Core Insights - China Eastern Airlines reported a 6.84% year-on-year increase in passenger capacity for October 2025, measured in available seat kilometers [1] - The passenger turnover for October 2025 rose by 10.58% year-on-year, measured in revenue passenger kilometers [1] - The passenger load factor reached 87.52%, an increase of 2.97 percentage points year-on-year [1] - Cargo and mail turnover increased by 14.59% year-on-year, measured in cargo and mail ton kilometers [1] Domestic Market Developments - New domestic routes launched include Chengdu Tianfu-Cangyuan, Chengdu Tianfu-Tianjin, Hangzhou-Urumqi, Hefei-Fuzhou, and Hefei-Jinjiang [1] - Resumed flights on routes such as Shanghai Pudong-Nanchong, Kunming-Luoyang, Qingdao-Jieyang Chaoshan, and Yantai-Ningbo [1] - Increased frequency on routes including Shanghai Hongqiao-Beijing Daxing, Shanghai Hongqiao-Guangzhou, and Shanghai Pudong-Xi'an [1] International Market Developments - New international routes include Taiyuan-Changsha-Singapore and Taiyuan-Kunming-Kuala Lumpur [1] - Increased frequency on international routes such as Shanghai Pudong-Phuket, Shanghai Pudong-Colombo, and Shanghai Pudong-Kuala Lumpur [1] Fleet Update - The company introduced 4 A320 series aircraft and retired 2 A320 series aircraft in October 2025 [1] - As of the end of October 2025, the total operational fleet consists of 822 aircraft [1]

Core Insights - China Eastern Airlines reported a 6.84% year-on-year increase in passenger capacity for October 2025, measured in available seat kilometers [1] - The passenger turnover increased by 10.58% year-on-year, measured in revenue passenger kilometers [1] - The passenger load factor reached 87.52%, up by 2.97 percentage points year-on-year [1] - Cargo and mail turnover saw a year-on-year increase of 14.59%, measured in cargo and mail ton kilometers [1] Domestic Market Developments - New domestic routes launched include Chengdu Tianfu-Cangyuan, Chengdu Tianfu-Tianjin, Hangzhou-Urumqi, Hefei-Fuzhou, and Hefei-Jinjiang [1] - Resumed routes include Shanghai Pudong-Nanchong, Kunming-Luoyang, Qingdao-Jieyang Chaoshan, and Yantai-Ningbo [1] - Increased frequency on routes such as Shanghai Hongqiao-Beijing Daxing, Shanghai Hongqiao-Guangzhou, and Shanghai Pudong-Xi'an [1] International Market Developments - New international routes include Taiyuan-Changsha-Singapore and Taiyuan-Kunming-Kuala Lumpur [1] - Increased frequency on international routes such as Shanghai Pudong-Phuket, Shanghai Pudong-Colombo, and Shanghai Pudong-Kuala Lumpur [1] Fleet Update - The company introduced 4 A320 series aircraft and retired 2 A320 series aircraft in October 2025 [1] - As of the end of October 2025, the total operational fleet consists of 822 aircraft [1]

Core Viewpoint - Eastern Airlines announced an increase in passenger capacity and turnover for October 2025, indicating growth in operational performance and demand in the airline industry [1] Group 1: Capacity and Performance Metrics - The passenger capacity (measured in available seat kilometers) for October 2025 is projected to increase by 6.84% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) for October 2025 is expected to rise by 10.58% year-on-year [1] - The passenger load factor for October 2025 is reported at 87.52%, reflecting an increase of 2.97 percentage points year-on-year [1] Group 2: Cargo Performance - The cargo and mail turnover (measured in cargo mail ton kilometers) for October 2025 is anticipated to grow by 14.59% year-on-year [1]

Core Viewpoint - China Eastern Airlines reported a significant increase in passenger capacity and turnover for October 2025, indicating strong growth in both domestic and international markets [1] Group 1: Passenger Metrics - The passenger capacity input (measured in available seat kilometers) for October 2025 increased by 6.84% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) rose by 10.58% year-on-year [1] - The passenger load factor reached 87.52%, up by 2.97 percentage points year-on-year [1] Group 2: Cargo Metrics - The cargo and mail turnover (measured in cargo mail ton kilometers) saw a year-on-year increase of 14.59% for October 2025 [1] Group 3: Route Expansion - New domestic routes launched include Chengdu Tianfu-Cangyuan, Chengdu Tianfu-Tianjin, Hangzhou-Urumqi, Hefei-Fuzhou, and Hefei-Jinjiang [1] - Resumed domestic routes include Shanghai Pudong-Nanchong, Kunming-Luoyang, Qingdao-Jieyang Chaoshan, and Yantai-Ningbo [1] - Increased frequency on key domestic routes such as Shanghai Hongqiao-Beijing Daxing, Shanghai Hongqiao-Guangzhou, and Shanghai Hongqiao-Sanya [1] Group 4: International Route Expansion - New international routes include Taiyuan-Changsha-Singapore and Taiyuan-Kunming-Kuala Lumpur [1] - Increased frequency on international routes such as Shanghai Pudong-Phuket, Shanghai Pudong-Colombo, and Shanghai Pudong-Kuala Lumpur [1]

此外，春秋航空（601021.SH）、海航控股（600221.SH）、吉祥航空（603885.SH）、 厦门航空、四川航空、深圳航空和山东航空7家航司均发布了涉日本航线免费退改政策。据 《中国经营报》记者统计，截至发稿，已有10家航司发布赴日航班退改政策。 日本一直是中国游客出境最重要的目的地之一，近日中国外交部发布提醒中国公民近期避免 前往日本后，多家航司发布涉日本机票免费退改政策。 中国外交部11月14日在其官方网站发布提醒称，今年以来，日本社会治安不靖，针对中国 公民违法犯罪案件多发，发生多起在日中国公民遇袭事件，部分案件迄未侦破，中国公民在 日本安全环境持续恶化。近日，日本领导人公然发表涉台露骨挑衅言论，严重恶化中日人员 交流氛围，给在日中国公民人身和生命安全带来重大风险。 上述提醒发出后，中国各大航空公司陆续推出退改政策。 中国国际航空公司（以下简称"中国国航"，601111.SH）11月15日发布方案显示，对于 11月15日12时（含）前购买或换开产生新票号的国航999开头的客票且客票未使用行程涉 及旅行日期为2025年11月15日（含）至2025年12月31日（含）之间东京、大阪、名古 图说：1 ...

2025年10月货邮周转量(按货邮载运吨公里计)同比上升14.59%。2025年10月，国内市场：新开成都天府 －沧源、成都天府－天津、杭州－乌鲁木齐、合肥－福州、合肥－晋江等航线；复飞上海浦东－南充、 昆明－洛阳、青岛－揭阳潮汕、烟台－宁波等航线；加密上海虹桥－北京大兴、上海虹桥－广州、上海 虹桥－三亚、上海虹桥－长沙、上海浦东－西安、上海浦东－昆明、上海浦东－三亚等航线。国际地区 市场：新开太原－长沙－新加坡、太原－昆明－吉隆坡等航线；加密上海浦东－普吉、上海浦东－科伦 坡、上海浦东－吉隆坡、昆明－香港、太原－香港等航线。 格隆汇11月17日丨中国东方航空股份(00670.HK)公告，公司2025年10月客运运力投入(按可用座公里计) 同比上升6.84%；旅客周转量(按客运人公里计)同比上升10.58%；客座率为87.52%，同比上升2.97个百 分点。 ...

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分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 1 0 月運營數據公告 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 本公司2025年10月客運運力投入（按可用座公里計）同比上升6.84%；旅客周轉量（按客 運人公里計）同比上升10.58%；客座率為87.52%，同比上升2.97個百分點。2025年10月 貨郵周轉量（按貨郵載運噸公里計）同比上升14.59%。 2025年10月，國內市場：新開成都天府－滄源、成都天府－天津、杭州－烏魯木齊、 合肥－福州、 ...

Investment Rating - The investment rating for China Eastern Airlines is "Buy" with a maintained rating for the next six months [5]. Core Views - The report indicates that the operating performance of China Eastern Airlines is expected to grow significantly due to the expansion of visa-free policies, leading to a substantial increase in international route business [1][4]. - The international route revenue share increased to 16% in the first half of 2025, with a year-on-year growth of 22% [1]. - The report forecasts a potential increase in international flight passenger volume by approximately 15% if the current growth trends continue [2]. Financial Performance Summary - For the first three quarters of 2025, China Eastern Airlines reported operating revenue of 106.41 billion yuan, a year-on-year increase of 3.73% [1]. - Gross profit reached 7.76 billion yuan, up 19.69%, with a gross margin of 7.29%, an increase of 0.97 percentage points year-on-year [1]. - The total profit surged from 0.51 million yuan in the same period last year to 2.35 billion yuan, while the net profit attributable to shareholders rose from a loss of 138 million yuan to 2.10 billion yuan [1]. Market Dynamics - The report highlights that the recovery in inbound tourism is expected to drive the aviation industry's revival, with both international and domestic routes anticipated to see revenue growth [3]. - The international route RPK (Revenue Passenger Kilometers) for China Eastern Airlines grew by 24.16% year-on-year, while ASK (Available Seat Kilometers) increased by 20.08% [2]. - The report notes that the domestic flight load factor is expected to rise, leading to potential fare increases [3]. Profit Forecasts - The profit forecasts for 2025 and 2026 have been revised downwards to 1.01 billion yuan and 6.33 billion yuan, respectively, due to slower-than-expected recovery in air travel demand [4]. - The report introduces a profit forecast for 2027 at 11.74 billion yuan, with corresponding P/E ratios of 119, 19, and 10 times for the respective years [4].

Core Insights - The overall passenger turnover volume of listed airlines has shown significant growth, indicating a potential improvement in industry conditions for the fourth quarter [1][2][3][4] Group 1: Airline Performance Data - Air China reported a 4.3% increase in passenger capacity and an 8.7% increase in passenger turnover for October 2025, with an average load factor of 85.3%, up 3.4 percentage points year-on-year [1] - China Eastern Airlines announced a 6.84% increase in passenger capacity and a 10.58% increase in passenger turnover for October 2025, achieving a load factor of 87.52%, up 2.97 percentage points year-on-year [2] - China Southern Airlines reported a 7.53% increase in passenger capacity and an 8.83% increase in passenger turnover for October 2025, with a load factor of 87.89%, up 1.05 percentage points year-on-year [3] - Hainan Airlines indicated a 6.81% increase in passenger capacity and a 7.33% increase in passenger turnover for October 2025, with cargo revenue ton-kilometers increasing by 25.37% [3] Group 2: Market Trends and Outlook - The airline industry is experiencing high load factors and a recovery in ticket prices, with expectations for improved travel demand in the fourth quarter [4] - The implementation of measures to reduce aggressive pricing strategies is anticipated to support ticket price recovery, further enhancing airline revenue per seat [4] - A decline in oil prices is expected to lower operational costs for airlines, potentially leading to increased profitability [4]

Core Points - China Eastern Airlines has upgraded its "Chongqing-Shanghai Fast Line" service, increasing the total number of daily flights to 14 and reducing the check-in cut-off time to 30 minutes before departure, enhancing the travel experience for passengers [1][4] Group 1: Flight Operations - The "Chongqing-Shanghai Fast Line" now operates 14 flights daily, with 10 flights to Shanghai Hongqiao and 4 flights to Shanghai Pudong, improving frequency and flexibility for travelers [1][4] - The new schedule includes specific flight numbers such as MU5422, MU5426, MU9196, and others, all connecting Chongqing Jiangbei to Shanghai [2] Group 2: Service Enhancements - The check-in cut-off time has been reduced from 40 minutes to 30 minutes, providing greater flexibility for time-sensitive business travelers [4] - All domestic "Fast Line" flights operated by wide-body aircraft now offer free basic Wi-Fi service, allowing passengers to work, shop, or entertain themselves during the flight [4] Group 3: Aircraft Utilization - China Eastern Airlines is the global launch customer for the domestically produced C919 aircraft and operates the largest fleet of C919s worldwide, with specific flights on the "Chongqing-Shanghai Fast Line" planned to be operated by this aircraft [5]