Core Viewpoint - The summer travel season is approaching, with airlines increasing capacity and launching new routes, particularly to the northwest and northeast regions of China, leading to a decrease in ticket prices for flights from Beijing to Xinjiang [1][3][5]. Group 1: Airline Capacity and Route Expansion - Multiple airlines, including China Southern Airlines and Hainan Airlines, are enhancing flight capacity to popular destinations in the northwest, such as Xinjiang, Inner Mongolia, and Qinghai, with new routes and increased flight frequencies [3][7]. - China Southern Airlines plans to operate over 2,300 flights weekly from Beijing Daxing, with new routes to Changbai Mountain, Xining, and other tourist destinations [3]. - The planned flight volume to Xinjiang during the summer travel period is expected to increase by over 20% year-on-year, with significant growth in smaller airports in the region [3]. Group 2: Ticket Price Trends - Ticket prices for direct flights from Beijing to various destinations in Xinjiang have decreased, with prices for flights dropping by over 1,000 yuan for some routes compared to two weeks prior [1][5]. - As of June 30, the lowest prices for flights from Beijing to Urumqi, Alatai, and Hami were reported at 2,430 yuan, 1,930 yuan, and 2,577 yuan, respectively, reflecting significant price reductions [5][6]. - The average ticket price for summer travel has decreased by 1.3% year-on-year, attributed to high pre-sale prices in 2024 and increased demand [6]. Group 3: Enhanced Passenger Services - Airlines are introducing targeted passenger services for the summer season, including expanded pet transport services and dedicated charter services for students [1][7]. - China Eastern Airlines has upgraded its "pet in cabin" service, adding 16 new routes, while Hainan Airlines is focusing on services for students and unaccompanied minors [7].

Core Viewpoint - The expansion of international air routes from Hainan is significantly enhancing the export capacity of local products, particularly lychees, to global markets, thereby promoting trade and economic growth in the region [1][4][6]. Group 1: International Route Expansion - Hainan Airlines has opened seven new international routes this year, including connections to London, Singapore, Tokyo, and Jeddah, which enhances the region's connectivity to Europe, the Middle East, and Asia [1][4]. - The total number of international routes from Hainan has reached 72, facilitating trade and travel [1]. - The new direct flight from Haikou to Jeddah is seen as a bridge for economic and cultural exchange between China and Saudi Arabia [2]. Group 2: Export Growth and Logistics - This year, over 140,000 pounds of Hainan lychees are being exported, with significant increases in both quantity and destination countries compared to previous years [1][6]. - The price of Hainan lychees can reach €40 to €45 per kilogram in European and Middle Eastern markets, indicating a substantial increase in value post-export [6]. - Hainan's airport has implemented measures to ensure the efficient transport of lychees, resulting in a 164% increase in outbound lychee shipments from Haikou Airport [6]. Group 3: Cargo and Passenger Volume - In the first five months of the year, the number of passengers traveling on international routes from Hainan reached approximately 410,000, marking a 140% year-on-year increase [4]. - The total international export volume from Hainan has reached 5,920 tons, reflecting a 69% increase compared to the previous year [6]. - The establishment of new cargo routes, such as Haikou to Tbilisi, enhances the efficiency of air freight connections between Hainan and international markets [7].

吉达，是沙特阿拉伯王国第二大城市、第一大港、金融和贸易中心，也是沙特重要的旅游城市。吉达阿 卜杜勒-阿齐兹国王国际机场位于吉达市北端，是沙特最繁忙的机场之一，也是中东地区乃至世界最繁 忙的机场之一，海口—吉达航线的开通将为中沙两国旅客提供更加便利的交通选择，进一步助力两国之 间的人文交流和经贸往来。 海口作为海南航空的总部所在地，国内、国际航线网络丰富。目前，海南航空已开通的海口始发国际及 地区航线包括海口至吉隆坡、西雅图、伦敦、莫斯科、奥克兰、悉尼、墨尔本、迪拜、新加坡、曼谷、 万象、首尔、中国香港、中国澳门、东京（成田）、大阪等地，搭建起海南地区辐射美洲、欧洲、大洋 洲、亚洲的国际及地区航线网络。此外，自2024年2月9日起，中国扩大了59国人员免签入境海南事由， 因旅游、商贸、访问、探亲、医疗、会展或体育竞技等需求入境，可以免签在海南停留不超过30天。同 时，海南航空在海南拥有丰富的国内航线网络，包括海口至北京、上海、广州、深圳、重庆、成都、杭 州、南京、西安、乌鲁木齐等近60条航线，极大地满足海南及全国各地旅客"一程多站"中转至国际航 班。 截至目前，海南航空已恢复、新开及计划运营北京、上海、深圳、海 ...

Core Viewpoint - Hainan Airlines plans to resume its Shenzhen-Tel Aviv international route starting June 29, becoming the first non-Israeli airline to operate flights to Israel [1][2]. Group 1: Route Details - The Shenzhen-Tel Aviv route will operate three round trips weekly on Tuesdays, Fridays, and Sundays [1]. - Departure from Shenzhen Bao'an International Airport is scheduled at 05:45, arriving at Tel Aviv Ben Gurion International Airport at 12:00, with a flight duration of approximately 11 hours and 15 minutes [1]. - The return flight will leave Tel Aviv at 13:30, arriving back in Shenzhen at 05:00 the next day, with a flight duration of about 10 hours and 30 minutes [1]. Group 2: Hainan Airlines' Network - Shenzhen serves as a significant hub for Hainan Airlines, which has a rich network of domestic and international routes [2]. - Current international direct flights from Shenzhen include destinations such as Vancouver, Paris, Rome, Milan, Brussels, Vienna, Budapest, Madrid, Auckland, Cairo, and Tel Aviv [2]. - Hainan Airlines has established over 60 international and regional round-trip passenger routes from various cities, including Beijing, Shanghai, Shenzhen, Haikou, Chongqing, Xi'an, Changsha, Dalian, Guangzhou, Hangzhou, Chengdu, Guiyang, Lanzhou, and Yichang [2].

Core Viewpoint - HNA Group's acquisition of 100% equity in Hainan Tianyu Flight Training Co., Ltd. has raised concerns from the Shanghai Stock Exchange regarding the reasonableness of the transaction price, especially given the decline in net assets [2][3] Group 1: Transaction Details - The transaction price was based on an asset-based valuation of 749 million yuan, which represents a 12.68% premium over the net asset value of 665 million yuan as of December 31, 2019 [2] - The price was also based on an income approach valuation of 799 million yuan, reflecting a 34.37% premium over the net asset value of 595 million yuan as of December 31, 2024 [2] - The net asset value of Tianyu Flight Training decreased by 10.53% from the previous transaction date, raising questions about the increase in valuation despite the decline in net assets [2] Group 2: Evaluation Methodology - HNA Group justified the use of the income approach for valuation by highlighting Tianyu Flight Training's flight training qualifications, strong instructor resources, and good training environment, as well as its long-term partnerships with several airlines [3] - The Shanghai Stock Exchange requested further details on the intangible assets contributing to the premium, including their names, purposes, procurement dates, and suppliers [3] Group 3: Financial Performance and Risks - Tianyu Flight Training's accounts receivable as of the end of 2024 amounted to 419 million yuan, representing 79.77% of current assets, and accounts receivable accounted for 108.83% of revenue, an increase of 16.89 percentage points from the previous year [4] - The company did not provision for bad debts under the aging method for accounts receivable, and the bad debt provisions for related parties significantly decreased [4] - The Shanghai Stock Exchange requested an explanation for the high accounts receivable to revenue ratio, the reasons for the decrease in cash collections, and any risks associated with the potential inability to recover accounts receivable [4]

Core Viewpoint - The launch of the "Paperless Fuel Order Project" by HNA Group's five airlines in collaboration with China Aviation Oil marks a significant step towards digital transformation and sustainable development in the aviation industry [1][2]. Group 1: Project Launch and Implementation - The project was initiated on June 10, with five airlines under HNA Group joining China Aviation Oil to implement paperless fuel orders across 179 airports nationwide [1]. - This initiative expands the existing capabilities of Hainan Airlines, which was the first to adopt the paperless fuel order system [1]. Group 2: Digital Transformation and Innovation - China Aviation Oil is focusing on digital transformation and technological innovation to enhance its service offerings and operational efficiency [2]. - The successful implementation of the paperless fuel order system is attributed to a comprehensive top-level design that integrates business processes and technical architecture [2]. Group 3: Benefits and Future Directions - The paperless fuel order system significantly improves settlement efficiency, data accuracy, and reduces operational time for crew and fueling personnel, thereby enhancing flight punctuality [3]. - The initiative aligns with environmental policies and the trend towards green aviation, contributing to energy conservation and efficiency improvements in the industry [3].

Group 1 - The Shanghai Stock Exchange issued a review opinion letter regarding HNA Holding's major asset restructuring plan, which involves acquiring 100% equity of Tianyu Flight Training Co., Ltd. for a transaction price of 799 million yuan [1] - The accounts receivable balance of the target company at the end of 2024 was 419 million yuan, accounting for 9.77% of current assets, with accounts receivable representing 108.83% of operating income, an increase of 16.89 percentage points from the previous year [1] - The proportion of accounts receivable aged over one year reached 47.77%, an increase of 10.39 percentage points from the previous year, with significant increases in the 1-2 years, 3-4 years, and 4-5 years categories [1] Group 2 - In 2024, HNA Holding's revenue composition was 89.32% from passenger transport, 6.9% from other businesses, and 3.78% from cargo and excess baggage [2] - As of the report date, HNA Holding's market capitalization was 57 billion yuan [2]

Group 1 - The Shanghai Stock Exchange has sent an inquiry letter to HNA Holding regarding the acquisition of Hainan Tianyu Flight Training Co., focusing on accounts receivable recovery risks, profitability, and business independence [1][2] - HNA Holding plans to acquire 100% of Tianyu Flight Training for a transaction price of 799 million yuan, which constitutes a major asset restructuring [1] - Tianyu Flight Training has shown significant performance volatility from 2021 to 2024, with a decline in both revenue and net profit expected in 2024 [1] Group 2 - Tianyu Flight Training's accounts receivable at the end of 2024 is projected to be 419 million yuan, accounting for 108.83% of its revenue, an increase of 16.89 percentage points from the previous year [1][2] - The Shanghai Stock Exchange has requested HNA Holding to explain the reasons and rationale for the accounts receivable to revenue ratio exceeding 100%, and whether there are risks of uncollectible accounts impacting company performance [2] - HNA Holding's major clients include its affiliates, which accounted for 82.49% of Tianyu Flight Training's revenue in 2024, raising concerns about the independence of the business post-acquisition [2] Group 3 - HNA Holding's asset-liability ratio is 98.91% at the end of 2024, significantly higher than the industry average, with cash and financial assets being much lower than interest-bearing liabilities [3] - The Shanghai Stock Exchange has asked HNA Holding to justify the rationale behind the cash acquisition and its potential impact on daily operations and debt repayment [3] - Following the announcement of the major asset restructuring, HNA Holding's stock price has declined by 2% since June 9, with no institutional research reports recorded on the restructuring so far [3]

Core Viewpoint - Hainan Airlines Holding Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its major asset acquisition proposal, which involves purchasing 100% equity of Tianyu Flight Training Co., Ltd. from its wholly-owned subsidiary, Hainan Airport Development Industry Group Co., Ltd. The transaction price is set at 799 million yuan, constituting a significant asset restructuring [1]. Financial Performance - The target company's 2024 operating revenue is 385 million yuan, a decrease of 8.55% year-on-year, while net profit is 70 million yuan, down 62.17% year-on-year, indicating a decline in both revenue and profit [3]. - The target company's net assets as of December 31, 2024, are 665 million yuan, a reduction of 10.53% compared to the previous transaction benchmark date [3]. Accounts Receivable - Accounts receivable balance accounts for 108.83% of operating income, an increase of 16.89 percentage points year-on-year, with over 47.77% of accounts receivable aged over one year, up 10.39 percentage points from the previous year [2]. - The company is required to disclose the names, relationships, sales content, amounts, payment terms, and collection status of its top five customers, as well as the rationale for the high accounts receivable ratio [2]. Valuation and Pricing - The transaction price of 799 million yuan is based on a valuation using the income approach, which reflects a premium of 12.68% over the book net asset value of 665 million yuan as of December 31, 2019 [4]. - The premium primarily arises from the valuation increase of intangible assets [4]. Related Party Transactions - The company must clarify the involvement of related parties in the operations of the target company and whether this affects the independence of the target's operations [6]. - There is a need to assess the risk of uncollectible accounts receivable post-acquisition and the potential impact on the company's performance [7]. Cash Acquisition and Financial Structure - The company has a high debt ratio of 98.91% as of the end of 2024, significantly above the industry average, with total interest-bearing liabilities amounting to 619.14 billion yuan compared to cash and trading financial assets of only 11.91 billion yuan [7]. - The company is required to disclose the specific funding sources for the cash acquisition and assess whether this will impact its operational cash flow and debt repayment capabilities [7].

海南航空控股股份有限公司 关于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》的公告 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 2025-050 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"），具体内容如下： "海南航空控股股份有限公司： 2025 年 6 月 7 日，你公司披露重大资产购买报告书（草案），拟以支付现 金方式收购海南机场设施股份有限公司全资子公司海南空港开发产业集团有限 公司（以下简称空港集团）持有的海南天羽飞行训练有限公司（以下简称天羽飞 训或标的公司）100%股权，交易作价 7.99 亿元，构成重大资产重组。经审阅草 案，现有如下问题需要你公司作出进一步说明并补充披露。 1.关于标的公司主要资产。草案显示标的公司 ...