Summary of China Eastern Airlines Conference Call Industry Overview - The domestic aviation market shows strong demand with an overall passenger load factor reaching 89.02%, an increase of approximately 3 percentage points year-on-year [2][4] - The international routes, particularly to Europe, have performed exceptionally well, with passenger kilometer revenue increasing by 35% and load factors above 85% [2][5] - The airline industry is expected to see an overall profit growth of about 8% in 2025, with domestic markets contributing 4% and international markets 15% [2][8] Key Points and Arguments - **Ticket Price Trends**: Ticket prices before the summer travel season in 2025 are expected to rise significantly compared to 2019, reflecting optimistic market expectations [2][3] - **Domestic Revenue Recovery**: Domestic passenger kilometer revenue decline has narrowed to 3.4% year-on-year, indicating a recovery trend since March [4][10] - **Capacity Expansion Plans**: China Eastern Airlines plans to introduce 60 new aircraft in 2025 while retiring 26, and expects international capacity to grow by approximately 25% [4][13] - **Operational Strategy**: The airline aims to enhance its operational strategy by focusing on long-haul, emerging markets, and international routes, avoiding price wars and low-cost competition [4][22] Additional Important Insights - **Short-Haul International Routes**: Southeast Asia and South Korea have shown improved load factors, with Southeast Asia reaching 82.53% and South Korea at 86.16% [6][8] - **Market Sensitivity**: The airline acknowledges the sensitivity of pricing to different demographics, particularly the elderly and younger travelers, which may affect pricing strategies [10][22] - **Hub Development**: China Eastern Airlines is enhancing its hub operations in Shanghai, aiming to increase market share in the Yangtze River Delta region [19][20] - **Impact of External Factors**: The airline's performance is influenced by external factors such as oil price fluctuations and the ongoing recovery from the pandemic [15][25] Conclusion China Eastern Airlines is positioned for growth in 2025, with a focus on expanding capacity, improving operational efficiency, and navigating the competitive landscape while maintaining a strategic approach to pricing and market development. The airline's proactive measures in response to market dynamics and consumer behavior will be crucial for its success in the upcoming summer travel season.

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17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 ...

Core Viewpoint - China Eastern Airlines held its highest-level and largest-scale ground service skills competition on June 17, aimed at enhancing service awareness and professional skills among ground service employees, ultimately improving passenger travel experiences [1][8]. Group 1: Competition Overview - The competition, themed "Skill Shines in the East, Empowering the Future," involved over 17,000 ground service employees from various global airports, showcasing a comprehensive range of skills across three core areas: weight balance, ground equipment operation, and civil aviation passenger service [1]. - The final competition included individual and team events in the civil aviation passenger service category, testing participants' overall qualities [1][6]. Group 2: Skill Assessment and Training - Participants in the individual competition were required to quickly and accurately answer questions related to check-in services, transfer services, VIP lounge services, and boarding gate services, as well as demonstrate knowledge of the latest service products and digital tools [6][7]. - The team competition involved scenarios requiring participants to demonstrate professional skills in handling service incidents, such as passenger support during adverse weather conditions and requests for wheelchair services [7]. Group 3: Strategic Goals and Future Plans - The event aimed to foster a competitive atmosphere within the ground service system, enhancing employees' business capabilities and overall service quality in preparation for the upcoming peak travel season [8]. - China Eastern Airlines is actively improving ground service support for inbound and outbound travelers, aligning with recent visa facilitation measures and the expansion of its "visa-free friends" network [7].

申万宏源发布研报称，五一假期出行超预期、节后量价进一步稳定，航空市场正稳步迈入旺季阶段，从 今年市场的供需结构来看，市场供给增长放缓，旅客量自然增长的核心逻辑不变，若后续国内航司票价 持续回暖，将验证支撑航司收益提升逻辑。继续看好航空板块，供给逻辑确定性强，需求端具备弹性， 在外部油汇变化配合下航司能够释放较大业绩提升空间，推荐中国国航（601111）(601111.SH)、华夏航 空（002928）(002928.SZ)、春秋航空（601021）(601021.SH)、吉祥航空（603885）(603885.SH)、国泰 航空(00293)、南方航空（600029）(600029.SH)、中国东航（600115）(600115.SH)。 国际市场：国际运力与运量保持恢复，部分航司恢复情况接近或超过疫情前水平 航司5月数据总体情况：五一假期带动需求旺盛，各航司运力与旅客周转量继续稳步提升 6家上市航司ASK运力同比2024年增长：中国国航(+4%)、中国东航(+9%)、南方航空(+5%)、吉祥航空 (+0.5%)、春秋航空(+11%)、海航控股（600221）(+15%)；各航司RPK旅客周转量同比增长：中国 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [6][57]. Core Insights - The report expresses a positive outlook on the aviation sector, particularly regarding the upcoming summer travel season, driven by improved demand and operational metrics [8]. - Key factors supporting this outlook include resilient domestic demand, ongoing recovery in international routes, and supply constraints in the market [8]. - The report highlights specific airlines, such as Huaxia Airlines and Spring Airlines, as leaders in the domestic regional market, while also noting the potential for China National Aviation to release elasticity in operations [8]. Summary by Sections Airline Data Analysis - In May, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (11.5%), followed by Eastern Airlines (9.3%) and Southern Airlines (5.0%) [2]. - For RPK (Revenue Passenger Kilometers), Eastern Airlines showed the highest growth at 15.4%, with Spring Airlines at 11.7% [2]. - Cumulative data from January to May indicates Spring Airlines leading in ASK growth (8.9%) and Eastern Airlines in RPK growth (12.7%) [2]. Domestic and International Routes - Domestic routes in May saw Spring Airlines with an ASK growth of 10.9% and RPK growth of 12.0% [3]. - Internationally, Juneyao Airlines led with an ASK growth of 50.1% and RPK growth of 66.7% in May [3]. - Cumulative data for international routes from January to May shows Juneyao Airlines with a significant ASK growth of 69.5% and RPK growth of 71.2% [3]. Load Factor and Fleet Size - The load factor in May was highest for Spring Airlines at 91.1%, with a year-on-year increase of 0.1 percentage points [4]. - The total fleet size of the five listed airlines increased by 6 aircraft in May, with a year-on-year growth of 3.1% [4]. Market Performance - The aviation sector's total market capitalization is reported at 730.725 billion yuan, with a circulating market value of 514.519 billion yuan [6]. - The absolute performance of the sector over the last month was -3.3%, while the relative performance was +2.8% [6].

Investment Rating - The report maintains an "Overweight" rating for the aviation transportation sector [6]. Core Viewpoints - The aviation industry is expected to benefit from a strong summer travel season, with airlines likely to realize pricing and profit elasticity [2][5]. - The industry has shown a steady increase in capacity and passenger load factors, indicating a positive trend in operational performance [3][4]. - Airlines are anticipated to enter a profit cycle due to low supply growth and improved revenue management, alongside the appreciation of the Renminbi [2][5]. Summary by Sections Passenger Load Factors - In May, the three major airlines reported a passenger load factor of 84.1%, up 3.4 percentage points year-on-year, with capacity increasing by 6.0% [3][11]. - Spring Airlines achieved a load factor exceeding 90%, reflecting strong operational performance [4]. - The overall passenger load factor for the combined three major airlines, Spring Airlines, and Juneyao Airlines was 84.6%, an increase of 3.2 percentage points year-on-year [11]. Revenue and Pricing - The report indicates that the average ticket price has been rising for eight consecutive weeks, suggesting a positive revenue outlook for the summer peak season [2][5]. - The domestic route average ticket price was reported at 693 RMB, showing a significant improvement compared to previous weeks [5]. Company Recommendations - The report recommends buying shares in several airlines, including China National Aviation (753 HK), China Eastern Airlines (670 HK), and Spring Airlines (601021 CH), among others, with target prices set for each [9][25]. - The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate a favorable investment outlook [25][27].

Group 1 - Iran's armed forces shot down an F-35 fighter jet, with Israel's military claiming unawareness of the incident [2] - Israeli Prime Minister Netanyahu stated that Israel has killed 10 Iranian senior nuclear scientists and will continue targeting Iranian nuclear objectives [2] - 21 countries condemned Israel's actions in the ongoing conflict with Iran [2] Group 2 - The National Medical Products Administration of China announced a "30-day fast-track approval channel" for innovative drug clinical trials to enhance the efficiency of drug development [3] - The initiative aims to support key national research projects and encourage international multi-center clinical trials [3] Group 3 - Domestic fuel prices are expected to rise for the fifth time this year, with predictions of an increase of 230 yuan per ton for gasoline and diesel [4] - The rise in oil prices is attributed to strong international crude oil prices and tensions in the Middle East [4] Group 4 - Goldman Sachs identified a group of ten leading Chinese private enterprises, dubbed the "Ten Giants of Chinese Private Enterprises," which are expected to strengthen their market positions [5] - The report suggests that these companies could mirror the dominance of the U.S. tech giants [5] Group 5 - Circle's CEO indicated that the moment for stablecoins to gain widespread recognition is approaching, akin to the "iPhone moment" for programmable digital currencies [6] - The potential for stablecoins to lower costs for fintech startups was highlighted, suggesting increased competition and better user experiences [6] Group 6 - A wave of control changes is occurring in A-shares, with 63 companies planning ownership changes since 2025, indicating a significant acceleration in capital consolidation [7] - The current wave differs from previous ones, with a more mature and rational market response [7] Group 7 - Trump announced a delay in sanctions against Russia to facilitate negotiations, while Russia's Foreign Ministry expressed hope for a quick resolution [8] Group 8 - Public funds are focusing on new economic sectors for the second half of the year, with expectations of a market rebound driven by supportive policies and domestic consumption [9] - The anticipated easing of U.S. trade policies is expected to reduce negative impacts on the economy [9] Group 9 - Haitai Flavor Industry's H-shares are set to list on June 19, with over 930 times subscription, raising approximately 10.1 billion HKD [10] - The company will issue 263 million H-shares, with a significant portion allocated for international investors [10] Group 10 - Midea Group announced a share repurchase plan of up to 10 billion yuan, aiming to buy back at least 50 million shares [11] - The repurchased shares will be used for capital reduction and employee incentive plans [11] Group 11 - Yunlu Co. reported that its chairman was detained, but the company stated that this would not significantly impact its operations [12][13] - The company continues to operate normally despite the chairman's absence [12][13] Group 12 - Ant Group is applying for stablecoin licenses in Hong Kong and Singapore, aiming to leverage blockchain technology for financial applications [14] - The company is accelerating investments in global asset management and partnerships [14] Group 13 - China's quantum measurement and control system has been delivered, indicating progress in quantum computing [15] - Various sectors are experiencing positive developments, including the IP economy and tourism-related industries [15] Group 14 - A-shares showed a positive trend with major indices closing higher, driven by gains in technology and financial sectors [16] - The market remains resilient despite geopolitical tensions, with significant movements in large tech stocks [16] Group 15 - European stock indices also reported gains, reflecting a positive sentiment in the market [17] Group 16 - The outlook for the second half of the year is optimistic, with expectations of a rebalancing in global assets and continued policy support [18] - Fund managers are focusing on structural opportunities in the market, particularly in technology and cyclical sectors [19] Group 17 - A new domestic insulation materials company is set to launch an IPO, indicating ongoing market activity [20] Group 18 - China Eastern Airlines reported a 15.43% increase in passenger turnover in May, reflecting recovery in the aviation sector [27] - Shenzhen Airport also saw a 15.67% increase in passenger throughput, indicating growth in travel demand [29] Group 19 - Huayue Care announced plans to reduce shareholding by up to 1.07 million shares due to funding needs [30][31] Group 20 - Baida Qiancheng signed a licensing agreement with Mango TV for a series of film and television productions, valued at 372 million yuan [32] - China Energy Construction won a bid for a project worth approximately 5 billion yuan, showcasing ongoing infrastructure investments [33]

南方航空（600029）及所属子公司5月客运运力投入同比上升4.99%，旅客周转量（按收入客公里计， 下同）同比上升8.43%，客座率为85.91%，同比上升2.73个百分点。 中国国航（601111）及所属子公司客运运力投入同比上升4.5%，旅客周转量同比上升8.4%，平均客座 率为81.3%，同比上升2.9个百分点。 春秋航空（601021）客运运力同比上升11.49%，旅客周转量同比上升11.66%，客座率91.07%。 近日，多家上市航司陆续披露了5月运营情况，运力、旅客周转量等数据整体同比增长，显示持续向 好。 上市航司5月运营数据向好 客运方面，中国东航（600115）5月客运运力投入（按可用座公里计，下同）同比上升9.27%，旅客周 转量（按客运人公里计）同比上升15.43%，客座率为85.39%，同比上升4.56个百分点。 2025年一季度，上市航司业绩出现分化。春秋航空、吉祥航空、海航控股（600221）和华夏航空 （002928）实现盈利，中国国航、中国东航、南方航空仍未扭亏。 一季报盈利的航司中，春秋航空实现营业收入53.17亿元，同比增长2.88%，归母净利润6.77亿元，同比 下滑1 ...

此海外監管公告是根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 第13.10B條及證券及期貨條例（香港法例第571章）第XIVA部項下的內幕消息條文（定義見 上市規則）發出。 中國東方航空股份有限公司（「本公司」）及董事會全體成員保證公告內容真實、準確和完 整，不存在虛假記載、誤導性陳述或者重大遺漏。 一、運營情況 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00670） 內幕消息 海外監管公告 2025 年 5 月運營數據公告 3 | | 2025年5月 | 2024年5月 | | 2025年5月 | 2024年5月 | | | --- | --- | --- | --- | --- | --- | --- | | | 月度完成數 | 月度完成數 | 同比增長 | 累計完成數 | 累計完成數 | 同比增長 | | 貨郵載運量（公斤）（百萬） | 95.15 | 88 ...

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 2025-039 中国东方航空股份有限公司 2025 年 5 月运营数据公告 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。 一、运营情况 中国东方航空股份有限公司（以下简称"本公司"） 2025 年 5 月客运运力投入 （按可用座公里计）同比上升 9.27%；旅客周转量（按客运人公里计）同比上升 15.43%；客座率为 85.39%，同比上升 4.56 个百分点。2025 年 5 月货邮周转量 （按货邮载运吨公里计）同比上升 10.58%。2025 年 5 月，国内市场新开常州-湛 江、青岛-喀什航线；加密上海虹桥-烟台、上海浦东-济南、上海浦东-重庆、上海 浦东-丽江、北京大兴-深圳、北京大兴-广州、昆明-杭州等航线。国际市场加密上 海浦东-莫斯科、上海浦东-福冈、上海浦东-大阪、上海浦东-济州、昆明-胡志明 市等航线。 二、飞机机队 2025 年 5 月，本公司引进 4 ...