CITIC COHC(SZ:000099)2022-12-06 01:31Group 1: Business Operations - The main business of the company is offshore oil flight services, which saw a year-on-year revenue decline in the first half of the year despite being the core business [2] - The company operates a total of 69 helicopters [2] - The revenue model is based on a combination of monthly rental fees and hourly charges, indicating that flight hours do not directly correlate with revenue [2] Group 2: Financial Management - The company has converted most of its foreign currency long-term loans into RMB loans to mitigate exchange rate losses [2] - Management expenses saw a significant decrease in the first half of the year, with expectations for continued control over travel and entertainment expenses [2] - The depreciation period for large helicopters is 20 years, while small helicopters have a depreciation period of 10 years [3] Group 3: Market Outlook - The company expresses confidence in the future of the general aviation industry, although explosive growth is not expected in the next one to two years [3] - Currently, there are no plans for new helicopter purchases, as recent acquisitions have been made within the last ten years [3]