Core Viewpoint - Hainan Airlines Holding Co., Ltd. disclosed significant financial information regarding its accounts receivable and profitability fluctuations in response to an inquiry from the Shanghai Stock Exchange, highlighting potential risks and the rationale behind asset purchase pricing [1] Group 1: Accounts Receivable - As of the end of 2024, Tianyu Flight Training's accounts receivable balance is 419 million yuan, accounting for 79.77% of current assets and 108.83% of the current operating revenue, with over 47.77% of the receivables aged over one year [1] Group 2: Profitability and Valuation - The net profit attributable to the parent company for Tianyu Flight Training from 2021 to 2024 shows significant volatility, with figures of 79 million yuan, 9 million yuan, 185 million yuan, and 70 million yuan respectively; the projected operating revenue for 2024 is 385 million yuan, reflecting a year-on-year decline of 8.55% due to reduced simulator and crew training hours [1]