Core Points - A new direct flight route from Yulin to Enshi is set to open, enhancing connectivity between Shaanxi and Hubei provinces, and promoting cultural and business exchanges [1][2] - The flight will be operated by Huaxia Airlines using an Airbus A320, with ticket prices starting at 400 RMB, and a flight duration of approximately 1 hour and 40 minutes [1] - Enshi, known as the "World Selenium Capital," offers stunning natural landscapes and rich cultural heritage, which will attract Yulin residents to explore its unique offerings [2] Summary by Sections New Flight Route - The new flight route will provide convenient travel options for Yulin residents, facilitating business interactions and cultural exchanges between the two regions [1] - The route is expected to boost tourism in Yulin by allowing easier access to Enshi's attractions [1] Cultural and Natural Attractions - Yulin is rich in history and culture, featuring significant landmarks such as the Great Wall ruins and unique local cuisine [1] - Enshi is celebrated for its breathtaking natural scenery and cultural heritage, including the Tujia and Miao ethnic cultures, which will appeal to tourists [2]

Group 1: Aviation Sector - The aviation sector is expected to see strong demand during the summer peak season, with a recommendation to focus on pre-peak investment opportunities. The industry has gradually emerged from the low-demand season since March, with rational pricing strategies from airlines supporting demand [3][12]. - In 2024, the total revenue of six listed airlines is projected to reach 521.8 billion yuan, a year-on-year increase of 14%, with a tax pre-profit of 3 billion yuan, a significant recovery from a loss of 9 billion yuan in 2023. Different airlines show varying degrees of profit improvement [10][12]. - The report highlights that the international oil price decline will significantly enhance airline profits. A 5% drop in Brent crude oil prices could increase the pre-tax profits of major airlines by 29 billion yuan for Air China and 23 billion yuan for Eastern Airlines [14][15]. Group 2: Express Delivery Sector - The express delivery sector is anticipated to maintain strong growth resilience, with business volumes expected to increase by 21.5% in 2024 and 21.6% in Q1 2025. The total business volume for 2024 is projected to reach 1.758 billion pieces [32][35]. - The market concentration in the express delivery industry is on the rise, with the CR8 index expected to reach 85.2% in 2024 and 86.9% in Q1 2025, indicating a more consolidated market [32][35]. - Revenue for the express delivery industry is forecasted to grow by 13.8% in 2024, reaching 1.4 trillion yuan, with a slight pressure on average ticket prices, which are expected to decline by 14.2% [35][36]. Group 3: Dividend and Asset Value - The report emphasizes the value of dividend assets in the transportation sector, with cash dividend ratios for highways, railways, and ports projected at 51%, 47%, and 36% respectively for 2024, indicating strong cash flow stability [44][45]. - The TTM dividend yields for these sectors are expected to be 3.0% for highways, 3.3% for railways, and 2.3% for ports, reflecting a stable increase compared to previous years [44][45]. Group 4: Shipping Sector - The shipping sector faces short-term pressure due to US-China tariff disputes, but structural opportunities may arise. The report suggests that the tariff situation could lead to a shift in import demands, particularly for agricultural products, which may benefit dry bulk shipping [48][56]. - Historical data indicates that previous trade disputes have led to increased shipping rates for certain routes, suggesting potential for similar outcomes in the current context [48][56].

证券代码：002928 证券简称：华夏航空 公告编号：2025-030 华夏航空股份有限公司 关于变更募集资金用途及部分募集资金 投资项目实施主体的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 华夏航空股份有限公司（以下简称"华夏航空""公司"）于2025年06月 17 日召开第三届董事会第十九次会议、第三届监事会第十八次会议，审议通过 了《关于变更募集资金用途及部分募集资金投资项目实施主体的议案》，同意 公司将募集资金投资项目（以下简称"募投项目"）"引进 4 架 A320 系列飞机" 变更为"引进 2 架 A320 系列飞机"，并将该募投项目的实施主体由华夏航空变 更为华夏航空的全资子公司云飞飞机租赁（上海）有限公司（以下简称"云飞 飞机"），后续所涉募集资金由华夏航空以借款形式提供给云飞飞机用于实施 募投项目，同时将拟投入原募投项目的部分剩余募集资金投资于"引进 5 架 C909 系列飞机"项目；终止募投项目"购买 14 台飞机备用发动机"，并将其募 集资金投资于"引进 5 架 C909 系列飞机"项目。 根据《上市公司募集资金监管规则》《深圳证 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-031 华夏航空股份有限公司 （2）网络投票时间： 关于召开 2025 年第一次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 华夏航空股份有限公司（以下简称"公司"）将于 2025 年 07 月 03 日召开 2025 年第一次临时股东大会，审议相关议案。本次股东大会采取现场表决与网 络投票相结合的方式召开，现将本次股东大会有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2025 年第一次临时股东大会 2、股东大会的召集人：公司董事会 公司召开本次股东大会已经公司第三届董事会第十九次会议审议通过。 3、会议召开的合法、合规性：本次股东大会的召开符合《中华人民共和国 公司法》等有关法律、行政法规、部门规章、规范性文件、深圳证券交易所业务 规则和《华夏航空股份有限公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2025 年 07 月 03 日（星期四）14:30 深圳证券交易所交易系统投票时间：2025 年 07 月 03 日 09:15～0 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-029 华夏航空股份有限公司 第三届监事会第十八次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 2、会议出席情况 一、监事会会议召开情况 1、会议通知、召开情况 华夏航空股份有限公司（以下简称"公司"）第三届监事会第十八次会议通 知于 2025 年 06 月 12 日以电子邮件形式发出。 本次会议于 2025 年 06 月 17 日在重庆市渝北区江北国际机场航安路 30 号 华夏航空新办公楼 524 会议室以现场结合通讯表决方式召开。 本次会议应出席监事 3 人，实际出席监事 3 人，其中 2 人现场出席（邢宗熙 先生、柳成兴先生），1 人以通讯表决方式出席（罗彤先生）。 本次会议由公司监事会主席邢宗熙先生主持，公司部分高级管理人员列席本 次会议。 3、本次会议的召开符合《中华人民共和国公司法》等有关法律、行政法规、 部门规章、规范性文件、深圳证券交易所业务规则以及《华夏航空股份有限公司 章程》的规定。 二、监事会会议审议情况 1、审议通过《关于变更募集资金用途及部分募集资金投资项 ...

Core Viewpoint - The company, Huaxia Airlines, is changing the use of raised funds and the implementation subject of some fundraising projects, including reducing the number of A320 series aircraft to be introduced and terminating the purchase of spare engines, reallocating the funds to introduce C909 series aircraft [2][4][6]. Group 1: Fundraising Changes - The original fundraising project to introduce 4 A320 series aircraft has been changed to 2 aircraft, with the investment amount adjusted from 1.192 billion yuan to 754 million yuan [2]. - The project to purchase 14 spare engines, originally planned for 487 million yuan, has been terminated, affecting a total of 925 million yuan, which accounts for 38.39% of the net fundraising amount [2][4]. - The adjusted funds will be used for a new project to introduce 5 C909 series aircraft, with a total investment of 1.366 billion yuan, of which 925 million yuan will come from the raised funds [6]. Group 2: Strategic Rationale - The company aims to expand its fleet size and strengthen its leading position in the regional aviation market to meet the growing demand for air travel in small and medium-sized cities [3][4]. - The decision to terminate the spare engine purchase was influenced by macroeconomic conditions and supplier delivery speeds, with a focus on maintaining efficient use of raised funds [4][6]. - The introduction of C909 series aircraft is expected to enhance the company's core competitiveness and is aligned with the increasing demand for regional air travel services [5][6]. Group 3: Financial Implications - Each C909 aircraft has a basic price of approximately 38 million USD, with the company expected to receive a credit line from COMAC to offset part of the purchase price [6]. - The introduction of 5 C909 series aircraft is projected to generate additional revenue of 343 million yuan [6].

经中国证券监督管理委员会《关于核准华夏航空股份有限公司非公开发行股 票的批复》（证监许可【2022】1662号）的核准，华夏航空股份有限公司向特定 对象非公开发行人民币普通股不超过304,070,293股，每股面值为人民币1.00元，募 集资金总额不超过243,500万元。公司实际非公开发行A股股票264,673,906股，每股 发行价格为人民币9.20元，募集资金总额为人民币2,434,999,935.20元，扣除发行费 用人民币25,397,899.32元（不含税）后，募集资金净额为人民币2,409,602,035.88元 。 立信会计师事务所（特殊普通合伙）已于2022年11月4日对公司非公开发行A 股股票的募集资金到位情况进行了审验，并出具了《华夏航空股份有限公司非公 开发行人民币普通股（A股）实收股本的验资报告》（信会师报字[2022]第 ZK10390号）。公司已按照要求开立募集资金专户储存，并与保荐机构、存放募集 资金的商业银行签署了《募集资金三方监管协议》。 二、募集资金使用情况 截至2025年3月31日，公司非公开发行股票募集资金使用情况如下： 单位：万元 东兴证券股份有限公司 关于华夏航空 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-028 1、会议通知、召开情况 华夏航空股份有限公司（以下简称"公司""华夏航空"）第三届董事会第 十九次会议通知于 2025 年 06 月 12 日以电子邮件形式发出。 本次会议于 2025 年 06 月 17 日在重庆市渝北区江北国际机场航安路 30 号 华夏航空新办公楼 524 会议室以现场结合通讯表决方式召开。 2、会议出席情况 本次会议应出席董事 9 人，实际出席董事 9 人。其中 1 人现场出席（胡晓军 先生），8 人以通讯表决方式出席（吴龙江先生、徐为女士、乔玉奇先生、范鸣 春先生、孙超先生、仇锐先生、彭泗清先生、刘文君先生）。 本次会议由公司董事长胡晓军先生主持，公司部分监事、高级管理人员列席 本次会议。 华夏航空股份有限公司 第三届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 表决结果：9 票同意，0 票反对，0 票弃权。 受宏观经济环境、供应商交付速度等因素的影响，结合市场发展趋势与公司 自身发展战略，为提高资金使用效率，推 ...

Core Viewpoint - Huaxia Airlines (002928) announced changes to its fundraising project, including a reduction in the number of aircraft to be acquired and a shift in the implementation entity for the project [1] Summary by Relevant Sections Fundraising Project Changes - The company will change the plan to "introduce 4 A320 series aircraft" to "introduce 2 A320 series aircraft" [1] - The implementation entity for the fundraising project will be changed from Huaxia Airlines to its wholly-owned subsidiary, Yunfei Aircraft Leasing (Shanghai) Co., Ltd. [1] Financial Adjustments - The originally planned investment of 487 million yuan for "purchasing 14 spare engines" will be adjusted to fund the "introduction of 5 C909 series aircraft" [1] - The total amount for the revised fundraising project is 925 million yuan, which accounts for 38.39% of the net fundraising amount [1] Approval Process - The changes will require approval from the company's shareholders' meeting [1]

Core Viewpoint - The civil aviation market is approaching a peak in passenger flow as summer approaches, raising questions about the performance of regional airlines and smaller airports during the upcoming travel season [1] Group 1: Challenges Facing Regional Airlines - Resource limitations are a major constraint on the development of regional airlines, with many small cities experiencing slow growth in passenger markets and operational issues for regional airlines and airports [1][10] - Passengers often prefer high-speed rail over regional flights due to factors such as safety, comfort, and convenience, which impacts the demand for regional air travel [1][10] Group 2: Current State of Regional Aviation - The Civil Aviation Administration of China has been optimizing policies to promote regional aviation, resulting in an increase in the number of regional routes and improved connectivity for cities with regional airports [11] - As of the end of 2024, the number of domestic transport airports in China reached 263, with a total passenger throughput of approximately 1.46 billion, marking a year-on-year increase of 15.86% [12] Group 3: Future Prospects for Regional Airlines - The potential for growth in regional aviation is significant, with expectations that the number of airports in China will exceed 270 by 2025, primarily consisting of regional airports [13] - The development of regional airlines requires efficient collaboration between airlines and airports, as well as support from government policies to enhance connectivity and service offerings [15] Group 4: Financial Performance of Regional Airlines - Huaxia Airlines reported total assets of approximately 20.7 billion CNY and revenue of about 6.7 billion CNY in 2024, reflecting a year-on-year growth of 29.98% [16] - The airline's net profit attributable to shareholders reached approximately 268 million CNY, a significant increase of 127.77% compared to the previous year [16] Group 5: Government Support for Regional Aviation - In January 2024, the Ministry of Finance and the Civil Aviation Administration revised the subsidy management measures for regional airlines, focusing on enhancing support for routes operated by regional aircraft [19]