China Express(SZ:002928) Zheng Quan Shi Bao Wang·2025-06-17 11:44Core 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].