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]

Core Viewpoint - Eastern Airlines Logistics and Saudi Airlines have signed a joint transport agreement in Shanghai, marking the beginning of a new phase in their cooperation, aimed at restructuring the global cargo network and enhancing international logistics efficiency [1][2]. Group 1: Agreement Details - The joint transport agreement is a deepening of the framework cooperation established in April this year [2]. - The agreement includes mutual space exchange on key routes from Pudong to Riyadh and from Riyadh to Budapest, Liège, and Casablanca, establishing Riyadh as a crucial hub for Eastern Airlines Logistics in the Middle East [2]. - The partnership aims to enhance connectivity with African and European markets, providing more efficient logistics channels for regional trade [2]. Group 2: Operational Enhancements - Both companies are exploring the feasibility of innovative business models, including aircraft space exchange and ACMI leasing (providing aircraft, crew, maintenance, and insurance services), to improve operational efficiency and reduce costs [2]. - Eastern Airlines and Saudi Airlines, both members of the SkyTeam alliance, have a solid foundation of cooperation in ground operations, which has facilitated this new agreement [2]. - The collaboration was initially outlined in a memorandum of understanding at the World Cargo Conference in Dubai, focusing on sharing cargo channel resources from the Middle East to Europe to enhance trunk transportation efficiency [2]. Group 3: Future Prospects - Eastern Airlines Logistics plans to actively collaborate with Saudi Airlines and other partners to leverage its route network advantages and explore new models and opportunities in the air logistics sector [2].

Group 1: Aviation Sector - The aviation sector is expected to see strong demand during the summer peak season, with a recommendation to focus on pre-peak investment opportunities. The industry has gradually emerged from the low-demand season since March, with rational pricing strategies from airlines supporting demand [3][12]. - In 2024, the total revenue of six listed airlines is projected to reach 521.8 billion yuan, a year-on-year increase of 14%, with a tax pre-profit of 3 billion yuan, a significant recovery from a loss of 9 billion yuan in 2023. Different airlines show varying degrees of profit improvement [10][12]. - The report highlights that the international oil price decline will significantly enhance airline profits. A 5% drop in Brent crude oil prices could increase the pre-tax profits of major airlines by 29 billion yuan for Air China and 23 billion yuan for Eastern Airlines [14][15]. Group 2: Express Delivery Sector - The express delivery sector is anticipated to maintain strong growth resilience, with business volumes expected to increase by 21.5% in 2024 and 21.6% in Q1 2025. The total business volume for 2024 is projected to reach 1.758 billion pieces [32][35]. - The market concentration in the express delivery industry is on the rise, with the CR8 index expected to reach 85.2% in 2024 and 86.9% in Q1 2025, indicating a more consolidated market [32][35]. - Revenue for the express delivery industry is forecasted to grow by 13.8% in 2024, reaching 1.4 trillion yuan, with a slight pressure on average ticket prices, which are expected to decline by 14.2% [35][36]. Group 3: Dividend and Asset Value - The report emphasizes the value of dividend assets in the transportation sector, with cash dividend ratios for highways, railways, and ports projected at 51%, 47%, and 36% respectively for 2024, indicating strong cash flow stability [44][45]. - The TTM dividend yields for these sectors are expected to be 3.0% for highways, 3.3% for railways, and 2.3% for ports, reflecting a stable increase compared to previous years [44][45]. Group 4: Shipping Sector - The shipping sector faces short-term pressure due to US-China tariff disputes, but structural opportunities may arise. The report suggests that the tariff situation could lead to a shift in import demands, particularly for agricultural products, which may benefit dry bulk shipping [48][56]. - Historical data indicates that previous trade disputes have led to increased shipping rates for certain routes, suggesting potential for similar outcomes in the current context [48][56].

1 截至本公告披露日，股东珠海普东股权投资有限公司（以下简称"珠海普东"） 持有东方航空物流股份有限公司（以下简称"公司"）股份 79,420,100 股， 占公司总股本的比例为 5.00%。珠海普东本次解除质押股份数量 47,568,450 股，本次解除质押后，持有公司股份累计质押数量 0 股。 2025 年 4 月 29 日，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，具体内容请参见公司于 2025 年 5 月 1 日在上海证券交易所网站（www.sse.com.cn）上披露的《关于股东协议转 让股份暨权益变动的提示性公告》（公告编号：临 2025-013）以及《东方航空物 流股份有限公司简式权益变动报告书（中邮保险）》《东方航空物流股份有限公 司简式权益变动报告书（珠海普东）》。 根据股份转让协议书的相关约定，珠海普东办理了股份解除质押业务，具体 事项如下： | 股东名称 | 珠海普东股权投资有限公司 | | | --- | --- | --- | | 本次解除质押 ...