华夏航空股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 证券代码：002928 证券简称：华夏航空 公告编号：2026-003 一、担保额度审批情况概述 华夏航空股份有限公司（以下简称"公司"）分别于 2025 年 04 月 24 日召开 第三届董事会第十七次会议、第三届监事会第十六次会议，于 2025 年 05 月 16 日召开 2024 年年度股东大会，审议通过《关于为全资子公司提供担保的议案》， 同意公司为全资子公司向银行或其他金融机构申请授信不超过人民币 17 亿元或 等值外币提供担保，主要用于子公司引进飞机、飞机预付款、项目建设、购买航 材、设备采购、日常运营等事项；其中，对全资子公司华夏云飞融资租赁（上海） 有限公司（以下简称"华夏云飞"）及其全资子公司云飞飞机租赁（上海）有限 公司（以下简称"云飞租赁"）担保额度合计为 10 亿元。上述担保额度不含此 前已提供且仍在担保期限内的担保余额（此前已提供且仍在担保期限内的担保余 额继续有效），自 2024 年年度股东大会审议通过之日起至 2025 年年度 ...

Core Viewpoint - Huaxia Airlines has experienced a decline in stock price and trading activity, with a notable drop in net outflow of funds, despite a year-on-year increase in revenue and net profit for the first nine months of 2025 [1][2]. Group 1: Stock Performance - On January 9, Huaxia Airlines' stock fell by 2.01%, trading at 10.71 yuan per share, with a total market capitalization of 13.69 billion yuan [1]. - The stock has decreased by 3.08% year-to-date and has shown a 3.08% decline over the last five trading days, while it has increased by 6.89% over the last 20 days [1]. - The company has a turnover rate of 0.31%, with a total trading volume of 43.06 million yuan [1]. Group 2: Financial Performance - For the period from January to September 2025, Huaxia Airlines reported a revenue of 5.734 billion yuan, reflecting a year-on-year growth of 11.25% [2]. - The net profit attributable to shareholders reached 620 million yuan, marking a significant increase of 102.17% compared to the previous year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Huaxia Airlines was 21,100, a decrease of 4.88% from the previous period [2]. - The average number of circulating shares per shareholder increased by 5.13% to 60,533 shares [2]. - The company has distributed a total of 209 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3].

Core Insights - China's aviation population has surpassed 500 million, making it the world's largest aviation population country, with fixed asset investment in civil aviation reaching 630 billion yuan during the 14th Five-Year Plan period [1] - The growth in aviation population is supported by the steady expansion of the aviation industry's transport scale and accelerated infrastructure development, alongside measures to boost domestic demand and consumption [1] Group 1: Industry Growth and Performance - In 2025, China's civil aviation industry achieved a total transport turnover of 1,640.8 billion ton-kilometers and a passenger transport volume of 770 million, representing year-on-year growth of 10.5% and 5.5% respectively [2] - The international flight recovery reached over 90% of 2019 levels, with international passenger transport volume increasing by 21.6% year-on-year [2] - The civil aviation industry aims to achieve a transport turnover of 1,750 billion ton-kilometers and a passenger transport volume of 810 million in 2026, driven by macroeconomic development and policies to expand domestic demand [2] Group 2: Capacity and Operational Efficiency - The passenger load factor in 2025 reached 85.1%, an increase of 1.8 percentage points year-on-year, indicating a strong recovery in the passenger market [3] - Analysts predict that the load factor will continue to rise in 2026, suggesting potential for high price elasticity due to elevated load factors [3] - In 2025, the civil aviation industry reported a profit of 6.5 billion yuan, reflecting improved operational efficiency [4] Group 3: Route Expansion and Fleet Development - In 2025, significant route expansions were noted, including the resumption of regular flights between China and India and the launch of the longest single-route flight from Shanghai to Buenos Aires [4] - Airlines are actively opening new routes and increasing flight frequencies to enhance travel convenience, with Spring Airlines planning to open and restore several international and domestic routes in 2026 [4] - Major airlines have announced plans to purchase a total of 118 Airbus A320 aircraft, with a catalog price exceeding 18.1 billion USD, scheduled for delivery starting in 2028 [6] Group 4: Innovative Service Models - Airlines are exploring "Aviation+" business models, integrating services such as travel, culture, and education to enhance customer experience and stimulate consumption [7] - China Eastern Airlines plans to invest over 100 million yuan in aviation consumption vouchers in 2026 to promote travel and tourism consumption [7] - The average flight distance for domestic routes increased to 1,262 kilometers in 2025, indicating a shift towards longer-distance travel and a focus on underdeveloped markets [7][8] Group 5: Market Trends and Consumer Behavior - The demand for long-distance international routes is growing faster than domestic routes, indicating a structural improvement in overall aviation demand [8] - Airlines are leveraging local tourism resources to create unique travel experiences, contributing to local economic growth [8] - The recovery in business travel sentiment is expected to further drive aviation demand, supported by enhanced service quality and expanded consumer bases [8]

Market Overview - The aviation and airport sector experienced a decline of 0.33% on January 8, with Xiamen Airport leading the drop [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Notable stock performances include: - CITIC Hainan Airlines (Code: 6600000) rose by 2.26% to close at 21.27 with a trading volume of 249,100 shares and a turnover of 530 million yuan [1] - Spring Airlines (Code: 601021) increased by 0.66% to 59.43 with a turnover of 310 million yuan [1] - China Eastern Airlines (Code: 600115) saw a rise of 0.65% to 6.18 with a trading volume of 827,800 shares [1] - Xiamen Airport (Code: 600897) fell by 1.86% to 17.39 with a turnover of 162 million yuan [2] Capital Flow - The aviation and airport sector saw a net outflow of 222 million yuan from major funds, while retail investors contributed a net inflow of 243 million yuan [2] - The capital flow for individual stocks indicates: - CITIC Hainan Airlines had a net outflow of 33.83 million yuan from major funds [3] - Shanghai Airport experienced a net inflow of 11.45 million yuan from major funds [3] - Xiamen Airport had a net outflow of 15.54 million yuan from major funds but a net inflow of 16.07 million yuan from retail investors [3]

Group 1: Industry Overview - The Civil Aviation Administration of China (CAAC) has outlined seven key tasks for the aviation industry in 2026, focusing on improving quality and efficiency, enhancing core competitiveness, and addressing "involution" competition [1] - The CAAC plans to develop a passenger transport cost survey method and establish a price monitoring and early warning mechanism to prevent unhealthy competition based on below-cost pricing [1][2] Group 2: Pricing Trends - Domestic ticket prices have been declining, with an average bare ticket price of 704 yuan in the first 50 weeks of 2025, down 1.8% from 2024 and 11.3% from 2019 [3] - In the fourth quarter of 2025, the average full ticket price rose to 628 yuan, an increase of 2.5% year-on-year, although still down 10.7% compared to 2019 [3] Group 3: Profitability and Market Performance - The aviation market saw overall profitability improvement in the first three quarters of 2025, with all listed airlines reporting profits except Spring Airlines and Juneyao Airlines, which faced specific challenges [4] - The CAAC reported that in 2025, the total transport turnover reached 1,640.8 billion ton-kilometers, with passenger transport volume at 770 million, and cargo/mail transport volume at 10.17 million tons, representing year-on-year growth of 10.5%, 5.5%, and 13.3% respectively [4] Group 4: International Demand Growth - The implementation of visa-free policies has contributed to increased demand for international flights, with 40.6 million inbound foreign visitors recorded by December 16, 2025, a year-on-year increase of 27.2% [5]

Core Insights - The aviation industry is expected to enter a more significant profit growth phase, as indicated by the recent national civil aviation work conference held by the Civil Aviation Administration of China (CAAC) [1] Group 1: Industry Developments - The CAAC has outlined seven key tasks for civil aviation work in 2026, focusing on enhancing core competitiveness and innovating macro-control measures to address "involution" competition [1] - The CAAC plans to develop a passenger transport cost survey method and establish a price monitoring and early warning mechanism to prevent unhealthy competition by collecting data from airlines [1] Group 2: Pricing Trends - Domestic ticket prices have been declining, with an average bare ticket price of 704 yuan in the first 50 weeks of 2025, down 1.8% from 2024 and 11.3% from 2019 [3] - In the fourth quarter of 2025, ticket prices showed a year-on-year increase, with an average full ticket price of 628 yuan, up 2.5% year-on-year but down 10.7% from 2029 [3] Group 3: Financial Performance - The overall profitability of listed airlines improved in the first three quarters of 2025, with all but Spring Airlines and Juneyao Airlines reporting profits [4] - The CAAC reported that in 2025, the total transport turnover reached 1,640.8 billion ton-kilometers, with passenger transport volume at 770 million and cargo/mail transport volume at 10.172 million tons, reflecting year-on-year growth of 10.5%, 5.5%, and 13.3% respectively [4] Group 4: Demand Drivers - The growth in international flight demand is supported by visa-free policies, with 40.6 million foreign visitors entering China by December 16, 2025, marking a 27.2% year-on-year increase [5] - The recovery of international flights to over 90% of 2019 levels and a 21.6% year-on-year increase in international passenger transport volume further contribute to the positive outlook for airlines [4][5]

Core Viewpoint - The aviation and airport sector experienced a slight decline of 0.2% on January 7, with CITIC Hainan Airlines leading the drop. The Shanghai Composite Index rose by 0.05%, while the Shenzhen Component Index increased by 0.06% [1]. Group 1: Stock Performance - Xiamen Airport (600897) closed at 17.72, up by 2.72% with a trading volume of 151,500 shares and a transaction value of 268 million yuan [1]. - Southern Airlines (600029) closed at 8.15, up by 0.74% with a trading volume of 448,600 shares and a transaction value of 366 million yuan [1]. - Spring Airlines (601021) closed at 59.04, up by 0.63% with a trading volume of 63,900 shares and a transaction value of 379 million yuan [1]. - China Eastern Airlines (600115) closed at 6.14, up by 0.16% with a trading volume of 873,400 shares and a transaction value of 538 million yuan [1]. - China National Aviation (601111) closed at 9.15, down by 0.54% with a trading volume of 581,300 shares and a transaction value of 534 million yuan [2]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 247 million yuan from institutional investors, while retail investors contributed a net inflow of 184 million yuan [2]. - Xiamen Airport had a net inflow of 41.95 million yuan from institutional investors, accounting for 15.68% of its total trading [3]. - Shanghai Airport experienced a net inflow of 28.87 million yuan from institutional investors, representing 7.73% of its total trading [3]. - China Eastern Airlines had a net outflow of 21.72 million yuan from institutional investors, with retail investors contributing a net inflow of 13.25 million yuan [3].

Core Viewpoint - The aviation industry is expected to see a significant recovery in passenger turnover and profitability by 2025, with a projected passenger turnover of 1,099 billion person-kilometers in November 2025, representing an 18.2% increase compared to 2019 and a 9.6% increase compared to 2024 [1]. Aviation Passenger Transport Key Data - Demand: In November 2025, domestic passenger turnover (excluding regional) is projected to be 809 billion person-kilometers, up 19.6% from 2019 and 6.3% from 2024. International and regional passenger turnover is expected to reach 291 billion person-kilometers, reflecting a 14.5% increase from 2019 and a 19.9% increase from 2024 [1]. - Supply: The available seat kilometers in November 2025 are projected to be 1,283 billion, up 12.4% from 2019 and 6.4% from 2024. The passenger load factor is expected to be 85.7%, an increase of 4.2 percentage points from 2019 and 2.5 percentage points from 2024 [2]. - Ticket Prices: In November, the average full ticket price for domestic routes is expected to rise by 3.5% year-on-year, while the bare ticket price is expected to increase by 3.8% [2]. - Performance of Listed Airlines: In November, the year-on-year RPK changes for major airlines on domestic routes are as follows: China Southern +7.4%, Air China +7.4%, China Eastern +5.1%, Hainan Airlines +4.5%, Spring Airlines +17.9%, and Juneyao Airlines +0.8%. The ASK changes for these airlines are +5.4%, +3.8%, +2.1%, +2.8%, +16.3%, and -0.5% respectively [2]. Air Cargo Key Data - In November 2025, the number of international and regional cargo flights is expected to reach 15,977, reflecting a 12.4% increase month-on-month and a 14% increase year-on-year. The theoretical cargo capacity is projected to be 110 million tons, with an 8.2% month-on-month increase and a 12.2% year-on-year increase [3]. - The average TAC Shanghai outbound air freight price index is expected to be 5,469 points, reflecting a 1.5% month-on-month increase and a 16.2% year-on-year increase [3]. Investment Perspective - The increase in holiday time and significant year-on-year growth in industry volume and price suggest a positive outlook for Q1 spring travel performance. The recent seven-day passenger flow shows a year-on-year increase of 12.9%, with domestic passenger flow up 13.7% and bare ticket prices up 7.9% [4]. - The industry is expected to benefit from supply-demand recovery, improved oil and exchange rate conditions, and a clear trend of profitability recovery. The fourth quarter is anticipated to see a significant reduction in losses due to demand growth and stabilized ticket prices, with 2025 expected to be the first year of profitability for major airlines [4]. - Recommended stocks include Air China (601111), China Southern Airlines (600029), Juneyao Airlines (603885), Spring Airlines (601021), and Huaxia Airlines (002928), with a suggestion to pay attention to China Eastern Airlines (600115) [4].

同时，华夏航空还强调从未委托任何第三方机构或个人开展招聘工作；从未要求应聘者前往非本华夏航 空官方指定的场所参加面试或培训；严禁以任何名义向应聘者收取任何费用，包括但不限于押金、保证 金、推荐费、介绍费、招待费、活动费、中介费等。 (华夏航空) 华夏航空（002928）发布"关于防范虚假招聘的严正声明"。声明表示，近期，部分网络平台及社交媒体 上出现了冒用"华夏航空"名义发布的虚假招聘信息，此类信息内容具有较强误导性与欺诈性，可能对应 聘者权益造成损害。 在声明中，华夏航空列出其官方招聘信息发布平台，分别为华夏航空的招聘官网、名为"华夏航空伯乐 君"的招聘公众号以及智联招聘网、猎聘网、民航资源网、BOSS直聘4个招聘网站。其他渠道发布的招 聘信息均为非官方信息。 ...

Core Insights - The civil aviation industry in China achieved a profit of 6.5 billion yuan in 2025, driven primarily by air cargo, airports, and aviation fuel and materials, with passenger transport lagging behind [1][3] - The industry aims to transport 810 million passengers in 2026 and will focus on addressing "involution" competition and preventing airlines from engaging in predatory pricing [1][5] Financial Performance - In 2025, the civil aviation sector completed a total transport turnover of 1,640.8 billion ton-kilometers, with passenger transport reaching 770 million and cargo mail transport at 10.172 million tons, representing year-on-year growth of 10.5%, 5.5%, and 13.3% respectively [3] - Domestic and international cargo mail transport volumes grew by 7.3% and 22.1%, respectively, with Chinese airlines capturing 44% of the international cargo market, an increase of 3 percentage points [3] Airline and Airport Performance - Major airlines such as Air China, China Eastern Airlines, and China Southern Airlines reported net profits of 1.87 billion yuan, 2.103 billion yuan, and 2.307 billion yuan, respectively, by Q3 2025 [3] - Listed airports like Shanghai Airport and Guangzhou Baiyun Airport reported net profits of 1.634 billion yuan and 1.096 billion yuan, while Beijing Capital Airport incurred a loss of 239 million yuan, although this was a 48.11% reduction in losses year-on-year [4] Market Dynamics - The recovery of international flights has significantly improved operational efficiency, with international passenger transport increasing by 21.6% year-on-year and international cargo transport volumes showing substantial growth across various regions [4] - The industry is experiencing a trend of "involution" competition, with airlines adopting low-price strategies, leading to a 12.7% decline in average economy class ticket prices in 2024 and a further 3.1% drop in 2025 [5][6] Strategic Initiatives - The civil aviation sector plans to enhance the domestic aviation market by addressing "involution" competition through regulatory reforms and improving operational efficiency [6] - The focus will also be on increasing the domestic production rate of aviation products, with specific attention to the C919 and C909 aircraft models [7] Low-altitude Economy Development - The meeting highlighted the importance of developing the low-altitude economy, with significant progress in general aviation and the establishment of low-altitude flight service stations [7][8] - The industry aims to promote high-quality development in general aviation and low-altitude economy, including the establishment of a comprehensive monitoring service platform for low-altitude flights [8]