Financial Performance - The group reported a mid-term financial performance for the six months ending June 30, 2024, with results approved by the board on August 30, 2024[6]. - The mid-term financial results do not necessarily predict the group's full-year performance, indicating potential volatility in future earnings[6]. - Revenue for the six months ended June 30, 2024, was RMB 64,199 million, an increase of 29.6% compared to RMB 49,511 million for the same period in 2023[11]. - Operating expenses totaled RMB 67,359 million, up 23% from RMB 54,703 million in the previous year[11]. - The net loss for the period was RMB 3,099 million, a significant improvement from a net loss of RMB 6,584 million in the same period last year[12]. - The operating profit for the period was RMB 40 million, compared to an operating loss of RMB 2,567 million in the previous year[11]. - The company reported a financial expense of RMB 3,088 million, down 34% from RMB 4,673 million in the previous year[11]. - The basic and diluted loss per share attributable to equity holders of the company was RMB 0.12, improved from RMB 0.28 in the same period last year[11]. - Total comprehensive loss for the period was RMB 3,295 million, compared to RMB 6,640 million in the previous year[12]. - The company recognized other comprehensive losses of RMB 196 million for the period, compared to RMB 56 million in the previous year[12]. - The company’s total comprehensive loss for the period was RMB 3,295 million, compared to RMB 6,640 million in the previous year, indicating a reduction in losses[15]. - The company reported a net cash flow from operating activities of RMB 10,718 million for the six months ended June 30, 2024, a decrease of 34.1% compared to RMB 16,183 million in the same period of 2023[16]. - The company incurred a net loss of RMB 3.1 billion for the six months ended June 30, 2024, with current liabilities exceeding current assets by approximately RMB 9.82 billion[19]. - The company’s net loss for the six months ended June 30, 2024, was RMB 2,768 million, compared to a net loss of RMB 6,258 million for the same period in 2023, indicating an improvement in financial performance[15]. Operational Efficiency - The company is committed to maintaining high operational efficiency, as indicated by its focus on transport capacity and revenue metrics[3]. - The group emphasizes efficient operations centered around key hubs in Shanghai, Beijing, Xi'an, and Kunming, enhancing service delivery to global travelers[7]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[10]. - The management indicated a focus on cost control measures to improve profitability in the upcoming quarters[10]. - The company is focused on enhancing asset quality and financial stability through strategic initiatives aligned with its core aviation business[136]. - The company is enhancing its information security measures to protect customer data and maintain operational integrity, including appointing a Data Protection Officer[126]. - The company is committed to improving operational safety through rigorous training and risk management systems[131]. Fleet and Capacity - The company operates a modern fleet of 792 passenger aircraft with an average age of approximately 9 years, focusing on providing quality air transport services[7]. - The company introduced 12 new aircraft and retired 2, maintaining a young fleet structure[82]. - The company operates 6 domestically produced C919 aircraft, enhancing its operational experience with large domestic aircraft[82]. - The total fleet size reached 792 aircraft, with an average fleet age of 9 years[83]. - The company plans to introduce a total of 36 aircraft in the second half of 2024, with 54 in 2025, and 56 in 2026, while retiring 13, 35, and 27 aircraft respectively during the same periods[137]. Revenue Streams - The group is actively involved in e-commerce and related services, diversifying its revenue streams beyond traditional air transport[7]. - The airline business segment reported revenue of RMB 64,044 million, while the other business segment reported revenue of RMB 737 million, leading to a total revenue of RMB 64,199 million[25]. - Operating income from passenger transport was RMB 59,338 million, while cargo and mail transport generated RMB 2,371 million[35]. - Other operating income increased to RMB 3,200 million, up from RMB 2,625 million in the previous year[37]. - The company’s cargo revenue reached RMB 2.371 billion in the first half of 2024, reflecting a year-on-year growth of 59.45%, with bellyhold cargo turnover increasing by 88.83%[88]. Market Expansion - The company is part of the SkyTeam Alliance, which enhances its global connectivity and service offerings[5]. - The company has launched new international routes in 2024, including Shanghai-Riyadh and Beijing Daxing-Bangkok, to expand its network[116]. - The company expanded its domestic routes to 36 and launched several new international routes, including Shanghai to Riyadh and Shanghai to Marseille, enhancing its international flight recovery rate[88]. - The company is focused on international market expansion and potential mergers and acquisitions, while implementing strict risk management protocols[127]. Customer Engagement - The company has a comprehensive passenger loyalty program, "Eastern Miles," aimed at enhancing customer retention and engagement[5]. - The company has over 61.83 million members in its "Eastern Miles" frequent flyer program, indicating a strong customer base[118]. Financial Position - As of June 30, 2024, total assets amounted to RMB 256,322 million, a slight decrease from RMB 259,000 million as of December 31, 2023, representing a decline of approximately 1%[13]. - Total equity decreased to RMB 40,141 million from RMB 43,565 million, a decline of approximately 8%[14]. - The company reported cash and cash equivalents of RMB 3,713 million, down from RMB 11,858 million, a decrease of about 69%[13]. - The company’s total borrowings amounted to RMB 117,394 million as of June 30, 2024, an increase from RMB 111,028 million at the end of 2023[49]. - The company’s total interest-bearing debt amounted to RMB 1889.30 billion, with a fixed interest rate debt ratio of 54.92% and a floating interest rate debt ratio of 45.08%[102]. Governance and Compliance - The board has implemented a governance improvement plan, with independent directors making up over 50% of the board, enhancing corporate governance quality[93]. - The company is committed to improving corporate governance and investor relations through performance briefings and investor communication events[136]. - The audit and risk management committee has reviewed the accounting principles and methods adopted by the company without any objections[150]. Related Party Transactions - The company has various related party transactions with entities controlled by China Eastern Airlines Group, including joint ventures and associates[57]. - The company reported related party transactions totaling RMB 1,545 million for procurement of food and cabin supplies, an increase of 21% from RMB 1,276 million in the previous year[59]. - The company acquired 55% equity of Eastern Airlines Import and Export from China Eastern Airlines Group, which will no longer result in related party transactions for foreign trade import and export services in the future[160]. - The company also acquired 55% equity of Eastern Airlines Media from China Eastern Airlines Group, eliminating future related party transactions for advertising agency services[160]. Sustainability Initiatives - The group is committed to sustainable practices, promoting the use of sustainable aviation fuel (SAF) and launching green travel initiatives[90]. - The company is actively exploring sustainable aviation fuel applications and carbon reduction models to enhance its environmental governance[130]. - The company is committed to sustainable development, investing in energy-saving and noise-reduction technologies to comply with environmental regulations[130].

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 2024-048 中国东方航空股份有限公司 2024 年 8 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"）把握暑运市场机会，全 力投入旺季生产经营。2024 年 8 月本公司的客运运力投入（按可用座公里计） 同比上升 15.16%，达到 2019 年年同期的 117.41%；旅客周转量（按客运人公里 计）同比上升 28.77%，达到 2019 年同期的 119.28%；客座率为 86.74%，同比 上升 9.17 个百分点，比 2019 年同期客座率上升 1.36 个百分点。2024 年 8 月货 邮周转量（按货邮载运吨公里计）同比上升 25.23%，达到 2019 年同期的 126.30%。 国内市场方面，本公司根据今年暑运市场特点，8月重点新增飞往云南、内 蒙古、新疆等暑期热点市场的航线，新开深 ...

北京市通商律师事务所 关于中国东方航空股份有限公司 控股股东及其一致行动人 增持公司股份之 法律意见书 二〇二四年九月 1. 本所已经得到公司、中国东航集团及东航国控的保证：即公司、中国东 航集团及东航国控已全面地向本所提供了出具本法律意见书所必需的、 真实的、完整的原始书面材料、副本材料、复印材料或口头证言；公司、 中国东航集团及东航国控向本所提供的所有文件上的签名、印章均是 真实的，所有副本材料或复印件均与原件一致，且一切足以影响本法 律意见书的事实和文件均已向本所披露，并无任何隐瞒、遗漏之处。 2. 本法律意见书系按照出具日之前已经发生或存在的事实，依据中国当 时或现在生效的法律、法规和规范性文件而出具。本法律意见书中，法 律、法规和规范性文件指中国现行有效的法律、国务院颁布的行政法 规、地方性法规、自治条例和单行条例、国务院各部、委员会、中国人 民银行、审计署和具有行政管理职能的直属机构及地方人民政府制定 的规章、最高人民法院司法解释、最高人民检察院司法解释和其他规 范性文件。 中国北京建国门外大街 1 号国贸写字楼 2 座 12-14 层 100004 12-14th Floor, China Wo ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 本公司董事会、全体董事及相关股东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： 2024 年 9 月 11 日，本公司接到控股股东中国东航集团的通知，获悉中国东 航集团、东航国控已完成本次增持计划。根据《上海证券交易所上市公司自律监 管指引第 8 号——股份变动管理》等相关规定，现将相关情况公告如下： 1 中国东方航空股份有限公司（以下简称"本公司"）于 2023 年 9 月 12 日在 上海证券交易所披露了《中国东方航空股份有限公司关于控股股东增持公司 股票及未来增持计划的公告》（公告编号：临 2023-047）。本公司控股股东 中国东方航空集团有限公司（以下简称"中国东航集团"）、中国东航集团 的全资控股子公司东航金控有限责任公司（以下简称"东航金控"）通过其 全资控股子公司东航国际控股（香港）有限公司（以下简称"东航国控"） 计划自 2023 年 9 月 12 日首次增持之日起 12 个月内以自有资金继续增持公 司股份，中国东航集团、 ...

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 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2024-046 中国东方航空股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股情况的公告 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。 中国东方航空股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开 董事会 2024 年第 4 次例会审议通过了《关于回购并注销公司股份的议案》，具 体内容详见公司于2024年8月30日刊登在上海证券交易所网站（www.sse.com.cn） 以及公司指定披露媒体上的《关于以集中竞价交易方式回购股份方案的公告》（公 告编号：临 2024-044）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司董事会决议公告日（即 2024 年 8 月 30 日）的前一个 ...

中国东方航空股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股情况的公告 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。 中国东方航空股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开 董事会 2024 年第 4 次例会审议通过了《关于回购并注销公司股份的议案》，具 体内容详见公司于2024年8月30日刊登在上海证券交易所网站（www.sse.com.cn） 以及公司指定披露媒体上的《关于以集中竞价交易方式回购股份方案的公告》（公 告编号：临 2024-044）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司董事会决议公告日（即 2024 年 8 月 30 日）的前一个交易日（即 2024 年 8 月 29 日）收市后登记在册的前十名股东 和前十名无限售条件股东的名称及持股数量、比例情况公告如下： | 序号 | 股东名称 | 持股数量 （股） | 占总股本比例（%） | | --- | --- | --- | --- | | ...

Investment Rating - The investment rating for China Eastern Airlines is "Buy" (maintained) with a market price of 3.79 CNY [1]. Core Views - The report highlights that China Eastern Airlines has significantly reduced its net losses in H1 2024 compared to the same period in 2023, with a net loss of 2.768 billion CNY and a non-recurring net loss of 2.967 billion CNY [2]. - The company is optimizing its flight network and increasing international flight recovery rates, leading to a rapid recovery in operations [2]. - The report projects a decrease in profit forecasts for 2024-2026 due to industry supply being relatively loose and declining ticket prices, with expected net profits of 2.1 billion CNY in 2024, 7.1 billion CNY in 2025, and 9.3 billion CNY in 2026 [2]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 46,111 million CNY - 2023A: 113,741 million CNY - 2024E: 142,909 million CNY - 2025E: 160,850 million CNY - 2026E: 172,361 million CNY - YoY growth rates: -31% in 2022, 147% in 2023, 26% in 2024, 13% in 2025, 7% in 2026 [1][2]. - **Net Profit Forecasts**: - 2022A: -37,386 million CNY - 2023A: -8,168 million CNY - 2024E: 2,109 million CNY - 2025E: 7,147 million CNY - 2026E: 9,311 million CNY - YoY growth rates: -206% in 2022, 78% in 2023, 126% in 2024, 239% in 2025, 30% in 2026 [1][2]. - **Earnings Per Share (EPS)**: - 2022A: -1.68 CNY - 2023A: -0.37 CNY - 2024E: 0.09 CNY - 2025E: 0.32 CNY - 2026E: 0.42 CNY [1][2]. - **Valuation Ratios**: - P/E ratios: -2.3 in 2022, -10.3 in 2023, 40.1 in 2024, 11.8 in 2025, 9.1 in 2026 [1][2]. Operational Highlights - In H1 2024, the company added 10 aircraft, bringing the total to 792 operational passenger aircraft with an average age of 9.0 years [2]. - The recovery of international routes accelerated, with available seat kilometers (ASK) and revenue passenger kilometers (RPK) reaching 110% and 108% of 2019 levels, respectively [2]. - The average passenger load factor in H1 2024 was 81.21%, an increase of 9.45 percentage points compared to H1 2023 [2]. Strategic Initiatives - The company plans to inject 4.5 billion CNY into its subsidiary Shanghai Airlines to enhance its capital strength and reduce its debt ratio [2]. - A share buyback plan is in place, with a minimum of 250 million CNY and a maximum of 500 million CNY allocated for repurchasing shares, reflecting management's confidence in the company's future [2].

证券代码：600115 证券简称：中国东航 公告编号：临 2024-045 中国东方航空股份有限公司 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 同日，公司第十届董事会第 4 次普通会议审议通过《关于公司高级管理人员 变动的议案》，同意汪健先生不再担任董事会秘书、公司秘书以及《香港联合交 易所有限公司证券上市规则》要求的授权代表；在董事会秘书空缺期间，由公司 副总经理、财务总监周启民先生代行董事会秘书职责。公司将按照《上海证券交 易所股票上市规则》《香港联合交易所有限公司证券上市规则》和《公司章程》 的相关规定，尽快完成董事会秘书、公司秘书的聘任工作。 汪健先生在担任公司董事会秘书等职务期间，勤勉尽责，恪尽职守，在推动 完善公司治理、加强投资者关系及价值管理、筹划实施重大资本项目等方面做了 诸多卓有成效的工作，公司董事会对汪健先生任职期间对公司发展所做的贡献表 示诚挚的感谢。 特此公告。 中国东方航空股份有限公司 2024 年 9 月 3 日 1 关于董事会秘书辞任的公告 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 ...

证券研究报告 投资评级： 买入(维持) 买入(维持) 2024 年 9 月 01 日│中国内地/中国香港 航空运输 目标价： 港币：2.50 人民币：4.45 (港币/人民币) 670 HK 600115 CH 目标价 2.50 4.45 收盘价 (截至 8 月 30 日) 2.00 3.79 市值 (百万) 44,583 84,484 6 个月平均日成交额 (百万) 9.15 177.87 52 周价格范围 1.82-2.82 3.41-4.55 BVPS 1.79 1.69 经营预测指标与估值 会计年度 2022 2023 2024E 2025E 2026E 营业收入 (人民币百万) 46,111 113,741 141,796 150,667 159,310 +/-% (31.31) 146.67 24.67 6.26 5.74 归属母公司净利润 (人民币百万) (37,386) (8,168) (1,079) 3,224 6,735 +/-% (206.09) 78.15 86.79 398.82 108.91 EPS (人民币，最新摊薄) (1.68) (0.37) (0.05) 0.14 0.30 ...

截至月份: 2024年8月31日 狀態: 新提交 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 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: 2024年9月2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 ...