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

Core Viewpoint - Juneyao Airlines reported a slight increase in revenue and net profit for the first half of 2025, indicating stable growth in a recovering aviation market [2][3]. Financial Performance - Total revenue for the first half of 2025 reached CNY 11,067,182,245.21, a 1.02% increase from CNY 10,955,544,969.83 in the same period last year [3]. - Net profit attributable to shareholders was CNY 505,492,241.40, up 3.29% from CNY 489,368,021.54 [3]. - The total profit for the period was CNY 682,170,954.67, reflecting a 5.01% increase from CNY 649,612,013.81 [3]. - The net cash flow from operating activities was CNY 3,107,313,900.87, a 13.90% increase compared to CNY 2,728,204,359.73 [3]. Operational Metrics - The company operated a fleet of 130 aircraft with an average age of 7.61 years, focusing on efficiency and cost control [6][16]. - Passenger traffic reached 13,590.45 thousand, with international passenger numbers increasing by 45.91% [6][7]. - The overall load factor improved to 68.48%, up 1.43 percentage points from the previous year [7]. Market Position and Strategy - Juneyao Airlines focuses on high-value and efficient route networks, primarily based in the Yangtze River Delta and Pearl River Delta regions [5][12]. - The company aims to enhance its international market presence, leveraging Shanghai's strategic location as a key hub [12][14]. - The operational model emphasizes a main operating base strategy, optimizing resource allocation and reducing costs [5][6]. Industry Context - The aviation industry in China showed robust growth, with a 6% increase in passenger transport and a 14.6% increase in cargo transport in the first half of 2025 [4]. - The overall air transport sector completed a total turnover of 783.5 billion ton-kilometers, marking a new high [4]. - The international passenger transport volume increased by 28.5%, reflecting a strong recovery in international travel [4].

Core Viewpoint - Shanghai Juneyao Airlines Co., Ltd. reported a slight increase in revenue and profit for the first half of 2025, indicating stable operational performance amidst market conditions [1]. Financial Performance - Total assets reached approximately CNY 50.00 billion, an increase of 4.60% compared to the previous year [1]. - Operating revenue for the period was CNY 11.07 billion, reflecting a 1.02% increase from CNY 10.96 billion in the same period last year [1]. - Total profit amounted to CNY 682.17 million, up by 5.01% from CNY 649.61 million year-on-year [1]. - Net profit attributable to shareholders was not specified, but the net profit excluding non-recurring gains and losses was reported [1]. - The weighted average return on equity was 5.54%, slightly down from 5.62% [1]. - Basic and diluted earnings per share were both CNY 0.23, an increase of 4.55% from CNY 0.22 [1]. Shareholder Information - The total number of shareholders as of the report date was 23,737 [1]. - Major shareholders included Shanghai Juneyao (Group) Co., Ltd. with a 46.42% stake, and other institutional investors with smaller holdings [2]. - The report noted the presence of pledged shares among major shareholders, indicating potential liquidity concerns [2]. Corporate Governance - The company did not propose any profit distribution or capital increase plans during the reporting period [1]. - The actual controller of the company is identified as Mr. Wang Junjin, with significant shareholdings in related entities [2]. Operational Highlights - The report did not specify any significant operational changes or events that could impact future performance [4]. - The company emphasized the importance of reviewing the full semi-annual report for comprehensive insights [1].

Group 1 - The board of directors of Shanghai Juneyao Airlines Co., Ltd. held its 18th meeting of the 5th board on August 22, 2025, using a combination of on-site and remote voting methods [1] - All 9 directors participated in the voting, and the meeting complied with the relevant provisions of the Company Law and the Articles of Association, making the resolutions legally valid [1] - The board approved the financial report for the first half of 2025, with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [1] Group 2 - The board also approved the half-year report and summary for 2025, with the same voting results of 9 in favor, 0 against, and 0 abstentions [2] - The reports were reviewed and approved by the company's audit committee prior to being submitted to the board for approval [2]

Group 1 - The meeting of the fifth Supervisory Board of Shanghai Juneyao Airlines Co., Ltd. was held on August 22, 2025, using a combination of on-site and remote voting methods [1] - The Supervisory Board approved the financial report for the first half of 2025, with a unanimous vote of 3 in favor, 0 against, and 0 abstentions [1] - The Supervisory Board also approved the half-year report and its summary for 2025, with the same voting results [1] Group 2 - The Supervisory Board provided written review opinions confirming that the report complies with management regulations and accurately reflects the company's actual situation without any false statements or omissions [2] - The detailed content of the half-year report and its summary was disclosed on the same day [2]

Group 1: Company Overview - As of August 22, 2025, the stock price of Juneyao Airlines is 12.69 yuan, down 1.01% from the previous trading day [1] - The trading volume on that day was 223,699 lots, with a transaction amount of 283 million yuan [1] - The stock price fluctuated between 12.56 yuan and 12.83 yuan, with an amplitude of 2.11% [1] Group 2: Business Performance - Juneyao Airlines operates in the air transportation industry, focusing on domestic, international, and regional passenger and cargo transport [1] - The company operates Airbus A320 series and Boeing B787 series aircraft, while its subsidiary, Juneyao Airlines, operates Boeing 737 series aircraft [1] - As of the end of the first half of 2025, the fleet size reached 130 aircraft [1] Group 3: Financial Results - For the first half of 2025, Juneyao Airlines reported operating revenue of 11.067 billion yuan, a year-on-year increase of 1.02% [1] - The net profit attributable to shareholders was 505 million yuan, reflecting a year-on-year growth of 3.29% [1] - The international route business showed strong performance, with capacity increasing by nearly 80% and revenue passenger kilometers growing by 68.33% [1] Group 4: Future Plans - During the summer transportation period, the company plans to execute over 4,150 international flight segments, an increase of nearly 4% compared to the same period in 2024 [1] Group 5: Capital Flow - On August 22, 2025, the net outflow of main funds was 3.992 million yuan, with a cumulative net outflow of 54.9637 million yuan over the past five trading days [2]

Core Viewpoint - The company achieved slight revenue and profit growth in the first half of the year, supported by significant growth in international routes, but faces considerable operational pressure in the second half due to intense competition in the domestic market [1][2]. Group 1: Financial Performance - In the first half of the year, the company reported operating revenue of 11.067 billion yuan, a year-on-year increase of 1.02% [1]. - The net profit attributable to shareholders was 505 million yuan, reflecting a year-on-year growth of 3.29% [1]. Group 2: Operational Data - The company experienced an 11.43% decrease in domestic route capacity, while international route capacity increased by nearly 80% [1]. - Revenue passenger kilometers for domestic routes fell by 7.9%, whereas international routes saw an increase of 68.33% [1]. - The passenger load factor improved across domestic, international, and regional routes, with increases of 1.78, 1.3, and 3.98 percentage points, respectively [1]. Group 3: Route Expansion and Strategy - In the first half of the year, the company operated 12,370 international and regional flights, covering 28 international destinations, including 7 intercontinental routes [1]. - For the summer peak season, the company plans to execute approximately 24,000 domestic and international flights, with over 4,150 international flights, marking a nearly 4% increase compared to the same period in 2024 [2]. - The company is focusing on the popular Japan and South Korea markets, planning over 2,200 flights, which represents a year-on-year increase of over 19% [2].

北京商报讯（记者 关子辰 牛清妍）8月22日，吉祥航空披露的2025年半年报显示，公司上半年实现营业 收入110.67亿元，同比增长1.02%；归母净利润5.05亿元，同比增长3.29%。 ...

格隆汇8月22日丨吉祥航空(603885.SH)公布2025年半年度报告，报告期实现营业收入110.67亿元，同比 增长1.02%；归属于上市公司股东的净利润5.05亿元，同比增长3.29%；归属于母公司股东的扣除非经常 性损益的净利润4.08亿元，同比下降14.27%；基本每股收益0.23元。 ...

第五届监事会第十六次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 上海吉祥航空股份有限公司（以下简称"公司"）第五届监事会第十六次会 议于 2025 年 8 月 22 日以现场结合通讯表决方式召开。会议通知于 2025 年 8 月 12 日以电子邮件方式发出，并以电话进行了确认。会议由公司监事会主席林乃 机先生召集并主持，公司全体监事认真审阅了会议议案，全部 3 名监事对会议议 案进行了表决。会议参与表决人数及召集、召开程序符合《公司法》和《公司章 程》的有关规定，所作决议合法有效。 二、监事会会议审议情况 本次监事会会议审议并通过了以下议案： （一） 审议通过《关于公司 2025 年半年度财务报告的议案》 证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-057 上海吉祥航空股份有限公司 1、2025 年半年度报告编制和审议程序符合法律法规、公司章程和公司内部 管理制度的各项规定。 2、2025 年半年度报告的内容和格式符合中国证券监督管理委员会和上海证 券交易所的各 ...