临时公告 证券代码：600221、900945 股票简称：海航控股、海控B股 编号：临2025-120 海南航空控股股份有限公司 第十一届董事会第一次会议决议公告 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。 2025 年 12 月 17 日，海南航空控股股份有限公司（以下简称"公司"）第十一届 董事会第一次会议以通讯方式召开，应参会董事 9 名，实际参会董事 9 名，符合《中 华人民共和国公司法》和《海南航空控股股份有限公司章程》的有关规定。会议审议 并通过如下议案： 一、关于选举祝涛先生担任公司董事长、法定代表人的议案 公司董事会同意选举祝涛先生担任公司董事长、法定代表人，任期与公司第十一 届董事会任期一致。 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 三、关于选举公司董事会专门委员会委员的议案 公司董事会同意选举戴新民、张晓辉、祝涛担任审计与风险委员会委员，戴新民 任召集人；选举张晓辉、戴新民、祝涛担任提名委员会委员，张晓辉任召集人；选举 吴成昌、张晓辉、 ...

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2][7]. Core Insights - The industry has maintained a high passenger load factor during the off-peak season, with both domestic and international travel thriving. The high load factor and slight recovery in ticket prices suggest a significant improvement in airline unit revenue. The implementation of "anti-involution" measures and the self-regulatory agreement by the China Air Transport Association is expected to reduce malicious low pricing, further supporting ticket price recovery and enhancing airline profitability. Additionally, the decline in oil prices is likely to reduce costs, contributing to further profit growth for airlines. Key airlines to focus on include China Southern Airlines, China Eastern Airlines, Air China, Spring Airlines, and Juneyao Airlines [3][13]. Summary by Sections 1. Investment Recommendations - The industry has seen sustained high passenger load factors since early 2025, with both domestic and international routes performing well. The off-peak season is not as weak as expected, with high load factors and a slight recovery in ticket prices, indicating a potential significant recovery in airline unit revenue. The implementation of self-regulatory measures is expected to mitigate low pricing practices, further supporting ticket price recovery and enhancing airline profitability [3][13]. 2. Off-Peak Passenger Load Factor and Ticket Prices 2.1 Supply and Demand - The capacity growth rate has rebounded, leading to an increase in passenger load factors. In October 2025, the industry’s Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) increased by 6.2% and 8.9% year-on-year, respectively, with a load factor of 87.4%, up 2.2 percentage points year-on-year [4][15]. 2.2 Ticket Prices - Ticket prices have weakened in December, with the average domestic ticket price at 839 yuan, down 7.0% year-on-year. The average ticket price for domestic routes, including fuel, was 709 yuan, down 6.2% year-on-year [4][23]. 2.3 Oil Prices and Exchange Rates - The average price of aviation fuel has slightly increased in December, with the domestic aviation fuel price at 6045 yuan per ton, up 3.9% year-on-year. The exchange rate of the Chinese yuan has appreciated against the US dollar, with the exchange rate at 7.0602 yuan per dollar as of December 16, 2025, down 1.78% from the end of 2024 [5][37]. 3. Airline Capacity and Load Factors 3.1 Operational Status - In November, most airlines maintained stable capacity growth, with significant increases in international capacity. The passenger load factors for both domestic and international routes have shown year-on-year improvements, significantly increasing compared to 2019 levels [4][43]. 3.2 Fleet Expansion - In November, Air China and China Southern Airlines each added 7 aircraft, marking the highest net increase among the six major airlines. From January to November, China Southern Airlines, Air China, and China Eastern Airlines saw net increases of 47, 26, and 21 aircraft, respectively [4][7].

Group 1 - The core point of the article is the launch of a direct flight route from Changchun to Hong Kong, operated by Hainan Airlines, which aims to enhance connectivity and promote tourism and economic exchanges between the two regions [2] - The new route will operate twice a week, on Tuesdays and Saturdays, with specific flight times designed to accommodate both business and leisure travelers, thereby improving convenience for passengers [2] - The opening of this route is a strategic move by the Jilin Province Civil Aviation Airport Group to enhance its aviation network and support the province's efforts in promoting its ice and snow economy while integrating with southern markets [2] Group 2 - The route is expected to directly connect Jilin's world-class ice and snow resources with Hong Kong's international tourism market, which is anticipated to significantly boost passenger traffic and upgrade tourism consumption [2] - This new air route will also facilitate investment, trade, and cultural exchanges between the two regions, creating an efficient aerial channel for collaboration [2]

Core Viewpoint - Hainan Airlines has officially launched a new flight route from Changchun to Hong Kong, enhancing connectivity between Northeast China and the Guangdong-Hong Kong-Macau Greater Bay Area, facilitating travel options for weekend skiing and cross-border tourism [1] Flight Schedule - The new route operates two flights per week, specifically on Tuesdays and Saturdays [1] - Departure from Changchun Longjia International Airport is scheduled at 15:35, arriving at Hong Kong International Airport at 20:30, with a flight duration of approximately 4 hours and 55 minutes [1] - The return flight departs from Hong Kong International Airport at 10:15, arriving back in Changchun at 14:35, with a flight duration of about 4 hours and 20 minutes [1] Ticketing and Services - Passengers can purchase tickets through various channels including Hainan Airlines' official website, app, WeChat, and authorized ticket agents [1] - Hainan Airlines offers a range of services such as seat selection, prepaid baggage, in-flight upgrades, and business packages to cater to diverse travel needs [1]

凭借国际航线网络的加速扩张、新运力的投入运营及海南自贸港政策红利的深度释放，公司在航线布 局、服务创新与产业协同等方面取得多项突破性进展，为四季度及2026年发展奠定坚实基础。 公司最新运营动态显示，11月，海航控股延续前三季度良好发展势头，国内市场票价与客座率实现同比 双提升，国际航线客运量持续保持高速增长。值得注意的是，11月，公司货邮运收入吨公里同比增长 17.8%，其中国际货邮运收入吨公里同比增长23.75%；货运及邮运量同比增长14.32%，其中国际货运及 邮运量同比增长21.2%；货邮载运率同比增长3.36个百分点，业务表现同样亮眼。 在航空维修领域，海航控股旗下海口吉耐斯发动机维修公司取得关键突破，10月完成首台GEnx-1B发动 机试车，已累计交付23台发动机，实现从"能力验证"到"批量交付"的跨越。作为中国唯一具备GE最高 等级授权的GEnx-1B发动机大修企业，其国际一流标准的试车台填补了国内相关领域空白，依托自贸 港"零关税"航材与保税维修政策，有望打造为中国高端航空维修产业标杆。 随着海南自贸港全岛封关运作进入倒计时，海航控股充分享受政策红利，核心运营成本持续优化。公司 已累计进口20 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Views - The industry is experiencing a robust supply and demand growth, with November data showing a year-on-year increase in both supply and demand. The passenger load factor has improved, particularly in domestic routes, which have seen a significant increase compared to 2019 levels. In November, the total supply and demand for six listed airlines increased by 7.1% and 10.3% year-on-year, respectively, reaching 110.4% and 116.7% of the levels seen in the same period of 2019. The passenger load factor rose by 2.5 percentage points to 85.6%, which is 4.6 percentage points higher than in November 2019 [6][6][6]. Summary by Sections Supply and Demand Dynamics - In November, domestic routes saw supply and demand increase by 4.2% and 6.8% year-on-year, respectively, achieving 113.3% and 118.2% of the levels from 2019. The passenger load factor for domestic routes improved by 2.1 percentage points to 86.6%, which is 3.6 percentage points higher than in 2019. International routes experienced a more significant increase, with supply and demand rising by 15.0% and 20.7% year-on-year, reaching 104.8% and 113.5% of 2019 levels. The passenger load factor for international routes increased by 3.9 percentage points to 83.4%, which is 6.4 percentage points higher than in 2019 [6][6]. Airline Performance - Performance among airlines varied, with Spring Airlines and Eastern Airlines leading in passenger load factors. In November, the three major airlines reported a year-on-year increase in supply and demand of 6.7% and 10.3%, respectively, continuing their recovery trend. Domestic routes for these airlines have returned to 111.6% and 116.6% of 2019 levels. Eastern Airlines had the highest passenger load factor, increasing by 3.0 percentage points to 87.4%, while China National Airlines showed the fastest recovery, with a 3.9 percentage point increase to 83.3% [6][6]. External Factors - External events continue to disrupt demand, particularly on the China-Japan route, which is experiencing short-term weakness. However, the long-term recovery trend for international routes remains intact. Recent policy changes have extended the free cancellation and modification policy for flights on this route until March 28, 2026. Despite the current challenges, the demand for international flights is expected to recover in the medium to long term, supported by resilient ticket prices [6][6].

Core Insights - HNA Holding's stock closed at 1.75 yuan on December 15, 2025, marking a 1.16% increase from the previous trading day, with a total market capitalization of 75.627 billion yuan [1] Operational Performance - In November 2025, HNA Holding reported a 6.87% year-on-year increase in passenger capacity, with international capacity rising by 22.20% [1] - Revenue passenger kilometers increased by 8.14% year-on-year, with international revenue passenger kilometers growing by 24.36% [1] - Passenger transport volume saw a year-on-year growth of 5.08%, with international passenger transport volume increasing by 16.09% [1] - Cargo and mail revenue ton kilometers rose by 17.80% year-on-year, with international figures up by 23.75% [1] - Cargo and mail volume increased by 14.32% year-on-year, with international volume growing by 21.20% [1] - The cargo and mail load factor improved by 3.36 percentage points [1] - The company added one A320NEO and three B737-8MAX aircraft in November, and launched a new route from Chongqing to Brussels [1] - As of the end of November 2025, the company operated a total of 362 aircraft [1]

Group 1 - Muxi Co., Ltd. will list its common stock on the Sci-Tech Innovation Board on December 17, 2025 [1] - Xinghua New Materials signed a strategic cooperation agreement with Guoteng Company to collaborate in the quantum technology field [2] - TCL Technology's subsidiary plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 60.45 billion RMB [3] Group 2 - Jingjia Micro's subsidiary has completed key stages of its edge AI SoC chip, marking a significant project breakthrough [4] - Cambricon plans to use 2.778 billion RMB of its capital reserve to offset losses [5] - Bojun Technology's subsidiary intends to invest 600 million RMB in an automotive lightweight component production base in Chongqing [6] Group 3 - Longqi Technology plans to invest approximately 1.5 billion RMB to build an AI + smart terminal digital benchmark factory in Nanchang [7] - Taili Technology signed a strategic cooperation framework agreement with Jinan University to establish an advanced functional materials research institute with an investment of 100 million RMB [8][9] - Pengding Holdings plans to invest a total of 4.297 billion RMB in a production facility in Thailand by 2026 [10] Group 4 - China Metallurgical Group reported a new contract amount of 958.13 billion RMB from January to November 2025, a decrease of 8.6% year-on-year [16] - 吉祥航空 reported an 8.92% year-on-year increase in passenger turnover in November 2025 [17] - Hainan Airport's passenger throughput reached 2.0909 million in November 2025, a year-on-year increase of 8.16% [20] Group 5 - Xinhua Insurance reported a cumulative original insurance premium income of 188.85 billion RMB from January to November 2025, a year-on-year increase of 16% [21] - Huafeng Aluminum's controlling shareholder plans to reduce its stake by up to 2.17% [22] - Digital Vision plans to repurchase shares worth 80 million to 120 million RMB [23]

Core Viewpoint - Haikou Meilan International Airport has launched a regular passenger route between Haikou and Ho Chi Minh City, enhancing connectivity between Hainan Free Trade Port and Southeast Asia for personnel exchanges, trade cooperation, and tourism [1][2] Group 1: Route Details - The new route is operated by Hainan Airlines using Boeing 738 aircraft, with flights scheduled every Monday and Friday [1] - The outbound flight HU767 departs Haikou at 6:55 AM Beijing time and arrives in Ho Chi Minh City at 7:55 AM local time, while the return flight HU768 leaves Ho Chi Minh City at 8:55 AM local time and arrives back in Haikou at 11:55 AM Beijing time [1] Group 2: Market Performance - As of December 13, 2023, Meilan Airport's international and regional passenger throughput has exceeded 1.4 million, marking a historical high since its opening [1] - The Southeast Asian market has shown significant growth, with over 630,000 travelers from countries like Singapore, Malaysia, and Thailand, reflecting a year-on-year increase of 7.2% [1] Group 3: Future Developments - Meilan Airport plans to open a route to Hanoi, Vietnam, on December 28, further enhancing the air route network between Hainan Free Trade Port and RCEP countries [2]

北京商报讯（记者 关子辰 牛清妍）12月15日，海航控股发布月度运营数据，11月集团客运运力投入 （按可利用客公里计）同比上升6.87%；旅客周转量（按收入客公里计）同比上升8.14%；客座率为 83.07%，同比上升0.98个百分点。11月货邮周转量（按收入吨公里—货邮运计）同比上升17.8%。 ...