华夏航空股份有限公司 内部控制审计报告 二〇二四年度 内部控制审计报告 (2024 年 01 月 01 日至 2024 年 12 月 31 日止) 目录 页次 审计报告 1-2 Í t信会计师事务所(特殊普通合伙) HINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANT "。 " " 华夏航空股份有限公司 内部控制审计报告 信会师报字[2025]第 ZK10231 号 华夏航空股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了华夏航空股份有限公司(以下简称华夏航空)2024 年 12月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是华夏航空董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发 ...

华夏航空股份有限公司 募集资金年度存放与使用情况鉴证报告 二〇二四年度 立信会计师事务所(特殊普通合伙) CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS 关于华夏航空股份有限公司2024年度募集资金存放与使用 情况专项报告的鉴证报告 信会师报字[2025]第ZK10229号 华夏航空股份有限公司全体股东: 我们接受委托,对后附的华夏航空股份有限公司（以下简称"华 夏航空公司"） 2024年度募集资金存放与使用情况专项报告（以下简 称"募集资金专项报告")执行了合理保证的鉴证业务。 一、董事会的责任 华夏航空公司董事会的责任是按照中国证券监督管理委员会《上 市公司监管指引第2号 -- 上市公司募集资金管理和使用的监管要求 (2022年修订)》(证监会公告〔2022〕15号)、《深圳证券交易所 上市公司自律监管指引第1号 -- 主板上市公司规范运作》以及《深 圳证券交易所上市公司自律监管指南第2号 -- 公告格式》的相关规 定编制募集资金专项报告。这种责任包括设计、执行和维护与募集资 金专项报告编制相关的内部控制,确保募集资金专项报告真实、准确、 完整,不存在虚假记载 ...

Financial Performance - The company's operating revenue for 2024 reached ¥6,695,600,043.05, representing a 29.98% increase compared to ¥5,151,265,004.81 in 2023[16] - The net profit attributable to shareholders for 2024 was ¥267,973,018.24, a significant turnaround from a loss of ¥964,979,524.90 in 2023, marking a 127.77% improvement[16] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥112,340,980.04, compared to a loss of ¥963,175,710.17 in the previous year, reflecting an increase of 111.66%[16] - The net cash flow from operating activities increased by 36.87% to ¥1,809,630,115.58 from ¥1,322,170,693.08 in 2023[16] - Basic earnings per share improved to ¥0.2104 from a loss of ¥0.7577 in 2023, indicating a 127.77% increase[16] - Total assets at the end of 2024 were ¥20,698,011,133.47, up 13.86% from ¥18,179,037,166.79 at the end of 2023[16] - The net assets attributable to shareholders increased by 8.76% to ¥3,357,944,123.52 from ¥3,087,510,311.49 in 2023[16] - The weighted average return on equity improved to 8.32% from -27.03% in the previous year, showing a 35.35% increase[16] Operational Highlights - The company reported quarterly operating revenues of approximately 1.62 billion, 1.60 billion, 1.94 billion, and 1.54 billion yuan for Q1, Q2, Q3, and Q4 respectively[20] - The net profit attributable to shareholders for Q3 was approximately 280 million yuan, while Q4 showed a loss of about 38.63 million yuan[20] - The cash flow from operating activities for Q3 was approximately 596 million yuan, which was the highest among the quarters reported[20] - The company recognized a non-recurring gain from the disposal of non-current assets amounting to approximately 163.23 million yuan in 2024, compared to a loss of 17.62 million yuan in 2023[22] - The total passenger throughput at civil transport airports in China reached approximately 1.46 billion in 2024, marking a year-on-year increase of 15.86%[27] - The number of civil transport airports in China reached 263 by the end of 2024, with an increase of 4 new airports[27] Market and Growth Strategy - The company anticipates continued growth in the regional aviation market, driven by the economic development of small and medium-sized cities and increasing consumer demand for air travel[30] - The government has implemented policies to enhance the connectivity of regional airports, which is expected to improve the accessibility of remote areas and stimulate air travel demand[29] - The company plans to expand its route network to better serve the growing demand for air travel in underdeveloped regions, particularly in the western part of China[30] - By 2025, the expected number of airports in China will exceed 270, with a significant portion being regional airports, indicating a growing market for regional aviation[31] - The company aims to enhance the convenience and comfort of air travel for small and medium-sized cities, addressing the growing demand for air travel in these regions[46] Fleet and Route Development - The company operates a fleet of 75 aircraft, covering 94 regional air points, which is an increase of 11 points compared to the end of 2023, representing 43% of the national regional air points[47] - The company has established a route network with 182 active routes, including 179 domestic and 3 international routes, marking an increase of 14 routes compared to the end of 2023[47] - The aviation transportation sector contributed ¥6,546,804,807.55, accounting for 97.78% of total revenue, with a year-on-year growth of 34.20%[70] - Passenger revenue amounted to ¥6,532,181,431.98, which is 97.56% of total revenue, also reflecting a 34.20% increase from the previous year[70] Financial Management and Investments - The total operating costs for 2024 amounted to ¥6,578,035,417.08, representing a year-on-year increase of 19.32% from ¥5,512,823,455.56 in 2023[75] - The cost of aviation fuel increased by 22.58% to ¥2,289,151,150.83, accounting for 34.80% of total operating costs in 2024[75] - Research and development expenses decreased by 50.87% to ¥11,216,015.07, constituting 0.17% of operating revenue[80] - The company reported a net cash outflow of ¥262,103,451.97 in cash and cash equivalents, a significant decrease of 564.14% compared to the previous year[83] - The company’s investment activities generated a net cash inflow of ¥90,486,572.74, a turnaround from a net outflow of ¥541,023,312.90 in 2023[83] Governance and Compliance - The company maintains a clear asset ownership structure, independent of its controlling shareholder, ensuring no misuse of company assets[136] - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal requirements and effective governance[133] - The company has established a comprehensive corporate governance structure to protect shareholder rights and ensure fair information disclosure[194] - The independent directors play a crucial role in risk management and internal control, contributing to the overall governance structure[133] Environmental and Social Responsibility - The company has implemented measures to reduce carbon emissions, although specific details were not disclosed[192] - The company replaced plastic products such as onboard garbage bags and packaging bags with biodegradable materials to reduce plastic pollution emissions[197] - The company achieved a total fuel savings of 10,164 tons through route optimization and other measures during the reporting period[197] - The company has been actively involved in social welfare initiatives, including educational activities at Shuangshi Village Primary School since 2018[199] - During the 2024 Arbor Day, the company organized employees to plant over 260 trees, contributing to environmental protection and ecological restoration[200]

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,773,919,947.16, representing a 9.78% increase compared to ¥1,615,830,216.24 in the same period last year[4] - Net profit attributable to shareholders reached ¥81,976,770.82, a significant increase of 232.31% from ¥24,668,456.50 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥75,902,465.88, up 399.10% from ¥15,207,730.17 in the previous year[4] - Basic earnings per share rose to ¥0.0644, reflecting a 231.96% increase compared to ¥0.0194 in the same period last year[4] - The total operating revenue for the current period is CNY 1,773,919,947.16, an increase from CNY 1,615,830,216.24 in the previous period, representing a growth of approximately 9.8%[27] - The net profit for the current period is 81,976,770.82, a significant increase from 24,668,456.50 in the previous period, representing a growth of approximately 233.5%[28] - Operating profit for the current period is 97,393,919.63, compared to 36,642,910.31 in the previous period, indicating an increase of about 166.8%[28] - The total comprehensive income for the current period is 81,976,770.82, compared to 24,668,456.50 in the previous period, marking an increase of about 233.5%[29] - The basic earnings per share for the current period is 0.0644, up from 0.0194 in the previous period, indicating an increase of approximately 232.8%[29] - The company reported a total profit of 98,627,164.33 for the current period, compared to 37,186,831.92 in the previous period, representing an increase of approximately 165.5%[28] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥21,406,648,269.76, a 3.42% increase from ¥20,698,011,133.47 at the end of the previous year[4] - The total current assets as of March 31, 2025, are CNY 5,624,235,392.72, compared to CNY 5,180,505,248.94 at the beginning of the period, showing an increase of about 8.6%[24] - The total liabilities amount to CNY 17,963,019,864.64, which is an increase from CNY 17,340,067,009.95, representing a growth of approximately 3.6%[25] - The total assets as of March 31, 2025, are CNY 21,406,648,269.76, up from CNY 20,698,011,133.47, indicating an increase of about 3.4%[25] - The non-current liabilities total CNY 10,900,029,005.94, a decrease from CNY 11,069,389,808.72, reflecting a decline of approximately 1.5%[25] - The company's retained earnings show a deficit of CNY -1,258,134,248.93, improved from CNY -1,340,111,019.75 in the previous period[25] Cash Flow and Expenses - Cash flow from operating activities decreased by 10.43% to ¥368,974,877.57 from ¥411,922,904.85 year-on-year[4] - The net cash flow from operating activities is 368,974,877.57, down from 411,922,904.85 in the previous period, showing a decline of about 10.4%[31] - The cash and cash equivalents increased to CNY 2,028,905,944.84 from CNY 1,659,259,200.43, marking a growth of about 22.2%[23] - The cash and cash equivalents at the end of the period amount to 1,561,687,989.57, an increase from 1,099,566,928.68 in the previous period, reflecting a growth of about 42%[31] - The company incurred research and development expenses of 471,921.24, a decrease from 1,599,167.64 in the previous period, representing a reduction of approximately 70.5%[28] - The financial expenses for the current period are 137,420,016.00, down from 168,451,327.62 in the previous period, indicating a decrease of about 18.4%[28] Operational Metrics - In the first quarter, the company achieved an available seat kilometer (ASK) of 435,444.03 million kilometers, a year-on-year increase of 23.73%[14] - The passenger turnover volume (RPK) reached 347,266.62 million kilometers, reflecting a year-on-year growth of 28.08%[15] - The total number of passengers transported was 2,527.84 thousand, marking a year-on-year increase of 28.43%[17] - The cargo turnover volume (RFTK) was 661.50 million tons-kilometers, up 25.82% from the previous year[17] - The company reported a passenger load factor of 79.75%, an increase of 2.71 percentage points year-on-year[17] - The fleet size reached 77 aircraft, with an average age of 6.14 years as of March 31, 2025[16] - The company introduced 1 C909 aircraft through operating lease and 1 A320 aircraft through financing lease during the reporting period[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 25,837, with no preferred shareholders[12] - The company plans to implement an employee stock ownership plan in 2024 to enhance governance and employee engagement[18] - The company is currently advancing its employee stock ownership plan in an orderly manner[21] Cost Analysis - The total operating costs for the current period amount to CNY 2,040,077,610.96, up from CNY 1,850,982,243.53 in the previous period, indicating an increase of about 10.2%[27] - The operating cost specifically rose to CNY 1,759,971,093.23 from CNY 1,552,924,811.01, reflecting a growth of approximately 13.4%[27]

《中国民航报》、中国民航网 记者路泞 通讯员许健豪、李梅 报道：4月20日，华夏航空中北基地于 G52769西安 —— 衢州航班登机口精心打造 "礼遇长安 春茶谷雨" 特色活动，以茶为媒，既为旅客带来 别具一格的出行体验，更彰显深耕西安市场、拓展特色航线版图的决心与魄力。 身着统一制服的华夏航空工作人员化身为茶文化使者，将氤氲茶香融入旅客登机前的等候时光。他们专 注地为旅客冲泡香茗，从茶叶的挑选、水温的把控，到冲泡的手法，每一个细节都展现出专业与用心。 茶香四溢中，工作人员向旅客娓娓道来饮茶文化的千年历史渊源，从唐代陆羽著《茶经》开启茶文化盛 世，到如今茶饮在人们生活中的多样呈现；同时，详细讲解谷雨习俗，以及各地特色茶饮的独特魅力， 如江南的碧螺春、福建的乌龙茶等。精彩的讲解吸引众多旅客驻足聆听，不少旅客还饶有兴致地品尝着 香茗，感受不同茶叶带来的味蕾冲击。 问答环节更是将现场气氛推向高潮。"华夏航空在西安开通了哪些特色航线？""谷雨节气有哪些传统习 俗与茶相关？"等问题激发了旅客的参与热情，现场欢声笑语不断。通过互动，旅客不仅加深了对传统 茶文化的认知，更对华夏航空丰富的特色航线有了深入了解，如西安至衢州这 ...

Core Points - The event aims to enhance travel options for passengers by promoting affordable air travel and services for the upcoming summer season in 2025 [1][4] - The marketing campaign includes special ticket offers for students and citizens, encouraging travel during the "May Day" holiday [2][3] Group 1: Marketing Activities - The marketing event involved collaboration between Xilinhot Airport, various airlines, local colleges, and shopping centers to promote air travel [1][4] - Special discounted tickets starting from 200 yuan were offered for ten "支支通" routes, targeting students and encouraging them to travel home or for leisure [2][3] Group 2: Community Engagement - The event successfully engaged students at Xilinhot Vocational College, where airport staff provided travel route planning based on student travel needs [2] - In addition to student engagement, the airport also promoted its services at a local shopping center, effectively reaching a broader audience [3][4] Group 3: Service Promotion - The airport highlighted its "经呼飞" premium routes, which allow convenient transfers to popular cities, along with exclusive services for transit passengers [3] - The marketing strategy included interactive presentations about flight schedules, services, and promotional packages, enhancing customer awareness [3][4]

Investment Rating - The report rates the transportation industry as "Overweight" [3][21][30] Core Insights - The report highlights an increase in holdings related to consumer-oriented aviation and express delivery, while holdings in the shipping and shipbuilding sectors have significantly decreased [3][4] - In Q1 2025, the total market value of transportation industry funds reached 22.2 billion, a decrease of 22% quarter-on-quarter, ranking 14th among 31 industries [3][4] - The proportion of holdings in aviation transportation, express delivery, and highways has increased, accounting for 45%, 23%, and 8% respectively, with notable increases of 4 percentage points, 1 percentage point, and 2 percentage points [10][12] Summary by Sections 1. Changes in Transportation Industry Fund Holdings - The total market value of transportation industry fund holdings in Q1 2025 is 22.2 billion, down 22% from the previous quarter, maintaining a rank of 14th among all industries [4][10] - The market value of the transportation industry accounts for 3.13% of the total A-share market value, with an underweight of 1.48% [3][4] 2. Changes in Fund Holdings by Sub-Sectors - The market values for aviation transportation, express delivery, shipping, railway transportation, ports, airports, raw material supply chain services, cross-border logistics, and highways are 10.1 billion, 5.2 billion, 1.3 billion, 1.9 billion, 0.5 billion, 0.03 billion, 1.2 billion, 0.2 billion, and 1.8 billion respectively, with respective quarter-on-quarter changes of +4%, +1%, -4%, -0.15%, -0.68%, -0.05%, +0.41%, -1.78%, and +1.67% [10][12] 3. Top Ten Holdings in Transportation Industry Funds - The top ten holdings in transportation industry funds include SF Express, Juneyao Airlines, Air China, Huaxia Airlines, Southern Airlines, Guangzhou-Shenzhen Railway, Spring Airlines, Jianfa Co., China Eastern Airlines, and YTO Express, with the addition of China Eastern Airlines in Q1 2025 [17][20] - Stocks with a total market value exceeding 300 million and a quarter-on-quarter growth rate exceeding 10% include China Eastern Airlines, Guangdong Expressway A, and Daqin Railway, with market values of 800 million, 800 million, and 400 million respectively, and growth rates of 29%, 65%, and 92% [17][20] 4. Valuation of Key Companies in the Transportation Industry - The report provides a valuation table for key companies, indicating "Buy" ratings for COSCO Shipping Energy and YTO Express, and "Outperform" ratings for Southern Airlines and Spring Airlines, with projected EPS and PE ratios for the coming years [21][30]

Investment Rating - The report maintains an "Overweight" rating for the aviation industry, indicating a positive outlook for the sector compared to the overall market performance [3][4]. Core Insights - The civil aviation market saw a passenger transport volume of approximately 59.39 million in March, representing a year-on-year growth of 3.4% compared to 2024, while domestic capacity decreased by 1.8% [4]. - The average aircraft utilization rate in March was 7.6 hours per day, reflecting a month-on-month decline of 12% and a year-on-year decrease of 0.8% [4]. - The report highlights that the recovery of international routes is alleviating pressure on domestic capacity, leading to a decrease in domestic capacity deployment [4]. - The investment analysis suggests that the market is gradually emerging from the traditional off-season, with expectations for improved ticket prices and a rebound in domestic demand [4]. Summary by Sections Passenger Transport Data - In March, the passenger transport volume for major airlines showed slight growth, with China Southern Airlines at +2%, China Eastern Airlines at +7%, and Hainan Airlines at +3% year-on-year [4][5]. - The report provides detailed statistics on the ASK (Available Seat Kilometers) and RPK (Revenue Passenger Kilometers) for various airlines, indicating growth in international routes for China Eastern and Spring Airlines compared to 2019 [5][6]. Domestic and International Market Analysis - Domestic market capacity deployment saw a decline, with China Eastern Airlines and China Southern Airlines showing reductions of -1% and -3% respectively compared to 2024 [4][5]. - In the international market, China Eastern Airlines and Spring Airlines exceeded 2019 levels in both capacity and volume, with significant increases in ASK of +14% and +168% respectively [4][5]. Company Valuation and Recommendations - The report includes a valuation table for key airlines, recommending "Buy" for Spring Airlines and "Outperform" for several others, including China Southern Airlines and China Eastern Airlines [7]. - The estimated EPS for 2024 and 2025 shows positive growth for most airlines, indicating a favorable investment outlook [7].

Investment Rating - The report maintains an "Overweight" rating for the aviation sector [6] Core Viewpoints - The domestic airline supply continues to contract year-on-year, with a 3.7% decrease, which may support an upcoming improvement in the domestic aviation market [2][3] - The first quarter of 2025 is expected to see continued pressure on airline profitability due to weak ticket prices, despite high passenger load factors [4] - The impact of reciprocal tariffs on the aviation sector remains to be observed, particularly regarding supply constraints and cost increases for aircraft and materials [5] Summary by Sections Supply and Demand Dynamics - In March 2025, domestic airline supply decreased by 3.7%, while international supply increased by 25.2%, indicating a shift in capacity allocation [3] - The overall passenger load factor for major airlines improved by 1.9 percentage points to 83.3% [3][4] Financial Performance - The average ticket price for domestic flights fell by 11.3% year-on-year to 753 RMB, contributing to a challenging profit environment for airlines in Q1 2025 [4] - Despite the decline in ticket prices, the report anticipates that low supply growth will eventually lead to improved pricing power for airlines [4] Recommendations - The report recommends several airlines for investment, including China National Aviation (753 HK), China Eastern Airlines (670 HK), and China Southern Airlines (1055 HK), all rated as "Buy" with target prices set above current market levels [9][24]

早上好我是郭廷江本期会议主要还是汇报这个2025年夏秋旱季换季的一个解读像这个两会一来其实这个政策断案这块其实相对来说对于消费这块其实还是越来越重视昨天也是看到像这个中办国办两办也是提出了这个 体证消费的专项的行动方案当然里面也有包括像刺激旅游消费以及包括发展入境消费有序扩大当方面免签国家优化完善区域性入境免税政策等等其实从郊运的角度如果从自上而下来看的话郊运偏消费的这块其实还是在科学消费的航空 那航空板块也是我们今年持续推荐看好的一个板块当然最近确实航司又到了换机的一个时候基本上每年有两次换机换机其实对航司的时刻来讲或者换句话来讲对于供给的变化是比较重要的所以这块我们也是单独开一个电话会议来解读那接下来把时间交给王海杰老师 主要是这个国内航司在国内的航班量是有一个下降的那我们认为航司可能基于以下三个原因去做了这个航线网络的一个调整第一个原因呢就是在民航局空走量的一个这个政策下一些国内的航司选择去交回收益比较低的一些国内食客那么八零五年下秋航期的话对于这个三十多个这个协调机场的话原则上不再新增客运的航班食客这是因为二三年下秋航期进行过枢纽机场的一个食客放量 那么非协调机场方面的话全国范围内原则上也不再新增客运 ...