JUNEYAOAIR(SH:603885) Shen Zhen Shang Bao·2026-02-21 08:14Core Viewpoint - 吉祥航空's operational data for January 2026 shows a decline in passenger capacity and turnover, indicating challenges in the airline's performance despite a slight increase in seat occupancy rate [1] Group 1: Operational Performance - In January 2026, the company's passenger capacity decreased by 7.84% year-on-year, with domestic, international, and regional routes showing declines of 3.49%, 16.09%, and 39.44% respectively [1] - Passenger turnover fell by 6.04% year-on-year, with domestic, international, and regional routes experiencing declines of 1.51%, 16.01%, and 35.70% respectively [1] - The seat occupancy rate was 84.03%, an increase of 1.61% year-on-year, with domestic, international, and regional routes showing increases of 1.76%, 0.07%, and 4.99% respectively [1] Group 2: Aircraft Fleet - As of January 31, 2026, the company operated 93 A320 series aircraft, including 27 A321s, 22 A320neos, and 14 A321neos, along with 10 Boeing 787 series aircraft [1] - The subsidiary, 九元航空, operated 26 Boeing 737 series aircraft [1] Group 3: Stock Performance and Shareholder Actions - 吉祥航空's stock price has been underperforming since its listing in May 2015, fluctuating between 9 to 15 yuan, with the latest price at 13.93 yuan, significantly lower than its initial peak [1] - The controlling shareholder, 均瑶集团, reduced its stake from 46.74% to 44.74% through block trades and further to 44.35% through competitive bidding, indicating a trend of share reduction [2] - The second-largest shareholder, 东航产投, also reduced its holdings, decreasing from 13.35% to 12.00% over several transactions [3] Group 4: Financial Performance - After a challenging period from 2020 to 2022, 吉祥航空's performance improved in 2023 and 2024, achieving record revenue and returning to profitability, although not reaching pre-2019 levels [3] - In the first three quarters of 2025, the company reported revenue of 17.48 billion yuan, a slight decline of 0.06% year-on-year, and a net profit of 1.089 billion yuan, down 14.28% year-on-year [3]