香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Hainan Meilan International Airport Company Limited* （在中華人民共和國註冊成立之股份有限公司） （股票代碼：357） 於二零二五年五月二十一日舉行的股東週年大會的票選點票結果 茲 提 述 海 南 美 蘭 國 際 空 港 股 份 有 限 公 司（「本公司」）日 期 為 二 零 二 五 年 四 月 十 四 日 之 通 函（「該通函」）及 本 公 司 日 期 為 二 零 二 五 年 四 月 十 四 日 之 股 東 週 年 大 會（「股 東週年大會」）通 告（「該通告」）。除 非 文 義 另 有 所 指，本 公 告 所 用 詞 彙 與 該 通 函 所 界定者具有相同涵義。 海南美蘭國際空港股份有限公司 本 公 司 董 事（「董 事」）會（「董事會」）謹 此 宣 佈，於 二 零 二 五 年 五 月 二 十 ...

Group 1: Aviation Industry - The aviation industry in China is expected to benefit from the easing of US-China trade tensions and improving supply-demand dynamics, leading to enhanced pricing power [2][1] - Recommended stocks include China National Aviation (00753), Eastern Airlines (00670), Southern Airlines (01055), and Spring Airlines (601021.SH) [2] - Guangzhou Baiyun Airport (600004.SH) is favored as a defensive choice due to its lower exposure to duty-free business and high dividend yield amid consumer pressure [2][1] Group 2: Shipping Industry - Geopolitical factors are impacting freight rates, but oversupply of capacity remains a primary concern for the next 12 to 24 months [3] - The oil tanker segment is expected to benefit from OPEC+ production increases and tighter regulations on "shadow fleets," with recommendations to increase holdings in China Merchants Energy (601872.SH) and COSCO Shipping Energy (01138) [3] - For dry bulk shipping, Pacific Basin Shipping (02343) is recommended for its stable shareholder returns, while container shipping stocks like COSCO Shipping Holdings (01919) and Orient Overseas International (00316) are advised to be reduced [3] Group 3: Express Delivery Industry - The express delivery sector is anticipated to face intensified price competition and ongoing industry consolidation from 2025 onwards [4] - ZTO Express (ZTO.US) is viewed as the most promising stock in the next 12 to 24 months, while SF Express (002352.SZ) shows strong profit growth potential [4] - Companies leveraging artificial intelligence, such as ZTO, SF Express, and YTO Express (600233.SH), are also highlighted for their growth prospects [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公告的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本聯合 公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何 責任。 本聯合公告僅供參考，並不構成收購、購買或認購本公司、H股要約人或內資股 要 約 人 任 何 證 券 的 邀 請 或 要 約 或 成 為 其 中 一 部 分，亦 非 於 任 何 司 法 權 區 招 攬 任 何 表 決 權 或 批 准，亦 不 得 在 與 適 用 法 律 相 抵 觸 的 情 況 下 於 任 何 司 法 權 區 出 售、 發行或轉讓本公司證券。 若構成違反任何司法權區的相關法律，則本聯合公告所載全部或部分資料不得於、 向或從該司法權區發佈、刊發或分發。 HAINAN AIRPORT INFRASTRUCTURE CO., LTD. 海南機場設施股份 有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：600515.SH） （股份代號：357） HAINAN AIRPORT INFRASTRUCTURE (HONGKONG) LIMITED 海南機場設施（香港） 有限公司 ...

該 等 要 約 的 提 出 須 待 股 份 轉 讓 協 議 交 割 後，方 可 作 實，而 股 份 轉 讓 協 議 交 割 須 待 條 件 達 成 及╱或 獲 豁 免（如 適 用）後，方 可 作 實。因 此，該 等 要 約 未 必 會 作 出。 股 東 及 潛 在 投 資 者 於 買 賣 本 公 司 證 券 時 務 請 審 慎 行 事，及 如 對 彼 等 本 身 的 情 況 有任何疑問，應諮詢彼等的專業顧問。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海南美蘭國際空港股份有限公司 Hainan Meilan International Airport Company Limited* （在中華人民共和國註冊成立之股份有限公司） （股票代碼：357） 委任獨立財務顧問 茲 提 述 海 南 美 蘭 國 際 空 港 股 份 有 限 公 司（「本公司」）、海 南 機 場 設 施 股 份 有 限 公 司 及 海 南 機 場 設 施（香 港）有 限 公 司 ...

Core Viewpoint - Hainan Airport plans to acquire controlling stake in Hainan Meilan International Airport Co., Ltd. to enhance its core competitiveness and support the construction of Hainan Free Trade Port [2][6] Group 1: Transaction Information - The acquisition will occur in two steps: first, Hainan Airport will acquire 50.19% of Meilan Airport's domestic shares for approximately RMB 2.339 billion, at a price of RMB 9.85 per share [2][5] - Following the initial acquisition, a comprehensive tender offer will be made for all issued domestic and H shares at prices of RMB 9.85 and HKD 10.62 respectively [2] - The transaction has been approved by the company's board and is pending approvals from Hainan Provincial State-owned Assets Supervision and Administration Commission and the shareholders' meeting [9] Group 2: Strategic Purpose - The primary goal of the acquisition is to integrate core transportation infrastructure within Hainan Island, thereby enhancing the company's competitive edge [6] - The decision to proceed with the acquisition at this time is influenced by various favorable factors, including policy support and the strategic importance of the target company [8] Group 3: Financial Arrangements - The transaction will be financed through a combination of the company's own funds and bank loans, with funding arrangements already in place [10] - Measures will be implemented to protect the interests of the listed company and minority shareholders, including a compensation mechanism for potential impairments [12]

Core Viewpoint - Hainan Airport Facilities Co., Ltd. plans to acquire 238 million shares of Hainan Meilan International Airport Co., Ltd., representing 50.19% of total shares, marking a significant step in the integration of aviation resources in Hainan Free Trade Port [1][3] Group 1: Acquisition Details - The acquisition will transition Hainan Airport and Meilan Airport from "brother companies" to a "parent-subsidiary" relationship, enhancing operational efficiency and capital allocation [1][3] - The total transaction price for the acquisition is 2.339 billion yuan, equivalent to 9.85 yuan per share [3] - Following the share transfer, Hainan Airport will initiate a comprehensive tender offer for the remaining domestic shares and all H shares at a price of 10.62 HKD per share, while maintaining Meilan Airport's listing status [4] Group 2: Historical Context - Both companies were previously under HNA Group, and after HNA's bankruptcy restructuring in 2021, they became jointly controlled by Hainan Provincial State-owned Assets Supervision and Administration Commission [3] - Hainan Island has three major civil aviation airports, and the acquisition aims to eliminate competition and resource fragmentation between Hainan Airport and Meilan Airport [3] Group 3: Financial Performance - In 2024, Hainan Airport reported a revenue of 4.368 billion yuan, a decrease of 35.4% from 2023, with a net profit of 459 million yuan, down 52.2% [6] - The company has been focusing on "de-real estate" strategies, reducing the proportion of real estate revenue from 62.76% in 2020 to 24.82% in 2021, while increasing airport business revenue from 21.21% to 34.93% in the same period [8] - The airport management business revenue is expected to further increase post-acquisition, leading to a classification adjustment to "air transportation industry" [9] Group 4: Meilan Airport's Financial Situation - Meilan Airport reported a revenue of 2.171 billion yuan in 2024, a 4.07% increase from 2023, but a net loss of 381 million yuan, worsening from a loss of 136 million yuan in the previous year [10]

Core Viewpoint - The acquisition of Hainan Meilan International Airport by Hainan Airport is a strategic move to enhance the airport's core business and capitalize on the opportunities presented by the Hainan Free Trade Port's development, aiming to create a robust aviation hub and improve investor returns [1][3][12]. Group 1: Acquisition Details - Hainan Airport announced the acquisition of 50.19% of Hainan Meilan International Airport for 2.339 billion yuan, with plans for a comprehensive takeover to maintain its listing status [1][4]. - The acquisition is expected to consolidate core assets and optimize aviation resource allocation, potentially reshaping the airport industry in Hainan and China [3][4]. Group 2: Operational Synergies - The merger will allow for unified management of Hainan's three major airports, increasing annual passenger throughput to over 50 million, enhancing the region's status as a significant aviation hub [4][9]. - The integration will eliminate related party transactions, improve operational efficiency, and enable coordinated route planning to reduce competition among airports [6][9]. Group 3: Financial Implications - Post-acquisition, Hainan Airport's revenue from airport management is projected to exceed 60%, facilitating a shift from real estate to aviation transportation classification [7][12]. - Hainan Meilan International Airport will benefit from improved financial stability, allowing for infrastructure upgrades and better credit ratings, which will lower financing costs [8][12]. Group 4: Strategic Development - The acquisition aligns with the Hainan Free Trade Port's goal of enhancing infrastructure control and facilitating smoother customs operations [9][10]. - Future developments will focus on diversifying business operations, including low-altitude economy, aviation logistics, and high-end manufacturing, leveraging the strengths of both airports [10][11]. Group 5: Market Positioning - The merger positions Hainan Airport to become a key player in the national aviation market, enhancing its competitive edge and ability to attract international business [9][12]. - The strategic focus on airport operations and duty-free business is expected to create a unique flow entry point for the Hainan Free Trade Port, maximizing policy benefits [11][12].

Investment Rating - The report maintains an "Outperform" rating for Hainan Airport [1]. Core Views - Hainan Airport plans to acquire a 50.19% stake in Meilan Airport for 2.339 billion yuan, aiming to enhance its core business and competitiveness [5]. - The acquisition will consolidate Hainan's core aviation hub, supporting the development of the Hainan Free Trade Port and expanding the company's airport operations [5]. - The financial forecast for Hainan Airport shows a projected revenue increase from 4.368 billion yuan in 2024 to 5.492 billion yuan in 2025, with a net profit expected to rise from 459 million yuan to 787 million yuan in the same period [4][7]. Financial Data and Profit Forecast - Total revenue projections are as follows: - 2024: 4,368 million yuan - 2025E: 5,492 million yuan - 2026E: 6,020 million yuan - 2027E: 6,705 million yuan - Net profit projections are as follows: - 2024: 459 million yuan - 2025E: 787 million yuan - 2026E: 936 million yuan - 2027E: 987 million yuan - The gross profit margin is expected to improve from 41.3% in 2024 to 43.3% in 2025E [4][7].

Core Viewpoint - Meilan Airport's shares rose by 6.88% following the announcement of a significant share transfer, indicating positive market sentiment towards the upcoming change in control [1] Group 1: Share Transfer Details - Haikou Meilan International Airport is transferring 50.19% of its shares to Hainan Airport for a total consideration of 25.2 billion HKD, which equates to a price of 10.62 HKD per share [1] - After the completion of the transfer, the offeror and its concert parties will collectively hold 52.05% of the company's equity, necessitating a mandatory general offer [1] Group 2: Offer Price and Market Reaction - The mandatory cash offer price for each H share is set at 10.62 HKD, representing a premium of 10.63% over the last trading day's closing price [1]

Group 1 - The National Internet Information Office and six other departments have jointly issued the "Regulations on the Management of Direct Satellite Services for Terminal Equipment," effective from June 1, 2025, which governs the provision and use of direct satellite services within China [1] - China's low-orbit satellite constellation, Qianfan, has successfully completed five batches of satellite launches, with over 600 satellites ordered, amounting to approximately 4.5 billion RMB, and plans to deliver over 200 satellites by 2025 [1] Group 2 - MGM China reported total revenue of 7.994 billion HKD for Q1 2025, a decrease of 3.2% year-on-year, with adjusted EBITDA of 2.368 billion HKD, down 5.46% [6] - China Hongqiao reported a net profit of 6.357 billion RMB for Q1 2025, representing a year-on-year increase of 46.46%, with total revenue of 40.173 billion RMB, up 15.56% [10] Group 3 - NIO delivered 23,900 vehicles in April, a year-on-year increase of 53%, while Li Auto delivered 33,939 vehicles, up 31.6% [7] - BYD's total sales of new energy vehicles reached approximately 1.3809 million units in the first four months of 2025, reflecting a year-on-year growth of 46.98% [7] Group 4 - Xinda Biopharmaceuticals reported total product revenue exceeding 2.4 billion RMB in Q1 2025, maintaining a strong year-on-year growth of over 40%, with four new drugs launched during the quarter [9] - Hansoh Pharmaceutical's HS-20089 has been approved as a breakthrough therapy for platinum-resistant recurrent epithelial ovarian cancer by the National Medical Products Administration [8]