长江商报消息 ●长江商报记者 江楚雅 吉祥航空大手笔购买空客飞机扩张运力。 12月29日，吉祥航空（603885.SH）发布公告称，公司拟与空客公司签订《飞机购买协议》，斥资41亿 美元购入25架空客A320系列飞机。这批飞机将在获得国家批准认可后，于2028年至2032年期间分批交 付，此举将有效扩大吉祥航空的运载能力，为其国际化战略落地提供坚实的运力支撑。 在大手笔采购飞机的背后，是吉祥航空正面临业绩增长压力。报告显示，公司2025年前三季度营业收入 为174.80亿元，同比下降0.06%；归母净利润为10.89亿元，同比下降14.28%。业绩下滑主要是发动机维 修导致国内运力减少，以及维修费用增加所致。 在此背景下，吉祥航空加速战略转型，加快推进国际化战略，以突围市场困局。2025年10月26日起，吉 祥航空全面执行冬春航季航班计划，通过新增并加密多条国内外航线，优化航线网络布局。 大手笔采购锁定25架空客飞机 从吉祥航空现有机队规模来看，截至2025年上半年底，公司拥有93架空客A320系列飞机、10架波音 B787系列飞机，子公司九元航空实际运营27架波音737系列飞机。此前受A320发动机问题及飞 ...

Core Viewpoint - The performance of Juneyao Airlines has significantly declined due to the ongoing maintenance of the PW1100G engines, which has led to a reduction in domestic capacity and increased maintenance costs. The company anticipates that engine repairs will conclude by 2026, but current progress suggests this timeline may be overly optimistic [2][4][8]. Financial Performance - For the first three quarters, Juneyao Airlines reported a revenue of 17.48 billion yuan, a slight decrease of 0.06% year-on-year. The net profit attributable to shareholders was 1.089 billion yuan, down 14.28% year-on-year, while the net profit excluding non-recurring items was 976 million yuan, reflecting a decline of 17.90% [2][4]. - The company's cash flow situation has worsened, with long-term borrowings increasing by 46.58% year-on-year, indicating potential short-term cash flow pressures [3][13]. Operational Challenges - The decline in performance is attributed to engine maintenance, which has reduced domestic capacity and increased repair costs. The PW1100G engines, which power a significant portion of the A320neo fleet, require extensive checks and repairs due to quality defects identified by the manufacturer, RTX [4][6]. - As of October 31, 2025, Juneyao Airlines had 20 A320neo aircraft grounded for engine repairs, representing about 20% of its fleet, which has led to a 1.4% decline in overall capacity and a 6.9% drop in domestic capacity year-on-year [7][8]. Strategic Adjustments - In response to capacity constraints, Juneyao Airlines has increased its international flight offerings, with international capacity growing by 16% year-on-year in the third quarter. The airline has added 123 international routes in the first half of 2025, resulting in a 28.5% increase in international passenger transport volume [10][12]. - The company plans to continue expanding its international routes, particularly focusing on European destinations, while maintaining confidence in its core domestic market [10][12]. Market Position - Juneyao Airlines faces intense competition from high-speed rail and other market players, particularly in its main bases of Shanghai and Guangzhou. The airline's strategy includes optimizing its route network and enhancing its international presence to mitigate domestic performance challenges [9][10].

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 continue until 2026 [2][4][8]. 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][4]. - 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 [3][12]. Operational Challenges - The maintenance of the engines has led to a reduction in domestic capacity, with a reported 6.9% decline in domestic capacity year-on-year for Q3 2025 [7][10]. - As of October 31, 2025, 吉祥航空 had 20 A320neo aircraft grounded for engine repairs, which constitutes about 20% of its fleet [6][7]. Strategic Adjustments - In response to the capacity constraints, 吉祥航空 has increased its international flight offerings, with a 16% year-on-year growth in international capacity for Q3 2025 [10]. - The airline plans to continue expanding its international routes, particularly focusing on European destinations, as part of its strategy to mitigate the impact of domestic capacity limitations [10][11]. Market Position - 吉祥航空 operates primarily in a competitive environment, facing challenges from both high-speed rail and other airlines, particularly in its main bases of Shanghai and Guangzhou [9][12]. - Despite the challenges, the airline remains optimistic about its core market and aims to optimize its route network to enhance profitability [10][12].

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]