海航控股拟8亿元收购天羽飞训，方威再扩资产版图

Core Viewpoint - HNA Holding plans to acquire 100% equity of Tianyu Flight Training Co., Ltd. from Hainan Airport Development Industry Group for a cash consideration of 799 million yuan, which is recognized as a major asset restructuring [1] Group 1: Transaction Details - The acquisition will allow HNA Holding to regain control of Tianyu Flight Training, which was previously a wholly-owned subsidiary [1] - Tianyu Flight Training's main business includes flight training, cabin training, simulator maintenance, and flight experience services, which align with HNA Holding's core operations [1] Group 2: Financial Performance - Tianyu Flight Training's revenue for 2023 and 2024 is projected to be 421.09 million yuan and 384.74 million yuan, respectively, with net profits of 184.65 million yuan and 69.86 million yuan [1] - The business has a high revenue concentration, with sales from the top five customers accounting for 95.82% and 97% of total revenue in 2023 and 2024, respectively [2] - Revenue from the largest customer, Hainan Airlines Group, represents 82.83% and 82.49% of total revenue for the same periods [2] Group 3: HNA Holding Overview - HNA Holding, established in January 1993, primarily engages in domestic and international air passenger and cargo transportation, operating over 1,400 routes as of 2024 [2] - The company reported a revenue of 65.236 billion yuan in 2024, an increase of 11.25% year-on-year, but incurred a net loss of 921 million yuan [2] - HNA Holding's debt-to-asset ratio was 98.82% and 98.91% at the end of 2023 and 2024, respectively, indicating significant financial pressure [2]