Core Insights - Hainan has experienced a significant increase in passenger traffic during the first Spring Festival travel season after the island's full customs closure, with a total of 2.7911 million travelers from February 2 to February 10, marking an 8.62% increase compared to 2025 [1] Group 1: Airport Operations - Hainan Airport has coordinated with over 10 airlines to add 600,000 seats for the Spring Festival travel period, with a total of more than 2,000 additional flights scheduled at Haikou Airport [2] - The proportion of wide-body aircraft at Sanya Airport has increased from an average of 8.5% to over 30% during this period, indicating a significant boost in capacity [2] - The "One Island, Three Airports" collaborative mechanism has been utilized to enhance travel flexibility, allowing eligible travelers to change their departure or destination airport once [2] Group 2: Passenger Trends - Predictions indicate that Hainan Airport will reach its peak inbound traffic on February 13, with the first wave of return traffic expected between February 21 and 23 [3] Group 3: Ferry Services - The Hainan Strait shipping company has reported a significant increase in demand for ferry tickets, leading to tight availability, primarily due to the surge in passenger and vehicle traffic during the Spring Festival [5] - It is anticipated that some small car ferry tickets will be released around the New Year, as the volume of outbound freight trucks decreases, freeing up space for passenger vehicles [5] Group 4: Ticket Purchasing Advice - Authorities recommend travelers purchase tickets through official channels and platforms in advance, prioritizing round-trip tickets on popular routes to mitigate price fluctuations [6] - Travelers are encouraged to utilize the complementary advantages of airports in Haikou, Sanya, and Qionghai, as well as the integrated transportation network for flexible travel options [6] - The use of standby ticketing features is advised for sold-out flights, with notifications sent via SMS upon successful booking [7]

Group 1 - Intercontinental Oil and Gas focuses on oil exploration and development, with significant operations in Kazakhstan and the Malacca Strait, benefiting from the Hainan Free Trade Port's zero-tariff policy which will reduce equipment import costs and enhance cross-border energy trade efficiency, with a projected 30% increase in trade scale over the next three years [1][34] - Jinpan Technology, a leading manufacturer of high-end power distribution equipment, will benefit from reduced raw material costs and a 15% corporate income tax reduction, enhancing profitability and enabling expansion into the ASEAN power equipment market [2][35] - Hainan Airlines, a major player in the aviation sector, expects a significant increase in passenger traffic due to the visa-free policy for 86 countries and duty-free upgrades, with projected passenger volume exceeding 80 million by 2026 [3][36] Group 2 - Junda Co., a top photovoltaic cell manufacturer, anticipates growth in its solar business due to reduced equipment costs and tax incentives, with plans to participate in Hainan's integrated wind and solar storage projects [4][37] - Caesar Travel, a comprehensive tourism service provider, expects a doubling of cross-border tourism business and a significant increase in tourist arrivals, with projections of 180 million visitors by 2026 [5][38] - Xinda A, a diversified company focusing on motorcycle manufacturing and coal mining, aims to leverage the zero-tariff policy to enhance profitability and expand into the electric vehicle market [6][39] Group 3 - ST Huluwawa, a leading pediatric pharmaceutical company, will benefit from reduced raw material costs and tax incentives, with plans to expand into the ASEAN pharmaceutical market [8][40] - Hainan Ruize, a construction industry leader, anticipates a surge in infrastructure demand with projected investments exceeding 100 billion by 2026, benefiting from the Hainan Free Trade Port's policies [9][42] - Hainan Airport, a key player in airport operations, expects a doubling of cargo business and significant passenger growth due to the visa-free policy and duty-free upgrades [10][43] Group 4 - Hainan Development, an investment platform, anticipates a substantial increase in duty-free sales, projected to exceed 100 billion by 2026, benefiting from the Hainan Free Trade Port's policies [11][45] - Hainan Highway, a major highway operator, expects a significant increase in traffic volume, projected to exceed 200 million vehicles by 2026, benefiting from the integration of tourism and real estate [20][56] - Hainan Rubber, the world's largest natural rubber producer, aims to expand its market presence in ASEAN due to favorable trade policies and tax incentives [21][57]

Core Insights - The Chinese duty-free industry is experiencing a turning point due to improved policies, rising consumer confidence, and reduced external competition pressures, marking the establishment of a bottoming out phase for the industry [1][10]. Group 1: Industry Trends - The decline in the duty-free sector post-2020 was influenced by multiple factors, including increased competition from high commission models in Japan and South Korea, reduced consumer spending due to fluctuating income expectations, and limited supply from existing duty-free stores [1]. - Since 2023, government policies aimed at stimulating consumption have been effective, leading to a gradual recovery in consumer sentiment, particularly among middle to high-income households [3]. - The expansion of China's visa-free travel and cultural influence is enhancing the attractiveness of "China Travel" among international tourists, contributing to the recovery of passenger flow in port and city duty-free shops [6]. Group 2: Market Expansion - The duty-free market is set for rapid expansion with the introduction of 41 new port duty-free stores, as announced by the Ministry of Finance and other departments, aimed at increasing market scale through reasonable competition [6][10]. - The core duty-free market in Hainan is benefiting from favorable policies, with significant increases in sales figures, such as a 34.86% year-on-year growth in shopping amounts during the first week of new regulations [8]. Group 3: Company Insights - China Duty Free Group (601888) holds over 85% market share in Hainan's duty-free market, benefiting from zero tariffs and low corporate tax rates, with projected revenue growth from 45 billion to 60-65 billion yuan by 2026 [12]. - Hainan Airlines (600515) controls over 90% of air passenger flow in Hainan, with an increase in international routes expected to drive growth in air passenger and cargo transport [13]. - Hainan Haoyao (000566), while not a traditional duty-free operator, benefits from favorable policies in the biopharmaceutical sector, with a projected peak revenue contribution of 15 billion yuan from innovative drugs by 2026 [13].

Core Viewpoint - The company has completed the acquisition of controlling shares in Hainan Meilan International Airport Co., Ltd. and has successfully concluded the public offer phase of the transaction [1] Summary by Sections Acquisition Details - The public offer phase for the acquisition ended on January 30, 2026, at 16:00, with the company receiving valid acceptances for a total of 3,512,500 domestic shares, representing 0.74% of the total issued shares of Meilan Airport as of the announcement date [1] - The company's wholly-owned subsidiary, Hainan Airport Facilities (Hong Kong) Co., Ltd., received valid acceptances for 54,170,087 H-shares, accounting for 11.45% of the total issued shares of Meilan Airport as of the announcement date [1] Shareholding Structure - As of the announcement date, the company and Hainan Airport Hong Kong collectively hold 295,182,587 shares of Meilan Airport, which constitutes 62.38% of the total issued shares [1] - The shareholding structure of Meilan Airport meets the minimum public holding requirement as stipulated by the Hong Kong Stock Exchange Listing Rules [1] Next Steps - The company will continue to advance the payment of the offer price and the transfer of the offered shares [1]

Transaction Overview - Hainan Airport Facilities Co., Ltd. approved the acquisition of controlling stake in Hainan Meilan International Airport Co., Ltd. at a price of RMB 2,339,375,000, equivalent to RMB 9.85 per share [2] - The acquisition involves the transfer of 237,500,000 domestic shares from Haikou Meilan International Airport Co., Ltd. [2] Offer Details - Following the share transfer, the company will make a comprehensive offer for all issued domestic shares and H-shares of the target company, maintaining its listing status [3] - The offer price for domestic shares is RMB 9.85, while the H-share offer price is HKD 10.62, based on an exchange rate of 1 HKD = 0.92813 RMB [3] Progress Update - As of January 30, 2026, the company received valid acceptances for 3,512,500 domestic shares (0.74% of total issued shares) and 54,170,087 H-shares (11.45% of total issued shares) [4] - The company and its subsidiary now hold a total of 295,182,587 shares, representing 62.38% of the total issued shares of Meilan Airport, meeting the minimum public holding requirement [4]

Core Viewpoint - Hainan Airport has successfully completed the acquisition of controlling shares in Hainan Meilan International Airport, marking a significant milestone in the airport industry and the establishment of a unified airport management system in Hainan Province [1][2]. Group 1: Acquisition Details - The comprehensive offer for the acquisition was concluded on January 30, 2026, with Hainan Airport receiving valid acceptances for 3,512,500 domestic shares, representing 0.74% of the total issued shares of Meilan Airport [1]. - Hainan Airport's wholly-owned subsidiary, Hainan Airport Facilities (Hong Kong), received valid acceptances for 54,170,087 shares of H shares, accounting for 11.45% of the total issued shares of Meilan Airport [1]. - The total shares acquired in the transaction amount to 295,182,587 shares, with a transaction price of approximately 2.9 billion RMB, making it the largest merger and acquisition in the airport industry in the past three years [2]. Group 2: Strategic Implications - The acquisition allows Hainan Airport to achieve unified operational management of three major international airports in Hainan: Haikou Meilan, Sanya Phoenix, and Qionghai Boao, forming a large airport operating group with an annual passenger throughput exceeding 50 million [2]. - This strategic move is expected to enhance Hainan Airport's overall competitiveness in route network layout, commercial resource development, and smart airport construction, while also better positioning the company to capitalize on the growth opportunities presented by the opening of the Hainan Free Trade Port [2].

股票代码：600515 股票简称：海南机场 公告编号：临 2026-004 海南机场设施股份有限公司 根据香港证券及期货事务监察委员会（以下简称"香港证监会"）颁布的《公 司收购及合并守则》相关规定，待上述股份转让交易完成后，将由公司作为内资股 要约人对标的公司全部已发行内资股进行全面收购要约（内资股要约人已拥有或同 意收购的内资股除外），并由公司全资子公司海南机场设施（香港）有限公司作为 H 股要约人对标的公司全部已发行 H 股进行全面收购要约（以下简称"全面要约"） （股份转让与全面要约以下合称"本次交易"）。本次全面要约拟维持美兰空港的 上市地位，本次内资股要约价格折合每股 9.85 元人民币，H 股要约价格折合每股 10.62 港元（按照内资股要约价格每股 9.85 元人民币，基于中国人民银行 2025 年 4 月 30 日公布的汇率中间价 1 港元=0.92813 人民币换算）。 本次交易具体内容详见公司于 2025 年 5 月 1 日披露的《关于收购海南美兰国际 空港股份有限公司控股权暨关联交易的公告》（公告编号：临 2025-027）。 二、进展情况 1 本次交易全面要约环节已于 2026 年 ...

Core Viewpoint - Meilan Airport (00357) has received a joint offer from Hainan Airport Facilities Co., Ltd. and Hainan Airport Facilities (Hong Kong) Co., Ltd. for a total of 54.17 million H-shares, representing approximately 23.87% of the total issued H-shares and 11.45% of the total issued shares as of the announcement date [1] Group 1 - The H-share offer has received valid acceptances involving a total of 54.17 million H-shares [1] - The domestic share offer has received valid acceptances of approximately 3.51 million domestic shares, accounting for about 1.43% of the total issued domestic shares [1] - After the offer deadline, the offerors and their concert parties will hold 246 million domestic shares (100% of issued domestic shares) and 54.17 million H-shares (approximately 23.87% of issued H-shares), totaling about 63.50% of the total issued shares [1]

Core Viewpoint - The 2026 Spring Festival travel season in Hainan is expected to see a significant increase in passenger flow, driven by a 9-day holiday and new tax-free policies, with travelers advised to book tickets early and plan their itineraries accordingly [1][4]. Group 1: Travel Trends and Passenger Flow - Hainan's civil aviation passenger flow is projected to exceed historical levels during the Spring Festival travel season [1]. - The top five popular routes are: Beijing-Sanya, Shanghai-Sanya, Beijing-Haikou, Shanghai-Haikou, and Chengdu-Sanya, with major source cities including Beijing, Shanghai, Chengdu, Shenzhen, and Hangzhou [1]. - There is a notable increase in flight demand from cities like Chongqing, Harbin, and Xi'an [1]. Group 2: Transportation Infrastructure - Hainan's three major airports—Haikou Meilan, Sanya Phoenix, and Qionghai Boao—are strategically located to provide complementary coverage across the island [3]. - The island's transportation network includes high-speed rail and highways, facilitating seamless connections between airports and other transport modes [3]. - The airports offer "one-way car rental, return at different locations" services, enhancing travel flexibility for tourists [3]. Group 3: Ticket Booking Strategies - As the Spring Festival approaches, ticket prices are expected to rise, making early booking through official channels advisable to secure better options [4]. - Travelers are encouraged to book round-trip tickets to ease return travel pressures and to plan itineraries that utilize the complementary airport locations and transport options [4]. - Key booking strategies include locking in tickets early, monitoring ticket availability, and planning return flights ahead of peak travel days [5][6].

Core Viewpoint - The company, Gongxiao Daji, disclosed its holding value in Hainan Airport, which is 117 million yuan, and confirmed the normal operation of its tax refund business for international travelers at Hainan Wanghai International [1] Group 1 - As of June 30, 2025, the company's book value of its holdings in Hainan Airport is 117 million yuan [1] - The company continuously discloses this information in its annual and semi-annual reports [1] - Hainan Wanghai International is one of the first designated shopping malls for tax refunds for outbound travelers in Hainan [1] Group 2 - The tax refund process allows international travelers to purchase goods, apply for tax refunds, and complete the refund process through customs verification [1] - The tax refund business at Wanghai International is operating normally [1]