海航控股重组遭问询 标的应收账款超营收

Group 1 - The Shanghai Stock Exchange has sent an inquiry letter to HNA Holding regarding the acquisition of Hainan Tianyu Flight Training Co., focusing on accounts receivable recovery risks, profitability, and business independence [1][2] - HNA Holding plans to acquire 100% of Tianyu Flight Training for a transaction price of 799 million yuan, which constitutes a major asset restructuring [1] - Tianyu Flight Training has shown significant performance volatility from 2021 to 2024, with a decline in both revenue and net profit expected in 2024 [1] Group 2 - Tianyu Flight Training's accounts receivable at the end of 2024 is projected to be 419 million yuan, accounting for 108.83% of its revenue, an increase of 16.89 percentage points from the previous year [1][2] - The Shanghai Stock Exchange has requested HNA Holding to explain the reasons and rationale for the accounts receivable to revenue ratio exceeding 100%, and whether there are risks of uncollectible accounts impacting company performance [2] - HNA Holding's major clients include its affiliates, which accounted for 82.49% of Tianyu Flight Training's revenue in 2024, raising concerns about the independence of the business post-acquisition [2] Group 3 - HNA Holding's asset-liability ratio is 98.91% at the end of 2024, significantly higher than the industry average, with cash and financial assets being much lower than interest-bearing liabilities [3] - The Shanghai Stock Exchange has asked HNA Holding to justify the rationale behind the cash acquisition and its potential impact on daily operations and debt repayment [3] - Following the announcement of the major asset restructuring, HNA Holding's stock price has declined by 2% since June 9, with no institutional research reports recorded on the restructuring so far [3]