海航控股：2025年上半年，公司航油成本占营业成本的比例为31.65%

Core Viewpoint - HNA Holding anticipates a positive outlook for the Chinese civil aviation market in 2026, aiming to leverage market opportunities for improved operational performance [2] Financial Impact - In the first half of 2025, the cost of aviation fuel is projected to account for 31.65% of the company's operating costs; a 5% increase or decrease in fuel prices would result in a change of approximately 488 million yuan in operating costs [2] - For every 1% appreciation or depreciation of the RMB against the USD, the company's pre-tax profit would increase or decrease by about 652 million yuan, assuming other factors remain constant [2] Policy Benefits - The establishment of the Hainan Free Trade Port will create a unique "inside-outside" zone, with favorable policies and development plans that benefit the aviation transport industry [2] - As the main airline based in the Free Trade Port, the company will benefit from a reduced corporate income tax rate of 15% and exemptions on personal income tax exceeding 15%, which will help lower operational and labor costs [2] - The company will also enjoy tax exemptions on certain aircraft and material purchases, as well as policies for duty-free aviation fuel, contributing to reduced procurement and operational costs [2]