海航控股: 海南航空控股股份有限公司审阅报告

Company Overview - Hainan Airlines Holding Co., Ltd. was established on October 18, 1993, by Hainan Airlines and several other entities, with its registered location in Haikou, Hainan Province, China [1][2] - The company is primarily engaged in civil aviation transportation, providing domestic and international passenger and cargo transport services, along with related services [1][2] Financial Statements - The reviewed financial statements include the consolidated balance sheets as of December 31, 2024, and December 31, 2023, as well as the consolidated income statements for the years 2024 and 2023 [1] - The financial statements are prepared based on the assumption that the major asset restructuring will be approved by the shareholders' meeting [3][4] Major Asset Restructuring - The company plans to acquire 100% equity of Hainan Tianyu Flight Training Co., Ltd. (Tianyu Flight Training) from Hainan Airport for a cash consideration of 799,070 thousand RMB [2][3] - Tianyu Flight Training, established in November 2015, specializes in training services for pilots and cabin crew [2] Accounting Policies - The financial statements are prepared in accordance with the Chinese Accounting Standards, reflecting the company's financial position and operating results accurately [4][5] - The company uses the weighted average method for inventory cost calculation and recognizes impairment losses when the cost exceeds the net realizable value [24][35] Financial Instruments - Financial instruments are classified into categories based on the company's management objectives and cash flow characteristics, including those measured at amortized cost and those measured at fair value [16][17] - The company recognizes expected credit losses for financial assets based on historical experience and current economic conditions [18][19] Fixed Assets - Fixed assets include buildings, aircraft, and other equipment, initially measured at cost and depreciated over their useful lives using the straight-line method [34][35] - The estimated useful lives and depreciation rates for various fixed assets are specified, with buildings having a useful life of 40 years and aircraft engines 20 years [35]