证券代码：601156 证券简称：东航物流 公告编号：临 2025-020 东方航空物流股份有限公司 第三届董事会第 2 次普通会议决议公告 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。 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 届董事会第 2 次普通会议于 2025 年 6 月 30 日以通讯方式召开，本次会议由董事 长郭丽君召集。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 10 人，实际出席董事 10 人。 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《关于提名公司第三届董事会非独立董事候选人的议案》 董事会同意提名王永芹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。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.s ...

Group 1 - The company Eastern Airlines Logistics (601156) plans to renew the "Daily Related Transaction Framework Agreement for Cargo Logistics" with Eastern Airlines Co., Ltd. The agreement will be effective from January 1, 2026, to December 31, 2028 [1] - The proposal is subject to approval at the company's shareholders' meeting [1] Group 2 - As of December 31, 2024, Eastern Airlines Co., Ltd. has total assets of 276.6 billion yuan, net assets attributable to shareholders of the parent company amounting to 40.532 billion yuan, and an operating income of 132.12 billion yuan for the fiscal year 2024 [1] - The net profit attributable to shareholders of the parent company for 2024 is reported at -4.226 billion yuan [1]

Investment Rating - The report initiates coverage with a "Buy" rating for Eastern Airlines Logistics [3][7]. Core Views - Eastern Airlines Logistics is positioned as a leading player in the aviation logistics sector, benefiting from a robust resource base that creates competitive barriers. The company is expected to achieve significant long-term performance growth [6][30]. - The aviation logistics market is projected to continue growing, although short-term fluctuations may arise due to international trade policies [6][9]. Financial Data and Profit Forecast - Total revenue is forecasted to reach CNY 24,544 million in 2025, with a year-on-year growth rate of 2.0% [2]. - Net profit attributable to shareholders is expected to be CNY 2,120 million in 2025, reflecting a decline of 21.1% year-on-year [2]. - Earnings per share (EPS) is projected at CNY 1.34 for 2025, with a PE ratio of 10 [2]. - The company aims for a dividend payout ratio of 30%-50% of net profit, with expected dividend yields of 4.1% in 2025 [7][49]. Business Segments - **Aviation Express**: The company operates a dual model of all-cargo aircraft and passenger belly cargo, with a focus on enhancing operational efficiency and expanding its international route network [23][51]. - **Ground Comprehensive Services**: The company has established 17 self-operated cargo stations at key airports, achieving a market share of 51.9% in the Shanghai Hongqiao and Pudong areas [23][30]. - **Integrated Logistics Solutions**: The company is capitalizing on the growth of cross-border e-commerce, with revenue from this segment expected to increase significantly [9][30]. Market Dynamics - The aviation logistics market is anticipated to grow, driven by increasing demand for air freight services, although it may face short-term disruptions from trade policies [6][9]. - The supply side is expected to see a slight expansion in cargo aircraft capacity, while demand is projected to remain strong despite potential policy impacts [6][9]. Investment Analysis - The forecasted net profits for Eastern Airlines Logistics from 2025 to 2027 are CNY 21.20 billion, CNY 26.87 billion, and CNY 31.75 billion, respectively, with corresponding PE ratios of 9.9x, 7.8x, and 6.6x [7][8]. - The company is expected to have a 24% upside potential compared to industry averages, supported by its unique logistics assets and strategic capacity expansion [7][30].

Group 1 - The core viewpoint is that Eastern Airlines Logistics Co., Ltd. is a modern comprehensive logistics service provider, focusing on safe, efficient, precise, and convenient logistics services for global customers, with a successful listing in 2021 and being the first stock in civil aviation mixed reform [1] - The company’s main business segments include air express, ground comprehensive services, and comprehensive logistics solutions, with a fleet of 14 B777 freighters and exclusive operation of cargo in the belly holds of over 800 passenger aircraft [1] - The company aims to provide stable dividend returns to investors, having distributed a total of 2.726 billion yuan in dividends since its listing, with a planned annual cash distribution of 30%-50% of net profit attributable to shareholders from 2024 to 2026 [2] Group 2 - The air logistics market is expected to continue growing, although short-term impacts from trade policy disruptions are noted, with a stable expansion of freighter scale anticipated [2] - Profit forecasts for Eastern Airlines Logistics indicate net profits of 2.12 billion, 2.687 billion, and 3.175 billion yuan for 2025-2027, with corresponding PE ratios of 9.9x, 7.8x, and 6.6x, suggesting a valuation advantage compared to peers [3] - The company’s freighter and cargo station assets provide resource advantages, with expectations for improved intercontinental cargo network capabilities and a gradual recovery in comprehensive logistics solutions business due to international trade policy impacts [3]

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 ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The shipping rates on the Asia-Brazil route have surged by 100% due to a shortage of available vessels and containers, with rates reaching $3,300 per container [2][12] - The global new ship order volume has dropped to a four-year low, with only 439 vessels ordered in the first four months of 2025, a significant decrease from 980 vessels in the same period of 2024 [2][13] - During the Dragon Boat Festival in 2025, civil aviation passenger volume reached 5.63 million, with a total of 101 new international air cargo routes opened in the first five months [2][14] - The express delivery industry saw a 15.4% year-on-year increase in package volume during the Dragon Boat Festival, with a total of 1.511 billion packages collected nationwide [2][21] Summary by Sections 1. Industry Hot Events - The Asia-Brazil shipping rates increased by 100% due to a shortage of vessels and containers, influenced by trade policies and seasonal demand [12] - The civil aviation passenger volume during the Dragon Boat Festival reached 5.63 million, with 101 new international air cargo routes opened [14] - The express delivery industry experienced a 15.4% year-on-year growth in package volume during the Dragon Boat Festival [21] 2. High-Frequency Data Tracking - In May 2025, domestic cargo flight operations decreased by 6.76%, while international flights increased by 26.98% [33] - The shipping price index for domestic trade decreased, while dry bulk freight rates increased [41] - The express delivery business volume in April 2025 rose by 19.10% year-on-year, with revenue increasing by 10.80% [52] 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 cruise and ferry sectors, 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, China Southern Airlines, and Spring Airlines [4]

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]