中国银河证券股份有限公司（以下简称"本独立财务顾问"）作为本次交易 的独立财务顾问，现就海航控股在本次交易前 12 个月内购买、出售资产的情况的 核查如下： 一、本次交易前 12 个月内购买、出售资产的基本情况 根据《上市公司重大资产重组管理办法》（以下简称"《重组管理办 法》"）的规定，上市公司在 12 个月内连续对同一或者相关资产进行购买、出售 的，以其累计数分别计算相应数额。已按照《重组管理办法》的规定编制并披露 重大资产重组报告书的资产交易行为，无须纳入累计计算的范围。中国证监会对 《重组管理办法》第十三条第一款规定的重大资产重组的累计期限和范围另有规 定的，从其规定。交易标的资产属于同一交易方所有或者控制，或者属于相同或 者相近的业务范围，或者中国证监会认定的其他情形下，可以认定为同一或者相 关资产。 2024 年 12 月，上市公司以以资抵债的方式收购海口琼山云翔教育培训有限公 司（以下简称"云翔教育"）100%股权，交易作价 100,037.03 万元。云翔教育主 要资产为天羽飞训现经营所用土地及地上建筑物，云翔教育与天羽飞训经营范围 均包含飞行培训服务，属于相同和相关业务资产。 中国银河证券股 ...

中国银河证券股份有限公司 关于海南航空控股股份有限公司本次交易符合《关于 加强证券公司在投资银行类业务中聘请第三方等廉洁 一、独立财务顾问有偿聘请第三方的核查 本次交易中，上市公司聘请银河证券担任本次交易的独立财务顾问，独立财 务顾问不存在直接或间接有偿聘请第三方的行为。 二、上市公司有偿聘请第三方的核查 本次交易中，上市公司依法聘请银河证券担任本项目独立财务顾问、聘请北 京德恒律师事务所作为本次交易的法律顾问、聘请中审众环会计师事务所（特殊 普通合伙）作为本次交易的审计机构、聘请大信会计师事务所（特殊普通合伙） 作为本次交易的备考审阅机构、聘请中威正信（北京）资产评估有限公司作为本 次交易的评估机构。 从业风险防控的意见》的相关规定之核查意见 中国银河证券股份有限公司（以下简称"银河证券"或"本独立财务顾问"） 接受海南航空控股股份有限公司（以下简称"上市公司"或"公司"）委托，担 任上市公司以支付现金方式购买海南空港开发产业集团有限公司持有的海南天 羽飞行训练有限公司 100%股权（以下简称"本次交易"）的独立财务顾问。 按照中国证券监督管理委员会《关于加强证券公司在投资银行类业务中聘请 第三方等廉洁从业 ...

中国银河证券股份有限公司 关于 海南航空控股股份有限公司 本次交易产业政策和交易类型 之 专项财务顾问核查意见 独立财务顾问 二〇二五年六月 1 中国银河证券股份有限公司（以下简称"独立财务顾问"或"银河证券"） 受海南航空控股股份有限公司（以下简称"海航控股"或"公司"或"上市公司"） 委托，担任本次上市公司重大资产购买（以下简称"本次交易"）的独立财务顾 问，根据《上市公司重大资产重组管理办法》（以下简称"《重组管理办法》"） 的规定，就本次交易是否构成《重组管理办法》第十三条规定的重组上市，进行 核查并发表意见如下： 一、本次交易涉及的行业或企业是否属于中国证监会《监管规则适用指引 ——上市类第 1 号》规定的"汽车、钢铁、水泥、船舶、电解铝、稀土、电子 信息、医药、农业产业化龙头企业、高档数控机床和机器人、航空航天装备、 海洋工程装备及高技术船舶、先进轨道交通装备、电力装备、新一代信息技术、 新材料、环保、新能源、生物产业；党中央、国务院要求的其他亟需加快整合、 转型升级的产业" 本次交易前，上市公司所从事的业务主要为国际、国内（含港澳）航空客货 邮运输业务；与航空运输相关的服务业务；航空旅游；机上供 ...

根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司监管指 引第 7 号——上市公司重大资产重组相关股票异常交易监管》第十二条的规定， 中国银河证券股份有限公司（以下简称"本独立财务顾问"）作为上市公司独立财 务顾问，就本次交易相关主体是否存在不得参与任何上市公司重大资产重组的情 形说明如下： 经核查，本独立财务顾问认为，本次交易相关主体（公司及交易对方）及上 述主体的实际控制人及其控制的机构，公司、公司控股股东及交易对方的董事、 监事、高级管理人员，本次交易其他相关主体不存在因涉嫌与重大资产重组相关 的内幕交易被立案调查或者立案侦查且尚未结案的情形，也不存在最近 36 个月 内因与重大资产重组相关的内幕交易被中国证监会作出行政处罚或者司法机关 依法追究刑事责任的情形。 因此，本次交易相关主体均不存在依据《上市公司监管指引第 7 号——上市 公司重大资产重组相关股票异常交易监管》第十二条规定的不得参与任何上市公 司重大资产重组的情形。 特此说明。 （以下无正文） 中国银河证券股份有限公司 关于本次交易相关主体不存在依据《上市公司监管指引第 7 号——上市公司重大资产重组相关股票异常交易监管》第十 二 ...

1 上市公司并购重组财务顾问专业意见附表 第 2 号——重大资产重组 | 上市公司名称 | 中国银河证券股份有 海南航空控股股份有限公司 独立财务顾问名称 | | | --- | --- | --- | | | 限公司 | | | 证券简称 | 海航控股、海控B股 证券代码 600221 900945 | | | 交易类型 | 购买 √ 出售 □ 其他方式 □ | | | 交易对方 | 海南空港开发产业集团有限公司 是否构成关联交易 是 □ 否 √ 上市公司拟以支付现金的方式购买海南空港开发产业集团有限公司（以下简称"空 | | | | 港集团"）所持有的海南天羽飞行训练有限公司（以下简称"天羽飞训"）100%股权 | | | | （以下简称"本次交易"）。根据中威正信资产评估有限公司出具的（资产评估报告） | | | | （中威正信评报字（2025）第 | | | | 天羽飞训 100%股权作价为 79,907.00 万元。 | | | | 亿元。云翔教育与天羽飞训 （以下简称"云翔教育"）100%股权，交易作价 10.00 | | | | 额占海航控股资产净额的 77.90%，超过上市公司资产净额的 50 ...

Summary of Key Points Core Viewpoint - HNA Holding (600221) has maintained its stock price at 1.35 CNY as of June 6, 2025, with a total market capitalization of 58.341 billion CNY, ranking 5th in the aviation and airport sector and 231st among all A-shares [1]. Company Announcements - HNA Holding has provided a guarantee of up to 60 million USD for its subsidiary, Xiangpeng Airlines, with an actual guarantee balance of 2.093 billion CNY [1]. - The guarantee includes an irrevocable joint liability for all debts owed by Xiangpeng Airlines to Tianjin Yujin Aircraft Leasing Co., including rent, leasing deposits, and default interest [1]. - As of December 31, 2024, Xiangpeng Airlines reported total assets of 16.312 billion CNY, net assets of -4.556 billion CNY, operating income of 8.213 billion CNY, and a net loss of 617 million CNY [1]. - HNA Holding holds a 90.75% equity stake in Xiangpeng Airlines, which is under the company's absolute control regarding management and financial status, indicating that the guarantee risk is manageable [1]. - The total guarantee balance provided by the company to its subsidiaries is 2.488 billion CNY, which accounts for 109.47% of the audited net assets attributable to the parent company for 2024 [1].

Company Overview - Hainan Airlines Holding Co., Ltd. was established on October 18, 1993, by Hainan Airlines and several other entities, with its registered location in Haikou, Hainan Province, China [1][2] - The company is primarily engaged in civil aviation transportation, providing domestic and international passenger and cargo transport services, along with related services [1][2] Financial Statements - The reviewed financial statements include the consolidated balance sheets as of December 31, 2024, and December 31, 2023, as well as the consolidated income statements for the years 2024 and 2023 [1] - The financial statements are prepared based on the assumption that the major asset restructuring will be approved by the shareholders' meeting [3][4] Major Asset Restructuring - The company plans to acquire 100% equity of Hainan Tianyu Flight Training Co., Ltd. (Tianyu Flight Training) from Hainan Airport for a cash consideration of 799,070 thousand RMB [2][3] - Tianyu Flight Training, established in November 2015, specializes in training services for pilots and cabin crew [2] Accounting Policies - The financial statements are prepared in accordance with the Chinese Accounting Standards, reflecting the company's financial position and operating results accurately [4][5] - The company uses the weighted average method for inventory cost calculation and recognizes impairment losses when the cost exceeds the net realizable value [24][35] Financial Instruments - Financial instruments are classified into categories based on the company's management objectives and cash flow characteristics, including those measured at amortized cost and those measured at fair value [16][17] - The company recognizes expected credit losses for financial assets based on historical experience and current economic conditions [18][19] Fixed Assets - Fixed assets include buildings, aircraft, and other equipment, initially measured at cost and depreciated over their useful lives using the straight-line method [34][35] - The estimated useful lives and depreciation rates for various fixed assets are specified, with buildings having a useful life of 40 years and aircraft engines 20 years [35]

Core Viewpoint - The establishment of the Strategic Committee aims to enhance the core competitiveness of Hainan Airlines and improve the quality of major investment and capital operations decisions [1][2]. Group 1: General Provisions - The Strategic Committee is a specialized working body under the Board of Directors, responsible for researching and proposing suggestions on the company's medium to long-term development strategies, investment strategies, and major capital operations [1][2]. - The committee consists of five or more current directors, including at least one independent director [1][2]. Group 2: Responsibilities and Authority - The main responsibilities of the Strategic Committee include researching and proposing suggestions on the company's strategic development, major investment financing plans, capital operations projects, and significant operational projects such as aircraft procurement [2][5]. - The committee is also tasked with checking and evaluating the implementation of these matters and providing opinions on the results [2][5]. Group 3: Meeting Rules - The Strategic Committee holds regular meetings twice a year and can convene temporary meetings as needed, with a five-day notice required for regular meetings [3][4]. - A quorum of three-fifths of the committee members is required for meetings, and decisions must be approved by a majority of the members present [4][5]. Group 4: Documentation and Confidentiality - Meeting records must be kept for at least ten years, and all attendees are bound by confidentiality obligations regarding meeting matters [6][7]. - Any violations of confidentiality will lead to investigations and potential disciplinary actions against the offending members [6][7].

Core Viewpoint - Hainan Airlines Holding Co., Ltd. is undergoing a cash transaction to acquire 100% equity of Hainan Tianyu Flight Training Co., Ltd. from Hainan Airport Development Industry Group Co., Ltd. The special audit report by Wuyige Certified Public Accountants LLP confirms the compliance and operational integrity of Hainan Airlines over the past three years [1][2]. Group 1: Compliance and Commitments - The audit confirms that Hainan Airlines has fulfilled its public commitments since its listing, with no irregularities noted [1][2]. - The company has not engaged in any violations regarding fund occupation or external guarantees by its controlling shareholders or related parties in the last three years [2][3]. Group 2: Regulatory Actions and Penalties - Hainan Airlines received administrative penalties from the China Securities Regulatory Commission (CSRC) for failing to disclose non-operating related transactions and guarantees, resulting in warnings and fines totaling 2 million yuan [2][3]. - The company has not faced criminal penalties or significant regulatory actions beyond the aforementioned administrative penalties [2][3]. Group 3: Financial Performance and Accounting Practices - The audit indicates that Hainan Airlines' financial performance over the last three years is authentic, with no evidence of fictitious transactions or profit manipulation [2][3]. - There have been no significant changes in accounting policies or errors that would indicate a "big bath" accounting practice, and all asset impairment provisions have been made in accordance with accounting standards [3][4]. Group 4: Asset Evaluation and Transaction Details - The transaction does not involve any asset disposals, and the evaluation methods and assumptions used for the acquisition are deemed reasonable and aligned with the actual operational conditions of the assets [4][5].

Core Viewpoint - The independent directors of Hainan Airlines Holdings Co., Ltd. have reviewed and approved the company's proposed cash acquisition of 100% equity in Hainan Tianyu Flight Training Co., Ltd. from Hainan Airport Development Industry Group Co., Ltd., confirming that the transaction complies with relevant laws and regulations [1][2][8] Group 1: Compliance and Feasibility - The transaction meets the conditions for major asset restructuring as outlined in the Company Law and Securities Law of the People's Republic of China [1] - The transaction constitutes a major asset restructuring but does not qualify as a restructuring listing [2] - The transaction does not involve related party transactions as per the Shanghai Stock Exchange regulations [2] Group 2: Disclosure and Protection of Interests - The draft major asset purchase report is accurate and complete, detailing necessary legal procedures and disclosing relevant risks to protect the interests of the company and investors [2] - The transaction price will be based on an evaluation report from a qualified asset appraisal agency, ensuring fairness and compliance with legal standards [2][6] Group 3: Impact on Company and Shareholders - The transaction is expected to enhance the company's asset quality and scale, improve market competitiveness, and contribute to sustainable profitability and long-term development [3][8] - There have been no abnormal fluctuations in the company's stock price prior to the transaction announcement, indicating stability [3] Group 4: Evaluation and Independence - The independent evaluation agency has been confirmed to have no conflicts of interest with the company or the transaction parties, ensuring the independence of the evaluation [6] - The evaluation assumptions and methods used are deemed reasonable and relevant to the transaction's objectives, leading to a fair pricing conclusion [6] Group 5: Confidentiality and Investor Protection - The company has implemented strict confidentiality measures during the planning and execution of the transaction, adhering to regulatory requirements [7] - Measures have been taken to mitigate any potential dilution of immediate returns for shareholders, aligning with guidelines for protecting minority investors [7]