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% increase year-on-year, but a decline in net profit by 7.40% to 545 million yuan due to increased tax expenses [1][2]. - The air freight business's gross margin improved to 34.03%, benefiting from higher freight rates, while the passenger aircraft cargo business saw a significant profit drop [1][2]. - The company's net profit forecasts for 2025, 2026, and 2027 are projected at 2.3 billion, 2.682 billion, and 2.938 billion yuan, respectively, with corresponding EPS of 1.45, 1.69, and 1.85 yuan [3][9].

公司于 2025 年 5 月 7 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： | 股东名称 | 联想控股股份有限公司 | | --- | --- | | 本次解除质押股份 | 9,000,000 股 | | 占其所持股份比例 | 5.02% | | 占公司总股本比例 | 0.57% | | 解除质押时间 | 2025 年 5 月 6 日 | | 持股数量 | 179,254,133 股 | | 持股比例 | 11.29% | | 剩余被质押股份数量 | 31,000,000 股 | | 剩余被质押股份数量占其所持股份比例 | 17.29% | | 剩余被质押股份数量占公司总股本比例 | 1.95% | 未来如有再质押计划，公司将按照相关法律法规要求及时履行披露义务。 特此公告。 东方航空物流股份有限公司董事会 2025 年 5 月 8 日 证券代码：601156 证券简称：东航物流 公告编号：临 2025-014 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 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 ...

Investment Rating - The report rates the transportation industry as "Outperform the Market" [1] Core Insights - COSCO Shipping Specialised Carriers reported a revenue of 5.196 billion yuan in Q1 2025, a year-on-year increase of 51.47%, with a net profit of 345 million yuan, up 1.56% [2][12] - HNA Holding achieved a revenue of 65.236 billion yuan in 2024, reflecting an 11.25% increase, while Guangzhou Baiyun Airport's net profit doubled [2][14] - YTO Express reported a business volume growth of 25.32% in 2024, with a total logistics value of 91 trillion yuan in Q1 2025, marking a 5.7% year-on-year increase [2][18] Summary by Sections 1. Industry Hot Events - COSCO Shipping Specialised Carriers maintained steady growth despite global shipping market volatility, with a Q1 revenue of 5.196 billion yuan, a 51.47% increase year-on-year [12] - HNA Holding's 2024 revenue reached 65.236 billion yuan, an 11.25% increase, while Guangzhou Baiyun Airport's net profit surged by 109.51% [14][16] - YTO Express's business volume grew by 25.32% in 2024, with a logistics total of 91 trillion yuan in Q1 2025, up 5.7% year-on-year [18][19] 2. Industry High-Frequency Data Tracking - In April 2025, domestic air cargo flights decreased by 1.67% year-on-year, while international flights increased by 25.08% [33] - The SCFI index for container shipping reported a decrease of 1.66% week-on-week, while the PDCI index for domestic shipping increased by 0.67% [40] - In March 2025, express delivery volume rose by 20.30% year-on-year, with total revenue reaching 124.6 billion yuan [51] 3. Company Performance - COSCO Shipping Specialised Carriers added 13 new vessels in Q1 2025, increasing total capacity to 691.5 thousand deadweight tons, a 12.53% increase from the end of 2024 [13] - HNA Holding's passenger transport volume exceeded 68 million in 2024, a 14.36% increase, with international passenger transport volume growing by 132.68% [15] - YTO Express's capital expenditure exceeded 6.7 billion yuan in 2024, focusing on automation upgrades and expanding its logistics network [19]

Core Insights - The article highlights the professional growth of Chen Yao, a young employee in the air cargo logistics sector at Eastern Airlines Logistics, who has become a key figure in hazardous materials management and was awarded the title of "2025 New Era Youth Pioneer" by the Central Committee of the Communist Youth League of China [1] Group 1: Professional Development - Chen Yao graduated from China Civil Aviation University in 2023 and joined Eastern Airlines Logistics the same year, facing challenges with the extensive "Dangerous Goods Regulations" manual [2] - She adopted a "beginner's mindset," systematically studying regulations and participating in training sessions, earning certifications in IATA Dangerous Goods Regulations and Live Animals Regulations [2] - Within a year, she independently completed over 100 legal self-inspection items and participated in more than 30 inspections, identifying and rectifying over 20 safety hazards, establishing herself as a "safety guardian" in her team [2] Group 2: Industry Challenges and Contributions - In 2024, with the booming cross-border e-commerce sector, Chen Yao took the initiative to develop efficient transportation solutions for various e-commerce products, addressing the complexities of logistics processes [3] - Eastern Airlines launched the first national cargo handler skills competition in July 2024, which Chen Yao viewed as an opportunity for self-assessment and industry learning, ultimately earning recognition as a top performer [3] - Her journey reflects a shift from "passive execution" to "active planning," embodying the spirit of the May Fourth Movement among contemporary youth [3]

货运物流上市航司的业绩表现更好些，不过也开始面临来自国际贸易不确定性的挑战。 截至今天，A股所有上市航空公司均披露了2024年财报和2025年一季报，在刚刚过去的一季度，民营上 市航司均获得了盈利，而国有三大航依然没能扭亏。 相比之下，货运物流上市航司的业绩表现更好些，不过也开始面临来自国际贸易不确定性的挑战。 客运航司业绩分化为什么 记者梳理各家航司的财报发现，四家民营上市航司春秋航空（601021.SH），吉祥航空 （603885.SH），海航控股（601221.SH）和华夏航空（002928.SZ）在今年一季度都获得了盈利，其中 净利润最高的是春秋航空，6.77亿元的净利润也令春秋航空成为一季度内地最赚钱的上市航司。 事实上在2023年和2024年，春秋已经连续两年蝉联内地赚钱的航空公司，2023年净利润22.57亿元， 2024年净利润22.73亿元，连续两年创公司开航以来新高。 相比之下，国有三大航中国国航（601111.SH），中国东航（600115.SH），南方航空（600029.SH）依 然未能扭亏，一季度分别亏损16.74亿元，9.95亿元以及7.47亿元。 航司之间的业绩差异，首先与国际航 ...

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。 东方航空物流股份有限公司 关于股东协议转让股份暨权益变动的提示性公告 证券代码：601156 证券简称：东航物流 公告编号：临 2025-013 重要内容提示： 2025 年 4 月 29 日，东方航空物流股份有限公司（以下简称"公司"、"标 的公司"、"东航物流"）持股 5%以上的股东珠海普东股权投资有限公司（以下 简称"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，每股转让价格为 10.944 元，股份转让总价款 为 869,173,574.40 元。 本次协议转让前珠海普东持有公司 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%。 中邮保险承诺自完成过户登记之日起 18 个月内，不以任何方式减持通过 本次交易 ...

东方航空物流股份有限公司 简式权益变动报告书 信息披露义务人： 中邮人寿保险股份有限公司 住址： 北京市西城区金融大街甲3 号B 座6 层、7 层、8 层 通讯地址： 北京市西城区金融大街甲3 号B 座6 层、7 层、8 层 股份变动性质： 股份增加 签署日期：2025年4月29日 上市公司名称： 东方航空物流股份有限公司 上市地点： 上海证券交易所 股票简称： 东航物流 股票代码： 601156.SH 信息披露义务人声明 一、本信息披露义务人根据《中华人民共和国证券法》（以下简称"《证券 法》"）《上市公司收购管理办法》（以下简称"《收购办法》"）《公开发行证 券公司信息披露内容与格式准则第 15 号——权益变动报告书》（以下简称 "《准则 15 号》"）等相关的法律、法规及规范性文件编写本报告书。 六、本次权益变动是根据本报告所载明的资料进行的。信息披露义务人没 有委托或者授权其他任何人提供未在报告书中列载的信息和对本报告书做出任 何解释或者说明。 七、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗 漏，并对其真实性、准确性、完整性承担法律责任。 2 | ਮ | | --- | | | | ...

东方航空物流股份有限公司 简式权益变动报告书 签署日期：2025年4月29日 上市公司名称： 东方航空物流股份有限公司 股票上市地点： 上海证券交易所 股票简称： 东航物流 股票代码： 601156.SH 信息披露义务人： 珠海普东股权投资有限公司 住所： 珠海市横琴新区新香江路2202号322办公 通讯地址： 上海市浦东新区张杨路2389弄3号普洛斯大厦17层 股份变动性质： 信息披露义务人减持股份 信息披露义务人声明 一、本信息披露义务人根据《中华人民共和国证券法》（以下简称"《证券 法》"）《上市公司收购管理办法》（以下简称"《收购办法》"）《公开发行证券公 司信息披露内容与格式准则第 15 号——权益变动报告书》（以下简称"《准则 15 号》"）等相关的法律、法规及规范性文件编写本报告书。 二、信息披露义务人签署本报告已获得必要的授权和批准，其履行亦不违 反信息披露义务人内部规则中的任何条款，或与之相冲突。 三、依据《证券法》《收购办法》《准则 15 号》规定，本报告书已全面覆盖 信息披露义务人在东方航空物流股份有限公司（以下简称"东航物流"或"公司"） 中拥有权益的股份变动情况。 截至本报告书签署日 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12][13] Core Insights - The company achieved a revenue of 5.486 billion yuan in Q1 2025, representing a year-on-year growth of 5.02%. However, the net profit attributable to shareholders decreased by 7.40% to 545 million yuan [6][7][12] - The gross margin improved to 17.47%, an increase of 1.66 percentage points year-on-year, with specific segments showing varied performance in gross margins [8][12] - The company plans to maintain a dividend payout of 10.75 billion yuan for 2024, which is 40% of the net profit, indicating a commitment to shareholder returns [10][12] Revenue and Profit Analysis - In Q1 2025, the revenue breakdown by business segment shows that the air express business generated 2.062 billion yuan (up 2.87%), ground comprehensive services brought in 618 million yuan (up 4.74%), and comprehensive logistics solutions contributed 2.803 billion yuan (up 6.72%) [7][8] - The company’s net profit margin was 9.94%, down 1.33 percentage points year-on-year, primarily due to an increase in income tax expenses [8][12] Financial Forecast - The projected revenues for 2025, 2026, and 2027 are 23.529 billion yuan, 26.194 billion yuan, and 28.603 billion yuan, respectively, with corresponding net profits of 2.283 billion yuan, 2.616 billion yuan, and 2.860 billion yuan [11][12] - The price-to-earnings (P/E) ratios for the same years are expected to be 8.45, 7.37, and 6.75, indicating a potentially undervalued stock [12][13]

1、财务数据： 25Q1：营业收入 54.9 亿，同比+5.0%，归母净利 5.5 亿，同比-7.4%，扣非归 母净利 5.0 亿，同比-5.2%。 2、分业务板块看： 公司研究 证 券 研 究 报 告 东航物流（601156）2025 年一季报点评 推荐（维持） Q1 盈利 5.5 亿，同比-7.4%，优化航网布局 再出发 公司发布 2025 年一季报： 1) 航空速运业务：25Q1 收入 20.6 亿，同比+2.9%，毛利率 17.3%，同比+1.8pct。 2）地面综合服务：25Q1 实现收入 6.2 亿元，同比+4.7%；毛利率 34.8%，同 比-4.7pct。 3）综合物流解决方案：25Q1 实现收入 28.0 亿元，同比+6.7%；毛利率 13.8%， 同比+3.1pct。 3、成本端：25Q1 营业成本 45.3 亿，同比+3.0%；毛利 9.6 亿，毛利率 17.5%， 同比+1.6pct。一季度除研发支出外的期间费用率 3.1%，同比-0.8pct，运营效率 进一步提高。 4、 运价表现：Q1 TAC 浦东机场出境航空货运价格指数 4333，同比+10%。 风险提示：海外政策风险，跨境电商 ...