JUNEYAOAIR(SH:603885) Zheng Quan Zhi Xing·2025-08-23 22:58Core Viewpoint - 吉祥航空 reported a slight increase in total revenue and net profit for the first half of 2025, but faced rising short-term debt pressure and a decrease in gross margin [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 11.067 billion yuan, a year-on-year increase of 1.02% [1]. - Net profit attributable to shareholders was 505 million yuan, up 3.29% year-on-year [1]. - In Q2 2025, total revenue was 5.345 billion yuan, reflecting a 2.07% increase year-on-year, while net profit for the quarter surged by 39.67% to 160 million yuan [1]. - The gross margin decreased to 11.84%, down 24.61% year-on-year, while the net margin improved to 4.57%, an increase of 2.27% [1]. - Total expenses (selling, administrative, and financial) amounted to 1.284 billion yuan, accounting for 11.6% of revenue, a decrease of 7.04% year-on-year [1]. Key Financial Ratios - Current ratio stood at 0.31, indicating increased short-term debt pressure [1][3]. - Earnings per share (EPS) increased to 0.23 yuan, a rise of 4.55% year-on-year [1]. - Cash flow per share improved to 1.41 yuan, reflecting a 14.67% increase year-on-year [1]. - The company’s return on invested capital (ROIC) was reported at 5.51%, with a historical median of 9.21% since its listing [3]. Debt and Cash Flow - The company’s interest-bearing debt increased to 21.355 billion yuan, a rise of 1.61% year-on-year [1]. - Cash and cash equivalents saw a significant increase of 75.63% to 2.866 billion yuan, attributed to increased financing activities [1][2]. Investment Insights - The company is expected to generate a net profit of 1.276 billion yuan for 2025, with an average EPS forecast of 0.58 yuan [3]. - The company has a projected dividend yield of 6.59% [3]. Fund Holdings - The most notable fund manager holding shares in 吉祥航空 is Jiang Cheng from Zhongtai Securities, who has a total fund size of 12.606 billion yuan [4]. - Several funds have reduced their holdings in 吉祥航空, including 兴全商业模式LOF and 中泰开阳价值优选混合A [5].