吉祥航空盈利“加减法”：国际航线猛增65%、国内运力缩减近10%

Core Viewpoint - The domestic flight capacity has contracted by nearly 10%, while international flight capacity has surged by over 60%. In this context, Juneyao Airlines (603885) became the first domestic listed airline to achieve both revenue and net profit growth in the first half of 2025, despite challenges in the industry such as declining passenger kilometer revenue [1][3]. Group 1: Financial Performance - In the first half of 2025, Juneyao Airlines reported a slight revenue increase of 1.02% year-on-year, with operating costs rising more significantly by 5.65% [3]. - The airline achieved a net profit of 5.05 billion yuan, reflecting a year-on-year growth of 3.29% [3]. - Passenger kilometer revenue has been declining, dropping from 0.5 yuan in the first half of 2023 to 0.45 yuan in the first half of 2025 [3]. Group 2: Capacity Adjustments - Juneyao Airlines reduced domestic flight capacity by 9.76% while increasing international flight capacity by 65.55% in the first half of 2025 [3][4]. - Domestic passenger turnover decreased by 7.9%, whereas international passenger turnover increased by 68.33% [3]. Group 3: Operational Efficiency - The airline operates a fleet of 130 aircraft with an average age of 7.61 years, achieving a daily utilization rate of over 9 hours [5]. - The B787 series aircraft had a daily utilization rate of 14.75 hours, an increase of 2.98 hours compared to the previous year [5]. - The younger fleet contributes to lower failure rates and higher attendance rates, significantly enhancing operational efficiency and reducing maintenance costs [6]. Group 4: Market Challenges - In July 2025, Juneyao Airlines experienced a 2.98% year-on-year decline in passenger capacity and a 3.16% decrease in passenger turnover [7]. - The average ticket price during the summer travel season was 788 yuan, down 3.6% year-on-year [7]. - The airline faces challenges such as declining operational data, falling ticket prices, intensified market competition, macroeconomic fluctuations, and changes in fuel prices [7].