Core Viewpoint - HNA Group is facing significant challenges regarding its proposed acquisition of Tianyu Flight Training Co., Ltd., including concerns over the valuation of the target company, its financial stability, and the company's own high debt levels [3][4][9]. Group 1: Acquisition Details - HNA Group plans to acquire 100% of Tianyu Flight Training for 799 million yuan, which represents a 34.37% premium over the assessed net asset value of 595 million yuan [4][5]. - The target company, Tianyu Flight Training, has seen its net assets decrease by 10.53% from 664.8 million yuan in 2019 to 595 million yuan in 2024, yet the acquisition price is higher than the previous sale price of 749.1 million yuan in 2020 [5][6]. - The valuation of Tianyu's intangible assets has raised eyebrows, with a reported increase of 3618.68% from 248,850 yuan to 92.54 million yuan, which constitutes 12.3% of the total assessed net asset value [5][6]. Group 2: Financial Performance Concerns - Tianyu Flight Training's financial performance has been unstable, with net profits fluctuating significantly from 79 million yuan in 2021 to a projected 70 million yuan in 2024, marking a 62.17% decline year-on-year [6][7]. - The company's revenue for 2024 is expected to drop by 8.55% to 385 million yuan, with a notable decrease in training hours for both simulator and crew training [6][8]. - Tianyu's accounts receivable have been concerning, with balances reaching 388 million yuan and 419 million yuan in 2023 and 2024, respectively, indicating a high dependency on receivables for revenue generation [8]. Group 3: HNA Group's Financial Challenges - HNA Group has been struggling with a cumulative net loss of 94.26 billion yuan over the past seven years, with a debt load of 1.402 billion yuan and an asset-liability ratio of 98.91% as of 2024 [9][10]. - The company faces a liquidity gap of 2.49 billion yuan between its short-term borrowings and available cash, which raises concerns about its ability to finance the acquisition without further straining its financial position [10]. - Despite a projected net profit of 45 to 65 million yuan for the first half of 2025, the company is still expected to report a net loss of 40 to 60 million yuan after excluding non-recurring items [10].

比利时代表团成员有序办理乘机手续 为确保比利时代表团顺利出行，海南航空提前制定详尽的保障方案，开设专属值机柜台，并全程安排工 作人员协助办理值机与行李托运。此次代表团分9批次飞往成都，海南航空在航班衔接、座位协调、大 件及运动器材托运等方面充分准备，特别安排集中座位，方便队员在旅途中得到充分休息，以细致、周 到的服务传递温暖与关怀。 海南航空布鲁塞尔办事处总经理李蒙在登机口热情迎接运动员们，并为他们加油鼓劲："希望海南航空 能成为你们中国旅程的美好开始，预祝你们在成都赛出佳绩，收获一段难忘而美好的回忆！"现场气氛 热烈，不时响起代表团成员互相鼓励的欢呼声。海南航空值机人员在递上登机牌的同时，送上诚挚祝 福："预祝大家旅途顺利，在成都赛出好成绩！" 这份真挚的鼓励与关怀，成为登机口前最热烈、最温 暖的声音。 海南航空地服工作人员清点代表团行李 海南航空布鲁塞尔办事处工作人员为代表团讲解转机流程 2025年成都世界运动会（The World Games 2025 Chengdu）是第十二届世界运动会，由国际世界运动会 协会主办的一项国际性体育盛会，竞赛项目以非奥运会项目为主。2025年世界运动会将于2025年8月 ...

Core Viewpoint - HNA Holding's stock price closed at 1.51 yuan on August 7, 2025, reflecting a decrease of 0.01 yuan or 0.66% from the previous trading day [1] Group 1: Company Overview - HNA Holding is a leading aviation transportation enterprise in China, primarily engaged in passenger and cargo air transportation as well as related services [1] - The company operates bases across major cities in the country and has a comprehensive route network [1] Group 2: Recent Developments - HNA Aviation Group recently established a wholly-owned subsidiary, Beijing Jinlu Business Jet Co., Ltd., in Beijing with a registered capital of 100 million yuan [1] - The subsidiary's business scope includes general aviation services and civil aircraft maintenance among other areas [1] Group 3: Financial Data - On August 7, HNA Holding experienced a net inflow of main funds amounting to 14.12 million yuan, although the overall trend over the past five trading days showed a net outflow of 17.91 million yuan [1]

Core Viewpoint - Hainan Airlines plans to add a new route from Hefei to Guiyang and increase the frequency of the Hefei to Dalian route between August 15 and August 31, enhancing its operational capacity in Anhui province [1] Route Expansion - The new Hefei to Guiyang route will operate one round trip flight on Mondays, Wednesdays, Fridays, and Sundays, with flight HU6389 departing Hefei at 16:55 and arriving in Guiyang at 19:05, and the return flight HU6390 leaving Guiyang at 20:05 and arriving back in Hefei at 22:10 [1] - After the frequency increase, the Hefei to Dalian route will have two round trip flights on Mondays, Wednesdays, Fridays, and Sundays, and one round trip flight on Tuesdays, Thursdays, and Saturdays, providing more flexible travel options for passengers [1] Operational Capacity - With the addition of the new route and the frequency increase, Hainan Airlines will operate a total of 12 routes in Anhui, including destinations such as Haikou, Guangzhou, Shenyang, Sanya, Changchun, Xiamen, Taiyuan, Zhuhai, and Anqing, with a total of 164 weekly flights [1]

Market Performance - The aviation and airport sector increased by 0.23% on August 7, with Shenzhen Airport leading the gains [1] - The Shanghai Composite Index closed at 3639.67, up 0.16%, while the Shenzhen Component Index closed at 11157.94, down 0.18% [1] Individual Stock Performance - Shenzhen Airport (000089) closed at 7.24, up 1.54% with a trading volume of 148,200 shares and a turnover of 107 million yuan [1] - Xiamen Airport (600897) closed at 14.86, up 0.68% with a trading volume of 24,100 shares and a turnover of 35.68 million yuan [1] - Spring Airlines (601021) closed at 52.86, up 0.63% with a trading volume of 29,000 shares and a turnover of 153 million yuan [1] - China Eastern Airlines (600115) closed at 3.83, up 0.52% with a trading volume of 446,600 shares and a turnover of 171 million yuan [1] - China Southern Airlines (600029) closed at 5.74, up 0.35% with a trading volume of 265,100 shares and a turnover of 152 million yuan [1] - China National Aviation (601111) closed at 7.28, up 0.28% with a trading volume of 548,700 shares and a turnover of 26.66 million yuan [1] Capital Flow Analysis - The aviation and airport sector experienced a net outflow of 3.73 million yuan from institutional investors and 5.50 million yuan from speculative funds, while retail investors saw a net inflow of 9.23 million yuan [2] - The capital flow for individual stocks shows that China Southern Airlines had a net inflow of 111.51 million yuan from retail investors, while Xiamen Airport had a net outflow of 342,000 yuan from institutional investors [3]

Core Viewpoint - Hainan Airlines plans to enhance its flight offerings in Anhui province during the summer travel season of 2025, including the introduction of a new route from Hefei to Guiyang and an increase in flights on the Hefei to Dalian route [1][5]. Flight Schedule Summary - The new Hefei-Guiyang route will operate one round trip flight each on Mondays, Wednesdays, Fridays, and Sundays, with flight HU6389 departing Hefei at 16:55 and arriving in Guiyang at 19:05, and the return flight HU6390 leaving Guiyang at 20:05 and arriving back in Hefei at 22:10 [3][4]. - The Hefei-Dalian route will see an increase in frequency, with two round trip flights on Mondays, Wednesdays, Fridays, and Sundays, and one round trip flight on Tuesdays, Thursdays, and Saturdays, providing travelers with more flexible travel options [4]. Overall Flight Operations - During this period, Hainan Airlines will operate a total of 12 routes from Hefei, including destinations such as Haikou, Guangzhou, Shenyang, Sanya, Changchun, Xiamen, Taiyuan, Zhuhai, Dalian, Guiyang, and additional routes from Anqing to Beijing and Haikou, with a total of 164 weekly flights [1][4].

Group 1 - The stock price of HNA Holding remained stable at 1.52 yuan as of August 6, 2025, with a trading volume of 3.1072 million hands and a transaction amount of 468 million yuan [1] - In the first quarter of 2025, HNA Holding reported a revenue of 17.601 billion yuan and a net profit attributable to shareholders of 272 million yuan [1] - HNA Holding has applied for an extension to respond to the Shanghai Stock Exchange's inquiry regarding a major asset purchase proposal, which was originally due within 10 trading days after receiving the inquiry on June 18, 2025 [1] Group 2 - On August 6, 2025, the net outflow of main funds was 35.1392 million yuan, with a cumulative net outflow of 149 million yuan over the past five days [1]

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 2025-064 海南航空控股股份有限公司 临时公告 次延期回复《问询函》，延期时间不超过 5 个交易日，由此给投资者带来的不便， 敬请谅解。 公司将继续积极推进相关工作，尽快回复并及时履行信息披露义务。有关信 息以公司在上海证券交易所网站及指定信息披露媒体发布的公告为准，敬请广大 投资者关注公司公告，注意投资风险。 特此公告。 关于再次延期回复上海证券交易所《关于对海南航空控股股份有 限公司重大资产购买草案的问询函》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。 海南航空控股股份有限公司（以下简称"公司"）于 2025 年 6 月 18 日收到 上海证券交易所《关于对海南航空控股股份有限公司重大资产购买草案的问询函》 （上证公函【2025】0871 号）（以下简称《问询函》），要求公司在 10 个交易 日内针对相关问题书面回复。详见公司于 2025 年 6 月 19 日披露的《关于收到上 海证券交易所〈关于对海南航空控股股份有 ...

海南航空太原地区 2025 年暑运新增航线信息表（海南航空供图） 针对暑期师生出行需求，海南航空特别推出"师生关爱"产品。通过海南航空官网或APP完成教师/学生身 份认证的金鹏会员，为本人及同行人员购买海南航空实际承运的指定航班指定舱位客票，可享最高10% 的价格优惠。（编辑：陈虹莹 校对：李佳洹 审核：程凌） 中国民航网 通讯员秦丽燕 报道：随着2025年暑运进入高峰，航空出行需求持续攀升。为进一步满足太 原地区旅客暑期出行需要，海南航空加大运力投入，优化航线网络布局，计划于8月7日至8月31日期间 新增太原—宁波、太原—长春、太原—珠海航线。暑运期间海南航空在太原运营的国内航线数量将达到 16条，航线网络覆盖深圳、大连、贵阳、海口、珠海、杭州、广州、福州、武汉、长沙、合肥、厦门、 青岛、乌鲁木齐、南京、三亚，为旅客提供更加多元化的出行选择，助力暑运旺季出行需求。 据悉，海南航空新增的太原—宁波航线每日执行一个往返，去程HU6381航班早上8:30从太原武宿国际 机场起飞，10:40抵达宁波栎社国际机场；回程HU6832航班11:30从宁波起飞，13:55抵达太原。太原— 长春航线每周一、三、五、日各执行一 ...

Core Insights - The domestic aviation industry is experiencing significant growth during the summer travel season, with Beijing emerging as the top destination due to its tourism and business advantages [1][4]. Passenger Volume and Flight Data - In July, domestic aviation passenger volume exceeded 60.34 million, marking a new high, while international routes saw a 10% year-on-year increase with over 7.76 million passengers [2]. - The total passenger transport volume for July reached 71.2 million, a 16.3% increase from the previous month and a 3% increase year-on-year [2]. - The number of flights operated in July reached 524,000, averaging 16,900 flights per day, with a year-on-year increase of 3.5% [3]. Popular Destinations and Trends - The most popular domestic destinations in July included Beijing, Chengdu, Shanghai, and Guangzhou, with Beijing leading due to its rich cultural heritage and business activities [4]. - The "cooling off" tourism trend was prominent in July, with significant increases in passenger volume to destinations like Xinjiang, which saw over 8% growth, and other regions like Yunnan and Ningxia [2][3]. Service Enhancements by Airlines - Airlines are enhancing their services to attract business travelers, with initiatives like "one-click boarding" and extended check-in times being introduced by major carriers [6][7]. - The introduction of pet-friendly services has expanded, with airlines increasing the number of pets allowed in the cabin and removing restrictions on certain breeds [7]. Pricing and Future Outlook - The average ticket price for domestic economy class in July was 840 yuan, showing a slight year-on-year decrease, while several key routes maintained average prices above 1,000 yuan [5]. - The capital airport anticipates continued growth in passenger throughput, with peak travel expected in late August [5].