重要内容提示： 每股分配比例 A 股每股现金红利0.288元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | 差异化分红送转： 否 证券代码：601156 证券简称：东航物流 公告编号：临2025-017 东方航空物流股份有限公司 2024年年度权益分派实施公告 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。 无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股 权登记日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了指定 交易的股东派发。已办理指定交易的投资者可于红利发放日在其指定的证券营业 部领取现金红利，未办理指定交易的股东红利暂由中国结算上海分公司保管，待 办理指定交易后再进行派发。 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 30 日的2024年年度 ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The shipping rates on the Asia-Brazil route have surged by 100% due to a shortage of available vessels and containers, with rates reaching $3,300 per container [2][12] - The global new ship order volume has dropped to a four-year low, with only 439 vessels ordered in the first four months of 2025, a significant decrease from 980 vessels in the same period of 2024 [2][13] - During the Dragon Boat Festival in 2025, civil aviation passenger volume reached 5.63 million, with a total of 101 new international air cargo routes opened in the first five months [2][14] - The express delivery industry saw a 15.4% year-on-year increase in package volume during the Dragon Boat Festival, with a total of 1.511 billion packages collected nationwide [2][21] Summary by Sections 1. Industry Hot Events - The Asia-Brazil shipping rates increased by 100% due to a shortage of vessels and containers, influenced by trade policies and seasonal demand [12] - The civil aviation passenger volume during the Dragon Boat Festival reached 5.63 million, with 101 new international air cargo routes opened [14] - The express delivery industry experienced a 15.4% year-on-year growth in package volume during the Dragon Boat Festival [21] 2. High-Frequency Data Tracking - In May 2025, domestic cargo flight operations decreased by 6.76%, while international flights increased by 26.98% [33] - The shipping price index for domestic trade decreased, while dry bulk freight rates increased [41] - The express delivery business volume in April 2025 rose by 19.10% year-on-year, with revenue increasing by 10.80% [52] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, China Southern Airlines, and Spring Airlines [4]

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][3][5] Core Views - The logistics sector is benefiting from the introduction of unmanned delivery vehicles, which are expected to reduce costs and improve efficiency in the last mile of delivery [2][47] - The shipping industry is experiencing a divergence in performance, with oil tanker rates rising significantly for smaller vessels while VLCC rates are under pressure due to geopolitical factors [1][20][68] - The air travel sector is entering a low season, but domestic passenger flight volumes remain above 2019 levels, indicating a potential for recovery in pricing and demand [2][40][42] - The express delivery market is seeing strong demand growth, with major players like SF Express and ZTO Express planning to scale up their fleets of unmanned delivery vehicles [2][51] Summary by Sections Shipping Sector - Oil tanker rates have shown significant divergence, with small vessel rates increasing while VLCC rates are under pressure due to geopolitical tensions [1][20] - The report anticipates a rise in shipping rates due to limited new capacity and potential demand recovery, recommending companies like COSCO Shipping Energy and China Merchants Energy [1][68] Air Travel Sector - The overall and domestic passenger flight volumes have decreased slightly, but remain above 2019 levels, indicating resilience in the market [2][40] - The report suggests that domestic airfares may stabilize and recover in 2025, with recommendations for airlines such as Air China and China Southern Airlines [2][42] Express Delivery Sector - The introduction of unmanned delivery vehicles is expected to significantly reduce costs for leading companies in the express delivery market [2][47] - SF Express is projected to maintain a strong growth rate of 15-20% over the next two years, with a PE ratio of approximately 20 times for 2025 [2][51] Investment Recommendations - The report recommends a focus on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and China Merchants Energy [5][27]

Group 1 - The Munich International Logistics Exhibition and the European Air Cargo Exhibition opened on June 2, attracting numerous global logistics companies, with Eastern Airlines Logistics participating as an independent exhibitor for the first time to showcase its professional strength and service characteristics [1][2] - The exhibition, lasting four days, covers various logistics sectors including logistics services, air cargo, and road and rail transport, enhancing Eastern Airlines Logistics' brand recognition and influence in overseas markets [2] - Eastern Airlines Logistics showcased its three core business segments: air express, ground integrated services, and comprehensive logistics solutions, with a focus on new route development, charter services, special cargo transport, cross-border e-commerce logistics, and cold chain supply chain [2][3] Group 2 - Eastern Airlines Logistics aims to build a modern aviation logistics "national team" by optimizing its business layout, enhancing service capabilities, and innovating comprehensive logistics solutions, thus accelerating the creation of new advantages for high-quality development [3] - The company is optimizing its air network construction, focusing on Shanghai as the core hub, with South China as a secondary hub, and Beijing and Chengdu as "wings" [3] - Through continuous business model innovation and exploration, Eastern Airlines Logistics has successfully transformed from a traditional carrier to a comprehensive aviation logistics service provider, expanding its value creation model and opening up future development opportunities [3]

Group 1: Bond ETF Market - The bond ETF market has seen significant growth, with over 40 billion yuan in net inflows in May alone, reaching a new high in total scale [1] - On May 30, 10 out of the top 12 ETF products by trading volume were bond ETFs, indicating strong market participation [1] - Nine bond ETFs have been approved for use as collateral in general pledge-style repurchase agreements, which may accelerate the expansion of the bond ETF market [1] Group 2: Public Fund Issuance - In May, bond funds dominated the public fund issuance market with a 55.07% issuance ratio, while equity products faced uneven demand [1] - The issuance of ETFs has declined for four consecutive months, raising only 11.068 billion units in May [1] - The market reflects a struggle between stability and change, with bond funds providing a safety net while equity products seek growth in niche segments [1] Group 3: Private Equity and ETF Investment - Private equity firms have shown strong interest in newly listed ETFs, with 104 firms holding a total of 1.783 billion shares in 97 ETFs [2] - The preferred themes for private equity investments are technology innovation and free cash flow [2] Group 4: Insurance Companies' Stock Purchases - As of the end of May, seven insurance companies have made 15 stock purchases this year, surpassing the total for 2023 and the first nine months of 2024 [2] - The majority of these purchases have been in bank stocks, with additional investments in public utilities, energy, and transportation sectors [2] Group 5: Corporate Developments - 28 companies have successfully removed their ST (Special Treatment) status this year, primarily through financial improvements, internal control repairs, and bankruptcy restructuring [3] - The airline industry is expected to see improved profitability due to falling oil prices and recovering demand, with a projected net profit margin of 3.7% for 2025 [3] - Domestic new energy vehicle manufacturers reported significant sales growth in May, with several companies achieving monthly sales exceeding 40,000 units, driven by extended-range vehicles [4] Group 6: Tesla's Sales Decline - Tesla's sales in France plummeted by 67% in May, marking the lowest sales level in nearly three years, despite the launch of a new version of its Model Y [6]

Meeting Details - The annual general meeting of shareholders was held on May 30, 2025, at Shanghai Hongqiao Airport [1] - The meeting was presided over by Chairman Guo Lijun and utilized a combination of on-site and online voting methods [1] Voting Results - All proposed resolutions were passed with significant majority support, with the highest approval rate being 99.7867% for one of the resolutions [1][2] - The voting results for various resolutions showed minimal opposition, with the highest dissenting vote being 0.1965% [1] Independent Directors' Report - The annual meeting included a report from independent directors regarding their performance for the year 2024 [2] Legal Compliance - The meeting's procedures were confirmed to be in compliance with relevant laws, regulations, and the company's articles of association, ensuring the validity of the resolutions passed [3]

证券代码：601156 证券简称：东航物流 公告编号：临2025-016 东方航空物流股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 834 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,038,296,472 | | 3、出席会议的股东所持有表决权股份数占公司有表 | 65.4022 | | 决权股份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 公司 2024 年年度股东大会由董事会召集，董事长郭丽君先生主持。会议采 用现场记名投票和网络投票相结合的方式审议全部议案，会议的召集、召开及表 决方式符合《公司法》和《公司章程》的规定。 | 股东 | | 同意 | | 反对 | | 弃权 | | | --- ...

用 商 薄 所 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 关于东方航空物流股份有限公司 2024 年年度股东大会的 法律意见书 致:东方航空物流股份有限公司 根据《中华人民共和国公司法》(以下简称"公司法")、《中华人民共和国证券法》 (以下简称"证券法")、《上市公司股东会规则》(以下简称"股东会规则")、《上海证券 交易所上市公司自律监管指引第1号 -- 规范运作》(以下简称"规范运作指引")以及 《东方航空物流股份有限公司章程》(以下简称"公司章程")的规定,北京市通商律师 事务所(以下简称"通商")接受东方航空物流股份有限公司(以下简称"东航物流"或"公 司")的委托,指派律师出席了公司 2024年年度股东大会(以下简称"本次股东大会"), 对公司本次股东大会的召集和召开程序、出席会议人员资格、表决程序等事项发表法律 意见。 为出具本法律意见书,通商律师审查了公司章程以及公司本次股东大会的有关文件 和材料,并假设:(1)公司已提供了通商律师认为作为出具本法律意见书所必需的材料: (2)公司所提供的原始材料、副本、复印件等材料均符合真实 ...

Summary of Eastern Airlines Logistics Conference Call Company Overview - Eastern Airlines Logistics is a pioneer in the mixed ownership reform of civil aviation, with a diversified shareholding structure: Eastern Airlines Group holds 40.5%, Legend Holdings 11.3%, and an employee shareholding platform 6.3% [2][5] - The company’s business includes air express, comprehensive logistics, and ground integrated services, with comprehensive logistics now being the primary revenue source, surpassing air express [2] Financial Performance - In 2024, the company achieved revenue of 24.1 billion yuan, a year-on-year increase of 17%, and a net profit of 2.7 billion yuan, up 8% [2][10] - For Q1 2025, revenue was 5.5 billion yuan, a 5% increase year-on-year, but net profit decreased by 7% due to aircraft disposal impacts [2][10] - The company has a dividend yield of 5.2%, with a total dividend payout of 1.07 billion yuan in 2024, representing 40% of net profit [10] Business Segments - **Air Express**: Relies on 15 B777 freighters and passenger aircraft bellyhold resources, covering over 160 countries and regions [2][6] - **Comprehensive Logistics**: Revenue reached 12.5 billion yuan in 2024, a 37% increase, accounting for 52% of total revenue. The fastest-growing segments are cross-border e-commerce (71% CAGR) and direct-to-origin services [2][16] - **Ground Integrated Services**: Contributes stable revenue, with a consistent income of over 2.2 billion yuan, accounting for about 11% of total revenue [7] Market Dynamics - The logistics industry is experiencing tight supply and demand, with limited supply of wide-body freighters and double-digit growth in demand [14][15] - Despite potential impacts from U.S. tariff policy changes, growth in European and Asia-Pacific markets is expected to compensate for any declines in U.S. routes [12][15] Future Outlook - The company anticipates steady revenue growth from 2025 to 2027, with projected revenues of 26 billion yuan, 28.1 billion yuan, and 29.6 billion yuan respectively [20] - Net profit forecasts for the same period are 2.4 billion yuan, 2.7 billion yuan, and 2.9 billion yuan, with a low PE valuation of 8.5 times for 2025 [20] - The company plans to maintain a dividend payout ratio between 30% and 50% [11] Valuation - Eastern Airlines Logistics is currently undervalued with a dynamic PE of 8.5 times for 2025, below the industry average of 12 times [3] - The target price is set at 15.2 yuan, with a buy rating based on the company's growth potential and stable dividend returns [20] Additional Insights - The company has a strong market position in Shanghai, with a market share of over 50% at both Pudong and Hongqiao airports [19] - Future plans include the construction of new cargo stations and smart logistics facilities to increase capacity by approximately 300,000 tons [19]

Group 1 - The 9th Silk Road International Expo and China East-West Cooperation and Investment Trade Fair was held in Xi'an, showcasing the collaboration between Eastern Airlines Logistics and Eastern Airlines Northwest Branch to enhance trade along the "Belt and Road" initiative [1] - Eastern Airlines Logistics has participated in the Silk Road Expo for two consecutive years, highlighting its business capabilities and corporate image through the exhibition of three core business segments: air express, ground integrated services, and comprehensive logistics solutions [2] - The company introduced innovative "air-rail intermodal" solutions in 2024, leveraging the synergy between air freight and the Xi'an China-Europe Railway Express, which operates 498 trains annually, to enhance logistics efficiency [2] Group 2 - Eastern Airlines Logistics is actively contributing to the construction of modern logistics infrastructure in Shaanxi, expanding its diversified business ecosystem, and developing a smart service system to support the region's open economic framework [3] - The company aims to play a significant role in the high-quality development of the "Belt and Road" initiative by collaborating with various stakeholders to create a new blueprint for Silk Road logistics [3]