Financial Performance - The company's operating revenue for Q1 2025 was CNY 5,722,456,111.05, a slight increase of 0.05% compared to CNY 5,719,329,813.85 in the same period last year[3] - Net profit attributable to shareholders decreased by 7.87% to CNY 345,002,708.15 from CNY 374,465,679.54 year-on-year[3] - The net profit after deducting non-recurring gains and losses fell by 29.50% to CNY 262,727,458.86 compared to CNY 372,686,913.65 in the previous year[3] - Basic and diluted earnings per share decreased by 5.88% to CNY 0.16 from CNY 0.17 year-on-year[3] - The company reported a total comprehensive income of CNY 7,105,984.36 for Q1 2025, significantly lower than CNY 23,780,462.18 in Q1 2024, a decrease of 70.15%[21] - Net profit for Q1 2025 was CNY 344,906,924.43, down from CNY 374,366,467.98 in Q1 2024, reflecting a decrease of 7.85%[20] Cash Flow - The net cash flow from operating activities increased by 31.28% to CNY 1,553,273,310.23, up from CNY 1,183,138,640.59 in the same period last year[3] - In Q1 2025, the cash inflow from operating activities was approximately ¥6.99 billion, an increase of 6.6% compared to ¥6.57 billion in Q1 2024[24] - The net cash flow from operating activities in Q1 2025 was ¥1.55 billion, up 31.3% from ¥1.18 billion in Q1 2024[24] - The cash inflow from investment activities in Q1 2025 was ¥447.08 million, compared to only ¥35.57 thousand in Q1 2024[25] - The net cash flow from investment activities in Q1 2025 was ¥445.78 million, a significant improvement from a net outflow of ¥1.06 billion in Q1 2024[25] - The cash inflow from financing activities in Q1 2025 was ¥3.99 billion, down 28.5% from ¥5.59 billion in Q1 2024[25] - The net cash flow from financing activities in Q1 2025 was a negative ¥1.46 billion, worsening from a negative ¥426.02 million in Q1 2024[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 48,394,134,532.54, an increase of 1.23% from CNY 47,806,111,825.78 at the end of the previous year[4] - The company's total assets amounted to CNY 48,394,134,532.54, compared to CNY 47,806,111,825.78 in the previous period, showing an increase of 1.22%[18] - Total liabilities increased to CNY 39,680,984,513.15 from CNY 38,918,869,531.90, marking a growth of 1.96%[18] - The company's total current assets reached RMB 5,123,033,622.76, an increase from RMB 4,573,411,232.96 as of December 31, 2024, reflecting a growth of approximately 12%[16] - The cash and cash equivalents increased to RMB 1,901,633,110.33 from RMB 1,360,293,255.33, representing a growth of about 40%[16] Shareholder Information - The company has repurchased a total of 14,082,828 shares, accounting for 0.64% of the total share capital, with a total expenditure of RMB 181,171,860.03[14] - The maximum repurchase price was RMB 13.46 per share, while the minimum was RMB 12.24 per share[14] - The company plans to use the repurchased shares for employee stock ownership plans or equity incentives, with a total repurchase budget between RMB 25 million and RMB 50 million[13] - The top shareholder, Shanghai Junyao (Group) Co., Ltd., holds 1,020,862,080 shares, representing a significant portion of the company's equity[12] - The company has a diverse shareholder base, with several institutional investors holding substantial stakes, including China Everbright Bank and Industrial Bank[12] Operational Performance - Total operating costs increased to CNY 5,632,190,655.51 in Q1 2025 from CNY 5,408,757,835.41 in Q1 2024, representing a rise of 4.14%[20] - Research and development expenses for Q1 2025 were CNY 10,193,522.89, down from CNY 13,284,825.05 in Q1 2024, a reduction of 23.16%[20] - The company reported an increase in accounts receivable to RMB 636,798,716.82 from RMB 494,525,146.01, indicating improved sales performance[16] - The company is actively engaged in strategic initiatives, including share repurchase programs, to enhance shareholder value and support stock price stability[13] Non-Recurring Items - Non-recurring gains and losses for the period totaled CNY 82,275,249.29 after tax, with significant contributions from government subsidies and other non-operating income[7] - The company completed the acquisition of several aircraft leasing companies in June 2024, which may impact future financial performance[4]

吉祥航空（603885）公告，2025年第一季度营收为57.22亿元，同比增长0.05%；净利润为3.45亿元，同 比下降7.87%。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a total revenue of 22.09 billion yuan for 2024, an increase of 9.95% year-on-year, and a net profit attributable to shareholders of 914 million yuan, up 17.52% year-on-year. In Q4 2024, the company achieved a revenue of 4.6 billion yuan, a year-on-year increase of 9.2%, with a net profit of -360 million yuan, reducing losses by 19 million yuan year-on-year [5][6]. Financial Performance Summary - In Q4 2024, the company experienced a 15.4% year-on-year increase in Available Seat Kilometers (ASK) and a 16.2% increase in Revenue Passenger Kilometers (RPK), with a load factor of 83.6%, up 0.6 percentage points year-on-year [13]. - The unit revenue decreased by 6.0% year-on-year due to significant capacity increases in the industry, but the revenue still grew [13]. - The company recorded a unit non-fuel cost of 0.226 yuan/ASK in Q4 2024, a decrease of 12.5% compared to Q4 2019 and a decrease of 1.5% compared to Q4 2023, primarily due to an agreement with Pratt & Whitney regarding engine compensation [13]. - The company benefited from a significant drop in fuel prices, with a year-on-year decrease of 24.2%, leading to a fuel cost of 1.485 billion yuan in Q4 2024, a 22.9% decrease year-on-year [13]. - The gross profit for Q4 2024 was 50 million yuan, an increase of 50 million yuan compared to Q4 2019, indicating a significant improvement in core profitability [13]. - Financial expenses were reduced to 290 million yuan in Q4 2024, a decrease of 70 million yuan year-on-year, as the company improved cash flow and reduced debt exposure [13]. - The company expects to achieve net profits of 1.651 billion yuan, 2.285 billion yuan, and 2.778 billion yuan for the years 2025 to 2027, respectively, with corresponding price-to-earnings ratios of 16.85, 12.17, and 10.02 times, indicating strong investment value [13].

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-035 上海吉祥航空股份有限公司 重要内容提示： 二、本次股东股份质押基本情况： 注：若有尾差，则是因四舍五入所致。 上海吉祥航空股份有限公司（以下简称"公司"）控股股东上海均瑶（集 团）有限公司（以下简称"均瑶集团"）持有公司股份 1,020,862,080 股，占公司股份总数的 46.42%，均瑶集团累计质押公司股票（含本次） 81,275 万股，占其所持公司股份数的 79.61%，占公司股份总数的 36.96%。 公司于近日收到公司控股股东均瑶集团通知，获悉其将所持有公司的部分股 份办理了解除质押及质押业务，具体事项如下： 关于控股股东股份解除质押及质押的公告 一、本次股东股份解除质押基本情况： 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。 注：若有尾差，则是因四舍五入所致。 单位：万股 股东 名称 持股数量 持股比 例 本次解除 质押股数 占其所 持股份 比例 占公 司总 股本 比例 解除日期 质权人 剩余被质 押股份数 量 剩余被质押 股份数量占 ...

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-034 上海吉祥航空股份有限公司 关于召开 2024 年度暨 2025 年第一季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"）已于 2025 年 4 月 22 日发 布公司 2024 年年度报告，并计划于 2025 年 4 月 30 日发布公司 2025 年第一季度 报告。为便于广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度经 营成果、财务状况，公司计划于 2025 年 5 月 7 日（星期三）16:00-17:00 召开 公司 2024 年度暨 2025 年第一季度业绩说明会，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 2024 年度及 2025 年第 一季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 ...

吉祥航空（603885.SH）2024 年年报点评 战略布局渐显成效，分红回购提升投资者信心 2025 年 04 月 24 日 ➢ 2025 年 4 月 21 日公司发布 2024 年年报：2024 年公司营业收入 221 亿元， 同比+9.9%，归母净利润 9.1 亿元，同比+18%，扣非归母净利润 8.0 亿元，同比 +10.6%；4Q24 公司营业收入 46.0 亿元，同比+9.2%，归母净亏 3.6 亿元（4Q23 归母净亏 3.6 亿元），扣非归母净亏 3.9 亿元（4Q23 扣非归母净亏 3.9 亿元）。2024 年公司运力投放增长大于价格降幅，ASK 同比+17%、座公里收益同比-8%、客运收 入同比+8%，油价下降对冲降价影响，净利率同比+0.4pct。 ➢ 4Q24 国际运力投放同比大幅增长弥补价格下滑影响，油价同比回落抬升利润 中枢。四季度公司座公里营收 0.34 元，同比-5%，行业价格普遍下滑的环境下公司 单季度营收同比仍有 9%增速与公司国际航线运力投放加大有关（4Q24 国际港澳台 ASK 同比+129%、国内-3%）。四季度油价同比明显回落对冲了降价影响，4Q24 国 内航空煤油 ...

吉祥航空（603885.SH）2024 年年报点评 战略布局渐显成效，分红回购提升投资者信心 2025 年 04 月 24 日 ➢ 2025 年 4 月 21 日公司发布 2024 年年报：2024 年公司营业收入 221 亿元， 同比+9.9%，归母净利润 9.1 亿元，同比+18%，扣非归母净利润 8.0 亿元，同比 +10.6%；4Q24 公司营业收入 46.0 亿元，同比+9.2%，归母净亏 3.6 亿元（4Q23 归母净亏 3.6 亿元），扣非归母净亏 3.9 亿元（4Q23 扣非归母净亏 3.9 亿元）。2024 年公司运力投放增长大于价格降幅，ASK 同比+17%、座公里收益同比-8%、客运收 入同比+8%，油价下降对冲降价影响，净利率同比+0.4pct。 ➢ 4Q24 国际运力投放同比大幅增长弥补价格下滑影响，油价同比回落抬升利润 中枢。四季度公司座公里营收 0.34 元，同比-5%，行业价格普遍下滑的环境下公司 单季度营收同比仍有 9%增速与公司国际航线运力投放加大有关（4Q24 国际港澳台 ASK 同比+129%、国内-3%）。四季度油价同比明显回落对冲了降价影响，4Q24 国 内航空煤油 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][25]. Core Insights - The company is projected to achieve a net profit of 914 million yuan in 2024, representing a year-on-year increase of 17.5%, indicating continuous improvement in performance and a commitment to active dividend distribution and share buybacks [1][6]. - The target price for the company's stock is set at 15.5 yuan, with the current price at 12.65 yuan, suggesting a potential upside of 22% [2][6]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Total revenue for 2024 is estimated at 22,095 million yuan, with a year-on-year growth of 9.9% [2][6]. - The net profit for 2025 is projected to be 1,709 million yuan, reflecting an 87.0% increase compared to 2024 [2][6]. - **Earnings Per Share (EPS)**: - EPS is expected to rise from 0.42 yuan in 2024 to 1.23 yuan by 2027 [2][6]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is forecasted to decrease from 31 in 2024 to 10 by 2027, indicating an improving valuation as earnings grow [2][6]. Operational Metrics - **Capacity and Load Factors**: - The Available Seat Kilometers (ASK) for 2024 is projected to increase by 17.3% compared to 2023, while the Revenue Passenger Kilometers (RPK) is expected to grow by 19.9% [6][7]. - The passenger load factor is anticipated to be 84.6% in 2024, a slight increase of 1.8 percentage points year-on-year [6][7]. - **Cost Management**: - Operating costs are expected to rise by 10.5% in 2024, with fuel costs specifically increasing by 8.6% [6][7]. - The company is focusing on cost control, with a projected decrease in unit costs per seat kilometer [6][7]. Shareholder Returns - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling 220 million yuan, which represents 78.13% of the net profit attributable to shareholders [6][7].

而国内航线运力相对控制，2024 年公司国内线ASK 同比仅增长2.50%，客座率同比增加2.72pct，国内 线RPK 实现同比增长5.80%。 公司座公里收益略下降，九元航空表现优秀 公司座公里收益略下降。2024 年公司客公里收益同比下降4.4%，座公里收益同比略下降2.3%。九元航 空经营表现优秀，同时品牌影响力逐步提升。2024 年九元航空实现营业收入42.66 亿元，同比增长 16.9%；净利润3.32 亿元，同比增长27.41%，高于其旅客量增速27.34%。 事件: 2025 年4 月21 日，吉祥航空发布2024 年年报： 2024 年，公司实现营业收入220.95 亿元，同比增长9.95%；归母净利润为9.14 亿元，同比增长21.69%。 扣非归母净利润为8.03 亿元，同比增长10.56%。 2024Q4，公司实现营业收入46.03 亿元，同比增长9.19%；归母净利润为-3.57 亿元，2023 年同期为-3.82 亿元，扣非归母净利润为-3.86 亿元，2023 年同期为-3.93 亿元。 投资要点: 国际航线加速开拓、运力迅猛增长，需求快速提升2024 年公司加速国际航线布局，新 ...

Core Viewpoint - The aviation industry is expected to see improvements in supply and demand during the peak season, with potential recovery in ticket prices as demand continues to grow during holidays like Spring Festival and Qingming [1][3]. Supply Side Analysis - Supply chain issues and the impact of the US "reciprocal tariffs" may further slow down aircraft introductions [3][4]. - Short-term increases in utilization rates are limited due to engine maintenance [3][4]. - Domestic flight load factors remain high, indicating limited capacity for overall peak season growth [3][4]. Demand Side Analysis - Demand is expected to continue growing, particularly during the Spring Festival and Qingming holidays, which may lead to improved supply-demand dynamics and a potential recovery in low ticket prices [3][4]. Industry Performance Data - In March 2025, the industry saw a year-on-year increase in ASK and RPK of 4.5% and 6.7%, respectively, with a load factor of 83.3%, up 1.7 percentage points year-on-year [4]. - The average domestic economy class ticket price was 722 yuan, down 11.2% year-on-year, with Q1 ticket prices showing a decline of 12% [4][5]. Fuel Price Trends - The average price of aviation kerosene in Q1 2025 was 5,952 yuan per ton, down 10% year-on-year, while the price in April dropped to 5,602 yuan per ton, a decrease of 15.4% [5][6]. - Brent crude oil prices averaged $74.98 per barrel in Q1 2025, down 8.3% year-on-year, with April's average at $66.81 per barrel, down 24.9% [6]. Capacity and Fleet Management - Airlines are reallocating capacity to international routes, with domestic ASK decreasing but load factors improving [7]. - In March, China Southern Airlines had the highest net increase in aircraft, adding 13 planes, while other airlines also saw varying increases [7].