海航控股率先响应“国九条”，启动上市航企新规后首例并购重组

Core Viewpoint - HNA Group plans to acquire 100% equity of Hainan Tianyu Flight Training Co., Ltd. for 799.07 million RMB, enhancing its aviation training capabilities and operational efficiency [1][3][5] Company Summary - Hainan Tianyu specializes in flight and crew training, with training bases in Haikou, Sanya, and Beijing, and holds multiple aviation training certifications [1][2] - The company has over 20 advanced D-level full-motion flight simulators and various training devices, making it a leading flight training institution in Asia [2] - In 2023 and 2024, Tianyu is projected to generate revenues of 421 million RMB and 385 million RMB, with net profits of 185 million RMB and 69.86 million RMB, and gross margins of 39.96% and 41.04% respectively [3] Industry Summary - The acquisition marks the first merger and acquisition in the aviation sector following the new "National Nine Articles," indicating a significant move in the industry [5] - HNA Group aims to strengthen its core aviation business and enhance its training resource control through this acquisition, aligning with the government's encouragement for companies to focus on their main business [5] - The acquisition is expected to leverage HNA's scale advantages, improve training efficiency, and reduce costs while expanding service offerings to other airlines [3][4]