运力实施“加减法” 吉祥航空盈利提升

Core Viewpoint - The airline industry is experiencing a contraction in domestic capacity by nearly 10%, while international capacity has surged over 60%. Despite challenges, 吉祥航空 has become the first domestic listed airline to achieve both revenue and net profit growth in the first half of 2025 [1][2]. Group 1: Financial Performance - In the first half of 2025, 吉祥航空 reported a slight revenue increase of 1.02% year-on-year, with net profit rising by 3.29% to 505 million yuan [2][5]. - The operating costs of 吉祥航空 increased by 5.65% year-on-year, indicating a growing cost pressure despite revenue growth [2]. - The passenger kilometer yield has been declining, from 0.5 yuan in the first half of 2023 to 0.45 yuan in the first half of 2025 [2]. Group 2: Capacity Adjustments - 吉祥航空 reduced domestic passenger capacity by 9.76% while increasing international passenger capacity by 65.55% in the first half of 2025 [2][3]. - The domestic passenger turnover decreased by 7.9%, whereas international passenger turnover saw a significant increase of 68.33% [2]. Group 3: Operational Efficiency - 吉祥航空 operates a fleet of 130 aircraft with an average age of 7.61 years, achieving a daily utilization rate of over 9 hours [4]. - The B787 series aircraft had a daily utilization rate of 14.75 hours, an increase of 2.98 hours compared to the previous year [4]. - The younger fleet contributes to lower maintenance costs and higher operational efficiency, which helps in cost savings [4]. Group 4: Market Challenges - The airline faces challenges such as declining operational data, falling ticket prices, intensified market competition, macroeconomic fluctuations, and changes in fuel prices [5]. - In July 2025, 吉祥航空 reported a 2.98% decrease in passenger capacity and a 3.16% drop in passenger turnover [4].