中国东方航空股份有限公司 投资者关系管理制度 （2025 年 10 月 30 日公司董事会 2025 年第 11 次会议修订） 第一条 为加强中国东方航空股份有限公司(以下简称 "公司")与投资者及潜在投资者(以下统称为"投资者") 的信息沟通，加深投资者对公司的了解和认同，形成公司与 投资者之间长期、稳定的良性关系，促进公司诚信自律、规 范运作，最终实现公司价值最大化和股东利益最大化，切实 保护投资者利益，根据《公司法》《证券法》《香港联合交易 所有限公司证券上市规则》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》《上市公司投资者关系管理工作指引》《中国东方航空股 份有限公司章程》及其它有关法律法规，结合公司实际情况， 制定本制度。 第二条 投资者关系管理是指公司按规定通过充分信 息披露与交流，并运用财经传播和市场营销原理加强与投资 者之间的沟通，促进投资者对公司的了解和认同，提升公司 治理水平，实现公司价值最大化和股东利益最大化的战略管 理行为。 第三条 公司投资者关系管理的基本原则： 1、合规性原则。公司投资者关系管理应当在依法履行 信息披露义务的基础上开 ...

中国东方航空股份有限公司 独立董事工作制度 （2025 年 10 月 30 日公司董事会 2025 年第 11 次会议修订） 第一章 总则 第一条 为进一步完善中国东方航空股份有限公司(以 下简称"公司")的法人治理结构，促进公司的规范、有效 运作，保护中小股东及利益相关者的利益，根据《中华人民 共和国公司法》(以下简称《公司法》)、《上市公司独立董 事管理办法》、《上市公司治理准则》、《上海证券交易所 股票上市规则》、《香港联合交易所有限公司证券上市规则》 等相关规定和《中国东方航空股份有限公司章程》(以下简 称"《公司章程》")，公司建立独立董事工作制度。 第二条 独立董事是指不在公司担任除董事外的其他 职务，并与其所受聘的公司及其主要股东、实际控制人不存 在直接或者间接利害关系，或者其他可能影响其进行独立客 观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉 义务。独立董事应当按照相关法律法规、规范性文件和《公 司章程》的要求，认真履行职责，维护公司整体利益，保护 中小股东的合法权益不受损害。 第四条 公司董事会成员中应当有三分之一以上独立 董事，公司根据公司章程聘任独立董事，其中至少包 ...

中国东方航空股份有限公司 募集资金管理制度 （2025 年 10 月 30 日公司董事会 2025 年第 11 次会议修订） 第一章 总则 第一条 为完善中国东方航空股份有限公司（以下简称 "公司"）治理，规范公司对募集资金的使用和管理，提高 募集资金的使用效率和效益，维护公司、股东、债权人及全 体员工的合法权益，根据《中华人民共和国公司法》《中华 人民共和国证券法》《首次公开发行股票注册管理办法》《上 市公司证券发行注册管理办法》《上海证券交易所股票上市 规则》《上市公司募集资金监管规则》等法律、行政法规和 规范性文件及《中国东方航空股份有限公司章程》（以下简 称《公司章程》）的规定，制定本制度。 第二条 本制度适用于公司通过发行股票或者其他具有 股权性质的证券，向投资者募集并用于特定用途的资金管 理，但不包括公司为实施股权激励计划募集的资金。 第三条 公司募集资金应当专款专用。公司使用募集资 金应当符合国家产业政策和相关法律法规，践行可持续发展 理念，履行社会责任，原则上应当用于主营业务，有利于增 强公司竞争能力和创新能力。 第四条 本制度是公司对募集资金使用和管理的基本行 为准则。如募集资金投资项目通过 ...

Core Viewpoint - China Eastern Airlines reported a revenue of 39.592 billion yuan for the third quarter, marking a year-on-year increase of 3.14% and a net profit attributable to shareholders of 3.534 billion yuan, which represents a significant year-on-year growth of 34.37% [1] Financial Performance - For the third quarter, the company achieved an operating revenue of 39.592 billion yuan, reflecting a 3.14% increase compared to the same period last year [1] - The net profit attributable to shareholders for the third quarter was 3.534 billion yuan, showing a robust year-on-year growth of 34.37% [1] - In the first three quarters, the total operating revenue reached 106.414 billion yuan, which is a 3.73% increase year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 2.103 billion yuan [1]

Core Viewpoint - China Eastern Airlines (600115.SH) reported a positive financial performance for Q3 2025, with significant growth in both revenue and net profit, indicating effective strategic initiatives and market opportunities [1] Financial Performance - In Q3 2025, the company achieved operating revenue of 39.592 billion yuan, a year-on-year increase of 3.14% [1] - The net profit attributable to shareholders was 3.534 billion yuan, reflecting a year-on-year growth of 34.37% [1] - For the first three quarters, the total operating revenue reached 106.414 billion yuan, up 3.73% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 2.103 billion yuan, marking a turnaround from loss to profit [1] Strategic Initiatives - The company is advancing its hub construction and the "Three Flights" strategy, which is showing effective results [1] - There is a focus on seizing opportunities in the summer travel market, with an emphasis on increasing flight frequency on international routes to Europe, the United States, Japan, South Korea, and North Africa [1] - Overall, the company has seen comprehensive improvements in total turnover, passenger transport volume, and seat occupancy rate compared to the previous year [1] Cost Management - The company continues to implement refined cost control measures, leading to a significant enhancement in profitability [1]

Investment Rating - The report initiates coverage with a rating of "Buy" for China Eastern Airlines [1][6]. Core Insights - China Eastern Airlines is one of the three major state-owned airlines in China, benefiting from dual core hubs in Beijing and Shanghai. The company is positioned to capitalize on the recovering tourism market, which is expected to drive air travel demand. The report highlights a trend of decreasing growth in the civil aviation fleet size in China, influenced by global supply chain disruptions affecting aircraft manufacturers [1][4][9]. - The average price of aviation kerosene has decreased compared to the previous year, which is anticipated to enhance the company's profitability [4][9]. - The projected revenue for China Eastern Airlines from 2025 to 2027 is estimated at RMB 143.18 billion, RMB 152.11 billion, and RMB 159.50 billion, respectively, with year-on-year growth rates of 8.4%, 6.2%, and 4.9% [6][8]. Summary by Sections Company Overview - China Eastern Airlines, established on June 25, 1988, is a leading state-owned airline in China, with a significant presence in the aviation market. The company operates a modern fleet of 816 aircraft, making it one of the youngest fleets globally [17][23]. - The airline's main business is passenger and cargo transportation, with passenger services accounting for over 90% of total revenue in normal circumstances [24][9]. Financial Performance - In 2024, the total revenue reached RMB 132.12 billion, marking a 16.11% increase year-on-year, and the highest revenue in nearly a decade. The company has shown a recovery trend post-COVID-19, with significant revenue growth in 2023 and 2024 [38][45]. - The net profit attributable to shareholders is projected to be RMB 1.405 billion, RMB 4.528 billion, and RMB 7.055 billion for 2025, 2026, and 2027, respectively [6][8]. Market Dynamics - The Chinese aviation market has seen a 172.8% increase in passenger transport volume over the past 15 years, with a growing trend towards market-based pricing for airfares [53][54]. - The three major airlines (Air China, China Eastern Airlines, and China Southern Airlines) accounted for 62.64% of the total transport turnover in 2024, indicating a consolidated market structure [55][56]. Operational Metrics - In 2024, the available seat kilometers (ASK) were 296.91 billion, reflecting a 21.20% year-on-year increase, while revenue passenger kilometers (RPK) reached 245.89 billion, up 34.89% year-on-year, resulting in a passenger load factor of 82.76% [28][36]. - The cargo segment has shown fluctuations, with available cargo ton kilometers at 9.51 billion and cargo turnover at 3.68 billion in 2024, indicating a recovery in cargo operations [36][40].

Core Viewpoint - China Eastern Airlines' stock price has experienced fluctuations, with a recent decline of 2.07% and a year-to-date increase of 18.50% [1] Financial Performance - For the first half of 2025, China Eastern Airlines reported operating revenue of 66.822 billion yuan, a year-on-year increase of 4.09%, while the net profit attributable to shareholders was -1.431 billion yuan, reflecting a year-on-year growth of 48.30% [2] Stock Market Activity - As of October 29, the stock price was 4.74 yuan per share, with a total market capitalization of 105.661 billion yuan. The trading volume was 326 million yuan, with a turnover rate of 0.40% [1] - The net outflow of main funds was 50.959 million yuan, with large orders accounting for 23.48% of purchases and 31.48% of sales [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 155,100, a decrease of 11.06% from the previous period [2] - The top ten circulating shareholders include China Securities Finance Corporation, holding 430 million shares, and Hong Kong Central Clearing Limited, holding 300 million shares, which increased by 55.219 million shares from the previous period [3] Dividend Information - China Eastern Airlines has cumulatively distributed 3.296 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]

Core Points - China Eastern Airlines held a meeting to convey and study the spirit of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, emphasizing the importance of the meeting in advancing towards the second centenary goal [2][3] - The meeting highlighted the significance of Xi Jinping's speeches and the resolutions passed during the plenary session, which provide fundamental guidance for the company's future work and strategic direction [2][3] Summary by Sections Meeting Objectives - The meeting aimed to deeply understand and accurately grasp the rich connotations and core essence of the Fourth Plenary Session, focusing on the importance of the "14th Five-Year Plan" period and its strategic priorities [3][4] Key Requirements for Implementation - A call for immediate action to promote the learning and implementation of the plenary session's spirit across all levels of the company, integrating it with the study of Xi Jinping's important discourses on state-owned enterprise reform and development [4] - A scientific approach to planning the "14th Five-Year Plan," ensuring alignment with the tasks outlined in the plenary session's resolutions and refining the overall development strategy for the next five years [4] - A commitment to advancing strict party governance and enhancing the political ecosystem within the company, focusing on reducing bureaucratic burdens and promoting a clean political environment [4] - An emphasis on achieving the annual reform and development goals by integrating the learning of the plenary session's spirit with Xi Jinping's important directives, ensuring the company's role in building a modern industrial system and a new development pattern [4]

Core Points - China Eastern Airlines, in collaboration with Ruijin Hospital, is conducting a three-day free medical consultation event in Cangyuan, Yunnan Province, from October 22 to 24, 2025, to provide quality medical services to local residents [1][2] - A team of 21 expert doctors from 18 departments of Ruijin Hospital arrived in Cangyuan to offer medical consultations, focusing on common diseases and preventive care for respiratory infections, foodborne diseases, and skin conditions [2][3] - China Eastern Airlines has integrated social responsibility into its corporate strategy, actively engaging in healthcare support initiatives, including organizing expert consultations and establishing a "cloud hospital" to enhance local medical services [3]

Core Viewpoint - China Eastern Airlines Corporation Limited (00670.HK) announced that it will hold a board meeting on October 30, 2025, to review and approve the unaudited third-quarter results for the nine months ending September 30, 2025 [1] Summary by Category - **Company Announcement** - The board meeting is scheduled for October 30, 2025 [1] - The meeting will include the review of the company's and its subsidiaries' third-quarter performance for the nine months ending September 30, 2025 [1]