FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國東方航空股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00670 | 說明 | | 中國東方航空股份有限公司H股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,176,777,777 | RMB | | 1 RMB | | 5,176,777,777 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 5,176,777,777 | RMB | | 1 RMB | | 5,176,777,777 | | 2. 股份 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company is expected to narrow its losses significantly in 2024, with a forecasted revenue of RMB 132.12 billion, representing a 16.1% year-on-year increase, and a net loss of RMB 4.226 billion, which is an improvement from a net loss of RMB 8.168 billion in 2023. The company is projected to turn profitable by 2025 [1][4] - The airline industry is experiencing a recovery, with a notable increase in passenger load factor and a potential rebound in unit revenue per passenger kilometer in 2025 due to tightening domestic supply and stabilizing international ticket prices [2][4] Summary by Sections Financial Performance - In Q4 2024, the company reported a net loss of RMB 4.088 billion, an improvement from RMB 5.561 billion in Q4 2023, primarily due to a 24% decrease in aviation fuel prices. The full-year net loss for 2024 is expected to be RMB 4.226 billion, a reduction of RMB 39.64 billion compared to the previous year [3][4] - The company's operating revenue for 2024 is projected at RMB 132.12 billion, with a year-on-year growth of 16.1%. The operating cost is expected to be RMB 126.5 billion, leading to a gross profit of RMB 5.62 billion [6][28] Profitability Forecast - The company has slightly raised its profit forecasts for 2025 and 2026, expecting a net profit of RMB 3.138 billion in 2025 and RMB 6.508 billion in 2026, reflecting a significant turnaround from previous losses [4][28] - The estimated earnings per share (EPS) for 2025 is projected to be RMB 0.14, with a return on equity (ROE) of 7.41% [6][28] Valuation Metrics - The target price for the company's A/H shares has been set at RMB 5.10 and HKD 3.20, reflecting a price-to-book (PB) ratio of 2.6x for A shares and 1.5x for H shares based on the expected recovery in profitability [4][8] - The company’s historical 10-year average PB is 2.2x for A shares and 1.2x for H shares, indicating a premium valuation due to anticipated improvements in return on equity [4][6]

Core Viewpoint - China Eastern Airlines reported a net loss of 4.226 billion yuan for 2024, a year-on-year reduction in losses by 48.4%, aligning with the lower end of its earnings forecast [1] Financial Performance - Total operating revenue for 2024 reached 132.12 billion yuan, representing a year-on-year growth of 16.11%, with passenger revenue increasing by 16.2% and cargo revenue by 46.7% [3] - The company recorded a net loss attributable to shareholders of 4.798 billion yuan, a year-on-year reduction in losses by 44.44% [1] - The unit cost of ASK (Available Seat Kilometers) was 0.42 yuan, a decrease of 7% year-on-year, while the unit cost excluding fuel decreased by 6% [3] Operational Data - Overall ASK increased by 9.9% compared to 2019 and by 21.2% compared to 2023, while overall RPK (Revenue Passenger Kilometers) rose by 11.0% compared to 2019 and by 34.9% compared to 2023 [1] - Domestic ASK recovered to 117.9% of the 2019 level, with domestic RPK at 119.1% of 2019, and domestic passenger volume at 109.9% of 2019 [1] - International ASK reached 95.3% of the 2019 level, with international RPK at 95.8% of 2019, and international passenger volume at 97.8% of 2019 [1] Fleet and Aircraft Delivery - In 2024, the company delivered 35 aircraft and retired 13, resulting in a fleet size of 804 aircraft, a year-on-year increase of 2.8% [2] - The company plans to net add 34, 51, and 28 aircraft in 2025, 2026, and 2027, respectively, indicating future fleet growth rates of 4.2%, 6.1%, and 3.1% [2] Investment Analysis - Due to stable market demand and declining ticket prices, the 2025 domestic passenger kilometer revenue growth assumption has been adjusted to 1% from the original 3% [4] - The earnings forecast for 2025 and 2026 has been revised down to 2.935 billion yuan and 5.735 billion yuan, respectively, with a new estimate for 2027 at 8.895 billion yuan [4] - The current market valuation corresponds to a 2027 earnings forecast PE of 9X, which remains below the historical valuation average of the three major airlines, maintaining an "overweight" rating [4]

Financial Performance - The net profit attributable to shareholders for the year 2024 was -42.26 billion RMB, resulting in a negative distributable profit for the parent company, leading to no cash dividends being proposed[6]. - The operating revenue for 2024 reached RMB 132,120 million, representing a 16.11% increase compared to RMB 113,788 million in 2023[23]. - The net profit attributable to shareholders was a loss of RMB 4,226 million in 2024, an improvement from a loss of RMB 8,190 million in 2023[23]. - The cash flow from operating activities increased by 40.53% to RMB 37,314 million in 2024, up from RMB 26,553 million in 2023[23]. - The total assets decreased by 2.11% to RMB 276,600 million in 2024, down from RMB 282,574 million in 2023[23]. - The basic earnings per share for 2024 was -0.19 yuan, an improvement from -0.37 yuan in 2023[25]. - The weighted average return on equity improved to -23.04% in 2024 from -32.34% in 2023, an increase of 9.30 percentage points[25]. - The operating cost for the company was RMB 126.50 billion, reflecting a year-on-year increase of 12.48% from RMB 112.47 billion[68]. - The company’s financial expenses decreased by 10.62% to RMB 58.40 billion, primarily due to a reduction in interest expenses[74]. - The company’s sales expenses rose to RMB 55.24 billion, a 27.37% increase, attributed to the growth in passenger numbers, especially international travelers[73]. Operational Highlights - The company operates a modern fleet of 804 aircraft, making it one of the three major state-owned airlines in China, with a route network covering 1,000 destinations in 160 countries and regions[15]. - The company completed 2.6123 million safe flight hours and 1.0293 million takeoffs and landings, with increases of 14.49% and 7.96% year-on-year respectively[38]. - The company achieved a total transportation turnover of 25.25 billion ton-kilometers and a passenger transportation volume of 141 million, representing year-on-year growth of 36.32% and 21.58% respectively[37]. - The company expanded its hub market share in Shanghai to 42.2% and in the Yangtze River Delta to 32%, with year-on-year increases of 0.9 and 1.4 percentage points[40]. - The company launched 11 new international routes and restored international flight volume to 102% of 2019 levels, significantly leading the industry[40]. - The company completed 313 cost reduction and efficiency enhancement projects in 2024, achieving cumulative efficiency gains of RMB 1.555 billion[43]. Strategic Initiatives - The company initiated a digital transformation plan, establishing a digital technology company and launching key projects in smart marketing and maintenance[46]. - The company aims to strengthen its market position through strategic initiatives aligned with national policies, including the Yangtze River Economic Belt and the integration of the Yangtze River Delta[53]. - The company is committed to green operations, promoting sustainable aviation fuel (SAF) across multiple routes and aircraft types[49]. - The company is focusing on market expansion and new technology development as part of its future outlook[161]. - The company plans to invest approximately RMB 644.45 billion in aircraft and related equipment over the next three years, with expected capital expenditures of RMB 277.36 billion, RMB 215.18 billion, and RMB 151.91 billion for the years 2025 to 2027 respectively[106]. Risk Management and Compliance - The company has implemented a comprehensive risk management system, focusing on high-risk areas and enhancing the resilience of its subsidiaries[48]. - The company is actively monitoring macroeconomic conditions and geopolitical risks that could impact aviation demand[129]. - The company is enhancing its safety management system to mitigate risks related to operational safety[132]. - The company is focusing on compliance and legal matters with Guo Junxiu serving as Chief Compliance Officer since October 2022[181]. - The company is prioritizing safety and operational efficiency with Li Ye taking on multiple roles related to safety management since 2024[177]. Corporate Governance - The company has established a modern corporate governance structure with a board of directors consisting of 7 members, including 5 independent directors, to enhance decision-making and oversight[148]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to RMB 4.0573 million[186]. - The board approved the 2023 annual financial report and profit distribution plan during the first board meeting of 2024 on February 5, 2024[189]. - The company is undergoing changes in its board composition, with several new appointments and elections scheduled for 2024[188]. - The company has not faced any penalties from securities regulatory agencies in the past three years[189]. Future Outlook - Future guidance indicates a projected revenue growth of 25% for the upcoming fiscal year, driven by market expansion strategies[166]. - New product development initiatives are expected to contribute an additional 10% to overall revenue, focusing on innovative technologies[167]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by 2025[168]. - The company is exploring potential mergers to strengthen its competitive position, with discussions currently underway[173].

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 2025-027 中国东方航空股份有限公司 关于召开 2024 年度业绩说明会的提示性公告 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。 重要内容提示： 会议召开时间：2025 年 4 月 2 日（星期三） 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可在 2025 年 4 月 1 日（星期二）16:00 前登录上证路演中心网站 首页点击"提问预征集"栏目或通过电子邮件方式（ir@ceair.com）向公司提出 所关注的问题，邮件标题请注明"600115 业绩说明会"，公司将在业绩说明会 上选择投资者普遍关注的问题予以回答。 中国东方航空股份有限公司（以下简称"公司"）于 2025 年 3 月 28 ...

: 中国东方航空股份有限公司 涉及财务公司关联交易的 存贷款等金融业务的专项说明 二零二四年十二月三十一日止年度 -所直名所(姓珠普通合公) 关于中国东方航空股份有限公司 涉及财务公司关联交易的存贷款等金融业务的专项说明 德师报(函)字(25)第 Q00322 号 中国东方航空股份有限公司董事会: 我们接受委托,依据中国注册会计师审计准则审计了中国东方航空股份有限公司(以下 简称"贵公司"）2024年12月31日合并及母公司资产负债表、2024年度合并及母公司利润表、 合并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注(以下合称 "财务报表"),并于 2025年3月28日签发了德师报(审)字(25)第 P03132号无保留意见的审计 报告。 根据《上海证券交易所上市公司自律监管指引第5号 -- 交易与关联交易》的要求,贵公 司编制了后附的 2024 年度涉及财务公司关联交易的存贷款等金融业务情况的汇总表(以下简 称"汇总表"）。 如实编制和对外披露汇总表并确保其真实性、合法性及完整性是贵公司管理层的责任。 我们对汇总表所载资料与本所审计贵公司 2024 年度财务报表时所复核的会计资料和经审 ...

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 2024 年度募集资金存放与使用情况的专项核查报告 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[2022]2995 号）核准，中国东方航空股份有限公司（以 下简称"东航股份"、"发行人"或"公司"）向包括中国东方航空集团有限公司（以 下简称"中国东航集团"）在内的 20 名发行对象发行境内上市人民币普通股 A 股 3,416,856,492 股，发行价格为人民币 4.39 元/股，募集资金总额为人民币 14,999,999,999.88 元，扣除发行费用后，募集资金净额为人民币 14,967,240,755.57 元，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"）担任 东航股份 2022 年度非公开发行 A 股股票并上市工作的保荐机构，负责持续督导 工作。 根据《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 券交易所上市公司自律监管指引第 11 号——持续督导》和《上市公司监管指引 第 2 号——上市公司募集资金管理和使用的监管要求》等有关法律法规和规范性 文件的要求，中 ...

中国东方航空股份有限公司 董事会审计和风险管理委员会 2024 年度对 会计师事务所履行监督职责情况报告 根据《公司法》《上市公司治理准则》《国有企业、上 市公司选聘会计师事务所管理办法》《上海证券交易所上市 公司自律监管指引第 1 号—规范运作》和中国东方航空股份 有限公司（以下简称"公司"）的《公司章程》《董事会审 计和风险管理委员会工作细则》《董事会审计和风险管理委 员会年报工作制度》等规定和要求，公司董事会审计和风险 管理委员会（以下简称"审计委员会"）本着勤勉尽责的原 则，恪尽职守，认真履职。现将审计委员会 2024 年度对会 计师事务所履职评估及履行监督职责的情况汇报如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 德勤华永会计师事务所（特殊普通合伙）（以下简称 "德勤华永"）的前身是 1993 年 2 月成立的沪江德勤会计 师事务所有限公司，于 2002 年更名为德勤华永会计师事务 所有限公司，于 2012 年 9 月经财政部等部门批准转制成为 特殊普通合伙企业。注册地址为上海市黄浦区延安东路 222 （二）聘任会计师事务所履行的程序 2024 年 10 月 8 日， ...

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 2024 年度募集资金存放与使用情况的专项核查报告 为规范募集资金的管理和使用，公司根据实际情况，制定了《中国东方航空 股份有限公司募集资金管理制度》。根据该制度，公司对募集资金实行专户存储。 截至 2024 年 12 月 31 日，尚未使用的募集资金存放专项账户的余额如下： 注：截至本报告出具日，上述募集资金存放专项账户均已销户 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[2022]2995 号）核准，中国东方航空股份有限公司（以 下简称"东航股份"、"发行人"或"公司"）向包括中国东方航空集团有限公司（以 下简称"中国东航集团"）在内的 20 名发行对象发行境内上市人民币普通股 A 股 3,416,856,492 股，发行价格为人民币 4.39 元/股，募集资金总额为人民币 14,997,999,999.88 元，扣除发行费用后，募集资金净额为人民币 14,967,240,755.57 元，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"）担任 东航股份 2022 年度非公开发行 A 股股 ...

中国东方航空股份有限公司 控股股东、实际控制人及其他关联方 资金占用情况的专项说明 二零二四年十二月三十一日止年度 the state of the subje and and the submit of the subject of the subject of the subject of the subject of the subject of the subject of the subject of 关于中国东方航空股份有限公司 控股股东、实际控制人及其他关联方资金占用情况的专项说明 德师报(函)字(25)第 Q00321 号 中国东方航空股份有限公司董事会: 我们接受委托,依据中国注册会计师审计准则审计了中国东方航空股份有限公司(以下简 称"贵公司")2024年12月 31 日合并及公司资产负债表,2024年度合并及公司利润表、合并 及公司现金流量表,合并及公司股东权益变动表以及相关财务报表附注(以下合称"财务报 表"),并于 2025年3月28日签发了德师报(审)字(25)第 P03132 号无保留意见的审计报告。 根据中国证券监督管理委员会联合公安部、国务院国有资产监督管理委员会及中国银行 ...