Core Viewpoint - China Eastern Airlines has launched a new cargo flight route from Shanghai to Budapest via Riyadh, enhancing its logistics network in the Middle East and Africa [1][3] Group 1: New Route Details - The new cargo flight, operated by China Eastern Airlines' subsidiary China Cargo Airlines, will commence on November 3, 2023, at 2:30 AM from Shanghai Pudong International Airport [1] - The route will operate three flights per week, with a total flight time of approximately 17 hours, utilizing Boeing B777F freighters [3] Group 2: Strategic Importance - Riyadh is positioned at the intersection of Asia, Europe, and Africa, serving as a political and economic hub in the Middle East and a gateway to the African market [3] - By establishing Riyadh as a transit point, China Eastern Airlines aims to enhance its logistics services across the Middle East and extend its network into key African markets [3] Group 3: Operational Advantages - The fifth freedom rights allow China Eastern Airlines to conduct cargo operations, including loading and unloading, in Riyadh, which is expected to improve operational efficiency, optimize costs, and increase revenue [3]

Core Viewpoint - China Eastern Airlines reported strong financial performance for Q3 2025, with significant year-on-year growth in both revenue and net profit, indicating a robust recovery in operations and market demand [1][2]. Financial Performance - In Q3 2025, the company achieved operating revenue of 39.592 billion yuan, a year-on-year increase of 3.14% [2]. - The net profit attributable to shareholders reached 3.534 billion yuan, up 34.37% year-on-year, while the net profit after deducting non-recurring items was 3.164 billion yuan, reflecting a 30.21% increase [1][2]. - For the first three quarters of 2025, total revenue was 106.414 billion yuan, a 3.73% increase year-on-year, and the net profit attributable to shareholders was 2.103 billion yuan, marking a turnaround from a loss of 0.138 billion yuan in the same period last year [1][2]. Operational Data - The company has been actively enhancing its hub construction and implementing its "Three Flights" strategy, leading to improved operational metrics [1]. - In Q3 2025, the overall Available Seat Kilometers (ASK) increased by 6.02% year-on-year, while Revenue Passenger Kilometers (RPK) rose by 8.95%, resulting in a passenger load factor increase of 2.41 percentage points [1]. - Domestic operations showed growth with domestic ASK up 3.36% and RPK up 6.04% year-on-year, while international operations saw a recovery with international ASK at 113.63% of the 2019 level, reflecting a 12.85% increase year-on-year [1][2]. Fleet Size - As of Q3 2025, the total fleet size reached 820 aircraft, representing a 16.15% increase compared to the same period in 2019 and a 3.80% increase year-on-year [2]. Investment Analysis - The recovery of international routes is ahead of expectations, supported by increasing passenger flow in Shanghai and positive ticket pricing trends post-National Day holiday [3]. - Adjustments to net profit forecasts for 2025-2027 are made, with expected profits of 1.942 billion yuan, 9.043 billion yuan, and 14.922 billion yuan respectively, reflecting a more conservative outlook due to lower ticket prices than initially anticipated [3]. - The market is expected to see continued improvement in operations, with a projected price-to-earnings ratio of 12x for 2026 and 7x for 2027, which remains below historical valuation averages for major airlines [3].

Core Insights - The company reported a significant increase in net profit for Q3 2025, with a year-on-year growth of 34%, exceeding previous expectations [1] - The company achieved a total revenue of 1,064 billion yuan in the first three quarters of 2025, reflecting a 3.7% year-on-year increase [1] Revenue Analysis - In Q3 2025, the company generated revenue of 396 billion yuan, up 3.1% year-on-year, with a net profit of 35.3 billion yuan, marking a 34% increase compared to the same period last year [1] - The decline in passenger revenue was attributed to falling ticket prices, with unit revenue per RPK at 0.538 yuan, down 5.3% year-on-year [2] - The unit cost of revenue per ASK decreased to 0.403 yuan, a 4.3% year-on-year decline, primarily due to lower oil prices [2] Capacity and Performance Metrics - The company’s fleet size reached 820 aircraft by the end of Q3 2025, with a net increase of 16 aircraft in the first three quarters [1] - The passenger load factor for Q3 was 86.9%, an increase of 2.3 percentage points year-on-year [1] - International routes saw a 13% increase in ASK and an 84.3% load factor, while domestic routes had a 3% increase in ASK with an 88.2% load factor [1] Industry Outlook - The supply-demand relationship in the industry is improving, with expectations for a strong Q4 despite seasonal trends, as ticket prices have been rising since September [2] - The company anticipates that supply chain constraints will continue to limit industry supply, which may enhance profitability in the long term [2] Profit Forecast and Investment Recommendation - The company’s projected net profits for 2025, 2026, and 2027 are 9.5 billion yuan, 36.1 billion yuan, and 79.5 billion yuan, respectively, maintaining a "buy" rating [3]

Investment Rating - The investment rating for the company is "Buy" [6][6]. Core Views - The company reported a revenue of 1064.14 billion RMB for 9M25, a year-on-year increase of 3.7%, and a net profit of 21.03 billion RMB, compared to a net loss of 1.38 million RMB in 9M24. In Q3, the company achieved a revenue of 395.92 billion RMB, up 3.1%, with a net profit of 35.34 billion RMB, an increase of 34.4% year-on-year [1][2][3]. - The company’s passenger load factor (PLF) improved to 86.9%, the highest among the three major airlines, supported by a 6.0% increase in capacity and an 8.9% increase in demand. However, unit revenue per passenger kilometer is estimated to have decreased by about 9% [2][4]. - The company is expected to benefit from lower oil prices, which will ease cost pressures, and the industry supply growth is anticipated to remain low, supporting an improvement in industry conditions [1][4]. Summary by Sections Financial Performance - For Q3 25, the company’s operating costs were 341.51 billion RMB, a 1.5% increase, while the unit ASK cost decreased by 4.3%. The gross profit margin improved by 1.4 percentage points to 13.7%, with gross profit increasing by 14.7% to 54.41 billion RMB [3][4]. - The company’s net profit for Q3 25 was 35.34 billion RMB, up 34.4% year-on-year, driven by lower costs and increased investment income [3][4]. Market Outlook - The company is expected to enter a profit cycle, with a strong passenger load factor and a favorable market share of 42% in Shanghai, supported by robust travel demand in the Yangtze River Delta [4][5]. - The forecast for net profit for 2025-2027 has been raised to 7.69 billion RMB, 5.93 billion RMB, and 8.02 billion RMB, respectively, reflecting a significant improvement in profitability due to lower oil price expectations [5][9]. Valuation - The target price for the company's A/H shares is set at 6.35 RMB and 5.10 HKD, respectively, with an upward adjustment in the price-to-book (PB) ratio to 3.0x for A shares and 2.2x for H shares, indicating a premium due to expected improvements in return on equity (ROE) [5][6].

Core Viewpoint - The company has announced its third-quarter financial report for 2025, including significant updates on management changes and share repurchase plans [3][10][19]. Financial Data - The financial report is unaudited and covers the period from January to September 2025, with specific financial metrics presented in millions of RMB [3][9]. - The company has initiated a share repurchase plan, intending to buy back A-shares between RMB 250 million and RMB 500 million and H-shares within the same range, with the repurchase period set from November 8, 2024, to November 7, 2025 [6][10]. Management Changes - The company has appointed Gao Fei as the new General Manager, effective from October 30, 2025, with his term aligned with the current board's tenure [10][20]. - Gao Fei has a substantial background in the aviation industry, having held various senior positions in China Southern Airlines before joining China Eastern Airlines [12]. Board Decisions - The board meeting on October 30, 2025, approved several resolutions, including the third-quarter financial report and amendments to various internal regulations [13][15][18]. - The board also decided to nominate Gao Fei as a candidate for the tenth board of directors, pending approval at the next shareholders' meeting [20].

Investment Rating - The investment rating for China Eastern Airlines is "Outperform" (maintained) [1] Core Views - The report highlights that the recovery in international markets is leading to improved operational performance for China Eastern Airlines. The company has reported better-than-expected earnings, with a significant increase in both revenue and net profit for the third quarter of 2025 [5][6]. Summary by Sections Market Data - Closing price as of October 30, 2025, is 4.81 yuan - Market capitalization is 82,321 million yuan - Price-to-book ratio is 8.2 [1] Financial Performance - For Q3 2025, the company achieved a revenue of 39,592 million yuan, a year-on-year increase of 3.14% - Net profit attributable to shareholders was 3,534 million yuan, up 34.37% year-on-year - For the first three quarters of 2025, total revenue reached 106,414 million yuan, with a net profit of 2,103 million yuan, marking a turnaround from losses in the previous year [5] Operational Data - The company is focusing on enhancing its hub operations and has successfully implemented its "Three Flights" strategy, leading to increased passenger traffic and capacity utilization - Domestic passenger load factor improved, with domestic ASK (Available Seat Kilometers) up 3.36% year-on-year and RPK (Revenue Passenger Kilometers) up 6.04% year-on-year - Internationally, the company has expanded its routes and capacity, with international ASK recovering to 113.63% of the 2019 level [5] Financial Projections - Revenue projections for 2025 are set at 139,779 million yuan, with a year-on-year growth rate of 5.8% - Expected net profit for 2025 is 1,942 million yuan, with a significant increase projected for 2026 and 2027 [5][7] - The report anticipates continued improvement in operational performance, driven by the recovery of international routes and increasing market demand [5]

Group 1 - China Eastern Airlines (SH 600115) announced on October 31 that its 11th board meeting of 2025 was held via communication on October 30, where it reviewed the proposal to amend the "Working Rules of the Audit and Risk Management Committee of China Eastern Airlines Corporation Limited" [1] - For the first half of 2025, the revenue composition of China Eastern Airlines was 98.1% from aviation business and 1.9% from other businesses [1] Group 2 - The article discusses the phenomenon of "negative electricity prices" in multiple regions and questions why power plants are reluctant to shut down despite not making profits from selling electricity [2]

智通财经APP讯，中国东航(600115.SH)发布2025年三季度报告，该公司前三季度营业收入为1064.14亿 元，同比增长3.73%。归属于上市公司股东的净利润为21.03亿元。归属于上市公司股东的扣除非经常性 损益的净利润为14.05亿元。基本每股收益为0.09元。 ...

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 第一章 总 则 第一条 为了规范中国东方航空股份有限公司（以下简 称"公司"）及其信息披露义务人的信息披露行为，加强信 息披露事务管理，提高信息披露工作质量，保护投资者合法 权益，根据《中华人民共和国证券法》（以下简称"《证券法》"） 《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》《上市公司信息披露 管理办法》《上市公司信息披露暂缓与豁免管理规定》《上海 证券交易所上市公司自律监管指引第 2 号——信息披露事务 管理》等规定，结合《中国东方航空股份有限公司章程》（以 下简称"《公司章程》"）和公司实际情况，制定本管理制度。 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 ...

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 2025年10月30日 於本公告日期，本公司董事包括王志清（董事長）、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 董事会秘书工作制度 （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 为提高中国东方航空股份有限公司(以下简称 "公司")的公司治理水平，促进公司规范运作，充分发挥 ...