本报告依据中国资产评估准则编制 中国东方航空股份有限公司拟转让 所持新上海国际大厦有限公司股权项目 涉及其股东全部权益价值 资产评估报告 天兴评报字(2024)第 2048 号 (共1册,第1册) 777 W BR/六百 777 A AN-CHINA ASSETS APPRAISAL CO .. LTD 二〇二四年 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3111020141311101202400032 | | --- | --- | | 合同编号: | 1222024037 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 天兴评报字(2024)第2048号 | | 报告名称: | 中国东方航空股份有限公司拟转让 所持新上海国 际大厦有限公司股权项目 涉及其股东全部权益价 值 | | 评估结论: | 1,432,188,848.65元 | | 评估报告日: | 2024年11月20日 | | 评估机构名称: | 北京天健兴业资产评估有限公司 | | 答名人员: | 赵任任 (资产评估师) 会员编号:11070039 | | | 施慧玲 (资产评估师) 会员编 ...

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 2025-040 中国东方航空股份有限公司 关于转让参股子公司新上海国际大厦有限公司股权 暨关联交易公告 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： 1 中国东方航空股份有限公司（以下简称"公司"）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"）的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"）于 2025 年 6 月 18 日签署股权转 让协议，拟将持有的参股子公司新上海国际大厦有限公司（以下简称"新上 海国际"）的 20%股权转让至东航资产，交易价格约为人民币 28,643.78 万 元（以下简称"本次股权转让"或"本次交易"）。本次股权转让价格以相 关主管部门备案的评估价值为基础确定。本次股权转让后，公司将不再持有 新上海国际的股权。 中国东航集团为公司的控股股东，东航资产为中国东航集团的全资子公司， 根据《上海证券交易 ...

Core Viewpoint - China Eastern Airlines (600115) has signed a share transfer agreement to sell a 20% stake in New Shanghai International Tower Co., Ltd. to Eastern Airlines Asset Investment Management Co., Ltd. for approximately 286 million yuan, aiming to optimize its external equity investment structure and focus on its core business [1] Group 1 - The transaction price for the 20% stake is about 286 million yuan [1] - After the share transfer, the company will no longer hold any equity in New Shanghai International [1] - The transaction has been approved by the company's board of directors and does not require shareholder meeting approval [1] Group 2 - The company expects to gain approximately 233 million yuan from this transaction, with the exact amount subject to audited data [1]

Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2]. Core Viewpoints - The report highlights that the supply in the aviation industry is gradually contracting, with a narrowing decline in ticket prices. An improvement in supply-demand dynamics is expected during the peak travel season [3][4]. - The industry is experiencing a high passenger load factor, with limited room for recovery in utilization rates. The supply contraction is intensifying, leading to a trend of narrowing year-on-year ticket price declines, which may improve the industry’s supply-demand relationship [14][3]. Summary by Sections Investment Recommendations - The report suggests focusing on key airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines due to the anticipated recovery in air travel demand during the peak season [3][14]. Industry Supply Contraction and Ticket Price Trends - The industry’s passenger load factor remains high, with an increasing proportion of grounded aircraft. In April 2025, the industry’s Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) increased by 8.1% and 11.5% year-on-year, respectively, with a passenger load factor of 84.5%, up 2.6 percentage points year-on-year [4][16]. - The average ticket price in June 2025 was down 5.9% year-on-year, with the average domestic ticket price for 2025 year-to-date at 837 RMB, a decline of 9.4% year-on-year [5][26]. Oil Prices and Exchange Rates - The average price of aviation kerosene in Q1 and Q2 2025 was 5,952 RMB/ton and 5,385 RMB/ton, respectively, showing a year-on-year decrease of 10.0% and 17.0%. The Brent crude oil price averaged 67.95 USD/barrel as of June 16, 2025, down 18.1% year-on-year [6][37][38]. Airline Capacity and Load Factors - In May 2025, airlines increased their international capacity, with domestic load factors remaining high. The overall ASK for major airlines showed a year-on-year increase, with international routes recovering faster than domestic routes [45][46]. - The report indicates that the passenger load factors for domestic routes exceeded those of 2019, with significant increases noted for China Eastern and China Southern Airlines on international routes [45][47].

Group 1 - The competition organized by the Civil Aviation Shandong Regulatory Bureau focused on the core content of the "Civil Aviation Major Safety Hazard Determination Standards (2024 Revised Edition)" [1][5] - The Eastern Airlines Shandong branch team won first place, showcasing strong theoretical knowledge, quick response abilities, and excellent teamwork [1][6] - The competition involved various units, including Shandong Airport Management Group and other airlines, providing a high-level safety knowledge event for the audience [5] Group 2 - The Eastern Airlines Shandong branch team demonstrated their expertise by achieving full marks in the mandatory answering section and further increasing their lead in the rapid response section [5] - The team effectively analyzed the procedures for handling runway foreign objects during the risk question segment, which was a key factor in their victory [5] - The team members expressed their intention to translate the professional spirit displayed in the competition into daily work practices to enhance safety management [5][6] Group 3 - The victory not only highlighted the team's excellence but also emphasized the Eastern Airlines Shandong branch's commitment to safety and professional capability [6] - The company aims to integrate the hazard determination standards more deeply into every aspect of flight preparation, maintenance checks, and ground support [6] - This initiative is part of a broader effort to contribute to the construction of a strong civil aviation province [6]

后续，东航浙江分公司将进一步加强与宁波机场、气象部门的协作配合，做好天气预警，加强运行风险 研判，严格运行标准，着力实现"设备零隐患、排水零堵塞、保障零问题"的"三零"目标，为旅客美好出 行保驾护航。（编辑：许浩存 校对：李佳洹 审核：程凌） （本文图片均由东航浙江分公司提供） 《中国民航报》、中国民航网 记者赵瑜 通讯员刘佳 报道：浙江自6月7日起进入梅雨期以来，受持续强 降雨叠加第1号台风"蝴蝶"外围环流影响，预计本轮梅雨期将持续约38天。为应对多重气象因素叠加影 响，东航浙江分公司将防汛防台与安全运行保障作为当前工作重点，按照"早谋划、早部署、早行动"原 则，全链条压实责任，强化"人、机、料、法、环"系统协同，切实筑牢汛期运行安全防线，确保航班平 稳运行与旅客顺畅出行。 东航浙江分公司启动"人防+物防+技防"三重防御机制，选拔由近20名经验丰富的员工组成的机场东航 工作区防汛防台救援队进入 24 小时备勤状态，储备排水泵、沙袋、应急照明等专业物资，确保 "关键 时刻物资不缺、人员不掉链"。严格安全检查制度，对特种设备电梯、室外悬挂设备开展"拉网式"排 查，还对机场东航工作区内出勤楼空调外机进行低位移装及 ...

Summary of China Eastern Airlines Conference Call Industry Overview - The domestic aviation market shows strong demand with an overall passenger load factor reaching 89.02%, an increase of approximately 3 percentage points year-on-year [2][4] - The international routes, particularly to Europe, have performed exceptionally well, with passenger kilometer revenue increasing by 35% and load factors above 85% [2][5] - The airline industry is expected to see an overall profit growth of about 8% in 2025, with domestic markets contributing 4% and international markets 15% [2][8] Key Points and Arguments - **Ticket Price Trends**: Ticket prices before the summer travel season in 2025 are expected to rise significantly compared to 2019, reflecting optimistic market expectations [2][3] - **Domestic Revenue Recovery**: Domestic passenger kilometer revenue decline has narrowed to 3.4% year-on-year, indicating a recovery trend since March [4][10] - **Capacity Expansion Plans**: China Eastern Airlines plans to introduce 60 new aircraft in 2025 while retiring 26, and expects international capacity to grow by approximately 25% [4][13] - **Operational Strategy**: The airline aims to enhance its operational strategy by focusing on long-haul, emerging markets, and international routes, avoiding price wars and low-cost competition [4][22] Additional Important Insights - **Short-Haul International Routes**: Southeast Asia and South Korea have shown improved load factors, with Southeast Asia reaching 82.53% and South Korea at 86.16% [6][8] - **Market Sensitivity**: The airline acknowledges the sensitivity of pricing to different demographics, particularly the elderly and younger travelers, which may affect pricing strategies [10][22] - **Hub Development**: China Eastern Airlines is enhancing its hub operations in Shanghai, aiming to increase market share in the Yangtze River Delta region [19][20] - **Impact of External Factors**: The airline's performance is influenced by external factors such as oil price fluctuations and the ongoing recovery from the pandemic [15][25] Conclusion China Eastern Airlines is positioned for growth in 2025, with a focus on expanding capacity, improving operational efficiency, and navigating the competitive landscape while maintaining a strategic approach to pricing and market development. The airline's proactive measures in response to market dynamics and consumer behavior will be crucial for its success in the upcoming summer travel season.

申万宏源发布研报称，五一假期出行超预期、节后量价进一步稳定，航空市场正稳步迈入旺季阶段，从 今年市场的供需结构来看，市场供给增长放缓，旅客量自然增长的核心逻辑不变，若后续国内航司票价 持续回暖，将验证支撑航司收益提升逻辑。继续看好航空板块，供给逻辑确定性强，需求端具备弹性， 在外部油汇变化配合下航司能够释放较大业绩提升空间，推荐中国国航（601111）(601111.SH)、华夏航 空（002928）(002928.SZ)、春秋航空（601021）(601021.SH)、吉祥航空（603885）(603885.SH)、国泰 航空(00293)、南方航空（600029）(600029.SH)、中国东航（600115）(600115.SH)。 国际市场：国际运力与运量保持恢复，部分航司恢复情况接近或超过疫情前水平 航司5月数据总体情况：五一假期带动需求旺盛，各航司运力与旅客周转量继续稳步提升 6家上市航司ASK运力同比2024年增长：中国国航(+4%)、中国东航(+9%)、南方航空(+5%)、吉祥航空 (+0.5%)、春秋航空(+11%)、海航控股（600221）(+15%)；各航司RPK旅客周转量同比增长：中国 ...

Investment Rating - The report maintains an "Overweight" rating for the aviation transportation sector [6]. Core Viewpoints - The aviation industry is expected to benefit from a strong summer travel season, with airlines likely to realize pricing and profit elasticity [2][5]. - The industry has shown a steady increase in capacity and passenger load factors, indicating a positive trend in operational performance [3][4]. - Airlines are anticipated to enter a profit cycle due to low supply growth and improved revenue management, alongside the appreciation of the Renminbi [2][5]. Summary by Sections Passenger Load Factors - In May, the three major airlines reported a passenger load factor of 84.1%, up 3.4 percentage points year-on-year, with capacity increasing by 6.0% [3][11]. - Spring Airlines achieved a load factor exceeding 90%, reflecting strong operational performance [4]. - The overall passenger load factor for the combined three major airlines, Spring Airlines, and Juneyao Airlines was 84.6%, an increase of 3.2 percentage points year-on-year [11]. Revenue and Pricing - The report indicates that the average ticket price has been rising for eight consecutive weeks, suggesting a positive revenue outlook for the summer peak season [2][5]. - The domestic route average ticket price was reported at 693 RMB, showing a significant improvement compared to previous weeks [5]. Company Recommendations - The report recommends buying shares in several airlines, including China National Aviation (753 HK), China Eastern Airlines (670 HK), and Spring Airlines (601021 CH), among others, with target prices set for each [9][25]. - The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate a favorable investment outlook [25][27].

Group 1 - Iran's armed forces shot down an F-35 fighter jet, with Israel's military claiming unawareness of the incident [2] - Israeli Prime Minister Netanyahu stated that Israel has killed 10 Iranian senior nuclear scientists and will continue targeting Iranian nuclear objectives [2] - 21 countries condemned Israel's actions in the ongoing conflict with Iran [2] Group 2 - The National Medical Products Administration of China announced a "30-day fast-track approval channel" for innovative drug clinical trials to enhance the efficiency of drug development [3] - The initiative aims to support key national research projects and encourage international multi-center clinical trials [3] Group 3 - Domestic fuel prices are expected to rise for the fifth time this year, with predictions of an increase of 230 yuan per ton for gasoline and diesel [4] - The rise in oil prices is attributed to strong international crude oil prices and tensions in the Middle East [4] Group 4 - Goldman Sachs identified a group of ten leading Chinese private enterprises, dubbed the "Ten Giants of Chinese Private Enterprises," which are expected to strengthen their market positions [5] - The report suggests that these companies could mirror the dominance of the U.S. tech giants [5] Group 5 - Circle's CEO indicated that the moment for stablecoins to gain widespread recognition is approaching, akin to the "iPhone moment" for programmable digital currencies [6] - The potential for stablecoins to lower costs for fintech startups was highlighted, suggesting increased competition and better user experiences [6] Group 6 - A wave of control changes is occurring in A-shares, with 63 companies planning ownership changes since 2025, indicating a significant acceleration in capital consolidation [7] - The current wave differs from previous ones, with a more mature and rational market response [7] Group 7 - Trump announced a delay in sanctions against Russia to facilitate negotiations, while Russia's Foreign Ministry expressed hope for a quick resolution [8] Group 8 - Public funds are focusing on new economic sectors for the second half of the year, with expectations of a market rebound driven by supportive policies and domestic consumption [9] - The anticipated easing of U.S. trade policies is expected to reduce negative impacts on the economy [9] Group 9 - Haitai Flavor Industry's H-shares are set to list on June 19, with over 930 times subscription, raising approximately 10.1 billion HKD [10] - The company will issue 263 million H-shares, with a significant portion allocated for international investors [10] Group 10 - Midea Group announced a share repurchase plan of up to 10 billion yuan, aiming to buy back at least 50 million shares [11] - The repurchased shares will be used for capital reduction and employee incentive plans [11] Group 11 - Yunlu Co. reported that its chairman was detained, but the company stated that this would not significantly impact its operations [12][13] - The company continues to operate normally despite the chairman's absence [12][13] Group 12 - Ant Group is applying for stablecoin licenses in Hong Kong and Singapore, aiming to leverage blockchain technology for financial applications [14] - The company is accelerating investments in global asset management and partnerships [14] Group 13 - China's quantum measurement and control system has been delivered, indicating progress in quantum computing [15] - Various sectors are experiencing positive developments, including the IP economy and tourism-related industries [15] Group 14 - A-shares showed a positive trend with major indices closing higher, driven by gains in technology and financial sectors [16] - The market remains resilient despite geopolitical tensions, with significant movements in large tech stocks [16] Group 15 - European stock indices also reported gains, reflecting a positive sentiment in the market [17] Group 16 - The outlook for the second half of the year is optimistic, with expectations of a rebalancing in global assets and continued policy support [18] - Fund managers are focusing on structural opportunities in the market, particularly in technology and cyclical sectors [19] Group 17 - A new domestic insulation materials company is set to launch an IPO, indicating ongoing market activity [20] Group 18 - China Eastern Airlines reported a 15.43% increase in passenger turnover in May, reflecting recovery in the aviation sector [27] - Shenzhen Airport also saw a 15.67% increase in passenger throughput, indicating growth in travel demand [29] Group 19 - Huayue Care announced plans to reduce shareholding by up to 1.07 million shares due to funding needs [30][31] Group 20 - Baida Qiancheng signed a licensing agreement with Mango TV for a series of film and television productions, valued at 372 million yuan [32] - China Energy Construction won a bid for a project worth approximately 5 billion yuan, showcasing ongoing infrastructure investments [33]