Core Viewpoint - China Eastern Airlines has adjusted its daily related transactions for aircraft and engines for 2025, including the sale of old aircraft to optimize asset management and improve operational efficiency [1][8]. Summary by Category Daily Related Transactions for 2025 - The company plans to include the sale of aircraft and engines in its daily related transactions for 2025, with a maximum transaction amount of RMB 1.8 billion [1][8]. - The company will choose to sell to Eastern Airlines Leasing if their offer is competitive compared to others [1][8]. Daily Related Transactions for 2026 to 2028 - The company has identified new daily related transaction types for 2026 to 2028, including factoring services and aircraft and engine sales, while removing others like foreign trade import and export services [1][12]. - The maximum transaction amounts for financial services and aircraft leasing are expected to increase due to growing passenger revenue and cash flow [2][12]. Financial Services - The company anticipates a slight increase in the maximum daily deposit and comprehensive credit limits for the next three years, driven by increased cash inflow and financing needs [2][12]. - The company will maintain competitive deposit and loan rates with Eastern Airlines Finance compared to major domestic banks [3][12]. Aircraft and Engine Leasing Services - Eastern Airlines Leasing has strong capital strength and expertise in aircraft leasing, which helps reduce overall leasing costs for the company [3][10]. - The company plans to eliminate the previous restriction that limited leasing transactions with Eastern Airlines Leasing to 50% of the total planned aircraft and engine acquisition amount [9][10]. Catering and Supply Services - Eastern Airlines Food will provide comprehensive procurement and supply chain services for in-flight meals, helping to reduce costs and improve quality [4][12]. - The company will ensure that transactions with Eastern Airlines Food do not increase costs or reduce quality [4][12]. Exclusive Cargo Services - The company has granted China Cargo Airlines exclusive rights to operate its passenger aircraft cargo business to avoid competition and enhance operational efficiency [5][12]. Impact of Daily Related Transactions - The daily related transactions are based on fair market pricing and are expected to benefit the company and its shareholders without harming the interests of minority shareholders [5][12]. Future Transaction Estimates - The estimated maximum transaction amounts for 2026 to 2028 are projected to increase, reflecting anticipated growth in the aviation market and the company's operational scale [22][12].

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： 证券代码：601156 证券简称：东航物流 公告编号：临 2025-024 东方航空物流股份有限公司 关于股东协议转让股份完成过户登记的公告 2025 年 7 月 1 日，中国证券登记结算有限责任公司出具了《证券过户登 记确认书》，珠海普东股权投资有限公司（以下简称"珠海普东"）向中邮人寿 保险股份有限公司（以下简称"中邮保险"）协议转让其持有的东方航空物流股 份有限公司（以下简称"公司"、"东航物流"）79,420,100 股股份（占公司总 股本的 5.00%）事项完成了股份过户登记手续。过户完成后，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%。 本次协议转让不涉及公司控股股东、实际控制人，不触及要约收购，不 会导致公司控股股东、实际控制人发生变化。 一、协议转让概述 2025 年 4 月 29 日，珠海普东与中邮保险签署了股份转让协议书。珠海普东 拟通过协议转让的方式以 10.944 元/股的交易价格向 ...

关于公司董事辞任及提名非独立董事候选人的公告 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。 证券代码：601156 证券简称：东航物流 公告编号：临2025-019 东方航空物流股份有限公司 公司于 2025年6月30日召开的第三届董事会第2次普通会议审议通过了《关 于提名公司第三届董事会非独立董事候选人的议案》，同意提名王永芹女士（简 历见附件）为公司第三届董事会非独立董事候选人，任期与第三届董事会任期一 致，自股东大会审议通过之日起算，同意将本议案提交公司股东大会审议。 特此公告。 东方航空物流股份有限公司董事会 2025 年 7 月 1 日 附件： 王永芹简历 一、董事离任情况 东方航空物流股份有限公司（以下简称"公司"）董事会收到公司董事张渊 女士递交的请辞函。因工作安排原因，张渊女士申请辞去公司第三届董事会董事、 战略委员会委员以及薪酬与考核委员会委员职务。具体情况如下： | 姓名 离任职务 离任时间 | | | 原定任期 到期日 | | 离任 原因 | 是否继续在公 司及其控股子 | 是否存在未 履行完毕的 | ...

证券代码：601156 证券简称：东航物流 公告编号：临 2025-021 东方航空物流股份有限公司 关于签署货运物流框架协议暨关联交易的公告 东方航空物流股份有限公司（以下简称"公司"）与中国东方航空股份有限 公司（以下简称"东航股份"）签订的《货运物流相关日常关联交易框架协议》 将于 2025 年 12 月 31 日到期，因业务发展需要，公司拟与东航股份续签该框架 协议。本议案尚需提交公司股东大会审议。 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。 重要内容提示： 是否需要提交股东大会审议 对上市公司的影响 本次关联交易公平、合理，符合公司和全体股东的整体利益，亦符合公司经 营发展需要，不存在损害公司和非关联股东尤其是中小股东利益的情形，也不会 影响公司的独立性，公司业务不会因此形成对关联方的依赖。 一、框架协议的基本情况 公司与东航股份于 2022 年 9 月 26 日签订的《货运物流相关日常关联交易框 架协议》将于 2025 年 12 月 31 日到期，因业务发展需要，公司拟与东航股份续 签该框架协议，协议有效期为 ...

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: 股东联想控股股份有限公司（以下简称"联想控股"）共计持有东方航 空物流股份有限公司（以下简称"公司"）股份数量 179,254,133 股，占公司总 股本比例为 11.29%。联想控股本次解除质押股份数量 2,200,000 股，本次解除质 押后，持有公司股份累计质押数量 28,800,000 股，占其所持股份比例为 16.07%， 占公司总股本比例为 1.81%。 公司于 2025 年 6 月 30 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： 证券代码：601156 证券简称：东航物流 公告编号：临 2025-023 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 | 股东名称 | 联想控股股份有限公司 | | --- | --- | | 本次解除质押股份 | 2,200,000 股 | | 占其所持股份比例 | 1.23% | | 占公司总股本比例 | 0.14% | | 解除质押时间 | 2025 年 6 ...

一、审核通过《关于签署货运物流框架协议暨关联交易的议案》 详情请参见公司同日在《中国证券报》《上海证券报》《证券日报》《证券 时报》和上海证券交易所网站（www.sse.com.cn）披露的《关于签署货运物流框 架协议暨关联交易的公告》。 关联监事邵祖敏回避表决，本议案尚需提交公司股东大会审议。 表决结果：同意票 2 票，反对票 0 票，弃权票 0 票。 特此公告。 证券代码：601156 证券简称：东航物流 公告编号：临 2025-022 东方航空物流股份有限公司 第三届监事会第 4 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。 根据《中华人民共和国公司法》《东方航空物流股份有限公司章程》（以下 简称《公司章程》）及《公司监事会议事规则》的有关规定，东方航空物流股份 有限公司（以下简称"公司"）第三届监事会第 4 次会议于 2025 年 6 月 30 日以 通讯方式召开。 公司按照规定时间向全体监事发出了会议通知和会议文件，本次监事会应出 席监事 3 人，实际出席监事 3 人。监事会会议的召集和召开符合国家 ...

证券代码：601156 证券简称：东航物流 公告编号：临 2025-020 东方航空物流股份有限公司 第三届董事会第 2 次普通会议决议公告 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。 根据《东方航空物流股份有限公司章程》（以下简称《公司章程》）《董事会 议事规则》的有关规定，东方航空物流股份有限公司（以下简称"公司"）第三 届董事会第 2 次普通会议于 2025 年 6 月 30 日以通讯方式召开，本次会议由董事 长郭丽君召集。公司按照规定时间向全体董事发出了会议通知和会议文件，本次 董事会应出席董事 10 人，实际出席董事 10 人。 会议的召集及表决程序符合《中华人民共和国公司法》和《公司章程》等有 关规定。本次会议审议通过以下议案： 一、审议通过《关于提名公司第三届董事会非独立董事候选人的议案》 董事会同意提名王永芹为公司第三届董事会非独立董事候选人，任期与第三 届董事会任期一致，自股东大会审议通过之日起算。详情请参见公司同日在《中 国证券报》《上海证券报》《证券日报》《证券时报》和上海证券交易所网站 （www.s ...

Group 1 - The company Eastern Airlines Logistics (601156) plans to renew the "Daily Related Transaction Framework Agreement for Cargo Logistics" with Eastern Airlines Co., Ltd. The agreement will be effective from January 1, 2026, to December 31, 2028 [1] - The proposal is subject to approval at the company's shareholders' meeting [1] Group 2 - As of December 31, 2024, Eastern Airlines Co., Ltd. has total assets of 276.6 billion yuan, net assets attributable to shareholders of the parent company amounting to 40.532 billion yuan, and an operating income of 132.12 billion yuan for the fiscal year 2024 [1] - The net profit attributable to shareholders of the parent company for 2024 is reported at -4.226 billion yuan [1]

Investment Rating - The report initiates coverage with a "Buy" rating for Eastern Airlines Logistics [3][7]. Core Views - Eastern Airlines Logistics is positioned as a leading player in the aviation logistics sector, benefiting from a robust resource base that creates competitive barriers. The company is expected to achieve significant long-term performance growth [6][30]. - The aviation logistics market is projected to continue growing, although short-term fluctuations may arise due to international trade policies [6][9]. Financial Data and Profit Forecast - Total revenue is forecasted to reach CNY 24,544 million in 2025, with a year-on-year growth rate of 2.0% [2]. - Net profit attributable to shareholders is expected to be CNY 2,120 million in 2025, reflecting a decline of 21.1% year-on-year [2]. - Earnings per share (EPS) is projected at CNY 1.34 for 2025, with a PE ratio of 10 [2]. - The company aims for a dividend payout ratio of 30%-50% of net profit, with expected dividend yields of 4.1% in 2025 [7][49]. Business Segments - **Aviation Express**: The company operates a dual model of all-cargo aircraft and passenger belly cargo, with a focus on enhancing operational efficiency and expanding its international route network [23][51]. - **Ground Comprehensive Services**: The company has established 17 self-operated cargo stations at key airports, achieving a market share of 51.9% in the Shanghai Hongqiao and Pudong areas [23][30]. - **Integrated Logistics Solutions**: The company is capitalizing on the growth of cross-border e-commerce, with revenue from this segment expected to increase significantly [9][30]. Market Dynamics - The aviation logistics market is anticipated to grow, driven by increasing demand for air freight services, although it may face short-term disruptions from trade policies [6][9]. - The supply side is expected to see a slight expansion in cargo aircraft capacity, while demand is projected to remain strong despite potential policy impacts [6][9]. Investment Analysis - The forecasted net profits for Eastern Airlines Logistics from 2025 to 2027 are CNY 21.20 billion, CNY 26.87 billion, and CNY 31.75 billion, respectively, with corresponding PE ratios of 9.9x, 7.8x, and 6.6x [7][8]. - The company is expected to have a 24% upside potential compared to industry averages, supported by its unique logistics assets and strategic capacity expansion [7][30].

Group 1 - The core viewpoint is that Eastern Airlines Logistics Co., Ltd. is a modern comprehensive logistics service provider, focusing on safe, efficient, precise, and convenient logistics services for global customers, with a successful listing in 2021 and being the first stock in civil aviation mixed reform [1] - The company’s main business segments include air express, ground comprehensive services, and comprehensive logistics solutions, with a fleet of 14 B777 freighters and exclusive operation of cargo in the belly holds of over 800 passenger aircraft [1] - The company aims to provide stable dividend returns to investors, having distributed a total of 2.726 billion yuan in dividends since its listing, with a planned annual cash distribution of 30%-50% of net profit attributable to shareholders from 2024 to 2026 [2] Group 2 - The air logistics market is expected to continue growing, although short-term impacts from trade policy disruptions are noted, with a stable expansion of freighter scale anticipated [2] - Profit forecasts for Eastern Airlines Logistics indicate net profits of 2.12 billion, 2.687 billion, and 3.175 billion yuan for 2025-2027, with corresponding PE ratios of 9.9x, 7.8x, and 6.6x, suggesting a valuation advantage compared to peers [3] - The company’s freighter and cargo station assets provide resource advantages, with expectations for improved intercontinental cargo network capabilities and a gradual recovery in comprehensive logistics solutions business due to international trade policy impacts [3]