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 ...

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 ...

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 ...

东航物流 20250529 摘要 综合物流业务在公司收入中的占比如何变化？ 东航物流作为民航混改先行者，股权结构多元，东航集团控股 40.5%， 联想控股持股 11.3%，员工持股平台持股 6.3%。公司业务涵盖航空速 运、综合物流及地面综合服务，其中综合物流占比已超航空速运，成为 主要收入来源。 受益于跨境电商发展和空运运价上涨，东航物流 2024 年营收达 241 亿 元，同比增长 17%，归母净利润 27 亿元，同比增长 8%。2025 年一 季度营收 55 亿元，同比增长 5%，净利润同比下降 7%，剔除飞机处置 影响后经营状况良好，并积极分红，股息率达 5.2%。 公司航空速运业务依托 15 架 B777 全货机和客机腹舱资源，构建双运 力体系，覆盖全球 160 多个国家和地区。与东航股份独家合作，获得腹 舱独家经营权，浦东机场航班量和运营投入占比最高，显著助力货量增 长。 综合物流业务是公司营收占比最高的业务，2024 年收入 125 亿元，同 比增长 37%，占比达 52%。其中，跨境电商和产地直达是增长最快的 子板块，跨境电商复合增长率高达 71%，产地直达以生鲜品类为主。 Q&A 东航物流的 ...