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]

Core Viewpoint - The company is preparing for its shareholder meeting on May 30, 2025, focusing on maintaining shareholder rights and ensuring efficient proceedings [2][3]. Meeting Procedures - The meeting will follow relevant laws and the company's articles of association, allowing shareholders to exercise their rights to speak, inquire, and vote [2][3]. - Shareholders must present identification and authorization documents for registration [2]. - Voting will be conducted through a combination of on-site and online methods, with results announced on the same day [3][4]. Agenda Overview - The meeting will include the reading of the board's work report for 2024, discussions on shareholder participation, and voting on various proposals [4][5]. - The board's work report will summarize the company's performance and outline plans for 2025, emphasizing safety, operational efficiency, and strategic initiatives [5][6]. Company Performance Highlights - The company has maintained a stable safety record and improved operational efficiency through strategic network optimization and enhanced logistics capabilities [6][7]. - Initiatives include expanding air freight routes, enhancing ground service operations, and developing comprehensive logistics solutions, particularly in cross-border e-commerce [6][7][8]. Strategic Initiatives - The company is committed to supporting national strategies such as the Belt and Road Initiative and enhancing its logistics brand [7][8]. - It aims to deepen reforms, optimize its business structure, and improve governance to achieve high-quality development [8][9]. Financial Proposals - The board proposes a cash dividend of RMB 2.88 per 10 shares, amounting to a total of 10.75 billion RMB for the year, representing 40% of the net profit attributable to shareholders [23]. - The company plans to continue its partnership with Tianzhi International Accounting Firm for auditing services in 2025, with an annual fee of 2.48 million RMB [24]. Governance and Compliance - The board emphasizes the importance of compliance with regulatory requirements and enhancing corporate governance practices [9][10]. - The company has established a safety and environmental committee to oversee risk management and ensure adherence to safety protocols [10][11]. Future Plans - The company aims to strengthen its safety management, accelerate digital transformation, and enhance governance effectiveness in 2025 [16][17]. - It will focus on risk prevention, compliance management, and fulfilling social responsibilities through sustainable practices [18][19].

东方航空物流股份有限公司 2024 年年度股东大会 会议资料 二〇二五年五月三十日 中国 · 上海 1 | 会议议案 7 | | --- | 会议须知 为维护全体股东的合法权益，确保股东大会的正常秩序和 议事效率，保证大会顺利进行，东方航空物流股份有限公司（以 下简称"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》《东方航空物流股份有限公司章程》 （以下简称《公司章程》）等文件的有关要求，制定本须知。 一、会议按照相关法律法规和《公司章程》的规定进行， 股东及股东代理人参加股东大会依法享有发言权、质询权、表 决权等权利。股东及股东代理人参加股东大会应认真履行其法 定义务，不得侵犯公司和其他股东及股东代理人的合法权益， 不得扰乱股东大会的正常秩序。 二、参会股东及股东代表须携带身份证明（股票账户卡、 身份证、法人营业执照复印件（加盖公章）等）及授权委托书 办理会议登记手续。 三、本次会议谢绝个人进行录音、拍照及录像。 四、会议表决采用现场投票与网络投票相结合的表决方 式，公司通过上海证券交易所网络投票系统向公司股东提供网 3 络 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - Maersk reported a 70.4% year-on-year increase in EBITDA for Q1 2025, with total revenue reaching $13.32 billion, a 7.8% increase [3][14] - Hainan Airlines transported over 617,000 passengers during the "May Day" holiday, setting a record for Beijing Daxing Airport [3][16] - SF Express saw an 87% year-on-year increase in business volume during the "May Day" holiday, with the e-commerce logistics index rising to 111.1 points in April [3][23] Summary by Sections 1. Industry Hot Events - Maersk's Q1 2025 report shows EBITDA growth of 70.4%, with net profit increasing by 480.3% to $1.21 billion [3][14] - Hainan Airlines executed approximately 3,883 flights and transported over 617,000 passengers during the "May Day" holiday, marking a 9% increase year-on-year [3][16] - SF Express reported an 87% increase in business volume during the holiday, with significant growth in various categories [3][23] 2. High-Frequency Data Tracking - Air freight prices remained stable from early to mid-April 2025, with a slight decline in some indices [4][27] - Domestic cargo flight volumes decreased by 1.67% year-on-year in April 2025, while international flights increased by 25.08% [4][36] - The SCFI index for container shipping reported a 0.32% week-on-week increase, but a 41.66% year-on-year decrease [4][40] 3. Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies like COSCO Shipping, China Merchants Energy, and Huamao Logistics [5] - It highlights investment opportunities in low-altitude economy trends and the cruise and ferry sectors [5] - Recommendations for the express delivery sector include SF Holdings, Jitu Express, and Yunda Express, with a focus on the aviation industry as well [5]

证券代码：601156 证券简称：东航物流 公告编号：临2025-015 东方航空物流股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 召开的日期时间：2025 年 5 月 30 日 14 点 00 分 召开地点：上海市长宁区空港一路 458 号上海虹桥机场华港雅阁酒店副楼三 楼金合欢厅 (五) 网络投票的系统、起止日期和投 ...

Core Viewpoint - Insurance capital is actively entering the market, with China Post Life Insurance acquiring a 5% stake in Eastern Airlines Logistics, reflecting a broader trend of insurance companies increasing their market presence due to supportive policies [1][5]. Company Overview - Eastern Airlines Logistics is a key player in the aviation logistics sector under the Eastern Airlines Group, benefiting from the growth of cross-border e-commerce and increasing international air logistics demand [1][8]. - In 2024, Eastern Airlines Logistics reported a revenue of 24.056 billion yuan, a year-on-year increase of 16.66%, and a net profit of 2.688 billion yuan, up 8.01% [1][9]. Business Performance - The cross-border e-commerce solutions segment generated a revenue of 5.920 billion yuan in 2024, representing a 26.01% increase and accounting for 24.58% of the company's total revenue [2][9]. - The total volume of cross-border e-commerce imports and exports reached 75.39 million orders, a 40.94% increase year-on-year, with a cargo volume of 16.22 million tons, up 47.52% [2][9]. Shareholder Activity - China Post Life Insurance announced its acquisition of 79.42 million shares of Eastern Airlines Logistics at a price of 10.944 yuan per share, totaling 869 million yuan [4][5]. - Following this transaction, China Post Life Insurance holds a 5% stake in Eastern Airlines Logistics, marking a significant investment move [3][4]. Industry Context - The insurance sector has seen increased activity, with seven insurance companies making 13 stake acquisitions in listed companies this year, driven by policy encouragement [5][6]. - The global air cargo demand grew by 11.3% in 2024, with China's air cargo transport volume increasing by 22.1%, indicating a robust market environment for logistics companies [8]. Dividend Policy - Eastern Airlines Logistics announced a cash dividend plan of 1.88 yuan per share, totaling 457 million yuan, which represents 40% of the company's net profit for 2024 [10].

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].