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 2025-073 中国东方航空股份有限公司 关于股份回购实施结果暨股份变动的公告 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： | A | 股回购方案首次披露日 | | 2024/8/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | A | 股回购方案实施期限 | | 年 月 2024 8 11 | 11 | 月 | 日~2025 | 年 | 日 7 | | 预计回购 A | 股金额 | | 2.5（含）亿元~5（不含）亿元 | | | | | | | 回购 A | 股价格上限 | | 4.39元/股 | | | | | | | 回购用途 | | | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | | | □为维护公司价值及股东权益 | ...

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 2025-072 中国东方航空股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 11 月 18 日（星期二） 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可在 2025 年 11 月 11 日（星期二）至 11 月 17 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过电子邮件方式 （ir@ceair.com）向公司提出所关注的问题，邮件标题请注明"600115 业绩说明 会"，公司将在业绩说明会上对投资者普遍关注的问题予以回答。 中国东方航空股份有限公司（以下简称"公司 ...

Core Viewpoint - China Eastern Airlines has completed a share repurchase program, acquiring approximately 204 million shares, which represents 0.9132% of the total shares before the buyback [1] Summary by Category Share Repurchase Details - The company repurchased approximately 20.4 million shares during the buyback period, with 89.55 million A-shares acquired, accounting for 0.4017% of the current total share capital [1] - The highest and lowest prices for A-shares were 4.1 CNY and 3.53 CNY per share, with a total transaction amount of approximately 337 million CNY [1] - For H-shares, about 114 million shares were repurchased, representing 0.5114% of the current total share capital, with the highest and lowest prices being 3.03 HKD and 2.26 HKD per share, totaling approximately 31.13 million HKD [1] Revenue Composition - For the first half of 2025, the revenue composition of China Eastern Airlines indicates that 98.1% of the revenue comes from aviation business, while other businesses contribute 1.9% [1] Market Capitalization - As of the report, the market capitalization of China Eastern Airlines is 117.3 billion CNY [1]

Core Viewpoint - China Eastern Airlines (600115.SH) has completed a share buyback of 0.9132% of its total shares as of the announcement date [1] Summary by Category Share Buyback Details - The company has repurchased a total of 20,355.99 million shares during the buyback period, which represents 0.9132% of the total shares before the buyback [1] - The number of A-shares repurchased is 8,955.39 million, accounting for 0.4017% of the current total share capital, with a total transaction amount of 33,680.02 million yuan (excluding transaction fees) [1] - The number of H-shares repurchased is 11,400.60 million, representing 0.5114% of the current total share capital, with a total transaction amount of 31,134.67 million Hong Kong dollars (excluding transaction fees) [1] Price Range of Shares - The highest transaction price for A-shares was 4.10 yuan per share, while the lowest was 3.53 yuan per share [1] - For H-shares, the highest transaction price was 3.03 Hong Kong dollars per share, and the lowest was 2.26 Hong Kong dollars per share [1]

Core Insights - The aviation and airport sector experienced a significant increase of 4.31% on November 10, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - China Eastern Airlines (600115) closed at 5.26, with a rise of 7.35% and a trading volume of 3.0493 million shares, amounting to 1.572 billion yuan [1] - Other notable performers included: - Juneyao Airlines (603885) at 14.04, up 6.12% [1] - Air China (601111) at 8.79, up 5.90% [1] - China Southern Airlines (600029) at 7.24, up 3.72% [1] Capital Flow - The aviation and airport sector saw a net outflow of 313 million yuan from institutional investors, while retail investors contributed a net inflow of 7.8603 million yuan [1] - The detailed capital flow for selected stocks included: - HNA Holding (600221) with a net inflow of 80.7268 million yuan from institutional investors [2] - Shanghai Airport (600009) with a net inflow of 68.0565 million yuan from institutional investors [2] - China Southern Airlines (600029) with a net outflow of 48.7018 million yuan from institutional investors [2]

Q3 业绩超预期增长，免签助力国际战略 中国东航(600115) ——中国东航 2025 年三季报点评报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | | | | 陈亦凡(研究助理) | 0755-23976151 | chenyifan2@gtht.com | S0880124070025 | [Table_Target] 目标价格(元): | 5.94 | 本报告导读： 2025Q3 公司在公商走弱压力下实现盈利逆势大增，展现未来盈利上行潜力。公司积 极增投国际并搭建国际枢纽网络，国际盈利改善有望提升长期盈利能力。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- ...

Core Insights - The aviation and airport sector experienced a slight decline of 0.08% on November 7, with China Eastern Airlines leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Hainan Airlines Holdings (600221) saw a closing price of 1.83, with an increase of 1.67% and a trading volume of 9.1 million shares, totaling 1.675 billion yuan [1] - Baiyun Airport (600004) closed at 9.97, up 0.91%, with a trading volume of 189,200 shares [1] - Shanghai Airport (600009) closed at 32.23, up 0.62%, with a trading volume of 81,700 shares [1] - Shenzhen Airport (000089) closed at 7.31, up 0.41%, with a trading volume of 171,500 shares [1] - China National Aviation (601111) closed at 8.30, down 0.12%, with a trading volume of 389,500 shares [1] - Southern Airlines (600029) closed at 6.98, down 0.29%, with a trading volume of 399,500 shares [1] - Spring Airlines (601021) closed at 55.56, down 0.32%, with a trading volume of 42,800 shares [1] - Xiamen Airport (600897) closed at 16.70, down 0.60%, with a trading volume of 115,200 shares [1] - Juneyao Airlines (603885) closed at 13.23, down 0.75%, with a trading volume of 78,500 shares [1] - CITIC Offshore Helicopter (000099) closed at 21.53, down 0.92%, with a trading volume of 97,000 shares [1] Capital Flow - The aviation and airport sector saw a net outflow of 267 million yuan from institutional investors, while retail investors contributed a net inflow of 147 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2] Individual Stock Capital Flow - Xiamen Airport (600897) had a net inflow of 1.3164 million yuan from institutional investors, while retail investors contributed a net inflow of 6.2663 million yuan [3] - Baiyun Airport (600004) experienced a net inflow of 463,500 yuan from institutional investors and a net outflow of 158,140 yuan from speculative funds [3] - Shanghai Airport (600009) faced a net outflow of 3.0744 million yuan from institutional investors, but retail investors contributed a net inflow of 13.8668 million yuan [3] - Juneyao Airlines (603885) had a significant net outflow of 8.2616 million yuan from institutional investors, while retail investors contributed a net inflow of 11.6144 million yuan [3] - China Eastern Airlines (600115) saw a net outflow of 1.21% in its stock price, closing at 4.90 with a trading volume of 1.0093 million shares [2]

Core Insights - China Eastern Airlines signed 19 procurement agreements with 15 suppliers from 9 countries and regions, totaling $1.211 billion [1] - A significant agreement was made with CFM International for the purchase of LEAP-1A engines worth $615 million [1] - Additional agreements were signed with Lufthansa Technik, Safran Group, and Idemitsu Kosan for various aviation materials, repairs, and fuel procurement [1]

Core Viewpoint - China Eastern Airlines reported a revenue of 39.59 billion yuan for Q3, representing a year-on-year increase of 3.1%, and a net profit of 3.53 billion yuan, corresponding to an earnings per share of 0.16 yuan, which is a year-on-year growth of 34.4% [1] Financial Performance - Q3 revenue reached 39.59 billion yuan, up 3.1% year-on-year [1] - Net profit was 3.53 billion yuan, with an earnings per share of 0.16 yuan, reflecting a 34.4% year-on-year increase [1] - Operating costs per unit decreased by 4.3% year-on-year, primarily due to a 11.2% decline in domestic oil prices [1] Profit Forecast Adjustments - The 2025 net profit forecast for China Eastern Airlines A/H shares was reduced by 37.5% to 1.49 billion yuan due to lower-than-expected ticket prices in the first three quarters [1] - The 2026 net profit forecast for A/H shares was raised by 8.3% to 5.93 billion yuan due to improved ticket price expectations [1] Valuation and Target Price Changes - The target price for China Eastern Airlines A shares was increased by 30% to 6.5 yuan, corresponding to a 24.4 times 2026 price-to-earnings ratio [1] - The target price for H shares was raised by 56.7% to 5.5 Hong Kong dollars, reflecting an 18.7 times 2026 price-to-earnings ratio [1] - The rating was maintained at "outperform the industry" [1]

Core Viewpoint - The company reported a revenue of 106.4 billion yuan for the first three quarters of 2025, showing a year-on-year increase of 3.7%, with a net profit attributable to shareholders of 2.1 billion yuan, a significant recovery from a net loss of 140 million yuan in the same period of 2024 [1] Financial Performance - For Q3 2025, the company achieved a revenue of 39.6 billion yuan, up 3.1% year-on-year, and a net profit of 3.53 billion yuan, reflecting a 34% increase year-on-year [1] - The non-recurring net profit for Q3 2025 was 3.16 billion yuan, a 30% increase year-on-year [1] - The improvement in profitability was attributed to better cost management and a significant increase in passenger load factor despite a decline in industry prices [2] Cost Management and Operational Efficiency - The company successfully controlled costs, resulting in a 2.6% decrease in unit costs year-on-year, with fuel costs down by 7.1% due to falling oil prices [2] - The company issued perpetual bonds totaling 25 billion yuan to replace existing debt, leading to a steady decline in interest expenses [2] International Route Development - The company’s international capacity in Q3 2025 reached 114% of the level in the same period of 2019, with new routes to South America and India contributing to improved operational efficiency [3] - The policy of visa exemption for foreigners has boosted inbound demand, with 72% of inbound travelers being visa-exempt, benefiting the company’s international operations [3] Non-Recurring Income and Investment Gains - The company received approximately 1.3 billion yuan in compensation for land expropriation related to the expansion of Pudong Airport, contributing to non-recurring income [3] - An investment gain of 350 million yuan was recognized in Q3, likely from a stake in an engine maintenance company [3] Investment Outlook - The company is expected to benefit from a recovery in industry prices and the release of reform dividends, with net profit forecasts for 2025 raised to 870 million yuan and projections of 3.47 billion yuan and 5.18 billion yuan for 2026 and 2027, respectively [4] - The current stock price corresponds to price-to-earnings ratios of 127, 32, and 21 for 2025-2027 [4]