FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國東方航空股份有限公司 呈交日期： 2025年6月20日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00670 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件 ...

Core Viewpoint - China Eastern Airlines has been assigned a credit rating of AAA with a stable outlook, indicating its strong position as a major state-owned airline in China, supported by government and shareholder backing [1][2][3]. Financial Performance - Total assets for the company as of March 2025 are reported at 285.30 billion, with total liabilities at 175.97 billion, resulting in a high debt-to-asset ratio of 85.84% [1][2]. - The company reported a net profit of -1.13 billion for the first quarter of 2025, continuing a trend of losses, although operating cash flow was positive at 2.39 billion [1][2]. - Revenue for the first quarter of 2025 was 33.41 billion, showing a significant increase compared to previous years [1][2]. Market Position and Competitive Landscape - China Eastern Airlines is one of the three major state-owned airlines in China, holding a significant market share in the aviation transport sector [2][3]. - The airline has been optimizing its fleet structure, maintaining a relatively young average fleet age of 9.2 years, which is competitive within the industry [19][20]. Industry Environment - The Chinese aviation industry is experiencing a recovery, with a projected GDP growth of 5.0% in 2024, which is expected to positively impact air travel demand [9][10]. - The industry is characterized by high competition among the three major state-owned airlines, with increasing pressure from smaller carriers as market access regulations are relaxed [12][13]. - Government policies are aimed at enhancing the efficiency of the aviation sector, including support for international route recovery and infrastructure development [13][14]. Future Outlook - The company plans to continue expanding its fleet, with projected capital expenditures of approximately 64.45 billion for aircraft and engines over the next three years [19][20]. - Despite the challenges of high operational costs and competitive pressures, the outlook remains stable due to ongoing government support and market recovery trends [2][3].

报告名称 中国东方航空股份有限公司 2025年度信用评级报告 目录 评定等级及主要观点 偿债来源与负债平衡 外部支持 评级结论 联系电话：+86-10-67413300 客服电话：+ 86-4008-84-4008 传真：+86-10-67413555 Email: dagongratings@dagongcredit.com 地址：中国北京市西城区三里河二区甲 18 号院 公司网站：www.dagongcredit.com 中国东航 2025 年度信用评级报告 信用等级说明 DGZX-R【2025】00589 评级对象 偿债环境 财富创造能力 大公国际资信评估有限公司通过对中国东方航空股份有限公司主 体信用状况进行分析和评估，确定中国东方航空股份有限公司的主体 信用等级为 AAA，评级展望为稳定。 特此说明。 大公国际资信评估有限公司 评审委员会主任： 二〇二五年六月二十日 2 评定等级 | 信用等级： | AAA | | --- | --- | | 评级展望： | 稳定 | | 主要财务数据和指标（单位：亿元、%） | | | | | | --- | --- | --- | --- | --- | | 项 ...

证券代码：600115 证券简称：中国东航 公告编号：临 2025-041 中国东方航空股份有限公司 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 本公司前次信用评级结果为 AAA，前次信用评级时间为 2024 年 6 月 27 日， 评级机构为大公国际。 大公国际通过对本公司经营状况进行综合分析与评估，于 2025 年 6 月 20 日出具了《中国东方航空股份有限公司 2025 年度信用评级报告》（以下简称"本 次评级报告"）。本次评级报告审定本公司主体信用等级为 AAA，评级展望为 稳定。 本次评级报告详见上海证券交易所网站（http://www.sse.com.cn）。 特此公告。 中国东方航空股份有限公司 2025 年度信用评级结果公告 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。 根据中国证券监督管理委员会《公司债券发行与交易管理办法》《上市公 司证券发行注册管理办法》和《上海证券交易所公司债券上市规则》的有关规 定，中国东方航空股份有限公司（以下简称"本公司"）委托 ...

Core Points - The 9th China-South Asia Expo and the 29th China Kunming Import and Export Commodities Fair opened in Kunming, with China Eastern Airlines as the official designated airline service provider [1][4] - China Eastern Airlines aims to enhance the travel experience for attendees by offering various services such as additional free baggage allowance, dedicated check-in counters, expedited security checks, and ticket discounts [4][6] Group 1: Event Overview - The South Asia Expo is a significant economic and trade exchange event between China and South Asian countries [4] - China Eastern Airlines plays a crucial role as a major carrier in the Kunming aviation hub, supporting the Belt and Road Initiative [4] Group 2: Services Offered - China Eastern Airlines has introduced a series of enhanced services for the expo, including an extra 23 kg baggage allowance for international flights and an additional 20 kg for domestic flights from Kunming [6] - The airline has implemented a seamless travel experience with "one ticket to the end" and "baggage direct transfer" for passengers transiting through Kunming [8] Group 3: Special Initiatives - A special fast-track service has been launched for the Kunming-Bangkok route, providing exclusive check-in counters and international courtesy packages for travelers [9] - The airline is also hosting a "Happiness Cloud·Tourism Market" event at the expo, allowing international guests to experience the charm of Yunnan [9] Group 4: Brand Promotion - China Eastern Airlines' branding is featured on all expo credentials, providing attendees with tangible travel conveniences and enhancing brand value [6] - The airline has deployed trained flight attendants to serve as volunteers at the expo, showcasing professionalism and enhancing the event's image [12]

根据相关运输规定，携宠旅客须年满十八周岁且具有民事行为能力及陪护能力，每名旅客最多可将1只宠物带入客舱，每个航班最多可带2只宠物，宠物类型 仅限家庭驯养的小型猫及狗。 目前该服务仅限东航、上航实际承运的指定往返直达航班经济舱，有需求的旅客可在航班起飞前24小时，通过中国东方航空APP或小程序等官方途径下单购 买。同时要按要求提供国家相关职能部门出具的《动物检疫合格证明》、小动物疫苗注射证明以及《东航宠物进客舱（猫、狗）申请书》。东航建议旅客提 前2小时抵达机场办理专属值机，以便工作人员协助做好宠物安置引导，最大限度降低对其他旅客的影响。 针对宠物箱尺寸，东航要求：宠物箱长×宽×高尺寸不得超过35×28×24 厘米；软边宠物箱在展开状态可稍微超过如上尺寸限制，但经下压体积也不得超过 35×28×24 厘米。东航提示，根据规定宠物箱将放置于前排座椅下方，因空间有限建议旅客携带能够在宠物箱内自由站立和转身的宠物同行。 据悉，该服务自今年5月1日首次在青岛-上海往返航线上推出以来，受到社会各界广泛关注。在本次增设的航线中，除济南-上海航线以外，还有上海至北 京、广州、深圳、太原、南昌、鄂尔多斯（仅限浦东）、合肥（仅限 ...

Group 1: Aviation Sector - The aviation sector is expected to see strong demand during the summer peak season, with a recommendation to focus on pre-peak investment opportunities. The industry has gradually emerged from the low-demand season since March, with rational pricing strategies from airlines supporting demand [3][12]. - In 2024, the total revenue of six listed airlines is projected to reach 521.8 billion yuan, a year-on-year increase of 14%, with a tax pre-profit of 3 billion yuan, a significant recovery from a loss of 9 billion yuan in 2023. Different airlines show varying degrees of profit improvement [10][12]. - The report highlights that the international oil price decline will significantly enhance airline profits. A 5% drop in Brent crude oil prices could increase the pre-tax profits of major airlines by 29 billion yuan for Air China and 23 billion yuan for Eastern Airlines [14][15]. Group 2: Express Delivery Sector - The express delivery sector is anticipated to maintain strong growth resilience, with business volumes expected to increase by 21.5% in 2024 and 21.6% in Q1 2025. The total business volume for 2024 is projected to reach 1.758 billion pieces [32][35]. - The market concentration in the express delivery industry is on the rise, with the CR8 index expected to reach 85.2% in 2024 and 86.9% in Q1 2025, indicating a more consolidated market [32][35]. - Revenue for the express delivery industry is forecasted to grow by 13.8% in 2024, reaching 1.4 trillion yuan, with a slight pressure on average ticket prices, which are expected to decline by 14.2% [35][36]. Group 3: Dividend and Asset Value - The report emphasizes the value of dividend assets in the transportation sector, with cash dividend ratios for highways, railways, and ports projected at 51%, 47%, and 36% respectively for 2024, indicating strong cash flow stability [44][45]. - The TTM dividend yields for these sectors are expected to be 3.0% for highways, 3.3% for railways, and 2.3% for ports, reflecting a stable increase compared to previous years [44][45]. Group 4: Shipping Sector - The shipping sector faces short-term pressure due to US-China tariff disputes, but structural opportunities may arise. The report suggests that the tariff situation could lead to a shift in import demands, particularly for agricultural products, which may benefit dry bulk shipping [48][56]. - Historical data indicates that previous trade disputes have led to increased shipping rates for certain routes, suggesting potential for similar outcomes in the current context [48][56].

公司名稱： 中國東方航空股份有限公司 呈交日期： 2025年6月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600115 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 | 13). | 購回股份擬註銷但尚未註銷 | | 2,300,000 | 0.0103 % | HKD | 2.45 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年2月19日 | | | | | | 14). | 購回股份擬註銷但尚未註銷 | | 2,800,000 | 0.0126 % | HKD | 2.48 | | | 變動日期 | 2025年2月20日 | | | | | | 15). | 購回股份擬註銷但尚未註銷 | | 2,500,000 | 0.0112 % | HKD | 2.48 | | | 變動日期 | 2025年2月21日 | | | | | | 16). | 購回股份擬註銷但尚未註銷 | | 1,660,000 | 0.0074 % | HKD | 2.56 | | | 變動日期 | 2025年2月24日 | | | | | | 17). | 購回股份擬註 ...

Market Overview - A-shares experienced narrow fluctuations, with the Shanghai Composite Index closing up 0.04% at 3388.81 points, the Shenzhen Component rising 0.24%, and the ChiNext Index increasing by 0.23%[1] - The Hang Seng Index fell by 1.12% to close at 23710.69 points, while the Hang Seng Tech Index dropped 1.46% and the Hang Seng China Enterprises Index decreased by 1.16%[1] - The total market turnover in Hong Kong decreased to 1819.29 million HKD[1] Economic Indicators - The Federal Reserve maintained interest rates, with projections indicating two potential rate cuts by the end of the year[8] - The Fed's dot plot suggests a downward revision in GDP growth forecasts, alongside an increase in unemployment and inflation expectations[8] - The U.S. consumer confidence index for June showed a preliminary value of 60.50, compared to previous values of 52.20 and 53.60[17] Geopolitical Developments - Tensions escalated as Iran refused to surrender, with President Trump convening a war room meeting, although no final decision on military action was made[8] - Reports indicated that the U.S. might attack Iran within 24 hours if negotiations fail[12] Sector Performance - The oil and gas sector continued to rise, while precious metals showed significant gains[1] - The banking sector led the gains in the A-share market, reflecting investor confidence amid economic uncertainties[1]