海南航空控股股份有限公司 2025 年 9 月主要运营数据公告 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。 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 2025-094 2025 年 9 月，海南航空控股股份有限公司及所属子公司（以下简称"本集团"） 合并主要运营数据如下： | 载运量 | 年 2025 9 | 月 | 年累计 2025 | | | --- | --- | --- | --- | --- | | 数值 | | 同比变动（%） | 数值 | 同比变动（%） | | 收入客公里（RPK）（百万） | | | | | | 国内 | 8828.98 | 3.48 | 82190.58 | 2.51 | | 地区 | 24.82 | 2.29 | 224.88 | 38.50 | | 国际 | 2294.39 | 23.47 | 19755.12 | 47.79 | | 合计 | 11148.19 | 7.04 | 102170.59 | 9.03 | | 收入吨公里（ ...

Core Insights - HNA Group announced a year-on-year increase in passenger capacity input (measured in available seat kilometers) of 5.84% by September 2025 [1] - Revenue passenger kilometers grew by 7.04% year-on-year, indicating a strong demand for air travel [1] - The number of passengers transported increased by 2.53% year-on-year, reflecting a steady growth in customer base [1] - The passenger load factor improved by 0.96 percentage points, suggesting better utilization of available capacity [1] - Cargo and mail revenue ton kilometers saw a significant year-on-year increase of 23.42%, highlighting robust growth in freight services [1] - The volume of cargo and mail transported rose by 15.96% year-on-year, indicating strong demand in the logistics sector [1] - The cargo and mail load factor increased by 10.72 percentage points, demonstrating improved efficiency in cargo operations [1]

Core Insights - HNA Holding reported a passenger volume of 5,706.39 thousand in September, representing a year-on-year increase of 2.53% [1] - The cargo and mail volume increased by 15.96% year-on-year [1] - Revenue passenger kilometers (RPK), revenue ton kilometers (RTK), and cargo revenue ton kilometers grew by 7.04%, 9.46%, and 23.42% respectively [1] - The company has launched several new international routes, including Chongqing=Haikou=Auckland, Changchun=Haikou=Singapore, and Haikou=Jakarta [1] - As of the end of September, the total number of operational aircraft reached 354 [1]

Core Insights - The aviation and airport sector experienced a significant increase of 4.15% on October 15, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance Summary - Huaxia Airlines (002928) closed at 10.76, up 10.02% with a trading volume of 355,600 shares and a transaction value of 369 million [1] - China National Aviation (601111) closed at 8.27, up 6.99% with a trading volume of 1,570,800 shares and a transaction value of 1.269 billion [1] - 吉祥航空 (603885) closed at 14.05, up 6.76% with a trading volume of 391,300 shares and a transaction value of 539 million [1] - China Eastern Airlines (600115) closed at 4.39, up 5.78% with a trading volume of 2,425,000 shares and a transaction value of 1.046 billion [1] - China Southern Airlines (600029) closed at 6.30, up 5.18% with a trading volume of 1,435,300 shares and a transaction value of 889 million [1] - Spring Airlines (601021) closed at 53.68, up 2.85% with a trading volume of 107,000 shares and a transaction value of 566 million [1] - HNA Holding (600221) closed at 1.67, up 2.45% with a trading volume of 5,192,500 shares and a transaction value of 859 million [1] - Shenzhen Airport (000089) closed at 7.10, up 1.28% with a trading volume of 141,200 shares and a transaction value of 99.67 million [1] - Shanghai Airport (600009) closed at 31.88, up 0.92% with a trading volume of 91,400 shares and a transaction value of 290 million [1] - Baiyun Airport (600004) closed at 9.60, up 0.63% with a trading volume of 212,200 shares and a transaction value of 203 million [1] Capital Flow Analysis - The aviation and airport sector saw a net inflow of 362 million from institutional investors, while retail investors experienced a net outflow of 206 million [2] - Major stocks like HNA Holding and China Southern Airlines had varying net inflows and outflows from different investor types, indicating mixed investor sentiment [3] - HNA Holding had a net inflow of 11.7 million from institutional investors, while retail investors showed a net outflow of 47.34 million [3]

Core Viewpoint - HNA Group's stock price has shown a recent upward trend, with a 2.45% increase on October 15, 2023, and a total market capitalization of 72.17 billion yuan [1] Group 1: Stock Performance - As of October 15, 2023, HNA Group's stock price is 1.67 yuan per share, with a trading volume of 574 million yuan and a turnover rate of 1.06% [1] - Year-to-date, HNA Group's stock price has decreased by 1.76%, but it has increased by 3.09% over the last five trading days, 5.70% over the last 20 days, and 21.01% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 24, 2023, where it recorded a net purchase of 116 million yuan [1] Group 2: Financial Performance - For the first half of 2025, HNA Group reported operating revenue of 33.083 billion yuan, representing a year-on-year growth of 4.22%, and a net profit attributable to shareholders of 56.945 million yuan, which is an increase of 108.95% year-on-year [2] - Cumulatively, HNA Group has distributed a total of 3.424 billion yuan in dividends since its A-share listing, with no dividends distributed in the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, HNA Group had 583,500 shareholders, a decrease of 5.71% from the previous period, with an average of 0 shares per shareholder [2] - The Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders as of June 30, 2025 [3]

Core Viewpoint - The article highlights the challenges faced by families traveling with infants, particularly regarding the inability to select seats online when booking infant tickets, leading to inconvenience during travel [1][6]. Group 1: Issues Faced by Travelers - Travelers with infant tickets are unable to select seats online, forcing them to arrive early at the airport to choose from remaining seats [1][3]. - Specific experiences of travelers, such as Zhao Ying, illustrate the difficulties in securing adjacent seating for families, especially during peak travel times [4][5]. - The lack of online seat selection leads to additional stress and the need for communication with other passengers to swap seats once on board [5][10]. Group 2: Airline Policies and Safety Considerations - Airlines restrict online seat selection for travelers with infants primarily due to safety concerns, as infants require specific seating arrangements with access to oxygen masks [6][7]. - Different airlines have varying policies regarding seat selection for infant travelers, with some allowing online selection while others require in-person arrangements at the airport [8][9]. - The distribution of infant passengers across the cabin is managed to ensure safety, which complicates the seat selection process [7][12]. Group 3: Recommendations and Industry Insights - Industry experts suggest that airlines should consider relaxing restrictions on seat selection for families traveling with infants, such as allowing phone reservations [11][12]. - There is a growing demand for airlines to improve the travel experience for families, especially as the number of families with multiple children increases [11][12]. - Airlines face pressure to balance safety management with customer service, particularly during peak travel periods when family seating needs are heightened [11][12].

海南航空控股股份有限公司 2025 年第四次临时股东大会会议材料 二〇二五年十月 金鹏航空系公司及控股子公司祥鹏航空的参股公司，公司 持有 9.2016%股权，祥鹏航空持有 7.9051%股权，公司关联方海 航航空集团持有 77.8948%股权。海航航空集团拟向海航货运有 限公司（以下简称"海航货运"）转让金鹏航空 28.4784%股权， 交易金额 135,244.8813 万元。完成前述股权转让后，海航航空 集团将继续以其持有的金鹏航空 49.4164%股权向海航货运进行 增资，股权作价 234,679.8565 万元。前述转让及增资交易完成 后，海航航空集团将不再持有金鹏航空股权。根据本次交易情 况，经综合考虑，公司及子公司祥鹏航空决定放弃该等股权的 优先购买权。 本次交易完成后，海航货运、公司、祥鹏航空、海南航投 股权投资基金管理合伙企业(有限合伙）将分别持有金鹏航空 目 录 1.关于放弃参股公司股权优先购买权暨关联交易的议案............1 2.关于调整 2025 年度日常生产性关联交易预计金额的议案......9 海南航空控股股份有限公司 关于放弃参股公司股权优先购买权暨关联交 易的议案 ...

Core Insights - The aviation and airport sector saw a slight increase of 0.31% on October 14, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - China Eastern Airlines (600115) closed at 4.15, up 1.22% with a trading volume of 1.0534 million shares and a transaction value of 436 million [1] - Xiamen Airport (600897) closed at 14.56, up 1.04% with a trading volume of 19,800 shares [1] - Baiyun Airport (600004) closed at 9.54, up 0.85% with a trading volume of 179,400 shares [1] - HNA Holding (600221) closed at 1.63, up 0.62% with a trading volume of 5.3673 million shares [1] - Spring Airlines (601021) closed at 52.19, up 0.35% with a trading volume of 42,000 shares [1] Capital Flow - The aviation and airport sector experienced a net outflow of 54.71 million from institutional investors, while retail investors saw a net inflow of 97.49 million [2][3] - Major stocks like China Eastern Airlines and HNA Holding had mixed capital flows, with significant outflows from institutional and speculative investors [3]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights a slowdown in holiday shipments and a decline in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded [3][14] - Shenzhen has introduced detailed policies to support low-altitude economic development, and international flight routes have resumed during the 2025 National Day and Mid-Autumn Festival holidays [3][16] - China's express delivery volume reached 150 billion packages ahead of schedule, with strategic cooperation agreements signed between YTO Express and Huizhou [3][23] Summary by Sections Industry Hotspot Events - Holiday shipments have slowed, leading to a drop in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded. The China Import Crude Oil Comprehensive Index (CTFI) was reported at 1407.48 points, down 26.2% from September 25 [3][14] - Shenzhen's transportation bureau released measures to support low-altitude economic development, effective from October 9, 2025, to December 31, 2026. During the holiday, civil aviation transported 19.138 million passengers, with an average of 2.392 million passengers per day, a year-on-year increase of 3.2% [3][16][18] - As of October 11, 2025, China's express delivery volume surpassed 150 billion packages, achieving this goal 37 days ahead of schedule compared to 2024. A strategic cooperation agreement was signed between the Huizhou government and YTO Express [3][23][24] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 4621.00 points, down 5.3% year-on-year but up 1.3% month-on-month [28] - In September 2025, domestic cargo flights increased by 3.05% year-on-year, while international flights rose by 15.86% year-on-year [33] - The SCFI index for container shipping was reported at 1160.42 points, up 4.12% week-on-week but down 43.74% year-on-year [40] Investment Recommendations - The report suggests focusing on the equipment and manufacturing industrial product export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - It also highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - The report advises attention to the road and rail sector, recommending companies like Gansu Expressway, Beijing-Shanghai High-Speed Railway, and Anhui Expressway [4][5]

Core Viewpoint - The Trump administration's proposal to ban Chinese airlines from flying over Russian airspace on flights to and from the U.S. has raised significant concerns within the Chinese and U.S. aviation industries [1][5]. Group 1: Impact on Airlines - Seven Chinese airlines, including Air China and China Eastern Airlines, have jointly requested the U.S. Department of Transportation (DOT) for more time to assess the impact of the proposed ban on their operations, arguing that it would disrupt travel plans for passengers [1][4]. - The proposed ban could lead to increased flight times and fuel costs for Chinese airlines, with an example indicating that a Beijing-New York flight might require an additional two hours of flying time, resulting in increased fuel expenses of several hundred thousand dollars [7]. Group 2: Regulatory Context - The U.S. DOT has set an unusually short two-day period for airlines to respond to the proposed ban, which has been criticized by Chinese airlines as insufficient for a thorough evaluation [1][5]. - The final decision on the ban could be implemented as early as November of this year, amidst escalating tensions between the U.S. and China over various economic issues [5][7]. Group 3: Public and Expert Reactions - Chinese officials have criticized the U.S. for imposing restrictions on Chinese airlines, suggesting that such actions are detrimental to bilateral relations and the interests of consumers [7]. - Many American commenters on the DOT's public review page have expressed concerns about the negative impacts of the ban, including longer flight times, reduced travel options, increased ticket prices, and adverse environmental effects [7][9].