hands, with a transaction amount of 281 million yuan, and the price fluctuation was 1.19% [1] - Juneyao Airlines is a private airline in China, primarily operating passenger and cargo transport services based in Shanghai, with a route network covering major domestic cities and some international regions [1] Group 2 - Recently, Juneyao Airlines, along with other airlines such as Air China, China Southern Airlines, and China Eastern Airlines, has expressed support for the construction of a direct sales platform for civil aviation, referred to as "12306" [1] - This platform, operated by TravelSky, has integrated direct sales resources from 37 domestic airlines, promising transparent pricing and no bundled sales [1] - Juneyao Airlines has indicated that it will promote cooperation with the TravelSky platform as an equally important direct sales channel alongside its official website [1] Group 3 - On July 30, the net inflow of main funds into Juneyao Airlines was 49.0676 million yuan, accounting for 0.18% of the circulating market value [1]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601021 | 春秋航空 | 53.30 | -1.15% | 5.56万 | 2.96 Z | | 000099 | 中信海直 | 22.14 | -0.72% | 13.96万 | 3.09亿 | | 600029 | 南方航空 | 5.77 | -0.35% | 42.98万 | 2.487Z | | 600115 | 中国东航 | 3.87 | -0.26% | 46.95万 | 1.82亿 | | 603885 | 吉祥航空 | 12.63 | -0.16% | 22.33万 | 2.81亿 | | 601111 | 中国国航 | 7.43 | -0.13% | 64.71万 | 4.81亿 | | 600897 | 厦门空港 | 14.92 | 0.07% | 2.56万 | 3833.97万 | | 600009 | 上海机场 | 32.67 | 0.37% | 8.32万 | 2.72亿 | | 002928 | 华夏航空 | 8 ...

Core Viewpoint - Digital transformation is essential for enterprises to adapt and thrive in the current economic landscape, as emphasized by Wang Junhao, President of Junyao Group, during the "2025 China Digital Industry Ecosystem Conference" [1] Group 1: Digital Transformation Strategy - Junyao Group aims to provide sustainable development experiences for private enterprises through its digital transformation efforts, focusing on four satisfaction metrics: customer, employee, shareholder, and societal satisfaction [3] - The company has established a comprehensive digital application process in the probiotics sector, expanding its strain library from over 4,000 to more than 40,000 since 2006 [3][4] Group 2: Probiotics Industry Innovation - Junyao Health has become a significant player in the global probiotics industry, exporting products to 80 countries and regions and holding over 70 patented strains [4] - The company utilizes digital technology for product development, analyzing market data to meet consumer needs and testing products online before launching them in physical stores [4][5] Group 3: Digitalization in Aviation - Junyao Group's subsidiary, Junyao Airlines, has implemented five key digitalization strategies: decision-making, operations, marketing, service, and management, enhancing customer satisfaction [6] - The airline operates over 100 aircraft with real-time data management, allowing for efficient decision-making and improved customer service [6][7] Group 4: Marketing and Sales Innovations - Junyao Airlines has successfully leveraged digital marketing, with 35% of ticket sales coming from Douyin (TikTok) and over 10 billion yuan in annual revenue from live-streaming sales [7] - The company has developed proprietary digital simulation technology, positioning itself among the top three globally, and has secured international orders, indicating a strong competitive edge [7]

Group 1 - The core theme of the event is "Aviation and Tourism Integration: Building Dreams in Hotan," aimed at attracting more tourists to the region and enhancing cultural exchanges [1][2] - Hotan region has seen significant growth in tourism, with over 15.3 million visitors and a revenue of 10.2 billion yuan in the first half of the year, both increasing by over 40% [1] - The local aviation market is characterized by an optimized demand structure, strengthened hub functions, accelerated development potential, and a booming low-altitude economy [1] Group 2 - Several cooperation agreements were signed between Hotan region and various airlines, including Spring Airlines and Xiamen Airlines, to enhance connectivity [2] - The establishment of the "Hotan Aviation and Tourism Alliance" signifies a new phase in the integration of cultural tourism and aviation development [2] - Chengdu Airlines has launched five new routes from Hotan, achieving an 80% seat occupancy rate, indicating confidence in the Hotan aviation market [2]