临时公告 关于2025年第三次临时股东大会延期并增加临时 提案的公告 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。 一、 股东大会有关情况 | | 股份类别 | 股票代码 | | 股票简称 | 股权登记日 | | 最后交易日 | | --- | --- | --- | --- | --- | --- | --- | --- | | | Ａ股 | 600221 | 海航控股 | | 2025/8/25 | － | | | | Ｂ股 | 900945 | B 海控 | 股 | 2025/8/28 | 2025/8/25 | | | 二、 | 股东大会延期和增加临时提案的情况说明 | | | | | | | 证券代码：600221 、900945 证券简称：海航控股 、海控 B 股 公告编号：2025-077 海南航空控股股份有限公司 本次临时股东大会的延期召开符合《上市公司股东大会规则》和《上海证券 交易所股票上市规则》等相关法律法规以及《海南航空控股股份有限公司章程》 等相关规定。 临时公告 （二） 增加临时提案的情况说明 公 ...

海南天羽飞行训练有限公司 审计报告 众环审字[2025]1700093 号 海南天羽飞行训练有限公司 财务报表附注 海南天羽飞行训练有限公司 财务报表附注 （除特别说明外，金额单位为人民币元） 一、公司基本情况 （一）基本情况 海南天羽飞行训练有限公司（以下简称"本公司"或"公司"）于2015年11月经 海南省市场监督管理局注册成立，取得了统一社会信用代码为91460000MA5RC58008 的营业执照。本公司注册地址和办公地址均为海南省海口市琼山区龙塘镇潭口村。 本公司及子公司（统称"本集团"）主要从事飞行员、乘务员等与航空相关人 员的培训服务。 （二）重大资产重组情况概述 海南航空控股股份有限公司（以下简称"海航控股"）拟受让海南空港开发产 业集团有限公司（以下简称"海南空港"）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。 二、财务报表的编制基础 本财务报表仅为上述"一、公司基本情况"中所述的拟实施的重大资产重组交 易之参考目的编制，仅供本公司向上海证券交易所等机构报送重大资产重组申报材 料之用，不做其他用途。 鉴于以上特殊编制目的，本财务报表2025年1-4月、2024年度和 ...

Core Viewpoint - The independent financial advisor, China Galaxy Securities, conducted a thorough review of the impact of Hainan Airlines' major asset acquisition on the company's immediate return per share, concluding that the transaction will not dilute the earnings per share (EPS) and may enhance profitability in the future [1][4]. Group 1: Impact on Earnings - The transaction is expected to improve the net profit attributable to shareholders, with the projected basic EPS increasing from -0.0213 yuan/share to -0.0195 yuan/share post-transaction [1]. - The net profit before the transaction was -126,357.1 million yuan, which is expected to improve to -120,069.2 million yuan after the transaction [1]. Group 2: Measures to Enhance Returns - The company plans to integrate flight training operations into its business, enhancing the overall strategic development and operational efficiency [2]. - Measures include improving management efficiency, optimizing resource allocation, and exploring new growth opportunities to enhance profitability [2]. Group 3: Commitments from Management - The controlling shareholder and management have made commitments to ensure that measures to mitigate any potential dilution of immediate returns are effectively implemented [3][4]. - These commitments align with regulatory requirements aimed at protecting the rights of minority investors [4].

Core Viewpoint - The legal opinion provided by Beijing Deheng Law Firm confirms that Hainan Airlines Holding Co., Ltd.'s cash purchase of assets complies with relevant laws and regulations, and there are no significant legal obstacles or risks affecting the transaction [6][16]. Group 1: Transaction Overview - The transaction involves Hainan Airlines Holding Co., Ltd. acquiring Hainan Tianyu Flight Training Co., Ltd. through a cash payment, with the share transfer agreement signed on August 27, 2025 [5]. - The transaction's evaluation report indicates a valuation difference of approximately 47.46 million RMB between the income approach and the asset-based approach [6]. - The approval and authorization processes for the transaction have been completed, ensuring compliance with legal requirements [7]. Group 2: Financial and Tax Considerations - Hainan Tianyu Flight Training Co., Ltd. benefits from a reduced corporate income tax rate of 15% under the Hainan Free Trade Port tax incentive policy, which has been extended until December 31, 2027 [8]. - The company has reported a minor proportion of related party transactions, with related purchases amounting to 100.43 million RMB, representing 1.26% of the operating costs for the first four months of 2025 [12]. Group 3: Corporate Governance and Management - Hainan Tianyu's governance structure allows for the participation of Hainan Airlines Group in daily operations, ensuring compliance with safety management standards [9][10]. - The management changes and operational oversight by Hainan Airlines Group are deemed necessary for maintaining safety and operational standards in flight training [10]. Group 4: Related Party Transactions - The related party transactions before and after the acquisition show minimal changes, with related purchases decreasing from 3.38% to 3.04% of operating costs, and related sales increasing slightly from 7.59% to 7.80% of operating income [13][14]. - The transactions are conducted at market prices, ensuring fairness and compliance with legal standards [12][14]. Group 5: Insider Information Compliance - The self-examination reports confirm that no insider trading occurred during the transaction period, with all parties adhering to legal and regulatory requirements [15][16]. - The independent financial advisor, Galaxy Securities, has established strict information barriers to prevent conflicts of interest and insider trading [16]. Group 6: Conclusion - The legal opinion concludes that the cash purchase of assets by Hainan Airlines Holding Co., Ltd. meets all legal and regulatory requirements, with no significant legal risks identified [16][18].

Core Viewpoint - The response from Zhongwei Zhengxin (Beijing) Asset Appraisal Co., Ltd. addresses the inquiry from the Shanghai Stock Exchange regarding Hainan Airlines Holding Co., Ltd.'s major asset purchase proposal, focusing on the asset valuation and the rationale behind the pricing methods used in the transaction [1][2]. Valuation and Pricing - The previous transaction in June 2020 involved the transfer of 100% equity of the target company to Hainan Airport Facilities Co., Ltd. at a price of 749 million yuan, reflecting a premium of 12.68% over the net asset value of 665 million yuan as of December 31, 2019. The current transaction price is based on a valuation of 799 million yuan, which represents a 34.37% premium over the net asset value of 595 million yuan as of December 31, 2024 [1][9]. - The asset-based valuation for the current transaction is 752 million yuan, indicating a premium rate of 26.39%, primarily driven by the appreciation of intangible assets [1]. Financial Performance - The financial data for Tianyu Flight Training over the past five years shows fluctuating revenues, with a peak revenue of 421 million yuan in 2023 and a projected revenue of approximately 404 million to 409 million yuan for 2025, attributed to the addition of two new simulators [4][5]. - The gross profit margin has varied, with a notable increase to 41.04% in 2024, while the net profit has shown recovery from a significant loss of 414 million yuan in 2020 to a cumulative net profit of -71.03 million yuan by 2024 [4][8]. Intangible Assets - The intangible assets of Tianyu Flight Training include trademarks and domain names, which are crucial for business operations and revenue generation. The valuation of these intangible assets has significantly increased, contributing to the overall asset valuation in the current transaction [12][13]. Transaction Structure - The absence of performance compensation clauses in the transaction is justified by the regulatory framework, as the transaction does not involve a change in control and is negotiated based on market principles. However, a supplementary agreement has been established to include impairment compensation clauses to protect minority investors [10][11].

Core Viewpoint - Hainan Airlines Holding Co., Ltd. is planning to acquire 100% equity of Hainan Tianyu Flight Training Co., Ltd. through cash payment, and an independent financial advisor has conducted a review of insider trading activities related to this transaction [1][2]. Group 1: Insider Information and Self-Examination Period - The self-examination period for insider information related to this transaction spans from December 6, 2024, to June 6, 2025 [2]. - The scope of the insider information review includes individuals and institutions involved in the transaction [2]. Group 2: Trading Activities of Individuals and Institutions - During the self-examination period, relevant individuals and institutions engaged in buying and selling Hainan Airlines stock, with specific details on cumulative shares bought and sold provided [3][4]. - Individuals involved in trading have stated that their actions were based on personal investment judgments and not related to the major asset restructuring [3][4]. Group 3: Compliance and Internal Controls - The independent financial advisor, China Galaxy Securities, confirmed adherence to legal regulations and internal policies, ensuring the integrity of the trading activities [4][5]. - The company has established strict information barriers to prevent insider trading and conflicts of interest [4][5]. Group 4: Conclusion of the Independent Financial Advisor - After thorough verification, the independent financial advisor concluded that the trading activities of the relevant individuals and institutions did not constitute insider trading and do not pose substantial legal obstacles to the transaction [5].

北京德恒律师事务所 关于 海南航空控股股份有限公司 本次交易相关内幕信息知情人买卖股票情况 的自查报告之专项核查意见 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本次交易 相关内幕信息知情人买卖股票情况的自查报告之专项核查意见 北京德恒律师事务所 关于 海南航空控股股份有限公司 本次交易相关内幕信息知情人买卖股票情况 的自查报告之专项核查意见 德恒 01F20250170-04 号 致：海南航空控股股份有限公司 本所接受海南航空控股股份有限公司（以下简称"海航控股"或"上市公司"） 的委托，担任上市公司拟以支付现金方式收购海南天羽飞行训练有限公司（以下 简称"标的公司"）100%股权（以下简称"本次交易"）的特聘专项法律顾问。 本所就本次交易出具了《北京德恒律师事务所关于海南航空控股股份有限公司重 大资产购买的法律意见》（德恒 01F20250170-01 号，简称"《法律意见》"）。 为出具本专项核查意见，本所律师作出如下声明： 北京德恒律师事务所 关于海南航空控股 ...

Core Viewpoint - The independent directors of Hainan Airlines Holding Co., Ltd. provided their opinions regarding the inquiry letter related to a significant asset purchase, emphasizing the necessity of the involvement of related parties in the operation of the target company and the measures taken to mitigate accounts receivable risks [1][2][3][4]. Group 1: Inquiry Letter Issues - The inquiry letter raised concerns about related transactions and independence, specifically regarding the involvement of related parties as major clients of the target company and their participation in the operations of Tianyu Flight Training [2][3]. - The company was asked to disclose the specific circumstances of related parties' involvement in the target company's operations and to explain the rationale behind this involvement, including the independence of the target company and any potential bias towards the interests of the company and its related parties [2][3]. Group 2: Independent Directors' Opinions - Regarding the first inquiry issue, the independent directors stated that the involvement of related parties in the target company's operations is a necessary measure to ensure operational standards align with the training systems of the target company, which enhances risk management capabilities [3][4]. - For the second inquiry issue, the independent directors noted that after the acquisition, Tianyu Flight Training will become a subsidiary of Hainan Airlines and will be integrated into the internal control system of the company. Measures have been established to reduce the risk of accounts receivable, including commitments from Hainan Airlines Group to ensure timely repayment of debts by related parties [4].

Group 1 - Hainan Airlines Holdings Co., Ltd. is planning a significant asset restructuring and has disclosed the draft asset purchase report on June 7, 2025 [1] - The independent financial advisor for the restructuring project is China Galaxy Securities Co., Ltd. [1] - The signing accountants for the project have changed from Li Hui and Cui Xiurong to Cui Xiurong and Su Wenjuan due to Li Hui's signing period expiring after five years [1] Group 2 - Su Wenjuan has been engaged in listed audit services since 2014 and became a Chinese certified public accountant in 2017, possessing extensive experience in the field [1] - Both Cui Xiurong and Su Wenjuan have agreed to assume their respective responsibilities and have committed to the authenticity, accuracy, and completeness of the documents they sign [2] - The independent financial advisor has reviewed the special report issued by Cui Xiurong and Su Wenjuan, confirming that they have fulfilled their due diligence obligations and that the changes will not adversely affect the transaction [2]

临时公告 关于2025年第三次临时股东大会延期并增加临时 提案的公告 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。 一、 股东大会有关情况 1. 原股东大会的类型和届次： 2025年第三次临时股东大会 证券代码：600221 、900945 证券简称：海航控股 、海控 B 股 公告编号：2025-077 | 股份类别 | 股票代码 | 股票简称 | | 股权登记日 | 最后交易日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 600221 | 海航控股 | | 2025/8/25 | － | | Ｂ股 | 900945 | 海控 B | 股 | 2025/8/28 | 2025/8/25 | 海南航空控股股份有限公司 二、 股东大会延期和增加临时提案的情况说明 （一） 延期的情况说明 因统筹相关工作安排，经公司审慎研究，并经公司 2025 年 8 月 27 日召开的 第十届董事会第四十三次会议审议，决定将本次股东大会召开时间延期至 2025 年 9 月 8 日。 （1）海南航空 ...