Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, with a target price of RMB 7.70 and HKD 6.85 respectively [6]. Core Views - The report is optimistic about the company's ability to increase ticket prices, driven by low supply growth in the industry and improving demand conditions. This is expected to enhance profitability for airlines [1][4]. - The company has achieved a record high passenger load factor of 85.9% in 2025, with significant growth in international routes, indicating strong operational performance [2]. - The airline is projected to benefit from the growing demand for outbound tourism and travel in the Yangtze River Delta region, supported by its main hub in Shanghai [1][4]. Summary by Sections Financial Performance - The company reported a net profit of RMB 9.34 billion for 2025, with projections of RMB 78.01 billion and RMB 100.96 billion for 2026 and 2027 respectively, reflecting growth rates of 21%, 32%, and 26% [5]. - The earnings per share (EPS) are expected to be RMB 0.04, RMB 0.35, and RMB 0.46 for 2025, 2026, and 2027 respectively [5]. Market Dynamics - The airline industry is expected to see a supply-demand improvement in 2026, with supply growth slowing to 4.4% and demand projected to grow by 5.3% [3]. - The report highlights that the airline's capacity growth is primarily focused on international routes, with a 18.5% increase in available seat kilometers (ASK) for international flights [2]. Cost and Pricing Outlook - The report anticipates that the airline will exhibit price elasticity, with potential for ticket price increases as competition eases and demand strengthens [4]. - The forecast includes a reduction in Brent crude oil price assumptions to USD 62 and USD 64 per barrel for 2026 and 2027, which is expected to alleviate cost pressures [5].

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of China Eastern Airlines, indicating a slight decline in stock price and notable financing activities on January 15 [1] - On January 15, China Eastern Airlines' stock fell by 0.34%, with a trading volume of 523 million yuan. The financing buy-in amounted to 25.80 million yuan, while the financing repayment was 8.52 million yuan, resulting in a net financing buy of 17.28 million yuan [1] - As of January 15, the total financing and securities lending balance for China Eastern Airlines was 255 million yuan, with the financing balance at 250 million yuan, representing 0.25% of the circulating market value, which is below the 10th percentile level over the past year [1] Group 2 - China Eastern Airlines, established on April 14, 1995, and listed on November 5, 1997, is primarily engaged in passenger, cargo, and mail transportation services, with passenger service revenue accounting for 92.50% of total revenue [2] - For the period from January to September 2025, China Eastern Airlines reported operating revenue of 106.41 billion yuan, a year-on-year increase of 3.73%, and a net profit attributable to shareholders of 2.10 billion yuan, reflecting a significant year-on-year growth of 1623.91% [2] - The company has cumulatively distributed dividends of 3.30 billion yuan since its A-share listing, with no dividends paid in the last three years [3] Group 3 - As of September 30, 2025, the number of shareholders for China Eastern Airlines was 149,900, a decrease of 3.37% from the previous period [2] - The top ten circulating shareholders include China Securities Finance Corporation, holding 430 million shares, unchanged from the previous period, and Hong Kong Central Clearing Limited, holding 295 million shares, which decreased by 5.45 million shares compared to the previous period [3]

Operational Performance - In December 2025, the passenger capacity input (measured in available seat kilometers) increased by 4.93% year-on-year; passenger turnover (measured in revenue passenger kilometers) rose by 7.61%; and the passenger load factor reached 85.65%, up by 2.14 percentage points [2] - The cargo and mail turnover (measured in cargo mail ton kilometers) increased by 8.07% year-on-year in December 2025 [2] Route Expansion - New domestic routes launched include Shanghai Pudong to Panzhihua, Changchun to Wuhan, and Kunming to Qionghai; frequency increases on routes such as Shanghai Hongqiao to Lanzhou and Shanghai Pudong to Chengdu Shuangliu [3] - Internationally, new routes include Shanghai Pudong to Auckland to Buenos Aires and Shijiazhuang to Vientiane; frequency increases on routes such as Shanghai Pudong to Bangkok and Beijing Daxing to Vientiane [3] Fleet Information - In December 2025, the company introduced 5 new aircraft, including 2 B787 series passenger planes, 2 C909s, and 1 C919, while retiring 4 A320 series aircraft; the total operational fleet reached 826 aircraft by the end of December 2025 [4]

Group 1 - The core viewpoint of the announcement is that China Eastern Airlines reported an increase in operational metrics for December 2025, indicating growth in both passenger and cargo services [2][4]. Group 2 - In December 2025, the company's passenger capacity (measured in available seat kilometers) increased by 4.93% year-on-year, while passenger turnover (measured in revenue passenger kilometers) rose by 7.61% year-on-year [2]. - The passenger load factor reached 85.65%, which is an increase of 2.14 percentage points compared to the previous year [2]. - Cargo and mail turnover (measured in cargo mail ton kilometers) increased by 8.07% year-on-year [2]. Group 3 - New domestic routes launched include Shanghai Pudong to Panzhihua, Changchun to Wuhan, and Kunming to Qionghai, while existing routes were increased in frequency [3]. - Internationally, new routes include Shanghai Pudong to Auckland and Buenos Aires, with additional frequencies added to routes such as Shanghai Pudong to Bangkok and Beijing Daxing to Vientiane [3]. Group 4 - In December 2025, the company introduced 5 new aircraft, including 2 B787 series, 2 C909, and 1 C919, while retiring 4 A320 series aircraft [4]. - As of the end of December 2025, the total operational fleet consisted of 826 aircraft [4].

Core Viewpoint - China Eastern Airlines reported an increase in passenger capacity and turnover for December 2025, indicating growth in both domestic and international markets [1] Group 1: Operational Performance - Passenger capacity (measured in available seat kilometers) increased by 4.93% year-on-year for December 2025 [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 7.61% year-on-year for December 2025 [1] - The passenger load factor reached 85.65%, up by 2.14 percentage points year-on-year [1] - Cargo and mail turnover (measured in cargo ton kilometers) increased by 8.07% year-on-year for December 2025 [1] Group 2: Route Expansion - New domestic routes include Shanghai Pudong to Panzhihua, Changchun to Wuhan, and Kunming to Qionghai; frequency increases on routes such as Shanghai Hongqiao to Lanzhou and Shanghai Pudong to Chengdu Shuangliu [1] - New international routes include Shanghai Pudong to Auckland-Buenos Aires and Shijiazhuang to Vientiane; frequency increases on routes such as Shanghai Pudong to Bangkok and Beijing Daxing to Vientiane [1] Group 3: Fleet Update - The company introduced 5 new aircraft, including 2 B787 series, 2 C909, and 1 C919, while retiring 4 A320 series aircraft [1] - As of the end of December 2025, the total operational fleet consists of 826 aircraft [1]

Core Viewpoint - China Eastern Airlines reported an increase in passenger capacity and turnover for December 2025, indicating growth in both domestic and international markets [1] Group 1: Operational Performance - The passenger capacity input (measured in available seat kilometers) for December 2025 increased by 4.93% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) rose by 7.61% year-on-year [1] - The passenger load factor reached 85.65%, up by 2.14 percentage points year-on-year [1] - The cargo and mail turnover (measured in cargo mail ton kilometers) increased by 8.07% year-on-year [1] Group 2: Route Expansion - New domestic routes include Shanghai Pudong to Panzhihua, Changchun to Wuhan, and Kunming to Qionghai; frequency increases on routes such as Shanghai Hongqiao to Lanzhou and Shanghai Pudong to Chengdu Shuangliu [1] - New international routes include Shanghai Pudong to Auckland-Buenos Aires and Shijiazhuang to Vientiane; frequency increases on routes such as Shanghai Pudong to Bangkok and Beijing Daxing to Vientiane [1] Group 3: Fleet Update - The company introduced 5 new aircraft, including 2 B787 series passenger planes, 2 C909, and 1 C919, while retiring 4 A320 series aircraft [1] - As of the end of December 2025, the total operational fleet consists of 826 aircraft [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00670） 海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列中國東方航空股份有限公司在上海證券交易所網站刊登的以下資料中文全文，僅供參 閱： 承董事會命 中國東方航空股份有限公司 李干斌 聯席公司秘書 中華人民共和國，上海 2026年1月15日 於本公告日期，本公司董事包括王志清（董事長）、高飛（副董事長、總經理）、成國偉（董事）、孫錚（獨立非執行董 事）、陸雄文（獨立非執行董事）、羅群（獨立非執行董事）、馮詠儀（獨立非執行董事）、鄭洪峰（獨立非執行董事）及 揭小清（職工董事）。 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 公告编号：2026-001 中国东方航空股份有限公司 关于东航海外（香港）有限公司发 ...

格隆汇1月15日丨中国东方航空股份(00670.HK)公告，公司2025年12月客运运力投入(按可用座公里计) 同比上升4.93%；旅客周转量(按客运人公里计)同比上升7.61%；客座率为85.65%，同比上升2.14个百分 点。2025年12月货邮周转量(按货邮载运吨公里计)同比上升8.07%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00670） 內幕消息 海外監管公告 2025 年 1 2 月運營數據公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 第13.10B條及證券及期貨條例（香港法例第571章）第XIVA部項下的內幕消息條文（定義見 上市規則）發出。 中國東方航空股份有限公司（「本公司」）及董事會全體成員保證公告內容真實、準確和完 整，不存在虛假記載、誤導性陳述或者重大遺漏。 一、運營情況 本公司2025年12月客運運力投入（按可用座公里計）同比上升4.93%；旅客周轉量（按客 運人公里計）同比上升7.61%；客座率為85.65%，同比上升2.14個百分點。2025年12月 貨郵周轉量（按貨郵載運噸公里計）同比上升8.07%。 2025年12月，本公司國內、國際地區市場的主要新開、復航航線情況如下： 國內市場：新開上海浦東－ ...

中国东航（600115）(600115.SH)发布公告，公司2025年12月客运运力投入(按可用座公里计)同比上升 4.93%;旅客周转量(按客运人公里计)同比上升7.61%;客座率为85.65%，同比上升2.14个百分点。2025年 12月货邮周转量(按货邮载运吨公里计)同比上升8.07%。 ...