证券代码：601156 证券简称：东航物流 公告编号：临 2025-025 东方航空物流股份有限公司 关于聘任高级管理人员的公告 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。 2025 年 7 月 8 日，东方航空物流股份有限公司（以下简称"公司"）第三届董 事会第 3 次普通会议，经董事长郭丽君先生召集，以通讯会议方式召开。公司按照 规定向全体董事发出了会议通知和会议文件，本次董事会会议应出席董事 10 人， 实际出席董事 10 人。会议的召集及表决程序符合《公司法》和《公司章程》等有 关规定。 本次会议以"10 票同意、0 票反对、0 票弃权"的表决结果，审议通过《关于 聘任公司高级管理人员的议案》，同意聘任徐陈先生（简历见附件）为公司副总经 理，任期与第三届董事会任期一致。 1 附件： 徐陈先生简历 徐陈，男，45岁，于2001年7月参加工作，历任中国货运航空有限公司（以下 简称"中货航"）网络收益部收益管理处经理、销售服务部长三角营销中心国际销 售处经理、市场营销部销售管理处经理，公司市场营销部收益管理分部高级经理， ...

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

Core Viewpoint - China Eastern Airlines has adjusted its daily related transactions for aircraft and engines for 2025, including the sale of old aircraft to optimize asset management and improve operational efficiency [1][8]. Summary by Category Daily Related Transactions for 2025 - The company plans to include the sale of aircraft and engines in its daily related transactions for 2025, with a maximum transaction amount of RMB 1.8 billion [1][8]. - The company will choose to sell to Eastern Airlines Leasing if their offer is competitive compared to others [1][8]. Daily Related Transactions for 2026 to 2028 - The company has identified new daily related transaction types for 2026 to 2028, including factoring services and aircraft and engine sales, while removing others like foreign trade import and export services [1][12]. - The maximum transaction amounts for financial services and aircraft leasing are expected to increase due to growing passenger revenue and cash flow [2][12]. Financial Services - The company anticipates a slight increase in the maximum daily deposit and comprehensive credit limits for the next three years, driven by increased cash inflow and financing needs [2][12]. - The company will maintain competitive deposit and loan rates with Eastern Airlines Finance compared to major domestic banks [3][12]. Aircraft and Engine Leasing Services - Eastern Airlines Leasing has strong capital strength and expertise in aircraft leasing, which helps reduce overall leasing costs for the company [3][10]. - The company plans to eliminate the previous restriction that limited leasing transactions with Eastern Airlines Leasing to 50% of the total planned aircraft and engine acquisition amount [9][10]. Catering and Supply Services - Eastern Airlines Food will provide comprehensive procurement and supply chain services for in-flight meals, helping to reduce costs and improve quality [4][12]. - The company will ensure that transactions with Eastern Airlines Food do not increase costs or reduce quality [4][12]. Exclusive Cargo Services - The company has granted China Cargo Airlines exclusive rights to operate its passenger aircraft cargo business to avoid competition and enhance operational efficiency [5][12]. Impact of Daily Related Transactions - The daily related transactions are based on fair market pricing and are expected to benefit the company and its shareholders without harming the interests of minority shareholders [5][12]. Future Transaction Estimates - The estimated maximum transaction amounts for 2026 to 2028 are projected to increase, reflecting anticipated growth in the aviation market and the company's operational scale [22][12].

Core Insights - The report highlights the long-term growth potential of Eastern Airlines Logistics, emphasizing its strategic positioning in the aviation logistics sector and the construction of a competitive moat through core resources [2][12][9] - The company has a diversified business model consisting of air express, ground comprehensive services, and integrated logistics solutions, which positions it well to benefit from the growth in cross-border e-commerce [12][3] - The report projects net profits for Eastern Airlines Logistics to reach CNY 21.20 billion, CNY 26.87 billion, and CNY 31.75 billion for the years 2025 to 2027, respectively, indicating a favorable valuation compared to peers [3][12] Company Overview - Eastern Airlines Logistics, headquartered in Shanghai, is a modern comprehensive logistics service provider and was the first civil aviation mixed reform stock listed in 2021, with China Eastern Airlines Group as its controlling shareholder [2][12] - The company operates in three main segments: air express, ground comprehensive services, and integrated logistics solutions, with a focus on providing efficient and precise logistics services [12][3] Financial Performance - Since its listing, Eastern Airlines Logistics has distributed a total of CNY 2.726 billion in dividends, with a planned annual cash distribution of 30%-50% of net profit attributable to shareholders from 2024 to 2026 [3][12] - The report anticipates a stable growth trajectory for the air logistics market, despite short-term disruptions from trade policies, with a slight expansion in cargo aircraft scale expected [3][12] Investment Analysis - The projected price-to-earnings (PE) ratios for Eastern Airlines Logistics from 2025 to 2027 are 9.9x, 7.8x, and 6.6x, respectively, with expected dividend yields of 4.1%, 5.1%, and 6.1% based on a 40% payout ratio [3][12] - The report suggests that the company's assets in cargo aircraft and cargo stations provide a resource endowment advantage, with expectations for improved intercontinental cargo network capabilities and volume optimization [3][12]

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： 证券代码：601156 证券简称：东航物流 公告编号：临 2025-024 东方航空物流股份有限公司 关于股东协议转让股份完成过户登记的公告 2025 年 7 月 1 日，中国证券登记结算有限责任公司出具了《证券过户登 记确认书》，珠海普东股权投资有限公司（以下简称"珠海普东"）向中邮人寿 保险股份有限公司（以下简称"中邮保险"）协议转让其持有的东方航空物流股 份有限公司（以下简称"公司"、"东航物流"）79,420,100 股股份（占公司总 股本的 5.00%）事项完成了股份过户登记手续。过户完成后，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%。 本次协议转让不涉及公司控股股东、实际控制人，不触及要约收购，不 会导致公司控股股东、实际控制人发生变化。 一、协议转让概述 2025 年 4 月 29 日，珠海普东与中邮保险签署了股份转让协议书。珠海普东 拟通过协议转让的方式以 10.944 元/股的交易价格向 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The easing of tensions in the Middle East has led to a decline in oil tanker rates, with the VLCC market experiencing a significant price drop of 14.31% compared to June 19, with current rates at WS59.88 [3][12] - In the shipping sector, the demand for European routes has improved, resulting in a 10.6% increase in spot market booking prices, while the US routes have seen a decline of 7.0% and 11.9% for the West and East coasts, respectively [3][14] - During the summer travel season, Hainan Airlines plans to operate nearly 2,500 flights daily, with domestic ticket bookings reaching 17.9 million, a 5% increase year-on-year [3][15] - The newly unveiled Zhuque eVTOL has a range of 600 kilometers, and from January to May, national railway freight volume increased by 3.1% year-on-year, totaling 1.641 billion tons [3][22] Summary by Sections 1. Industry Hot Events - The Middle East situation has calmed, leading to a reduction in oil tanker rates and a return to supply-demand fundamentals [12] - Hainan Airlines is set to launch 75 new domestic and international routes during the summer travel season, with a daily flight plan of nearly 2,500 [15] - The Zhuque eVTOL was showcased, achieving a range of 600 kilometers, while railway freight volume showed a year-on-year increase [22] 2. High-Frequency Data Tracking - Air logistics: The overall trend for routes to the Asia-Pacific remains stable, with air freight prices showing a decline [25] - Shipping ports: The domestic container shipping price index has decreased, while dry bulk freight rates have also fallen [43] - Express logistics: In May 2025, express delivery volume increased by 17.20% year-on-year, with revenue rising by 8.20% [54] - Air travel: The average daily international flights in the last week of June 2025 increased by 17.51% year-on-year [3] - Road and rail: The number of freight trucks on highways increased by 0.88% week-on-week [3] 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 road and rail sector, recommending Sichuan Chengyu, Gansu Expressway, and others [4] - Interest in cruise and ferry investment opportunities, 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, Southern Airlines, and others [4]

关于公司董事辞任及提名非独立董事候选人的公告 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。 证券代码：601156 证券简称：东航物流 公告编号：临2025-019 东方航空物流股份有限公司 公司于 2025年6月30日召开的第三届董事会第2次普通会议审议通过了《关 于提名公司第三届董事会非独立董事候选人的议案》，同意提名王永芹女士（简 历见附件）为公司第三届董事会非独立董事候选人，任期与第三届董事会任期一 致，自股东大会审议通过之日起算，同意将本议案提交公司股东大会审议。 特此公告。 东方航空物流股份有限公司董事会 2025 年 7 月 1 日 附件： 王永芹简历 一、董事离任情况 东方航空物流股份有限公司（以下简称"公司"）董事会收到公司董事张渊 女士递交的请辞函。因工作安排原因，张渊女士申请辞去公司第三届董事会董事、 战略委员会委员以及薪酬与考核委员会委员职务。具体情况如下： | 姓名 离任职务 离任时间 | | | 原定任期 到期日 | | 离任 原因 | 是否继续在公 司及其控股子 | 是否存在未 履行完毕的 | ...

证券代码：601156 证券简称：东航物流 公告编号：临 2025-021 东方航空物流股份有限公司 关于签署货运物流框架协议暨关联交易的公告 东方航空物流股份有限公司（以下简称"公司"）与中国东方航空股份有限 公司（以下简称"东航股份"）签订的《货运物流相关日常关联交易框架协议》 将于 2025 年 12 月 31 日到期，因业务发展需要，公司拟与东航股份续签该框架 协议。本议案尚需提交公司股东大会审议。 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： 是否需要提交股东大会审议 对上市公司的影响 本次关联交易公平、合理，符合公司和全体股东的整体利益，亦符合公司经 营发展需要，不存在损害公司和非关联股东尤其是中小股东利益的情形，也不会 影响公司的独立性，公司业务不会因此形成对关联方的依赖。 一、框架协议的基本情况 公司与东航股份于 2022 年 9 月 26 日签订的《货运物流相关日常关联交易框 架协议》将于 2025 年 12 月 31 日到期，因业务发展需要，公司拟与东航股份续 签该框架协议，协议有效期为 ...

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: 股东联想控股股份有限公司（以下简称"联想控股"）共计持有东方航 空物流股份有限公司（以下简称"公司"）股份数量 179,254,133 股，占公司总 股本比例为 11.29%。联想控股本次解除质押股份数量 2,200,000 股，本次解除质 押后，持有公司股份累计质押数量 28,800,000 股，占其所持股份比例为 16.07%， 占公司总股本比例为 1.81%。 公司于 2025 年 6 月 30 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： 证券代码：601156 证券简称：东航物流 公告编号：临 2025-023 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 | 股东名称 | 联想控股股份有限公司 | | --- | --- | | 本次解除质押股份 | 2,200,000 股 | | 占其所持股份比例 | 1.23% | | 占公司总股本比例 | 0.14% | | 解除质押时间 | 2025 年 6 ...

一、审核通过《关于签署货运物流框架协议暨关联交易的议案》 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《关于签署货运物流框 架协议暨关联交易的公告》。 关联监事邵祖敏回避表决，本议案尚需提交公司股东大会审议。 表决结果：同意票 2 票，反对票 0 票，弃权票 0 票。 特此公告。 证券代码：601156 证券简称：东航物流 公告编号：临 2025-022 东方航空物流股份有限公司 第三届监事会第 4 次会议决议公告 本公司监事会及全体监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《中华人民共和国公司法》《东方航空物流股份有限公司章程》（以下 简称《公司章程》）及《公司监事会议事规则》的有关规定，东方航空物流股份 有限公司（以下简称"公司"）第三届监事会第 4 次会议于 2025 年 6 月 30 日以 通讯方式召开。 公司按照规定时间向全体监事发出了会议通知和会议文件，本次监事会应出 席监事 3 人，实际出席监事 3 人。监事会会议的召集和召开符合国家 ...