Core Viewpoint - Eastern Airlines Logistics (601156.SH) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters of 2025 was 17.249 billion yuan, representing a year-on-year decrease of 2.4% [1] - The net profit attributable to shareholders of the parent company was 2.001 billion yuan, down 3.19% year-on-year [1] - The basic earnings per share stood at 1.26 yuan [1]

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 2025 年第 4 次例会于 2025 年 10 月 30 日以现场结合通讯方式召开。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 11 人，实际出席董事 11 人。董事长郭丽君因公务原因未亲自出席，委托董事王 建民代为出席并表决。经全体董事推举，本次会议由董事王建民主持，公司高级 管理人员列席会议。 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《公司 2025 年第三季度报告》 本议案已经公司第三届董事会审计委员会第 8 次会议审议通过，同意提交公 司董事会审议。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《公司 2025 年 第三季度报告》 ...

证券代码：601156 证券简称：东航物流 公告编号：临 2025-040 东方航空物流股份有限公司 关于两架融资租赁飞机提前回购的公告 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，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 东方航空物流股份有限公司（以下简称"公司"）下属子公司中国货运航 空有限公司（以下简称"中货航"）拟提前回购两架融资租赁引进的飞机，提前 回购总金额不超过人民币 11 亿元，其中向交银金鹏(上海)飞机租赁有限公司（以 下简称"交银金鹏"）提前回购的金额不超过人民币 2.4 亿元，向东航沪六十三 飞机租赁(上海)有限公司（以下简称"东航沪六十三"）提前回购的金额不超过 人民币 8.6 亿元。 本次交易构成关联交易：东航沪六十三为公司关联方，中货航拟向东航 沪六十三提前回购飞机构成关联交易。 本次交易不构成重大资产重组 一、交易概述 （一）交易情况 中货航于 2022 年、2023 年以融资租赁方式分别从交银金鹏、东航沪六十三 各引进一架全货机。现为压降利息支出，提升资金使用效率，中货航拟提前回购 上述两架飞机，合计提前回购金额不超 ...

Financial Performance - Total revenue for Q3 2025 was approximately CNY 5.99 billion, a decrease of 6.19% compared to the same period last year[3] - Net profit attributable to shareholders was approximately CNY 712.29 million, down 9.81% year-on-year[3] - Total operating revenue for the first three quarters of 2025 was CNY 17,249,125,207.85, a decrease of 2.4% compared to CNY 17,673,940,228.02 in the same period of 2024[18] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was CNY 2,001,021,739.44, a decrease of 3.2% from CNY 2,067,012,705.77 in 2024[19] - The company experienced a decrease in total comprehensive income for the first three quarters of 2025, amounting to CNY 2,267,821,438.50, compared to CNY 2,344,424,281.41 in 2024[19] Assets and Liabilities - The company's total assets increased by 19.31% year-on-year, reaching approximately CNY 31.35 billion[4] - As of September 30, 2025, the total assets of the company amounted to CNY 31,345,449,111.67, an increase from CNY 26,271,181,851.05 at the end of 2024, representing a growth of approximately 19.4%[13] - The total liabilities rose to CNY 10,149,283,244.77, compared to CNY 6,885,621,422.47, marking an increase of around 47.5%[15] - The company's equity attributable to shareholders increased to CNY 19,048,337,113.09 from CNY 17,510,787,770.30, which is an increase of about 8.8%[15] - The company's current assets reached CNY 10,530,286,937.45, up from CNY 9,755,369,222.35, indicating an increase of about 7.9%[13] Cash Flow - The cash flow from operating activities for the year-to-date period increased by 64.18%, totaling approximately CNY 3.75 billion[3] - Cash flow from operating activities for the first three quarters of 2025 was CNY 3,752,599,955.76, significantly up from CNY 2,285,720,368.81 in 2024, marking an increase of 64.3%[21] - The company reported a net cash outflow from investing activities of CNY -548,031,163.82 for the first three quarters of 2025, compared to CNY -196,483,780.06 in 2024[21] - Cash and cash equivalents at the end of the first three quarters of 2025 totaled CNY 7,466,482,223.20, down from CNY 9,247,413,432.97 at the end of the same period in 2024[23] Shareholder Information - The total number of shareholders at the end of the reporting period was 39,464[9] - The largest shareholder, China Eastern Airlines Group, holds 40.50% of the shares[9] Operational Metrics - The gross profit margin for the integrated logistics solutions segment improved by 0.94 percentage points, reaching 15.47%[4] - The revenue from air express services increased by 13.35% year-on-year, accounting for 43.46% of total revenue[4] - The company reported a decrease in the weighted average return on equity by 1.64 percentage points, down to 10.90%[3] - Operating profit for the first three quarters of 2025 increased to CNY 3,012,283,935.89, compared to CNY 2,992,432,108.47 in 2024, reflecting a growth of 0.7%[18] - Basic earnings per share for the first three quarters of 2025 were CNY 1.26, slightly down from CNY 1.30 in 2024[19] Asset Management - The company's non-current assets totaled CNY 20,815,162,174.22, an increase from CNY 16,515,812,628.70, representing a growth of about 25.5%[14] - The accounts receivable increased to CNY 2,452,028,721.28 from CNY 1,966,356,064.71, reflecting a growth of approximately 24.7%[13] - The company reported a significant increase in other receivables, which decreased from CNY 286,375,981.65 to CNY 196,257,775.99, a decline of approximately 31.5%[13] Fleet Expansion - The company introduced 2 new aircraft in Q3 2025, bringing the total fleet to 18 cargo planes[11] Taxation - The company reported a tax expense of CNY 740,296,929.77 for the first three quarters of 2025, an increase from CNY 643,794,332.35 in 2024[18]

Core Viewpoint - The establishment of Eastern Airlines Logistics East China Branch in Nanjing marks a significant step in enhancing the company's logistics network and service capabilities in the East China region, aligning with national development strategies and the "14th Five-Year Plan" [1][2] Group 1: Company Strategy - Eastern Airlines Logistics has optimized its cross-regional logistics network with Shanghai as the core and Shenzhen as a secondary hub, forming strategic support in four major regions: South China, North China, Southwest, and Northwest [1] - The new East China Branch strengthens the comprehensive coverage of the company's regional reform, transitioning from a "point" to a "surface" strategy and from "single" to "comprehensive" service [1] Group 2: Regional Significance - East China is a key area for China's opening up, characterized by high economic activity, openness, and strong innovation capabilities, leading to significant and diverse logistics demands [1] - The establishment of the East China Branch will integrate resources across six provinces: Jiangsu, Zhejiang, Anhui, Jiangxi, Shandong, and Fujian, enhancing operational efficiency and competitiveness in the core market [1] Group 3: Development Philosophy - The East China Branch will adhere to the principles of "safety as the foundation, innovation as the driver, and integrated development," focusing on strengthening and extending the logistics chain [2] - The branch aims to deeply integrate into the Yangtze River Delta region, leveraging the global network resources of China Eastern Airlines and the geographical economic advantages of the area to promote high-quality development [2]

Core Viewpoint - The new winter-spring flight season commenced on October 26, with Eastern Airlines Logistics implementing comprehensive measures to ensure safe and efficient operations, thereby stabilizing the aviation logistics supply chain [1][2]. Group 1: Operational Planning - Eastern Airlines Logistics is optimizing its route network and expanding its stations, analyzing new route characteristics, and forming optimal release plans based on various data [1]. - The company aims for standardized operations, ensuring compliance from takeoff and preventing crew overstay [1]. Group 2: Safety Risk Management - A special safety inspection for the winter-spring season has been initiated, focusing on risk control and hazard identification to mitigate major safety risks [1]. - The company enhances safety awareness and inter-departmental collaboration through regular meetings and discussions on industry safety incidents [1]. Group 3: Operational Support Management - Eastern Airlines Logistics is preparing for complex winter weather conditions by assessing risks and strengthening real-time monitoring and information sharing [2]. - The company is improving flight operations by analyzing winter-related failure patterns and ensuring thorough checks and maintenance of facilities and equipment [2]. - Strict adherence to cargo handling processes and security measures is being enforced to ensure safe and efficient operations during the seasonal transition [2].

东方航空物流股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 证券代码：601156 证券简称：东航物流 公告编号：临 2025-038 东方航空物流股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日披露 公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三 季度业绩、经营情况，公司计划于 2025 年 11 月 4 日(星期二)14:00-15:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年第三季度业绩、经 营情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注 的问题进行回答。 二、说明会召开的时间、地点 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： 会议召开时间：2025 年 11 月 4 日(星期二)14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - Crude oil freight rates have decreased month-on-month, while container shipping rates on long-distance routes have increased. The China Import Crude Oil Comprehensive Index (CTFI) reported 1632.26 points on October 23, down 8.9% from October 16. The VLCC market remains cautious due to the implementation of special port fees between China and the US, leading to a weak sentiment among shipowners [2][13] - Guangdong Province has released a high-quality development plan for the low-altitude economy, aiming to establish itself as a national leader in this sector. The civil aviation industry has shown steady growth in the first three quarters of 2025, with a total transport turnover of 1220.3 billion ton-kilometers, a year-on-year increase of 10.3% [2][15][16] - In Shenzhen, the monthly delivery volume of autonomous vehicles has surpassed one million, with a year-on-year growth of 12.7% in express delivery volume in September. The postal industry reported a total business income of 152.57 billion yuan in September, up 6.8% year-on-year [2][22][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, while container shipping rates on long-distance routes have increased. The CTFI reported a decrease of 8.9% [2][13] - Guangdong's low-altitude economy development plan aims to optimize airspace management and promote low-altitude logistics [15][16] - Shenzhen's autonomous vehicle delivery volume has exceeded one million, with express delivery volume growing by 12.7% [22][24] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index has shown a month-on-month increase of 6.9% [26] - Domestic cargo flights have increased by 3.05% year-on-year, while international flights have risen by 15.86% [32] - The express delivery business volume in September increased by 12.7% year-on-year, with total business income reaching 127.37 billion yuan [50][54] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Consider investment opportunities in the highway and railway sectors, recommending companies like Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Explore investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [4]

Core Insights - The logistics sector experienced a 1.0% increase on October 27, with Xiamen Xiangyu leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Xiamen Xiangyu (600057) closed at 7.77, up 3.74% with a trading volume of 327,600 shares and a turnover of 252 million yuan [1] - Other notable performers include: - Ruimaotong (600180) at 4.87, up 2.96% [1] - Shentong Express (002468) at 15.97, up 2.57% [1] - ST Haichin (600753) at 7.40, up 2.49% [1] - Debon Logistics (603056) at 15.56, up 1.97% [1] - SF Holding (002352) at 40.58, up 1.76% with a turnover of 1.489 billion yuan [1] Fund Flow Analysis - The logistics sector saw a net inflow of 158 million yuan from institutional investors, while retail investors experienced a net outflow of 64.2 million yuan [2] - Key stocks with significant fund flows include: - Wuchan Zhongda (600704) with a net inflow of 86.62 million yuan from institutional investors [3] - SF Holding (002352) with a net inflow of 66.92 million yuan from institutional investors [3] - Shentong Express (002468) with a net inflow of 61.20 million yuan from institutional investors [3]

Market Overview - On October 23, the logistics sector rose by 0.28% compared to the previous trading day, with Changjiang Investment leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Changjiang Investment (600119) closed at 9.63, with a gain of 7.12% and a trading volume of 402,400 shares, amounting to a transaction value of 391 million [1] - Other notable performers included Eastern Airlines Logistics (601156) with a 2.55% increase, and Wuchan Zhongda (600704) with a 2.35% increase [1] Fund Flow Analysis - The logistics sector experienced a net outflow of 20.51 million from institutional investors, while retail investors saw a net inflow of 116 million [2] - Major stocks like Changjiang Investment and Wuchan Zhongda had significant net inflows from retail investors, despite overall outflows from institutional and speculative funds [3] Individual Stock Insights - Changjiang Investment had a net inflow of 83.66 million from institutional investors, but a net outflow of 39.65 million from speculative funds [3] - Wuchan Zhongda also saw a net inflow of 70.94 million from institutional investors, with a net outflow of 25.73 million from speculative funds [3]