海南航空（Hainan Airlines）是中国最大的私人航空公司之一，总部位于海口，以提供国内和国际航班而闻名。然而，近年来，海南航空面临了一系列的困境，导致其股票被暂停交易，并且至今未能复牌。那么，为什么海航至今未能复牌呢？

首先，海南航空遭遇了财务危机。在过去几年中，海航集团，即海南航空的母公司，负债累累。由于高额债务和管理不善，海航集团的资金链断裂，无法偿还债务和利息。这导致了投资者对海南航空未来的担忧，股价急剧下跌并被暂停交易。

Secondly, the COVID-19 pandemic has severely impacted the aviation industry, including Hainan Airlines. The global travel restrictions and decline in passenger demand have caused significant financial losses for the airline. With a decrease in revenue and ongoing expenses, Hainan Airlines has struggled to sustain its operations. The uncertainty surrounding the recovery of the aviation industry has made it difficult for the company to plan for its future and regain investor confidence.

其次，疫情期间，海南航空还遭遇了许多其他问题。例如，旅客退票、航班取消和航空运输需求下降等问题，进一步加剧了海航的财务困境。此外，由于国内外旅行限制，海航无法充分利用其国际航线网络，这也对其复牌产生了不利影响。

Furthermore, the restructuring process of Hainan Airlines has been complex and time-consuming. The company has been working on a debt restructuring plan to address its financial difficulties. This involves negotiations with creditors, asset disposals, and potential equity investments. The intricate nature of these processes requires careful consideration and approval from various stakeholders, including regulatory authorities. As a result, the timeline for resuming trading of Hainan Airlines' shares has been significantly delayed.

最后，尽管目前海南航空面临许多挑战，但公司仍在努力寻找解决方案，以解决其财务和运营问题。海南航空已经采取了一系列措施，包括减少开支、寻求融资、优化航线，并与相关方进行积极对话。这些努力旨在恢复海航的经营稳定性，并恢复股票交易。

In conclusion, Hainan Airlines has not resumed trading due to a combination of financial difficulties, the impact of the COVID-19 pandemic, operational challenges during the crisis, and the complex process of debt restructuring. However, the company is actively working towards finding solutions and improving its financial and operational performance. It remains to be seen when Hainan Airlines will be able to regain investor confidence and resume trading.

总之，由于财务困境、疫情影响、危机期间的运营挑战以及复杂的债务重组过程，海南航空未能复牌。然而，该公司正在积极努力寻找解决方案，改善其财务和运营表现。海航能否恢复投资者信心并重新启动股票交易还有待观察。

Translation:

Hainan Airlines, one of China's largest private airlines, has not resumed trading for a number of reasons. Firstly, the company has been facing financial difficulties due to its parent company, HNA Group, accumulating high levels of debt. This caused concerns among investors and led to a rapid decline in the company's stock price, resulting in trading suspension.

Secondly, the COVID-19 pandemic has had a significant impact on Hainan Airlines, as it has on the entire aviation industry. Travel restrictions and a decrease in passenger demand have led to substantial financial losses. With reduced revenue and ongoing expenses, the airline has struggled to maintain its operations. The uncertain recovery of the aviation industry has made it challenging for Hainan Airlines to regain investor confidence and plan for the future.

Additionally, Hainan Airlines faced numerous other challenges during the pandemic. Issues such as ticket refunds, flight cancellations, and a decline in air transport demand further exacerbated the airline's financial troubles. Moreover, the inability to fully utilize its international route network due to travel restrictions both domestically and internationally has adversely affected the company's prospects of resuming trading.

Furthermore, the complex and time-consuming process of restructuring has delayed the resumption of trading for Hainan Airlines. The company has been working on a debt restructuring plan, including negotiations with creditors, asset disposals, and potential equity investments. These processes require careful consideration and approval from various stakeholders and regulatory authorities, resulting in a significant delay.

Despite the current challenges faced by Hainan Airlines, the company is actively seeking solutions to address its financial and operational issues. Steps taken include cost-cutting measures, seeking financing, route optimization, and engaging in dialogue with relevant parties. These efforts aim to restore stability to the airline's operations and resume trading.

In conclusion, Hainan Airlines has not resumed trading due to financial difficulties, the impact of the COVID-19 pandemic, operational challenges during the crisis, and the complex process of debt restructuring. However, the company is actively working towards finding solutions and improving its financial and operational performance. It remains to be seen when Hainan Airlines will be able to regain investor confidence and resume trading.