Investment Rating - The investment rating for China Eastern Airlines is "Outperform the Market" [1][19][20] Core Views - The report indicates that China Eastern Airlines experienced a decline in net profit due to a drop in passenger kilometer revenue, despite a recovery in domestic demand and an increase in passenger load factor [1][5] - The company’s revenue for the first three quarters of 2024 reached 102.585 billion yuan, a year-on-year increase of 19.78%, with a net profit attributable to shareholders of -0.138 billion yuan, an improvement from -2.596 billion yuan in the same period last year [1][4] - The report highlights that while passenger transport volume and available seat kilometers (ASK) have recovered to above 2019 levels, the revenue per passenger kilometer (RPK) has significantly declined due to industry oversupply [1][5] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 38.386 billion yuan, a year-on-year increase of 6.23%, but a net profit of 2.63 billion yuan, down 28.2% year-on-year [1][4] - The passenger transport volume, RPK, and ASK grew by 15.66%, 26.12%, and 14.3% respectively compared to the previous year, recovering to 112.72%, 116.62%, and 113.69% of 2019 levels [1][5] Cost and Efficiency - The operating cost for Q3 2024 was 33.643 billion yuan, up 11.32% year-on-year, while the unit cost per ASK decreased by 2.61% to 0.42 yuan [1][7] - The average price of aviation kerosene fell by 3.6% year-on-year, contributing to the reduction in unit costs [1][7] Profitability Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 0.158 billion yuan, 4.577 billion yuan, and 7.685 billion yuan respectively, reflecting downward adjustments of -97%, -55%, and -43% [1][19][21] - The report emphasizes the importance of monitoring changes in domestic air travel demand as economic policies are implemented [1][19] Market Comparison - The report notes that the airline industry is expected to reach a balance between supply and demand by 2025-2026, which will likely restore performance to normal levels [17]

Investment Rating - The report maintains an "Outperform" rating for China Eastern Airlines (600115) [5] Core Views - The third quarter of 2024 saw a net profit of 2.63 billion yuan, a year-on-year decline of 28.18%, while operating revenue increased by 6.23% to 38.386 billion yuan, aligning with expectations [5] - The airline's operational data showed significant growth in passenger demand during the peak travel season, with overall ASK (Available Seat Kilometers) up 13.69% compared to 2019, and RPK (Revenue Passenger Kilometers) up 16.62% compared to 2019 [5] - Domestic operations showed a slower recovery in passenger load factors, while international operations have expanded significantly, with international ASK recovering to 100.69% of 2019 levels, a 179.85% increase year-on-year [5] - The fleet size reached 790 aircraft, a 12% increase compared to 2019 [5] - The report adjusts the 2024 domestic ticket price growth forecast to -13% due to lower-than-expected international recovery and weak ticket pricing [5] Summary by Sections Market Data - Closing price: 3.84 yuan - Market capitalization: 56.139 billion yuan - Price-to-book ratio: 4.3 [2][3] Financial Data - Q3 2024 operating revenue: 38.386 billion yuan, up 6.23% year-on-year - Q3 2024 net profit: 2.63 billion yuan, down 28.18% year-on-year - Total revenue for the first three quarters: 102.585 billion yuan, up 20% year-on-year [6][8] Earnings Forecast - 2024E net profit forecast: -1.675 billion yuan - 2025E net profit forecast: 4.654 billion yuan - 2026E net profit forecast: 8.143 billion yuan [6][8]

FF301 本月底法定/註冊股本總額： RMB 22,291,296,570 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: 2024年10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: 2024年11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 | ...

Financial Performance - The operating revenue for Q3 2024 was RMB 38,386 million, representing a 6.23% increase compared to RMB 36,136 million in the same period last year[2]. - The net profit attributable to shareholders was RMB 2,630 million, a decrease of 28.18% from RMB 3,662 million year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 2,430 million, down 30.59% from RMB 3,501 million in the previous year[2]. - The basic earnings per share for Q3 2024 was RMB 0.12, a decrease of 25.00% compared to RMB 0.16 in the same period last year[4]. - The weighted average return on equity was 14.21%, down 0.41 percentage points from 14.62% year-on-year[4]. - Total operating revenue for the first three quarters of 2024 reached RMB 102,585 million, a 19.7% increase from RMB 85,647 million in the same period of 2023[17]. - Total operating costs increased to RMB 107,472 million, up 15.9% from RMB 92,643 million year-over-year[17]. - Net profit for the first three quarters of 2024 was RMB -184 million, an improvement from RMB -2,559 million in the same period of 2023[19]. - The company reported a basic earnings per share of RMB -0.01, improving from RMB -0.12 in the previous year[20]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 276,257 million, a decrease of 2.24% compared to the previous year[4]. - Total assets decreased to RMB 276,257 million from RMB 282,574 million, reflecting a 2.2% decline[16]. - Total liabilities decreased to RMB 235,438 million from RMB 241,251 million, a reduction of 2.4%[16]. - The company’s total non-current assets decreased to RMB 254,006 million from RMB 256,758 million, a decline of 1.1%[16]. Cash Flow - The company reported a net cash flow from operating activities of RMB 26,377 million for the year-to-date period[4]. - Cash flow from operating activities generated RMB 26,377 million, slightly up from RMB 26,281 million year-over-year[21]. - Cash received from operating activities increased to RMB 123,212 million, compared to RMB 103,553 million in the previous year, marking an 18.9% increase[21]. - Cash outflow from investment activities totaled 12,751 million, compared to 13,229 million in the previous year[22]. - Net cash flow from investment activities was -11,829 million, an increase in outflow from -10,761 million year-over-year[22]. - Cash inflow from financing activities amounted to 65,223 million, up from 63,500 million in the previous year[22]. - Cash outflow from financing activities was 85,328 million, compared to 83,628 million in the previous year[22]. - Net cash flow from financing activities was -20,105 million, slightly improved from -20,128 million year-over-year[22]. - The net increase in cash and cash equivalents was -5,565 million, compared to -4,605 million in the previous year[22]. - The ending balance of cash and cash equivalents was 6,293 million, down from 13,565 million year-over-year[22]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 186,678[7]. - The company plans to repurchase shares with a total amount of RMB 5 billion to RMB 10 billion, with A shares and H shares each accounting for RMB 2.5 billion to RMB 5 billion[11]. - The company received a notification from shareholders regarding the merger of its subsidiary Shanghai Jidao Aviation, which holds 589,041,096 shares, representing 2.64% of the total share capital[10]. - The company completed a share buyback plan, accumulating a total investment of approximately RMB 9.78 billion, acquiring 152,157,306 A shares and 152,156,000 H shares[13]. - The company’s major shareholder, China Eastern Airlines Group, has completed a share increase plan, acquiring a total of 0.68% of the total issued shares[13]. Investments and Subsidiaries - The company acquired a 55% stake in Eastern Airlines Media, which is now a subsidiary, affecting the financial data for 2023[4]. - The company plans to increase its investment in Shanghai Airlines by RMB 4.5 billion, raising its registered capital to RMB 10 billion[12]. - The company’s long-term investments rose to RMB 2,720 million, up from RMB 2,513 million year-over-year, indicating an 8.2% increase[16]. - The company’s total current assets include inventories valued at RMB 1,824 million, up from RMB 1,640 million at the end of 2023[13]. - The company’s other receivables rose to RMB 3,521 million from RMB 2,290 million compared to December 31, 2023[13]. - The company’s board approved a plan to liquidate and deregister a subsidiary, aiming to streamline operations[11]. Accounting Standards - The company has implemented new accounting standards starting in 2024, affecting the financial statements[22]. - Non-recurring gains and losses totaled RMB 200 million for the current period, with significant contributions from asset disposals and other income[5].

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。 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 2024-060 中国东方航空股份有限公司 董事会 2024 年第 5 次例会决议公告 特此公告。 中国东方航空股份有限公司（以下简称"公司"）董事会 2024 年第 5 次例 会根据《公司章程》和《董事会议事规则》的规定，经董事长王志清召集，于 2024 年 10 月 30 日以通讯方式召开。 中国东方航空股份有限公司 参加会议的董事确认会前均已收到本次董事会会议通知。本次会议的召开符 合《公司法》和《公司章程》的有关规定，参加本次会议的董事已达法定人数， 会议合法有效。 2024 年 10 月 30 日 公司董事长王志清，独立董事孙铮、陆雄文、罗群、冯咏仪、郑洪峰审议了 有关议案，一致同意并作出以下决议： 1 一、审议通过《公司 2024 年第三季度财务报告》。 二、审议通过《公司 2024 年第三季度报告》。 同意公司于 2 ...

参加会议的监事确认会前均已收到本次监事会会议通知和材料。本次会议的 召开符合《公司法》和《公司章程》等有关规定，参加本次会议的监事已达法定 人数，会议合法有效。 监事会主席郭俊秀，监事邵祖敏、周华欣审核了有关议案，一致同意并作出 如下决议： 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 2024-061 中国东方航空股份有限公司 第十届监事会第 4 次会议决议公告 本公司监事会及全体监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。 中国东方航空股份有限公司（以下简称"公司"）第十届监事会第 4 次会议， 经监事会主席郭俊秀召集，于 2024 年 10 月 30 日以通讯方式召开。 二、 审核通过《公司2024年第三季度报告》。 监事会审核认为《公司 2024 年第三季度报告》的编制和审核程序符合法律、 法规、公司章程和公司内部管理制度相关规定；报告内容真实、准确、完整，内 容和格式符合中国证监会和证券交易所的各项规定，所包含的信息能够从各方面 ...

Document of China Eastern Airlines Corporation Limited 2024 年第一次临时股东大会 2024 年第一次 A 股类别股东大会 2024 年第一次 H 股类别股东大会 会议资料 The First Extraordinary General Meeting of 2024 The First A & H Shareholders Class Meeting of 2024 二〇二四年十一月八日 November 8, 2024 中国东方航空股份有限公司 2024 年第一次临时股东大会 China Eastern Airlines Corporation Limited The First Extraordinary General Meeting 2024 文件目录 中国东方航空股份有限公司 | 1.会议须知 | | 3 | | --- | --- | --- | | 2.会议议程 | | 5 | | 3.会议议案 | | 6 | 2 中国东方航空股份有限公司 2024 年第一次临时股东大会 China Eastern Airlines Corporati ...

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 2024-059 中国东方航空股份有限公司 关于召开 2024 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：2024 年 10 月 31 日（星期四）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/） 投资者可在 2024 年 10 月 25 日（星期五）至 10 月 31 日（星期四）14:00 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。 会议召开方式：上证路演中心网络互动 一、业绩说明会类型 本次业绩说明会以网 ...

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 李养民先生确认，其与公司董事会并无意见分歧，且没有与其辞任有关的事 宜需通知公司股东。 李养民先生自任职以来，勤勉履职尽责，在生产经营、企业管理等方面发挥 了重要作用，本公司董事会对李养民先生在任职期间作出的贡献表示诚挚的感谢！ 特此公告。 中国东方航空股份有限公司 证券代码：600115 证券简称：中国东航 公告编号：临 2024-055 中国东方航空股份有限公司 关于副董事长、总经理辞任的公告 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。 2024 年 10 月 22 日，中国东方航空股份有限公司（以下简称"公司"）收到 公司副董事长、总经理李养民先生递交的辞呈。因职务调整，李养民先生向公司 请辞副董事长、董事、董事会航空安全与环境委员会主席和委员、总经理等职务。 根据《中华人民共和国公司法》等相关法律法规的规定，李养民先生的辞呈已送 达公司董事会并生效。 2024 年 10 月 22 日 1 ...

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 2024-058 中国东方航空股份有限公司 关于延期召开 2024 年第一次临时股东大会、2024 年 第一次 A 股类别股东大会及 2024 年第一次 H 股类 别股东大会并增加临时提案的公告 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。 一、 股东大会有关情况 1. 原股东大会的类型和届次： 2024 年第一次临时股东大会、2024 年第一次 A 股类别股东大会及 2024 年第一 次 H 股类别股东大会 2. 原股东大会召开日期：2024 年 10 月 29 日 3. 原股东大会股权登记日： | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600115 | 中国东航 | 2024/10/23 | 二、 股东大会延期和增加临时提案的情况说明 1.延期的情况说明 因会议统筹安排等原因，为确保股东 ...