海航控股于2025年8月28日发布公告，就上海证券交易所《关于对海南航空控股股份有限公司重大资产 购买草案的问询函》进行了回复，对标的公司主要资产、盈利能力、评估作价、关联交易及独立性、交 易安排等方面的问题进行了详细说明。 关于净资产较2019年末减少，主要是2020年受破产重整计提大额信用减值损失，虽后续年度盈利，但累 计净利润仍为负，导致净资产下降，财务顾问和会计师认为变动合理。 标的公司主要资产情况 评估作价的考量 草案显示，标的公司2024年末应收账款余额4.19亿元，占期末流动资产比例79.77%，应收账款余额占营 业收入比重为108.83%，较上年增加16.89个百分点，经营性现金回款占营收比重较上年减少12个百分 点。1年以上的应收账款占比达47.77%，较上年末增加10.39个百分点。 海航控股补充披露了应收账款前五大客户情况，包括北京首都航空有限公司、海南航空控股股份有限公 司等，关联方信用政策与非关联方一致。同时，解释了应收账款与营业收入比值超过100%的原因，主 要是训练小时数下降、客户延迟付款等，采用应收款远期结算受行业复苏滞后、客户经营异常等因素影 响。2024年经营性回款同比减少 ...

Core Insights - Young consumers have become a significant force in the cultural tourism market, seeking unique life experiences and emotional value beyond traditional sightseeing [1][4] - Low-altitude tourism scenarios are not limited to scenic spots but can effectively channel traffic between different attractions, enhancing tourism consumption frequency [1][6] Group 1: Consumer Trends - The majority of visitors to the Sichuan aviation base are under 30 years old, with a 30% increase in visitor experiences year-on-year and a 40% increase during peak holiday periods [2][4] - The "Air View of Shihai" helicopter tour project in Yibin has become a new hotspot in the local cultural tourism market since its launch during the May Day holiday [3][4] Group 2: Technological Advancements - Advances in low-altitude flying technology have significantly reduced noise levels, improving the passenger experience [4][5] - The company plans to introduce new air routes to connect scenic spots, reducing travel time and enhancing the attractiveness of aerial views [5][6] Group 3: Market Development - The company aims to establish vertical take-off and landing networks in every town, offering flight training and themed flight experiences, which will also support emergency rescue services [7] - Sichuan has formed a low-altitude flight network that connects various regions, promoting the development of low-altitude tourism and short-distance transportation [7]

Core Viewpoint - The low-altitude economy is emerging as a new engine for economic development, attracting significant attention from various sectors, with recent discussions between Liaoning Transportation Vocational College and Nengfei Aviation aimed at fostering this burgeoning industry [1][3]. Group 1: Industry Development - The low-altitude economy is recognized for its substantial development potential and market space, necessitating collaboration between universities and enterprises to cultivate high-quality, interdisciplinary professionals [5]. - Nengfei Aviation is a key player in the low-altitude economy, leveraging its expertise in drone technology, flight training, and industry application expansion to support the sector's growth [3][5]. Group 2: Collaboration and Innovation - The exchange between Liaoning Transportation Vocational College and Nengfei Aviation represents a proactive exploration of deep integration between industry, academia, and research, providing valuable insights for curriculum development and talent training [3][5]. - Both parties aim to explore new paths and models for the development of the low-altitude economy, enhancing cooperation in research, internship base construction, and course development [5][7]. Group 3: Future Outlook - The collaboration is expected to inject new vitality and opportunities into the low-altitude economy, contributing to high-quality economic and social development [7].