上海吉祥航空股份有限公司2025 年半年度报告 公司代码：603885 公司简称：吉祥航空 上海吉祥航空股份有限公司 上海吉祥航空股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王均金、主管会计工作负责人于成吉及会计机构负责人（会计主管人员）张言 国声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 报告期内，本公司未拟定半年度利润分配预案或公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 ...

交通运输 | 证券研究报告 — 首次研究报告 2025 年 8 月 22 日 600029.SH 增持 原评级：未有评级 市场价格:人民币 5.76 板块评级:强于大市 本报告要点 南方航空机队规模位居全国首位，载客量 在国内航司中处于领先地位。目前中国民 用机队规模增速呈"下台阶式"趋势,旅游 市场的持续升温则有助于拉动航空出行需 求。首次覆盖，给予公司"增持"评级。 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (9.1) (0.7) (2.9) 1.9 相对上证综指 (22.0) (5.6) (12.0) (26.5) (7%) (0%) 7% 15% 22% 29% Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 南方航空 上证综指 | 发行股数 (百万) | 18,120.92 | | --- | --- | | 流通股 (百万) | 12,673.35 | | 总市值 (人民币 百万) | 104,376.49 | | 3 个月日均交易额 (人民币 百万) ...

根据公司披露的运营数据，2025年7月春秋航空客运运力投入同比增长10.41%，旅客周转量同比增长 8.6%，客座率达91.86%。公司当月新增了浦东至河内、宁波至河内等多条航线，进一步拓展了航线网 络。7月份可用吨公里数达6.11亿吨公里，同比增长20.32%。 资金流向方面，春秋航空8月18日主力资金净流出36.21万元，近五日主力资金累计净流出444.38万元。 截至2025年8月18日15时，春秋航空股价报52.81元，较前一交易日下跌0.02元。当日开盘价为52.95元， 最高触及53.03元，最低下探52.40元，成交量为46933手，成交金额2.48亿元。 春秋航空属于航空机场板块，是一家以上海为运营基地的低成本航空公司。公司主要经营国内、国际及 港澳台航空客货运输业务及与航空运输业务相关的服务。截至2025年7月末，公司共运营134架空客 A320系列飞机。 风险提示：以上内容仅供参考，不构成投资建议。 ...

Core Insights - Baiyun Airport has achieved steady growth in passenger and cargo transportation in the first half of the year, with significant improvements in hub capabilities [1][10] - The airport's international and regional operations have been a key driver of growth, with notable increases in flight and passenger numbers [2][10] Passenger Transportation - In the first half of the year, Baiyun Airport handled 26.6 million flights and 40.036 million passengers, representing year-on-year increases of 7.0% and 9.2% respectively [1] - The airport launched or enhanced 19 international and regional passenger routes, including key destinations in the "Belt and Road" initiative, increasing weekly international flights to over 1,600 [2] - New routes to cities like Almaty and Surabaya have strengthened trade and cultural exchanges, enhancing the airport's influence in Central Asia and Southeast Asia [2] Cargo Transportation - Baiyun Airport achieved a record cargo throughput of over 750,000 tons in the first half of the year, supported by customs and logistics initiatives [3] - New customs measures have streamlined cargo transit processes, improving efficiency and reducing clearance times significantly [3] Summer Transportation - The airport anticipates handling approximately 14.6 million passengers during the summer travel peak, with daily averages of 235,000 passengers and 9.6 million flights [5] - Preparations for the summer peak include safety checks, increased flight frequencies on popular routes, and innovative marketing strategies to boost travel demand [6] Future Outlook - Baiyun Airport is on track to enhance its status as a world-class aviation hub, with upcoming international routes and ongoing expansion projects [10]

Group 1 - HNA Group's subsidiary, Shanxi Airlines, sold 34.7536 million shares of Hu Nong Commercial Bank, accounting for 0.36% of the bank's total share capital, generating approximately 349 million yuan in total proceeds [2] - The original investment cost for the shares was 141 million yuan, resulting in a profit of 208 million yuan from the sale, with an investment return rate of approximately 247% [4] - The sale was authorized by the board of directors and does not constitute a related party transaction or a major asset restructuring as per regulations [2] Group 2 - Hu Nong Commercial Bank's stock price has been on the rise, reaching a three-year high of 10.51 yuan per share in early June 2023, and has increased by 19.14% year-to-date [3] - As of July 11, 2023, the stock closed at 9.95 yuan per share, with a total market capitalization of 959.6 billion yuan [3][4] - The stock's trading volume was 373,000 shares, with a turnover rate of 0.40% on the same day [4] Group 3 - HNA Group faced significant challenges in recent years, reporting a net profit loss of 9.21 billion yuan in 2024, compared to a profit of 3.11 billion yuan in the previous year [5] - The company's total revenue for 2024 was 65.236 billion yuan, reflecting an 11.25% year-on-year increase [5] - As of the first quarter of 2025, the company's revenue was 17.601 billion yuan, with a year-on-year growth of 0.29%, but the net profit decreased by 60.34% [6]

Core Insights - The air transport sector in Xinjiang, China, is experiencing significant growth in both passenger and cargo volumes, particularly on routes to Central Asia, with passenger traffic increasing by 36% and cargo traffic by 200% year-on-year [1][2]. Group 1: Passenger Transport - The number of passengers carried by China Southern Airlines (CSA) on the Xinjiang to Central Asia routes has reached nearly 170,000, marking a 36% increase compared to the previous year [1]. - The flight frequency on the Urumqi-Almaty route has been increased to two flights daily starting June 20, and the Urumqi-Astana route will see an increase to five flights weekly from July 1 [1]. Group 2: Cargo Transport - The cargo volume on the Tashkent route has surged to 12.5 times that of the same period last year, with products like cherries from Dushanbe and honey from Bishkek being transported efficiently within 48 hours to various locations in China [2]. - CSA is continuously optimizing its flight schedules and transfer services to enhance the flow of goods between China and Central Asia, aiming to establish a central hub for resource allocation [2]. Group 3: Market Trends - The overall flight volume from China to Central Asia reached 926 flights in May, a 200% increase compared to the same month in 2019, with CSA's cargo volume tripling during the same period, leading the industry [1]. - The proportion of Central Asian passengers using Urumqi as a transit point has reached 24% this year, indicating a growing trend in cross-border travel facilitated by improved connectivity [1].