中信海直(000099) - 2025 Q2 - 季度财报

Important Notes, Contents and Definitions Important Notes The company's management guarantees the truthfulness, accuracy, and completeness of the semi-annual report and proposes a profit distribution plan - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report's content[3] - The company's person in charge, chief accounting officer, and head of the accounting department declare the truthfulness, accuracy, and completeness of the financial report[3] 2025 Semi-Annual Profit Distribution Plan | Metric | Value | | :--- | :--- | | Distribution Base (Shares) | 775,770,137 | | Cash Dividend per 10 Shares (tax inclusive) | RMB 0.63 | | Bonus Shares per 10 Shares (tax inclusive) | 0 shares | | Capitalization of Capital Reserves | No | Contents This section presents the structured table of contents, covering nine main chapters from important notes to other submitted data for quick navigation - The report's table of contents is clear, containing nine main chapters for easy investor reference[5] Definitions This section provides definitions for key terms and company-related entities used in the report, ensuring accurate and consistent understanding - Core concepts such as "the Company," "Controlling Shareholder," and "Actual Controller" are clearly defined in the report[10] - Specialized general aviation terms like "flight sorties," "flight sorties per month," and "custody" are explained in detail[10] Company Profile and Key Financial Indicators I. Company Profile This section introduces the basic information of CITIC Offshore Helicopter Co, Ltd, including its stock abbreviation, code, and listing exchange Company Basic Information | Metric | Content | | :--- | :--- | | Stock Abbreviation | CITIC HAIZHI | | Stock Code | 000099 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 中信海洋直升机股份有限公司 | | Legal Representative | Yang Wei | II. Contact Persons and Methods This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Ouyang Mingzhi, and the Securities Affairs Representative is Liu Weiran[14] - The contact address for both is Shenzhen Helicopter Airport, 3533 Nanhai Avenue, Nanshan District, Shenzhen[14] III. Other Information This section confirms that the company's registered address, office address, website, email, and information disclosure locations remain unchanged - The company's contact information remained unchanged during the reporting period[15] - The locations for information disclosure and document preparation remained unchanged during the reporting period[16] IV. Key Accounting Data and Financial Indicators The company's key financial indicators performed well, with year-on-year growth in operating revenue and net profit and a significant increase in net cash flow Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,038,044,643.40 | 962,046,634.68 | 7.90% | | Net Profit Attributable to Shareholders | 153,404,771.50 | 132,405,621.91 | 15.86% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 153,639,335.84 | 132,082,666.81 | 16.32% | | Net Cash Flow from Operating Activities | 514,180,386.55 | 390,731,266.05 | 31.59% | | Basic Earnings per Share (RMB/share) | 0.1977 | 0.1707 | 15.82% | | Diluted Earnings per Share (RMB/share) | 0.1977 | 0.1707 | 15.82% | | Weighted Average Return on Equity | 2.85% | 2.57% | 0.28% | | Total Assets (End of Period) | 7,384,646,456.47 | 7,071,877,990.36 | 4.42% | | Net Assets Attributable to Shareholders (End of Period) | 5,377,997,335.10 | 5,321,563,823.38 | 1.06% | V. Differences in Accounting Data under Domestic and Foreign Accounting Standards There were no discrepancies in net profit or net assets between financial reports disclosed under IFRS or other foreign standards and Chinese standards - The company has no discrepancies in net profit and net assets between financial reports disclosed under IFRS and Chinese Accounting Standards[19] - The company has no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[20] VI. Non-recurring Profit and Loss Items and Amounts The company's total non-recurring profit and loss was negative, mainly affected by asset disposal losses and non-operating expenses Non-recurring Profit and Loss Items and Amounts | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains and Losses on Disposal of Non-current Assets | -208,945.21 | Loss on retirement of fixed assets recognized during the period | | Government Grants Recognized in Current Profit or Loss | 60,000.00 | Search and rescue subsidies received during the period | | Other Non-operating Income and Expenses | -167,428.86 | Late payment fees recognized during the period | | Less: Income Tax Effect | -79,093.52 | | | Minority Interest Effect (After Tax) | -2,716.21 | | | Total | -234,564.34 | | Management Discussion and Analysis I. Principal Business Activities during the Reporting Period The company actively expanded new business scenarios in the low-altitude economy and enhanced its comprehensive service capabilities - Steadily expanded the scale of offshore oil services and introduced the AW139 super-medium helicopter to improve transport efficiency[25] - Successfully completed the 41st Antarctic expedition mission and efficiently handled firefighting tasks in Jiaozuo, Henan, and Huangpi, Hubei[25] - Launched the inaugural helicopter pilotage service at Rizhao Port, expanded low-altitude tourism with 13 sightseeing routes, and opened 12 administrative shuttle routes[25][26] - Collaborated with CNOOC to complete the world's first test flight of a 2-ton eVTOL platform and introduced the first batch of specialized fixed-wing UAVs for weather modification[26] - Advanced the construction of landing points in Shenzhen, built the nation's first digital smart control tower, and partnered with Guangdong Airport Group on a provincial air traffic service platform[26] II. Core Competitiveness Analysis As a leading general aviation operator, the company leverages its brand, comprehensive services, safety record, and fleet to maintain its competitive edge - The company operates 88 helicopters, forming Asia's largest civil helicopter fleet, with 41 years of operational experience[28] - Possesses five major business segments: offshore petroleum, emergency rescue, MRO, pilotage and wind power, and onshore general aviation, while actively developing UAV and eVTOL businesses[28] - Achieved a cumulative 25,255 safe flight hours and 26,462 sorties during the reporting period, earning the prestigious "Golden Gull Cup" multiple times[28] - Owns four professional heliports in Shenzhen, Tianjin, Zhanjiang, and Hainan, with additional bases and landing points nationwide[29] - Employs 213 pilots and 425 maintenance personnel, many of whom have received meritorious service medals from the CAAC[29] III. Analysis of Main Business Operations Main business revenue grew by 7.90% driven by offshore oil services, while operating costs and financial expenses also increased Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,038,044,643.40 | 962,046,634.68 | 7.90% | Increase in offshore oil business revenue | | Operating Costs | 797,282,379.14 | 763,700,145.36 | 4.40% | Increased workload led to higher costs for labor, materials, fuel, and aircraft support | | Administrative Expenses | 65,242,089.55 | 58,280,920.75 | 11.94% | Increased IT maintenance fees, employee compensation, and other administrative costs | | Financial Expenses | 15,865,105.31 | 11,100,533.00 | 42.92% | Increase in interest expense from lease liabilities | | Income Tax Expense | 61,748,092.44 | 40,705,090.48 | 51.70% | Increase in total profit | | Net Cash Flow from Operating Activities | 514,180,386.55 | 390,731,266.05 | 31.59% | Increase in cash received from sales of goods and services | | Net Cash Flow from Investing Activities | -14,172,266.80 | -73,409,709.95 | -80.69% | Decrease in cash paid for long-term assets like helicopter components | | Net Increase in Cash and Cash Equivalents | 297,119,465.26 | 108,729,582.35 | 173.26% | Net inflow from operating activities exceeded net outflows from investing and financing activities | Operating Revenue Breakdown (by Industry) | Industry | Current Period Amount (RMB) | % of Operating Revenue | Prior Year Period Amount (RMB) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | General Aviation Transport | 1,032,710,590.86 | 99.49% | 949,400,202.59 | 98.69% | 8.78% | | General Aviation MRO | 5,334,052.54 | 0.51% | 12,646,432.09 | 1.31% | -57.82% | Operating Revenue Breakdown (by Region) | Region | Current Period Amount (RMB) | % of Operating Revenue | Prior Year Period Amount (RMB) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen | 484,072,707.41 | 47.00% | 485,373,877.37 | 50.45% | -0.27% | | Zhejiang | 140,100,315.35 | 13.50% | 115,699,830.62 | 12.03% | 21.09% | | Zhanjiang | 130,184,696.59 | 12.54% | 99,601,998.52 | 10.35% | 30.70% | | Beijing | 126,113,639.36 | 12.15% | 143,814,155.72 | 14.95% | -12.31% | | Tianjin | 113,602,205.94 | 10.94% | 73,159,085.24 | 7.60% | 55.28% | IV. Analysis of Non-Core Business Operations The company's non-core business had a minor impact on total profit and consisted of items that are generally not sustainable Non-Core Business Items and their Proportion of Total Profit | Item | Amount (RMB) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -1,324,757.60 | -0.63% | Investment income from long-term equity investments recognized under the equity method | No | | Asset Impairment | -1,025.17 | 0.00% | Impairment of contract assets recognized during the period | No | | Non-operating Income | 81,371.20 | 0.04% | Income from the disposal of retired fixed assets recognized during the period | No | | Non-operating Expenses | 457,745.27 | 0.22% | Losses on retired fixed assets and late payment fees recognized during the period | No | | Gains on Asset Disposal | 5,666.89 | 0.00% | Adjustment for unrealized gains/losses from internal helicopter contributions | No | | Credit Impairment Losses | -1,138,542.45 | -0.54% | Expected credit impairment losses on receivables recognized during the period | No | V. Analysis of Asset and Liability Status Total assets and net assets attributable to shareholders grew, with significant increases in cash and right-of-use assets and a large rise in lease liabilities Significant Changes in Asset Composition (End of Period vs End of Prior Year) | Item | End of Current Period (RMB) | % of Total Assets | End of Prior Year (RMB) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,764,836,824.16 | 23.90% | 1,468,056,573.49 | 20.76% | 3.14% | Net increase in cash flow from operating activities | | Accounts Receivable | 998,103,459.77 | 13.52% | 1,176,160,927.62 | 16.63% | -3.11% | Decrease in accounts receivable due to collections from offshore oil and forest protection clients | | Fixed Assets | 2,306,721,366.31 | 31.24% | 2,392,867,907.60 | 33.84% | -2.60% | Decrease in net value of fixed assets due to depreciation | | Right-of-Use Assets | 1,174,910,183.03 | 15.91% | 896,047,448.40 | 12.67% | 3.24% | Increase in right-of-use assets from new leases of helicopters, UAVs, and engines | | Lease Liabilities | 928,889,115.40 | 12.58% | 646,662,789.77 | 9.14% | 3.44% | Increase in lease liabilities from new leases of helicopters, UAVs, and engines | Restricted Assets (End of Period) | Item | Book Value at Period End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 115,337,406.18 | Frozen funds, security deposits, housing reform funds, etc | VI. Investment Status Analysis Investment amount decreased by 46.79% YoY, while the use of raised funds was effective, with an 88.95% utilization rate Investment Amount during the Reporting Period | Indicator | Investment Amount (RMB) | Prior Year Period Investment Amount (RMB) | Change | | :--- | :--- | :--- | :--- | | Investment Amount | 39,309,793.65 | 73,876,112.92 | -46.79% | - The company had no securities or derivatives investments during the reporting period[41][42] Overall Use of Raised Funds | Net Raised Funds (1) (RMB 10k) | Total Raised Funds Used (2) (RMB 10k) | Utilization Rate (3)=(2)/(1) | Unused Raised Funds (RMB 10k) | | :--- | :--- | :--- | :--- | | 108,124.66 | 96,172.22 | 88.95% | 11,952.45 | - The aircraft acquisition project is 100% complete and has been closed, with the surplus funds of RMB 59,400,177.32 permanently supplementing working capital[45][48] - The aviation materials procurement and aircraft maintenance project has a cumulative investment of RMB 337.35 million, reaching a 73.84% completion rate[45][47] - The project for repaying interest-bearing debt and supplementing working capital has a cumulative investment of RMB 324.37 million, reaching a 100% completion rate[45][47] VII. Sale of Major Assets and Equity The company did not engage in the sale of any major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[51] - The company did not sell any major equity during the reporting period[52] VIII. Analysis of Major Holding and Participating Companies Key subsidiaries reported net losses due to reduced revenue, rising costs, slow maintenance progress, and liquidation-related expenses Net Profit of Major Subsidiaries | Subsidiary Name | Net Profit (RMB) | YoY Change | | :--- | :--- | :--- | | Haizhi General Aviation Co, Ltd | -13,547,006.33 | -220.30% | | CITIC Haizhi General Aviation Maintenance Engineering Co, Ltd | -4,479,019.82 | | | CITIC Haizhi Aviation Technology Co, Ltd | 61,669.20 | | | CITIC Haizhi Aviation Development Co, Ltd | -309,804.49 | | | Huaxia Kyushu General Aviation Co, Ltd | -3,810,809.13 | | | CITIC Haizhi (Qingdao) General Aviation Co, Ltd | 11,982.90 | | - Haizhi General Aviation Co, Ltd's net profit declined primarily due to reduced revenue from aerial forest protection, high fixed costs, and a significant increase in maintenance expenses[55] - CITIC Haizhi General Aviation Maintenance Engineering Co, Ltd's net loss was mainly due to slow progress in maintenance projects, leading to decreased revenue[55] - CITIC Haizhi Aviation Development Co, Ltd's net loss was caused by liquidation-related expenses and asset impairment losses; the company will be dissolved and deregistered[56] IX. Structured Entities Controlled by the Company The company did not have any structured entities under its control during the reporting period - The company did not have any structured entities under its control during the reporting period[57] X. Risks and Countermeasures The company has identified key risks including economic fluctuations, policy changes, and talent competition, and has formulated corresponding strategies - Macroeconomic Fluctuation Risk: The company will optimize its business structure and expand into emerging fields like emergency rescue, offshore wind power, and low-altitude tourism to cultivate new profit growth points[57] - Industry Policy Change Risk: The company will maintain close communication with regulatory authorities, actively participate in industry standard-setting, and strengthen policy research to prepare response plans in advance[57] - Operational Safety Risk: The company will continue to improve its safety management system, enhance risk assessment and process monitoring, and increase safety investments to ensure its leading position in operational safety[57] - Exchange Rate and Tariff Policy Risk: The company will strengthen foreign exchange risk management, utilize financial instruments to hedge currency risks, and explore domestic industrial policies for potential benefits[58] - Talent Competition Risk: The company will optimize its talent development and incentive mechanisms, offer competitive compensation and benefits, and strengthen university-enterprise cooperation to build a talent pipeline[58] XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[59] - The company has not disclosed a valuation enhancement plan[59] XII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan The company is actively implementing its "Dual Improvement in Quality and Returns" action plan, making progress in its core business and investor returns - The company disclosed its "Action Plan for Promoting 'Dual Improvement in Quality and Returns'" on October 12, 2024[59] - The plan focuses on five key areas: strengthening the core business, implementing national strategies, enhancing corporate governance, improving information disclosure, and prioritizing investor returns[59] - Progress has been made in expanding low-altitude economy business scenarios, serving national energy security, and developing a digital smart control tower[60] - The company continues to improve its governance and risk control systems and actively communicates with investors[60] - In terms of investor returns, the company maintains a high dividend policy, distributing a cash dividend of RMB 1.25 per 10 shares for fiscal year 2024, with total dividends exceeding RMB 800 million since its listing[61] - The company plans to continue optimizing its shareholder return mechanism, steadily advance regular interim dividends, and gradually increase the annual dividend payout ratio[61] Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management There were no changes among the company's directors, supervisors, or senior management during the reporting period, maintaining team stability - There were no changes in the company's directors, supervisors, or senior management during the reporting period[63] II. Profit Distribution and Capitalization of Capital Reserves for the Reporting Period The company proposes a semi-annual dividend of RMB 0.63 per 10 shares, totaling RMB 48.87 million, representing 32% of net profit 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Bonus Shares per 10 Shares | 0 | | Cash Dividend per 10 Shares (RMB) (tax inclusive) | 0.63 | | Share Capital Base for Distribution (Shares) | 775,770,137 | | Total Cash Dividend (RMB) (tax inclusive) | 48,873,518.63 | | Ratio of Cash Dividend to Total Profit Distribution | 100% | | Ratio to H1 2025 Consolidated Net Profit Attributable to Parent Company | Approx 32% | - This profit distribution plan does not include bonus shares or the capitalization of capital reserves[64] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures during the period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[65] IV. Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[66] V. Social Responsibility The company actively fulfilled its social responsibilities through significant contributions to polar expeditions, emergency rescue, and rural revitalization - Successfully completed flight support for the 41st Antarctic expedition, setting a new single-day record for cargo transport[66] - Completed firefighting missions for major fires in Jiaozuo, Henan, and Huangpi, Hubei, with a rescue case selected for the "Typical Cases of Low-Altitude Economy"[66] - The Zhanjiang branch received the "2024 Outstanding Contribution Award for Social Search and Rescue Forces"[66] - The company's labor union invested over RMB 620,000 in targeted rural revitalization efforts, supporting areas designated by CITIC Group and national agencies[66] Significant Matters I. Commitments Fulfilled or Overdue by Relevant Parties There were no commitments fulfilled or overdue by the company's actual controller, shareholders, related parties, or acquirers during the period - The company reports no commitments fulfilled or overdue by its actual controller, shareholders, related parties, or acquirers during the reporting period[68] II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties There were no instances of non-operating fund occupation by the controlling shareholder or other related parties during the reporting period - The company reports no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[69] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[70] IV. Appointment and Dismissal of Accounting Firm The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[71] V. Explanation from the Board of Directors and Supervisory Committee on "Non-standard Audit Report" for the Current Period This section is not applicable as there was no non-standard audit report for the current period - Not applicable[72] VI. Explanation from the Board of Directors on "Non-standard Audit Report" from the Previous Year This section is not applicable as there was no non-standard audit report in the previous year - Not applicable[72] VII. Bankruptcy and Reorganization Matters The company did not undergo any bankruptcy or reorganization procedures during the reporting period - The company did not undergo any bankruptcy or reorganization procedures during the reporting period[72] VIII. Litigation Matters The company had no major litigation but disclosed progress on a helicopter lease dispute involving a frozen amount of RMB 77.15 million - The company had no major litigation or arbitration matters during this reporting period[73] - The company is involved in a helicopter lease contract dispute with Ningbo General Aviation Technology Co, Ltd, with the opposing party claiming a total of RMB 77,154,496.60[45][70][71] - The disputed amount of RMB 77,154,496.60 was frozen at the request of Ningbo General Aviation; the company has applied to lift the freeze, and the funds were fully unfrozen on July 23, 2025[45][71] IX. Penalties and Rectifications The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[74] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintain a good integrity status with no unfulfilled court judgments or overdue debts - The company, its controlling shareholder, and actual controller have a good integrity status, with no unfulfilled court judgments or significant overdue debts[75] XI. Major Related-Party Transactions The company disclosed significant related-party transactions, including deposit services with CITIC Finance and renewals of financial service agreements - The company had no related-party transactions related to daily operations, asset/equity acquisitions or sales, joint investments, or related-party debt during the period[76][77][78][79] Deposit Transactions with Related Financial Company | Related Party | Relationship | Opening Balance (RMB 10k) | Deposits this Period (RMB 10k) | Withdrawals this Period (RMB 10k) | Closing Balance (RMB 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | | CITIC Finance Co, Ltd | Subsidiary of the ultimate controller | 89,232.74 | 269,382.56 | 248,519.5 | 110,095.8 | - The company paid its controlling shareholder RMB 2.5 million for the use of Shenzhen Nantou Heliport[82] - The company renewed its "Financial Services Agreement" with CITIC Finance Co, Ltd; as of the semi-annual period end, deposits with CITIC Finance amounted to RMB 1.101 billion, with interest income and service fees totaling RMB 15.74 million[83] - The company anticipates daily related-party transactions for purchases in fiscal year 2025 not to exceed RMB 102.90 million[83] XII. Major Contracts and Their Performance The company had no major contracts involving custody, contracting, leasing, significant guarantees, or entrusted wealth management during the period - The company had no custody arrangements during the reporting period[86] - The company had no contracting arrangements during the reporting period[87] - The company had no leasing arrangements during the reporting period[88] - The company had no significant guarantees during the reporting period[89] - The company had no entrusted wealth management during the reporting period[90] - The company had no other major contracts during the reporting period[91] XIII. Explanation of Other Significant Matters The company disclosed important matters including the Nantou Heliport relocation compensation agreement and the receipt of government subsidies - The company signed the "Nantou Heliport Relocation Project Compensation Agreement" with relevant parties in Nanshan District, Shenzhen[92] - The company renewed its "Financial Services Agreement" with CITIC Finance Co, Ltd to provide deposit, credit, and settlement services[92] - The company expects daily related-party transactions in 2025 not to exceed RMB 102.90 million[93] - In April 2025, the company received a government subsidy of RMB 30,040,000.00[93] XIV. Significant Matters of Company Subsidiaries The company's subsidiary, Haizhi General Aviation Co, Ltd, received a government subsidy of RMB 29.73 million in January 2025 - In January 2025, the company's subsidiary, Haizhi General Aviation Co, Ltd, received a government subsidy of RMB 29,730,000.00[94] Share Capital Changes and Shareholder Information I. Share Capital Changes The company's total number of shares and unrestricted shares remained unchanged during the reporting period, maintaining a stable capital structure Share Capital Changes (Shares) | Category | Pre-Change Quantity | Pre-Change Ratio | Change (+, -) | Post-Change Quantity | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | II. Unrestricted Shares | 775,770,137 | 100.00% | 0 | 775,770,137 | 100.00% | | III. Total Shares | 775,770,137 | 100.00% | 0 | 775,770,137 | 100.00% | - Reasons for share changes, approvals, transfers, share repurchase progress, and their impact on financial indicators were not applicable or unchanged during the reporting period[98] II. Securities Issuance and Listing The company did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[98] III. Number of Shareholders and Shareholding Status At the end of the period, the company had 137,236 common shareholders, with the controlling shareholder holding a 30.18% stake Total Number of Common Shareholders at Period End | Indicator | Quantity | | :--- | :--- | | Total Common Shareholders | 137,236 | Shareholding of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period End | Change During Period | Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | | China National Offshore Helicopter Co, Ltd | State-owned legal entity | 30.18% | 234,119,474 | 0 | 234,119,474 | | CITIC Investment Holdings Co, Ltd | State-owned legal entity | 8.45% | 65,555,001 | 0 | 65,555,001 | | Hong Kong Securities Clearing Company Ltd | Foreign legal entity | 0.66% | 5,141,910 | 2,078,171 | 5,141,910 | | China Merchants Bank - Southern CSI 1000 ETF | Other | 0.65% | 5,015,010 | 552,200 | 5,015,010 | | Li Tao | Domestic individual | 0.63% | 4,900,000 | 2,150,000 | 4,900,000 | - Among the top ten shareholders, China National Offshore Helicopter Co, Ltd and CITIC Investment Holdings Co, Ltd share the same actual controller, CITIC Group[100] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period[102] V. Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller did not change during the reporting period, maintaining a stable ownership structure - The company's controlling shareholder did not change during the reporting period[103] - The company's actual controller did not change during the reporting period[103] VI. Preferred Stock Information The company did not have any preferred stock during the reporting period - The company did not have any preferred stock during the reporting period[104] Bond-Related Information The company had no bond-related matters during the reporting period - Not applicable[106] Financial Report I. Audit Report The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[108] II. Financial Statements This section provides the consolidated and parent company financial statements, offering a comprehensive view of the company's financial position and performance - The consolidated balance sheet shows total assets of RMB 7.38 billion at the end of the period, a 4.42% increase from the beginning of the year[112] - The consolidated income statement shows operating revenue of RMB 1.04 billion, a YoY increase of 7.90%, and net profit attributable to parent company shareholders of RMB 153.40 million, a YoY increase of 15.86%[118][119] - The consolidated cash flow statement shows net cash flow from operating activities of RMB 514.18 million, a YoY increase of 31.59%[123] 1. Consolidated Balance Sheet At period-end, consolidated total assets were RMB 7.38 billion, total liabilities were RMB 1.90 billion, and total equity was RMB 5.49 billion Key Data from Consolidated Balance Sheet (End of Period) | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,764,836,824.16 | 1,468,056,573.49 | | Accounts Receivable | 998,103,459.77 | 1,176,160,927.62 | | Fixed Assets | 2,306,721,366.31 | 2,392,867,907.60 | | Right-of-Use Assets | 1,174,910,183.03 | 896,047,448.40 | | Total Assets | 7,384,646,456.47 | 7,071,877,990.36 | | Total Liabilities | 1,897,968,665.42 | 1,636,661,869.02 | | Total Equity | 5,486,677,791.05 | 5,435,216,121.34 | 2. Parent Company Balance Sheet At period-end, the parent company's total assets were RMB 6.51 billion, total liabilities were RMB 1.22 billion, and total equity was RMB 5.30 billion Key Data from Parent Company Balance Sheet (End of Period) | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,450,557,675.26 | 1,202,012,960.65 | | Accounts Receivable | 849,805,175.80 | 945,250,525.30 | | Fixed Assets | 2,151,463,975.26 | 2,229,813,261.88 | | Right-of-Use Assets | 653,317,124.01 | 450,668,955.13 | | Total Assets | 6,512,000,363.64 | 6,279,074,250.25 | | Total Liabilities | 1,216,903,710.79 | 1,058,744,573.88 | | Total Equity | 5,295,096,652.85 | 5,220,329,676.37 | 3. Consolidated Income Statement Consolidated total operating revenue increased by 7.90% YoY, and net profit grew by 13.89% Key Data from Consolidated Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,038,044,643.40 | 962,046,634.68 | | Total Operating Costs | 886,138,906.25 | 841,380,093.70 | | Total Profit | 210,181,021.93 | 171,040,726.83 | | Net Profit | 148,432,929.49 | 130,335,636.35 | | Net Profit Attributable to Parent Company Shareholders | 153,404,771.50 | 132,405,621.91 | | Basic Earnings per Share | 0.1977 | 0.1707 | 4. Parent Company Income Statement The parent company's operating revenue increased by 13.24% YoY, and net profit grew by 40.33% Key Data from Parent Company Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 910,212,752.78 | 803,814,588.25 | | Operating Costs | 653,543,373.60 | 623,428,492.95 | | Total Profit | 233,491,779.18 | 163,085,006.85 | | Net Profit | 171,738,236.26 | 122,390,293.22 | | Basic Earnings per Share | 0.2214 | 0.1578 | 5. Consolidated Cash Flow Statement Net cash flow from operating activities increased significantly by 31.59%, while net cash outflow from investing activities decreased by 80.69% Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 514,180,386.55 | 390,731,266.05 | | Net Cash Flow from Investing Activities | -14,172,266.80 | -73,409,709.95 | | Net Cash Flow from Financing Activities | -203,268,960.41 | -208,912,639.53 | | Net Increase in Cash and Cash Equivalents | 297,119,465.26 | 108,729,582.35 | | Closing Balance of Cash and Cash Equivalents | 805,688,433.98 | 1,331,744,448.16 | 6. Parent Company Cash Flow Statement The parent company's net cash flow from operating activities grew by 10.74% YoY, with a significant increase in the net increase in cash Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 417,560,977.38 | 377,084,447.42 | | Net Cash Flow from Investing Activities | -13,568,988.02 | -59,431,178.08 | | Net Cash Flow from Financing Activities | -155,425,829.19 | -128,796,883.22 | | Net Increase in Cash and Cash Equivalents | 248,947,179.20 | 189,176,005.92 | | Closing Balance of Cash and Cash Equivalents | 491,820,485.08 | 1,080,783,088.40 | 7. Consolidated Statement of Changes in Equity Consolidated total equity increased by RMB 51.46 million, mainly due to an increase in net profit attributable to the parent company Consolidated Statement of Changes in Equity (Current Period) | Item | Opening Balance (RMB) | Change this Period (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Parent Company | 5,321,563,823.38 | 56,433,511.72 | 5,377,997,335.10 | | Minority Interest | 113,652,297.96 | -4,971,842.01 | 108,680,455.95 | | Total Equity | 5,435,216,121.34 | 51,461,669.71 | 5,486,677,791.05 | 8. Parent Company Statement of Changes in Equity The parent company's total equity increased by RMB 74.77 million, primarily driven by higher net profit and reduced profit distribution Parent Company Statement of Changes in Equity (Current Period) | Item | Opening Balance (RMB) | Change this Period (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Equity | 5,220,329,676.37 | 74,766,976.48 | 5,295,096,652.85 | III. Company Basic Information This section details the company's establishment, history, share capital changes, controlling shareholder, and main business operations - The company was officially established on February 11, 1999, with a total share capital of 775,770,137.00 shares[141] - The company's stock was listed on the Shenzhen Stock Exchange on July 31, 2000[142] - China National Offshore Helicopter Co, Ltd is the controlling shareholder with a 30.18% stake, and the ultimate controller is China CITIC Group Corporation[145] - The company's main business is general aviation services, including offshore helicopter services for the petroleum industry, emergency rescue, port pilotage, onshore general aviation, and MRO services[146] IV. Basis of Preparation of Financial Statements The financial statements are prepared in accordance with the "Enterprise Accounting Standards" and on a going concern basis - The financial statements are prepared in accordance with the "Enterprise Accounting Standards" and relevant CSRC regulations[147] - The company has assessed its ability to continue as a going concern for the next 12 months and has found no material uncertainties[148] V. Significant Accounting Policies and Estimates This section details the significant accounting policies and estimates used, covering areas like financial instruments, revenue recognition, and leases - Financial assets are classified based on the business model for managing them and their contractual cash flow characteristics[164] - Depreciation and amortization are calculated for fixed assets, intangible assets, and long-term deferred expenses over their useful lives after considering residual values[222] - Revenue is recognized when the customer obtains control of the related goods or services[203] - The company recognizes right-of-use assets and lease liabilities for leases and depreciates them using the straight-line method[211] - The amount of defined benefit plan expenses and liabilities is determined based on various assumptions, with any differences recognized immediately in the current period's expenses[222] VI. Taxes This section discloses the company's main taxes and tax rates, as well as the tax incentives it and its subsidiaries enjoy Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable income is used to calculate output tax, less deductible input tax | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7%, 5% | | Corporate Income Tax | Current taxable income | 25% of taxable income, with some enterprises enjoying preferential rates | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | - CITIC Haizhi (Qingdao) General Aviation Co, Ltd enjoys a corporate income tax rate of 20%[225] - The company benefits from small and micro enterprise income tax incentives, with reduced tax rates for taxable income up to RMB 3 million[226] - The subsidiary Haizhi Maintenance enjoys a VAT refund policy for helicopter maintenance services where the actual tax burden exceeds 6%[226] - The company and some subsidiaries are eligible for VAT credit refunds and can apply to tax authorities for reimbursement of excess input VAT[227] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on key items in the consolidated financial statements, including assets, liabilities, equity, revenue, and costs - The closing balance of cash and cash equivalents was RMB 1,764,836,824.16, including RMB 1,100,957,963.05 deposited with a finance company[230] - The closing book value of accounts receivable was RMB 998,103,459.77, with a gross amount of RMB 1,027,974,562.96 and a bad debt provision of RMB 29,871,103.19[235] - The closing book value of fixed assets was RMB 2,266,669,172.43, of which helicopters accounted for RMB 1,859,971,435.93[292] - The closing balance of lease liabilities was RMB 928,889,115.40, primarily for helicopter and UAV leases[346] - Operating revenue and operating costs for the period were RMB 1,038,044,643.40 and RMB 797,282,379.14, respectively[366] - Net cash flow from operating activities was RMB 514,180,386.55[406] VIII. R&D Expenditures R&D investment was focused on smart check-in systems, 5G+ satellite monitoring, and a 5G-based digital cloud platform, with all expenses capitalized R&D Expenditure Details | Project | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Smart General Aviation Check-in System | 1,236,070.14 | 0 | | 5G+ Satellite Monitoring and Video Collection System | 597,625.84 | 1,158,819.49 | | 5G-based Digital Cloud Platform R&D Project | 206,778.51 | 813,174.65 | | Total | 2,040,474.49 | 1,971,994.14 | | Of which: Expensed R&D | 2,040,474.49 | 1,971,994.14 | IX. Changes in the Scope of Consolidation There were no changes in the scope of consolidation during the reporting period - The scope of consolidation did not change during this reporting period[416] X. Interests in Other Entities This section discloses the company's interests in subsidiaries, joint ventures, and associates, including their financial information - The company has several subsidiaries, including Haizhi General Aviation, Haizhi Maintenance, and Haizhi Aviation Technology[418][419] Minority Interest in Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio | Profit/Loss Attributable to Minority Shareholders (RMB) | Closing Balance of Minority Interest (RMB) | | :--- | :--- | :--- | :--- | | Haizhi General Aviation | 6.03% | -816,884.48 | 8,642,876.22 | | Haizhi Maintenance | 49.00% | -2,194,719.71 | 5,411,798.20 | | Huajiu General Aviation | 49.00% | -1,867,296.47 | 90,137,694.69 | - The company has two significant associates, Xinjiang General Helicopter Co, Ltd (40% stake) and Zhejiang General Helicopter Co, Ltd (49% stake), both accounted for using the equity method[426] - Zhejiang General Helicopter Co, Ltd is a newly added associate this period; the company has invested RMB 9.8 million, with the remaining contribution due by December 24, 2029[287] XI. Government Grants Government grants received were primarily recognized in other income, positively impacting profits, with some asset-related grants deferred - Government grants recognized based on amounts receivable at the end of the reporting period are not applicable[432] Liabilities Related to Government Grants | Account | Opening Balance (RMB) | Closing Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | | Deferred Income | 29,490,000 | 29,490,000 | Asset-related | Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Other Income | 61,110,317.18 | 55,141,255.63 | XII. Risks Related to Financial Instruments The company faces market, credit, and liquidity risks and has established multi-layered risk management measures to mitigate these exposures - The company employs a multi-layered risk management and control system to effectively manage risks[437] - The company is exposed to exchange rate risk from foreign currency-denominated helicopter leases and sales but did not use forward contracts during the period[438] - The company faces interest rate risk from long-term interest-bearing debt but currently has no floating-rate RMB-denominated loan contracts[439] - Credit risk arises from cash, accounts receivable, and other receivables, which is managed by assessing customer creditworthiness and monitoring records[440][441] - Liquidity risk is managed by continuously monitoring funding needs and maintaining sufficient cash reserves and marketable securities[441] Foreign Exchange Risk Sensitivity Analysis (Impact on Net Profit and Equity) | Item | Exchange Rate Change | H1 2025 Impact on Net Profit (RMB) | H1 2025 Impact on Equity (RMB) | | :--- | :--- | :--- | :--- | | All foreign currencies | 10% appreciation against RMB | -7,921,147.35 | -7,921,147.35 | | All foreign currencies | 10% depreciation against RMB | 7,921,147.35 | 7,921,147.35 | XIII. Fair Value Disclosure This section discloses the basis for determining fair value, valuation techniques, and states that there is no material difference between book and fair values - The fair value of Level 1 items is determined by unadjusted quoted prices in active markets[445] - The fair value of Level 2 items is determined using directly or indirectly observable inputs[446] - The fair value of Level 3 items is determined using unobservable inputs[447] - As of June 30, 2025, and December 31, 2024, there were no assets continuously measured at fair value[448] - There is no material difference between the book value and fair value of financial assets and liabilities not measured at fair value[449] XIV. Related Parties and Related-Party Transactions This section details the company's parent, subsidiaries, and other related parties, and lists transactions including sales, services, leases, and deposits - The company's parent is China National Offshore Helicopter Co, Ltd, with a 30.18% stake, and the ultimate controller is China CITIC Group Corporation[450] - The company has related-party transactions with entities like CITIC Securities and CITIC Networks for IT, securities, and property services[456] - The company, as a lessee, pays airport usage fees, office rent, and helicopter lease fees to related parties like China National Offshore Helicopter and Huarong Financial Leasing[460] - The company holds significant deposits with CITIC Bank and CITIC Finance, earning interest and paying service fees during the period[462] - The company has outstanding receivables from related parties such as China National Offshore Helicopter and Haizhi General Aviation Co, Ltd[464][512] XV. Commitments and Contingencies The company disclosed significant commitments for capital expenditures and a major contingency related to a helicopter lease contract dispute Significant Commitments (Capital Expenditures) | Item | Year-End Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Capital expenditures contracted but not recognized in financial statements | 21,462,439.00 | 20,786,939.00 | | Of which: Asset acquisition and construction | 21,462,439.00 | 20,786,939.00 | - Major capital expenditures include RMB 16.8 million for GPS upgrades on AS332L1 and H155B1 helicopters and RMB 4.66 million for IT system construction[468][469] - The company is involved in a helicopter lease contract dispute with Ningbo General Aviation Technology Co, Ltd, with the opposing party claiming a total of RMB 77,154,496.60, which has been frozen[470][471] XVI. Subsequent Events The company disclosed its proposed profit distribution plan of a RMB 0.63 dividend per 10 shares, which is pending shareholder approval Profit Distribution Details | Item | Value | | :--- | :--- | | Proposed Dividend per 10 Shares (RMB) | 0.63 | | Total Estimated Cash Dividend (RMB) | 48,873,518.63 | | Plan Status | Pending shareholder approval | - Apart from the profit distribution plan, the Group has no other significant subsequent events[473] XVII. Other Significant Matters The company disclosed the net profit of its discontinued operation, Haizhi Development, and provided detailed financial information for its seven reporting segments Net Profit of Discontinued Operation (Haizhi Development) | Item | Revenue (RMB) | Expenses (RMB) | Total Profit (RMB) | Net Profit (RMB) | Discontinued Operation Profit Attributable to Parent Company (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Haizhi Development | 0 | 12,304.49 | -309,804.49 | -309,804.49 | -216,863.14 | - The company has seven reporting segments, including various general aviation transport service divisions and a maintenance division[476] - Inter-segment transfer prices are determined based on prices charged to third parties[477] - The Shenzhen general aviation transport segment had external revenue of RMB 478.74 million, operating profit of RMB 79.42 million, and total assets of RMB 6.57 billion[478][479] XVIII. Notes to Parent Company Financial Statement Items This section provides detailed notes on key items in the parent company's financial statements, including receivables, investments, and revenue - The parent company's closing book value of accounts receivable was RMB 849,805,175.80, with a gross amount of RMB 873,862,130.84 and a bad debt provision of RMB 24,056,955.04[483][484] - The parent company's closing balance of other receivables was RMB 394,415,271.61, primarily consisting of intercompany balances[495][501] - The parent company's closing book value of long-term equity investments was RMB 247,289,057.64, including investments in subsidiaries and associates[514] - The parent company's operating revenue and operating costs for the period were RMB 910,212,752.78 and RMB 653,543,373.60, respectively[521] - The parent company's investment income for the period was RMB 3,382,511.77, mainly from long-term equity investments and interest on loans[524] XIX. Supplementary Information This section provides supplementary details on non-recurring profit and loss, return on equity, and earnings per share Details of Current Non-recurring Profit and Loss | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains and Losses on Disposal of Non-current Assets | -208,945.21 | Loss on retirement of fixed assets recognized during the period | | Government Grants Recognized in Current Profit or Loss | 60,000.00 | Search and rescue subsidies received during the period | | Other Non-operating Income and Expenses | -167,428.86 | Late payment fees recognized during the period | | Less: Income Tax Effect | -79,093.52 | | | Minority Interest Effect (After Tax) | -2,716.21 | | | Total | -234,564.34 | | Return on Equity and Earnings per Share | Profit for the Period | Weighted Average ROE | Basic EPS (RMB/share) | Diluted EPS (RMB/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders | 2.85% | 0.1977 | 0.1977 | | Net profit attributable to common shareholders (excluding non-recurring items) | 2.85% | 0.1980 | 0.1980 | - The company has no differences in accounting data under domestic and foreign accounting standards[529] Other Submitted Data I. Other Major Social Safety Issues The company and its subsidiaries had no other major social safety issues and received no administrative penalties during the reporting period - The listed company and its subsidiaries had no other major social safety issues[531] - No administrative penalties were received during the reporting period[531] II. Record of Investor Relations Activities The company actively engaged with investors through various channels to communicate its operational performance and future development plans - On March 18, 2025, the company held a conference call with institutional investors to discuss business operations and future plans[531] - On March 27, 2025, the company conducted an online exchange via a web platform with institutional and individual investors[531] - On May 26, 2025, the company hosted an on-site visit for institutional and individual investors at the Shenzhen Heliport[531] III. Fund Transactions between the Listed Company and its Controlling Shareholder and Other Related Parties The company has multiple operating and non-operating fund transactions with related parties, primarily involving deposits with financial institutions Fund Transactions with Controlling Shareholder and Other Related Parties (Major Financial Institutions) | Counterparty Name | Transaction Nature | Opening Balance (RMB 10k) | Amount Incurred (RMB 10k) | Amount Repaid (RMB 10k) | Closing Balance (RMB 10k) | Interest Income (RMB 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CITIC Finance Co, Ltd | Operating | 89,232.74 | 269,382.56 | 248,519.5 | 110,095.8 | 1,574.3 | | China CITIC Bank Corporation Limited | Operating | 49,587.56 | 185,193.38 | 188,715.42 | 46,065.52 | 310.6 | - The company has a non-operating balance with Haizhi General Aviation Co, Ltd, with a closing balance of RMB 300.09 million[535] - The company has a non-operating balance with China National Offshore Helicopter Co, Ltd, with a closing balance of RMB 9.45 million[534]