中国北京建国门外大街 1 号国贸写字楼 2 座 12-14 层 100004 12-14th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 关于中国东方航空股份有限公司 2024 年第一次临时股东大会、2024 年第一次 A 股类别股东大会及 2024 年第一次 H 股类别股东大会的法律意见书 致：中国东方航空股份有限公司 根据《中华人民共和国公司法》（以下简称"公司法"）、《中华人民共和 国证券法》（以下简称"证券法"）、《上市公司股东大会规则（2022 年修 订）》（以下简称"股东大会规则"）、《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》（以下简称"规范运作指引"）、《中国东方航空股份 有限公司章程》（以下简称"公司章程"）以及《中国东方航空股份有限公司股 东大会议 ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2024-065 中国东方航空股份有限公司 第十届董事会第 7 次普通会议决议公告 同意公司会同其他股东以货币方式对中国东方航空江苏有限公司（简称"江 1 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 中国东方航空股份有限公司（以下简称"公司"或"东航"）第十届董事会 第 7 次普通会议根据《公司章程》和《董事会议事规则》的规定，经董事长王志 清召集，于 2024 年 11 月 8 日召开。 参加会议的董事确认会前均已收到本次董事会会议通知。本次会议的召开符 合《公司法》和《公司章程》的有关规定，参加本次会议的董事已达法定人数， 会议合法有效。 公司董事长王志清，独立董事孙铮、陆雄文、罗群、冯咏仪、郑洪峰审议了 有关议案，董事刘铁祥因公务不能亲自出席本次会议，已授权委托董事长王志清 代为出席并行使表决权，参会董事一致同意并作出以下决议： 一、审议通过《关于选举副董事长的议案》 ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2024-066 中国东方航空股份有限公司 第十届监事会第 5 次会议决议公告 二、审核通过《关于公司2024年投资计划中期调整的议案》。 三、审核通过《关于转让新上海国际大厦股权的议案》。 四、审核通过《关于转让研发中心和上海飞培股权的议案》。 特此公告。 中国东方航空股份有限公司 2024 年 11 月 8 日 本公司监事会及全体监事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 中国东方航空股份有限公司（以下简称"公司"）第十届监事会第 5 次会议， 经监事会主席郭俊秀召集，于 2024 年 11 月 8 日以通讯方式召开。 参加会议的监事确认会前均已收到本次监事会会议通知和材料。本次会议的 召开符合《公司法》和《公司章程》等有关规定，参加本次会议的监事已达法定 人数，会议合法有效。 监事会主席郭俊秀，监事邵祖敏、周华欣审核了有关议案，一致同意并作出 如下决议： 一、审核通过《关于江苏公司增资 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][8]. Core Views - The airline demand continues to recover, with RPK (Revenue Passenger Kilometers) exceeding 2019 levels, showing a 40% year-on-year growth in the first three quarters of 2024 [2]. - The company faces challenges with a 28% year-on-year decline in net profit for Q3, primarily due to falling ticket prices [4][5]. - The report emphasizes the importance of cost control and the potential for improved profitability as oil prices are expected to decline in 2025 [3][4]. Summary by Sections Market Data - Total shares outstanding: 22.291 billion - Total market capitalization: 90.057 billion - One-year price range: 3.38 to 4.49 CNY - Three-month turnover rate: 23.64% [1]. Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 102.6 billion CNY, a 20% increase year-on-year, but reported a net profit of -1.38 billion CNY [5]. - In Q3 2024, the company generated revenue of 38.4 billion CNY, a 6.23% year-on-year increase, but net profit decreased by 28.18% compared to the previous year [5]. Operational Metrics - RPK for the first three quarters increased by 40% year-on-year, with domestic RPK up 16% and international RPK up 198% [2]. - The company’s seat kilometer revenue decreased by 4.5% year-on-year to 0.46 CNY/ASK, while seat kilometer costs fell by 5.5% to 0.43 CNY/ASK [3]. Profitability Forecast - The report projects net profits for 2024-2026 to be -2.224 billion CNY, 5.096 billion CNY, and 7.616 billion CNY respectively, with significant downward adjustments made to previous forecasts [4][6]. - The company is expected to see a gradual recovery in profitability driven by demand recovery and effective cost management [4].

一、本次限售股上市类型 中国国际金融股份有限公司 关于中国东方航空股份有限公司 非公开发行 A 股股票限售股上市流通的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 中国东方航空股份有限公司（以下简称"东航股份"或"公司"）聘请的持续督 导保荐机构，根据《中华人民共和国公司法》《中华人民共和国证券法》《证券发 行上市保荐业务管理办法》《上海证券交易所股票上市规则》以及《上海证券交 易所上市公司自律监管指引第 11 号——持续督导》等相关法律法规的要求，对 东航股份 2021 年度非公开发行 A 股股票限售股上市流通事项进行了审慎核查， 具体核查意见如下： 经中国证券监督管理委员会《关于核准中国东方航空股份有限公司非公开发 行股票的批复》（证监许可[2021]3298 号）核准，东航股份向中国东方航空集团 有限公司（以下简称"中国东航集团"）发行境内上市人民币普通股 A 股 2,494,930,875 股（以下简称"本次发行"），发行价格为人民币 4.34 元/股。 本次发行新增股份于 2021 年 11 月 9 日在中国证券登记结算有限责任公司 上海分公司办理完毕登记手续。本次发 ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2024-063 中国东方航空股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 中国东方航空股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开 董事会 2024 年第 4 次例会审议通过了《关于回购并注销公司股份的议案》，具 体内容详见公司于2024年8月30日刊登在上海证券交易所网站（www.sse.com.cn） 以及公司指定披露媒体上的《关于以集中竞价交易方式回购股份方案的公告》（公 告编号：临 2024-044）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现公司 2024 年第一次临时股东大会、2024 年 第一次 A 股类别股东大会及 2024 年第一次 H 股类别股东大会将于 2024 年 11 月 8 日召开 ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2024-062 中国东方航空股份有限公司 关于非公开发行限售股上市流通的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承 担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 2,494,930,875 股。 本次股票上市流通总数为 2,494,930,875 股。 本次股票上市流通日期为 2024 年 11 月 11 日。 一、本次限售股上市类型 经中国证券监督管理委员会《关于核准中国东方航空股份有限公司非公开发 行股票的批复》（证监许可[2021]3298 号）核准，中国东方航空股份有限公司（以 下简称"东航股份"、"公司"）向中国东方航空集团有限公司（以下简称"中国东 航集团"）发行境内上市人民币普通股 A 股 2,494,930,875 股（以下简称"本次发 行"），发行价格为人民币 4.34 元/股。 本次发行新增股份于 2021 ...

Investment Rating - The report maintains a "Recommendation" rating for China Eastern Airlines, with a target price of 4.49 CNY, representing a 17% upside from the current price of 3.84 CNY [3][5]. Core Insights - The report highlights that the airline industry is a classic cyclical sector, and once demand starts to recover, the supply constraints will drive strong price elasticity. The expected turning point is anticipated to have significant elasticity, similar to the market performance seen in 2009-2010 [3]. - The report adjusts the profit forecast for 2024-2026, expecting net profits of -2 billion, 5.5 billion, and 7.9 billion CNY respectively, with corresponding EPS of -0.09, 0.25, and 0.35 CNY [3][12]. - The report notes that the airline's core assets, including fleet, route network, and crew value, have not changed significantly despite the losses incurred since 2020 [3]. Financial Performance Summary - Total revenue for 2024 is projected at 132.94 billion CNY, reflecting a year-on-year growth of 16.9% [2][12]. - The net profit for 2024 is expected to be -2 billion CNY, a significant improvement from -8.17 billion CNY in 2023, with a year-on-year growth rate of 75.4% [2][12]. - The report indicates that the operating cost for 2024 is estimated at 125.36 billion CNY, with a year-on-year increase of 11.3% [12]. - The report provides a detailed breakdown of key financial metrics, including a projected PE ratio of 16 for 2025 and 11 for 2026, and a PB ratio of 2.1 for 2023, decreasing to 1.6 by 2026 [2][12]. Operational Metrics - The report states that the ASK (Available Seat Kilometers) for 2024 is expected to increase by 25.6% year-on-year, while RPK (Revenue Passenger Kilometers) is projected to grow by 40.5% [3][12]. - The passenger load factor is anticipated to reach 82.4% for the first three quarters of 2024, an increase of 8.7 percentage points year-on-year [3][12]. - The report highlights that the average passenger revenue per kilometer is expected to decline by 14.2% year-on-year for the first three quarters of 2024 [3][12].

Investment Rating - The investment rating for China Eastern Airlines is "Outperform the Market" [1][19][20] Core Views - The report indicates that China Eastern Airlines experienced a decline in net profit due to a drop in passenger kilometer revenue, despite a recovery in domestic demand and an increase in passenger load factor [1][5] - The company’s revenue for the first three quarters of 2024 reached 102.585 billion yuan, a year-on-year increase of 19.78%, with a net profit attributable to shareholders of -0.138 billion yuan, an improvement from -2.596 billion yuan in the same period last year [1][4] - The report highlights that while passenger transport volume and available seat kilometers (ASK) have recovered to above 2019 levels, the revenue per passenger kilometer (RPK) has significantly declined due to industry oversupply [1][5] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 38.386 billion yuan, a year-on-year increase of 6.23%, but a net profit of 2.63 billion yuan, down 28.2% year-on-year [1][4] - The passenger transport volume, RPK, and ASK grew by 15.66%, 26.12%, and 14.3% respectively compared to the previous year, recovering to 112.72%, 116.62%, and 113.69% of 2019 levels [1][5] Cost and Efficiency - The operating cost for Q3 2024 was 33.643 billion yuan, up 11.32% year-on-year, while the unit cost per ASK decreased by 2.61% to 0.42 yuan [1][7] - The average price of aviation kerosene fell by 3.6% year-on-year, contributing to the reduction in unit costs [1][7] Profitability Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 0.158 billion yuan, 4.577 billion yuan, and 7.685 billion yuan respectively, reflecting downward adjustments of -97%, -55%, and -43% [1][19][21] - The report emphasizes the importance of monitoring changes in domestic air travel demand as economic policies are implemented [1][19] Market Comparison - The report notes that the airline industry is expected to reach a balance between supply and demand by 2025-2026, which will likely restore performance to normal levels [17]

Investment Rating - The report maintains an "Outperform" rating for China Eastern Airlines (600115) [5] Core Views - The third quarter of 2024 saw a net profit of 2.63 billion yuan, a year-on-year decline of 28.18%, while operating revenue increased by 6.23% to 38.386 billion yuan, aligning with expectations [5] - The airline's operational data showed significant growth in passenger demand during the peak travel season, with overall ASK (Available Seat Kilometers) up 13.69% compared to 2019, and RPK (Revenue Passenger Kilometers) up 16.62% compared to 2019 [5] - Domestic operations showed a slower recovery in passenger load factors, while international operations have expanded significantly, with international ASK recovering to 100.69% of 2019 levels, a 179.85% increase year-on-year [5] - The fleet size reached 790 aircraft, a 12% increase compared to 2019 [5] - The report adjusts the 2024 domestic ticket price growth forecast to -13% due to lower-than-expected international recovery and weak ticket pricing [5] Summary by Sections Market Data - Closing price: 3.84 yuan - Market capitalization: 56.139 billion yuan - Price-to-book ratio: 4.3 [2][3] Financial Data - Q3 2024 operating revenue: 38.386 billion yuan, up 6.23% year-on-year - Q3 2024 net profit: 2.63 billion yuan, down 28.18% year-on-year - Total revenue for the first three quarters: 102.585 billion yuan, up 20% year-on-year [6][8] Earnings Forecast - 2024E net profit forecast: -1.675 billion yuan - 2025E net profit forecast: 4.654 billion yuan - 2026E net profit forecast: 8.143 billion yuan [6][8]