北京市嘉源律师事务所 关于春秋航空股份有限公司 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致：春秋航空股份有限公司 北京市嘉源律师事务所 关于春秋航空股份有限公司 差异化分红事项之 专项法律意见书 差异化分红事项之 专项法律意见书 嘉源(2025)-05-216 北京市嘉源律师事务所（以下简称"本所"）接受春秋航空股份有限公司（以 下简称"公司"或"春秋航空"）委托，根据《中华人民共和国公司法》（以下简称 "《公司法》"）、 《中华人民共和国证券法》 （以下简称"《证券法》"）、 《上海证券 交易所上市公司自律监管指引第 7 号——回购股份》（以下简称"《回购股份指 引》"）等相关法律、法规、规范性文件及《春秋航空股份有限公司章程》的规 定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神出具。 为出具本法律意见书之目的，本所经办律师依照现行有效的法律法规以及中 国证券监督管理委员会（以下称"中国证监会"）相关规章、规范性文件的要求和 规定，对与本次差异 ...

Summary of Key Points Core Viewpoint - The company has announced an adjustment to the maximum repurchase price of its shares following the implementation of the 2024 annual equity distribution, reducing the limit from 60 CNY to 59.1842 CNY per share [1][2][3]. Group 1: Share Repurchase Details - The company plans to repurchase its shares using its own and self-raised funds through the Shanghai Stock Exchange, with a total repurchase amount between 150 million CNY and 300 million CNY [1]. - The repurchase period will not exceed 12 months from the date of the board's approval of the repurchase plan [1]. Group 2: Reasons for Price Adjustment - The adjustment in the repurchase price limit is due to the cash dividend distribution of 0.82 CNY per share, which will not affect the total number of circulating shares [2][3]. - The formula used for the adjustment is based on the cash dividend and the change in circulating shares, which in this case remains zero due to the nature of the distribution [2]. Group 3: Calculation of Adjusted Price - The adjusted maximum repurchase price is calculated as follows: (60 CNY - 0.8158 CNY) / (1 + 0) = 59.1842 CNY per share [3]. - The estimated number of shares to be repurchased will depend on the actual repurchase situation, based on the lower limit of 150 million CNY [3]. Group 4: Other Matters - Other aspects of the share repurchase plan remain unchanged, and the company will continue to implement the plan based on market conditions while fulfilling disclosure obligations [3].

Oil Market - International oil prices experienced a sharp decline, with NYMEX WTI crude oil dropping over 2% and ICE Brent crude oil falling nearly 2% [1] - OPEC is reportedly discussing a pause in further production increases after next month's planned output rise, with a target to restore 2.2 million barrels per day by September, which includes an additional 550,000 barrels per day [1] - Goldman Sachs predicts that OPEC is likely to halt further production increases after the next collective output rise, focusing market attention on subsequent actions [1] OPEC Meeting - Representatives from Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting to discuss the international oil market's situation and outlook, deciding to adjust production based on market conditions [2] - These eight countries announced a daily increase of 411,000 barrels in July, with a voluntary reduction measure of 2.2 million barrels per day announced in November 2023, which has been extended multiple times until March 2025 [2] Gold Market - International gold prices saw a slight increase, with London gold rising by 0.36% [3] US Stock Market - The US stock market showed mixed performance, with the Dow Jones up by 0.17%, S&P 500 down by 0.12%, and Nasdaq down by 0.48% [4][5] - Major tech stocks mostly declined, while Tesla rose over 3% amid news of potential expansion of its autonomous taxi service [4][5] Airline Industry - Airline stocks surged, with Delta Air Lines up over 13%, United Airlines up over 11%, and American Airlines up over 9% following Delta's strong Q2 financial results, reporting a net profit of $2.13 billion, a 63% year-on-year increase [6] MP Materials - MP Materials' stock surged over 50% after announcing a multi-billion dollar agreement with the US Department of Defense to build a rare earth permanent magnet factory [7] - The Department of Defense will purchase $400 million in preferred stock from MP Materials, making it the largest shareholder, and a second magnet manufacturing facility is planned to be operational by 2028 [8] - The Department of Defense has agreed to guarantee a minimum price of $110 per kilogram for neodymium-praseodymium over the next decade, which is crucial for electric vehicle motors and wind turbines [9]

国际油价盘中直线跳水，截至发稿，NYMEX WTI原油跌超2%，ICE布油跌近2%。 突发跳水。 | < W | ICE布油 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | B.IPE | | | | | | | 68.91 | | 昨结 | 70.19 | 总手 | 16.17万 | | | -1.28 | -1.82% 开盘 | | 70.06 | 现手 | | 14 | | 最高价 | 70.48 | 持 仓 | 50.09万 | 外 盘 | 7.27万 | | | 最低价 | 68.79 | 看 ਦੇ | -8637 | 内 型 | 8.91万 | | | 分时 | 五日 | EK | 周Ｋ | 月K | 更多 | (0) | | 疊加 | | | | 均价:0.00 | | | | 71.59 | | | | 1.99% | 68.90 | 10 | | | | | | | 68.89 | 1 | | | | | | 14:21 | 68.90 | 11 | | | | | | 14:21 | 68.90 | 7 | | 70. ...

Core Viewpoint - Delta Air Lines (DAL.N) CEO stated that the fundamentals of the U.S. economy remain strong, with core customer segments in good condition and a continued prioritization of travel [1] Company Summary - Delta Air Lines' CEO emphasized the resilience of the U.S. economy, indicating that it supports ongoing travel demand [1] - The company is focusing on its core customer base, which is performing well and is expected to maintain travel preferences [1]

达美航空(DAL.N)CEO：随着贸易谈判的持续进展，我们预计消费者和企业的信心将在第二季度有所改 善。 ...

Group 1 - The CEO of Delta Air Lines (DAL.N) stated that since adjusting the growth rate to a lower level earlier this year, demand has remained stable [1] - Overall air travel demand is roughly flat compared to last year, with weakness primarily concentrated in the economy class, especially during non-peak periods [1]

美股三大指数开盘涨跌不一，道指跌0.08%，纳指涨0.16%，标普500指数涨0.05%。中概股涨跌不一， 阿里巴巴涨超1%，市场看好其AI赋能潜力。特斯拉涨超2%，马斯克旗下xAI发布号称"世界最强AI模 型"的Grok4。达美航空涨超12%，公司恢复全财年业绩指引。 中概股涨跌不一，阿里巴巴涨超1%，市场看好其AI赋能潜力。特斯拉涨超2%，马斯克旗下xAI发布号 称"世界最强AI模型"的Grok4。 （持续更新中……） 21:30 美股开盘丨道指跌0.08% 达美航空涨超12% | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业指数 | 44396.04 -62.26 -0.14% | | | | 纳斯达克指数 | 20641.89 | 30.55 | 0.15% | | 标普500 | 6262.75 -0.51 -0.01% | | | 21:23 国际原油走低 WTI原油期货向下触及67美元/桶，日内跌2.03%。WTI原油现货跌破66美元/桶，日内跌1.78%。 21:23 美股三大股指期货盘前涨跌不一 道指期货跌0.17%，标普500 ...

美股三大指数开盘涨跌不一 房多多涨超11% 智通财经7月10日电，美股开盘，道指跌0.08%，纳指涨0.16%，标普500指数涨0.05%。房多多大涨超 11%，贝壳涨超5%；达美航空涨超11%，此前公司恢复本财年指引。 ...

Core Points - The official opening of the Erenhot Airport in Inner Mongolia marks the commencement of the direct flight route between Erenhot and Ulaanbaatar, Mongolia [1] - This event signifies the end of the temporary status of the airport as an aviation port, transitioning to a fully operational international airport [1]