本次大会颁发了首届中国东航科技进步奖。同时，为持续激发科技创新活力，统筹整合创新资源，打造 协同高效的科技创新平台，"数字化联合创新实验室"、"人工智能应用创新中心"、"民航安全运行实验 室"、"民航工程维修科技创新实验室"等4家科技创新实验室和创新中心授牌。未来，这些实验室和创新 中心将聚焦航空领域关键核心技术，为业务场景实现智慧化赋能，积极打造智慧民航应用新标杆。 4月16日，以"创新驱动发展，科技引领未来"为主题的中国东航（600115）科技创新大会在上海东航技 术应用研发中心举办。本次大会围绕国产民机科技创新、人工智能赋能航空运输高质量发展、AI+赋能 航司数智化转型，以及民航安全运行、飞机维修工程创新、数字技术创新等议题展开深度研讨，通过联 盟共建、揭榜攻关、学术交流等活动，合力探索科技赋能民航发展新路径。 中国东航董事长王志清表示，近年来，东航始终把服务国家战略作为"第一使命"，把科技作为"第一生 产力"，把创新作为"第一动力"，在科创新赛道上勇毅前行，并在数字化转型、国产民机规模化运营、 推进绿色发展、强化创新协作等方面取得了积极成果。 中国东航在此次大会上围绕民航工程与维修、民航安全运行、数字 ...

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 2025-029 中国东方航空股份有限公司 2025 年 3 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 3 月客运运力投入 （按可用座公里计）同比上升 6.68%；旅客周转量（按客运人公里计）同比上升 10.51%；客座率为 84.16%，同比上升 2.92 个百分点。2025 年 3 月货邮周转量（按 货邮载运吨公里计）同比上升 11.10%。2025 年 3 月，国内市场，本公司新开上海 浦东-延安、厦门-石家庄、长沙-济南等航线，复航太原-厦门、佛山-昆明、青岛- 西宁等航线；国际市场，本公司新开成都天府-大阪、烟台-名古屋等航线。 二、飞机机队 2025 年 3 月，本公司引进 4 架 A321NEO 飞机，未退出飞机。截至 2025 年 3 月末，本公司合计运营 816 ...

截至2025年4月3日收盘，中国东航(600115)报收于3.77元，上涨2.17%，换手率0.51%，成交量87.88万 手，成交额3.28亿元。 当日关注点 公司公告汇总 中国东方航空股份有限公司关于股份回购进展公告- 截至2025年3月31日，A股回购方案首次披露日为 2024年8月30日，实施期限为2024年11月8日至2025年11月7日，预计回购金额为2.5亿元至5亿元人民 币。- 累计已回购A股股数为5301.83万股，占总股本比例约0.2378%，累计已回购金额为20206.42万元人 民币，实际回购价格区间为3.65元/股至4.10元/股。- 2025年3月，公司回购A股数量为490万股，占总股 本的0.0220%，成交最高价为3.84元/股，最低价为3.65元/股，成交总金额为1842.80万元人民币。- H股 方面，截至2025年3月31日，累计回购3686.40万股H股，占总股本的0.1654%，成交最高价为2.73港元/ 股，最低价为2.37港元/股，成交总金额为9178.04万港元。2025年3月未进行H股回购。- 公司累计完成 回购股份数量为8988.23万股，占公司总股份数的0 ...

Group 1 - The stock price of China Eastern Airlines (600115) closed at 3.73 yuan on March 28, 2025, up 1.08% from the previous week, with a market cap of 84.038 billion yuan, ranking 3rd in the aviation sector and 160th in the A-share market [1] - The company announced a non-public issuance of 3,416,856,492 A-shares at a price of 4.39 yuan per share, raising a total of approximately 15 billion yuan, with a net amount of about 14.97 billion yuan after deducting issuance costs [2][5] - As of March 31, 2025, the company has repurchased a total of 53,018,300 A-shares, accounting for approximately 0.2378% of the total share capital, with a total repurchase amount of 202.0642 million yuan [3] Group 2 - The repurchase plan for A-shares was first disclosed on August 30, 2024, with an implementation period from November 8, 2024, to November 7, 2025, and an expected repurchase amount between 250 million to 500 million yuan [3] - The company has also repurchased 36,864,000 H-shares, accounting for 0.1654% of the total share capital, with a total repurchase amount of 91.7804 million HKD [3]

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 2025-028 截至 2025 年 3 月 31 日，H 股回购进展如下： 本公司累计回购 3,686.40 万股 H 股（约占本公司总股本的 0.1654%），回购成 交的最高价为 2.73 港元/股，最低价为 2.37 港元/股，成交总金额为 9,178.04 万港 元（不含交易费用）。 一、 回购股份的基本情况 中国东方航空股份有限公司（以下简称"公司"）分别于 2024 年 8 月 30 日、 2024 年 11 月 8 日召开董事会 2024 年第 4 次例会、2024 年第一次临时股东大会、 2024 年第一次 A 股类别股东大会及 2024 年第一次 H 股类别股东大会，审议通过 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 中国东方航空股份有限公司 关于股份回购进展公告 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 ...

Investment Rating - The report initiates coverage with a "Buy" rating for China Eastern Airlines (600115.SH) [4][6]. Core Views - The company reported a revenue of 132.1 billion yuan in 2024, a year-on-year increase of 16.2%, and a reduced net loss of 4.23 billion yuan compared to a loss of 8.17 billion yuan in 2023 [1][4]. - The report highlights effective cost control, particularly in unit fuel costs, which decreased by 6.7% year-on-year, contributing to the reduction in losses despite a 4.2% decline in overall seat revenue [2][4]. - Future aircraft fleet growth is projected at a net increase of 4.5% annually over the next three years, with specific delivery numbers outlined for 2025-2027 [3][4]. - The company is optimizing its debt structure, which has led to a decrease in financial expenses, and is expected to benefit from a recovering demand and lower oil prices [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 132.12 billion yuan, with a growth rate of 16.1% [5][10]. - The net profit attributable to shareholders is forecasted to improve significantly, reaching 1.94 billion yuan in 2025, 3.47 billion yuan in 2026, and 5.18 billion yuan in 2027, reflecting growth rates of 48.4%, 146.0%, and 78.4% respectively [5][10]. Cost Management - The unit fuel cost has been effectively controlled, with a year-on-year decrease of 8.7% in fuel prices, and the unit cost remaining stable compared to 2019 levels [2][4]. - The company has issued 5 billion yuan in perpetual bonds, reducing the asset-liability ratio to 85.03% and decreasing interest expenses by approximately 1 billion yuan [4][5]. Future Outlook - The company anticipates a net increase of 34, 51, and 28 aircraft in 2025, 2026, and 2027 respectively, with the main aircraft type being the A320 [3][4]. - The report projects a positive outlook for profitability driven by macroeconomic recovery and the resumption of intercontinental routes [4][5].

事件：公司发布2024 年业绩：2024 年公司营收1321 亿元，同比+16.2%，归母净亏42.3 亿元（2023 年 归母净亏81.7 亿元），扣非归母净亏49.8 亿元（2023 年扣非归母净亏89.4 亿元）。4Q24 公司营收295 亿元，同比+4.7%，归母净亏40.9 亿元（4Q23 归母净亏55.6 亿元），扣非归母净亏44.5 亿（4Q23扣非 归母净亏57.4 亿元）。 油价同比回落但座收同比降幅有限、单位扣油成本控制出色推动全年减亏，汇率贬值拖累盈利。2024 年公司整体座收同比-4.2%，拆分看：国际座收同比-13.9%，客公里收益同比-23%，客座率同比 +8.8pcts；国内座收同比-0.5%，客公里收益同比-11.2%，客座率同比+9.0pcts、同比2019 年下降 1.2pcts，全年油价同比回落下公司单位燃油成本同比-8.7%、成本控制能力出色公司单位扣油成本同 比-6.7%，与2019 年基本持平，座收降幅低于成本推动扭亏。全年公司确认汇兑损失7.6 亿元，对归母 净利有一定拖累。 公司未来三年机队年净增速4.5%，引进数量变化或是交付节奏调整。公司年报指引2025-2 ...

Investment Rating - The report gives a "Buy" rating for China Eastern Airlines (600115.SH) with a target price of 3.70 CNY, indicating a positive outlook for the stock [6]. Core Views - The company reported a revenue of 132.1 billion CNY in 2024, a year-on-year increase of 16.2%, and a reduced net loss of 4.23 billion CNY compared to a loss of 8.17 billion CNY in 2023 [1][2]. - The report highlights effective cost control, particularly in fuel costs, with a decrease of 8.7% in unit fuel costs year-on-year, contributing to the reduction in losses [2][4]. - The company is expected to see a net increase in its fleet by 4.5% annually over the next three years, with a focus on the A320 model [3]. - The financial structure has improved, with a reduction in the debt-to-asset ratio to 85.03% and a decrease in interest expenses by approximately 1 billion CNY [4]. Summary by Sections Financial Performance - In 2024, the total revenue was 132.12 billion CNY, with a growth rate of 16.1% expected to continue into 2025 at 10.1% [5][10]. - The net profit attributable to shareholders is projected to improve significantly from a loss of 4.23 billion CNY in 2024 to a profit of 1.94 billion CNY in 2025, reflecting a growth rate of 48.4% [5][10]. Cost Management - The report emphasizes the company's strong cost management capabilities, with unit fuel costs remaining stable compared to 2019 levels despite fluctuations in oil prices [2][4]. - The company has effectively managed its operational costs, leading to a better financial outlook as demand recovers and oil prices stabilize [4]. Fleet Expansion - The company plans to increase its fleet size with net additions of 34, 51, and 28 aircraft in 2025, 2026, and 2027 respectively, primarily focusing on the A320 model [3]. Debt Management - The issuance of 5 billion CNY in perpetual bonds has helped optimize the debt structure, reducing financial pressure and interest expenses [4].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][10]. Core Insights - The company achieved a significant reduction in losses year-on-year, with a reported net profit of -4.23 billion yuan for 2024, compared to -8.17 billion yuan in 2023, indicating a substantial improvement in performance [4][10]. - The company is expected to see revenue growth from 132.12 billion yuan in 2024 to 154.55 billion yuan by 2027, with corresponding net profits projected to turn positive by 2025 [9][10]. - The report highlights the recovery of overseas capacity and a notable increase in passenger load factor, which rose to 82.8% in 2024, an increase of 8.4 percentage points year-on-year [5][10]. Financial Performance - In 2024, the company reported operating revenue of 132.12 billion yuan, a year-on-year increase of 16.1% [4]. - The operating cost for 2024 was 126.5 billion yuan, reflecting a 12.48% increase, but the seat kilometer cost decreased by 7.2% [6]. - The financial expenses decreased to 5.84 billion yuan in 2024, down by 6.9 billion yuan from the previous year, with interest expenses significantly reduced [6][10]. Future Projections - The company plans to increase its fleet size at a compound annual growth rate of 4.5% from 2024 to 2027, with a total of 804 aircraft by the end of 2024 [7][8]. - Forecasts for 2025-2027 indicate a net profit of 2.26 billion yuan in 2025, 4.11 billion yuan in 2026, and 7.87 billion yuan in 2027, with corresponding P/E ratios decreasing from 35.79 to 10.28 [9][10].

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 2022年度非公开发行A股股票持续督导保荐总结报告书 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"、"公司"、"发行人"）非公开发行A股股票3,416,856,492股，发行价 格4.39元/股，募集资金总额为人民币14,999,999,999.88元，扣除发行费用人民币 32,759,244.31元（不含增值税），实际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"、"保荐机构"）作为东航股 份2022年度非公开发行A股股票并持续督导的保荐机构，负责东航股份的持续督导 工作。 截至2024年12月31日，东航股份2022年度非公开发行A股股票并上市项目的持 续督导期已届满，中金公司根据《证券发行上市保荐业务管理办法》《上海证券交 易所股票上市规则》《上海证券交易所上市公司自律监管指引第11号——持续督导》 等相关法规和规范性文件的要求，出具本保荐总结报告书。 一、保荐机构 ...