Core Viewpoint - HNA Group is deepening its strategic layout in the aviation sector through two significant transactions: the acquisition of 100% equity in Hainan Tianyu Flight Training Co., Ltd. for 799.07 million yuan and a capital increase of approximately 1.736 billion yuan to its subsidiary HNA Aviation Technology Co., Ltd. [2][7] Group 1: Acquisition of Tianyu Flight Training - HNA Group announced plans to acquire 100% equity of Tianyu Flight Training from Hainan Airport Development Industry Group for a price that represents a 34.37% increase over the company's net asset value as of December 31, 2024 [3][4] - Tianyu Flight Training, established in November 2015, specializes in pilot and crew simulator training and has been a service provider for HNA Group [3][5] - The acquisition marks the return of Tianyu Flight Training to HNA Group, which previously sold the company to Hainan Airport in 2020 for 749 million yuan, although management control remained with HNA Group during that period [3][5] Group 2: Financial Performance of Tianyu Flight Training - Tianyu Flight Training's financial performance has been declining, with projected revenues of 421 million yuan in 2023 and 385 million yuan in 2024, and net profits of 185 million yuan and 69.86 million yuan respectively, indicating a 62% year-on-year decline in 2024 [5][6] - The company faces risks due to high customer concentration, primarily relying on HNA Group and its affiliates for revenue [5][6] Group 3: Capital Increase in HNA Aviation Technology - HNA Group is increasing its capital in HNA Aviation Technology by 1.736 billion yuan, with Hainan Airport contributing 814 million yuan, aimed at enhancing the subsidiary's financial health and reducing its debt ratio [7][8] - HNA Aviation Technology, established in 2010, provides comprehensive aviation maintenance services and is expected to benefit from the capital increase, improving its credit rating and financial support from institutions [7][8] Group 4: Challenges Facing HNA Group - Despite the strategic moves, HNA Group is facing challenges, including a return to losses in 2024 after a profit in 2023 and persistent high debt levels, with debt ratios of 98.82% and 98.91% at the end of 2023 and 2024 respectively [7][8] - The high debt levels may adversely affect the company's financing capabilities and operational sustainability, potentially leading to restrictive financial policies that could hinder long-term growth and competitiveness [8]

【导读】海航控股拟斥资8亿元，现金收购天羽飞训 中国基金报记者 南深 6月6日深夜，海航控股一口气发布29条公告，涉及一单重大资产收购。 公告显示，海航控股拟以支付现金方式购买海南空港开发产业集团有限公司（以下简称空港集团）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，交易金额为7.99亿元。公司称本次交易构成重大资产重组，但其不认为构成关联交易。 值得注意的是，本次交易尚需海航控股股东大会审议批准，并取得有关监管机构的审批、备案或同意后方可正式实施，交易能否实施存在不确定性。 标的公司业务集中度高 2024年净利润大幅下滑 资料显示，海航控股主要从事国际、国内（含港澳）航空客货邮运输业务，以及与航空运输相关的服务业务等。其中，定期、不定期航空客、货运输是公 司的主营业务。 根据中国交通运输部颁发的《大型飞机公共航空运输承运人运行合格审定规则》（CCAR-121部），公共航空运输企业飞行员、乘务员等特业人员初始、 转机型、升级训练及保持运行资格的定期复训、熟练检查等，均需经过模拟机训练。而天羽飞训正是一家提供飞行员及乘务员模拟机培训的企业，现为海 航控股模拟机训练服务供应商。 | r | ...