海南航空控股股份有限公司为全资子公司提供1.5亿元融资担保，累计担保余额已达净资产65.8%
事件概述
2026年5月27日，海南航空控股股份有限公司（简称“海航控股”，证券代码：600221、900945）发布临时公告，披露公司为其全资子公司海南天羽飞行训练有限公司（以下简称“天羽飞训”）向华夏金融租赁有限公司（以下简称“华夏金租”）进行融资租赁业务提供连带责任保证，担保金额不超过1.5亿元人民币。
担保事项详细说明
- 担保对象： 海南天羽飞行训练有限公司（海航控股持股100%）
- 担保金额： 不超过1.5亿元人民币
- 担保余额： 截至公告日，海航控股及其控股子公司累计对外担保余额为346,435.10万元，占公司最近一期经审计净资产的65.8%
- 担保方式： 连带责任保证
- 反担保情况： 本次担保有反担保安排
- 担保内容： 担保范围包括租金、违约金、提前终止费、留购价款等所有主合同项下的债务，但不包含实现债权的费用等
- 担保期间： 自主合同生效日起至债务人所有债务履行期限届满之日后三年止，如债务展期则顺延
被担保子公司主要情况
- 成立时间： 2015年11月3日
- 注册资本： 37,495.313万元
- 注册地址： 海南省海口市琼山区龙塘镇潭口村
- 主营业务： 飞行员、乘务员等航空相关人员培训、模拟机维护及相关技术服务、航空业务知识培训、飞行体验、模拟机备件售后支持、软件开发与销售、住宿及房屋租赁等
- 2025年度（经审计）主要财务数据：
- 资产总额：205,858.08万元
- 负债总额：138,696.75万元
- 净资产：67,161.33万元
- 营业收入：40,834.82万元
- 净利润：14,798.37万元
- 2026年1-3月（未经审计）主要财务数据：
- 资产总额：204,439.45万元
- 负债总额：135,130.94万元
- 净资产：69,308.50万元
- 营业收入：9,499.50万元
- 净利润：2,205.17万元
董事会和股东大会决策流程
此次担保已于2025年12月1日公司第十届董事会第四十八次会议及2025年12月17日召开的2025年第五次临时股东大会审议通过，并授权公司经营层在授权额度内办理具体担保手续。2026年度公司新增互保额度为95亿元，其中为资产负债率70%以上子公司提供80亿元，为资产负债率低于70%的子公司提供15亿元。此次担保属于年度授权额度内，无需再单独提交董事会或股东大会审议。
对投资者的影响与风险提示
- 本次担保金额及已累计的担保余额已超过上市公司最近一期经审计净资产的50%，对此公司已进行特别风险提示。
- 截至公告日，公司及控股子公司对外担保余额为346,435.10万元，占净资产的65.8%，虽无担保逾期情况，但高担保比例已成为公司潜在的财务风险点。
- 此次担保对象为公司全资子公司，海航控股对其经营与财务有绝对控制权，且天羽飞训经营良好、偿债能力正常，担保风险整体可控。
- 公司未为控股股东、实际控制人及其关联人提供担保。
结论
本次公告显示，海航控股继续通过大额担保支持旗下航空培训业务发展，反映其在航空培训产业链布局的持续推进。值得关注的是，公司的担保总额持续高企，已达净资产的65.8%，这一高担保比例可能成为公司潜在的财务风险隐患。若未来被担保企业出现偿债问题，或公司整体资金链承压，均可能对公司经营及股价带来负面影响，投资者需密切关注担保相关风险的后续动态。
免责声明：本文内容基于海航控股公开披露信息，仅供投资者参考，不构成投资建议。投资者据此操作，风险自担。
English version:
Hainan Airlines Holding Co., Ltd. Offers RMB 150 Million Guarantee for Wholly-Owned Subsidiary; Total Guarantee Balance Now 65.8% of Net Assets
Event Summary
On May 27, 2026, Hainan Airlines Holding Co., Ltd. (“HNA Holding”, stock codes: 600221, 900945) issued a temporary announcement stating that it is providing a joint and several liability guarantee of up to RMB 150 million for its wholly-owned subsidiary, Hainan Tianyu Flight Training Co., Ltd. (“Tianyu Flight Training”), in support of a sale-and-leaseback financing deal with Huaxia Financial Leasing Co., Ltd. (“Huaxia Leasing”).
Detailed Guarantee Information
- Guaranteed Party: Hainan Tianyu Flight Training Co., Ltd. (100% owned by HNA Holding)
- Guarantee Amount: Up to RMB 150 million
- Guarantee Balance: As of the announcement date, HNA Holding and its subsidiaries’ total external guarantees amount to RMB 3,464,351,000, representing 65.8% of the company’s most recent audited net assets
- Guarantee Method: Joint and several liability guarantee
- Counter-Guarantee: This guarantee includes a counter-guarantee arrangement
- Scope: Covers all debts under the main lease contract, including rents, penalties, early termination fees, purchase price, etc., but excludes debt enforcement costs
- Guarantee Period: From contract effectiveness until three years after the final due date for all debts; extended if the debt term is extended
Key Information About the Guaranteed Subsidiary
- Establishment Date: November 3, 2015
- Registered Capital: RMB 374,953,130
- Registered Address: Longtang Town, Qiongshan District, Haikou City, Hainan Province
- Main Business: Training for pilots, flight attendants, other aviation personnel; simulator maintenance and technical services; aviation business knowledge training; flight experience; simulator parts after-sales support; software development and sales; accommodation and property rental
- Key 2025 Audited Financial Data:
- Total Assets: RMB 2,058,580,800
- Total Liabilities: RMB 1,386,967,500
- Net Assets: RMB 671,613,300
- Operating Revenue: RMB 408,348,200
- Net Profit: RMB 147,983,700
- Key 2026 Jan–Mar (Unaudited) Data:
- Total Assets: RMB 2,044,394,500
- Total Liabilities: RMB 1,351,309,400
- Net Assets: RMB 693,085,000
- Operating Revenue: RMB 94,995,000
- Net Profit: RMB 22,051,700
Board and Shareholders’ Meeting Procedures
The guarantee was approved at HNA Holding’s 48th meeting of the 10th Board of Directors on December 1, 2025, and the 5th extraordinary general meeting of shareholders on December 17, 2025. The company has an annual inter-company guarantee limit of RMB 9.5 billion for 2026, with RMB 8 billion for subsidiaries with asset-liability ratios above 70% and RMB 1.5 billion for those below 70%. This guarantee is within the authorized annual limit and does not require further board or shareholder approval.
Impact and Risk Disclosure for Investors
- The guarantee amount and cumulative guarantee balance now exceed 50% of the company’s most recent audited net assets, which is a major risk point highlighted in the notice.
- As of the announcement, the total guarantee balance is RMB 3,464,351,000, accounting for 65.8% of net assets. While there are no overdue guarantees, the high guarantee ratio poses a potential financial risk.
- The guarantee is for a wholly-owned subsidiary, over which HNA Holding has absolute control, and whose financials and operations are sound. The overall risk is considered manageable.
- No guarantees are provided for the controlling shareholder, actual controller, or their related parties.
Conclusion
This announcement shows HNA Holding continues to support its aviation training business via significant guarantees, underlining its commitment to developing the sector. However, the company’s guarantee total is high—at 65.8% of net assets—raising potential financial risks. If guaranteed subsidiaries face repayment problems, or if HNA Holding experiences liquidity pressure, there could be negative impacts on business operations and the share price. Investors are advised to closely monitor any developments regarding guarantee-related risks.
Disclaimer: This article is based on publicly disclosed information by HNA Holding and is for reference only. It does not constitute investment advice. Investors should exercise caution and assume their own risk.
