海南天羽飞行训练有限公司 审计报告 众环审字[2025]1700093 号 海南天羽飞行训练有限公司 财务报表附注 海南天羽飞行训练有限公司 财务报表附注 （除特别说明外，金额单位为人民币元） 一、公司基本情况 （一）基本情况 海南天羽飞行训练有限公司（以下简称"本公司"或"公司"）于2015年11月经 海南省市场监督管理局注册成立，取得了统一社会信用代码为91460000MA5RC58008 的营业执照。本公司注册地址和办公地址均为海南省海口市琼山区龙塘镇潭口村。 本公司及子公司（统称"本集团"）主要从事飞行员、乘务员等与航空相关人 员的培训服务。 （二）重大资产重组情况概述 海南航空控股股份有限公司（以下简称"海航控股"）拟受让海南空港开发产 业集团有限公司（以下简称"海南空港"）持有的海南天羽飞行训练有限公司（以 下简称"天羽飞训"）100%股权。 二、财务报表的编制基础 本财务报表仅为上述"一、公司基本情况"中所述的拟实施的重大资产重组交 易之参考目的编制，仅供本公司向上海证券交易所等机构报送重大资产重组申报材 料之用，不做其他用途。 鉴于以上特殊编制目的，本财务报表2025年1-4月、2024年度和 ...

Core Viewpoint - HNA Group is facing significant challenges regarding its proposed acquisition of Tianyu Flight Training Co., Ltd., including concerns over the valuation of the target company, its financial stability, and the company's own high debt levels [3][4][9]. Group 1: Acquisition Details - HNA Group plans to acquire 100% of Tianyu Flight Training for 799 million yuan, which represents a 34.37% premium over the assessed net asset value of 595 million yuan [4][5]. - The target company, Tianyu Flight Training, has seen its net assets decrease by 10.53% from 664.8 million yuan in 2019 to 595 million yuan in 2024, yet the acquisition price is higher than the previous sale price of 749.1 million yuan in 2020 [5][6]. - The valuation of Tianyu's intangible assets has raised eyebrows, with a reported increase of 3618.68% from 248,850 yuan to 92.54 million yuan, which constitutes 12.3% of the total assessed net asset value [5][6]. Group 2: Financial Performance Concerns - Tianyu Flight Training's financial performance has been unstable, with net profits fluctuating significantly from 79 million yuan in 2021 to a projected 70 million yuan in 2024, marking a 62.17% decline year-on-year [6][7]. - The company's revenue for 2024 is expected to drop by 8.55% to 385 million yuan, with a notable decrease in training hours for both simulator and crew training [6][8]. - Tianyu's accounts receivable have been concerning, with balances reaching 388 million yuan and 419 million yuan in 2023 and 2024, respectively, indicating a high dependency on receivables for revenue generation [8]. Group 3: HNA Group's Financial Challenges - HNA Group has been struggling with a cumulative net loss of 94.26 billion yuan over the past seven years, with a debt load of 1.402 billion yuan and an asset-liability ratio of 98.91% as of 2024 [9][10]. - The company faces a liquidity gap of 2.49 billion yuan between its short-term borrowings and available cash, which raises concerns about its ability to finance the acquisition without further straining its financial position [10]. - Despite a projected net profit of 45 to 65 million yuan for the first half of 2025, the company is still expected to report a net loss of 40 to 60 million yuan after excluding non-recurring items [10].