证券代码：601156 股票简称：东航物流 公告编号：临 2024-049 同意聘任叶萌女士为公司总法律顾问，任期与第二届董事会任期一致。本议案 已经公司于 2024 年 10 月 28 日召开的第二届董事会提名委员会第 8 次会议审议通 过，提名委员会发表审核意见如下：经核查，叶萌女士的任职资格符合《公司法》 《公司章程》等相关法律法规及规章制度的要求，同意聘任叶萌女士担任公司总法 东方航空物流股份有限公司 第二届董事会第 21 次普通会议决议公告 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。 东方航空物流股份有限公司（以下简称"公司"）第二届董事会第 21 次普通会 议根据《东方航空物流股份有限公司章程》（以下简称《公司章程》）《董事会议事 规则》的有关规定，经董事长郭丽君先生召集，于 2024 年 10 月 29 日以通讯方式 召开。公司按照规定时间向全体董事发出了会议通知和会议文件，本次董事会会议 应出席董事 10 人，实际出席董事 10 人。 会议的召集及表决程序符合《中华人民共和国公司法》和《公司章程》等有关 规 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥6,387,844,094.35, representing a year-on-year increase of 31.55%[2] - Net profit attributable to shareholders for Q3 2024 was ¥789,811,197.05, a significant increase of 100.65% compared to the same period last year[2] - The basic earnings per share for Q3 2024 was ¥0.50, reflecting a 100.00% increase year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 17,673,940,228.02, an increase of 24.3% compared to CNY 14,231,478,935.47 in the same period of 2023[19] - Net profit for the first three quarters of 2024 was CNY 2,353,425,339.00, representing a 23.6% increase from CNY 1,904,349,903.09 in the same period of 2023[20] - Total comprehensive income for the period reached CNY 2,344,424,281.41, an increase of 23.5% compared to CNY 1,898,404,024.56 in the same period last year[21] - Basic and diluted earnings per share increased to CNY 1.30, up from CNY 1.05, representing a growth of 23.8%[21] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥28,981,953,785.28, showing a slight increase of 0.81% from the end of the previous year[4] - The total equity attributable to shareholders increased to ¥17,511,921,107.27, reflecting a growth of 13.32% from the previous year[4] - The company's total liabilities decreased to CNY 9,657,991,437.15 from CNY 11,768,577,944.68, a reduction of 17.9%[18] - The total liabilities of the company were not explicitly stated, but the increase in total assets suggests a potential increase in liabilities as well[15] Cash Flow - The company reported a net cash flow from operating activities of ¥2,285,720,368.81 for the year-to-date, which is a decrease of 29.98% compared to the previous year[2] - Cash inflow from operating activities totaled CNY 18,099,020,074.40, a rise of 17.3% from CNY 15,364,969,317.74 in the previous year[22] - Cash outflow from operating activities was CNY 15,813,299,705.59, compared to CNY 12,100,682,120.72, reflecting an increase of 30.5%[23] - Net cash flow from operating activities decreased to CNY 2,285,720,368.81, down 30.0% from CNY 3,264,287,197.02 year-on-year[23] - Net cash flow from investing activities was negative CNY 196,483,780.06, an improvement from negative CNY 268,109,985.79 in the previous year[23] - Net cash flow from financing activities was negative CNY 2,079,817,878.79, compared to negative CNY 4,354,632,206.44 last year, indicating a reduction in cash outflow[24] - The ending balance of cash and cash equivalents increased to CNY 9,247,413,432.97, up from CNY 8,151,179,565.10, marking a growth of 13.5%[24] Revenue Sources - The comprehensive logistics solutions segment generated ¥919,800.34 million in revenue, accounting for 52.06% of total revenue, with a year-on-year growth of 52.78%[5] - Non-operating income included government subsidies totaling ¥72,022,039.35, contributing to the overall financial performance[7] - Cash received from sales of goods and services was CNY 17,147,186,363.87, an increase of 20.0% compared to CNY 14,290,378,826.54 in the same period last year[22] - The company reported a significant increase in contract liabilities to CNY 175,614,359.60, up from CNY 71,327,375.69, indicating growth in future revenue recognition[18] Expenses - Total operating costs for the first three quarters of 2024 were CNY 14,892,795,539.85, up 24.3% from CNY 11,993,008,954.52 in 2023[19] - Research and development expenses rose to CNY 37,369,652.15, a significant increase of 76.3% compared to CNY 21,172,025.03 in 2023[19] - The company reported a decrease in financial expenses to CNY 150,041,552.18, down 51.9% from CNY 311,864,980.48 in the same period last year[19] Assets Management - The company's current assets totaled CNY 12,467,411,326.15, up from CNY 11,582,813,870.03, indicating an increase of about 7.66%[16] - Accounts receivable rose to CNY 2,507,526,928.22 from CNY 1,733,019,021.22, representing a significant increase of approximately 44.5%[16] - The cash and cash equivalents stood at CNY 9,255,480,158.32, slightly up from CNY 9,242,754,568.65, showing a marginal increase[15] - The long-term equity investments increased to CNY 288,827,935.91 from CNY 32,064,629.09, marking a substantial growth of approximately 800%[16] - The company reported a decrease in inventory from CNY 33,821,084.77 to CNY 22,179,379.19, indicating a reduction of about 34.6%[16] - Other non-current assets increased to CNY 608,125,696.36 from CNY 483,860,024.08, reflecting a growth of approximately 25.7%[16] Strategic Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[20] - The company did not report any new product launches or significant technological advancements during the quarter[14] - The company maintained a fleet of 14 B777 freighters, with no changes reported during the quarter[14]

Financial Performance - The company achieved operating revenue of CNY 11.29 billion in the first half of 2024, representing a year-on-year growth of 20.38%[20]. - Net profit attributable to shareholders was CNY 1.28 billion, a slight increase of 0.45% compared to the same period last year[20]. - The net cash flow from operating activities decreased by 53.44% year-on-year, primarily due to increased expenditures on goods purchased and services received[20]. - The company's net assets attributable to shareholders rose to CNY 16.72 billion, an increase of 8.21% from the end of the previous year[20]. - The basic earnings per share remained stable at CNY 0.80, with a 4.17% increase in diluted earnings per share after excluding non-recurring gains and losses[21]. - The comprehensive gross profit margin was 18.68%, down 5.80 percentage points compared to the previous year, primarily due to a decline in overall freight rates[54]. - The company's operating costs increased by 29.08% to 9.176 billion yuan, with costs from passenger belly hold services rising by 59.45%[54]. - The total profit for the first half of 2024 was ¥1,797,752,420.36, compared to ¥1,912,061,926.43 in the same period last year, indicating a decrease of 6.0%[164]. - The company's financial expenses decreased to ¥146,361,901.51 from ¥259,166,186.98, a reduction of 43.4%[164]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 3.89 per 10 shares, totaling RMB 617,559,111.28, which represents 48.35% of the net profit attributable to shareholders for the first half of 2024[6]. - The company proposed a profit distribution plan of 3.89 yuan per 10 shares, which aligns with regulations on cash dividends for listed companies[107]. Operational Efficiency - The average daily utilization hours of aircraft and cargo turnover metrics are key performance indicators for operational efficiency[13]. - The average daily utilization of all-cargo aircraft increased by 6.85% to 12.94 hours, while the cargo load factor improved by 1.71 percentage points to 84.46%[61]. - The company operates 14 B777 freighters, with a maximum takeoff weight of 347.5 tons and a maximum payload of 102.0 tons, covering major international cities[36]. - The company has a ground service network with 150,000 square meters of self-operated cargo stations across 12 airports in 10 provinces, enhancing operational efficiency[36]. - The company has established stable operations on multiple new routes, including Santiago-Chengdu and Miami-Ezhou, enhancing its fresh produce logistics network[74]. Market and Industry Trends - The international air cargo demand remained strong, with a 32.5% year-on-year increase in international air cargo turnover volume[29]. - The total cargo and mail turnover volume for civil aviation reached 164.3 billion ton-kilometers, reflecting a year-on-year growth of 29.7%[29]. - The company benefited from the rapid growth in the comprehensive logistics solutions sector, contributing significantly to revenue growth[20]. - The government has implemented policies to support the development of the air logistics industry, enhancing the competitiveness and risk resistance of the supply chain[25]. - In the first half of 2024, global air freight demand increased by 13.4% year-on-year, with full freighter transport recovering to 47% of the global air freight share[31]. Risk Factors - The company emphasizes the importance of risk factors that may affect future investment plans and development strategies[8]. - The company faces risks from macroeconomic fluctuations, which can impact cargo transport demand and pricing in the aviation logistics industry[87]. - The company is exposed to international trade policy uncertainties, which could affect its cross-border logistics service revenue and overall trade volume[88]. - The company is at risk from market competition, particularly from international logistics companies and other domestic players entering the aviation logistics sector[89]. - The company faces operational risks related to changing market demands, requiring timely adjustments in service offerings to avoid customer attrition[92]. Digital Transformation and Innovation - The company is recognized as an innovative provider of air logistics services, indicating a focus on market expansion and technological advancements[3]. - The company has implemented various digital transformation projects, including the EOS carrier operation system and QAR data analysis platform, to enhance operational efficiency and safety[52]. - The company is actively developing new products and services to meet the evolving needs of the logistics sector, including temperature-controlled warehouses and multi-modal transport solutions[39]. - The company is focusing on strategic new businesses, including cross-border e-commerce solutions and customized logistics solutions, to enhance its service capabilities and market competitiveness[94]. Shareholder and Governance Matters - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[7]. - The board of directors has ensured the authenticity, accuracy, and completeness of the financial report, taking legal responsibility for any misstatements[4]. - The company has not faced any violations in decision-making procedures regarding external guarantees[7]. - The company has not reported any significant changes in its governance structure or operational strategies during the reporting period[19]. - The company has established a comprehensive compliance management system to control overseas business compliance risks, particularly in cross-border logistics[96]. Environmental Initiatives - The company is actively pursuing green logistics initiatives, including optimizing fuel efficiency and transitioning to electric vehicles[110]. - In the first half of 2024, the company optimized flight routes and reduced fuel consumption, achieving a fuel savings of approximately 195.3 tons, equivalent to a reduction of 615 tons in CO2 emissions[112]. - The company is committed to strict adherence to environmental protection measures and aims to reduce the use of disposable materials in its operations[112]. - The company held a green low-carbon development meeting in March 2024 to outline its strategies for resource efficiency and ecological protection[112]. Future Outlook - Future outlook includes plans for market expansion and potential new product launches, although specific details were not disclosed in the current report[163]. - The company is focusing on expanding its market presence and enhancing its logistics infrastructure to adapt to the evolving industry landscape[28].

东方航空物流股份有限公司 关于 5%以上股东部分股份解除质押的公告 证券代码：601156 股票简称：东航物流 公告编号：临 2024-022 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: 特此公告。 东方航空物流股份有限公司董事会 2024 年 8 月 27 日 1 股东联想控股股份有限公司（以下简称"联想控股"）共计持有东方航空物 流股份有限公司（以下简称"公司"）股份数量 211,005,233 股，占公司总股本 比例为 13.29%。联想控股本次解除质押股份数量 53,837,487 股，本次解除质押 后，持有公司股份累计质押数量 93,500,000 股，占其持股数量比例为 44.31%， 占公司总股本比例为 5.89%。 公司于 2024 年 8 月 26 日获悉，联想控股将其所持有的公司部分股份办理了 解除质押业务，具体事项如下： | 股东名称 | 联想控股股份有限公司 | | | | | --- | --- | --- | --- | --- | | 本次解除质押股份 | | 53,837,4 ...

一、审议通过《关于选举公司第二届董事会安全与环境委员会委员的议案》 同意第二届董事会安全与环境委员会委员由王建民、李颖琦、汪健担任，其中 王建民担任主任委员，上述人员任期与第二届董事会任期一致。 证券代码：601156 股票简称：东航物流 公告编号：临 2024-017 东方航空物流股份有限公司 第二届董事会第 17 次普通会议决议公告 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。 东方航空物流股份有限公司（以下简称"公司"）第二届董事会第 17 次普通会 议根据《东方航空物流股份有限公司章程》（以下简称《公司章程》）《董事会议事 规则》的有关规定，经董事长郭丽君先生召集，于 2024 年 5 月 28 日以现场和通讯 结合方式召开。 公司按照规定时间向全体董事发出了会议通知和会议文件，本次董事会会议应 出席董事 10 人，实际出席董事 10 人，其中董事方照亚先生因公务原因未亲自出席， 委托独立董事李颖琦女士代为出席并表决。本次会议由董事长郭丽君先生主持，公 司监事、高级管理人员列席会议。 会议的召集及表决程序符合《中华人 ...

源商 淮 所 事 分 MMERCE & FINAN 86 10 6563 7181 传真 ail: beijing@tongshang.com 网址 Web: 关于东方航空物流股份有限公司 2023 年年度股东大会的 法律意见书 致:东方航空物流股份有限公司 根据《中华人民共和国公司法》(以下简称"公司法")、《中华人民共和国证券法》 (以下简称"证券法")、《上市公司股东大会规则》(以下简称"股东大会规则")、《上海 证券交易所上市公司自律监管指引第 1 号一规范运作》(以下简称"规范运作指引")、 《东方航空物流股份有限公司章程》(以下简称"公司章程")以及《东方航空物流股份 有限公司股东大会议事规则》(以下简称"股东大会议事规则")的规定，北京市通商律 师事务所(以下简称"通商")接受东方航空物流股份有限公司(以下简称"东航物流"或 "公司")的委托,指派律师出席了公司 2023年年度股东大会(以下简称"本次股东大 会"),对公司本次股东大会的召集和召开程序、出席会议人员资格、表决程序等事项发 表法律意见。 为出具本法律意见书,通商律师审查了公司章程以及公司本次股东大会的有关文件 和材料,并假设:(1) ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q1 2024, the company achieved operating revenue of 5.22 billion yuan, a year-on-year increase of 14.2%. However, the net profit attributable to the parent company was 590 million yuan, a year-on-year decrease of 22.6% [6][12]. - The decline in air express revenue is offset by rapid growth in comprehensive logistics solutions, driven by the expansion into cross-border e-commerce clients [6][12]. - The company is expected to benefit from the ongoing strong demand in cross-border e-commerce, with limited supply growth of wide-body freighters, leading to potential upward pressure on freight rates [6][12]. Summary by Sections Financial Performance - In Q1 2024, the company's revenue from air express, ground comprehensive services, and comprehensive logistics solutions were 2.00 billion, 0.59 billion, and 2.63 billion yuan respectively, showing a year-on-year change of -17.1%, +6.8%, and +63.9% [6]. - The gross profit for air express, ground comprehensive services, and comprehensive logistics solutions were 310 million, 230 million, and 280 million yuan respectively, with year-on-year changes of -57.1%, +37.2%, and +2.8% [6]. Market Outlook - The demand for cross-border air transport is expected to remain strong in 2024, with potential upward movement in freight rates due to geopolitical factors and better-than-expected increases in long-term contract prices [6][12]. - The company is advancing projects at Pudong Airport, which are expected to contribute to incremental growth in ground comprehensive services [6][12]. Profit Forecast - The projected net profits for the company from 2024 to 2026 are 3.24 billion, 3.77 billion, and 4.33 billion yuan respectively, with corresponding price-to-earnings ratios of 9.0, 7.7, and 6.7 times [6][12].

二〇二四年五月二十八日 中国 · 上海 东方航空物流股份有限公司 2023 年年度股东大会 会议资料 1 为维护全体股东的合法权益，确保股东大会的正常秩序和 议事效率，保证大会顺利进行，东方航空物流股份有限公司（以 下简称"公司"）根据《中华人民共和国公司法》（以下简称 《公司法》）《中华人民共和国证券法》（以下简称《证券法》） 《上市公司股东大会规则》《东方航空物流股份有限公司章程》 （以下简称《公司章程》）等文件的有关要求，制定本须知。 一、会议按照相关法律法规和《公司章程》的规定进行， 股东及股东代理人参加股东大会依法享有发言权、质询权、表 决权等权利。股东及股东代理人参加股东大会应认真履行其法 定义务，不得侵犯公司和其他股东及股东代理人的合法权益， 不得扰乱股东大会的正常秩序。 二、参会股东及股东代表须携带身份证明（股票账户卡、 身份证、法人营业执照复印件（加盖公章）等）及授权委托书 办理会议登记手续。 三、本次会议谢绝个人进行录音、拍照及录像。 四、会议表决采用现场投票与网络投票相结合的表决方 式，公司通过上海证券交易所网络投票系统向公司股东提供网 络形式的投票平台，股东可以在网络投票时间内通过上述 ...

[Table_Page] 季报点评|物流 证券研究报告 [东Table_航Title] 物流（601156.SH） [公Tab司le_I评nves级t] 买入 当前价格 18.30元 淡季低点已过，期待盈利潜能释放 合理价值 22.32元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30 ⚫ 东航物流发布 2024 年一季度报告：1Q24 公司实现收入 52 亿元 [相Tab对le_P市icQ场uote表] 现 /yoy+14%，实现归母净利润5.89亿元/yoy-23%。 ⚫ 淡季低点，收入逆势增长。尽管公司面对一季度全货机数量同比减少 32% 21% 1架、长协执行存在错期及23年同期现货运价高基数等多重压力，但 10% 伴随与大客户之间合作持续深化和综合物流解决方案的快速增长，一 0% 05/23 07/23 09/23 10/23 12/23 02/24 04/24 季度公司营收 52 亿元/yoy+14%。分业务看，1Q2024 航空速运/地面 -11% 综合服务/综合物流解决方案分别录得营收20亿元/6亿元/26亿元，同 -22% 东航物流 沪深3 ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 5,223,948,184.70, representing a year-on-year increase of 14.17%[4] - The net profit attributable to shareholders was RMB 588,881,387.28, a decrease of 22.64% compared to the same period last year[4] - The gross profit margin for the main business was 15.81%, down 9.80 percentage points from the previous year[5] - Revenue from the comprehensive logistics solutions segment increased by 63.95% year-on-year, contributing RMB 262,663.86 million to total revenue[6] - Total operating revenue for Q1 2024 reached ¥5,223,948,184.70, a 14.2% increase from ¥4,575,487,029.69 in Q1 2023[20] - Net profit for Q1 2024 was ¥666,687,630.17, a decrease of 25.2% compared to ¥890,857,970.27 in Q1 2023[21] - Total comprehensive income for Q1 2024 was ¥666,864,273.97, down from ¥891,024,090.79 in Q1 2023[21] - The company achieved a profit before tax of ¥716,902,553.11, down from ¥1,193,321,844.08 in the same quarter last year[21] Cash Flow and Liquidity - The net cash flow from operating activities was negative RMB 111,313,462.10, a decline of 108.42% year-on-year[4] - The company experienced a significant decline in cash flow due to increased cash payments for goods and services compared to the previous year[10] - Cash flow from operating activities showed a net outflow of ¥111,313,462.10, contrasting with a net inflow of ¥1,322,505,823.07 in Q1 2023[22] - The net cash flow from investing activities was $358,739,139.36, a significant improvement compared to the previous year's negative cash flow of -$107,298,949.37[23] - Total cash and cash equivalents at the end of the period decreased to $8,825,126,101.73 from $9,948,046,141.11, reflecting a net decrease of $393,306,970.49[23] - The cash outflow from financing activities totaled $648,952,887.27, down from $762,003,353.39 in the previous year[23] - The cash flow from financing activities resulted in a net cash flow of -$648,952,887.27, indicating a reliance on existing cash reserves[23] - The company’s cash and cash equivalents at the beginning of the period were $9,218,433,072.22, showing a decrease in liquidity over the quarter[23] Assets and Liabilities - The total assets at the end of Q1 2024 were RMB 28,219,839,156.99, a decrease of 1.84% from the end of the previous year[5] - As of March 31, 2024, the company's total assets amounted to ¥28,219,839,156.99, a decrease from ¥28,748,116,011.40 at the end of 2023[15] - The total liabilities decreased to ¥10,573,436,816.30 from ¥11,768,577,944.68 year-over-year[17] - The company's equity attributable to shareholders rose to ¥16,042,163,900.17 from ¥15,453,105,869.09[17] - The company's total current assets increased to ¥11,648,520,018.11 from ¥11,582,813,870.03 year-over-year[16] - The company's inventory decreased to ¥19,429,790.55 from ¥33,821,084.77 compared to the previous year[15] - The company reported a decrease in total non-current liabilities to ¥5,962,924,772.87 from ¥6,197,466,033.02[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 40,780[11] - The company reported a decrease in basic earnings per share to ¥0.37 from ¥0.48 in the previous year[21] Operational Changes - The company disposed of two B747 freighters, resulting in a non-operating gain of RMB 51,935,673.05[8] - The number of available freighters decreased to 14, with the company disposing of two B747 freighters during the first quarter of 2024[14] - Research and development expenses rose significantly to ¥11,218,696.27, compared to ¥5,822,917.41 in Q1 2023, marking a 92.1% increase[20] - The company recorded a significant increase in sales revenue from services, amounting to ¥5,107,465,941.10, compared to ¥4,574,575,438.76 in Q1 2023[22] Financial Reporting - The company has not adopted new accounting standards for the current year, maintaining consistency in financial reporting[23] - The impact of exchange rate changes on cash and cash equivalents was positive, amounting to $8,220,239.52, compared to $2,897,277.39 in the prior year[23]