Core Viewpoint - The pet transportation market in China is rapidly evolving, with airlines introducing services to accommodate pet owners, reflecting the growing importance of pets in households and the increasing demand for pet-friendly travel options [3][4][5]. Group 1: Airline Services - China Eastern Airlines has launched a "pet in cabin" service on its Shanghai-Qingdao route, allowing pets to travel in designated areas of the economy class, with a maximum of two pets per flight [3]. - Other airlines, including Air China, China Southern Airlines, and Hainan Airlines, have also introduced pet transportation services, with Hainan Airlines being the first to offer a "pet in cabin" service in 2018 [4]. - The fees for transporting pets vary among airlines, with China Eastern charging 1288 yuan per pet per segment, China Southern 1299 yuan, and Hainan Airlines 1399 yuan [5]. Group 2: Market Trends - The pet economy in China is growing, with nearly 100 million households owning cats or dogs, leading to increased demand for pet travel services [4]. - The pet consumption market is projected to grow by 7.5% year-on-year in 2024, reaching 300.2 billion yuan, with the number of pet dogs and cats exceeding 120 million [5]. - There is a notable shift towards specialized and customized pet services, as the market for pet transportation becomes more refined and professionalized [5].

Core Insights - The transportation sector, represented by the CSI All Share Transportation Index, has shown a slight increase of 0.13% as of April 29, 2025, with notable gains from stocks like Longjiang Transportation and Wuchan Zhongda [3][4] - The Transportation ETF (159666) has experienced a 4.07% increase over the past year, with a current price of 0.95 yuan [3][4] - The ETF's net asset value has risen by 4.32% in the last year, with a maximum monthly return of 15.82% since its inception [3][4] Performance Metrics - The Transportation ETF has a year-to-date maximum drawdown of 7.56%, with a tracking error of 0.006% over the past three months [4] - The management fee for the ETF is 0.50%, and the custody fee is 0.10% [4] - The current price-to-earnings ratio (PE-TTM) for the index is 15.13, indicating a valuation lower than 93.56% of the time over the past year [4] Top Holdings - As of March 31, 2025, the top ten weighted stocks in the CSI All Share Transportation Index account for 49.96% of the index, with SF Express and Beijing-Shanghai High-Speed Railway being the largest components [5][7] - The top ten stocks include major players in logistics, rail, and aviation sectors, reflecting the overall performance of the transportation industry [5][7]

Group 1: Smartphone Market - Xiaomi has regained the top position in the Chinese smartphone market after ten years, with a shipment of 13.3 million units and a market share of 18.6%, representing a year-on-year growth of 39.9% [2] - Huawei shipped 11.2 million units with a market share of 15.7%, showing a year-on-year increase of 10% [2] - Apple experienced a decline, shipping 9.8 million units and a market share of 13.7%, down 10% year-on-year [2] Group 2: Corporate Developments - Apple is restructuring its teams, moving its robotics team to the hardware department, indicating dissatisfaction with its AI and machine learning leadership [3] - Cyberspace Group has submitted an application for listing on the Hong Kong Stock Exchange, with joint sponsors being CICC and China Galaxy International [4] - Warner Pharmaceuticals has received approval for its bismuth potassium citrate granules, which will enhance its market competitiveness [12] Group 3: Financial Performance - CICC reported a net profit of 2.042 billion yuan for Q1, a year-on-year increase of 64.85%, with revenues of 5.721 billion yuan, up 47.69% [9] - WuXi AppTec achieved a net profit of 3.672 billion yuan in Q1, marking a year-on-year growth of over 89% [10] - Shanghai Pharmaceuticals reported a net profit of 1.333 billion yuan in Q1, down 13.56% year-on-year [11] Group 4: Consumer Goods - Lao Feng Xiang reported a net profit of 613 million yuan in Q1, a decrease of 23.55% year-on-year, with revenues of 17.521 billion yuan, down 31.64% [13] - Three squirrels reported a net profit of 239 million yuan in Q1, a decline of 22.46% year-on-year, with revenues of 3.723 billion yuan, up 2.13% [16] Group 5: New Initiatives - China Petroleum & Chemical Corporation has commenced construction on a 30,000-ton carbon fiber project, expected to be completed by 2027, supporting the new materials industry [22][23] - ZTE is entering the companion robot market, planning to launch products focused on security monitoring and emotional companionship [6] Group 6: Market Trends - TikTok is implementing new regulations to combat malicious marketing accounts, introducing a health score mechanism for accounts [8] - The dining reservation volume for the upcoming holiday has surged, with Haidilao receiving over 25,000 reservations for the first day of the holiday [15]

Core Viewpoint - China Eastern Airlines has released its 2024 ESG report, emphasizing its commitment to sustainable development and high-quality growth, aligning with its goal of becoming a world-class airline [1][3]. Group 1: ESG Report Highlights - The report is the 17th in a series focused on sustainable development, themed "Responsibility Leads, Moving Upwards" [1]. - It integrates key standards from recent regulations, detailing practices and performance in sustainability through four chapters: "Safety Achieves Trust," "Enjoy a Wonderful Journey," "Green Leads the Future," and "Love Connects Happiness" [3]. - The report showcases significant events from 2024, including the operation of the C919 aircraft and initiatives like "Ice and Snow Passion, Eastern Airlines Helps Dreams" [3]. Group 2: Operational Performance - In 2024, the airline achieved 2.612 million hours of safe flight, a 14.5% increase year-on-year, with record highs in passenger and cargo transport [4]. - The fleet consists of over 800 modern aircraft, including the largest C919 fleet with 10 operational units and a total order of 105 [4]. - The company is advancing digital transformation and smart operations, enhancing service offerings through innovative products [4]. Group 3: Social Responsibility and Recognition - China Eastern Airlines contributed to carbon reduction by saving 216,000 tons of fuel and reducing CO2 emissions by 680,000 tons, with a 13% decrease in CO2 emissions per unit of transport turnover [5]. - The company invested 44.3 million yuan in non-repayable assistance and 204.24 million yuan in repayable assistance, training 1,932 industry leaders [5]. - The airline received multiple awards for its ESG efforts, enhancing its brand recognition and corporate responsibility image [5].

Core Points - The 15th Beijing International Film Festival's short video unit honored the series "China Travel: Departing with Eastern Airlines" as a second-class excellent work in the "Cultural China" section [1][3] - The festival received over 6,200 entries from around the world, evaluated by 10 international judges across four categories and three sections, emphasizing the creative transformation and innovative development of traditional Chinese culture [3] Group 1 - The "China Travel: Departing with Eastern Airlines" series showcases the diverse characteristics and tourism resources of major Chinese cultural cities like Beijing, Shanghai, and Wuhan, allowing global audiences to "virtually travel" in China [5] - The series capitalizes on China's visa-free transit policies and the rising popularity of inbound tourism, utilizing trending topics on overseas social media to engage viewers [5] - The videos employ AI creative techniques and green screen filming to create an "other-dimensional picture-in-picture" effect, appealing to younger audiences and stimulating interest in traveling to China [5] Group 2 - Eastern Airlines is expanding its international flight offerings, launching a new route from Shanghai Pudong to Abu Dhabi and increasing flights to Toronto, Moscow, and Amsterdam, with weekly international flights expected to exceed 1,500 [5] - The airline's short video initiatives have received multiple awards, including recognition at the Shanghai "Silver Dove Award" and the "Belt and Road" short video competition, highlighting its commitment to promoting Chinese culture through storytelling [5]

Core Viewpoint - The launch of the new flight route from Shanghai Hongqiao to Sanming marks a significant step in deepening cooperation between the two regions, enhancing connectivity and tourism potential [1][2]. Group 1: Flight Details - The new route is operated by China Eastern Airlines, with one flight daily, departing from Shanghai Hongqiao at 17:35 and arriving in Sanming at 19:20 [1]. - The return flight leaves Sanming at 20:05 and arrives back in Shanghai at 21:50, with a flight duration of only 1 hour and 40 minutes [1]. Group 2: Tourism Initiatives - Sanming has introduced attractive tourism packages to welcome visitors from Shanghai and surrounding areas, including themed travel routes focusing on cultural and natural experiences [1]. - Special promotional offers include free admission to 17 key scenic spots in Sanming for visitors arriving from Shanghai within 7 days of their flight, with a total ticket value exceeding 600 yuan [1]. Group 3: Market Impact - Prior to the launch of this route, visitors from Shanghai accounted for 60% of Sanming's external tourist sources, indicating a strong existing interest that the new flight is expected to further enhance [2]. - The new route is anticipated to activate the "weekend travel" and "health tourism" markets, attracting more tourists to experience Sanming's natural beauty and rich cultural heritage [2].

中国东方航空股份有限公司 2024 年可持续发展（ ESG) 报告 可持续之旅 安全成就信赖 2024 高质量发展足迹 专题 绿色领航未来 爱意联接幸福 附录 | 45 — 确保航空安全 | | --- | | 49 — 保障旅客出行安全 | | 50 — 关爱员工健康与安全 | 03 — 董事长致辞 05 — 报告说明 走进东航 | 67 — 应对气候变化 | 77 — 赋能员工成长 | | --- | --- | | 71 — 坚持绿色运营 | 82 — 推动乡村全面振兴 | | 73 — 保护生态环境 | 86 — 参与社区共建 | | 73 — 构筑可持续价值链 | 88 — 护航特殊飞行 | | 89 — 绩效表 | | --- | | 95 — 指标索引 | | 101 — 审验报告 | | 103 — 读者反馈 | 畅享精彩旅程 53 — 精进品质服务 37 — 可持续发展旅程 38 — 实质性议题管理 41 — 利益相关方参与 21 — 责任足迹 25 — 责任荣誉 29 — 冰雪燃情，东航助梦 33 — C919 翱翔天空，规模化运营启新程 07 — 关于东航 09 — 加强党的建设 10 ...

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].

(Stock Code 股份代號: 670) Dear non-registered shareholder(s), China Eastern Airlines Corporation Limited 中國東方航空股份有限公司 (A joint stock limited company incorporated in the People's Republic of China with limited liability) （在中華人民共和國註冊成立的股份有限公司） 請注意，所有未來公司通訊的英文版和中文版將在本公司網站 www.ceair.com 和披露易網站 www.hkexnews.hk 上提供，以代替印刷版。 Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications China Eastern Airlines Corporation Limited (the "Company") is writing to remind you that the Compa ...

China Eastern Airlines Corporation Limited 中國東方航空股份有限公司 (A joint stock limited company incorporated in the People's Republic of China with limited liability) （在中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號: 670) Dear registered shareholder(s), Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications China Eastern Airlines Corporation Limited (the "Company") is writing to remind you that the Company has adopted electronic dissemination of corporate communications (the "Corpora ...