吉祥航空（603885.SH）2025 年中报点评 负债端稳步改善，双轮战略布局渐入红利释放期 2025 年 08 月 26 日 ➢ 2025 年 8 月 22 日公司发布 2025 年中报：2025H1 公司营业收入 111 亿元， 同比+1.0%，归母净利润 5.1 亿元，同比+3.3%，扣非归母净利润 4.1 亿元，同比- 14.3%；2Q25 公司营业收入 53.4 亿元，同比+2.1%，归母净利 1.6 亿元，同比+36%， 扣非归母净亏 1.45 亿元，同比+41%。2025Q2 国内线价格同比降幅收窄，我们测 算公司整体客收同比下降 2.9%、座收同比基本持平，ASK 同比+2%带动客运收入同 比+2%，油价下降对冲因飞机停场造成的单位非油成本上涨，净利率同比+0.7pct。 ➢ 25Q2 油价下降抵冲飞机停场带来的非油成本上涨，运力集中投在高收益航线 有助于公司客收跑出相对收益。2025H1 公司整体机队在册和可用利用率相差 18%， 普惠发动机送修造成 A320 机型在册和可用利用率相差 28%，是拖累公司利用率主 因。利用率差异导致 1）成本端：25Q2 国内航油出厂价同比-17%，公司单 ...

Core Insights - The Chinese liquor industry is undergoing a structural adjustment, with increasing competition among famous liquor brands, shifting focus from market scale to product strength, brand power, and system capabilities [1] - Xifeng Liquor, one of the "Four Great Famous Liquors," has transitioned to a self-controlled brand value strategy since eliminating OEM products in June 2021, marking a significant turning point in its brand development [1][15] - By 2025, Xifeng's product matrix centered around Hong Xifeng has been fully established, reflecting a strategic shift from "diversified development" to "focused brand strategy" [1][15] Product Matrix Reconstruction - Xifeng's product strategy is structured around three tiers: high-end, mid-range, and mass-market, with each tier designed and produced by the company [3] - The Hong Xifeng series, priced at 1499 yuan and the Five-Star Hong Xifeng at 3980 yuan, competes with top brands like Moutai and Wuliangye in the high-end market [3][5] - The mid-range offerings, such as Hong Xifeng 1978 priced at 588 yuan, cater to the evolving consumer demand, while the Old Green Bottle series serves as the mass-market foundation [5][6] High-End Strategy - Xifeng's high-end strategy involves leveraging Hong Xifeng to penetrate premium market segments while using mass products to solidify its market base [6] - The "1257" strategy encompasses a comprehensive restructuring of product, market, team, and channel capabilities, leading to significant brand value growth and product structure optimization [6][15] - Cultural initiatives, such as collaborations with the Shaanxi History Museum and participation in major events, enhance brand recognition and position Xifeng as a representative of national culture [9] National Expansion Strategy - Xifeng is expanding its national footprint through a tiered market approach, focusing on base, highland, and opportunity markets [10][11] - The company is enhancing its channel strategies through collaborative mechanisms with distributors, ensuring a win-win ecosystem while maintaining market order [13] - Initial international expansion efforts have led to product exports to over 30 countries, establishing brand presence in cities like New York, Paris, and Tokyo [13] Overall Development - The dual strategy of high-end and national expansion is fostering a stable growth trajectory for Xifeng's brand value and market structure [15] - The transition from a product-diversified approach to a focused brand matrix is a key milestone, with the cessation of OEM products in 2021 marking the start of this transformation [15] - With the full operation of smart factories and replication of successful market experiences, Xifeng aims to accelerate its return to the ranks of top liquor brands [15]