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 Viewpoint - 吉祥航空 is facing significant operational challenges due to the ongoing maintenance of its Airbus A320neo aircraft, primarily caused by quality defects in the Pratt & Whitney PW1100G engines, which are expected to last until 2026 [2][3][10] Financial Performance - For the first three quarters, 吉祥航空 reported a revenue of 17.48 billion yuan, a slight decrease of 0.06% year-on-year, and a net profit attributable to shareholders of 1.089 billion yuan, down 14.28% year-on-year [2][10] - The company’s cash flow situation is deteriorating, with long-term borrowings increasing by 46.58% year-on-year, indicating potential short-term cash flow pressures [2][10] Operational Impact - The maintenance of engines has led to a reduction in domestic capacity, with overall capacity down by 1.4% year-on-year and domestic capacity down by 6.9% [5][10] - As of October 31, 2025, 吉祥航空 has 20 A320neo aircraft grounded for engine repairs, which constitutes about 20% of its fleet [5][10] Maintenance Challenges - The initial estimate for engine repairs was 60 days per engine, but this has been revised to potentially 300 days, indicating a longer-than-expected maintenance period [4][10] - The company is currently not planning to introduce new aircraft and is focusing on expediting engine repairs to restore domestic capacity [2][10] Strategic Adjustments - In response to the operational challenges, 吉祥航空 has increased its international capacity, with international routes seeing a year-on-year growth of 16% in the third quarter [7][10] - The company has added 123 new international routes in the first half of 2025, with international passenger transport volume increasing by 28.5% year-on-year [7][10] Market Positioning - 吉祥航空 is facing intense competition from high-speed rail and other airlines, particularly in its main bases of Shanghai and Guangzhou [7][10] - The company remains optimistic about its core market pricing fundamentals and plans to continue optimizing its route network, focusing on international routes as a growth area [7][10]

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 - Shanghai Juneyao Airlines Co., Ltd. and its subsidiary, Juneyao Airlines, reported operational data for June 2025, highlighting significant changes in passenger capacity and turnover across domestic, international, and regional routes, with a notable increase in international operations [1][2]. Operational Performance - Domestic passenger capacity decreased by 8.93%, while international capacity increased by 46.92%, and regional capacity fell by 33.98% [1]. - Passenger turnover (measured in revenue passenger kilometers) rose by 4.00% year-on-year, with domestic turnover down by 7.25%, international turnover up by 54.99%, and regional turnover down by 25.35% [1]. - The overall passenger load factor was 86.71%, a decrease of 2.85% year-on-year, with domestic load factor slightly down by 0.30% [1][2]. Capacity Metrics - Available ton kilometers (ATK) for domestic routes was 36,949.93 million ton-kilometers, down 9.72% year-on-year, while international ATK was 19,259.76 million ton-kilometers, up 59.61% [1]. - Available seat kilometers (ASK) totaled 457,549.15 million seat-kilometers, a 1.92% increase, with domestic ASK down by 8.93% and international ASK up by 46.92% [1]. - Revenue ton kilometers (RTK) for domestic routes was 26,414.09 million ton-kilometers, down 6.58%, while international RTK increased by 63.15% to 12,615.84 million ton-kilometers [1][2]. Fleet Information - As of June 30, 2025, the company operated a total of 93 A320 series aircraft and 10 Boeing 787 series aircraft, while its subsidiary Juneyao Airlines operated 27 Boeing 737 series aircraft [3]. - The company introduced one new aircraft in June 2025 and did not retire any aircraft during the same period [3]. New Routes - The company launched several new routes in June 2025, including: - Shanghai Pudong to Yining (7 flights per week) - Shanghai Pudong to Kashgar (7 flights per week) - Shanghai Pudong to Kuala Lumpur (4 flights per week) - Guangzhou to Linyi to Osaka (3 flights per week) - Guangzhou to Hefei to Osaka (4 flights per week) - Ningbo to Manzhouli (3 flights per week) - Wuxi to Hailar (3 flights per week) [1].

Core Viewpoint - The recent performance of Shanghai Airlines shows a mixed trend in operational metrics, with a notable increase in international travel while domestic metrics decline. The company's stock has experienced a slight decrease, and the pledging of shares by the controlling shareholder raises some attention but is deemed manageable. Group 1: Stock Performance - As of June 13, 2025, Shanghai Airlines' stock closed at 13.56 yuan, down 2.02% from the previous week [1] - The stock reached a weekly high of 14.48 yuan on June 10 and a low of 13.4 yuan on June 13 [1] - The current market capitalization is 29.819 billion yuan, ranking 7th in the aviation sector and 490th among A-shares [1] Group 2: Share Pledge Information - The controlling shareholder, Junyao Group, holds 1,020,862,080 shares, representing 46.42% of the total shares, with 81,275,000 shares pledged, accounting for 79.61% of their holdings and 36.96% of total shares [1] - Junyao Group has unpledged and re-pledged 33 million shares, with the pledge set to expire on June 11, 2026, to secure debt obligations [1] - The upcoming six months will see 12,850,000 shares maturing, which is 12.59% of Junyao Group's holdings and 5.84% of the total shares, with a corresponding financing balance of 950 million yuan [1] Group 3: Operational Data - In May 2025, the combined operational data for Shanghai Airlines and its subsidiary, Jiuyuan Airlines, showed a 0.46% year-on-year increase in passenger capacity, with domestic capacity down 11.38% and international capacity up 50.11% [2] - Passenger turnover increased by 4.97% year-on-year, with domestic turnover down 7.61% and international turnover up 66.68% [2] - The passenger load factor was 86.14%, reflecting a 3.70% year-on-year increase [2] - New routes include a round-trip service from Hangzhou to Huizhou to Haikou, operating 7 flights per week [2]

Core Viewpoint - Shanghai Juneyao Airlines Co., Ltd. reported operational data for May 2025, highlighting significant changes in passenger traffic and capacity across domestic, international, and regional routes, with a notable increase in international operations [1][2]. Operational Performance - Domestic passenger capacity decreased by 11.38%, while international capacity increased by 50.11%, and regional capacity fell by 34.91% [1]. - Passenger turnover (measured in revenue passenger kilometers) rose by 4.97% year-on-year, with domestic turnover down by 7.61%, international up by 66.68%, and regional down by 28.46% [1]. - The overall passenger load factor was 86.14%, an increase of 1.46% year-on-year [1]. Capacity Metrics - Available ton kilometers (ATK) for domestic routes decreased by 12.97% to 37,756.43 million ton kilometers, while international routes saw a 64.45% increase to 20,548.55 million ton kilometers [1]. - Available seat kilometers (ASK) for domestic routes fell by 11.38% to 332,689.08 million seat kilometers, while international routes increased by 50.11% to 139,659.43 million seat kilometers [1]. - Available freight ton kilometers (AFTK) for domestic routes decreased by 22.25% to 7,816.48 million ton kilometers, while international routes increased by 91.98% to 7,979.26 million ton kilometers [1]. Fleet Information - As of May 31, 2025, the company operated 93 A320 series aircraft and 9 Boeing 787 series aircraft, while its subsidiary, Juneyao Airlines, operated 27 Boeing 737 series aircraft [3]. - The fleet includes 34 A320 series aircraft purchased, 5 Boeing 787 series aircraft purchased, and 24 A320 series aircraft under financial leasing [3][5].

Core Viewpoint - The Japanese Ministry of Transport has stated that there are currently no plans to ground the Boeing 787 series aircraft following the recent crash incident involving Air India [1] Group 1 - The Japanese Ministry of Transport is monitoring the situation but has not indicated any immediate safety concerns regarding the Boeing 787 series [1]

Core Viewpoint - The Japanese Ministry of Transport has ordered domestic airlines to inspect Boeing 787 series aircraft as a safety measure following an incident involving Air India [1] Group 1 - The inspection directive is a response to a recent crash incident involving Air India, indicating heightened safety concerns within the aviation industry [1] - This action reflects the ongoing scrutiny and regulatory measures that airlines and aircraft manufacturers face in ensuring passenger safety [1]

证券代码：600029 证券简称：南方航空 公告编号：临 2025-004 | 机型 | 自行保有 | 融资租赁 | 经营租赁 | 小计 | | --- | --- | --- | --- | --- | | 空客 350 系列 | 6 | 14 | 0 | 20 | | 空客 330 系列 | 8 | 17 | 2 | 27 | | 空客 320 系列 | 151 | 78 | 141 | 370 | | 波音 787 系列 | 12 | 18 | 10 | 40 | | 波音 777 系列 | 15 | 17 | 0 | 32 | | 波音 737 系列 | 146 | 66 | 177 | 389 | | EMB190 系列 | 1 | 0 | 0 | 1 | | ARJ21 | 7 | 31 | 0 | 38 | | C919 | 0 | 3 | 0 | 3 | | 合计 | 346 | 244 | 330 | 920 | 2025年1月主要运营数据如下： | | 2025 | 年 1 月 | | 2025 年累计 | | | --- | --- | --- | --- | --- | --- | | ...