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]

Financial Performance - The company's operating revenue for 2023 was approximately CNY 20.62 billion, a decrease of 12.14% compared to CNY 23.47 billion in 2022[19]. - Net profit attributable to shareholders for 2023 was CNY 2.49 billion, down 31.58% from CNY 3.64 billion in 2022[19]. - Basic earnings per share for 2023 were CNY 1.57, a decline of 31.44% from CNY 2.29 in 2022[20]. - The net cash flow from operating activities for 2023 was CNY 5.24 billion, a decrease of 3.39% compared to CNY 5.42 billion in 2022[19]. - The total assets at the end of 2023 were CNY 28.75 billion, an increase of 10.28% from CNY 26.07 billion at the end of 2022[19]. - The company's net assets attributable to shareholders increased by 14.27% to CNY 15.45 billion at the end of 2023, compared to CNY 13.52 billion at the end of 2022[19]. - The weighted average return on equity for 2023 was 17.23%, a decrease of 12.68 percentage points from 29.91% in 2022[20]. - The gross profit for the main business was 4.43 billion yuan, down 31.76% year-on-year, resulting in a comprehensive gross margin of 21.51%, a decrease of 6.18 percentage points[27]. Shareholder Returns - The company plans not to distribute cash dividends or issue bonus shares for the fiscal year 2023, pending approval from the shareholders' meeting[6]. - The company is committed to exploring various forms of shareholder returns, including potential mid-year dividends in 2024, depending on operational conditions and funding needs[6]. Operational Challenges - The company faces significant risks including macroeconomic fluctuations, international trade policy uncertainties, and operational risks related to business transformation and innovation capabilities[8]. - The company experienced a significant decline in air freight rates, impacting overall profitability as the market stabilizes[20]. - The company is exposed to international trade policy uncertainties, which could affect its logistics service demand and overall performance[126]. - The company is competing with both domestic and international logistics firms, increasing market competition risks[127]. Revenue Segments - The air express segment saw a revenue drop of 31.37% to 911.74 million yuan, while the comprehensive logistics solutions segment grew by 16.74% to 912.51 million yuan[28]. - The company achieved operating revenue of 20.62 billion yuan, a year-on-year decrease of 12.14%, with main business revenue also declining by 12.13%[27]. - The cross-border e-commerce solutions generated a revenue of 4.698 billion yuan, an increase of 71.71% year-on-year, with a compound annual growth rate of 73.60% from 2018 to 2023, accounting for 22.79% of the company's total revenue in 2023[49]. - The direct-to-source solutions achieved a revenue of 1.908 billion yuan, up 66.49% year-on-year, with a compound annual growth rate of 45.16% from 2018 to 2023, representing 9.26% of the company's total revenue in 2023[51]. Cost Management - The main business cost was 16.18 billion RMB, a year-on-year decrease of 4.61%, resulting in a gross profit margin of 21.51%, down 6.18 percentage points year-on-year[90]. - Fuel costs represented 20.34% of total costs, with a year-on-year increase of 23.19%[93]. - The company reported a 131.36% increase in air freight costs, which accounted for 27.65% of total costs[93]. Strategic Initiatives - The company is actively expanding its fresh product trade and logistics network, focusing on high-tech products and cross-border e-commerce to drive future growth[31]. - The company aims to enhance its brand recognition through the establishment of premium transportation brands for fresh produce, such as "Donghang Direct to Source" and "Feilai Fresh" to increase consumer loyalty[51]. - The company is committed to digital transformation in air logistics, with significant progress expected by 2027 and aiming for a leading position in digital development by 2035[121]. - The company is focusing on enhancing service capabilities to meet the increasing demands for timeliness, convenience, and safety in air logistics, which may lead to customer loss if not addressed[130]. Environmental Initiatives - The company invested CNY 751.34 million in environmental protection during the reporting period[194]. - The company reduced carbon emissions by 28,368 tons through various measures in 2023[197]. - The company saved 9,006 tons of aviation fuel in 2023 through route optimization and other efficiency measures[197]. - The company has introduced low-energy, low-pollution aircraft to enhance operational efficiency and reduce emissions[198]. Governance and Management - The company held 5 performance briefings and maintained open communication channels with investors to address their concerns and protect their interests[142]. - The company has established a compliance management system for its overseas branches to mitigate risks related to legal compliance in cross-border logistics operations[133]. - The company has implemented a comprehensive internal control system to enhance governance and risk management, ensuring compliance with relevant laws and regulations[140]. - The company has a structured approach to evaluating annual performance for its senior management[162]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[151]. - The company is exploring partnerships with tech firms to leverage AI capabilities, which could lead to a projected revenue increase of 2 billion yuan over the next three years[152]. - The company plans to implement new strategies aimed at improving operational efficiency, targeting a reduction in costs by G%[158].

证券代码：601156 证券简称：东航物流 公告编号：临 2023-041 东方航空物流股份有限公司 2023 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 33 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,144,493,409 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 72.0916 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 公司 2023 年第一次临时股东大会由董事会召集，经全体董事推举，由董事 方照亚先生主持。会议采用现场记名投票和网络投票相结合的方式审议全部议案， 会议的召集、召开及表决方式符合《公司法》和《公司章程》的规定。 (一) 股东大会召开的时间：2023 年 ...