Core Viewpoint - Eastern Airlines Logistics (601156) announced the resignation of Mr. Dongfang Hao from the board of directors and the strategic committee due to work arrangement reasons [1] Company Summary - Mr. Dongfang Hao submitted his resignation letter on the evening of August 20 [1] - His resignation affects the third board of directors of the company [1]

（文章来源：每日经济新闻） 东航物流（SH 601156，收盘价：14.64元）8月20日晚间发布公告称，因工作安排原因，东方浩先生申 请辞去公司第三届董事会董事、战略委员会委员职务。 2024年1至12月份，东航物流的营业收入构成为：物流行业占比99.94%，其他业务占比0.06%。 ...

证券代码：601156 证券简称：东航物流 公告编号：临2025-027 东方航空物流股份有限公司 | 姓名 | 离任职务 | | 离任时间 | 原定任期 | | 离任 | 是否继续在上 市公司及其控 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 到期日 | | 原因 | | | | | | | | | | | 股子公司任职 | 公开承诺 | | 东方浩 | 董事、战略委 | 2025 | 年 8 月 | 2027 | 年 12 | 工作 | 否 | 否 | | | 员会委员 | 20 | 日 | 月 19 | 日 | 安排 | | | 根据《公司法》及《公司章程》的有关规定，东方浩先生的请辞函自送达公 司时生效。东方浩先生确认与公司董事会并无意见分歧，且无与辞任有关的事宜 需通知公司股东，并已按照公司相关规定做好交接工作。 东方浩先生的离任不会导致公司董事会成员低于法定人数，也不会对公司的 正常运作产生影响。公司将按照《公司法》及《公司章程》等相关规定尽快完成 新任董事的补选工作。 东方浩先 ...

Market Overview - On August 19, the logistics sector experienced a slight decline of 0.06% compared to the previous trading day, with Jiacheng International leading the drop [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Notable gainers in the logistics sector included: - Pulutong (002769) with a closing price of 9.02, up 3.92% on a trading volume of 298,600 shares and a turnover of 267 million yuan - Chuanhua Zhili (002010) at 6.33, up 2.43% with a volume of 911,300 shares and a turnover of 577 million yuan - Hongchuan Wisdom (002930) at 12.45, up 2.38% with a volume of 128,100 shares and a turnover of 159 million yuan [1] - Conversely, Jiacheng International (603535) saw a significant decline of 4.00%, closing at 12.23 with a trading volume of 260,300 shares and a turnover of 318 million yuan [2] Capital Flow - The logistics sector experienced a net outflow of 192 million yuan from institutional investors and 139 million yuan from retail investors, while individual investors saw a net inflow of 331 million yuan [2] - Key stocks with notable capital flows included: - Shunfeng Holdings (002352) with a net inflow of 14.7 million yuan from institutional investors, but a net outflow of 82.7 million yuan from retail investors [3] - Pulutong (002769) had a net inflow of 17.5 million yuan from institutional investors, while retail investors saw a net outflow of 20.4 million yuan [3]

Group 1 - The stock price of Eastern Air Logistics reached 14.47 yuan as of August 15, 2025, with an increase of 0.13 yuan from the previous trading day [1] - The trading volume on that day was 83,487 hands, with a total transaction amount of 1.20 billion yuan [1] - Eastern Air Logistics is a comprehensive logistics service enterprise under China Eastern Airlines Group, leveraging its air freight advantages to provide a full range of logistics services including air freight, ground comprehensive services, and integrated logistics solutions [1] Group 2 - Eastern Air Logistics has signed a strategic cooperation agreement with the Shanghai Museum, focusing on areas such as cultural relic transportation and logistics services for the cultural and creative industry [1] - The company has previously successfully ensured the transportation of several overseas cultural relic exhibitions for the Shanghai Museum [1] Group 3 - On August 15, the net outflow of main funds was 3.2652 million yuan, while the cumulative net inflow of main funds over the past five days was 46.0481 million yuan [1]

Group 1 - China Eastern Airlines' logistics arm, Eastern Logistics, signed a strategic cooperation agreement with the Shanghai Museum on August 15, marking a new chapter in the integration of aviation logistics and cultural heritage [1][2] - The collaboration aims to deepen the integration of culture and aviation, providing new pathways for the transmission and innovation of Chinese culture, with initiatives such as "ticket + admission" joint products and cross-border transportation of cultural relics [2][3] - Eastern Logistics is part of China Eastern Airlines' "3+5" industry strategy, leveraging its global route network and logistics service capabilities to offer comprehensive logistics solutions for cultural relic exchanges [2][3] Group 2 - The Shanghai Museum, one of the first national first-class museums, holds over 1.02 million cultural relics and is dedicated to showcasing the history of Chinese civilization and ancient art [2] - The agreement emphasizes the deep integration of aviation logistics capabilities with the needs of cultural heritage protection, supporting national cultural strategies and the construction of a culturally strong nation [2][3] - Future cooperation will focus on enhancing logistics services for cultural relic transportation, supporting cultural exchange activities, and promoting the dissemination of excellent traditional Chinese culture [3]

Core Viewpoint - Donghang Logistics may experience short-term profit disturbances but is expected to grow in the medium to long term [1] Business Segments - The company's main business is divided into three segments: air express, ground integrated services, and comprehensive logistics solutions [1] Strategic Responses - The company plans to actively respond to tariff impacts by exploring Southeast Asia routes, expanding into emerging markets like the Middle East, increasing the import of Australian fresh products, launching new routes under fifth freedom rights, and leveraging network synergies through passenger-cargo connections [1] Financial Projections - The estimated price-to-earnings ratio for 2027 is 8.2 times, which is around the historical 50th percentile. The current valuation level is considered low, especially in light of the expected recovery in profit growth for 2026-2027 compared to China National Aviation [1] - The forecast for the net profit attributable to shareholders for 2025 has been adjusted to 2.04 billion yuan (originally 3.6 billion yuan), with new projections for 2026 and 2027 set at 2.43 billion yuan and 2.81 billion yuan, respectively [1] Investment Rating - The company maintains a "Buy" rating despite the adjustments in profit forecasts [1]

据了解，东航该项目将分为两期建设：一期5000平方米三文鱼加工厂计划于2025年年底完成建设并试运 行，达产后日加工能力60吨，年产值约15亿元，装备、产能、环保及数字化水平将对标全球同类型标杆 工厂；二期3000平方米医药岛项目正同步规划，计划建设成为温敏医药存储维修与集散中心，进一步完 善地区医药冷链物流体系。 东航物流旗下东航冷链公司将以生鲜港/医药岛为核心，做优"枢纽"功能，构建"买全球、卖全球"的交 易平台，打造全球生鲜和医药的交易、集散、增值服务三大中心。项目也将依托数字化交易平台打通商 流、物流、信息流、资金流，为中小贸易商提供"一站式"服务。在生态构建和价值体现方面，东航将联 合产业链伙伴拓展工业旅游、生鲜直播等新业态，推动"加工+贸易+体验"融合发展，打造一座先进的 绿色工厂与智慧园区。 《中国民航报》、中国民航网 记者钱擘 报道：8月15日，东航物流华中生鲜港/医药岛项目在鄂州花湖 机场综合保税区内正式启动。作为专业航空货运枢纽机场的核心配套项目，这一生鲜港/医药岛将通 过"加工+贸易+集散"一体化模式，进一步提升地区生鲜/医药产品运输能级、完善构建物流供应链， 为"全球好货新鲜到家"增添 ...

Group 1: Shipping Industry - The oil shipping market is expected to see a recovery in rates due to OPEC+'s decision to increase production, with VLCC freight rates experiencing significant increases [1][21] - The current supply situation is relatively tight, and any marginal changes in demand could have a multiplier effect on freight rates, leading to recommendations for COSCO Shipping Energy and China Merchants Energy [1][21] - The container shipping sector is facing pressure on profitability due to weakening cargo volumes and ongoing trade risks, with a recommendation to monitor COSCO Shipping Holdings for potential alpha opportunities [1][25] Group 2: Aviation Industry - The domestic passenger flight volume has shown a slight increase, with overall and domestic flight volumes up by 0.6% and 0.5% respectively compared to the previous week, indicating a recovery trend [2][36] - The average ticket price for domestic routes has decreased by 8.7% year-on-year, while the passenger load factor has improved slightly, suggesting a mixed performance in the aviation sector [2][36] - Investment recommendations include China Southern Airlines, China Eastern Airlines, and Spring Airlines, as the aviation sector is expected to benefit from economic recovery [2][45] Group 3: Express Delivery Industry - The "anti-involution" policy initiated on July 1 aims to reduce competition in the express delivery sector, with price increases already observed in regions like Zhejiang and Guangdong [3][53] - The policy is expected to lead to improved profitability and service quality in the express delivery industry, with a focus on monitoring the execution and sustainability of price increases [3][54] - Recommendations include SF Express, ZTO Express, YTO Express, and Shentong Express, as these companies are likely to benefit from the policy changes and market dynamics [3][66] Group 4: Logistics Sector - The logistics sector is facing challenges due to external economic pressures and internal strategy adjustments, with companies like DeBang Logistics experiencing significant profit declines [79] - Eastern Airlines Logistics is highlighted as a leader in the air cargo market, benefiting from a strong market share and operational efficiencies [79][80] - Investment focus should be on companies that can adapt to the changing market conditions and maintain competitive advantages [79][80]

Investment Rating - The investment rating for the company is "Buy" [4][7][18] Core Views - The company is a leading air logistics service provider in China, with its main business segments including air express, ground comprehensive services, and integrated logistics solutions. As of 2024, the company operates 14 B777F freighters and has exclusive rights to operate cargo in the belly holds of over 800 passenger aircraft from China Eastern Airlines [1][2] - The company reported a revenue of 5.49 billion yuan in Q1 2025, representing a year-on-year growth of 5.0%, while the net profit attributable to the parent company was 550 million yuan, a decrease of 7.4% year-on-year [1] - The company is facing short-term profit disturbances due to tariff adjustments, particularly in air freight, but is actively responding by exploring new markets and enhancing its service offerings [2][4] Financial Summary - The company's revenue is projected to grow from 20.62 billion yuan in 2023 to 27.64 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.3% [5][12] - The net profit attributable to the parent company is expected to decline to 2.04 billion yuan in 2025, before recovering to 2.81 billion yuan by 2027 [5][12] - The estimated PE ratio for 2027 is 8.2, indicating a low valuation compared to historical averages, while the dividend yield is projected to be around 4.5% in 2025 and nearly 5% in 2027, providing a high margin of safety for investors [3][4]