Core Viewpoint - Hainan Airlines is a pioneer in "green aviation," integrating sustainable development into its corporate DNA and actively pursuing energy management and carbon reduction initiatives [1][3]. Group 1: Energy Management and Carbon Reduction Initiatives - Hainan Airlines is the first airline in China to obtain energy management system certification and the first globally to receive the UN "Energy Management Leadership Award" [1]. - The Energy Conservation and Emission Reduction Office, established in 2008, consists of a 10-member team focused on promoting green development through meticulous management, technological innovation, and diverse collaborations [1][2]. - The office has developed a cross-departmental management system to enhance carbon reduction efforts, implementing a network that covers the entire company [2]. Group 2: Technological Innovations - The company has created a digital platform for energy and carbon asset management, which allows for precise monitoring of carbon emissions [3]. - The first APU time management system in the industry has been independently designed, leading to a reduction of approximately 1,500 tons of carbon emissions annually [3]. - Fuel efficiency has improved by 13.8%, with the average fuel savings per flight increasing from 358 kg to 455 kg due to these innovations [3]. Group 3: Collaborative Efforts and Market Engagement - Hainan Airlines actively collaborates with industry partners and engages in carbon market training to prepare for the establishment of a civil aviation carbon market [6]. - The company is exploring new technologies for sustainable aviation fuel production and CO2 capture, contributing to the global green aviation network [6]. Group 4: Brand Enhancement through Low-Carbon Culture - The "Green Journey: Carbon Offset" initiative encourages passengers to participate in environmental restoration projects, such as mangrove rehabilitation, with 50 acres restored to date [7]. - Digital tools, including a carbon offset calculator, have been implemented to enhance public engagement in sustainability efforts [7]. - Hainan Airlines has received multiple accolades for its environmental initiatives, including being named "Environmental Airline of the Year" by China Civil Aviation magazine [7][8]. Group 5: Future Commitments - The company has undertaken over 30 energy-saving projects, cumulatively reducing carbon dioxide emissions by over 3.08 million tons [8]. - Hainan Airlines aims to continue its commitment to sustainable practices, aligning with national green development goals and contributing to the industry's transition towards sustainability [9].

Core Viewpoint - Hainan Airlines is committed to enhancing the construction of its workforce by promoting political education, diversifying development platforms, and improving rights protection mechanisms, thereby fostering a culture of innovation and dedication among employees [1][2]. Group 1: Workforce Development and Political Education - The company emphasizes the importance of guiding employees to align with the party's direction, reinforcing the political responsibility of the labor union [2]. - In celebration of the 100th anniversary of the All-China Federation of Trade Unions, Hainan Airlines has implemented various educational initiatives to ensure the effective transformation of learning outcomes into high-quality union work [2]. - The company has established a regular training system for party members, ensuring comprehensive coverage and consistency in political education [2]. Group 2: Recognition and Motivation - Hainan Airlines has actively promoted the spirit of labor and innovation, resulting in numerous internal recognitions, including the "National Worker Pioneer" title for its cabin management team [4]. - The company has created a positive atmosphere for motivation by recognizing 30 labor models and 70 outstanding employees, thereby enhancing the collective drive for entrepreneurship [5]. Group 3: Management and Labor Relations - The company held its first second employee representative assembly, where it reported on achievements in various areas and set goals for 2025, fostering a strong collaborative spirit [6]. - Hainan Airlines has established a management system that involves employee representatives in decision-making processes regarding significant matters affecting workers' interests [6][7]. - The company has signed collective contracts to protect employee rights and has formed a labor legal supervision committee to ensure compliance with labor laws [7]. Group 4: Employee Welfare and Engagement - Hainan Airlines has conducted extensive employee care activities, including over 1,260 events to support employees during holidays, benefiting approximately 262,800 employees [8][10]. - The company has allocated over 59 million yuan for various employee benefits, including holiday and birthday welfare, demonstrating its commitment to employee well-being [10][11]. - Hainan Airlines has organized numerous sports and cultural events to enhance employee engagement and morale [10][11]. Group 5: Innovation and Skills Development - The company is actively involved in various vocational skill competitions to build a skilled and innovative workforce, having hosted 12 competitions to date [12][13]. - Hainan Airlines encourages employee participation in management and decision-making, collecting and implementing numerous suggestions to drive company development [12][13]. Group 6: Future Outlook - Hainan Airlines aims to continue its commitment to a culture centered around party leadership and employee welfare, aspiring to contribute to the construction of the Hainan Free Trade Port and achieve high-quality development [14].

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 2025-043 海南航空控股股份有限公司 关于为控股子公司提供担保的实施公告 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： 被担保人名称：云南祥鹏航空有限责任公司（以下简称"祥鹏航空"或"承 租人"） 本次担保金额及已实际为其提供的担保余额：海南航空控股股份有限公司 （以下简称"海航控股"或"公司"）拟为控股子公司祥鹏航空一架飞机租赁提供 不超过 0.6 亿美元的担保。截至本公告披露日，公司已实际为祥鹏航空提供的担保 余额为 20.93 亿元人民币。 本次担保是否有反担保：有。 对外担保逾期的累计数量：无逾期担保。 特别风险提示：祥鹏航空资产负债率已超过 70%，且公司对外担保余额超过 最近一期经审计净资产 100%。敬请投资者关注担保风险。 一、担保情况概述 为共享金融机构授信资源，满足公司与控股子公司经营发展的正常需要，公司于 2024 年 12 月 18 日召开第十届董事会第三十四次会议、于 2024 年 12 ...

Core Viewpoint - Hainan Airlines has officially launched the Haikou-Kuala Lumpur international route, enhancing trade and tourism cooperation between China and Malaysia [1] Group 1: Route Details - The Haikou-Kuala Lumpur route operates four round-trip flights weekly on Tuesdays, Thursdays, Fridays, and Sundays [4] - Departure from Haikou is scheduled at 16:25, arriving in Kuala Lumpur at 19:55, with a flight duration of approximately 3 hours and 30 minutes [4] - The return flight departs Kuala Lumpur at 21:05, arriving back in Haikou at 00:25 the next day, with a flight duration of about 3 hours and 20 minutes [4] Group 2: Hainan Airlines Network - Hainan Airlines has a rich domestic and international route network, including destinations such as Seattle, London, Moscow, and Sydney [5] - The airline has established a comprehensive international and regional route network from Haikou, connecting to major regions across the Americas, Europe, Oceania, and Asia [5] - As of now, Hainan Airlines has restored, newly opened, and planned over 60 international and regional round-trip passenger routes from cities including Beijing, Shanghai, and Guangzhou [6] Group 3: Future Developments - Hainan Airlines aims to accelerate the resumption and launch of international and regional flights to meet the growing market demand for inbound and outbound travel [6]

Group 1 - The event "Wings 'Child' Tour in Spring City, 'Zong' Enjoy New Journey" was held at Jinan Airport, integrating travel services with festive atmosphere, attracting numerous domestic and international travelers [1][3] - Activities included traditional cultural experiences such as DIY Dragon Boat Festival wristbands and fun games, creating an immersive holiday experience for families [3][4] - Jinan Airport and airlines promoted popular family-friendly travel routes, including 14 daily flights from Jinan to Guangzhou and 6 daily flights to Shanghai Disneyland, catering to various travel preferences [3][4] Group 2 - The innovative interaction mechanism allowed nearly a thousand travelers to connect with travel agencies through various methods, establishing a foundation for personalized travel solutions [4] - The event successfully combined the joy of Children's Day with the cultural traditions of the Dragon Boat Festival, promoting both travel brands and cultural heritage [4] - Jinan Airport plans to continue enhancing service quality and organizing more themed activities to optimize the travel experience for passengers [4]

Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a positive outlook based on operational improvements and performance potential [6]. Core Views - The company is positioned as the fourth largest airline in China, with a significant restructuring following its bankruptcy in 2021, leading to improved operational efficiency and performance recovery [7]. - The company benefits from a high proportion of operating lease aircraft, providing greater flexibility and resilience compared to competitors, alongside investments in various industry chain companies that are expected to enhance profitability as the aviation sector improves [7]. - The company is expected to leverage its geographical advantages, particularly from the Hainan Free Trade Port development, to capitalize on growth opportunities [7]. Financial Performance Summary - Revenue projections show a significant increase from 58,641 million RMB in 2023 to 92,311 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 13.68% [6]. - The net profit forecast indicates a recovery from a loss of 921 million RMB in 2024 to a profit of 5,684 million RMB by 2027, reflecting a strong turnaround in profitability [6]. - The earnings per share (EPS) is projected to rise from -0.02 RMB in 2024 to 0.13 RMB in 2027, indicating a positive trend in shareholder returns [6]. Operational Metrics - The company achieved a passenger volume of 23.06 million in the first four months of 2025, representing a year-on-year increase of 5.3%, with international passenger volume surging by 78.3% [7]. - The passenger load factor reached 83% in 2023, showing an improvement of 0.64 percentage points year-on-year, while the aircraft utilization rate surpassed the industry average for the first time in seven years [7]. - The company’s unit revenue per passenger kilometer (RPK) reached 0.53 RMB, ranking third in the industry and reflecting a significant increase compared to 2019 levels [7].

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]

"旅游也是爱好，爱好哪有不烧钱的？" 撰文｜ 许嘉婧 编辑｜ 薇薇子 每个月 至少周末出国游1次 ，对于95后打工人Brian来说，是不可或缺的。 周五18点以后到周六12点前，他会搭乘任意航班去往国外一座新的城市，在那里计划好为期2天的自由行，再搭周一早晨的航班飞回上海上班。 无需年假。 譬如，3月初的上海是不适合citywalk的，阴雨连绵，还有些微冷。那个周末，Brian为自己制定了一场 "解锁日本三大温泉之一的主题游" 。他搭 乘了周六早上11点的春秋航空从浦东机场出发，14点抵达名古屋，倒火车，17点夜幕刚降临时，正好抵达下吕温泉酒店办理入住，吃完自助晚餐 还来得及欣赏当地的烟火大会。周日上午，再悠闲地逛逛下吕小镇附近的合掌村，下午搭车去大阪购物，再去机场等待周一清晨的航班。 来源：Brian提供 Brian在上海一家互联网企业做产品经理，工作并不清闲，但丝毫影响不了他周末极限出游的热忱。况且，这样一趟短暂的周末出国GAP，没有大 众想象中的烧钱。 Brian算了算， 总开销是不超过3000元的 ：温泉酒店"一泊二食"（一晚住宿+早晚自助餐）单人票1200元，火车票600元左右。而最值的是他抢 的特 ...

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].