核心业务稳步提升，央企担当显实力 在国家大力推进低空经济发展的战略背景下，国内通用航空龙头企业中信海直（000099）(000099.SZ) 于8月25日晚间交出了一份亮眼半年度答卷。今年上半年，公司实现营收10.38亿元，同比增长7.9%；归 属于上市公司股东净利润约1.53亿元，同比增长15.86%。与此同时，中信海直还拟向全体股东每10股派 发现金红利0.63元(含税)，以实实在在的分红回报股东信任。 作为亚洲最大的民用直升机运营商，中信海直凭借"守正创新"的发展理念，在能源服务、应急救援、低 空经济等领域多点突破，不仅实现业务规模稳步扩张，更在新型业务场景开拓中展现强劲动能。截至半 年报披露当日，公司总市值达189亿元，在同行业中稳居前列，彰显资本市场对其发展前景的坚定信 心。 中信海直是国内通用航空业首家上市公司，也是国内唯一上市的通用航空运营企业，公司主营业务为通 航运输，其中海上石油直升机飞行服务是公司的核心业务。 作为服务国家能源安全战略的核心力量，中信海直在海洋石油服务领域持续发力。报告期内，公司稳步 扩大海油服务规模，积极推动超中型直升机的引入部署，其中在渤海区域成功投用首架AW139直升 ...

Financial Data and Key Metrics Changes - Revenues decreased by $3 million primarily due to lower utilization in the Other Services segment, partially offset by higher revenues from new contracts [9] - Adjusted EBITDA remained consistent at $58 million, reflecting lower operating and administrative expenses that offset the seasonal revenue decline [10] - Available liquidity as of March 31 was approximately $254 million, with 86% of capital investments for new government services contracts funded [12] Business Line Data and Key Metrics Changes - Offshore Energy Services (OES) revenues in Europe decreased by $4.5 million due to lower utilization in the UK, while revenues in Africa increased by $2.2 million and in the Americas by $1.9 million [10] - Government Services revenues increased by $3.4 million, primarily due to the Irish Coast Guard contract [11] - Other Services revenues decreased by $6 million due to lower seasonal activity in Australia and unfavorable foreign exchange impacts [11] Market Data and Key Metrics Changes - The company noted macroeconomic risks and uncertainty have increased, particularly due to U.S. tariffs on steel and aluminum imports affecting repair and maintenance costs [6][7] - Despite these challenges, the company maintains a positive outlook for its offshore Energy Services business, particularly for deepwater projects [8] Company Strategy and Development Direction - The company aims to lead in vertical flight solutions, focusing on the ongoing launch of search and rescue services and transitioning operations for government contracts [16][18] - The company is committed to sustainability and minimizing its environmental footprint while maintaining operational resilience [19] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in affirming financial guidance for 2025 and 2026, supported by stable cash flows from Government Services and the nature of offshore energy revenues [9][19] - The company anticipates continued investment in offshore activities, particularly in deepwater projects, despite current oil price fluctuations [52] Other Important Information - The company is involved in a project in Norway for zero and low emission aircraft, with demonstration flights expected to begin soon [32][46] - Incremental improvements in supply chain challenges have been noted, particularly for the S-92 fleet [44] Q&A Session Summary Question: Why is the company reaffirming guidance amid market uncertainty? - Management conducted a thorough review of the macro environment and customer conversations, leading to confidence in the guidance due to stable cash flows from Government Services and the nature of offshore energy revenues [25][26] Question: What are the benefits of the new long-term agreement with Sikorsky? - The agreement provides price visibility and stability for a significant portion of the S-92 fleet, enhancing business management capabilities [27] Question: What is the status of helicopter deliveries related to the Irish contract? - There have been supply chain challenges, but the company is confident in receiving the remaining helicopters needed for the contract [28][29] Question: Are there any updates on the EVTOR test arena in Norway? - The project is progressing well, with expectations for positive results leading to potential expansion of operations [46] Question: How is the company managing cost exposure in a higher tariff environment? - The majority of revenues are generated outside the U.S., and while there is some exposure to tariffs, it is not expected to materially impact financial performance [38] Question: What is the outlook for offshore activity given softening oil prices? - Currently, there are no tangible impacts on offshore activity, with deepwater projects well-positioned for continued investment [51][52]