来源：瑞恩资本RyanbenCapital | 8.60 万球友关注 | | --- | | 休市 09-30 15:00:00 北京时间 | | 最高:53.80 | 今开:53.58 | 涨停:58.96 | 成交量:71495手 | | --- | --- | --- | --- | | 最低:52.72 | 昨收:53.60 | 跌停: 48.24 | 成交额:3.80亿 | | 量比: 1.30 | 换手:0.73% | 市盈率(动):22.39 | 市盈率(TTM): 25.14 | | 委比:49.71% | 振幅:2.01% | 市盈率(静):23.02 | 市净率:2.98 | | 每股收益:2.13 | 股息(TTM):0.82 | 总股本:9.78亿 | 总市值:523.21亿 | | 每股净资产:17.92 | 股息率(TTM): 1.53% | 流通股:9.78亿 | 流通值: 523.21亿 | | 52周最高:66.61 | 52周最低: 47.48 | 注册制:否 | 货币单位:CNY | 内地廉航春秋航空(601021.SH)据报正考虑明年赴香港上市。 彭博引述知情人士透露， ...

截至6月30日，春秋航空股东户数2.10万，较上期减少7.43%；人均流通股46551股，较上期增加8.02%。 2025年1月-6月，春秋航空实现营业收入103.04亿元，同比增长4.35%；归母净利润11.69亿元，同比减少 14.11%。 分红方面，春秋航空A股上市后累计派现24.12亿元。近三年，累计派现14.82亿元。 机构持仓方面，截止2025年6月30日，春秋航空十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股2271.30万股，相比上期增加54.55万股。华泰柏瑞沪深300ETF（510300）位居第八大流通 股东，持股871.18万股，相比上期增加77.25万股。工银可转债债券（003401）位居第九大流通股东，持 股845.71万股，为新进股东。易方达沪深300ETF（510310）位居第十大流通股东，持股620.81万股，相 比上期增加61.83万股。广发睿毅领先混合A（005233）退出十大流通股东之列。 责任编辑：小浪快报 9月26日，春秋航空盘中上涨2.01%，截至13:19，报53.71元/股，成交2.00亿元，换手率0.39%，总市值 525.46亿元。 资金流向 ...

Core Viewpoint - The financial performance and trading activity of Juneyao Airlines indicate a stable yet cautious market environment, with notable figures in both financing and stockholder dynamics [1][2]. Financing Activity - On September 25, Juneyao Airlines had a financing buy amount of 9.40 million yuan, with a net financing buy of -1.08 million yuan, indicating a slight outflow [1]. - The total financing and securities balance reached 145 million yuan, with the financing balance at 140 million yuan, accounting for 0.48% of the circulating market value, which is above the 60th percentile of the past year [1]. - In terms of securities lending, 15,500 shares were repaid, while 24,600 shares were sold, resulting in a selling amount of 329,600 yuan, with a securities lending balance of 5.07 million yuan, exceeding the 70th percentile of the past year [1]. Financial Performance - For the first half of 2025, Juneyao Airlines reported an operating income of 11.07 billion yuan, reflecting a year-on-year growth of 1.02%, and a net profit attributable to shareholders of 505 million yuan, up by 3.29% [2]. - Since its A-share listing, Juneyao Airlines has distributed a total of 2.35 billion yuan in dividends, with 565 million yuan distributed over the past three years [2]. Shareholder Dynamics - As of June 30, 2025, the number of shareholders for Juneyao Airlines was 23,700, a decrease of 2.13% from the previous period, while the average circulating shares per person increased by 2.17% to 92,640 shares [2]. - The top ten circulating shareholders include notable funds, with the third-largest being the Xingquan Commercial Model Mixed Fund holding 39.28 million shares, a decrease of 1.42 million shares from the previous period [2].

9月15日，华夏航空公告，公司拟以集中竞价交易方式回购股份。回购金额不低于8000万元且不超过1.6 亿元；回购价格不超13.54元/股。资金来源为自有资金、自筹资金，回购期限为6个月内。 分红方面，华夏航空A股上市后累计派现2.09亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，华夏航空十大流通股东中，中庚价值先锋股票（012930）位居第 六大流通股东，持股4225.32万股，相比上期减少920.25万股。广发价值领先混合A（008099）位居第七 大流通股东，持股2865.11万股，持股数量较上期不变。广发睿毅领先混合A（005233）位居第八大流通 股东，持股2277.09万股，持股数量较上期不变。中庚价值领航混合（006551）位居第九大流通股东， 持股1865.30万股，相比上期增加187.42万股。中庚小盘价值股票（007130）位居第十大流通股东，持股 1721.52万股，相比上期减少371.40万股。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考， ...

Core Viewpoint - 吉祥航空's stock price has shown fluctuations, with a recent increase of 2.10% on September 12, 2023, reaching 13.12 CNY per share, while the company has experienced a year-to-date decline of 3.54% [1] Financial Performance - For the first half of 2025, 吉祥航空 reported a revenue of 11.067 billion CNY, representing a year-on-year growth of 1.02%, and a net profit attributable to shareholders of 505 million CNY, up 3.29% from the previous year [2] - Since its A-share listing, 吉祥航空 has distributed a total of 2.35 billion CNY in dividends, with 565 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, 吉祥航空 had 23,700 shareholders, a decrease of 2.13% from the previous period, with an average of 92,640 circulating shares per shareholder, an increase of 2.17% [2] - The top ten circulating shareholders include notable funds, with 兴全商业模式混合(LOF)A holding 39.2774 million shares, a decrease of 1.4192 million shares from the previous period [3]

Core Viewpoint - Spring Airlines reported a net profit of 1,168,631,539 yuan for the first half of 2025, a decrease of 14.11% compared to the same period last year, despite an increase in total revenue [1][3][17] Financial Performance - The company achieved total operating revenue of 10,304,467,333 yuan, up 4.35% year-on-year [3][17] - Total profit for the period was 1,542,895,172 yuan, reflecting a 2.59% increase from the previous year [3][17] - The net profit attributable to shareholders decreased by 14.11% compared to the previous year [3][17] - The basic earnings per share were 1.20 yuan, down 13.67% from 1.39 yuan in the same period last year [3][17] Operational Metrics - The company operated a fleet of 133 A320 series aircraft, making it one of the largest private airlines in China in terms of passenger volume and turnover [4] - The total passenger transport volume reached 1,521.89 million, an increase of 9.45% year-on-year [15] - The average passenger load factor was 90.52%, a slight decrease of 0.79 percentage points compared to the previous year [15] Industry Context - The global aviation industry is expected to see a 5.8% increase in passenger traffic in 2025, although this is a slowdown from the previous year's growth [5][6] - The average load factor for the industry is projected to reach a historical peak of 84% in 2025, up 0.5 percentage points from 2024 [5][6] - The low-cost airline sector has been growing, with Spring Airlines being a key player in the Chinese market, which currently holds a 12.9% share of domestic routes [7][8] Safety and Compliance - The company maintained a safety record with zero major accidents reported during the first half of 2025, emphasizing its commitment to safety management [18][19] - Safety-related expenditures amounted to 231,497 million yuan, reflecting the company's focus on maintaining high safety standards [18][19] Future Outlook - The aviation industry is expected to continue its recovery, driven by increasing demand for air travel, particularly in emerging markets [6][11] - The company is well-positioned to capitalize on the growing demand for low-cost travel, supported by favorable government policies promoting the development of the private aviation sector [17]

Core Viewpoint - Spring Airlines reported a revenue of 10.304 billion yuan for the first half of 2025, marking a year-on-year increase of 4.35%, while the net profit attributable to shareholders decreased by 14.11% to 1.169 billion yuan [1][2]. Financial Performance - The total revenue for the first half of 2025 was 10.304 billion yuan, up 4.35% from 9.875 billion yuan in the same period last year [2]. - The total profit amounted to approximately 1.543 billion yuan, reflecting a 2.59% increase compared to 1.504 billion yuan in the previous year [2]. - The net profit attributable to shareholders was 1.169 billion yuan, down 14.11% from 1.361 billion yuan year-on-year [2]. - The net profit after deducting non-recurring gains and losses was 1.149 billion yuan, a decrease of 15.25% from 1.355 billion yuan [2]. - The net cash flow from operating activities was 2.790 billion yuan, down 13.15% from 3.213 billion yuan [2]. - As of the end of the reporting period, the net assets attributable to shareholders were 17.528 billion yuan, an increase of 0.85% from 17.381 billion yuan at the end of the previous year [2]. - The total assets reached 46.235 billion yuan, up 5.47% from 43.835 billion yuan [2]. Company Overview - Spring Airlines, established in 2005, is one of the first private airlines in China, focusing on a low-cost business model and providing domestic and international passenger and cargo transportation services [3]. - As of June 2025, the company operated 192 domestic routes, 55 international routes to Northeast Asia and Southeast Asia, and 4 routes to Hong Kong, Macau, and Taiwan [3]. - The airline has a fleet of 133 A320 series aircraft, making it one of the largest private airlines in terms of domestic routes and passenger volume [3]. - The company has over 98.13 million registered members, reflecting an 8.1% growth compared to the end of the previous year [3]. - E-commerce direct sales accounted for 99.7% of the sales channels, excluding charter and seat booking services [3].

Core Viewpoint - Juneyao Airlines reported a slight increase in revenue and net profit for the first half of 2025, indicating stable growth in a recovering aviation market [2][3]. Financial Performance - Total revenue for the first half of 2025 reached CNY 11,067,182,245.21, a 1.02% increase from CNY 10,955,544,969.83 in the same period last year [3]. - Net profit attributable to shareholders was CNY 505,492,241.40, up 3.29% from CNY 489,368,021.54 [3]. - The total profit for the period was CNY 682,170,954.67, reflecting a 5.01% increase from CNY 649,612,013.81 [3]. - The net cash flow from operating activities was CNY 3,107,313,900.87, a 13.90% increase compared to CNY 2,728,204,359.73 [3]. Operational Metrics - The company operated a fleet of 130 aircraft with an average age of 7.61 years, focusing on efficiency and cost control [6][16]. - Passenger traffic reached 13,590.45 thousand, with international passenger numbers increasing by 45.91% [6][7]. - The overall load factor improved to 68.48%, up 1.43 percentage points from the previous year [7]. Market Position and Strategy - Juneyao Airlines focuses on high-value and efficient route networks, primarily based in the Yangtze River Delta and Pearl River Delta regions [5][12]. - The company aims to enhance its international market presence, leveraging Shanghai's strategic location as a key hub [12][14]. - The operational model emphasizes a main operating base strategy, optimizing resource allocation and reducing costs [5][6]. Industry Context - The aviation industry in China showed robust growth, with a 6% increase in passenger transport and a 14.6% increase in cargo transport in the first half of 2025 [4]. - The overall air transport sector completed a total turnover of 783.5 billion ton-kilometers, marking a new high [4]. - The international passenger transport volume increased by 28.5%, reflecting a strong recovery in international travel [4].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [1][5]. Core Views - China Southern Airlines has the largest fleet size in the country and leads in passenger capacity among domestic airlines. The growth rate of China's civil aviation fleet is showing a "step-down" trend, while the ongoing recovery in the tourism market is expected to boost air travel demand. The average price of aviation kerosene has decreased compared to the same period last year, which is beneficial for enhancing the company's profitability [1][5][8]. Company Overview - China Southern Airlines is the leading air transport service provider in China, with a well-established fleet and a focus on building dual hubs in Guangzhou and Beijing. The company has maintained the highest passenger transport volume among domestic airlines for 44 consecutive years. The airline operates a diverse fleet, including Boeing and Airbus models, and has a significant market share in terms of flight frequency and route network [16][24][25]. Financial Data - The company's total revenue for 2024 reached approximately 174.22 billion RMB, marking a 8.94% year-on-year increase, and is the highest in nearly a decade. The company has experienced continuous losses for four years since the pandemic, but the financial performance is showing signs of recovery, with a significant increase in revenue in 2023 [39][41][43]. Industry Overview - The aviation industry in China has seen a 172.8% growth in passenger transport over the past 15 years, with a gradual marketization of air ticket pricing. The three major airlines (Air China, China Eastern Airlines, and China Southern Airlines) account for over 62.64% of the total transport turnover in the market. The domestic passenger transport volume is expected to reach 730 million in 2024, a year-on-year increase of 17.86% [47][48][49].

Core Insights - Spring Airlines' stock price as of August 18, 2025, is reported at 52.81 yuan, reflecting a slight decrease of 0.02 yuan from the previous trading day [1] - The company operates as a low-cost airline based in Shanghai, focusing on domestic and international passenger and cargo transport services [1] - As of the end of July 2025, Spring Airlines operates a fleet of 134 Airbus A320 aircraft [1] Operational Performance - In July 2025, Spring Airlines' passenger capacity increased by 10.41% year-on-year, while passenger turnover rose by 8.6%, achieving a seat occupancy rate of 91.86% [1] - The airline expanded its route network by adding new routes, including flights from Pudong to Hanoi and Ningbo to Hanoi [1] - The available ton-kilometers for July reached 611 million ton-kilometers, marking a year-on-year growth of 20.32% [1] Financial Flow - On August 18, 2025, Spring Airlines experienced a net outflow of 362,100 yuan in principal funds, with a cumulative net outflow of 4.44 million yuan over the past five days [2]