上海吉祥航空股份有限公司 2026 年 1 月主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海吉祥航空股份有限公司（以下简称"吉祥航空"或"公司"）及所属子 公司九元航空有限公司（以下简称"九元航空"）2026 年 1 月份合并主要运营 数据： （一）运营情况 2026 年 1 月，公司客运运力投入（按可用座位公里计）同比下降 7.84%，其 中国内、国际和地区航线客运运力投入同比变动分别为-3.49%、-16.09%和 -39.44%；旅客周转量（按收入客公里计）同比下降 6.04%，其中国内、国际和 地区航线旅客周转量同比变动分别为-1.51%、-16.01%和-35.70%；客座率为 84.03%，同比上升 1.61%，其中国内、国际和地区航线客座率同比变动分别为 1.76%、0.07%和 4.99%。 2026 年 1 月，公司国内客运运力投入（按可用座位公里计）较上月环比上 升 8.94%，国内旅客周转量（按收入客公里计）环比上升 9.40%，国内航线客座 率环比上升 0.37%。国际客运运力投 ...

Core Viewpoint - The company, 吉祥航空, reported a slight increase in passenger capacity and passenger turnover for December 2025, with varying performance across domestic, international, and regional routes [1] Group 1: Passenger Capacity and Turnover - The company's passenger capacity (measured in available seat kilometers) increased by 0.21% year-on-year, with domestic, international, and regional routes showing changes of -1.93%, 6.03%, and -20.22% respectively [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 2.02% year-on-year, with domestic, international, and regional routes experiencing changes of 0.85%, 5.77%, and -15.90% respectively [1] - The overall passenger load factor was 83.93%, an increase of 1.49% year-on-year, with domestic, international, and regional routes showing changes of 2.40%, -0.19%, and 4.52% respectively [1] Group 2: Month-on-Month Performance - Domestic passenger capacity (available seat kilometers) increased by 6.47% month-on-month, while domestic passenger turnover (revenue passenger kilometers) rose by 6.49% month-on-month [1] - The domestic route load factor increased by 0.01% month-on-month [1] - International passenger capacity (available seat kilometers) increased by 10.49% month-on-month, while international passenger turnover (revenue passenger kilometers) rose by 4.30% month-on-month [1] - The international route load factor decreased by 4.55% month-on-month [1] Group 3: Fleet Information - As of December 31, 2025, the company operated 93 A320 series aircraft, including 27 A321 models, 22 A320neo models, and 14 A321neo models, along with 10 Boeing 787 series aircraft [2] - The subsidiary, 九元航空, operated 26 Boeing 737 series aircraft [2]

Core Viewpoint - 吉祥航空 is making a significant investment in expanding its fleet by purchasing 25 Airbus A320 aircraft for $4.1 billion, aiming to enhance its operational capacity and support its internationalization strategy amid declining performance metrics [1][2]. Group 1: Aircraft Purchase Details - The company plans to finance the aircraft purchase through a combination of self-funding, bank loans, and other financing methods, utilizing a flexible payment model [2]. - Airbus is providing substantial price discounts on the aircraft, resulting in a final transaction price significantly lower than the basic price [2]. - The delivery of the aircraft is scheduled to occur in phases between 2028 and 2032, contingent upon national approval [1][2]. Group 2: Performance Challenges - In the first three quarters of 2025, 吉祥航空 reported a slight decline in revenue to 17.48 billion yuan, down 0.06% year-on-year, and a net profit drop of 14.28% to 1.089 billion yuan [1][4]. - The decline in performance is attributed to reduced domestic capacity due to engine maintenance issues and increased repair costs [1][4]. - The company experienced a more pronounced revenue drop in Q3 2025, with a 1.88% decrease to 6.413 billion yuan and a 25.29% decline in net profit to 584 million yuan [4]. Group 3: Strategic Initiatives - To counteract the performance decline, 吉祥航空 is accelerating its internationalization strategy by optimizing its route network and increasing the frequency of both domestic and international flights starting October 26, 2025 [1][5]. - The company is focusing on expanding its international routes, particularly in regions aligned with the Belt and Road Initiative, and enhancing flight frequencies to popular destinations [5][6]. - Domestic route expansions include new connections and the resumption of seasonal routes to boost tourism and regional connectivity [6].

Operational Performance - In October 2025, the company's passenger capacity (measured in available seat kilometers) decreased by 0.81% year-on-year, with domestic, international, and regional routes showing changes of -6.88%, 18.29%, and -34.55% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) increased by 1.51% year-on-year, with domestic, international, and regional routes showing changes of -6.18%, 30.57%, and -30.26% respectively [1] - The passenger load factor was 87.16%, an increase of 1.99% year-on-year, with domestic, international, and regional routes showing changes of 0.68%, 7.55%, and 5.38% respectively [1] Monthly Comparison - In October 2025, domestic passenger capacity (measured in available seat kilometers) increased by 4.69% month-on-month, while domestic passenger turnover (measured in revenue passenger kilometers) rose by 6.01% month-on-month [2] - International passenger capacity (measured in available seat kilometers) increased by 1.99% month-on-month, and international passenger turnover (measured in revenue passenger kilometers) rose by 3.10% month-on-month [2] - The domestic load factor increased by 1.12% month-on-month, while the international load factor rose by 0.86% month-on-month [2] New Routes - In October 2025, the company added several new scheduled routes, including: - Round-trip route from Pudong to Yueyang (4 flights per week) - Round-trip route from Yueyang to Chengdu Tianfu (4 flights per week) - Round-trip route from Wuxi to Huizhou to Haikou (7 flights per week) - Round-trip route from Lijiang to Nanjing to Xi'an (7 flights per week) - Round-trip route from Linfen to Nanjing to Zhuhai (7 flights per week) - Round-trip route from Taiyuan to Nanjing to Xiamen (7 flights per week) - Round-trip route from Xi'an to Nanjing to Huizhou (7 flights per week) [3] - The subsidiary, Jiuyuan Airlines, also added new scheduled routes, including: - Round-trip route from Guangzhou to Chizhou to Shenyang (3 flights per week) - Round-trip route from Guangzhou to Hanzhong (3 flights per week) - Round-trip route from Guiyang to Changzhou (4 flights per week) - Round-trip route from Wuhan to Jiayuguan (3 flights per week) - Round-trip route from Wuhan to Changchun (4 flights per week) - Round-trip route from Zhengzhou to Chifeng (7 flights per week) - Round-trip route from Xishuangbanna to Hengyang to Nantong (3 flights per week) [3] Fleet Information - In October 2025, the company introduced 0 new aircraft and retired 1 aircraft [4] - As of October 31, 2025, the company operated 93 A320 series aircraft (including 27 A321 models, 22 A320neo models, and 14 A321neo models) and 10 Boeing 787 series aircraft [4] - Jiuyuan Airlines operated 26 Boeing 737 series aircraft [4]

Core Points - Airbus has launched its second A320 assembly line in Tianjin, China, with full operations expected by early 2026, indicating a commitment to expanding its local supply chain despite geopolitical challenges [1][3] - The new assembly line will double Airbus's production capacity in China, contributing to the anticipated demand for 9,500 aircraft in the Chinese market over the next 20 years, which represents about 20% of global demand [3][4] - The A320 series has surpassed the Boeing 737 in total deliveries, becoming the best-selling commercial aircraft, despite being launched 20 years later [3] Summary by Sections Production Capacity - The second assembly line in Tianjin will enhance Airbus's production capacity, allowing for a total of 10 assembly lines globally, with 2 located in Tianjin [3] - The new facility will utilize the latest technology and processes, adhering to Airbus's highest global standards [3] Market Demand - The Chinese aviation market is experiencing continuous growth, with a projected demand for 9,500 aircraft over the next two decades [3] - By the end of this year, Airbus's total assembly volume in China is expected to exceed 800 aircraft [3] Geopolitical Context - Airbus acknowledges the complexities of the current global landscape, including trends of de-globalization, and emphasizes the importance of reliable partnerships [4] - The establishment of the Tianjin assembly line is seen as a strategic move to strengthen Airbus's resilience against external challenges [4]

Core Viewpoint - 吉祥航空 celebrates its 19th anniversary, highlighting its growth as a mid-to-large airline with a passenger transport volume nearing 30 million annually and a fleet size of 130 aircraft, including its subsidiary, 九元航空 [1] Group 1: Company Growth and Strategy - Since its inaugural flight in September 2006, 吉祥航空 has adopted the "HVC high-value airline" strategy, leading to a cumulative passenger count exceeding 190 million and a route network covering major cities in Asia, Europe, and Oceania [1] - The company has developed a differentiated growth pattern through a "dual brand, dual model" strategy, with its main brand focusing on full-service operations and expanding intercontinental routes, while its subsidiary 九元航空 operates on a low-cost model targeting Southeast and Northeast Asia [6] Group 2: Fleet and Operations - 吉祥航空's total flight mileage has reached 1.54 billion kilometers, with its own fleet consisting of 103 aircraft, including 93 Airbus A320 series and 10 Boeing 787-9 Dreamliners, while 九元航空 operates 27 Boeing 737 series aircraft [6] - The airline is increasing capacity on popular routes in response to the upcoming National Day and Mid-Autumn Festival travel peaks, focusing on long-haul destinations in Northwest China and short-haul tourist routes [11] Group 3: Customer Engagement and Innovations - To celebrate its anniversary, 吉祥航空 has launched various online and offline interactive activities, including the introduction of smart robots in its "似锦" international VIP lounge and a "Flying Frenzy Race" with rewards [11] - The airline is enhancing passenger engagement by offering incentives such as 190,000 loyalty points and discount coupons [11]

Core Insights - The company is increasing capacity to meet the peak travel demand during the upcoming National Day and Mid-Autumn Festival holidays [1] - The airline is focusing on enhancing flight frequency for long-haul popular routes such as Xinjiang and Northwest circular routes, as well as short to medium-haul tourist routes like Zhangjiajie and Guilin [1] - The airline's operational fleet consists of 103 aircraft, including 93 Airbus A320 series and 10 Boeing 787-9 Dreamliners, while its subsidiary, Juneyao Airlines, operates 27 Boeing 737 series aircraft [1] Capacity Expansion - The company is dynamically increasing flights in regions with concentrated family visit traffic, particularly in Southwest and Northeast China [1] - Domestic routes such as Shanghai to Hailar and Nanjing to Kunming are experiencing heightened demand, alongside international routes like Shanghai Pudong to Athens and Nanjing to Jeju [1] Company Milestones - The airline has celebrated its 19th anniversary and has cumulatively transported over 190 million passengers [1] - The total flight distance covered by the airline and its subsidiary has reached 15.4 billion kilometers [1] - The airline's route network spans major cities across Asia, Europe, and Oceania [1]

Core Insights - The company reported a 2.66% year-on-year decrease in passenger capacity for August 2025, with domestic, international, and regional routes showing changes of -6.77%, 13.68%, and -54.18% respectively [1] - Passenger turnover decreased by 1.91% year-on-year, with domestic, international, and regional routes experiencing changes of -7.06%, 20.44%, and -52.31% respectively [1] - The passenger load factor increased by 0.69% year-on-year to 88.96%, with domestic, international, and regional routes showing changes of -0.28%, 4.73%, and 3.55% respectively [1] Domestic Operations - Domestic passenger capacity increased by 0.98% month-on-month in August 2025, while domestic passenger turnover rose by 5.67% month-on-month [1] - The domestic load factor improved by 4.02% month-on-month [1] International Operations - International passenger capacity increased by 0.35% month-on-month, with international passenger turnover rising by 6.07% month-on-month [1] - The international load factor improved by 4.54% month-on-month [1] Fleet Information - As of August 31, 2025, the company operates 93 A320 series aircraft, including 27 A321, 22 A320neo, and 14 A321neo models, along with 10 Boeing 787 series aircraft [2] - The subsidiary, Jiuyuan Airlines, operates 27 Boeing 737 series aircraft [2]

Core Viewpoint - Bohai Leasing reported significant revenue growth in the first half of 2025, driven by increased aircraft sales and leasing income, despite a one-time impairment loss from the sale of its container leasing subsidiary [1][2]. Group 1: Financial Performance - In the first half of 2025, Bohai Leasing achieved operating revenue of 28.46 billion yuan, a year-on-year increase of 75.91% [1]. - The net profit attributable to shareholders was -2.02 billion yuan, but adjusted for the impairment loss, the net profit was 1.27 billion yuan, reflecting a year-on-year growth of 77.27% [1]. - The average yield of the fleet improved, with the weighted average annualized rental rate of the Avolon fleet increasing by approximately 70 basis points compared to the same period last year [1]. Group 2: Strategic Transactions - To optimize its debt structure, Bohai Leasing's wholly-owned subsidiary signed an agreement to sell 100% of its container leasing subsidiary GSCL, resulting in an impairment loss of approximately 3.29 billion yuan [2]. - The proceeds from the sale are intended to repay high-interest dollar debts and improve cash flow, which is expected to enhance the company's operational capabilities and future profitability [2]. Group 3: Business Expansion - Bohai Leasing continues to expand its aircraft leasing business, with Avolon signing a procurement agreement with Airbus for 75 A321NEO and 15 A330NEO aircraft, expected to be delivered by the end of 2033 [3]. - Avolon is now the company with the largest number of aircraft orders globally, which will enhance its bargaining power and reduce acquisition costs [3]. - Credit ratings for Avolon were upgraded by Fitch and Moody's, indicating improved financial stability and outlook [3]. Group 4: Fleet Overview - As of June 30, 2025, Bohai Leasing's fleet comprised 1,105 aircraft, including 663 owned and managed aircraft and 442 on order, primarily consisting of Airbus A320 and Boeing 737 models [4]. - The average age of the fleet is 6.6 years, serving 142 airline customers across 60 countries, making it the second-largest aircraft leasing company by fleet size [4].

Group 1: Company Overview - As of August 22, 2025, the stock price of Juneyao Airlines is 12.69 yuan, down 1.01% from the previous trading day [1] - The trading volume on that day was 223,699 lots, with a transaction amount of 283 million yuan [1] - The stock price fluctuated between 12.56 yuan and 12.83 yuan, with an amplitude of 2.11% [1] Group 2: Business Performance - Juneyao Airlines operates in the air transportation industry, focusing on domestic, international, and regional passenger and cargo transport [1] - The company operates Airbus A320 series and Boeing B787 series aircraft, while its subsidiary, Juneyao Airlines, operates Boeing 737 series aircraft [1] - As of the end of the first half of 2025, the fleet size reached 130 aircraft [1] Group 3: Financial Results - For the first half of 2025, Juneyao Airlines reported operating revenue of 11.067 billion yuan, a year-on-year increase of 1.02% [1] - The net profit attributable to shareholders was 505 million yuan, reflecting a year-on-year growth of 3.29% [1] - The international route business showed strong performance, with capacity increasing by nearly 80% and revenue passenger kilometers growing by 68.33% [1] Group 4: Future Plans - During the summer transportation period, the company plans to execute over 4,150 international flight segments, an increase of nearly 4% compared to the same period in 2024 [1] Group 5: Capital Flow - On August 22, 2025, the net outflow of main funds was 3.992 million yuan, with a cumulative net outflow of 54.9637 million yuan over the past five trading days [2]