Summary of Hainan Airlines Conference Call Company and Industry Overview - **Company**: Hainan Airlines - **Industry**: Aviation Key Points and Arguments 1. **Revenue and Profit Growth**: Hainan Airlines reported that its revenue and profit for Q2 2025 have exceeded the same period last year, with cumulative revenue from January to May also surpassing last year’s figures [2][3] 2. **Summer Profit Expectations**: The airline anticipates a significant profit surge during the summer season, particularly in the northwest market, with ticket sales showing a notable increase compared to last year [2][4] 3. **Performance During Holidays**: During the May Day holiday, available seat kilometers (ASK) increased by 5.8%, domestic load factor rose by 1.6%, and passenger kilometer revenue grew by 2.2% [5][6] 4. **Supply and Demand Dynamics**: A shortage in aircraft supply from manufacturers like Boeing and Airbus, combined with stable growth in domestic travel demand, has led to increased ticket prices and passenger revenue [2][7] 5. **OTA Regulation Measures**: Hainan Airlines has established a department to address issues with Online Travel Agencies (OTAs), implementing scoring systems and penalties for non-compliance to protect passenger rights and revenue [2][8] 6. **Reduction in Price Wars**: Major airlines are gradually moving away from price wars, focusing instead on price control, which is expected to enhance overall industry revenue, though long-term effects remain uncertain [2][9] 7. **Financial Recovery**: From January to May 2025, Hainan Airlines' revenue grew by approximately 3%-5%, with April profits nearing 100 million yuan and May showing a turnaround from losses [2][11] 8. **Changes in Profit Structure**: The profitability structure of the civil aviation industry has undergone significant changes, with expectations of continued revenue growth in the summer season [12][27] 9. **Impact of Hainan's Free Trade Policies**: Post-Hainan's customs closure, airlines benefit from tax exemptions on fuel, which reduces operational costs and supports market growth [2][17] 10. **High Debt Ratio**: The company’s high debt ratio is attributed to past financial difficulties, but recent capital injections have stabilized its financial structure [18][19] 11. **Government Support**: The Hainan provincial government has established investment funds to support the airline, providing nearly 1 billion yuan in cash to subsidiaries [20] 12. **Aircraft Delivery Plans**: Hainan Airlines plans to introduce 28 new aircraft over three years, with a focus on leasing to manage costs effectively [21][22] 13. **International Route Performance**: The airline's international routes have seen a decline in passenger load compared to major competitors, but efforts are underway to enhance service frequency and connectivity [23][24] 14. **Recovery in Southeast Asia**: The Southeast Asian market has shown signs of recovery from negative impacts, with no significant long-term damage to overall business [26][27] Additional Important Insights - **Market Share and Strategy**: Hainan Airlines holds a significant market share in various regions, including nearly 50% in Hainan and over 50% in Shenzhen for international routes [25] - **Long-term Growth Outlook**: The airline's recovery post-restructuring and pandemic is promising, with expectations for sustained revenue growth and improved asset-liability ratios [27]

Core Viewpoint - The article discusses the rising trend of weekend international travel among young professionals in China, highlighting its cost-effectiveness and the unique experiences it offers compared to traditional longer vacations [2][6][27]. Group 1: Weekend Travel Trends - Young professionals, particularly those born in the 1990s, are increasingly opting for weekend trips abroad, often without taking annual leave [2][4]. - Popular destinations include Japan, South Korea, Southeast Asia, and even Russia, with many travelers finding these locations suitable for short, fulfilling getaways [6][8][12]. - The trend is characterized by a focus on maximizing travel experiences within a limited timeframe, often leading to a more economical and less crowded travel experience compared to longer holidays [12][37]. Group 2: Cost Analysis - A typical weekend trip can cost around 3000 RMB, including accommodation, transportation, and flights, which is considered affordable compared to other leisure activities [5][28]. - Many travelers utilize promotional fares and strategic planning to keep costs low, with some reporting round-trip flights for as little as 500 RMB [11][28]. - The perceived value of these trips is high, as travelers prioritize experiences over traditional notions of return on investment (ROI) in travel [27][33]. Group 3: Travel Experiences and Preferences - Travelers express a desire for high-quality experiences, often favoring destinations that offer concentrated attractions and efficient transportation [12][20]. - There is a divide in travel styles among young professionals, with some preferring a relaxed, exploratory approach while others adopt a more rigorous, schedule-driven itinerary [22][30]. - The emotional and psychological benefits of travel, such as stress relief and personal fulfillment, are emphasized, with many travelers viewing these trips as essential for maintaining a balanced lifestyle [28][36].

活动汇聚了中新两国企业代表、新西兰本地旅行社、旅游业界人士以及商会、协会代表。现场，海 南航空作为中方企业代表，和与会嘉宾围绕海南特色旅游资源、不断优化的航线网络以及未来的合作机 遇进行了深入探讨。 据介绍，作为中国内地第一家也是唯一一家Skytrax五星航空公司，海南航空凭借32年的安全运营 纪录、覆盖全球的航线网络以及高品质服务，持续推动着中国民航业的国际化发展。目前，海南航空已 开通海口—奥克兰和深圳—奥克兰两条直飞航线，每周提供6个往返班次，采用宽体客机执飞，为中新 两国旅客提供舒适的空中服务。 海南旅游文化全球推广活动走进奥克兰 海南航空进行航线网络推介 海南日报讯（海南日报全媒体记者 邵长春 通讯员 谭屈玲 向满）由海南省旅游和文化广电体育厅主 办的"阳光海南，度假天堂"海南旅游文化全球推广活动近日在新西兰奥克兰举行。此次活动为中新两国 旅游及相关产业搭建起紧密的沟通桥梁，推动双方资源共享、业务协同及市场拓展迈上新台阶。 数据显示，2025年第一季度，奥克兰出发经海口中转的国际旅客量同比增长超过100%。海南航空 计划进一步完善中转服务体系，力争将海口打造成为连接大洋洲与东南亚的核心航空枢纽，为区 ...

Core Viewpoint - The article highlights the contrasting fortunes within the low-cost airline industry, exemplified by the struggles of Happy Airlines against the backdrop of profitable competitors like Spring Airlines and Juneyao Airlines. It emphasizes that the challenges faced by Happy Airlines stem from internal issues rather than the overall industry climate [5][8][15]. Group 1: Industry Overview - The low-cost airline sector has seen significant growth, with the market share of low-cost carriers in the Asia-Pacific region increasing from 28.1% in 2020 to 32.4% in 2024 for domestic routes, and from 8.4% to 18.6% for international routes [11]. - In China, the low-cost airline market accounted for only 8.1% of domestic routes as of last year, indicating substantial growth potential as the market matures [11]. - Projections suggest that by 2025, the Chinese low-cost airline market could exceed 120 billion yuan, representing 25% of the total civil aviation transport market, with an annual compound growth rate of 18% [11][12]. Group 2: Happy Airlines' Struggles - Happy Airlines has faced continuous operational challenges since its inception, including a lack of profitability and high debt levels, with a reported asset-liability ratio exceeding 200% as of April this year [19][20]. - The airline's fleet primarily consists of the New Zhou 60 aircraft, which has not been well-received in the market, compounded by competition from high-speed rail networks [19]. - Despite attempts to diversify its fleet by introducing Boeing 737 aircraft, the airline's financial situation worsened due to the pandemic and increased operational costs [19][20]. Group 3: Competitive Landscape - Major low-cost carriers like Spring Airlines have established strong market positions through efficient operational strategies, such as maximizing seating capacity and minimizing operational costs [24][25]. - Traditional full-service airlines are increasingly competing in the low-cost segment, leading to price wars that blur the lines between low-cost and full-service offerings [28][29]. - The overall aviation industry is experiencing "profit anxiety," with average ticket prices declining significantly, impacting profitability across the board [30][31].

Core Viewpoint - The legal opinion issued by Beijing Deheng Law Firm confirms that the convening and conducting of Hainan Airlines' 2024 Annual General Meeting complies with relevant laws and regulations, ensuring the legitimacy of the meeting and its resolutions [1][5][14]. Group 1: Meeting Procedures - The meeting is scheduled for May 21, 2025, and was convened by the company's board of directors, with proper notification provided to shareholders [1][5]. - The actual time and location of the meeting matched the details disclosed in the company's announcement, confirming adherence to legal requirements [5][6]. - The meeting included both on-site and online voting, with the online voting period specified [6][8]. Group 2: Attendance and Voting - A total of 3,738 shareholders attended the meeting, representing 22,271,606,875 shares, which is 51.5360% of the total voting shares [6][7]. - The qualifications of attendees and the convenor of the meeting were verified as legitimate and in compliance with relevant regulations [7][8]. - The voting process was conducted in accordance with legal standards, with no amendments to the proposed resolutions during the meeting [8][9]. Group 3: Voting Results - The resolutions passed included the approval of the 2024 Annual Report, the Board of Directors' Work Report, and the Financial Report, with significant support from shareholders [9][10][11]. - Specific voting results indicated that the resolutions received overwhelming approval, with the majority of votes in favor [9][10][12]. - The resolutions regarding the 2024 profit distribution plan and the 2025 financing plan were also approved, reflecting shareholder confidence [10][14]. Group 4: Conclusion - The legal opinion concludes that all aspects of the meeting, including the convening, attendance, voting procedures, and results, are in compliance with the Company Law, Securities Law, and relevant regulations, affirming the validity of the meeting's resolutions [14][15].

临时公告 证券代码：600221 、900945 证券简称：海航控股 、海控 B 股 公告编号：2025-042 海南航空控股股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 临时公告 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长祝涛先生主持。会议采用现场投票 和网络投票相结合的表决方式进行表决。会议的召开和表决符合《公司法》和《公 司章程》的规定，会议合法有效。 (五) 公司董事、监事和董事会秘书的出席情况 1、公司在任董事12人，出席5人，董事丁拥政先生、吴锋先生、邱亚鹏先生、丁 国清先生、田海先生、陈垚先生、欧哲伟先生因其他公务未能出席本次会议； 二、 议案审议情况 (一) 非累积投票议案 | 1、出席会议的股东和代理人人数 | 3,738 | | --- | --- | | 其中：A 股股东人数 | 3,733 | | 境内上市外资股股东人数 ...

关于海南航空控股股份有限公司 2024 年年度股东大会的 法律意见 北京德恒律师事务所 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于海南航空控股股份有限公司 2024 年年度股东大会的法律意见 北京德恒律师事务所 关于海南航空控股股份有限公司 2024 年年度股东大会的 法律意见 德恒 01G20240517-7 号 致：海南航空控股股份有限公司 海南航空控股股份有限公司（以下简称"公司"）2024 年年度股东大会（以 下简称"本次会议"）于 2025 年 5 月 21 日（星期三）召开。北京德恒律师事务 所（以下简称"德恒"）受公司委托，指派律师（以下简称"德恒律师"）出席 了本次会议。根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会 《上市公司股东会规则》（以下简称"《股东会规则》"）、《海南航空控股股 份有限公司章程》（以下简称"《公司章程》"）的规定，德恒律师就本次会议 的召集、召开程序、现场出席会议 ...

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2][4]. Core Viewpoints - The report highlights a significant narrowing of the year-on-year decline in ticket prices, with expectations for continued recovery in ticket prices during the peak travel season due to strong demand [3][5]. - The report suggests focusing on key airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines as potential investment opportunities [3][4]. Summary by Sections 1. Investment Recommendations - The report indicates that the passenger load factor remains high, with strong travel demand during the May Day holiday, leading to a noticeable reduction in the year-on-year decline in ticket prices [3][4]. 2. Industry Ticket Price Trends - The year-on-year decline in industry ticket prices has significantly narrowed, with ticket prices in May showing a decline of only 3.0% compared to the previous year [5][27]. - The average domestic ticket price from the beginning of 2025 until May 18 is 847 yuan, reflecting a 10.0% year-on-year decrease [5][27]. 3. Supply and Demand Dynamics - The supply side is affected by fleet issues, with potential delays in aircraft introductions due to supply chain problems and limited short-term improvements in utilization rates due to engine maintenance [3][4]. - The demand side shows sustained growth in travel demand during peak seasons, with expectations for improved supply-demand dynamics and a potential rise in ticket prices [3][4]. 4. Operational Performance of Airlines - In April 2025, domestic airlines experienced a year-on-year increase in capacity and turnover, with passenger load factors exceeding levels from 2019 [47][49]. - The report notes that China Southern Airlines had the highest net increase in aircraft in April, adding five aircraft to its fleet [47][48]. 5. Fuel Price Trends - The average price of aviation fuel has shown a continuous year-on-year decline, with May's average price at 5,385 yuan per ton, down 19.0% from the previous year [41][41]. - Brent crude oil prices have also decreased, with a year-on-year decline of 23.6% as of May 16, 2025 [41][41]. 6. Exchange Rate Stability - The exchange rate has remained stable, with the USD to RMB exchange rate at 7.1916 as of May 19, 2025, reflecting a slight increase of 0.04% from the end of 2024 [41][41].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 5 月 19 日，海南航空控股股份有限公司（以下简称"公司"）第十届董 事会第四十次会议以通讯方式召开，应参会董事 12 名，实际参会董事 12 名，符合《公 司法》和《公司章程》的有关规定。会议审议并通过《关于聘任李都都先生为公司财 务总监的议案》。 公司董事会同意聘任李都都先生为公司财务总监，任期与公司第十届董事会任期 一致，自本次董事会批准之日起生效。因工作调整原因，陈垚先生不再担任公司财务 总监职务。 临时公告 证券代码：600221、900945 证券简称：海航控股、海控 B 股 编号：临 2025-041 海南航空控股股份有限公司 第十届董事会第四十次会议决议公告 董事会表决结果：赞成 12 票，反对 0 票，弃权 0 票。 特此公告。 海南航空控股股份有限公司 董事会 临时公告 附件：李都都先生简历 李都都，男，1981 年 11 月出生，籍贯陕西，中共党员，毕业于西安交通大学会 计学专业，本科学历。2004 年参加工作，历任海航航空管理服务有限公司财 ...

Core Viewpoint - HNA Group's stock closed at 1.35 yuan on May 16, 2025, with a decrease of 0.74% and a trading volume of 2.3393 million shares, amounting to a turnover of 316 million yuan [1] Trading Information Summary - On May 16, 2025, the net outflow of main funds from HNA Group was 13.1207 million yuan, while speculative funds and retail investors saw net inflows of 5.2113 million yuan and 7.9093 million yuan, respectively [2][5] Company Announcement Summary - In April 2025, HNA Group and its subsidiaries reported a year-on-year increase in Revenue Passenger Kilometers (RPK) of 10.33%, with domestic growth of 0.94%, regional growth of 90.15%, and international growth of 64.46% [3] - Revenue Ton Kilometers (RTK) also saw a total increase of 14.15%, with domestic growth of 1.84%, regional growth of 83.47%, and international growth of 64.22% [3] - The number of passengers carried increased by 4.71% year-on-year, with domestic growth of 1.95%, regional growth of 71.26%, and international growth of 65.45% [3] - Cargo and mail volume increased by 23.20%, with domestic growth of 15.03%, regional decline of 3.88%, and international growth of 56.14% [3] - The company introduced one A321 aircraft and retired several others, maintaining a total of 347 aircraft in operation as of the end of April [3] - New international routes include Haikou to Osaka (three flights per week), Beijing to Tel Aviv (two flights per week), and Chongqing to Bangkok (three flights per week) [4] - HNA Group announced a guarantee for its subsidiary, Yunnan Xiangpeng Airlines, providing up to 150 million yuan and 60 million USD in joint liability guarantees, with a total guarantee balance of 2.072 billion yuan as of the announcement date [4][5]