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） 香港上市規則的涵義 於本公告日期，上海航空為本公司的全資附屬公司，東航置業為東航資產的全資子公司， 中國東航集團為東航資產和本公司的控股股東，持有本公司54.7574%股權。因此，根據香 港上市規則的界定，東航置業屬本公司的關連人士。《合同》項下擬進行的交易構成香港上 市規則第14A章項下的關連交易。 由於《合同》項下擬進行交易的最高適用百分比率超過0.1%但低於5%，因此，《合同》項下 擬進行的交易須遵守香港上市規則項下申報、公告和年度審閱的規定，但獲豁免遵守獨立 股東的批准規定。 1 A. 背景 2025年12月2日，本公司第十屆董事會第13次普通會議審議通過了《關於出售凱迪克大 廈上航權屬部分房產的議案》，董事會一致同意上海航空將持有的凱迪克大廈上海航空 房屋及附屬設備資產出售給東航置業，轉讓價格不低於經評估備案的價格。 （股份代號：00670） 關連交 ...

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：临 2026-003 中国东方航空股份有限公司 关于子公司出售房屋资产暨关联交易的公告 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。 重要内容提示： 中国东方航空股份有限公司（以下简称"公司"）下属全资子公司上海航空有限 公司（以下简称"上航"）与公司控股股东中国东方航空集团有限公司（以下简 称"中国东航集团"）下属全资子公司东航资产投资管理有限公司（以下简称"东 航资产"）的全资子公司上海东航置业有限公司（以下简称"东航置业"）于 2026 年 1 月 19 日签署《实物资产交易合同》，上航将其持有的凯迪克大厦上航权属 房产转让至东航置业，交易价格约为人民币 13,429 万元（以下简称"本次资产转 让"或"本次交易"）。本次资产转让价格以相关主管部门备案的评估价值为基 础确定。 中国东航集团为公司的控股股东，东航置业为中国东航集团下属全资子公司东航 资产的全资子公司，根据《上 ...

Core Insights - The aviation and airport sector experienced a significant increase of 3.36% on January 19, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Performance - China Eastern Airlines (600115) closed at 6.13, up 6.06%, with a trading volume of 1.6115 million shares and a transaction value of 979 million [1] - Southern Airlines (600029) closed at 7.75, up 4.31%, with a trading volume of 937,300 shares and a transaction value of 720 million [1] - Air China (601111) closed at 8.81, up 4.14%, with a trading volume of 1.3003 million shares and a transaction value of 1.141 billion [1] - Spring Airlines (601021) closed at 58.46, up 3.87%, with a trading volume of 75,900 shares and a transaction value of 441 million [1] - Other notable performances include Xiamen Airport (600897) at 17.27, up 2.37%, and Shanghai Airport (600009) at 31.72, up 1.05% [1] Capital Flow - The aviation and airport sector saw a net inflow of 27.1067 million in main funds, while retail funds experienced a net inflow of 54.5283 million [2] - The sector's overall capital flow indicates a mixed sentiment, with main funds showing a net outflow in some stocks while retail investors contributed positively [2][3] Individual Stock Capital Flow - Hainan Airlines (600221) had a main fund net outflow of 56.1893 million, while retail investors showed a net outflow of 28.2785 million [3] - Shanghai Airport (600009) recorded a main fund net inflow of 41.0025 million, but retail investors had a net outflow of 50.1886 million [3] - Southern Airlines (600029) saw a main fund net inflow of 23.9450 million, with retail investors also showing a net outflow of 13.4306 million [3] - Other stocks like Xiamen Airport (600897) and Shenzhen Airport (000089) also reflected varied capital flows, indicating differing investor sentiments across the sector [3]

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong's airline stocks, with China Eastern Airlines increasing by over 6% and both Air China and China Southern Airlines rising by over 2% [1]

Group 1 - The core viewpoint of the report indicates that China Eastern Airlines announced its 2025 operational data, with ASK and RPK increasing by 6.8% and 10.7% year-on-year, respectively, and a passenger load factor of 85.9%, up by 3.0 percentage points, achieving a historical high for the year [1] - The outlook suggests that the industry's supply growth rate may remain low, and improvements in market conditions, combined with reduced competition, are expected to lead to an increase in ticket prices [1] - Additionally, lower oil prices and a favorable USD to RMB exchange rate are anticipated to alleviate cost pressures, collectively driving profitability for airlines [1] Group 2 - The company, being a major airline based in Shanghai, is expected to benefit from strong travel demand in the Yangtze River Delta region, supporting its revenue levels [1] - As Pudong Airport serves as a key entry and exit point, the company is likely to gain from the growth in inbound and outbound tourism demand [1] - The company's net profit forecast for 2025-2027 has been raised to 9.34 billion, 78.01 billion, and 100.96 billion RMB, with target prices set at 7.70 RMB for A-shares and 6.85 HKD for H-shares, maintaining a "buy" rating [1]

Group 1 - The core point of the article highlights the recent stock performance of China Eastern Airlines, which saw a decline of 2.06% on January 16, with a stock price of 5.71 yuan per share and a total market capitalization of 126.12 billion yuan [1] - As of January 16, the company experienced a net outflow of 66.62 million yuan in principal funds, with significant selling pressure observed [1] - The stock has decreased by 4.83% year-to-date, with a 4.52% drop over the last five trading days, while showing a 16.53% increase over the past 60 days [1] Group 2 - For the period from January to September 2025, China Eastern Airlines reported an operating revenue of 106.41 billion yuan, reflecting a year-on-year growth of 3.73%, and a net profit attributable to shareholders of 2.10 billion yuan, which represents a significant increase 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] - As of September 30, 2025, the number of shareholders decreased by 3.37%, with the top ten circulating shareholders including China Securities Finance Corporation holding 430 million shares [3]

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].