Section 1 Definitions [1.1 Definitions of Common Terms](index=4&type=section&id=1.1%20Definitions%20of%20Common%20Terms) This section provides definitions of common terms used in the report, including company names, subsidiaries, controlling shareholders, regulatory bodies, and specific aviation industry terminology, to ensure accurate interpretation of the report - The report clarifies that "Juneyao Airlines," "the Company," and "this Company" all refer to Shanghai Juneyao Airlines Co., Ltd[13](index=13&type=chunk) - Several wholly-owned and controlled subsidiaries are listed, including Ji Ning Culture and Juneyao Air[13](index=13&type=chunk) - Key aviation operational metrics such as available seat kilometers, load factor, and unit operating cost are defined, laying the foundation for subsequent financial and operational analysis[13](index=13&type=chunk) Section 2 Company Profile and Key Financial Indicators [2.1 Company Information](index=5&type=section&id=2.1%20Company%20Information) This section outlines the basic registration information of Shanghai Juneyao Airlines Co., Ltd., including its Chinese and English names, abbreviations, and legal representative - The company's full Chinese name is Shanghai Juneyao Airlines Co., Ltd., abbreviated as **Juneyao Airlines**[15](index=15&type=chunk) - The legal representative is **Wang Junjin**[15](index=15&type=chunk) [2.2 Contact Persons and Information](index=5&type=section&id=2.2%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, to facilitate communication with investors and the public - The Board Secretary is **Xu Junmin**, and the Securities Affairs Representative is **Wang Xi**[16](index=16&type=chunk) - The contact address is Kangqiao East Road No. 2, Pudong New Area, Shanghai, with the email ir@juneyaoair.com[16](index=16&type=chunk) [2.3 Brief Introduction to Changes in Basic Information](index=5&type=section&id=2.3%20Brief%20Introduction%20to%20Basic%20Information%20Changes) This section describes the company's registered and office addresses, noting that the registered address remained unchanged during the reporting period - The company's registered address is No. 8 Kangqiao East Road, China (Shanghai) Pilot Free Trade Zone, which remained unchanged during the reporting period[17](index=17&type=chunk) - The company's office address is No. 2 Kangqiao East Road, Pudong New Area, Shanghai, postal code 201210[17](index=17&type=chunk) [2.4 Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=2.4%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section lists the company's designated newspapers for information disclosure, website address, and the location for keeping the semi-annual report - The company's selected newspapers for information disclosure are "China Securities Journal" and "Securities Times"[18](index=18&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[18](index=18&type=chunk) [2.5 Company Stock Profile](index=5&type=section&id=2.5%20Company%20Stock%20Profile) This section provides the company's stock listing information, including stock type, listing exchange, stock abbreviation, and code - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation **Juneyao Airlines** and stock code **603885**[19](index=19&type=chunk) [2.6 Key Accounting Data and Financial Indicators](index=6&type=section&id=2.6%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing year-on-year growth in operating revenue and net profit, and a significant increase in net cash flow from operating activities Major Accounting Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 11,067,182,245.21 CNY | 10,955,544,969.83 CNY | 1.02 | | Total Profit | 682,170,954.67 CNY | 649,612,013.81 CNY | 5.01 | | Net Profit Attributable to Shareholders of Listed Company | 505,492,241.40 CNY | 489,368,021.54 CNY | 3.29 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 407,602,870.16 CNY | 475,439,339.95 CNY | -14.27 | | Net Cash Flow from Operating Activities | 3,107,313,900.87 CNY | 2,728,204,359.73 CNY | 13.90 | Key Financial Indicators (Jan-Jun 2025 vs. Jan-Jun 2024) | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.23 | 0.22 | 4.55 | | Diluted Earnings Per Share (CNY/share) | 0.23 | 0.22 | 4.55 | | Basic Earnings Per Share (Excluding Non-recurring Gains and Losses) (CNY/share) | 0.19 | 0.22 | -13.64 | | Weighted Average Return on Net Assets (%) | 5.54 | 5.62 | Decrease of 0.08 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains and Losses) (%) | 4.50 | 5.59 | Decrease of 1.09 percentage points | - At the end of the reporting period, **net assets attributable to shareholders of the listed company increased by 2.86%** year-on-year, and **total assets increased by 4.60%** year-on-year[20](index=20&type=chunk) [2.7 Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=2.7%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses items and their amounts during the reporting period, totaling CNY 97.89 million, primarily including gains/losses from disposal of non-current assets, government subsidies, and other non-operating income and expenses Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 9,212,872.23 | | Government subsidies recognized in current profit or loss | 13,329,807.03 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities | 537,675.79 | | Other non-operating income and expenses apart from the above items | 104,349,495.92 | | Other profit or loss items that meet the definition of non-recurring gains and losses | 2,932,737.17 | | Less: Income tax impact | 32,473,214.59 | | Minority interests impact (after tax) | 2.31 | | Total | 97,889,371.24 | Section 3 Management Discussion and Analysis [3.1 Description of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=3.1%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section elaborates on the overall operating conditions of the civil aviation industry in the first half of 2025, including record-high transport volume and rapid growth in international passenger transport, and details Juneyao Airlines' and its subsidiary Juneyao Air's main business of air passenger and cargo transport and their hub operation model - In the first half of 2025, the civil aviation industry's **total transport turnover, passenger transport volume, and cargo and mail transport volume increased by 11.4%, 6%, and 14.6% year-on-year**, respectively, reaching new highs[26](index=26&type=chunk) - **International passenger routes increased by 123**, with international passenger transport volume growing by **28.5%** year-on-year; foreign citizen entries and exits reached **38.053 million**, a **30.2%** year-on-year increase[26](index=26&type=chunk)[27](index=27&type=chunk) - Juneyao Airlines' main business is air passenger and cargo transport, adopting a hub operation model with Shanghai Hongqiao and Pudong as main bases, Nanjing and Chengdu as auxiliary bases; Juneyao Air uses Guangzhou Baiyun Airport as its main base[28](index=28&type=chunk) [3.1.1 Industry Overview](index=8&type=section&id=3.1.1%20Industry%20Overview) In the first half of 2025, China's civil aviation industry maintained steady growth, with transport volume reaching a new historical high, particularly strong performance in international passenger and cargo business, and continuous improvement in operational efficiency and safety Key Operating Data of Civil Aviation Industry in H1 2025 | Indicator | Data | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Total Transport Turnover | 78.35 billion ton-kilometers | 11.4 | | Passenger Transport Volume | 370 million passenger trips | 6 | | Cargo and Mail Transport Volume | 4.784 million tons | 14.6 | | International Passenger Transport Volume | - | 28.5 | | National Flight On-time Performance Rate | 91.7% | Increase of 5.3 percentage points | - The Civil Aviation Administration deployed nine key tasks for the second half of the year, including ensuring safety, optimizing route networks, comprehensively addressing "involutionary" competition in the industry, and developing the low-altitude economy[27](index=27&type=chunk) - China expanded its visa-free policy and extended the stay duration for foreign nationals, with **13.64 million visa-free entries** in the first half of the year, a year-on-year increase of **53.9%**[27](index=27&type=chunk) [3.1.2 Company's Main Business and Operating Model](index=8&type=section&id=3.1.2%20Company's%20Main%20Business%20and%20Operating%20Model) Juneyao Airlines and its subsidiary Juneyao Air focus on air passenger and cargo transport, operating a modern fleet efficiently through a hub operation model in the "Yangtze River Delta" and "Pearl River Delta" regions to achieve economies of scale and cost control - Juneyao Airlines' main business includes domestic (including Hong Kong, Macao, and Taiwan) and international air passenger and cargo transport, and in-flight catering services[28](index=28&type=chunk) - Juneyao Airlines operates with Shanghai Hongqiao and Pudong as its main bases, and Nanjing and Chengdu as auxiliary bases; Juneyao Air operates with Guangzhou Baiyun Airport as its main base[28](index=28&type=chunk) - The company operates **130 passenger aircraft** with an average age of approximately **7.61 years**, enhancing efficiency and reducing costs through a hub operation model[28](index=28&type=chunk) [3.2 Discussion and Analysis of Operations](index=8&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved year-on-year growth in operating revenue and net profit by focusing on "internationalization," "technologization," "ecologization," and "greenization" strategies. International route capacity significantly increased, the fleet structure remained young, and operational efficiency and customer service were enhanced through refined management and digital transformation 2025年上半年公司主要财务指标 | Indicator | Amount/Ratio | | :--- | :--- | | Operating Revenue | 11,067,182,245.21 CNY | | Operating Revenue Year-on-Year Growth | 1.02% | | Net Profit Attributable to Shareholders of Listed Company | 505,492,241.40 CNY | | Revenue Per Passenger-Kilometer | 0.45 | | Unit Operating Cost | 0.34 | | Unit Operating Cost Excluding Fuel | 0.23 | - The company continuously advanced its "Four Modernizations" strategy, detailing work plans in internationalization, technologization, ecologization, and greenization[36](index=36&type=chunk) - The company's fleet totals **130 aircraft**, with an average age of **7.61 years**, including **93 aircraft** for Juneyao Airlines (Airbus A320/B787 series) and **27 aircraft** for Juneyao Air (Boeing 737 series)[33](index=33&type=chunk)[34](index=34&type=chunk) [3.2.1 Description of Main Business Operations](index=8&type=section&id=3.2.1%20Description%20of%20Main%20Business%20Operations) The company (including Juneyao Air) achieved substantial growth in international route capacity, revenue ton-kilometers, revenue passenger-kilometers, and cargo and mail carried in the first half of the year, with international business becoming the main growth driver, while domestic business saw a slight decrease Company (including Juneyao Air) Business Operating Data in H1 2025 (vs. 2024) | Indicator | H1 2025 | H1 2024 | Increase/Decrease (%) | | :--- | :--- | :--- | :--- | | Available Ton-Kilometers (ATK) | 3.515 billion ton-kilometers | 3.266 billion ton-kilometers | 7.62 | | - International ATK | 1.235 billion ton-kilometers | 689.6285 million ton-kilometers | 79.15 | | Available Seat-Kilometers (ASK) | 28.623 billion passenger-kilometers | 27.468 billion passenger-kilometers | 4.20 | | - International ASK | 8.490 billion passenger-kilometers | 5.129 billion passenger-kilometers | 65.55 | | Revenue Ton-Kilometers (RTK) | 2.407 billion ton-kilometers | 2.190 billion ton-kilometers | 9.91 | | - International RTK | 775.8239 million ton-kilometers | 425.9473 million ton-kilometers | 82.14 | | Passengers Carried | 13.59 million persons | 13.694 million persons | -0.76 | | - International Passengers Carried | 2.101 million persons | 1.440 million persons | 45.91 | | Overall Load Factor | 68.48% | 67.05% | Increase of 1.43 percentage points | | Passenger Load Factor | 85.17% | 84.51% | Increase of 0.66 percentage points | | Cargo and Mail Load Factor | 28.34% | 19.29% | Increase of 9.05 percentage points | - Juneyao Airlines independently operated over **270 domestic, international, and regional routes**, carrying **10.0022 million passengers**, with an average passenger load factor of **83.81%**[32](index=32&type=chunk) - Juneyao Air independently operated over **110 domestic, international, and regional routes**, carrying **3.588 million passengers**, with an average passenger load factor of **90.39%**[32](index=32&type=chunk) [3.2.2 Fleet Structure](index=10&type=section&id=3.2.2%20Fleet%20Structure) As of the end of the reporting period, the company and its subsidiaries operated a total of 130 passenger aircraft, with an average age of 7.61 years, primarily consisting of Airbus A320 series, Boeing B787 series, and Boeing 737 series Fleet Composition and Average Age | Aircraft Type | Quantity (aircraft) | Average Age (years) | | :--- | :--- | :--- | | Airbus A320 Series | 93 | 7.61 (overall) | | Boeing B787 Series | 10 | 7.61 (overall) | | Boeing 737 Series (Juneyao Air) | 27 | 7.61 (overall) | | Total | 130 | 7.61 | Aircraft Daily Utilization Rate | Aircraft Type | Daily Utilization Rate of Registered Aircraft (hours) | Daily Utilization Rate of Available Aircraft (hours) | | :--- | :--- | :--- | | A320 Series | 9.13 | 11.34 | | B787 Series | 14.03 | 14.75 | | B737 Series | 10.94 | 11.61 | | Total | 9.84 | 11.66 | [3.2.3 Discussion and Analysis of Operations](index=10&type=section&id=3.2.3%20Discussion%20and%20Analysis%20of%20Operations) The company made progress in safety management, passenger marketing, service quality, financial control, information technology construction, and human resource management, all aligned with its "Four Modernizations" strategy to enhance operational efficiency and market competitiveness - The company's operating revenue was **CNY 11.067 billion**, a year-on-year increase of **1.02%**; net profit attributable to shareholders of the listed company was **CNY 505 million**[36](index=36&type=chunk) - Juneyao Airlines and Juneyao Air both strengthened their safety management systems and conducted special rectifications, keeping core risk values within the alert range in the first half of the year[38](index=38&type=chunk) - In passenger marketing, Juneyao Airlines expanded channels, optimized transfer products, deepened customer markets, and launched "International Extra Baggage" and "Pet Fly" products; Juneyao Air promoted diversified revenue generation and digital marketing[39](index=39&type=chunk)[40](index=40&type=chunk) - In service quality, Juneyao Airlines conducted special inspections to improve catering and check-in/boarding efficiency; Juneyao Air established a full-process mechanism for ground service complaints[41](index=41&type=chunk) - Financial control centered on budget management, implementing a "17+27" cost control project system to ensure funding for the internationalization strategy[43](index=43&type=chunk) - Information technology construction focused on digital transformation, promoting intelligent operations and maintenance, and strengthening passenger service assurance capabilities; human resource management focused on building an international system, improving efficiency, and talent supply[44](index=44&type=chunk)[45](index=45&type=chunk) [3.3 Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=3.3%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its hub operation advantage, precise market positioning, unique differentiated competition strategy, strict cost control, sound safety assurance system, and flexible route network planning capabilities, collectively supporting its continuous development in the highly competitive aviation market - The company benefits from its main base in Shanghai and auxiliary bases in Nanjing and Chengdu, while Juneyao Air uses Guangzhou as its main base, fully leveraging regional economic and passenger source advantages[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) - Juneyao Airlines targets mid-to-high-end business, travel, and leisure customers, while Juneyao Air targets price-sensitive travelers, achieving full coverage of high, medium, and low-end passenger markets in the aviation industry[49](index=49&type=chunk)[50](index=50&type=chunk) - Juneyao Airlines achieves differentiated competition through "leading service quality, optimal cost structure" and distinctive services; Juneyao Air focuses on a low-cost operating model[51](index=51&type=chunk)[52](index=52&type=chunk) - The company achieves cost control advantages through a young and unified fleet, refined planning and professional operations, and focusing on core businesses with streamlined personnel/asset scale[54](index=54&type=chunk)[55](index=55&type=chunk) - In the first half of the year, the company focused on the core goal of safe production, systematically advancing the optimization of its safety management system and responsibility implementation, ensuring stable and safe operations[56](index=56&type=chunk) - Juneyao Airlines continuously optimized its international route network, opening new destinations such as Kobe and Kuala Lumpur, with international (regional) flights reaching **12,370**; Juneyao Air steadily expanded its international route network and optimized domestic routes[57](index=57&type=chunk)[59](index=59&type=chunk) [3.4 Major Operating Conditions During the Reporting Period](index=16&type=section&id=3.4%20Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section provides a detailed analysis of the company's financial performance during the reporting period, including changes in operating revenue and costs, variations in asset and liability structure, investment activities, and the operating status of major controlled and investee companies Major Financial Statement Items Changes (Year-on-Year) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 11,067,182,245.21 | 10,955,544,969.83 | 1.02 | | Operating Cost | 9,757,253,730.60 | 9,235,418,041.55 | 5.65 | | Selling Expenses | 435,220,374.01 | 374,450,587.99 | 16.23 | | Administrative Expenses | 285,450,168.35 | 251,506,328.06 | 13.50 | | Financial Expenses | 563,101,378.43 | 741,052,415.96 | -24.01 | | R&D Expenses | 27,714,362.69 | 27,666,637.35 | 0.17 | | Net Cash Flow from Operating Activities | 3,107,313,900.87 | 2,728,204,359.73 | 13.90 | | Net Cash Flow from Investing Activities | 355,441,644.00 | -1,046,882,239.77 | Not applicable | | Net Cash Flow from Financing Activities | -2,126,247,611.80 | -1,421,363,001.75 | Not applicable | - The increase in net cash flow from investing activities was mainly due to a decrease in long-term asset purchases in the current period; the decrease in net cash flow from financing activities was mainly due to aircraft repurchases in the current period[63](index=63&type=chunk) - The year-on-year increase of **110.66%** in cash and cash equivalents at the end of the period was mainly due to increased financing; the year-on-year decrease of **30.16%** in construction in progress at the end of the period was mainly due to the completion of construction projects[63](index=63&type=chunk) - Overseas assets amounted to **CNY 1.844 billion**, accounting for **3.69%** of total assets[64](index=64&type=chunk) - During the reporting period, "Juneyao No. 5 (Tianjin) Leasing Co., Ltd." was added to the company's consolidated scope[67](index=67&type=chunk) Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Gains/losses from changes in fair value for the current period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Stocks | 4,606,014,002.80 | 282,849.56 | 4,892,710,541.50 | | Others | 90,000,000.00 | - | 90,000,000.00 | | Hedging Instruments | 341,457.09 | -5,280,197.88 | -1,312,648.02 | | Total | 4,696,355,459.89 | -4,997,348.32 | 4,981,397,893.48 | - The company conducted hedging activities, achieving a financial gain of **CNY 624,500** from actual settlement of foreign exchange swap contracts in 2025, effectively reducing exchange rate fluctuation risks[73](index=73&type=chunk) Financial Information of Major Controlled Subsidiaries (H1 2025) | Company Name | Operating Revenue (10,000 CNY) | Net Profit (10,000 CNY) | | :--- | :--- | :--- | | Juneyao Air Co., Ltd. | 217,254.78 | 22,823.09 | | Shanghai Juneyao Airlines Catering Management Co., Ltd. | 30,329.09 | 1,100.01 | | Shanghai Juneyao Airlines Hong Kong Co., Ltd. | 1,249.45 | -2,509.98 | | Shanghai Taolvxing Network Technology Co., Ltd. | - | -48.52 | [3.5 Other Disclosures](index=24&type=section&id=3.5%20Other%20Disclosures) This section details the significant risks faced by the company, including aviation safety, policy changes, macroeconomic fluctuations, jet fuel price volatility, interest rate changes, exchange rate changes, professional personnel resource matching, and force majeure, and describes the progress of the company's "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, including share repurchase and cash dividend situations - The company faces eight major risks: aviation safety, policy changes, macroeconomic fluctuations, jet fuel price volatility, interest rate changes, exchange rate changes, professional personnel resource matching, and force majeure[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) - Jet fuel costs account for **33.68%** of main business costs; a **5%** increase or decrease in jet fuel prices would impact net profit by approximately **CNY 123 million**[81](index=81&type=chunk) - For every **100 basis point increase (or decrease)** in interest rates, the company's net profit would decrease or increase by approximately **CNY 86.26 million**[83](index=83&type=chunk) - A **1% appreciation or depreciation** of the RMB against the USD would increase or decrease the company's net profit by approximately **CNY 25.8265 million**[84](index=84&type=chunk) - In the first half of the year, the company repurchased a total of **26,565,986 shares**, with a total payment of **CNY 338 million**, and has cancelled **15 million** of these shares to reduce registered capital[87](index=87&type=chunk)[88](index=88&type=chunk) - For the year 2024, the company implemented cash dividends totaling **CNY 413 million** (including semi-annual and annual distributions)[89](index=89&type=chunk) Section 4 Corporate Governance, Environment, and Society [4.1 Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=4.1%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period [4.2 Profit Distribution or Capital Reserve Conversion Plan](index=27&type=section&id=4.2%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company did not propose a semi-annual profit distribution plan or a capital reserve to share capital conversion plan during the reporting period - The company did not propose a semi-annual profit distribution or capital reserve to share capital conversion plan[6](index=6&type=chunk) [4.3 Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=4.3%20Status%20and%20Impact%20of%20Company's%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company's second phase employee stock ownership plan completed its third unlocking period in October 2024, with 5,383,040 shares unlocked, and equity shares of some resigned or transferred employees were adjusted and re-granted - The duration of the company's second phase employee stock ownership plan has been extended to **October 13, 2025**[91](index=91&type=chunk) - The third unlocking period of the second phase employee stock ownership plan has expired, with an unlocking ratio of **100%**, totaling **5,383,040 unlocked shares**, accounting for **0.24%** of the company's total share capital[92](index=92&type=chunk) - The management committee recovered **231,409 unvested equity shares** from 22 relevant individuals and granted them to 5 core business backbone employees[92](index=92&type=chunk) Section 5 Significant Matters [5.1 Fulfillment of Commitments](index=29&type=section&id=5.1%20Fulfillment%20of%20Commitments) This section details the fulfillment of various commitments made by the company, its controlling shareholder, actual controller, and directors, supervisors, and senior management regarding major asset restructuring, resolution of related-party transactions, resolution of horizontal competition, independence, compensation measures, and initial public offering, all of which were strictly fulfilled during the reporting period - The company, its directors, supervisors, senior management, Juneyao Group, and actual controller Wang Junjin all committed that the information provided is true, accurate, and complete, and bear legal responsibility[96](index=96&type=chunk) - Juneyao Group and Wang Junjin committed to minimize related-party transactions, and for unavoidable transactions, they will adhere to fair and equitable principles and strictly follow decision-making procedures[97](index=97&type=chunk) - Juneyao Group and Wang Junjin committed not to engage in businesses that constitute or potentially constitute horizontal competition with the company, and to grant the company priority for new competitive business investment opportunities[98](index=98&type=chunk)[99](index=99&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) - The company and its controlling shareholder and actual controller committed to maintaining independence, not occupying company funds or assets, and not providing guarantees in violation of regulations[96](index=96&type=chunk)[97](index=97&type=chunk)[100](index=100&type=chunk)[105](index=105&type=chunk) - The company's directors, supervisors, and senior management committed to restricting job-related consumption and linking their compensation system to the company's compensation measures[99](index=99&type=chunk)[104](index=104&type=chunk) - Juneyao Group and Wang Junjin committed to bear the supplementary payments and recovery losses for social insurance and housing provident fund payable before the company's listing[104](index=104&type=chunk) [5.2 Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=39&type=section&id=5.2%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or overdue debts - The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period[108](index=108&type=chunk) - There were no unfulfilled court judgments or large overdue debts[108](index=108&type=chunk) [5.3 Significant Related-Party Transactions](index=39&type=section&id=5.3%20Significant%20Related-Party%20Transactions) This section discloses the company's estimated daily related-party transactions for 2025 with its controlling shareholder Juneyao Group and its related parties, as well as with China Eastern Airlines Corporation Limited and other shareholders holding 5% or more and their concerted parties, covering various aspects such as procurement, sales, leasing, and labor services - The company's 2025 estimated daily related-party transactions have been approved by the Board of Directors, Supervisory Board, and Shareholders' Meeting[109](index=109&type=chunk) Estimated Daily Related-Party Transactions with Juneyao Group and its Related Parties (Cumulative Amount for H1 2025) | Related-Party Transaction Category | Estimated Amount (10,000 CNY) | Cumulative Amount for H1 (10,000 CNY) | | :--- | :--- | :--- | | Purchases from related parties | Not exceeding 40,750 | 5,789.60 | | Sales of goods to related parties | Not exceeding 21,100 | 2,293.01 | | Leases from related parties | Not exceeding 1,010 | 441.61 | | Leases to related parties | Not exceeding 280 | 120.16 | | Acceptance of labor services from related parties | Not exceeding 8,900 | 2,599.07 | | Others (deposits, leasing business, etc.) | Not exceeding 230,000 | 74,646.82 | Estimated Daily Related-Party Transactions with China Eastern Airlines Corporation Limited (Cumulative Amount for H1 2025) | Related-Party Transaction Category | Estimated Amount (10,000 CNY) | Cumulative Amount for H1 (10,000 CNY) | | :--- | :--- | :--- | | Purchases from related parties | Not exceeding 4,100 | 677.79 | | Sales to related parties | Not exceeding 1,000 | 114.46 | [5.4 Significant Contracts and Their Fulfillment](index=43&type=section&id=5.4%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the fulfillment of significant contracts where the company provided guarantees for its subsidiaries; as of the end of the reporting period, the total guarantee balance for subsidiaries was CNY 1.76 billion, accounting for 19.23% of the company's net assets Company's Guarantees for Subsidiaries (as of June 30, 2025) | Indicator | Amount (100 million CNY) | | :--- | :--- | | Total guarantee balance for subsidiaries at the end of the reporting period (B) | 17.60 | | Total guarantee amount (A+B) | 17.60 | | Ratio of total guarantee amount to company's net assets (%) | 19.23 | | Of which: Debt guarantee amount provided directly or indirectly for guaranteed entities with asset-liability ratio exceeding 70% (D) | 13.76 | | Total of the above three guarantee amounts (C+D+E) | 13.76 | - The company provided a counter-guarantee limit of no more than **CNY 1.5 million** for its controlled subsidiary Shanghai Taolvxing Network Technology Co., Ltd., which was unused at the end of the period[115](index=115&type=chunk) - The company provided a counter-guarantee limit of no more than **CNY 1.5 million** for its wholly-owned subsidiary Shanghai Juneyao International Travel Agency Co., Ltd.; the guarantee balance was **CNY 1.5 million** at the end of the period[116](index=116&type=chunk) - The company provided guarantees totaling no more than **CNY 154 million** for the infrastructure project financing of its wholly-owned subsidiary Shanghai Juneyao Airlines Services Co., Ltd.; the guarantee balance was **CNY 74.8028 million** at the end of the period[116](index=116&type=chunk) - The company provided a financing guarantee limit of no more than **CNY 2.359 billion** for its wholly-owned SPV company, with equity pledge; the guarantee balance was **CNY 1.374 billion** at the end of the period[116](index=116&type=chunk) - The company provided a financing guarantee limit of no more than **CNY 2 billion** and **USD 49.5 million** for its controlled subsidiary Juneyao Air Co., Ltd.; the RMB guarantee balance was **CNY 124 million** at the end of the period, and the USD limit was unused[116](index=116&type=chunk) - The company provided a guarantee limit of no more than **USD 62.784 million** for its wholly-owned grandchild company; the guarantee balance was **CNY 141.6599 million** at the end of the period[116](index=116&type=chunk) [5.5 Explanation of Other Significant Matters](index=45&type=section&id=5.5%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company continued to implement its share repurchase plan and changed the purpose of some repurchased shares to cancellation to reduce registered capital; as of the end of the reporting period, a total of 26,565,986 shares had been repurchased - The company's Board of Directors approved a share repurchase plan, with a total repurchase amount of no less than **CNY 250 million** and no more than **CNY 500 million**, and a repurchase price of no more than **CNY 15.80 per share**[117](index=117&type=chunk) - The company changed the purpose of some repurchased shares (**15 million shares**) to cancellation and reduction of registered capital, which was completed on **July 1, 2025**[117](index=117&type=chunk) - As of June 30, 2025, the company had cumulatively repurchased **26,565,986 shares**, accounting for **1.22%** of the total share capital, with a total payment of **CNY 338 million**[118](index=118&type=chunk) Section 6 Share Changes and Shareholder Information [6.1 Share Capital Changes](index=45&type=section&id=6.1%20Share%20Capital%20Changes) The company's total share capital and share structure remained unchanged during the reporting period, but 15 million shares were cancelled after the reporting period, which had no significant impact on financial indicators such as earnings per share and net assets per share - During the reporting period, the company's total share capital and share structure remained unchanged[121](index=121&type=chunk) - After the reporting period until the disclosure date of the semi-annual report, the company cancelled **15 million shares** on **July 1**, changing the total share capital to **2.184 billion shares**[123](index=123&type=chunk) - The share cancellation had no significant impact on financial indicators such as earnings per share and net assets per share[123](index=123&type=chunk) [6.2 Shareholder Information](index=46&type=section&id=6.2%20Shareholder%20Information) As of the end of the reporting period, the total number of common shareholders was 23,737. Among the top ten shareholders, Shanghai Juneyao (Group) Co., Ltd. held 46.42% as the controlling shareholder, and Eastern Airlines Industry Investment Co., Ltd. held 13.25% - As of the end of the reporting period, the total number of common shareholders was **23,737 households**[124](index=124&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period End (shares) | Proportion (%) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Juneyao (Group) Co., Ltd. | 1,020,862,080 | 46.42 | Pledged | 812,750,000 | | Eastern Airlines Industry Investment Co., Ltd. | 291,467,826 | 13.25 | None | 0 | | China Everbright Bank Co., Ltd. - Xingquan Business Model Preferred Mixed Securities Investment Fund (LOF) | 39,277,369 | 1.79 | None | 0 | | Shanghai Juneyao Aviation Investment Co., Ltd. | 36,066,977 | 1.64 | Pledged | 27,500,000 | | Industrial Bank Co., Ltd. - Xingquan New Vision Flexible Allocation Periodically Open Mixed Initiated Securities Investment Fund | 26,771,663 | 1.22 | None | 0 | | Hong Kong Securities Clearing Company Limited | 25,581,234 | 1.16 | None | 0 | | National Social Security Fund 106 Portfolio | 19,069,069 | 0.87 | None | 0 | | China Merchants Bank Co., Ltd. - Xingquan Herun Mixed Securities Investment Fund | 18,786,540 | 0.85 | None | 0 | | China Construction Bank Co., Ltd. - GF Value Leading Mixed Securities Investment Fund | 18,724,411 | 0.85 | None | 0 | | National Social Security Fund 110 Portfolio | 14,850,497 | 0.68 | None | 0 | - The company's repurchase special account held **36.945 million RMB ordinary shares**, accounting for **1.68%** of the company's total share capital at the end of the reporting period[128](index=128&type=chunk) - Eastern Airlines Industry Investment Co., Ltd., as a strategic investor, had its subscribed shares unlocked and listed for trading on **September 5, 2022**[129](index=129&type=chunk) Section 7 Bond-Related Information [Bond-Related Information](index=50&type=section&id=Section%207%20Bond-Related%20Information) During the reporting period, the company had no information related to corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds Section 8 Financial Report [8.1 Audit Report](index=51&type=section&id=8.1%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [8.2 Financial Statements](index=51&type=section&id=8.2%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation - Consolidated total assets were **CNY 50.003 billion**, and net assets attributable to shareholders of the listed company were **CNY 9.154 billion**[20](index=20&type=chunk)[137](index=137&type=chunk) - Consolidated operating revenue was **CNY 11.067 billion**, and net profit attributable to parent company shareholders was **CNY 505 million**[20](index=20&type=chunk)[144](index=144&type=chunk) - Consolidated net cash flow from operating activities was **CNY 3.107 billion**[20](index=20&type=chunk)[150](index=150&type=chunk) [8.2.1 Consolidated Balance Sheet](index=51&type=section&id=8.2.1%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were CNY 50.003 billion, total liabilities were CNY 40.862 billion, and total owners' equity attributable to the parent company was CNY 9.154 billion Major Data from Consolidated Balance Sheet (as of June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,865,628,410.01 | 1,360,293,255.33 | | Total Assets | 50,003,392,420.64 | 47,806,111,825.78 | | Short-term Borrowings | 10,317,581,790.33 | 9,809,670,154.53 | | Total Liabilities | 40,861,908,314.57 | 38,918,869,531.90 | | Total Owners' Equity Attributable to Parent Company | 9,154,154,666.19 | 8,899,789,166.93 | [8.2.2 Parent Company Balance Sheet](index=53&type=section&id=8.2.2%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were CNY 46.567 billion, total liabilities were CNY 36.591 billion, and total owners' equity was CNY 9.976 billion Major Data from Parent Company Balance Sheet (as of June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,005,086,081.54 | 1,084,829,751.63 | | Total Assets | 46,567,351,190.56 | 45,009,745,407.17 | | Short-term Borrowings | 8,956,445,226.60 | 9,075,986,085.91 | | Total Liabilities | 36,591,065,651.59 | 34,790,971,357.02 | | Total Owners' Equity | 9,976,285,538.97 | 10,218,774,050.15 | [8.2.3 Consolidated Income Statement](index=55&type=section&id=8.2.3%20Consolidated%20Income%20Statement) In the first half of 2025, the company achieved total operating revenue of CNY 11.067 billion, a year-on-year increase of 1.02%; net profit was CNY 505 million, a year-on-year increase of 3.29% Major Data from Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 11,067,182,245.21 | 10,955,544,969.83 | | Total Operating Cost | 11,080,573,490.94 | 10,640,240,211.02 | | Total Profit | 682,170,954.67 | 649,612,013.81 | | Net Profit | 505,368,554.33 | 489,170,306.56 | | Net Profit Attributable to Parent Company Shareholders | 505,492,241.40 | 489,368,021.54 | | Basic Earnings Per Share (CNY/share) | 0.23 | 0.22 | [8.2.4 Parent Company Income Statement](index=57&type=section&id=8.2.4%20Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company achieved operating revenue of CNY 8.849 billion, net profit of CNY 282 million, and basic earnings per share of CNY 0.13/share Major Data from Parent Company Income Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 8,848,640,179.78 | 8,731,529,286.23 | | Operating Cost | 7,844,268,575.36 | 7,424,708,979.72 | | Total Profit | 379,093,426.10 | 307,309,386.84 | | Net Profit | 281,933,466.06 | 225,942,375.08 | | Basic Earnings Per Share (CNY/share) | 0.13 | 0.10 | [8.2.5 Consolidated Cash Flow Statement](index=58&type=section&id=8.2.5%20Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's consolidated net cash flow from operating activities was CNY 3.107 billion, net cash flow from investing activities turned positive to CNY 355 million, and net cash flow from financing activities was -CNY 2.126 billion Major Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3,107,313,900.87 | 2,728,204,359.73 | | Net Cash Flow from Investing Activities | 355,441,644.00 | -1,046,882,239.77 | | Net Cash Flow from Financing Activities | -2,126,247,611.80 | -1,421,363,001.75 | | Net Increase in Cash and Cash Equivalents | 1,338,478,037.34 | 261,340,094.03 | | Cash and Cash Equivalents at Period End | 2,689,088,410.01 | 1,623,296,619.96 | [8.2.6 Parent Company Cash Flow Statement](index=60&type=section&id=8.2.6%20Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities was CNY 2.716 billion, net cash flow from investing activities was CNY 165 million, and net cash flow from financing activities was -CNY 1.965 billion Major Data from Parent Company Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 2,716,418,589.16 | 2,599,479,335.75 | | Net Cash Flow from Investing Activities | 165,217,355.01 | -1,184,022,906.90 | | Net Cash Flow from Financing Activities | -1,965,118,898.03 | -963,028,836.53 | | Net Increase in Cash and Cash Equivalents | 920,645,588.82 | 449,847,215.27 | | Cash and Cash Equivalents at Period End | 2,002,586,081.54 | 1,227,664,369.44 | [8.2.7 Consolidated Statement of Changes in Owners' Equity](index=62&type=section&id=8.2.7%20Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the company's consolidated total owners' equity increased by CNY 254 million, primarily due to an increase in net profit and other comprehensive income, offset by a decrease from share repurchases Consolidated Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance 2025 (CNY) | Change for Current Period (CNY) | Ending Balance 2025 (CNY) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 2,199,005,268.00 | 0 | 2,199,005,268.00 | | Capital Reserve | 7,747,683,474.78 | 0 | 7,747,683,474.78 | | Less: Treasury Stock | 122,679,041.50 | 338,269,057.23 | 460,948,098.73 | | Other Comprehensive Income | -2,290,961,054.06 | 305,950,752.36 | -1,985,010,301.70 | | Retained Earnings | 552,732,313.96 | 286,683,804.13 | 839,416,118.09 | | Total Owners' Equity Attributable to Parent Company | 8,899,789,166.93 | 254,365,499.26 | 9,154,154,666.19 | | Total Owners' Equity | 8,887,242,293.88 | 254,241,812.19 | 9,141,484,106.07 | [8.2.8 Parent Company Statement of Changes in Owners' Equity](index=71&type=section&id=8.2.8%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the parent company's total owners' equity decreased by CNY 242 million, primarily due to share repurchases and profit distribution Parent Company Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance 2025 (CNY) | Change for Current Period (CNY) | Ending Balance 2025 (CNY) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 2,199,005,268.00 | 0 | 2,199,005,268.00 | | Capital Reserve | 7,960,737,461.65 | 0 | 7,960,737,461.65 | | Less: Treasury Stock | 122,679,041.50 | 338,269,057.23 | 460,948,098.73 | | Other Comprehensive Income | -1,480,934,543.73 | 30,053,057.79 | -1,450,881,485.94 | | Retained Earnings | 848,636,699.98 | 65,727,488.26 | 914,364,188.24 | | Total Owners' Equity | 10,218,774,050.15 | -242,488,511.18 | 9,976,285,538.97 | [8.3 Company Basic Information](index=77&type=section&id=8.3%20Company%20Basic%20Information) This section provides an overview of Shanghai Juneyao Airlines Co., Ltd., including its establishment date, listing status, registered capital, registered address, headquarters address, and ultimate actual controller, and clarifies the main businesses of the company and its subsidiaries - The company was restructured and established in **June 2011** and listed on the Shanghai Stock Exchange in **May 2015**[172](index=172&type=chunk) - As of June 30, 2025, the company's share capital and registered capital were both **CNY 2.199 billion**[172](index=172&type=chunk) - The company's ultimate actual controller is **Wang Junjin**, primarily engaged in air transport services[172](index=172&type=chunk) [8.4 Basis of Financial Statement Preparation](index=77&type=section&id=8.4%20Basis%20of%20Financial%20Statement%20Preparation) This section explains that the company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant disclosure requirements, and adopt the accrual basis and historical cost measurement - The financial statements are prepared on a **going concern basis**, in compliance with enterprise accounting standards and "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)" by the China Securities Regulatory Commission[173](index=173&type=chunk)[176](index=176&type=chunk) - Accounting is based on the **accrual method**, and except for certain financial instruments, all items are measured at **historical cost**[173](index=173&type=chunk) - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts[174](index=174&type=chunk) [8.5 Significant Accounting Policies and Estimates](index=77&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the company's specific accounting policies and significant accounting estimates regarding revenue recognition, financial instruments, fixed assets, intangible assets, leases, government grants, and the judgments and assumptions made in applying these policies and estimates - The company has formulated specific accounting policies and estimates for revenue recognition, interest capitalization, maintenance and overhaul expenses for leased aircraft and engines, based on its actual production and operation characteristics[175](index=175&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[198](index=198&type=chunk) - The company accrues impairment provisions for financial assets based on expected credit losses and applies different measurement methods depending on whether credit risk has significantly increased[206](index=206&type=chunk)[207](index=207&type=chunk) - Fixed assets are depreciated using the **straight-line method**; aircraft and engines have a depreciation period of **20 years** and a residual value rate of **5%**[235](index=235&type=chunk) - In leasing activities, the company, as a lessee, recognizes right-of-use assets and lease liabilities, and applies simplified treatment for short-term leases and leases of low-value assets[266](index=266&type=chunk)[268](index=268&type=chunk) - In sale-and-leaseback transactions, if the asset transfer does not constitute a sale, the company continues to recognize the transferred asset and recognizes a financial liability[270](index=270&type=chunk) [8.6 Taxation](index=101&type=section&id=8.6%20Taxation) This section lists the company's main tax categories and rates, including value-added tax, customs duties, and corporate income tax, and discloses tax preferential policies applicable to overseas subsidiaries and small low-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Domestic transport revenue | 9% | | | Sales of aviation materials, aircraft supplies, and other goods | 13% | | | Advertising, technical services, agency services, and other taxable sales services | 6% | | | Simplified tax calculation method | 5% | | Customs Duties | Aircraft and other aerospace vehicles with unladen weight exceeding 15,000 kg but not exceeding 45,000 kg | 5% | | | Aircraft and other aerospace vehicles with unladen weight exceeding 45,000 kg | 1% | | Corporate Income Tax | Taxable income | 25%, 20%, 16.5% | - Overseas subsidiary Shanghai Juneyao Airline HongKong Limited is subject to an income tax rate of **8.25%** for the portion of annual assessable profits not exceeding **HKD 2 million**, and **16.50%** for the remaining portion[284](index=284&type=chunk) - Small low-profit enterprises are subject to corporate income tax at a rate of **20%** on **25%** of their taxable income[285](index=285&type=chunk) - For difficult industries significantly affected by the epidemic, losses incurred in 2020 can be carried forward for a maximum of **8 years**, extended from 5 years[285](index=285&type=chunk) [8.7 Notes to Consolidated Financial Statement Items](index=102&type=section&id=8.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major asset, liability, owners' equity, revenue, cost, and expense item in the consolidated financial statements, including ending balances, beginning balances, changes during the current period, and related explanations, which are key to understanding the company's financial position and operating results - Cash and cash equivalents at period end were **CNY 2.866 billion**, of which restricted cash was **CNY 177 million**[288](index=288&type=chunk) - Accounts receivable at period end were **CNY 637 million**, with bad debt provision of **CNY 21.5746 million**[294](index=294&type=chunk) - Other receivables at period end were **CNY 1.004 billion**, with bad debt provision of **CNY 44.268 million**[309](index=309&type=chunk)[311](index=311&type=chunk) - Fixed assets at period end had a book value of **CNY 16.406 billion**, primarily aircraft and engines[335](index=335&type=chunk) - Right-of-use assets at period end had a book value of **CNY 18.896 billion**, primarily aircraft engines[348](index=348&type=chunk) - Short-term borrowings at period end were **CNY 10.318 billion**, and long-term borrowings at period end were **CNY 5.677 billion**[368](index=368&type=chunk)[394](index=394&type=chunk) - Lease liabilities at period end were **CNY 14.762 billion**[397](index=397&type=chunk) - Treasury stock at period end was **CNY 461 million**, with an increase of **CNY 338 million** in the current period[409](index=409&type=chunk) - Other comprehensive income at period end was **-CNY 1.985 billion**, with an increase of **CNY 306 million** in the current period[411](index=411&type=chunk)[415](index=415&type=chunk) - Operating revenue was **CNY 11.067 billion**, operating cost was **CNY 9.757 billion**, and passenger transport revenue accounted for **95%** of total revenue[422](index=422&type=chunk)[424](index=424&type=chunk) - Financial expenses for the current period were **CNY 563 million**, a year-on-year decrease of **24.01%**, mainly due to reduced interest expenses[62](index=62&type=chunk)[433](index=433&type=chunk) - Other income for the current period was **CNY 577 million**, primarily from cooperative route revenue and route subsidies[435](index=435&type=chunk) [8.8 R&D Expenses](index=156&type=section&id=8.8%20R%26D%20Expenses) This section lists the company's R&D expenses during the reporting period, primarily consisting of labor costs, all expensed and recognized in current profit or loss R&D Expenses by Nature of Expense | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Labor Costs | 27,651,212.27 | 27,603,486.93 | | Depreciation and Amortization Expenses | 63,150.42 | 63,150.42 | | Total | 27,714,362.69 | 27,666,637.35 | | Of which: Expensed R&D Expenses | 27,714,362.69 | 27,666,637.35 | - All R&D expenses for the current period were expensed, with no capitalized R&D expenses[466](index=466&type=chunk) [8.9 Changes in Consolidation Scope](index=157&type=section&id=8.9%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed, with the addition of a new subsidiary "Juneyao No. 5 (Tianjin) Leasing Co., Ltd." and the deregistration of two subsidiaries "Jiuyuan No. 1 (Shanghai) Aircraft Leasing Co., Ltd." and "Jiuyuan No. 2 (Shanghai) Aircraft Leasing Co., Ltd." - A new subsidiary, "Juneyao No. 5 (Tianjin) Leasing Co., Ltd.", was established in the current period, with registered capital of **CNY 50,000**, engaged in aircraft leasing, and **100%** held by the company[468](index=468&type=chunk) - Two subsidiaries, "Jiuyuan No. 1 (Shanghai) Aircraft Leasing Co., Ltd." and "Jiuyuan No. 2 (Shanghai) Aircraft Leasing Co., Ltd.", both with registered capital of **CNY 50,000**, were deregistered in the current period[468](index=468&type=chunk)[469](index=469&type=chunk) [8.10 Interests in Other Entities](index=158&type=section&id=8.10%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group and summarized financial information of immaterial joint ventures and associates - The company owns **26 wholly-owned subsidiaries**, including Juneyao Air Co., Ltd. and Shanghai Ji Ning Culture Media Co., Ltd., and **1 controlled subsidiary**, Shanghai Taolvxing Network Technology Co., Ltd[470](index=470&type=chunk)[471](index=471&type=chunk) Summarized Financial Information of Immaterial Associates (as of June 30, 2025) | Item | Ending Balance/Current Period Amount (CNY) | | :--- | :--- | | Total Book Value of Investments | 1,448,755.24 | | Net Profit | -795.90 | | Total Comprehensive Income | -795.90 | - The company's long-term equity investments in Beijing Daxing International Airport Aviation Food Co., Ltd. and Shanghai Hangpeng Information Technology Co., Ltd. have been written down to zero due to excess losses, with cumulative unrecognized losses of **CNY 21.2608 million** and **CNY 2.2288 million**, respectively[476](index=476&type=chunk) [8.11 Government Grants](index=161&type=section&id=8.11%20Government%20Grants) This section discloses the company's liability items related to government grants and the amounts of government grants recognized in current profit or loss during the reporting period Liability Items Related to Government Grants (as of June 30, 2025) | Financial Statement Item | Beginning Balance (CNY) | New Grants Added in Current Period (CNY) | Ending Balance (CNY) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 8,148,694.00 | 1,000,169.00 | 9,148,863.00 | Assets | Government Grants Recognized in Current Profit or Loss (Jan-Jun 2025) | Type | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Related to Income | 314,995,175.80 | 98,228,971.32 | [8.12 Risks Related to Financial Instruments](index=161&type=section&id=8.12%20Risks%20Related%20to%20Financial%20Instruments) This section analyzes the market risks (exchange rate risk, interest rate risk, other price risks), credit risk, and liquidity risk faced by the company, and discloses the company's risk management through hedging activities - The company's main financial instruments include equity investments, borrowings, accounts receivable, accounts payable, etc[481](index=481&type=chunk) - As of June 30, 2025, a **1% appreciation or depreciation** of the RMB against the USD would impact net profit by approximately **CNY 25.8265 million**[482](index=482&type=chunk) - For every **100 basis point increase (or decrease)** in interest rates for floating-rate financial assets and liabilities, net profit would decrease or increase by approximately **CNY 86.26 million**[482](index=482&type=chunk) - A **5% increase or decrease** in jet fuel prices would impact net profit by approximately **CNY 122.7428 million**; a **10% increase or decrease** in equity instrument investment prices would impact pre-tax other comprehensive income by approximately **CNY 489.1126 million**[483](index=483&type=chunk) - The company manages foreign exchange exposure through foreign exchange hedging, locking in exchange rates for settlement and sales, with high hedging effectiveness[487](index=487&type=chunk)[488](index=488&type=chunk)[489](index=489&type=chunk) Analysis of Financial Liabilities by Undiscounted Remaining Contractual Obligations Maturity (as of June 30, 2025) | Item | Within 1 year or immediately repayable (CNY) | 1-2 years (CNY) | 2-5 years (CNY) | Over 5 years (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 10,317,581,790.33 | - | - | - | 10,317,581,790.33 | | Long-term Borrowings (including current portion) | 1,629,496,302.50 | 1,952,473,425.08 | 3,549,521,267.86 | 175,296,666.66 | 7,306,787,662.10 | | Lease Liabilities (including current portion) | 3,134,721,979.23 | 2,916,973,721.78 | 8,555,835,914.20 | 5,904,651,150.16 | 20,512,182,765.38 | | Total | 17,436,824,952.57 | 5,106,762,246.95 | 12,457,743,377.94 | 6,279,462,406.15 | 41,280,792,983.62 | [8.13 Disclosure of Fair Value](index=165&type=section&id=8.13%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the period, and explains the basis for determining fair value measurements at each level and the valuation techniques used Fair Value of Assets and Liabilities Measured at Fair Value at Period End (as of June 30, 2025) | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Total assets measured at fair value on a recurring basis | 4,892,710,541.50 | - | 90,000,000.00 | 4,982,710,541.50 | | Total liabilities measured at fair value on a recurring basis | - | 1,312,648.02 | - | 1,312,648.02 | - The basis for determining the market price of Level 1 fair value measurement items is the closing price of stocks on the balance sheet date[494](index=494&type=chunk) - Level 2 fair value measurement primarily uses applicable models and market information parameters for calculation, with reference to market quotations[495](index=495&type=chunk) - Level 3 fair value measurement primarily relates to unlisted equity investments, where fair value is estimated to approximate investment cost based on the operating conditions of the investee[496](index=496&type=chunk) - The book value and fair value of financial assets and liabilities not measured at fair value (such as cash and cash equivalents, accounts receivable, borrowings, etc.) are similar[497](index=497&type=chunk) [8.14 Related Parties and Related-Party Transactions](index=166&type=section&id=8.14%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's parent company, subsidiaries, joint ventures and associates, and other related parties, and lists related-party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of services, related-party leases, and unsettled items such as accounts receivable and payable from related parties - The company's parent company is Shanghai Juneyao (Group) Co., Ltd., with a shareholding ratio of **46.42%**, and the ultimate controlling party is **Wang Junjin**[499](index=499&type=chunk)[501](index=501&type=chunk) - The company owns **26 wholly-owned subsidiaries** and **1 controlled subsidiary**[470](index=470&type=chunk)[471](index=471&type=chunk) - During the reporting period, the company engaged in multiple daily related-party transactions with Juneyao Group and its related parties, China Eastern Airlines Corporation Limited, etc., including purchases/sales of goods/services and leases[505](index=505&type=chunk)[506](index=506&type=chunk)[507](index=507&type=chunk)[509](index=509&type=chunk)[510](index=510&type=chunk)[511](index=511&type=chunk)[512](index=512&type=chunk)[513](index=513&type=chunk) - Key management personnel compensation for the current period was **CNY 15.9735 million**[519](index=519&type=chunk) - As of June 30, 2025, the company's deposit balance at Huarui Bank was **CNY 155 million**, and interest income for the current period was **CNY 1.5973 million**[520](index=520&type=chunk) - Receivables from related parties primarily include accounts receivable, prepayments, other receivables, and long-term receivables[522](index=522&type=chunk)[523](index=523&type=chunk) - Payables to related parties primarily include accounts payable, contract liabilities, other payables, and lease liabilities[524](index=524&type=chunk)[525](index=525&type=chunk)[526](index=526&type=chunk) [8.15 Share-based Payment](index=177&type=section&id=8.15%20Share-based%20Payment) This section discloses the details of the company's second phase employee stock ownership plan, including the grantees, granted quantity, fair value determination method, and the basis for determining the exercisable quantity - The company's second phase employee stock ownership plan was approved on **August 18, 2021**, granting **5,383,040 restricted shares**, with a fair value of **CNY 14.14 per share** on the grant date[528](index=528&type=chunk) - The plan is "one-time grant, phased unlocking," with a duration of **36 months**, a lock-up period of **12 months**, and three unlocking phases (**40%, 30%, 30%**)[528](index=528&type=chunk) - The cumulative amount of equity-settled share-based payments recognized in capital reserve was **CNY 76.1162 million**[531](index=531&type=chunk) [8.16 Commitments and Contingencies](index=179&type=section&id=8.16%20Commitments%20and%20Contingencies) This section discloses the company's significant external commitments and contingencies as of the balance sheet date, including pledged assets, external debt guarantees, and the controlling shareholder's share pledge status - As of June 30, 2025, the company pledged its own aircraft to banks for borrowings and used aircraft as collateral for long-term payables[532](index=532&type=chunk) - The company's wholly-owned subsidiary Shanghai Juneyao Airlines Services Co., Ltd. pledged land use rights and buildings thereon as collateral for long-term bank borrowings[532](index=532&type=chunk) - The controlling shareholder Juneyao Group cumulatively pledged **813 million shares**, accounting for **79.61%** of its holdings in the company and **36.96%** of the company's total share capital[535

吉祥航空公告，2025年上半年营业收入110.67亿元，同比增长1.02%。净利润5.05亿元，同比增长 3.29%。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 6600000 | 中信海直 | 23.85 | 1.71% | 31.32万 | | 7.43亿 | | 600004 | 白云机场 | 9.93 | 0.81% | 35.24万 | | 3.48亿 | | 600009 | 上海机场 | 32.50 | 0.09% | 11.50万 | | 3.73亿 | | 000089 | 深圳机场 | 7.19 | -0.28% | 29.51万 | | 2.11亿 | | 600221 | 海航控股 | 1.56 | -0.64% | 441.60万 | | 6.83亿 | | 002928 | 华夏航空 | 9.07 | -0.77% | 24.27万 | | 2.19亿 | | 603885 | 吉祥航空 | 12.69 | -1.01% | 22.37万 | | 2.83亿 | | 600897 | 厦门空港 | 15.06 | -1.12% | 4.03万 | | 6071.7 ...

来源:金融界 8月21日数据显示，吉祥航空主力资金净流出10.09万元。近五个交易日累计净流出资金达6208.9万元。 风险提示：航空运输行业受宏观经济、油价波动、汇率变化等因素影响较大，投资者需注意相关风险。 吉祥航空最新股价为12.82元，较前一交易日上涨0.63%。盘中最高触及12.87元，最低下探至12.69元， 成交量为17.74万手，成交金额达2.27亿元。 吉祥航空属于航空运输行业，主要从事国内航空客货运输业务。公司以上海为主要运营基地，拥有较为 完善的航线网络布局。 ...

Market Overview - The Shanghai Composite Index closed at 3771.10 points, above the annual line, with a change of 0.13% [1] - The total trading volume of A-shares reached 24603.35 billion yuan [1] Stocks Breaking Annual Line - A total of 28 A-shares have surpassed the annual line today, with notable stocks including: - Meihua Medical (301363) with a deviation rate of 14.81% and a daily increase of 18.00% [1] - Meirui New Materials (300848) with a deviation rate of 4.67% and a daily increase of 5.49% [1] - Kangle Health (833575) with a deviation rate of 4.29% and a daily increase of 4.40% [1] Stocks with Smaller Deviation Rates - Stocks that have just crossed the annual line with smaller deviation rates include: - Guotou Power (600886) with a deviation rate of 0.01% and a daily increase of 1.30% [2] - Shanghai Pharmaceuticals (601607) with a deviation rate of 0.08% and a daily increase of 0.95% [2] - *ST Jinglun (600355) with a deviation rate of 0.20% and a daily increase of 0.86% [2]

| 002789 | *ST建艺 | 0.78 | 3.28 | 9.05 | 9.08 | 0.33 | | --- | --- | --- | --- | --- | --- | --- | | 600027 | 华电国 | 0.56 | 0.38 | 5.39 | 5.41 | 0.32 | | | 际 | | | | | | | 000596 | 古井贡 | 0.63 | 0.69 | 161.82 | 162.31 | 0.30 | | | 酒 | | | | | | | 600642 | 申能股 份 | 0.73 | 0.15 | 8.22 | 8.24 | 0.30 | | 601298 | 青岛港 | 0.57 | 0.12 | 8.75 | 8.78 | 0.30 | | 601607 | 上海医 | 1.10 | 0.32 | 19.19 | 19.23 | 0.23 | | | 药 | | | | | | | 600886 | 国投电 | 1.50 | 0.16 | 14.81 | 14.84 | 0.21 | | | 力 | | | | | | | 600970 | 中材国 | 0.7 ...

Group 1 - The company plans to hold a performance briefing on August 27, 2025, from 13:00 to 14:00 to discuss its half-year results for 2025 [2][4] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [3][4] - Investors can submit questions for the briefing from August 20 to August 26, 2025, through the Roadshow Center website or via the company's email [5][6] Group 2 - Key personnel attending the briefing include the Chairman, CEO, independent directors, and the CFO [4] - After the briefing, investors can access the main content and details of the event through the Roadshow Center [7]

Group 1 - The core viewpoint of the news is that Shanghai Airlines (603885) has reported a slight decline in stock price and a mixed performance in its latest financial results, indicating potential challenges ahead for the company [1][3]. - As of August 19, 2025, the stock price of Shanghai Airlines closed at 12.65 yuan, down 0.24%, with a trading volume of 141,200 lots and a transaction amount of 179 million yuan [1]. - The company experienced a net outflow of main funds amounting to 16.76 million yuan, which accounted for 9.35% of the total transaction amount, indicating a cautious sentiment among investors [1]. Group 2 - For the first quarter of 2025, Shanghai Airlines reported total operating revenue of 5.722 billion yuan, a year-on-year increase of 0.05%, while net profit attributable to shareholders decreased by 7.87% to 345 million yuan [1]. - The company's non-recurring net profit fell by 29.50% to 263 million yuan, reflecting operational challenges [1]. - Financial ratios indicate a current ratio of 0.267, a quick ratio of 0.251, and a debt-to-asset ratio of 82.00%, suggesting potential liquidity issues [1]. Group 3 - Shanghai Airlines was established in 2006 and is primarily engaged in the aviation transportation industry, with a registered capital of approximately 21.84 billion yuan [1]. - The company has made investments in 30 enterprises and participated in 715 bidding projects, showcasing its active engagement in the market [2]. - Additionally, Shanghai Airlines holds 114 trademark registrations and possesses 25 administrative licenses, indicating a robust intellectual property portfolio [2].

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 ...

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].