截至3月31日，中国国航、中国东航、南方航空均已完成2024年年报披露。数据显示，2024年，三大航合计增收 582.73亿元，减亏72.64亿元、减亏幅度超五成。 随着国内外出行需求复苏以及运力效率的提升，增收的三大航出现客运收益下滑的趋势。与此同时，在控股参股 公司助力、降本增效管理下实现减亏的三大航仍面临着较大的成本挑战。2025年，严控成本、改善效益仍是三大 航的经营重点。 数据显示，2024年，中国国航的每客公里收益为0.5338元，同比下降12.41%；中国东航的每客公里收益0.512元， 同比下降13.66%；南方航空的每客公里收益为0.48元，同比下降12.73%。其中有受上年国内航线票价高基数影响 以及国际航线票价趋于正常的原因，也有行业竞争加剧、机票价格"内卷"的问题。 旺丁不旺财，客运收益下滑 2024年，中国国航、中国东航、南方航空分别实现营业收入1666.99亿元、1321.2亿元、1742.24亿元，合计实现营 收4730.43亿元，同比增长14.05%；分别实现净利润-2.37亿元、-42.26亿元、-16.96亿元，合计实现净利润-61.59亿 元，同比增长54.12%。 过去 ...

中国国际金融股份有限公司 关于中国东方航空股份有限公司 2024 年度持续督导年度报告书 二、上市公司信息披露审阅情况 根据中国证监会《证券发行上市保荐业务管理办法》和《上海证券交易所上 3 市公司自律监管指引第 11 号——持续督导》等相关规定，保荐机构对东航股份 2024 年持续督导期间的信息披露文件进行了事前审阅或事后及时审阅，对信息 披露文件的内容及格式、履行的相关程序进行了检查，并将相关文件内容与对外 披露信息进行了对比。保荐机构认为，东航股份按照证券监管部门的相关规定进 行信息披露活动，依法公开对外发布各类信息披露文件，确保各项重大信息的披 露真实、准确、完整、及时、有效，不存在虚假记载、误导性陈述或者重大遗漏。 三、上市公司是否存在《证券发行上市保荐业务管理办法》及上海 证券交易所相关规则规定应向中国证监会和上海证券交易所报告的 事项 经中国证券监督管理委员会《关于核准中国东方航空股份有限公司非公开发 行股票的批复》（证监许可[2022]2995 号）核准，中国东方航空股份有限公司（以 下简称"东航股份"、"公司"、"发行人"）向包括中国东方航空集团有限公 司在内的 20 名发行对象发行境内上市 ...

中国国际金融股份有限公司 关于中国东方航空股份有限公司 2022年度非公开发行A股股票持续督导保荐总结报告书 经中国证券监督管理委员会《关于核准中国东方航空股份有限公司非公开发行 股票的批复》（证监许可[2022]2995号）核准，中国东方航空股份有限公司（以下简 称"东航股份"、"公司"、"发行人"）非公开发行A股股票3,416,856,492股，发行价 格4.39元/股，募集资金总额为人民币14,999,999,999.88元，扣除发行费用人民币 32,759,244.31元（不含增值税），实际募集资金净额为人民币14,967,240,755.57元。 中国国际金融股份有限公司（以下简称"中金公司"、"保荐机构"）作为东航股 份2022年度非公开发行A股股票并持续督导的保荐机构，负责东航股份的持续督导 工作。 截至2024年12月31日，东航股份2022年度非公开发行A股股票并上市项目的持 续督导期已届满，中金公司根据《证券发行上市保荐业务管理办法》《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11号——持续督导》 等相关法规和规范性文件的要求，出具本保荐总结报告书。 一、保荐机构 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國東方航空股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00670 | 說明 | | 中國東方航空股份有限公司H股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,176,777,777 | RMB | | 1 RMB | | 5,176,777,777 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 5,176,777,777 | RMB | | 1 RMB | | 5,176,777,777 | | 2. 股份 ...

Core Viewpoint - The event titled "Strengthening Party Building Leadership, Building a Safety Service Defense Line" was held, focusing on collaboration between China Eastern Airlines and Shanghai Railway Bureau to enhance safety and service standards in transportation [1]. Group 1: Event Overview - The event involved party members from China Eastern Airlines and Shanghai Railway Bureau, promoting collaboration and sharing of best practices in safety and service [1]. - Participants visited the "Centenary Railway Progress" exhibition, learning about the evolution of rail transport and the spirit of overcoming challenges [5]. Group 2: Professional Exchange - Airline crew demonstrated aviation service etiquette, while railway representatives showcased high-speed train service standards, emphasizing customer service and professionalism [5]. - An interactive session allowed airline crew to teach hair styling techniques to railway attendants, fostering camaraderie and skill exchange [5]. Group 3: Safety Discussion - A discussion on handling passenger medical emergencies highlighted the different protocols in aircraft and train environments, focusing on effective communication and coordination during emergencies [5]. - Both parties reviewed real cases to identify bottlenecks and optimize processes for better emergency response, aiming to enhance the life-saving support system for passengers [5]. Group 4: Future Collaboration - The youth party members from both organizations exchanged badges representing their service philosophies and committed to ongoing collaboration through events like "Air-Rail Cultural Festival" and "Youth Skills Competition" [6].

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company is expected to narrow its losses significantly in 2024, with a forecasted revenue of RMB 132.12 billion, representing a 16.1% year-on-year increase, and a net loss of RMB 4.226 billion, which is an improvement from a net loss of RMB 8.168 billion in 2023. The company is projected to turn profitable by 2025 [1][4] - The airline industry is experiencing a recovery, with a notable increase in passenger load factor and a potential rebound in unit revenue per passenger kilometer in 2025 due to tightening domestic supply and stabilizing international ticket prices [2][4] Summary by Sections Financial Performance - In Q4 2024, the company reported a net loss of RMB 4.088 billion, an improvement from RMB 5.561 billion in Q4 2023, primarily due to a 24% decrease in aviation fuel prices. The full-year net loss for 2024 is expected to be RMB 4.226 billion, a reduction of RMB 39.64 billion compared to the previous year [3][4] - The company's operating revenue for 2024 is projected at RMB 132.12 billion, with a year-on-year growth of 16.1%. The operating cost is expected to be RMB 126.5 billion, leading to a gross profit of RMB 5.62 billion [6][28] Profitability Forecast - The company has slightly raised its profit forecasts for 2025 and 2026, expecting a net profit of RMB 3.138 billion in 2025 and RMB 6.508 billion in 2026, reflecting a significant turnaround from previous losses [4][28] - The estimated earnings per share (EPS) for 2025 is projected to be RMB 0.14, with a return on equity (ROE) of 7.41% [6][28] Valuation Metrics - The target price for the company's A/H shares has been set at RMB 5.10 and HKD 3.20, reflecting a price-to-book (PB) ratio of 2.6x for A shares and 1.5x for H shares based on the expected recovery in profitability [4][8] - The company’s historical 10-year average PB is 2.2x for A shares and 1.2x for H shares, indicating a premium valuation due to anticipated improvements in return on equity [4][6]

Core Viewpoint - China Eastern Airlines reported a net loss of 4.226 billion yuan for 2024, a year-on-year reduction in losses by 48.4%, aligning with the lower end of its earnings forecast [1] Financial Performance - Total operating revenue for 2024 reached 132.12 billion yuan, representing a year-on-year growth of 16.11%, with passenger revenue increasing by 16.2% and cargo revenue by 46.7% [3] - The company recorded a net loss attributable to shareholders of 4.798 billion yuan, a year-on-year reduction in losses by 44.44% [1] - The unit cost of ASK (Available Seat Kilometers) was 0.42 yuan, a decrease of 7% year-on-year, while the unit cost excluding fuel decreased by 6% [3] Operational Data - Overall ASK increased by 9.9% compared to 2019 and by 21.2% compared to 2023, while overall RPK (Revenue Passenger Kilometers) rose by 11.0% compared to 2019 and by 34.9% compared to 2023 [1] - Domestic ASK recovered to 117.9% of the 2019 level, with domestic RPK at 119.1% of 2019, and domestic passenger volume at 109.9% of 2019 [1] - International ASK reached 95.3% of the 2019 level, with international RPK at 95.8% of 2019, and international passenger volume at 97.8% of 2019 [1] Fleet and Aircraft Delivery - In 2024, the company delivered 35 aircraft and retired 13, resulting in a fleet size of 804 aircraft, a year-on-year increase of 2.8% [2] - The company plans to net add 34, 51, and 28 aircraft in 2025, 2026, and 2027, respectively, indicating future fleet growth rates of 4.2%, 6.1%, and 3.1% [2] Investment Analysis - Due to stable market demand and declining ticket prices, the 2025 domestic passenger kilometer revenue growth assumption has been adjusted to 1% from the original 3% [4] - The earnings forecast for 2025 and 2026 has been revised down to 2.935 billion yuan and 5.735 billion yuan, respectively, with a new estimate for 2027 at 8.895 billion yuan [4] - The current market valuation corresponds to a 2027 earnings forecast PE of 9X, which remains below the historical valuation average of the three major airlines, maintaining an "overweight" rating [4]

Financial Performance - The net profit attributable to shareholders for the year 2024 was -42.26 billion RMB, resulting in a negative distributable profit for the parent company, leading to no cash dividends being proposed[6]. - The operating revenue for 2024 reached RMB 132,120 million, representing a 16.11% increase compared to RMB 113,788 million in 2023[23]. - The net profit attributable to shareholders was a loss of RMB 4,226 million in 2024, an improvement from a loss of RMB 8,190 million in 2023[23]. - The cash flow from operating activities increased by 40.53% to RMB 37,314 million in 2024, up from RMB 26,553 million in 2023[23]. - The total assets decreased by 2.11% to RMB 276,600 million in 2024, down from RMB 282,574 million in 2023[23]. - The basic earnings per share for 2024 was -0.19 yuan, an improvement from -0.37 yuan in 2023[25]. - The weighted average return on equity improved to -23.04% in 2024 from -32.34% in 2023, an increase of 9.30 percentage points[25]. - The operating cost for the company was RMB 126.50 billion, reflecting a year-on-year increase of 12.48% from RMB 112.47 billion[68]. - The company’s financial expenses decreased by 10.62% to RMB 58.40 billion, primarily due to a reduction in interest expenses[74]. - The company’s sales expenses rose to RMB 55.24 billion, a 27.37% increase, attributed to the growth in passenger numbers, especially international travelers[73]. Operational Highlights - The company operates a modern fleet of 804 aircraft, making it one of the three major state-owned airlines in China, with a route network covering 1,000 destinations in 160 countries and regions[15]. - The company completed 2.6123 million safe flight hours and 1.0293 million takeoffs and landings, with increases of 14.49% and 7.96% year-on-year respectively[38]. - The company achieved a total transportation turnover of 25.25 billion ton-kilometers and a passenger transportation volume of 141 million, representing year-on-year growth of 36.32% and 21.58% respectively[37]. - The company expanded its hub market share in Shanghai to 42.2% and in the Yangtze River Delta to 32%, with year-on-year increases of 0.9 and 1.4 percentage points[40]. - The company launched 11 new international routes and restored international flight volume to 102% of 2019 levels, significantly leading the industry[40]. - The company completed 313 cost reduction and efficiency enhancement projects in 2024, achieving cumulative efficiency gains of RMB 1.555 billion[43]. Strategic Initiatives - The company initiated a digital transformation plan, establishing a digital technology company and launching key projects in smart marketing and maintenance[46]. - The company aims to strengthen its market position through strategic initiatives aligned with national policies, including the Yangtze River Economic Belt and the integration of the Yangtze River Delta[53]. - The company is committed to green operations, promoting sustainable aviation fuel (SAF) across multiple routes and aircraft types[49]. - The company is focusing on market expansion and new technology development as part of its future outlook[161]. - The company plans to invest approximately RMB 644.45 billion in aircraft and related equipment over the next three years, with expected capital expenditures of RMB 277.36 billion, RMB 215.18 billion, and RMB 151.91 billion for the years 2025 to 2027 respectively[106]. Risk Management and Compliance - The company has implemented a comprehensive risk management system, focusing on high-risk areas and enhancing the resilience of its subsidiaries[48]. - The company is actively monitoring macroeconomic conditions and geopolitical risks that could impact aviation demand[129]. - The company is enhancing its safety management system to mitigate risks related to operational safety[132]. - The company is focusing on compliance and legal matters with Guo Junxiu serving as Chief Compliance Officer since October 2022[181]. - The company is prioritizing safety and operational efficiency with Li Ye taking on multiple roles related to safety management since 2024[177]. Corporate Governance - The company has established a modern corporate governance structure with a board of directors consisting of 7 members, including 5 independent directors, to enhance decision-making and oversight[148]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to RMB 4.0573 million[186]. - The board approved the 2023 annual financial report and profit distribution plan during the first board meeting of 2024 on February 5, 2024[189]. - The company is undergoing changes in its board composition, with several new appointments and elections scheduled for 2024[188]. - The company has not faced any penalties from securities regulatory agencies in the past three years[189]. Future Outlook - Future guidance indicates a projected revenue growth of 25% for the upcoming fiscal year, driven by market expansion strategies[166]. - New product development initiatives are expected to contribute an additional 10% to overall revenue, focusing on innovative technologies[167]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by 2025[168]. - The company is exploring potential mergers to strengthen its competitive position, with discussions currently underway[173].

Core Viewpoint - China Eastern Airlines (CEA) reported a significant reduction in losses for 2024, with a net loss of 4.226 billion yuan, a decrease of 3.964 billion yuan year-on-year, indicating improved operational efficiency and recovery in international routes [1][4]. Group 1: Financial Performance - CEA's total operating revenue for 2024 was impacted by a 12.48% increase in operating costs, totaling 126.498 billion yuan [7][8]. - The gross profit margin for CEA's air transport business was 3.37%, an increase of 3.66 percentage points compared to the previous year [4]. - The company experienced a quarterly performance fluctuation, with losses of 803 million yuan in Q1, 1.965 billion yuan in Q2, a profit of 2.63 billion yuan in Q3, and a significant loss of 4.088 billion yuan in Q4 [5][7]. Group 2: Revenue Growth - International route revenue surged by 82.42% year-on-year, driven by increased demand for outbound travel and the recovery of international flight capacity [4][9]. - CEA added 11 new international routes and enhanced existing ones, leading to a flight volume recovery to 102% of 2019 levels, outperforming the industry [4][9]. - The cargo revenue also saw a substantial increase, with a 46.7% rise year-on-year, totaling 5.331 billion yuan, attributed to enhanced belly cargo operations [9]. Group 3: Cost Management and Investments - CEA's fuel costs rose by 10.7% to 45.499 billion yuan, influenced by increased flight hours and passenger numbers, particularly on international routes [8][9]. - The company made a significant investment of 4.5 billion yuan in Shanghai Airlines, which impacted its Q4 performance [8][9]. - CEA implemented 313 efficiency improvement projects, resulting in a cumulative efficiency gain of 1.555 billion yuan [9]. Group 4: Future Plans - For 2025, CEA plans to enhance market competitiveness through improved flight pre-sales, multi-modal transport products, and the development of "aviation + cultural tourism" integrated products [1][9].

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 2025-027 中国东方航空股份有限公司 关于召开 2024 年度业绩说明会的提示性公告 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 4 月 2 日（星期三） 14:00-15:00 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 4 月 1 日（星期二）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 上选择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"）于 2025 年 3 月 28 ...