关于华夏航空股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 东兴证券股份有限公司(以下简称"东兴证券"、"保荐机构"),作为华夏航空 股份有限公司（以下简称"华夏航空"、"公司"）2022年度非公开发行股票的持续督 导机构,根据《证券发行上市保荐业务管理办法》、《上市公司监管指引第 2 号 —上市公司募集资金管理和使用的监管要求》、《深圳证券交易所上市公司自 律监管指引第 1 号 -- 主板上市公司规范运作》等有关法律法规和规范性文件的 要求,对华夏航空使用部分闲置募集资金暂时补充流动资金事项进行了审慎核查 ,核查意见如下: 一、募集资金基本情况 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 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-025 华夏航空股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 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"公司"）于 2025 年 05 月 08 日召开第 三届董事会第十八次会议、第三届监事会第十七次会议，审议通过了《关于使 用部分闲置募集资金暂时补充流动资金的议案》，同意公司在保证募集资金投 资项目（以下简称"募投项目"）的资金需求、不影响募投项目正常进行的前 提下，使用公司 2022 年度非公开发行 A 股股票的闲置募集资金不超过 139,000.00 万元暂时补充流动资金，使用期限自董事会审议通过之日起不超过 十二个月。 一、募集资金基本情况 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，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 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-024 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"）第三届监事会第十七次会议通 知于 2025 年 04 月 30 日以电子邮件形式发出。 华夏航空股份有限公司 第三届监事会第十七次会议决议公告 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。 一、监事会会议召开情况 二、监事会会议审议情况 1、审议通过《关于使用部分闲置募集资金暂时补充流动资金的议案》。 表决结果：3 票同意，0 票反对，0 票弃权。 经审核，监事会认为：公司本次使用部分闲置募集资金暂时补充流动资金事 项及审议程序符合有关法律法规的规定，不会影响募集资金投资项目的正常进行， 不存在变相改变募集资金投向或损害股东利益的情况。监事会同意公司使用2022 年度非公开发行 A 股股票的闲置募集资金不超过 139,000.00 万元暂时补充流动 资金，使用期限自董事会审议通过之日起不超过十二个月。 公司保荐机构东兴证券股份有限公司对本事项发表无异议的核查意见，本议 案无需提交公司股东大会审议。具体内容详见公司同日披露于巨 ...

证券代码：002928 证券简称：华夏航空 公告编号：2025-023 本次会议应出席董事 9 人，实际出席董事 9 人。其中 2 人现场出席（胡晓军 先生、吴龙江先生），6 人以通讯表决方式出席（徐为女士、乔玉奇先生、范鸣 春先生、仇锐先生、彭泗清先生、刘文君先生），董事孙超先生因工作安排原因 不能亲自出席本次会议，委托董事吴龙江先生代表其出席并表决。 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 第三届董事会第十八次会议决议公告 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 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"）第三届董事会第十八次会议通 知于 2025 年 04 月 30 日以电子邮件形式发出。 本次会议于 2025 年 05 月 08 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 2、东兴证券股份有限公司出具的《关于华夏航空股份有限公司使用部分闲 置募集资金暂时补充流 ...

华夏航空股份有限公司 证券代码：002928 证券简称：华夏航空 公告编号：2025-022 三、本次归还用于暂时补充流动资金的闲置募集资金情况 关于归还用于暂时补充流动资金的 闲置募集资金的公告 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。 一、部分闲置募集资金用于暂时补充流动资金的审议披露情况 华夏航空股份有限公司（以下简称"公司"）于 2024 年 08 月 05 日召开第 三届董事会第十三次会议、第三届监事会第十二次会议，审议通过了《关于使 用部分闲置募集资金暂时补充流动资金的议案》，同意公司在保证募集资金投 资项目（以下简称"募投项目"）的资金需求、不影响募投项目正常进行的前 提下，使用公司 2022 年度非公开发行 A 股股票的闲置募集资金不超过 134,000.00 万元暂时补充流动资金，使用期限自董事会审议通过之日起不超过 十二个月。具体内容详见公司于 2024 年 08 月 06 日披露于巨潮资讯网的《华夏 航空股份有限公司关于使用部分闲置募集资金暂时补充流动资金的公告》（公 告编号：2024-039）。 二、此前已经归还用于暂时补充流动资 ...

Investment Rating - The report rates the transportation industry as "Outperform the Market" [1] Core Insights - COSCO Shipping Specialised Carriers reported a revenue of 5.196 billion yuan in Q1 2025, a year-on-year increase of 51.47%, with a net profit of 345 million yuan, up 1.56% [2][12] - HNA Holding achieved a revenue of 65.236 billion yuan in 2024, reflecting an 11.25% increase, while Guangzhou Baiyun Airport's net profit doubled [2][14] - YTO Express reported a business volume growth of 25.32% in 2024, with a total logistics value of 91 trillion yuan in Q1 2025, marking a 5.7% year-on-year increase [2][18] Summary by Sections 1. Industry Hot Events - COSCO Shipping Specialised Carriers maintained steady growth despite global shipping market volatility, with a Q1 revenue of 5.196 billion yuan, a 51.47% increase year-on-year [12] - HNA Holding's 2024 revenue reached 65.236 billion yuan, an 11.25% increase, while Guangzhou Baiyun Airport's net profit surged by 109.51% [14][16] - YTO Express's business volume grew by 25.32% in 2024, with a logistics total of 91 trillion yuan in Q1 2025, up 5.7% year-on-year [18][19] 2. Industry High-Frequency Data Tracking - In April 2025, domestic air cargo flights decreased by 1.67% year-on-year, while international flights increased by 25.08% [33] - The SCFI index for container shipping reported a decrease of 1.66% week-on-week, while the PDCI index for domestic shipping increased by 0.67% [40] - In March 2025, express delivery volume rose by 20.30% year-on-year, with total revenue reaching 124.6 billion yuan [51] 3. Company Performance - COSCO Shipping Specialised Carriers added 13 new vessels in Q1 2025, increasing total capacity to 691.5 thousand deadweight tons, a 12.53% increase from the end of 2024 [13] - HNA Holding's passenger transport volume exceeded 68 million in 2024, a 14.36% increase, with international passenger transport volume growing by 132.68% [15] - YTO Express's capital expenditure exceeded 6.7 billion yuan in 2024, focusing on automation upgrades and expanding its logistics network [19]

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly with the recommendation of companies such as China Merchants Energy, COSCO Shipping Energy, and Xingtong Co. [3][20] Core Viewpoints - OPEC has agreed to increase oil production by 411,000 barrels per day, which is expected to enhance the certainty of improvement in the shipping market in Q2 [3][20] - The report highlights the resilience of major ports and anticipates improvements in Southeast Asia's shipping and oil tanker sectors [3][20] - The report suggests that the "off-season" for shipping may not be as weak as expected, with a higher probability of strong performance from May to August [3][20] Summary by Sections Shipping Industry - OPEC's production increase will lead to a cumulative increase of 960,000 barrels per day over April, May, and June, which is 44% of the total expected increase of 2.2 million barrels per day [3][20] - The report notes that April shipping rates have risen against seasonal trends, indicating a potential for stronger performance in the second half of the year [3][20] - VLCC rates have decreased by 9% to $46,903 per day, but the overall market remains relatively strong with expectations for a rebound post-holiday [3][20][21] Air Transportation - The report indicates that oil prices, influenced by tariffs and OPEC's production increase, are relieving cost pressures on airlines [40] - The domestic air travel market is expected to recover, with passenger volumes projected to reach 10.75 million during the May Day holiday, a year-on-year increase of 8% [41][40] - Recommended stocks in the aviation sector include China Eastern Airlines, Spring Airlines, and China Southern Airlines [42] Express Delivery - The express delivery sector is experiencing high growth, with March volumes reaching 16.66 billion packages, a year-on-year increase of 20.3% [44] - The report emphasizes the potential for market share concentration among leading companies due to favorable policy changes [44] - Recommended companies include SF Holding, JD Logistics, and YTO Express [46] Railway and Highway - The report highlights the resilience of railway freight and highway truck traffic, with railway cargo volume increasing by 3% and highway truck traffic by 2.25% [48] - The report suggests that traditional high-dividend investment themes and potential value management catalysts will be key investment lines for the highway sector throughout 2025 [48]

华夏航空（002928.SZ）2024 年年报及 2025 年一季报点评 2024 年盈利落于预告上沿，运力投放稳步恢复 2025 年 04 月 29 日 ➢ 2025 年 4 月 25 日公司发布 2024 年年报：2024 年公司营业收入 67.0 亿元， 同比+30%，归母净利 2.7 亿元（上年同期归母净亏 9.6 亿元），落于业绩预告上沿 （公司预告 2024 年归母净利 2.0-2.8 亿元），扣非归母净利 1.1 亿元（上年同期扣 非归母净亏 9.6 亿元）；4Q24 公司营业收入 15.4 亿元，同比+19%，归母净亏 0.4 亿元（4Q23 归母净亏 2.7 亿元），扣非归母净亏 1.8 亿元（4Q23 扣非归母净亏 2.6 亿元）。公司发布 2025 年一季报：1Q25 公司营业收入 17.7 亿元，同比+10%，归 母净利 0.82 亿元（1Q24 为 0.25 亿元），扣非归母净利 0.76 亿元（1Q24 为 0.15 亿元）。 推荐 首次评级 当前价格： 7.45 元 [Table_Author] ➢ 运力投放增长对冲价格下行，支线补贴入账、处置资产收益助力公司 2024 年扭亏。 ...

Core Viewpoint - The company reported a significant improvement in financial performance for 2024 and 1Q25, with a return to profitability and better-than-expected results driven by cost control and other income sources [1][2]. Financial Performance - In 2024, the company achieved a revenue of 6.696 billion yuan, a year-on-year increase of 30%, and a net profit of 268 million yuan, compared to a loss of 965 million yuan in 2023, meeting market expectations [1]. - For 1Q25, the company reported a revenue of 1.774 billion yuan, a 10% year-on-year growth, and a net profit of 82 million yuan, representing a 232% increase compared to the previous year, exceeding market expectations [1]. - The company’s ASK and RPK for 2024 increased by 33% and 41% respectively, with a passenger load factor of 79.6%, up 4.2 percentage points year-on-year [1]. Cost Management - In 2024, the company saw a decrease in unit fuel costs by 8% and a 12% reduction in unit non-fuel costs, contributing to improved profitability [1]. - The unit operating cost for ASK in 1Q25 was 0.40 yuan, down 8% year-on-year, primarily due to a 10% drop in aviation kerosene prices [2]. Other Income - The company confirmed other income of 528 million yuan in 2024, a 47% increase year-on-year, largely benefiting from changes in regional aviation subsidies [1]. - In 1Q25, the company’s unit other income grew by 19% year-on-year [2]. Development Trends - The company is expected to continue to enhance its operational capacity with an increase in the number of captains, reaching 300 by the end of 2024, an increase of 28 from the previous year [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down by 7% and 5% to 617 million yuan and 914 million yuan respectively, mainly due to lowered fare assumptions [4]. - The current stock price corresponds to a P/E ratio of 15.6 times for 2025 and 10.5 times for 2026, with a target price of 9.2 yuan, indicating a potential upside of 22% from the current price [4].

Core Viewpoint - The company achieved profitability in 2024 with a significant increase in net profit in Q1 2025, indicating a strong recovery in operations and financial performance [1][4]. Financial Performance - In 2024, the company reported operating revenue of 6.7 billion yuan, a year-on-year increase of 30%, and a net profit attributable to shareholders of 270 million yuan, marking a turnaround from losses [1]. - In Q4 2024, the company generated operating revenue of 1.54 billion yuan, a 19% increase year-on-year, with a net profit of -40 million yuan, reducing losses by 230 million yuan [1]. - For Q1 2025, the company achieved operating revenue of 1.77 billion yuan, a 10% increase year-on-year, and a net profit of 80 million yuan, a year-on-year increase of 232% [1]. Operational Metrics - In Q1 2025, the company's capacity (ASK) increased by 24% year-on-year, with a passenger load factor only down 1 percentage point compared to the same period in 2019 [1]. - In 2024, ASK and RPK increased by 33% and 41% respectively, with a passenger load factor of 79.6%, up 4.2 percentage points year-on-year [1]. - For Q1 2025, ASK and RPK increased by 24% and 28% respectively, with a passenger load factor of 79.8%, up 2.7 percentage points year-on-year [1]. Fleet Expansion - The company added 5 aircraft in 2024, bringing the fleet size to 75 by year-end, and added 2 more aircraft in Q1 2025, increasing the total to 77 [2]. - The fleet includes 30 A320 series aircraft (39%), 36 CRJ900 series aircraft (47%), and 11 C909 series aircraft (14%) [2]. Revenue and Cost Analysis - In Q1 2025, other income amounted to 360 million yuan, with improved utilization diluting unit costs [2]. - The unit operating revenue per ASK in 2024 was 0.433 yuan, down 2% year-on-year, while in Q1 2025, it was 0.491 yuan, down 7% year-on-year [2]. - The unit operating cost in 2024 was 0.425 yuan, down 10% year-on-year, with unit fuel costs at 0.148 yuan, down 8% [2]. Profitability Outlook - The company is expected to see continued improvement in profitability as fleet utilization increases, with potential for performance to exceed expectations [3]. - The industry is anticipated to experience a supply-demand reversal, enhancing profitability elasticity [3]. - The company is well-positioned to benefit from the high proportion of tourism routes, aligning with domestic travel demand recovery [3]. Profit Forecast and Investment Recommendation - The company is projected to achieve net profits of 600 million yuan, 1 billion yuan, and 1.2 billion yuan for the years 2025 to 2027 [4]. - The expansion rate of the fleet is expected to exceed the industry average, with a gradual recovery in capacity growth and utilization [4].