Core Viewpoint - The appreciation of the Renminbi has positively impacted related sectors, with a notable increase in stock prices on April 1, 2023, particularly led by China Eastern Airlines [1] Group 1: Market Performance - On April 1, the Shanghai Composite Index closed at 3948.55, up by 1.46% [1] - The Shenzhen Component Index closed at 13706.52, up by 1.7% [1] - The Renminbi appreciation beneficiary sector saw an increase of 2.63% compared to the previous trading day [1] Group 2: Capital Flow - The main capital inflow into the Renminbi appreciation beneficiary sector amounted to a net inflow of 458 million yuan [1] - Retail investors experienced a net outflow of 1.48 billion yuan, while speculative funds saw a net outflow of 309 million yuan [1]

Investment Rating - The investment rating for China Eastern Airlines is upgraded to "Accumulate" [3] Core Views - The company achieved a significant improvement in operating performance in 2025, with operating revenue reaching 139.9 billion yuan, a year-on-year increase of 5.92%. The net loss attributable to shareholders was reduced to 1.95 billion yuan, a substantial decrease from the previous year [6] - The company plans to expand its fleet to 855, 908, and 914 aircraft in 2026, 2027, and 2028 respectively, indicating a growth strategy in response to market demand [6] - The report highlights that the company has optimized its domestic and international route networks, leading to record-high passenger and cargo transport volumes [6] Financial Summary - For 2024A, the projected operating revenue is 132.12 billion yuan, with a growth rate of 16% year-on-year. By 2028E, the revenue is expected to reach 180.66 billion yuan, with a growth rate of 4% [3] - The net profit attributable to shareholders is forecasted to turn positive in 2026E, reaching 880 million yuan, and further increasing to 6.76 billion yuan by 2028E [3] - The earnings per share (EPS) is expected to improve from -0.19 yuan in 2024A to 0.31 yuan in 2028E [3] Operational Metrics - The average passenger load factor improved to 85.86% in 2025, an increase of 3.04 percentage points year-on-year [6] - The company opened 24 new international routes in 2025, bringing the total to 249 international routes, making it the domestic airline with the most international destinations [6] - The report notes a significant decrease in seat kilometer fuel costs by 10.05% year-on-year, contributing to improved profitability [6]

Group 1 - The airport shipping sector showed strong initial performance, with China Eastern Airlines and Huaxia Airlines rising over 5% [1] - China National Airlines, Southern Airlines, and Juneyao Airlines also experienced gains [1]

Group 1 - The company, China Eastern Airlines (600115.SH), announced a share buyback plan through centralized bidding, with a total amount not less than 500 million yuan and not exceeding 1 billion yuan (excluding the principal) [1] - The maximum buyback price is set at 5 yuan per share, with an estimated buyback quantity of 100 million to 200 million shares, representing approximately 0.45% to 0.91% of the total share capital [1] - The funds for the buyback will come from the company's self-raised funds, and the implementation period is within 12 months after the approval by the shareholders' meeting [1]

章 程 （2026年3月修訂） 1 中國東方航空股份有限公司章程 目 錄 | 第一章 | 總則 | | --- | --- | | 第二章 | 經營宗旨和範圍 | | 第三章 | 股份 | | 第四章 | 股東和股東會 | | 第五章 | 董事會 | | 第六章 | 經理及其他高級管理人員 | | 第七章 | 公司董事的資格和義務 | | 第八章 | 黨委 | | 第九章 | 財務會計制度、利潤分配和審計 | | 第十章 | 通知和公告 | | 第十一章 | 合併、分立、增資、減資、解散和清算 | | 第十二章 | 修改章程 | | 第十三章 | 附則 | 2 第一章 總則 公司經中華人民共和國國家經濟體制改革委員會體改生[1994]140號文件 批准，以發起方式設立，公司發起人為：中國東方航空集團有限公司； 公司於1995年4月14日在中國國家工商行政管理局註冊登記，取得公司 營業執照。2017年2月8日，公司對原營業執照、組織機構代碼證、稅務 登記證進行「三證合一」登記，合併後的公司營業執照統一社會信用代碼 為：913100007416029816。 第三條 經國家體改委[1996]180號文和國務院證券 ...

謹此提述本公司日期為2025年11月10日的關於本公司股份回購的海外監管公告。 本公司2024年第一次股東特別大會於2024年11月8日審議通過《關於以集中競價交易方式回 購股份方案的議案》，授權本公司董事會及其授權人士根據實際回購情況減少註冊資本，修 改《公司章程》相關的條款並辦理有關工商變更登記等相關事宜。 本公司已於2025年11月11日完成註銷回購A股股份89,553,900股及H股股份114,006,000股。 本次股份回購註銷後，本公司股本由22,291,296,570股減少為22,087,736,670股，現完成對 《公司章程》修改如下： | 序號 | 原文條款 | 修改後條款 | | --- | --- | --- | | 1 | 第六條 公司註冊資本為人民幣 | 第六條 公司註冊資本為人民幣 | | | 22,291,296,570元。 | 22,087,736,670元。 | | 2 | 第二十一條 公司現時的股份總數為 | 第二十一條 公司現時的股份總數為 | | | 22,291,296,570股，均為普通股。其中A | 22,087,736,670股，均為普通股。其中A | | | ...

中国东方航空股份有限公司 章 程 （2026 年 3 月修订） 1 第六条 公司注册资本为人民币 22,087,736,670 元。 3 | 第一章 | 总则 3 | | --- | --- | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 股份 5 | | 第四章 | 股东和股东会 8 | | 第五章 | 董事会 25 | | 第六章 | 经理及其他高级管理人员 37 | | 第七章 | 公司董事的资格和义务 39 | | 第八章 | 党委 40 | | 第九章 | 财务会计制度、利润分配和审计 40 | | 第十章 | 通知和公告 44 | | 第十一章 | 合并、分立、增资、减资、解散和清算 45 | | 第十二章 | 修改章程 49 | | 第十三章 | 附则 49 | 第一章 总则 公司经中华人民共和国国家经济体制改革委员会体改生〔1994〕 140 号文件批准，以发起方式设立，公司发起人为：中国东方航空 集团有限公司；公司于 1995 年 4 月 14 日在中国国家工商行政管 理局注册登记，取得公司营业执照。2017 年 2 月 8 日，公司对原 营业执照、组织机构代码证、税务登记证进行 ...

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。 中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 编号：临 2026-022 中国东方航空股份有限公司 关于完成注册资本工商变更登记及《公司章程》备案 的公告 1 / 2 中国东方航空股份有限公司（以下简称"公司"）分别于 2024 年 8 月 30 日、2024 年 11 月 8 日召开董事会和股东会审议通过了《关于以集中竞价交易方 式回购股份方案的议案》，同意公司在 A 股和 H 股市场以集中竞价交易方式回 购公司股份，并于 2024 年 12 月 18 日披露了《关于以集中竞价交易方式回购股 份的回购报告书》。 2025 年 11 月 11 日，公司已在中国证券登记结算有限责任公司注销本次回 购的 A 股股份 89,553,900 股，在香港中央证券登记有限公司注销本次回购的 H 股股份 114,006,000 股；注销后，公司股份总数为 22,087,736,670 股。详见公司 于 ...

Core Viewpoint - China Eastern Airlines reported a revenue of 139.94 billion yuan for 2025, marking a year-on-year increase of 5.92%, while the net loss attributable to shareholders was 1.63 billion yuan, a reduction of 2.59 billion yuan compared to the previous year, narrowing the loss margin by 61.36% [1] Financial Performance - The company achieved an operating revenue of 139.94 billion yuan, up 5.92% year-on-year [1] - The net loss attributable to shareholders was 1.63 billion yuan, a decrease of 2.59 billion yuan from the previous year, representing a 61.36% reduction in loss margin [1] - Operating costs for 2025 were 132.66 billion yuan, an increase of 4.87% year-on-year [1] - Financial expenses decreased by 32.14% year-on-year, while investment income increased by 191.26% [1] Operational Metrics - The company recorded a total flight time of 2.7462 million hours and 1.0504 million flights, representing year-on-year growth of 5.12% and 2.05%, respectively [1] - Total transport turnover reached 279 billion ton-kilometers, with passenger transport volume at 150 million [1] Business Structure - International routes became the main growth driver, with international business revenue reaching 45.73 billion yuan, a year-on-year increase of 20.82% [1] - The company opened 24 new international routes, increasing the total number of international destinations to 93, with international transport turnover growing by 19.77% [1] - Domestic business revenue was 90.42 billion yuan, showing a slight decline of 0.28% [1] - Regional business revenue was 3.79 billion yuan [1] Capital Operations and Profit Distribution - China Eastern Airlines plans to repurchase shares through centralized bidding, with a buyback amount ranging from 500 million to 1 billion yuan, at a price not exceeding 5 yuan per share [2] - Due to negative net profit and negative distributable profits, the company will not issue cash dividends or implement capital reserve transfers for the 2025 fiscal year [2]

Important Events - Moore Threads signed a contract worth 660 million yuan for the Moore Threads Quasar Intelligent Computing Cluster [1] - Jingwang Electronics has begun shipping 1.6T optical module PCBs [1] - Oni Electronics signed a strategic cooperation agreement for AI workstations with Muxi Co., Ltd [1] - Jerry Holdings signed a sales contract for gas turbine generator sets worth 2.359 billion yuan [1] - China Merchants Energy ordered 10 VLCC oil tankers at a total price of approximately 8.566 billion yuan [1] - China Shipbuilding (core stock) signed a contract for the construction of 10 very large crude carriers with a domestic well-known shipowner, with a value between 8 billion to 9 billion yuan [1] Investment - Dongpeng Beverage plans to use no more than 15 billion yuan of idle self-owned funds for cash management by 2026 [1] - TCL Technology intends to acquire a 45% stake in Guangzhou Huaxing Semiconductor (core stock) for a transaction price of 9.325 billion yuan [1] Buybacks & Increases - China Eastern Airlines plans to repurchase shares worth 500 million to 1 billion yuan, which will all be canceled to reduce registered capital, with a repurchase price not exceeding 5 yuan per share [1] Performance - Agricultural Bank (core stock) expects double-digit growth in revenue and profit by 2025, with average daily RMB deposits growing at the fastest rate in the industry [1] - Mindray Medical anticipates international business revenue of 17.65 billion yuan by 2025, accounting for 53% of total revenue [1] - Silis expects a record revenue of 165.05 billion yuan in 2025, with R&D investment increasing by 77.4% to 12.51 billion yuan [1] - Jixin Technology forecasts a net profit growth of 343.81% for 2025 [1] - Zhaoyan New Drug expects a net profit of 298 million yuan in 2025, a year-on-year increase of 302% [1] - Birun Technology anticipates a total revenue of 1.03 billion yuan in 2025, a 207% increase from the previous year [1] - Zhongji Xuchuang expects a net profit of 10.8 billion yuan in 2025, a year-on-year increase of 109%, and plans to distribute 10 yuan per 10 shares [1] - Salt Lake Co. anticipates a net profit growth of 81.76% in 2025, achieving revenue of 15.501 billion yuan [1] - CICC expects a net profit growth of 71.93% in 2025, planning to distribute 2.3 yuan per 10 shares [1] - Ninebot Company forecasts a net profit growth of 62.17% in 2025 [1] - Lianqi Technology expects a net profit growth of 58.4% in 2025 [1] - Zhaoyi Innovation anticipates a net profit growth of 49.47% in 2025, planning to distribute 7.5 yuan per 10 shares [1] - Zhongwei Company expects a net profit growth of 30.69% in 2025, planning to convert 10 shares into 4.9 shares and distribute 3.5 yuan [1] - Midea Group anticipates a net profit growth of 14.03% in 2025, planning to distribute 38 yuan per 10 shares and repurchase A-shares worth 6.5 billion to 13 billion yuan [1] - Ganfeng Lithium expects a net profit of 1.613 billion yuan in 2025, turning a profit from a loss [1] Quarterly Performance - Newray Co. expects a year-on-year net profit increase of 474%-604% in the first quarter, with price increases across the entire range of hard alloy and tool products [2] - Huarui Precision anticipates a year-on-year net profit increase of 413%-550% in the first quarter, driven by both volume and price increases [2]