中国东方航空股份回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.05.29 | 136.20 | 2.980 | 2.900 | 402.06 | | 2025.05.27 | 9.20 | 2.840 | 2.820 | 26.04 | | 2025.05.26 | 220.00 | 2.800 | 2.730 | 613.23 | | 2025.05.23 | 220.00 | 2.780 | 2.700 | 605.44 | | 2025.05.22 | 220.00 | 2.730 | 2.660 | 595.14 | | 2025.05.21 | 250.00 | 2.700 | 2.610 | 670.24 | | 2025.05.20 | 200.00 | 2.670 | 2.600 | 527.34 | | 2025.05.19 | 250.00 | 2.680 | 2.590 | 661.25 | | 2025.05.16 | 250.00 | ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 33,406 million, representing a year-on-year increase of 0.65% compared to RMB 33,189 million in the same period last year[9]. - The net profit attributable to shareholders was a loss of RMB 995 million, compared to a loss of RMB 803 million in the previous year, indicating a deterioration in performance[9]. - Operating profit for Q1 2025 was -RMB 1,242 million, compared to -RMB 872 million in Q1 2024, reflecting a decline in profitability[34]. - The net profit (loss) for Q1 2025 was -1,130 million RMB, compared to -931 million RMB in Q1 2024, reflecting an increase in losses of about 21.4% year-over-year[37]. - The total comprehensive income for Q1 2025 was -1,149 million RMB, compared to -1,014 million RMB in Q1 2024, representing a decline of approximately 13.3% year-over-year[40]. - In Q1 2025, the total profit (loss) amounted to -1,108 million RMB, compared to -816 million RMB in Q1 2024, indicating a deterioration of approximately 35.7% year-over-year[37]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 49.56%, amounting to RMB 2,390 million, down from RMB 4,738 million in the same period last year, primarily due to intensified competition in the aviation market[13]. - Cash flow from operating activities in Q1 2025 was 2,390 million RMB, down from 4,738 million RMB in Q1 2024, a decrease of about 49.5% year-over-year[43]. - Cash flow from investing activities in Q1 2025 was -951 million RMB, compared to -3,674 million RMB in Q1 2024, showing an improvement of approximately 74.1% year-over-year[46]. - Cash flow from financing activities in Q1 2025 was 1,076 million RMB, a significant recovery from -8,075 million RMB in Q1 2024[46]. - Cash and cash equivalents increased to RMB 6,646 million as of March 31, 2025, compared to RMB 4,133 million as of December 31, 2024, marking a growth of 60.73%[21]. - The total cash and cash equivalents at the end of Q1 2025 increased to 6,585 million RMB, compared to 4,849 million RMB at the end of Q1 2024, marking a growth of approximately 36.0% year-over-year[49]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 285,299 million, reflecting a 3.14% increase from RMB 276,600 million at the end of the previous year[10]. - Total assets as of March 31, 2025, amounted to RMB 285,299 million, up from RMB 276,600 million as of December 31, 2024, representing an increase of 3.08%[31]. - Total liabilities as of March 31, 2025, were RMB 244,907 million, compared to RMB 235,191 million as of December 31, 2024, indicating a rise of 4.66%[28]. Shareholder Information - The equity attributable to shareholders decreased by 3.16%, from RMB 40,532 million at the end of the previous year to RMB 39,250 million[10]. - The largest shareholder, China Eastern Airlines Group, holds 39.74% of the shares, amounting to 8,858,963,273 shares[15]. - The total number of ordinary shareholders at the end of the reporting period was 174,429[14]. Earnings and Expenses - The basic and diluted earnings per share remained at -0.04 yuan per share, unchanged from the previous year[9]. - The basic and diluted earnings per share for Q1 2025 remained at -0.04 RMB, unchanged from Q1 2024[40]. - Research and development expenses for Q1 2025 were RMB 91 million, an increase from RMB 77 million in Q1 2024, reflecting a growth of 18.18%[34]. - The company reported a tax expense of 22 million RMB in Q1 2025, a decrease from 115 million RMB in Q1 2024, indicating a reduction of approximately 80.9% year-over-year[37]. Non-Recurring Items - The company reported non-recurring gains and losses totaling RMB 117 million for the current period[12]. Share Repurchase Plan - The company plans to repurchase shares in A-shares and H-shares with a total amount not less than RMB 2.5 billion and not exceeding RMB 5 billion, with the repurchase period from November 8, 2024, to November 7, 2025[18]. - As of March 31, 2025, the company had repurchased a total of 89.88 million shares, with an aggregate transaction amount of approximately RMB 2.02 billion for A-shares and about HKD 0.92 billion for H-shares[18].

Fleet and Operations - The company operates a modern fleet of 804 aircraft, making it one of the largest state-owned airlines in China[11]. - The airline's route network reaches 1,000 destinations across 160 countries and regions, enhancing its global connectivity[11]. - The company plans to expand its fleet by acquiring 50 new aircraft over the next three years to support growth[1]. - The company introduced 35 new aircraft while retiring 13, resulting in a total fleet of 804 aircraft as of December 31, 2024[29]. - The company plans to introduce 60 aircraft and retire 26 from 2025 to 2027, including 21 C919 aircraft[31]. - The average age of the fleet is 9.2 years, with a focus on optimizing the fleet structure for green development[30]. - The company operates an efficient fleet of 804 passenger aircraft with an average age of approximately 9.2 years, focusing on core hubs in Shanghai and Beijing[78]. Financial Performance - Revenue for 2023 reached RMB 113,788 million, a significant increase of 145% compared to RMB 46,333 million in 2022[19]. - The net loss attributable to equity holders for 2023 was RMB 8,190 million, improving from a net loss of RMB 37,392 million in 2022[24]. - Operating profit for 2023 was RMB 1,618 million, a turnaround from an operating loss of RMB 31,637 million in 2022[19]. - The company reported a net loss of RMB 4,226 million for 2024, a reduction from the previous year's loss of RMB 8,190 million[24]. - The company's operating revenue reached RMB 132.12 billion, a year-on-year growth of 16.11%, while the net loss attributable to shareholders was RMB 4.226 billion, significantly reduced by RMB 3.964 billion[49]. - The group's total operating costs for 2024 amounted to RMB 137.01 billion, reflecting a year-on-year increase of 13.08% due to the recovery of the air passenger market[111]. - Aircraft fuel costs increased to RMB 45.50 billion, up 10.70% year-on-year, primarily due to an 18.28% increase in fuel consumption[111]. Passenger and Cargo Traffic - The company reported a significant increase in passenger traffic, with a year-over-year growth of 15% in the last quarter[1]. - Cargo revenue increased by 20% compared to the previous year, reflecting strong demand in the logistics sector[1]. - Passenger traffic increased to 140,565.95 thousand passengers in 2024, representing a growth of 21.58% from 115,617.54 thousand passengers in 2023[25]. - The company achieved a total transport turnover of 25.25 billion ton-kilometers and a passenger transport volume of 141 million, representing year-on-year increases of 36.32% and 21.58%, respectively, both reaching historical highs[33]. - The cargo turnover volume in the passenger aircraft belly increased by 47.05% year-on-year, generating cargo revenue of RMB 5.331 billion, a substantial year-on-year growth of 46.70%[54]. Strategic Initiatives and Partnerships - The company aims to enhance its digital services, with a projected investment of $100 million in technology upgrades[1]. - The company is exploring strategic partnerships and potential acquisitions to strengthen its market position[1]. - The company launched 11 new international routes, enhancing its connectivity to Europe and Australia[35]. - The company signed strategic cooperation agreements with national and Shanghai museums to explore new paths for the integration of culture, aviation, and tourism[43]. - The company is actively promoting sustainable aviation fuel (SAF) across multiple routes and aircraft types, aligning with carbon reduction goals[68]. Market Position and Competition - The company has enhanced its hub construction, achieving a market share of 42.2% in Shanghai and 32% in the Yangtze River Delta, with increases of 0.9 and 1.4 percentage points year-on-year[53]. - The company is focusing on high-quality development, aiming for a "world-class, happy Eastern Airlines" strategic goal by 2025[70]. - The company faces intensified competition in the domestic and international aviation markets due to the opening of the domestic aviation market and the growth of low-cost airlines, which may impact its market share and pricing strategies[99]. Risk Management and Compliance - The company has enhanced its risk management framework, focusing on high-risk areas and improving internal control mechanisms[67]. - The company is committed to sustainable development and compliance with environmental regulations, investing in fuel-efficient aircraft and noise reduction technologies to manage operational costs[108]. - The company is enhancing its information security measures to protect against data breaches and network attacks, which could adversely affect its operations and brand image[102]. - The company is implementing a comprehensive risk management system to address potential challenges in international market expansion and investment projects[103]. Corporate Governance and Management - The company is committed to maintaining good corporate governance and effective communication with investors to avoid significant stock price fluctuations[107]. - The company has a strong governance structure with independent directors holding significant positions in other listed companies, enhancing oversight and strategic direction[173][174][175]. - The company is actively expanding its board to include professionals with expertise in finance, aviation, and management, which is crucial for navigating market challenges[176][179]. - The company has experienced a significant turnover in management, with several key positions being filled and vacated in 2024[185]. Employee and Shareholder Information - The group employed a total of 85,168 employees, with 47,579 in the parent company and 37,589 in major subsidiaries[133]. - The group plans to maintain a female employee ratio of 36.95% and has 12.5% female representation on the board of directors[135]. - The company has established a comprehensive dividend policy, proposing no profit distribution for the fiscal year 2024, which will be submitted for approval at the 2024 annual general meeting[142][143]. Future Outlook - Future guidance indicates an expected revenue growth of 10% for the upcoming fiscal year[1]. - The company expects revenue for 2024 to reach RMB 132,120 million, reflecting a projected growth of 16.5% from 2023[24]. - In 2024, China's civil aviation passenger transport volume is expected to reach 730 million, an increase of 17.9% compared to 2023 and 10.6% compared to 2019[80]. - Global passenger travel demand is projected to grow by 10.4% in 2024, with an average global flight load factor reaching a record high of 83.5%[80].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 132,120 million, an increase of 16.1% from RMB 113,788 million in 2023[5] - Operating income for 2024 was RMB 1,618 million, compared to an operating loss of RMB 1,937 million in 2023[6] - The annual loss for 2024 was RMB 4,798 million, a reduction of 44.5% from RMB 8,636 million in 2023[7] - Basic loss per share for the year was RMB 0.19, improved from RMB 0.37 in the previous year[6] - The group reported a net loss of RMB 4.798 billion for the year 2024[16] - The net loss attributable to shareholders was RMB 4.23 billion, a significant reduction in loss by RMB 3.96 billion year-on-year[53] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 403,578 million, compared to RMB 397,534 million in 2023[8] - Non-current liabilities decreased to RMB 121,188 million in 2024 from RMB 134,969 million in 2023[10] - As of December 31, 2024, the group's current liabilities exceeded current assets by approximately RMB 94.9 billion[16] - The total assets for the airline business segment as of December 31, 2024, were RMB 261,705 million, down from RMB 267,430 million in 2023, a decrease of 2.7%[29] - The total liabilities for the airline business segment decreased to RMB 236,235 million in 2024 from RMB 242,039 million in 2023, a reduction of 2.4%[29] Revenue Breakdown - The airline business segment generated revenue of RMB 131,802 million, up from RMB 113,348 million in the previous year, indicating a growth of 15.5%[34] - Domestic revenue reached RMB 90,676 million in 2024, slightly up from RMB 90,190 million in 2023, showing a growth of 0.5%[31] - International revenue surged to RMB 37,853 million in 2024, a significant increase of 82.4% from RMB 20,750 million in 2023[31] - In 2024, the group's passenger revenue reached RMB 121.48 billion, a year-on-year increase of 16.17%, accounting for 95.80% of the group's air transport revenue[64] - Domestic passenger revenue was RMB 84.70 billion, a slight increase of 0.85%, while international passenger revenue surged to RMB 33.32 billion, up 86.93%[64] Operating Expenses - The company’s total operating expenses increased to RMB 137,005 million in 2024, compared to RMB 121,154 million in 2023[6] - The company reported an increase in aircraft fuel expenses to RMB 45,499 million in 2024, up from RMB 41,102 million in 2023[5] - Fuel costs, a major component of operating expenses, rose to RMB 45.50 billion, an increase of 10.70% year-on-year, driven by an 18.28% increase in fuel consumption[66] Capital Expenditures - Capital expenditures for the airline business segment were RMB 34,669 million in 2024, compared to RMB 27,243 million in 2023, marking an increase of 27.4%[34] - The group anticipates total capital expenditures of approximately RMB 64.445 billion for aircraft and engines over the next three years, with projected expenditures of RMB 27.736 billion, RMB 21.518 billion, and RMB 15.191 billion for 2025 to 2027 respectively[83] Market and Operational Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[11] - The company is focusing on high-quality development, aiming for the strategic goal of "world-class, happy Eastern Airlines" by enhancing safety, operations, service, reform, and governance[102] - The company is strengthening core hub construction to enhance transfer and diversion capabilities, particularly at Pudong Airport[104] Risk Management and Financial Health - The board believes the group has sufficient funding sources to meet operational and capital expenditure needs for at least the next 12 months[16] - The group has unused bank credit facilities and a good credit standing with banks and financial institutions[17] - The group is actively monitoring macroeconomic conditions and geopolitical risks that could affect aviation demand and is prepared to adjust capacity and marketing strategies accordingly[86] - The group has no significant contingent liabilities as of December 31, 2024, indicating a stable financial position[82] Corporate Governance and Leadership Changes - The company has complied with the corporate governance code as of December 31, 2024, ensuring adherence to relevant regulations[115] - Liu Tiexiang was elected as a director and appointed as the general manager on October 22, 2024, and will also serve as the vice chairman starting November 8, 2024[119] - The company has seen multiple resignations, including Li Yangmin as vice chairman and general manager due to job adjustments on October 22, 2024[120] Environmental and Social Responsibility - The company has implemented sustainable aviation fuel (SAF) across multiple routes and aircraft types, promoting green operations[63] - The company has maintained a "good" rating for six consecutive years in the central unit's targeted assistance evaluation for poverty alleviation efforts[63] - The company executed special flight missions, including emergency aid flights and organ transport, demonstrating corporate responsibility[63]

Group 1 - China Eastern Airlines announced a share buyback of 2.5 million shares at a price range of HKD 2.580 to HKD 2.630, totaling HKD 6.5174 million [1] - The stock closed at HKD 2.630, reflecting a 1.94% increase, with a total trading volume of HKD 20.2767 million on that day [1] - Since February 18, the company has conducted buybacks for seven consecutive days, totaling 16.76 million shares and an aggregate amount of HKD 42.1565 million, with the stock rising 8.23% during this period [1] Group 2 - Year-to-date, the company has executed 37 buybacks, amounting to 79.9823 million shares and a total expenditure of HKD 255 million [1]

热点聚焦 1.据央行网站，12月16日，中国人民银行党委召开会议，其中提到实施好适度宽松的货币政策。综合运 用多种货币政策工具，适时降准降息，保持流动性充裕，使社会融资规模、货币供应量增长同经济增 长、价格总水平预期目标相匹配。引导银行充分满足有效信贷需求，增强信贷增长稳定性。强化利率政 策执行和传导，促进社会综合融资成本稳中有降。增强外汇市场韧性，稳定市场预期，保持人民币汇率 在合理均衡水平上的基本稳定。 2.李强主持召开国务院常务会议，会议研究促进政府投资基金高质量发展政策举措，指出要构建科学高 效的管理体系，突出政府引导和政策性定位，按照市场化、法治化、专业化原则规范运作政府投资基 金，更好服务国家发展大局。要发展壮大长期资本、耐心资本，完善不同类型基金差异化管理机制，防 止对社会资本产生挤出效应。要健全权责一致、激励约束相容的责任机制，营造鼓励创新、宽容失败的 良好氛围。 3.比特币价格续创新高，且一度站上107000美元/枚。此前美国当选总统特朗普重申，他计划建立类似 于美国战略石油储备的比特币战略储备，激发了加密货币多头的热情。 4.OpenAI开启第八天技术分享直播，对ChatGPT搜索功能进行 ...

Financial Performance - Operating revenue for Q3 2024 was RMB 38,386 million, representing a 6.23% increase compared to RMB 36,136 million in the same period last year[4]. - Net profit attributable to shareholders for Q3 2024 was RMB 2,630 million, a decrease of 28.18% from RMB 3,662 million year-on-year[4]. - Net profit excluding non-recurring gains and losses for Q3 2024 was RMB 2,430 million, down 30.59% from RMB 3,501 million in the previous year[4]. - The basic earnings per share for Q3 2024 was RMB 0.12, a decline of 25.00% compared to RMB 0.16 in the same period last year[4]. - The weighted average return on equity for Q3 2024 was 14.21%, down from 14.62% in the previous year[4]. - For the first three quarters of 2024, the total operating revenue reached RMB 102,585 million, an increase of 19.7% compared to RMB 85,647 million in the same period of 2023[23]. - The total operating costs for the first three quarters of 2024 were RMB 107,472 million, up from RMB 92,643 million in 2023, indicating a rise of 15.9%[23]. - The operating profit for the first three quarters of 2024 was reported at RMB -319 million, a significant improvement from RMB -3,225 million in the same period of 2023[23]. - Total profit for the first three quarters of 2024 reached RMB 51 million, a significant improvement from a loss of RMB 3,051 million in the same period of 2023[24]. - Net profit attributable to shareholders of the parent company was a loss of RMB 138 million, compared to a loss of RMB 2,596 million in the previous year, indicating a reduction in losses by approximately 94.7%[25]. - The company reported a total comprehensive loss of RMB 375 million for the first three quarters of 2024, compared to a loss of RMB 2,634 million in the same period of 2023[25]. - Basic and diluted earnings per share for the first three quarters of 2024 were both -0.01 yuan, an improvement from -0.12 yuan in the same period of 2023[25]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date was RMB 26,377 million, showing a slight increase of 0.37% from RMB 26,281 million in the previous year[4]. - Cash and cash equivalents decreased to RMB 6,544 million as of September 30, 2024, down from RMB 12,177 million at the end of 2023, a decline of 46.2%[17]. - The cash and cash equivalents at the end of the first three quarters of 2024 were RMB 6,293 million, down from RMB 13,565 million at the end of the same period in 2023[30]. - Operating cash inflow for the first three quarters of 2024 was RMB 123,212 million, up 19% from RMB 103,553 million in the same period of 2023[26]. - The company received cash from operating activities totaling RMB 109,888 million, an increase of 17.9% from RMB 93,281 million in the previous year[26]. - Cash flow from investing activities resulted in a net outflow of RMB 11,829 million, compared to a net outflow of RMB 10,761 million in the same period of 2023[28]. - Cash flow from financing activities showed a net outflow of RMB 20,105 million, similar to a net outflow of RMB 20,128 million in the previous year[30]. - As of September 30, 2024, the total assets of China Eastern Airlines amounted to RMB 276,257 million, a decrease from RMB 282,574 million as of December 31, 2023, reflecting a decline of approximately 2.3%[18]. - The total liabilities decreased from RMB 241,251 million as of December 31, 2023, to RMB 235,438 million as of September 30, 2024, representing a reduction of about 2.3%[19]. Shareholder Information and Corporate Actions - The total number of common shareholders at the end of the reporting period is 186,678[10]. - China Eastern Airlines Group holds 8,858,963,273 shares, accounting for 39.74% of total shares[10]. - HKSCC NOMINEES LIMITED holds 4,703,650,775 shares, representing 21.10% of total shares[10]. - The company plans to repurchase shares with a total amount of RMB 5 billion to 10 billion, subject to shareholder approval[14]. - The company will complete the merger with Shanghai Jidao Aviation Management Co., which holds 589,041,096 shares (2.64% of total shares)[13]. - The company intends to increase capital in Shanghai Airlines Co., Ltd. by RMB 4.5 billion, raising its registered capital to RMB 10 billion[14]. - The company has completed a share buyback plan, accumulating a total of 152,157,306 A-shares and 152,156,000 H-shares, with a total investment of approximately RMB 9.78 billion[15]. - The company will have 1,138,952,165 A-shares released from lock-up on July 12, 2024[13]. - The company’s major shareholder, China Eastern Airlines Group, plans to increase its stake in the company by at least RMB 5 billion within 12 months[15]. - The company’s board of directors has approved the liquidation of Yijia Airlines Co., Ltd. through a merger[14]. Management Changes - The company appointed Deloitte as the domestic and international financial report auditor for the fiscal year 2024, pending shareholder approval[16]. - Liu Tiexiang has been appointed as the new General Manager of the company following the resignation of Li Yangmin[16]. Operational Performance - The company faced intensified competition in the domestic passenger market, which contributed to the decline in net profit for the reporting period[8]. - The company has increased capacity deployment and optimized route and resource allocation to improve operational performance year-to-date[8]. - The company reported an increase in accounts receivable from RMB 2,191 million as of December 31, 2023, to RMB 2,745 million as of September 30, 2024, reflecting a growth of 25.3%[17]. - The company’s inventory rose to RMB 1,824 million as of September 30, 2024, compared to RMB 1,640 million at the end of 2023, marking an increase of 11.2%[18].

Investment Rating - The report maintains a rating of "Buy" for China Eastern Airlines [2][4]. Core Views - The airline industry is recovering in 2024, with China Eastern Airlines leading in the recovery of international routes and achieving a basic recovery in fleet turnover and passenger load factor during the summer travel season. The report anticipates an upward trend in profitability as industry supply and demand recover, alongside market-driven ticket pricing and a gradual reduction in capacity growth [4]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a net profit of -2.8 billion RMB, continuing to reduce losses year-on-year. The fleet size has increased by nearly 13% compared to 2019, with ASK (Available Seat Kilometers) growing by 10%. The daily aircraft utilization and passenger load factor are close to 2019 levels. Passenger revenue has increased by 3% compared to 2019, while seat revenue has grown by 1% [4][6]. Market Dynamics - The summer travel demand remains strong, with passenger traffic increasing by nearly 18% compared to 2019, and over 12% year-on-year, setting a new historical high. The company is actively restoring international routes, particularly to Japan, Southeast Asia, Europe, and Australia, with international ASK showing positive growth compared to 2019 [4][6]. Future Outlook - The report projects a downward adjustment in net profit forecasts for 2024 and 2025 to 200 million RMB and 4.67 billion RMB, respectively, while introducing a new net profit forecast of 8.8 billion RMB for 2026. The company is expected to continue its capacity reduction planning despite having a substantial order book for new aircraft, which aligns with the long-term constraints of China's airspace [4][6].

Company Overview - The company operated an average fleet of 792 passenger aircraft with an average age of approximately 9 years[15]. - The company provides domestic and approved international, regional air passenger, cargo, mail, and baggage transportation services, along with extended services[15]. - The company has established core hubs in Shanghai and Beijing, as well as regional hubs in Xi'an and Kunming, to offer quality and convenient air transportation services[15]. - The company is authorized to engage in general aviation, aircraft maintenance, and related businesses, including e-commerce and air supermarket operations[15]. - The company emphasizes a streamlined and efficient modern fleet to enhance operational capabilities[15]. - The company’s stock is listed on both the Shanghai Stock Exchange (A-shares: 600115) and the Hong Kong Stock Exchange (H-shares: 00670)[18]. - The company’s registered address is located at 66 Airport Avenue, Pudong New District, Shanghai, with a postal code of 201202[17]. - The company’s mobile application is named "Eastern Airlines," providing customers with easy access to services[17]. - The company’s service hotline is +86 95530, ensuring customer support availability[17]. Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 64,199 million, an increase of 29.6% compared to RMB 49,511 million for the same period in 2023[22]. - Operating expenses totaled RMB 67,359 million, up from RMB 54,703 million, reflecting a 23% increase year-over-year[22]. - The net loss for the period was RMB 3,099 million, an improvement from a net loss of RMB 6,584 million in the same period last year[22]. - The company reported a basic and diluted loss per share of RMB 0.12, compared to RMB 0.28 for the same period in 2023[22]. - The company’s total comprehensive loss for the period was RMB 3,295 million, compared to RMB 6,640 million in the previous year[25]. - The company reported a net loss of RMB 2,768 million for the six months ended June 30, 2024, compared to a net loss of RMB 6,258 million for the same period in 2023, reflecting an improvement of approximately 55.8%[32]. - The company’s total equity attributable to equity holders decreased to RMB 39,869 million as of June 30, 2024, from RMB 42,954 million as of December 31, 2023, a decline of about 7.2%[30]. - The company’s long-term borrowings as of June 30, 2024, amounted to RMB 7,500 million, down from RMB 14,500 million as of June 30, 2023, indicating a reduction of approximately 48.8%[34]. - The group reported a net loss of RMB 3.1 billion for the six months ending June 30, 2024[41]. Assets and Liabilities - Non-current assets amounted to RMB 256,322 million as of June 30, 2024, slightly down from RMB 259,000 million at the end of 2023[27]. - Current liabilities increased to RMB 116,808 million from RMB 106,282 million, indicating a rise in short-term financial obligations[27]. - Cash and cash equivalents decreased significantly to RMB 3,713 million from RMB 11,858 million, highlighting liquidity challenges[27]. - As of June 30, 2024, current liabilities exceeded current assets by approximately RMB 9.821 billion[41]. - The company’s total liabilities decreased to RMB 2,154 million as of June 30, 2024, down from RMB 4,601 million as of December 31, 2023, reflecting a reduction of approximately 53.3%[82]. - The company’s long-term bank loans amounted to RMB 52.748 billion, a decrease from RMB 58.022 billion as of December 31, 2023, representing a reduction of approximately 9.5%[84]. - The company’s lease liabilities from Eastern Airlines Leasing decreased to RMB 25,483 million from RMB 34,776 million, representing a reduction of 26.8%[115]. Operational Highlights - The company plans to focus on expanding its market presence and enhancing operational efficiency in the upcoming quarters[22]. - The management indicated ongoing investments in new technologies and fleet upgrades to improve service quality and operational capacity[22]. - The group achieved a total of 1.283 million safe flight hours and 507,600 takeoffs and landings in the first half of 2024, representing year-on-year increases of 22.72% and 13.66% respectively[150]. - The group launched several new international routes, including Shanghai to Riyadh and Shanghai to Marseille, enhancing its international network[154]. - The group is actively promoting sustainable aviation fuel (SAF) and has launched a new on-demand meal service to enhance customer experience[161]. Market and Revenue Insights - Domestic transportation revenue reached RMB 44,961 million, up 7.5% from RMB 41,835 million year-on-year[60]. - International transportation revenue surged to RMB 17,407 million, a significant increase of 165.5% compared to RMB 6,559 million in the previous year[60]. - The airline business segment reported a pre-tax loss of RMB 3.155 billion, while the other business segment reported a profit of RMB 168 million[52]. - The group’s total customer contract revenue was RMB 64,199 million, with passenger transport contributing RMB 59,338 million[63]. - The group anticipates continued seasonal fluctuations, with higher demand expected in the second half of the year due to holiday peaks[61]. Related Party Transactions - The company has significant related party transactions with various entities, including joint ventures and subsidiaries, reflecting its extensive operational network[97]. - The procurement of meals and cabin supplies from Eastern Airlines Food amounted to RMB 1,545 million in 2024, up 21% from RMB 1,276 million in 2023[98]. - The revenue from exclusive transportation services related to cargo operations provided by Eastern Airlines Logistics was RMB 2,371 million, a significant rise of 59% from RMB 1,487 million in 2023[104]. Employee and Operational Metrics - The group employed 83,125 employees as of June 30, 2024, primarily based in China[185]. - The average annual interest rate for capitalized interest was 3.21%, slightly down from 3.40% in the previous year[67]. - The group’s sales and marketing expenses grew by 40.00% to RMB 1.876 billion, reflecting increased travel demand[172]. Future Outlook - The group expects net cash inflows from operating activities for at least the next 12 months, considering factors such as flight recovery and major operating costs[44]. - The company continues to be the global launch customer for the domestically produced C919 aircraft, with 6 units in operation as of June 30, 2024[142]. - The group is focused on enhancing operational efficiency and cost control amidst increasing competition and high fuel prices[149].

Financial Performance - The total revenue for the six months ended June 30, 2024, was RMB 64,199 million, an increase of 29.6% compared to RMB 49,511 million for the same period in 2023[3]. - The net loss for the period was RMB 3,099 million, an improvement from a net loss of RMB 6,584 million in the same period last year[4]. - The total comprehensive loss for the period was RMB 3,295 million, compared to RMB 6,640 million in the previous year[4]. - The basic and diluted loss per share attributable to equity holders of the company was RMB (0.12), compared to RMB (0.28) for the same period in 2023[3]. - The company reported a basic loss per share of approximately RMB 2,768 million, calculated based on a weighted average of 22.291 billion shares issued[42]. - The net loss attributable to shareholders was RMB 2.768 billion, a significant reduction of RMB 3.490 billion compared to the previous year[91]. Revenue Breakdown - For the six months ended June 30, 2024, the total revenue from the aviation business segment was RMB 64,044 million, while the other business segment generated RMB 155 million[22]. - Domestic revenue reached RMB 44,961 million, up from RMB 41,835 million, indicating a growth of about 5.1% year-over-year[30]. - International revenue surged to RMB 17,407 million, compared to RMB 6,559 million in the previous year, marking an increase of approximately 165.5%[30]. - Transportation revenue reached RMB 61.709 billion, growing by 31.67% year-on-year, with passenger revenue accounting for 96.16% of total transportation revenue[98]. - International passenger revenue surged to RMB 15.397 billion, a remarkable increase of 184.18% year-on-year, driven by a 346.40% rise in passenger turnover[98]. Operating Costs - Operating expenses totaled RMB 67,359 million, up from RMB 54,703 million in the previous year, reflecting a 22.9% increase[3]. - Total operating costs for the first half of 2024 amounted to RMB 67.359 billion, reflecting a year-on-year increase of 23.14%[99]. - Aircraft fuel costs rose to RMB 23.292 billion, up 33.62% year-on-year, primarily due to increased flight hours and rising oil prices[99]. Cash Flow and Liquidity - The company’s operating cash flow for the six months ended June 30, 2024, was RMB 10.718 billion, a decrease from RMB 16.183 billion in the same period of 2023[13][14]. - The company had a net cash decrease of RMB 8.133 billion for the six months ended June 30, 2024, compared to an increase of RMB 2.471 billion in the same period of 2023[14]. - The company expects positive cash inflows from operating activities for at least the next 12 months, considering the recovery of flights and major operating costs[15]. - The company had unused bank credit facilities available, indicating sufficient liquidity for operations[15]. Assets and Liabilities - Non-current assets amounted to RMB 256,322 million as of June 30, 2024, slightly down from RMB 259,000 million at the end of 2023[5]. - As of June 30, 2024, the company's total equity was RMB 40.141 billion, down from RMB 43.463 billion as of December 31, 2023[11][12]. - The company’s total assets increased to RMB 117,394 million as of June 30, 2024, from RMB 111,028 million as of December 31, 2023[52]. - The company’s total liabilities exceeded total assets by approximately RMB 98.21 billion as of June 30, 2024[15]. - The debt-to-asset ratio increased to 85.40%, up by 0.69 percentage points from December 31, 2023[103]. Operational Efficiency - The company continues to focus on operational efficiency and cost management strategies to improve future performance[2]. - The group implemented cost control measures, resulting in a 10.44% decrease in operating costs per ton-kilometer in the first half of 2024[94]. - The overall passenger load factor improved by 9.44 percentage points to 81.21% from 71.77% year-over-year[85]. Strategic Initiatives - The company is focusing on digital transformation and has established a digital transformation leadership team to enhance operational efficiency[96]. - The company is committed to enhancing its service brand value through a focus on passenger experience and the implementation of 22 key tasks to meet diverse service needs[117]. - The company plans to increase its investment in Sichuan Airlines by RMB 1.2 billion through a combination of cash and non-cash assets[132]. Acquisitions and Investments - The group acquired the remaining 55% stake in Eastern Airlines Media Co., Ltd. for RMB 126 million, making it a wholly-owned subsidiary[17]. - The company plans to acquire a 55% stake in Eastern Airlines Media for approximately RMB 126.203 million, as approved in the board meeting on December 14, 2023[131]. - The company has completed the acquisition of 55% equity in Eastern Airlines Import and Export, which will no longer be a related party in future transactions[135]. Market Performance - The group’s operating performance improved steadily in the first half of 2024, with a significant reduction in losses year-on-year[93]. - Passenger traffic at Shanghai Pudong International Airport reached 2.34 million, a 31.30% increase compared to 2019[93]. - The group achieved a 90% recovery in passenger kilometers and revenue in the international market compared to 2019 levels[93]. Compliance and Governance - The board has implemented a governance improvement plan, with independent directors now exceeding 50% of the board composition[97]. - The company adopted the Listing Rules Appendix C3 as the code of conduct for directors and supervisors regarding securities trading, ensuring compliance with regulations[125]. - The Audit and Risk Management Committee reviewed the accounting principles and methods adopted by the group, with no dissenting opinions noted[126].