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 2025-071 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。 重要内容提示： | 股回购方案首次披露日 A | | 2024/8/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股回购方案实施期限 A | | 年 月 月 2024 8 | 11 | 日~2025 | 年 | 11 | 日 7 | | 预计回购 A | 股金额 | 2.5（含）亿元~5（不含）亿元 | | | | | | | | | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | 回购用途 | | | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已 ...

Core Viewpoint - The performance of four mainland Chinese airlines in Q3 showed significant divergence, with Eastern Airlines reporting the strongest net profit growth of 34% year-on-year, followed by Southern Airlines with a 20% increase. In contrast, Spring Airlines and Air China experienced declines in net profit of 6% and 11%, respectively [1] Group 1: Airline Performance - Eastern Airlines achieved the highest net profit growth at 34% year-on-year [1] - Southern Airlines followed with a net profit increase of 20% year-on-year [1] - Spring Airlines and Air China reported net profit declines of 6% and 11%, respectively [1] Group 2: Revenue and Cost Analysis - Revenue per available seat kilometer exceeded expectations, with stable data reported for September [1] - A decline in fuel costs is expected to benefit the overall cost structure [1] - Excluding fuel, unit cost performance varied, with Air China lagging in cost optimization [1] Group 3: Ratings and Future Outlook - The firm reiterated a "underperform" rating for Air China, Eastern Airlines, and Southern Airlines due to ongoing pressure on domestic ticket prices, posing downside risks to profits in 2025 and 2026 [1] - A "buy" rating was maintained for Spring Airlines, attributed to its cost leadership position and expected stable growth in 2025 and 2026 [1]

Core Points - China Eastern Airlines will launch the first "Aviation + Cruise" joint membership program with MSC Cruises starting November 5, 2025, enhancing the "Eastern Miles" frequent flyer ecosystem and improving member travel experiences [1][3] Group 1 - The joint membership program allows "Eastern Miles" members to bind their accounts through the Eastern Airlines app or official WeChat mini-programs, providing multiple exclusive benefits [2][5] - Members who successfully bind and purchase tickets for MSC Lirica's mainland China homeport voyages can earn up to 8,000 Eastern Miles for each cabin, enabling "one journey, double points" [2] Group 2 - The program offers various benefits, including onboard spending credits, with gold card members receiving 200 yuan and other members receiving 50 yuan in onboard credits, usable within 30 days of booking [5] - The collaboration also includes member level matching benefits, opportunities for membership upgrades, and mileage point rewards [5]

Core Viewpoint - China Eastern Airlines' stock price has shown a year-to-date increase of 22.50%, with significant gains over various trading periods, indicating a positive market sentiment towards the company [1][2]. Financial Performance - For the period from January to September 2025, China Eastern Airlines reported a revenue of 106.41 billion yuan, reflecting a year-on-year growth of 3.73%. The net profit attributable to shareholders reached 2.10 billion yuan, marking a substantial increase of 1623.91% compared to the previous year [2]. Stock Market Activity - As of November 4, the stock price of China Eastern Airlines was 4.90 yuan per share, with a trading volume of 303 million yuan and a turnover rate of 0.36%. The total market capitalization stood at 109.23 billion yuan [1]. - The net outflow of main funds was 60.48 million yuan, with large orders showing a buy of 640.98 million yuan and a sell of 669.93 million yuan, indicating mixed investor sentiment [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for China Eastern Airlines was 149,900, a decrease of 3.37% from the previous period. The average circulating shares per person remained at 0 shares [2][3]. - The company has cumulatively distributed dividends amounting to 3.30 billion yuan since its A-share listing, with no dividends paid in the last three years [3]. Ownership Structure - Among the top ten circulating shareholders, China Securities Finance Corporation holds 430 million shares, while Hong Kong Central Clearing Limited holds 295 million shares, with the latter reducing its holdings by 5.45 million shares compared to the previous period [3].

Core Viewpoint - Eastern Airlines has successfully launched its first flight of the domestically produced C919 aircraft on the Guangzhou-Beijing Daxing route, marking the official operation of the T3 terminal and the fifth runway at Guangzhou Baiyun Airport [1] Group 1: Flight Operations - The C919 aircraft is currently operating on three routes from Daxing Airport: Beijing Daxing to Shanghai Hongqiao, Xi'an Xianyang, and Guangzhou Baiyun [1] - During the winter-spring season, Eastern Airlines has optimized its flight network starting from Beijing, with an average of 33 flights per day on the Beijing-Shanghai route [1] Group 2: Fleet and Capacity - The main aircraft types for the Beijing-Shanghai route include the Airbus A330, Boeing 777 wide-body aircraft, and the C919 domestic aircraft, which are essential for maintaining efficient operations on this busy route [1] - Eastern Airlines has increased its domestic flights from Daxing Airport to over 100 per day, enhancing service quality and operational efficiency on popular routes to cities like Hangzhou, Wuhan, and Xishuangbanna [1]

Core Insights - China Eastern Airlines has officially launched a new cargo route from Shanghai to Budapest via Riyadh, enhancing trade connections between China, the Middle East, and Europe [1][2] - The new route is expected to meet the growing logistics demand driven by cooperation in emerging sectors between China and Saudi Arabia, coinciding with the 35th anniversary of diplomatic relations in 2025 [1][2] Group 1: Route and Operations - The new cargo route will operate three flights per week, utilizing Boeing B777F freighters, with a total flight time of approximately 17 hours [1] - The route will primarily transport international express shipments, e-commerce packages, and general cargo, improving the efficiency of goods circulation in the region [1] Group 2: Strategic Importance - Riyadh's selection as a new transit point reflects China Eastern Airlines' strategic consideration of the Middle East's hub value, serving as a gateway to Africa [2] - The fifth freedom rights allow China Eastern Airlines to conduct cargo operations in Riyadh, enhancing operational efficiency, cost optimization, and revenue generation [2] Group 3: Future Plans - China Eastern Airlines plans to strengthen connections with major markets in Europe, Asia-Pacific, and the Middle East, aiming to expand into emerging markets and optimize transit efficiency [2] - The airline seeks to build a comprehensive global air logistics network, contributing to the promotion of trade between China and other countries [2]

Investment Rating - The report maintains a "Recommended" investment rating for China Eastern Airlines (600115) [1] Core Views - In Q3 2025, the company achieved a net profit attributable to shareholders of 3.53 billion yuan, representing a year-on-year increase of 34% [1] - The company's capacity growth rate is leading in the industry, contributing to better-than-expected performance [1] - The report anticipates continued profitability for the airline, supported by limited supply growth in the industry and signs of recovery in business travel demand [8] Financial Performance Summary - **Revenue and Profitability**: - For the first three quarters of 2025, total revenue reached 106.41 billion yuan, a year-on-year increase of 3.7%, with a net profit of 2.1 billion yuan, marking a return to profitability [8] - In Q3 2025, revenue was 39.59 billion yuan, up 3.1% year-on-year, with a net profit of 3.53 billion yuan, up 34.4% year-on-year [8] - **Cost Analysis**: - Operating costs for Q3 2025 were 34.2 billion yuan, a year-on-year increase of 1.5%, with fuel costs decreasing by 7.4% to 11.3 billion yuan [2][8] - The cost per seat kilometer was 0.403 yuan, down 4.3% year-on-year, indicating improved cost efficiency [2][8] - **Key Financial Metrics**: - Projected total revenue for 2025 is 139.38 billion yuan, with a net profit forecast of 781 million yuan, reflecting a significant recovery [4] - Earnings per share (EPS) are expected to improve from -0.19 yuan in 2024 to 0.04 yuan in 2025, and further to 0.27 yuan in 2026 [4] Market Position and Outlook - The company is expected to benefit from a tightening of flight schedules in the new season and a positive trend in ticket prices due to recovering business travel demand [8] - The target price for the stock is set at 5.89 yuan, indicating a potential upside of 23% from the current price of 4.80 yuan [4][8]

Core Insights - The recovery of the China-Canada route is lagging behind other international routes, similar to the China-US route, with a current recovery rate of only 35.6% compared to pre-pandemic levels in 2019 [1][3] - The number of international flight tickets to Canada from China has increased by 28.1% year-on-year from January to October this year [1] - The number of flights on the China-Canada route has significantly increased, with a total of 319 round-trip flights scheduled for October 2025, representing a growth of over 2.5 times [1] Flight Recovery Challenges - The slow recovery of the China-Canada flights is partly due to restrictions imposed by Canada on the number of flights allowed for Chinese airlines, initially limiting them to no more than six round-trip flights per week [3] - Although Canada has lifted the restriction on direct flights from Beijing, the approved flight volume remains significantly lower than pre-pandemic levels, which exceeded 70 flights per week [3][4] Airline Operations - Currently, six mainland Chinese airlines operate on the China-Canada route, with Air Canada being the only Canadian airline flying this route [4] - In October, the top three routes by flight volume were Shanghai Pudong to Vancouver (80 flights), Beijing Capital to Vancouver (70 flights), and Shanghai Pudong to Pearson (36 flights) [4] Market Dynamics - Domestic airlines currently hold a larger share of the flight volume on the China-Canada route, indicating that Air Canada has not fully utilized its approved flight rights [6] - Despite a year-on-year increase of over 2.1 times in Air Canada's flight volume in October, it still represents a decline of 65.3% compared to 2019 [6] International Route Landscape - The recovery of the China-US route is also hindered by similar restrictions, with Chinese airlines required to avoid Russian airspace, impacting operational efficiency [7] - The competitive landscape for international routes is changing, with domestic airlines increasing their market share from 59.1% in 2019 to 69.6% in the first half of this year, while foreign airlines' share has decreased correspondingly [8]

Core Viewpoint - The domestic civil aviation industry in China is expected to turn profitable in 2024, with the three major state-owned airlines (Air China, China Eastern Airlines, and China Southern Airlines) achieving profitability in the first three quarters of 2025 after years of losses [1][3]. Group 1: Financial Performance of Major Airlines - All three major state-owned airlines reported revenue growth and profitability in the first three quarters of 2025, benefiting from the summer travel peak and foreign exchange gains [2]. - Air China achieved a net profit of 1.87 billion yuan in the first three quarters, while China Eastern Airlines and China Southern Airlines reported net profits of 2.10 billion yuan and 2.31 billion yuan, respectively [3]. - The three major airlines had accumulated losses exceeding 200 billion yuan over the past five years, but signs of recovery are evident, with expectations for profitability in 2025 [3]. Group 2: International Market Growth - The international market has become a key growth area for major airlines, with significant increases in passenger turnover on international routes compared to domestic routes [4]. - For the first nine months of the year, Air China, China Eastern Airlines, and China Southern Airlines reported international passenger turnover growth rates of 14.9%, 24.16%, and 19.54%, respectively, compared to domestic growth rates of 1.2%, 6.08%, and 4.10% [4]. - China Eastern Airlines has been actively expanding its international routes, including the launch of a new route from Shanghai to Buenos Aires, which will set a record for the longest single-route flight [4]. Group 3: Challenges Faced by Private Airlines - Private airlines such as Spring Airlines and Juneyao Airlines reported declines in net profit for the first three quarters, with Spring Airlines losing its title as the "most profitable airline" to Hainan Airlines [6]. - Despite increased flight and passenger volumes, many airlines are struggling to achieve profitability due to lower ticket prices driven by intense competition and market dynamics [7]. - The average ticket price has decreased significantly, with a drop of over 20% in February and more than 8% during the peak summer months, impacting overall profitability [7][8].

Core Insights - The domestic civil aviation industry in China is expected to turn profitable in 2024, with the three major state-owned airlines (Air China, China Eastern Airlines, and China Southern Airlines) achieving profitability in the first three quarters of 2025 after years of losses [1][2][3] - Despite the overall recovery, low-cost carriers like Spring Airlines and Juneyao Airlines have reported declines in performance, with Spring Airlines losing its title as the "most profitable airline" to Hainan Airlines [1][6] - The international aviation market is becoming a key growth area for major airlines, with significant increases in international passenger turnover compared to domestic routes [4][5] Group 1: Financial Performance of Major Airlines - All three major airlines reported revenue growth and profitability in the first three quarters of 2025, benefiting from the summer travel peak and foreign exchange gains [2] - Air China achieved a net profit of 1.87 billion yuan in the first three quarters, while China Eastern and China Southern reported net profits of 2.10 billion yuan and 2.31 billion yuan, respectively [3] - The three major airlines have cumulatively lost over 200 billion yuan from 2020 to 2024, but signs of recovery are evident, with expectations for profitability in 2025 [3] Group 2: International Market Growth - The international passenger turnover for the three major airlines has significantly outpaced domestic turnover, with Air China's international turnover increasing by 14.9% compared to 1.2% for domestic [4] - China Eastern Airlines has been actively expanding its international routes, recently launching a new route that sets a record for the longest single-route flight [4] - China Southern Airlines has also reported improved international performance, with current metrics exceeding pre-pandemic levels [5] Group 3: Challenges Faced by Low-Cost Carriers - Both Juneyao Airlines and Spring Airlines experienced declines in net profit, with Spring Airlines' profitability affected despite increased revenue [6][7] - The competitive landscape remains challenging, with many airlines experiencing increased flight volumes but not corresponding profitability due to lower ticket prices [7] - The average ticket price has seen a significant decline, with prices dropping by over 20% in some months compared to the previous year, impacting overall revenue [7][8]