Investment Rating - The report maintains a "Recommended" rating for China Eastern Airlines (600115) with a target price of 4.49 CNY, representing a 19% upside from the current price of 3.79 CNY [2][4]. Core Views - The company reported a loss of 2.77 billion CNY in H1 2024, with Q2 losses amounting to 1.97 billion CNY. However, profitability is expected to improve during the peak travel season [2]. - Revenue for H1 2024 reached 64.2 billion CNY, a year-on-year increase of 29.7%, while losses increased by 55.8% compared to the previous year [2]. - The airline industry is seeing significant growth in passenger volume during the summer peak season, with a notable increase in average passenger load factor [2]. Financial Summary - **Revenue and Profitability**: - H1 2024 revenue was 64.2 billion CNY, up 29.7% year-on-year. Q2 revenue was 31.01 billion CNY, up 13.9% year-on-year [2]. - H1 2024 net loss was 2.77 billion CNY, with a Q2 loss of 1.97 billion CNY, reflecting an 18.7% increase in losses year-on-year for Q2 [2][8]. - **Operational Metrics**: - In H1 2024, Available Seat Kilometers (ASK) increased by 32.8% year-on-year, while Revenue Passenger Kilometers (RPK) rose by 50.3% [2]. - The passenger load factor for H1 2024 was 81.2%, an increase of 9.4 percentage points year-on-year [2]. - **Cost Structure**: - H1 2024 operating costs were 62.5 billion CNY, a year-on-year increase of 23.1%, with fuel costs rising by 33.6% to 23.3 billion CNY [2]. - The cost per seat kilometer (excluding fuel) was 0.272 CNY, down 11.5% year-on-year [2]. - **Future Earnings Forecast**: - The report adjusts the profit forecast for 2024-2026, estimating net profits of 0.21 billion CNY, 5.9 billion CNY, and 8.5 billion CNY respectively, with corresponding EPS of 0.00, 0.26, and 0.38 CNY [2][8]. - **Valuation Metrics**: - The target market capitalization is set at 100.1 billion CNY, with a price-to-book (PB) ratio of 1.5 times based on historical averages [2]. Industry Outlook - The report highlights a significant improvement in the supply-demand dynamics of the airline industry during the peak summer travel season, with a notable increase in domestic passenger volume and load factors [2].

Fleet and Operations - The company operates a modern fleet of 792 passenger aircraft with an average age of approximately 9 years[42]. - The company is focusing on modernizing its fleet, operating an average of 792 aircraft with an average age of approximately 9 years[58]. - The company operates nearly 800 modern aircraft, with an average fleet age of 9 years, including B787, A350, A320, and C919 models[62]. - The fleet size reached 792 aircraft, with the introduction of 12 new aircraft and the retirement of 2 aircraft in the first half of 2024[71]. - The company operates 6 C919 aircraft, marking its position as the global launch customer for this domestic model[71]. Financial Performance - The company's operating revenue for the first half of 2024 reached RMB 64,199 million, a 29.67% increase compared to RMB 49,511 million in the same period of 2023[50]. - The net profit attributable to shareholders was a loss of RMB 2,768 million, an improvement from a loss of RMB 6,258 million in the previous year[50]. - The net cash flow from operating activities decreased by 33.77% to RMB 10,718 million, down from RMB 16,183 million in the same period last year[50]. - The total assets as of June 30, 2024, were RMB 272,677 million, a decrease of 3.50% from RMB 282,574 million at the end of the previous year[50]. - The weighted average return on equity improved by 9.12 percentage points, reaching -14.60% compared to -23.72% in the previous year[52]. - The company's operating costs for the first half of 2024 were RMB 62,457 million, reflecting a year-on-year increase of 23.06%[100]. - Passenger revenue for the first half of 2024 was RMB 59,338 million, up 30.76% year-on-year, accounting for 94.25% of total airline transportation revenue[99]. Market Position and Growth - The company reported a total of 3.5 billion passenger trips in the first half of 2024, a 9.0% increase compared to the same period in 2019[58]. - The international passenger transport market has shown a recovery, with passenger transport volume reaching 81.7% of the levels seen in the same period of 2019[58]. - The company is the largest carrier in the China-Japan market and the largest Chinese carrier in the South Korea market, indicating strong market positions in high-revenue routes[61]. - The company has opened new international routes in 2024, including Shanghai-Riyadh and Shanghai-Marseille, and plans to launch additional routes such as Shanghai-Venice[61]. - The company's international market seat kilometer deployment and passenger revenue recovered to over 90% of 2019 levels, with some international markets exceeding 2019 flight volumes[78]. Customer Engagement and Services - The company has established a frequent flyer program with over 61.83 million members, enhancing customer loyalty and engagement[64]. - The company has received multiple awards for service quality and brand value, ranking 7th in Brand Finance's "2023 Global Airline Brand Value" list[63]. - The company is committed to improving service quality through the "Four Precision" service brand initiative, which includes 22 key tasks to meet diverse passenger needs[89]. - The company has a service hotline available at +86 95530 for customer inquiries[46]. Risk Management and Compliance - The company emphasizes the importance of risk management, highlighting potential operational risks in its management discussion and analysis section[9]. - The company has implemented a comprehensive risk management framework to enhance safety and operational efficiency, including a dual prevention mechanism for safety risk control[86]. - The company is committed to continuous improvement in corporate governance and compliance, with a focus on enhancing the quality of listed companies and optimizing asset quality[92]. - The company has not faced any non-operational fund occupation by controlling shareholders or their related parties[8]. Environmental and Social Responsibility - The company is committed to enhancing its carbon emission management capabilities and exploring sustainable aviation fuel applications[152]. - The company actively participates in carbon trading mechanisms, including the EU carbon trading and local pilot programs in Shanghai, to fulfill carbon emission obligations[152]. - The company has implemented an online monitoring system for environmental monitoring, ensuring real-time tracking of environmental conditions[163]. - The company has fully replaced 56 types of non-degradable plastic products on domestic flights and is expanding this initiative to international flights[168]. - The company invested a total of 28.97 million yuan in targeted poverty alleviation efforts in Yunnan Province, including 27.97 million yuan in non-repayable aid and 10.33 million yuan in repayable aid[174]. Strategic Initiatives and Future Plans - The company is focused on high-quality development and accelerating state-owned enterprise reform, with a goal of enhancing core competitiveness and implementing key reforms in marketing and service systems[83]. - The company plans to maintain its strategic objectives for the second half of 2024, aiming for steady growth in the civil aviation passenger market despite facing challenges such as localized capacity surplus[85]. - The company is enhancing its operational efficiency by optimizing its hub structure, focusing on Shanghai and Beijing as core hubs, and expanding international routes, particularly along the "Belt and Road" initiative[87]. - The company is advancing digital transformation by establishing a digital technology subsidiary and launching key projects such as smart maintenance and digital marketing[83]. Financial Management and Investments - The company has provided guarantees totaling approximately RMB 1.356 billion for SPV companies, which is within the authorized limit approved by the shareholders' meeting[195]. - The total amount of comprehensive credit granted to the controlling shareholder's subsidiary is RMB 14,981 million, with an actual occurrence of RMB 3,148 million[191]. - The company reported a loan amount of RMB 4,600 million from its controlling shareholder, with an interest rate of 2.60%[190]. - The company aims to focus resources on the development of passenger air transport business, enhancing operational capabilities and competitiveness[193].

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 2024-043 中国东方航空股份有限公司 关于对全资子公司上海航空有限公司增资的公告 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。 重要内容提示： 一、增资情况概述 （一）增资的基本情况 上海航空为公司的全资子公司，注册资本为人民币 55 亿元，主要经营国内 （含港澳台）、国际航空客货运输业务。为增强上海航空的资本实力，满足其可 持续的高质量发展需要，公司拟以货币方式向上海航空增资人民币 45 亿元，完 成增资后，上海航空的注册资本将为人民币 100 亿元。 （二）履行的决策与审批程序 增资标的名称：上海航空有限公司（以下简称"上海航空"）。 增资金额：人民币 45 亿元。 本次增资不属于关联交易，也不构成《上市公司重大资产重组管理办法》规 定的重大资产重组。 本次增资事项已经中国东方航空股份有限公司（以下简称"公司"）董事会 2024 年第 4 次例会审议通过，无需提交公 ...

中国东方航空股份有限公司 2024 年半年度募集资金存放与实际使用情 况的专项报告 一、募集资金基本情况 根据中国证券监督管理委员会于2022年11月28日签发 的证监许可[2022]2995号文《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》，本公司于2022年12月向特 定投资者发行人民币普通股3,416,856,492股，每股发行价 格为人民币4.39元，募集资金总额为14,999,999,999.88元。 扣除发行费用人民币32,759,244.31元后，实际募集资金净 额为人民币14,967,240,755.57元，上述资金于2022年12月 29日到位，业经普华永道中天会计师事务所(特殊普通合伙) 予以验证并出具普华永道中天验字(2022)第1081号验资报 告。 截至 2024 年 6 月 30 日，本公司本年度使用募集资金人 民币 1,465,274,059.58 元，累计使用募集资金总额人民币 14,967,240,755.57 元。于 2024 年 6 月 30 日，募集资金在 专项账户中的余额人民币 126,190,770.20 元为收到的利息。 截至 2024 年 6 月 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 2024-041 中国东方航空股份有限公司 第十届监事会第 2 次会议决议公告 本公司监事会及全体监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"）第十届监事会第 2 次会议， 经监事会主席郭俊秀召集，于 2024 年 8 月 30 日以通讯方式召开。 参加会议的监事确认会前均已收到本次监事会会议通知和材料。本次会议的 召开符合《公司法》和《公司章程》等有关规定，参加本次会议的监事已达法定 人数，会议合法有效。 监事会主席郭俊秀、监事邵祖敏、周华欣审核了有关议案，一致同意并作出 如下决议： 一、审核通过《公司2024年中期财务报告》。 五、审核通过《关于回购并注销公司股份的议案》。 六、审核通过《公司2024年中期报告》。 特此公告。 中国东方航空股份有限公司 2024 年 8 月 30 日 1 二、审核通过《关于制定<中国东方航空股份有限公司选聘会计师 ...

关于东航集团财务有限责任公司 2024 年上半年度风险持续评估报告 一、东航集团财务有限责任公司基本情况 东航集团财务有限责任公司（以下简称"东航财务"）是 经中国人民银行批准成立的非银行金融机构。东航财务于 1995 年 12 月 6 日由中国东方航空集团有限公司及所属成员 单位共 7 家共同出资组建。后经四次增资及股权变更，现有 注册资金 20 亿元人民币（含 1000 万美元），股东单位 3 家， 其中，中国东方航空集团有限公司出资额 107,500 万元，持 股比例 53.75%；中国东方航空股份有限公司（以下简称"东 航股份"）出资额 50,000 万元，持股比例 25.00%；东航金控 有限责任公司出资额 42,500 万元，持股比例 21.25%。 统一社会信用代码：91310112132246635F 金融许可证机构编码：L0039H231000001 法定代表人：徐春 东航财务的经营范围：吸收成员单位存款；办理成员单 位贷款；办理成员单位票据贴现；办理成员单位资金结算与 收付；提供成员单位委托贷款、债券承销、非融资性保函、 1 财务顾问、信用鉴证及咨询代理业务；从事同业拆借；办理 成员单位票 ...

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 2024-042 中国东方航空股份有限公司 关于吸收合并全资子公司一二三航空有限公司 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。 重要内容提示： 公司于 2024 年 8 月 30 日召开董事会 2024 年第 4 次例会，会议审议通过了 《关于以吸收合并方式对一二三航空有限公司实施清算注销的议案》，具体内容 如下： 一、本次吸收合并概述 中国东方航空股份有限公司（以下简称"公司"）吸收合并下属全资子公司 一二三航空有限公司（以下简称"一二三航"）。本次吸收合并完成后，公 司作为吸收合并方将承继一二三航的全部资产、业务、债权债务及其他一切 权利和义务，并存续经营；一二三航作为被吸收合并方将被依法注销登记。 本次吸收合并事项已经公司董事会 2024 年第 4 次例会审议通过，本次吸收 合并事项不属于关联交易，也不构成《上市公司重大资产重组管理办法》规 定的重大资产重组 ...

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 2024-044 中国东方航空股份有限公司 关于以集中竞价交易方式回购股份方案的公告 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。 重要内容提示： ● 回购股份金额：A 股不低于人民币 2.5 亿元（含），不超过人民币 5 亿元 （不含）；H 股不低于人民币 2.5 亿元（含），不超过人民币 5 亿元（不含）（最 终依据汇率折算港元）。 ● 回购股份价格：A 股回购价格上限为 4.39 元/股；H 股回购价格上限为 3.04 港元/股（折合人民币约 2.76 元/股），每次回购 H 股价格不得高于回购前 5 个交 易日公司 H 股股票平均收市价的 105%。 ● 回购股份方式：集中竞价交易方式。 ● 回购股份期限：自公司股东大会审议通过回购股份方案之日起 12 个月内。 ● 相关股东是否存在减持计划：截至董事会审议通过本次回购方案之日，公司 控股股东、实际控制人、董事、监事及 ...

中国东方航空股份有限公司 1 第四条 公司选聘的会计师事务所应当具备下列条件： （一）具有独立的法人资格，具备国家行业主管部门和 中国证券监督管理委员会规定的开展证券期货相关业务的 执业资格； （二）具有固定的工作场所、健全的组织机构和完善的 内部管理和控制制度； 选聘会计师事务所管理办法 第一章 总则 第一条 为规范中国东方航空股份有限公司（以下简称 "公司"）选聘（含续聘、改聘及解聘，下同）会计师事务 所行为，提升审计工作和财务信息质量，切实维护股东合法 权益，根据《中华人民共和国公司法》、《中华人民共和国 证券法》、《国有企业、上市公司选聘会计师事务所管理办 法》以及其他相关法律、行政法规、部门规章和规范性文件 的规定，结合公司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相 关法律法规要求，聘任会计师事务所对公司财务会计报告等 发表审计意见、出具审计报告的行为。公司聘任会计师事务 所从事除财务会计报告审计之外的其他审计业务的，按照公 司其他相关制度组织实施。 第三条 公司选聘会计师事务所，应当经董事会审计和风 险管理委员会（以下简称"审计委员会"）审核同意后，提 交董事会审议 ...

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"）董事会 2024 年第 4 次例 会根据《公司章程》和《董事会议事规则》的规定，经董事长王志清召集，于 2024 年 8 月 30 日在东航之家召开。 公司董事长王志清，副董事长李养民，独立董事孙铮、陆雄文、罗群、冯咏 仪、郑洪峰出席会议。 公司监事邵祖敏、周华欣，高级管理人员列席会议。 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 2024-040 中国东方航空股份有限公司 董事会 2024 年第 4 次例会决议公告 参加会议的董事确认会前均已收到本次董事会会议通知。本次会议的召开符 合《公司法》和《公司章程》的有关规定，参加本次会议的董事已达法定人数， 会议合法有效。 会议由公司董事长王志清主持，参加会议的董事经过讨论，一致同意并作出 以下决议： 一、审议通过《公司 2024 年中期财务报告》。 本议案会前已经公司董事会审计和风 ...