Core Viewpoint - China Post Life Insurance Co., Ltd. has acquired a 5% stake in Eastern Air Logistics through a block trade, amounting to 869 million yuan, positioning itself as a significant strategic shareholder [1] Group 1: Investment Activity - The acquisition of 79.42 million unrestricted shares makes China Post Insurance an important strategic partner for Eastern Air Logistics, which is a subsidiary of China Eastern Airlines Group [1] - Eastern Air Logistics reported a revenue of 24.056 billion yuan in 2024, a year-on-year increase of 16.66%, and a net profit attributable to shareholders of 2.688 billion yuan, up 8.01% [1] - In Q1 2024, Eastern Air Logistics' net profit attributable to shareholders was 545 million yuan, reflecting a year-on-year decline of 7.40% [1] Group 2: Industry Trends - The investment by China Post Insurance is part of a broader trend of increased equity investments by insurance companies, driven by new accounting standards and changing external environments [2][3] - As of May 8, 2024, seven insurance companies, including China Post Insurance and China Life, have made a total of 13 equity acquisitions, focusing on high-dividend and undervalued sectors such as banking and public utilities [2] - The implementation of the new accounting standard (IFRS 9) has prompted insurance companies to increase their equity stakes to over 5% to apply the equity method of accounting, which helps mitigate profit volatility [3] Group 3: Regulatory Environment - Regulatory support for insurance capital market participation has increased, with new policies aimed at expanding long-term investment reforms and reducing risk factors for equity assets [6] - The reduction of risk factors for stock investments by 10% could significantly enhance the solvency of insurance companies, allowing for greater capital efficiency [6] - The regulatory environment is evolving to facilitate insurance companies' transition towards long-term investments, aligning with the industry's shift towards floating income products [4][6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company's operating revenue is projected to be 24.06 billion yuan, representing a year-on-year growth of 16.7%, while the net profit attributable to shareholders is expected to reach 2.69 billion yuan, up 8.0% year-on-year [5][10]. - For Q4 2024, the company anticipates operating revenue of 6.38 billion yuan, a slight decline of 0.1% year-on-year, and a net profit of 620 million yuan, down 24.6% year-on-year [5][10]. - The company is actively exploring emerging markets such as the Middle East, South America, and Southeast Asia to mitigate the impact of frequent U.S. tariff adjustments and the planned cancellation of the small package tax exemption policy [10]. Summary by Sections Financial Performance - In Q4 2024, the revenue from air express, ground comprehensive services, and integrated logistics solutions saw a year-on-year change of -8.8%, +8.0%, and +5.6% respectively [10]. - The gross profit for Q4 2024 is expected to be 1.28 billion yuan, down 10.6% year-on-year, with specific gross profits from air express, ground services, and integrated logistics at 450 million, 180 million, and 650 million yuan, reflecting year-on-year changes of -34.7%, -33.2%, and +36.7% respectively [10]. - The company plans to distribute a cash dividend of 0.288 yuan per share for 2024, with a total dividend payout of 1.07 billion yuan, corresponding to a payout ratio of 40% [5][10]. Market Position and Valuation - The current market value of the company is below its replacement cost, indicating a more attractive valuation [10]. - If the pessimistic scenario is assumed where current freight rates drop to 2019 levels, the estimated net profit for 2025 would be approximately 2.02 billion yuan, corresponding to a PE ratio of 9.5X [10]. - The estimated net profits for 2025, 2026, and 2027 are projected to be 2.02 billion, 2.29 billion, and 2.65 billion yuan respectively, with corresponding PE ratios of 9.5, 8.4, and 7.3X [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - In Q1 2025, the company achieved operating revenue of 5.49 billion yuan, a year-on-year increase of 5.0%, while the net profit attributable to shareholders decreased by 7.4% to 550 million yuan [5][10] - The air freight market remained strong during the off-peak season, with air freight prices rising, contributing to stable revenue growth for the company [10] - The company is advised to closely monitor the impact of U.S. tariff policies and the cancellation of air freight small package policies on cross-border e-commerce air freight demand [10] Summary by Sections Financial Performance - In Q1 2025, the company's operating revenue was 5.49 billion yuan, up 5.0% year-on-year, with air freight, ground comprehensive services, and comprehensive service solutions generating revenues of 2.06 billion, 620 million, and 2.80 billion yuan respectively, reflecting year-on-year growth of 2.9%, 4.7%, and 6.7% [10] - The gross profit margin improved by 1.6 percentage points to 17.5%, with gross profit increasing by 15.9% to 960 million yuan [10] - Financial expenses decreased by 40 million yuan year-on-year, leading to a 12.7% reduction in total expenses [10] Market and Policy Impact - The U.S. announced the end of the "de minimis" policy, which will increase tariffs on each package to 200 USD, significantly affecting air freight demand from cross-border e-commerce [10] - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 2.02 billion, 2.29 billion, and 2.65 billion yuan respectively, with corresponding price-to-earnings ratios of 9.5, 8.4, and 7.3 [10]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook despite short-term challenges from tax policy changes [3][4]. Core Insights - In 2024, the company achieved revenue of 24.056 billion yuan, a year-on-year increase of 16.66%, and a net profit attributable to shareholders of 2.688 billion yuan, up 8.01% [1]. - The company's air freight business saw a revenue decline of 0.90% to 9.035 billion yuan, with a gross margin of 24.58%, down 5.04 percentage points [1]. - The comprehensive logistics solutions segment experienced significant growth, with revenue reaching 12.476 billion yuan, a 36.72% increase, and a gross margin of 15.89%, up 2.37 percentage points [2]. - The ground services segment reported a slight decrease in gross margin to 36.16%, despite a 6.91% increase in revenue to 2.531 billion yuan [2]. - The company is expected to face short-term disruptions due to new tax policies affecting cross-border e-commerce, leading to a cautious adjustment in profit forecasts for 2025-2027 [3]. Financial Performance Summary - For Q1 2025, the company reported revenue of 5.486 billion yuan, a 5.02% year-on-year increase, but a decline in net profit by 7.40% to 545 million yuan due to increased tax expenses [1][2]. - The forecast for net profit attributable to shareholders for 2025-2027 is 2.3 billion, 2.68 billion, and 2.94 billion yuan, respectively, with corresponding EPS of 1.45, 1.69, and 1.85 yuan [3][8]. - The company's PE ratios for 2025-2027 are projected at 8.7, 7.5, and 6.8 times, indicating a potentially undervalued stock [3][8]. Business Segments Overview - The air freight business's daily utilization rate for all-cargo aircraft reached 13.01 hours, with a load factor of 82.17%, reflecting operational efficiency [1]. - The decline in profitability in the passenger aircraft cargo segment is attributed to a significant drop in gross profit, which fell to -80 million yuan from 417 million yuan in the previous year [1][2]. - The company is actively responding to market changes by optimizing capacity and focusing on high-demand areas, particularly in cross-border e-commerce logistics [2][3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook despite short-term challenges from tax policy changes [3][4]. Core Insights - In 2024, the company achieved revenue of 24.056 billion yuan, a year-on-year increase of 16.66%, and a net profit attributable to shareholders of 2.688 billion yuan, up 8.01% [1]. - The company's air freight business saw a revenue decline of 0.90% to 9.035 billion yuan, with a gross margin of 24.58%, down 5.04 percentage points [1]. - The comprehensive logistics solutions segment experienced significant growth, with revenue reaching 12.476 billion yuan, a 36.72% increase, and a gross margin of 15.89%, up 2.37 percentage points [2]. - The ground services segment reported a slight decrease in gross margin to 36.16%, despite a 6.91% increase in revenue to 2.531 billion yuan [2]. - The company is expected to face short-term disruptions due to new tax policies affecting cross-border e-commerce, leading to a cautious adjustment in profit forecasts for 2025-2027 [3]. Financial Performance Summary - For Q1 2025, the company reported revenue of 5.486 billion yuan, a 5.02% increase year-on-year, but a decline in net profit by 7.40% to 545 million yuan due to increased tax expenses [1][2]. - The air freight business's gross margin improved to 34.03%, benefiting from higher freight rates, while the passenger aircraft cargo business saw a significant profit drop [1][2]. - The company's net profit forecasts for 2025, 2026, and 2027 are projected at 2.3 billion, 2.682 billion, and 2.938 billion yuan, respectively, with corresponding EPS of 1.45, 1.69, and 1.85 yuan [3][9].

公司于 2025 年 5 月 7 日获悉联想控股将其所持有的部分公司股份办理了解 除质押业务，具体事项如下： | 股东名称 | 联想控股股份有限公司 | | --- | --- | | 本次解除质押股份 | 9,000,000 股 | | 占其所持股份比例 | 5.02% | | 占公司总股本比例 | 0.57% | | 解除质押时间 | 2025 年 5 月 6 日 | | 持股数量 | 179,254,133 股 | | 持股比例 | 11.29% | | 剩余被质押股份数量 | 31,000,000 股 | | 剩余被质押股份数量占其所持股份比例 | 17.29% | | 剩余被质押股份数量占公司总股本比例 | 1.95% | 未来如有再质押计划，公司将按照相关法律法规要求及时履行披露义务。 特此公告。 东方航空物流股份有限公司董事会 2025 年 5 月 8 日 证券代码：601156 证券简称：东航物流 公告编号：临 2025-014 东方航空物流股份有限公司 关于 5%以上股东部分股份解除质押的公告 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 ...

2023年夏天，陈瑶从中国民航大学安全科学与工程专业毕业，同年加入东航物流。初入职场，一本厚重 的《危险品规则》便给了她一个"下马威"，厚度堪比砖头的专业手册令人望而生畏。然而，她始终坚 信"方法总比困难多"，毅然将自己"归零"，以空杯心态重新做回学生，在专业领域里从头学起。她系统 学习各项规章制度，先后参加内外部的危险品学习班，获得IATA《危险品规则》和《活体动物规则》 培训证书；坚持向实践学习，主动向资深业务骨干请教；每月不定期到货站收运柜台及危险品存放场所 现场实践，学会独立审核运输文件、填写收运检查单、识别各种包装以及标记标签。 一年内，她独立完成企业法定自查项目100余条，参与危险品运输检查30余次，发现并整改隐患20余 项，逐渐成为团队中独当一面的"安全卫士"。 2024年，随着跨境电商出口蓬勃发展，众多的品类、复杂的交运流程带来了许多新的挑战。陈瑶主动请 缨，积极参与构建电商货物便利化运输方案，并针对化妆品、带电类、弱磁性等电商货制定差异化交运 2024年7月，东航启动首届中国民航货运员职业技能大赛选拔，她意识到这次比赛既是对自身能力的检 验，更是一个向行业前沿学习迈进的机会。她紧紧把握机会， ...

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。 东方航空物流股份有限公司 关于股东协议转让股份暨权益变动的提示性公告 证券代码：601156 证券简称：东航物流 公告编号：临 2025-013 重要内容提示： 2025 年 4 月 29 日，东方航空物流股份有限公司（以下简称"公司"、"标 的公司"、"东航物流"）持股 5%以上的股东珠海普东股权投资有限公司（以下 简称"珠海普东"）与中邮人寿保险股份有限公司（以下简称"中邮保险"）签 署了股份转让协议书，珠海普东拟将其持有的公司 79,420,100 股股份（占公司 总股本的 5.00%）转让给中邮保险，每股转让价格为 10.944 元，股份转让总价款 为 869,173,574.40 元。 本次协议转让前珠海普东持有公司 79,420,100 股股份，占公司总股本的 5.00%。本次协议转让后，珠海普东不再持有公司股份；中邮保险持有公司 79,420,100 股股份，占公司总股本的 5.00%。 中邮保险承诺自完成过户登记之日起 18 个月内，不以任何方式减持通过 本次交易 ...

东方航空物流股份有限公司 简式权益变动报告书 信息披露义务人： 中邮人寿保险股份有限公司 住址： 北京市西城区金融大街甲3 号B 座6 层、7 层、8 层 通讯地址： 北京市西城区金融大街甲3 号B 座6 层、7 层、8 层 股份变动性质： 股份增加 签署日期：2025年4月29日 上市公司名称： 东方航空物流股份有限公司 上市地点： 上海证券交易所 股票简称： 东航物流 股票代码： 601156.SH 信息披露义务人声明 一、本信息披露义务人根据《中华人民共和国证券法》（以下简称"《证券 法》"）《上市公司收购管理办法》（以下简称"《收购办法》"）《公开发行证 券公司信息披露内容与格式准则第 15 号——权益变动报告书》（以下简称 "《准则 15 号》"）等相关的法律、法规及规范性文件编写本报告书。 六、本次权益变动是根据本报告所载明的资料进行的。信息披露义务人没 有委托或者授权其他任何人提供未在报告书中列载的信息和对本报告书做出任 何解释或者说明。 七、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗 漏，并对其真实性、准确性、完整性承担法律责任。 2 | ਮ | | --- | | | | ...

东方航空物流股份有限公司 简式权益变动报告书 签署日期：2025年4月29日 上市公司名称： 东方航空物流股份有限公司 股票上市地点： 上海证券交易所 股票简称： 东航物流 股票代码： 601156.SH 信息披露义务人： 珠海普东股权投资有限公司 住所： 珠海市横琴新区新香江路2202号322办公 通讯地址： 上海市浦东新区张杨路2389弄3号普洛斯大厦17层 股份变动性质： 信息披露义务人减持股份 信息披露义务人声明 一、本信息披露义务人根据《中华人民共和国证券法》（以下简称"《证券 法》"）《上市公司收购管理办法》（以下简称"《收购办法》"）《公开发行证券公 司信息披露内容与格式准则第 15 号——权益变动报告书》（以下简称"《准则 15 号》"）等相关的法律、法规及规范性文件编写本报告书。 二、信息披露义务人签署本报告已获得必要的授权和批准，其履行亦不违 反信息披露义务人内部规则中的任何条款，或与之相冲突。 三、依据《证券法》《收购办法》《准则 15 号》规定，本报告书已全面覆盖 信息披露义务人在东方航空物流股份有限公司（以下简称"东航物流"或"公司"） 中拥有权益的股份变动情况。 截至本报告书签署日 ...