海南航空控股股份有限公司 2024 年年度股东大会会议材料 二〇二五年五月 目 录 | 1.2024 | 年年度报告及年报摘要 2 | | | --- | --- | --- | | 2.2024 | 年董事会工作报告 3 | | | 3.2024 | 年监事会工作报告 9 | | | 4.2024 | 年财务报告和 2025 年财务工作计划 | 12 | | 5.2024 | 年年度利润分配方案 17 | | | 6.关于 | 2024 年董事薪酬分配方案的议案 | 19 | | 7.关于 | 2024 年监事薪酬分配方案的议案 | 21 | | 8.2024 | 年独立董事述职报告（戴新民） | 22 | | 9.2024 | 年独立董事述职报告（张晓辉） | 30 | | 10.2024 | 年独立董事述职报告（姜山赫） | 38 | | 11.2024 | 年独立董事述职报告（吴成昌） | 44 | | 12.2024 | 年独立董事述职报告（朱慈蕴-已离任） 50 | | | | 13.关于未弥补亏损达实收股本总额三分之一的议案 56 | | | 14.关于 | 2025 年年度融资计划的议案 | ...

2024年，中国国航、南方航空、中国东航、海航控股、春秋航空、吉祥航空、华夏航空共实现营业收入5870.26亿元，同比增长13.63%；实现净利润-36.25亿元，同比增长67.24%。 具体来看，国航、南航、东航和海航四大航司均处于亏损，而华夏航空、吉祥航空与春秋航空三家民营航司实现盈利。其中，东航归母净利润-42.3亿，在7家航司中亏损最多，春秋航空归母净 从净利率数据来看，春秋航空表现最为出色，净利率达到 11.36%，吉祥航空和华夏航空也有较好表现，分别为 4.14% 和 4.00%。南方航空、中国国航、海航控股和中国东航净利率分别为- 在销售费用率方面，春秋航空最低，为 1.25%，这表明其在销售环节的成本控制较为有效。中国东航销售费用率相对较高，达到4.18%，相比2023年继续增加39个百分点，位列四大航之首。 管理费用率上，各航司差异相对较小，海航控股最低，为 1.83%，华夏航空最高，为 4.04%。 专题：新浪财经上市公司研究院 出品：新浪财经上市公司研究院 作者：昊 截至4月30日，A股7家上市航司均已披露2024年年报。 财务费用率方面，华夏航空和海航控股较高，分别为 9.46% 和 ...

高负债率和有息负债规模反映出航空公司在机队扩张、航线拓展等方面的资金需求大，通过大量举债来满足业务发展。然而，这也意味着沉重的利息负担和 财务风险，尤其是在市场环境波动、盈利能力下降时，偿债压力将进一步加剧。 从负债率来看，海航控股以98.9%的高负债率位居榜首，逼近资不抵债的边缘。中国国航、中国东航、南方航空、华夏航空和吉祥航空的负债率也均在80% 以上，春秋航空的负债率相对较低，为60.3%。 有息负债方面，中国国航以 2359.81 亿元的规模领先，南方航空和中国东航紧随其后，分别为 2069.21 亿元和 1784.54 亿元。华夏航空和吉祥航空的有息负 债相对较少，分别为 146.06亿元和 330.29亿元，春秋航空则仅为196.37亿元。 专题：新浪财经上市公司研究院 出品：新浪财经上市公司研究院 作者：昊 近期，7 家上市航空公司2024年年报陆续出炉。作为杠杆率较高的行业之一，市场对各家航司的负债和财务费用情况颇为关注。 财务费用方面，中国国航以67.67亿元位居首位，南方航空和中国东航分别为 66.28 亿元和 58.4 亿元。海航控股的财务费用也较高，为 51.60亿元。华夏航空 和吉祥 ...

Group 1 - The event organized by the Chinese tourism office in London aims to promote the recovery and growth of the European tourism market to China, involving travel agents from the UK, Ireland, Finland, and Norway [1] - The delegation includes 24 travel agents from the UK and Ireland, who traveled to Guizhou and Guangxi to explore local cultural and tourism resources [1][2] - The event is noted as the largest scale inspection activity organized by the London tourism office, highlighting the increasing interest of UK tourists in Chinese tourism resources, with the UK ranking eighth among inbound tourist source countries for China in 2024 [1] Group 2 - Chinese airlines, including Air China, are committed to supporting national strategies and social responsibilities, focusing on the rapid recovery and development of inbound tourism to China [2] - Travel agents express enthusiasm for experiencing the unique cultural charm of China's ethnic minorities and the modernization achievements in poverty alleviation and rural revitalization [2] - The inspection tour will include visits to famous attractions in Guizhou and Guangxi, such as Huangguoshu Waterfall and Libo, and will participate in the "5.19 China Tourism Day" celebrations [3] Group 3 - The inspection activity is expected to provide European tourists with more high-quality Chinese tourism products, further promoting tourism exchanges and cooperation between China and Europe [3]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - Maersk reported a 70.4% year-on-year increase in EBITDA for Q1 2025, with total revenue reaching $13.32 billion, a 7.8% increase [3][14] - Hainan Airlines transported over 617,000 passengers during the "May Day" holiday, setting a record for passenger volume at Beijing Daxing Airport [3][16] - SF Express saw an 87% year-on-year increase in business volume during the "May Day" holiday, with the e-commerce logistics index rising to 111.1 points in April [3][24] Summary by Sections 1. Industry Hot Events - Maersk's Q1 2025 report showed EBITDA growth of 70.4%, with net profit increasing by 480.3% to $1.21 billion [3][14] - Hainan Airlines executed approximately 3,883 flights and transported over 617,000 passengers during the "May Day" holiday, marking a 9% increase year-on-year [3][16] - SF Express's business volume surged by 87% during the holiday, with significant growth in various categories [3][24] 2. Industry High-Frequency Data Tracking - Air freight prices remained stable from early to mid-April 2025, with the Shanghai outbound air freight price index at 4,304 points, up 8.6% year-on-year [28] - Domestic cargo flight volumes decreased by 1.67% year-on-year in April 2025, while international flights increased by 25.08% [37] - The SCFI index for Shanghai's export container freight rates was reported at 1,345.17 points, reflecting a 41.66% year-on-year increase [42] 3. Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies like COSCO Shipping, China Merchants Energy, and Huamao Logistics [5] - It highlights investment opportunities in low-altitude economy trends and suggests companies like CITIC Offshore Helicopter [5] - Recommendations also include opportunities in the cruise and ferry sectors, as well as in e-commerce logistics, with specific companies identified for potential investment [5]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - Maersk reported a 70.4% year-on-year increase in EBITDA for Q1 2025, with total revenue reaching $13.32 billion, a 7.8% increase [3][14] - Hainan Airlines transported over 617,000 passengers during the "May Day" holiday, setting a record for Beijing Daxing Airport [3][16] - SF Express saw an 87% year-on-year increase in business volume during the "May Day" holiday, with the e-commerce logistics index rising to 111.1 points in April [3][23] Summary by Sections 1. Industry Hot Events - Maersk's Q1 2025 report shows EBITDA growth of 70.4%, with net profit increasing by 480.3% to $1.21 billion [3][14] - Hainan Airlines executed approximately 3,883 flights and transported over 617,000 passengers during the "May Day" holiday, marking a 9% increase year-on-year [3][16] - SF Express reported an 87% increase in business volume during the holiday, with significant growth in various categories [3][23] 2. High-Frequency Data Tracking - Air freight prices remained stable from early to mid-April 2025, with a slight decline in some indices [4][27] - Domestic cargo flight volumes decreased by 1.67% year-on-year in April 2025, while international flights increased by 25.08% [4][36] - The SCFI index for container shipping reported a 0.32% week-on-week increase, but a 41.66% year-on-year decrease [4][40] 3. Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies like COSCO Shipping, China Merchants Energy, and Huamao Logistics [5] - It highlights investment opportunities in low-altitude economy trends and the cruise and ferry sectors [5] - Recommendations for the express delivery sector include SF Holdings, Jitu Express, and Yunda Express, with a focus on the aviation industry as well [5]

Core Viewpoint - The construction of Hainan Free Trade Port is expected to drive rapid growth in the aviation transport market, with Hainan Airlines planning to leverage relevant policies to expand international routes and enhance service offerings [1]. Financial Performance - In 2024, Hainan Airlines reported a net loss of 9.21 billion yuan, marking a significant decline from the previous year's profit of 3.11 billion yuan, making it the only unprofitable private airline among its peers [2][4]. - The airline's financial struggles were attributed to factors such as incomplete recovery of international routes, intensified domestic competition, high oil prices, and exchange rate fluctuations [4]. Exchange Rate Impact - Exchange rate losses significantly impacted Hainan Airlines' performance, with a reported financial exchange loss of 13.68 billion yuan in 2024, which was a major factor affecting profitability [7]. - The company's high level of foreign currency liabilities, totaling 648.47 billion yuan, exacerbates the impact of exchange rate fluctuations on its financial health [5][7]. Debt Structure - Hainan Airlines has a high debt ratio, with asset-liability ratios of 98.91% and 98.75% at the end of 2024 and the first quarter of 2025, respectively [7]. - The company plans to improve its debt structure through business development and potential equity financing [9]. Fleet Management - Hainan Airlines is actively reducing its fleet of wide-body aircraft, which are less flexible and have higher operating costs, by terminating leases and selling excess planes [10][11]. - The airline has opened 22 new international routes in 2024, aiming to increase the utilization of its wide-body aircraft and improve operational efficiency [11]. Future Outlook - By early 2025, Hainan Airlines expects to fully restore its international flight capacity to pre-pandemic levels, with plans to expand further [12]. - The airline is strategically positioning itself in second-tier international markets, benefiting from local subsidies for international route development [12][13].

Core Viewpoint - Hainan Airlines emphasizes the integration of party building and corporate development, aiming for high-quality growth through innovative reforms and a strong organizational culture [1][2][3]. Group 1: Party Building and Corporate Culture - The company promotes a "party building as the soul" culture, aligning party construction with business operations to enhance organizational advantages and drive upward momentum [2][3]. - Hainan Airlines has established a robust organizational system with over 4,400 party members and 158 party branches, embedding them deeply into management processes [3]. Group 2: Employee Engagement and Safety - The company fosters a collaborative environment where employees are treated as family, encouraging them to contribute ideas and solutions, resulting in over 2,100 employee concerns addressed and 67 suggestions implemented in 2024 [5]. - Hainan Airlines has implemented a safety production responsibility system, integrating safety management into the performance evaluation of party organization leaders [5]. Group 3: Innovation and Service Enhancement - The airline focuses on innovation as a key driver for development, enhancing digital platforms and service models to create new productive forces [9][13]. - Hainan Airlines has launched new service initiatives, including a standardized pet cabin service and improved digital experiences, which have been well-received in the industry [11]. Group 4: Social Responsibility and Community Engagement - The company actively participates in significant national events and community support, completing 798 important flight missions in 2024, including transporting rescue personnel and organ donations [19]. - Hainan Airlines has initiated various employee welfare programs, distributing a total of 3.99 billion yuan in bonuses and benefits to enhance employee satisfaction and loyalty [17]. Group 5: Environmental Sustainability - The airline is committed to green development, having implemented over 30 energy-saving projects that saved 110,300 tons of fuel and reduced carbon emissions by approximately 347,000 tons in 2024 [22].

Group 1 - Hainan Airlines has made significant progress in establishing Chongqing as an international aviation hub, marking the one-year anniversary of its direct flight route from Chongqing to Seattle [1] - The airline has expanded its international direct flight network from Chongqing to include major cities in Europe such as Madrid, Rome, Paris, and Milan, as well as Asian cities like Bangkok and Osaka [1] - Hainan Airlines operates a dense domestic route network from Chongqing, connecting 14 cities including Beijing, Guangzhou, and Shenzhen, with 24 outbound flights daily [1] Group 2 - Since joining the Liaoning Fangda Group in December 2021, Hainan Airlines has increased its investment in Chongqing, becoming the operator of the Chongqing International Aviation Hub in January [1][2] - The airline has increased its overnight capacity in Chongqing to 11 aircraft and plans to have nearly 25% of its flights in and out of Chongqing be wide-body aircraft by Q1 2025, the highest proportion among airlines operating in the region [1] - The Fangda Chongqing Aviation City project has commenced, aiming to create an integrated aviation industry cluster that includes passenger hubs, aircraft maintenance, flight training, and logistics [2]

Investment Rating - The report rates the transportation industry as "Outperform the Market" [1] Core Insights - COSCO Shipping Specialised Carriers reported a revenue of 5.196 billion yuan in Q1 2025, a year-on-year increase of 51.47%, with a net profit of 345 million yuan, up 1.56% [2][12] - HNA Holding achieved a revenue of 65.236 billion yuan in 2024, reflecting an 11.25% increase, while Guangzhou Baiyun Airport's net profit doubled [2][14] - YTO Express reported a business volume growth of 25.32% in 2024, with a total logistics value of 91 trillion yuan in Q1 2025, marking a 5.7% year-on-year increase [2][18] Summary by Sections 1. Industry Hot Events - COSCO Shipping Specialised Carriers maintained steady growth despite global shipping market volatility, with a Q1 revenue of 5.196 billion yuan, a 51.47% increase year-on-year [12] - HNA Holding's 2024 revenue reached 65.236 billion yuan, an 11.25% increase, while Guangzhou Baiyun Airport's net profit surged by 109.51% [14][16] - YTO Express's business volume grew by 25.32% in 2024, with a logistics total of 91 trillion yuan in Q1 2025, up 5.7% year-on-year [18][19] 2. Industry High-Frequency Data Tracking - In April 2025, domestic air cargo flights decreased by 1.67% year-on-year, while international flights increased by 25.08% [33] - The SCFI index for container shipping reported a decrease of 1.66% week-on-week, while the PDCI index for domestic shipping increased by 0.67% [40] - In March 2025, express delivery volume rose by 20.30% year-on-year, with total revenue reaching 124.6 billion yuan [51] 3. Company Performance - COSCO Shipping Specialised Carriers added 13 new vessels in Q1 2025, increasing total capacity to 691.5 thousand deadweight tons, a 12.53% increase from the end of 2024 [13] - HNA Holding's passenger transport volume exceeded 68 million in 2024, a 14.36% increase, with international passenger transport volume growing by 132.68% [15] - YTO Express's capital expenditure exceeded 6.7 billion yuan in 2024, focusing on automation upgrades and expanding its logistics network [19]