据证券之星公开数据整理，近期中国东航（600115）发布2025年中报。截至本报告期末，公司营业总收 入668.22亿元，同比上升4.09%，归母净利润-14.31亿元，同比上升48.3%。按单季度数据看，第二季度 营业总收入334.16亿元，同比上升7.76%，第二季度归母净利润-4.36亿元，同比上升77.81%。本报告期 中国东航短期债务压力上升，流动比率达0.18。 本次财报公布的各项数据指标表现尚佳。其中，毛利率3.47%，同比增28.01%，净利率-2.38%，同比增 50.65%，销售费用、管理费用、财务费用总计71.44亿元，三费占营收比10.69%，同比减8.61%，每股净 资产0.59元，同比减23.91%，每股经营性现金流0.56元，同比增17.06%，每股收益-0.06元，同比增 50.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 641.99 Z | 668.22 亿 | 4.09% | | 归母浄利润（元） | -27.68亿 | -14.31 Z | 48.30% | | 扣 ...

Investment Rating - The investment rating for HNA Holding is "Accumulate" [5] Core Views - The company achieved a total revenue of 65.2 billion yuan in 2024, representing a year-on-year increase of 11%, while the net profit attributable to shareholders was -0.92 billion yuan, compared to a profit of 0.31 billion yuan in 2023 [1] - The company is expected to see a steady improvement in performance, with projected net profits of 1.57 billion yuan, 2.81 billion yuan, and 4.83 billion yuan for the years 2025 to 2027, respectively [5] Summary by Sections Financial Performance - In Q1 2025, the company reported a net profit of 0.27 billion yuan, a year-on-year decrease of 60% [1] - The total revenue for Q1 2025 was 17.6 billion yuan, showing a slight increase of 0.3% year-on-year [1] Operational Metrics - The daily aircraft utilization rate for 2024 increased by 1 hour to 9.3 hours, while the passenger load factor rose by 0.8 percentage points to approximately 83.5% [2] - The fleet size at the end of 2024 was 348 aircraft, with a net increase of 14 aircraft throughout the year [2] Revenue and Cost Analysis - The unit revenue per available seat kilometer (ASK) for 2024 was 0.440 yuan, down 6% year-on-year, while the unit revenue per revenue passenger kilometer (RPK) was 0.527 yuan, down 8% [3] - The unit operating cost per ASK for 2024 was 0.407 yuan, a decrease of 3% year-on-year, primarily due to a drop in fuel prices [3] Expense Overview - The financial expenses for 2024 were 5.2 billion yuan, a decrease of 3% year-on-year, mainly due to lower interest expenses and reduced foreign exchange losses [4] - The selling expense ratio for 2024 was 3.2%, an increase of 0.4 percentage points year-on-year [4] Profit Forecast - The company is expected to experience a reversal in supply-demand dynamics, leading to high profit elasticity in the medium to long term [5] - The projected earnings per share (EPS) for 2025 is 0.04 yuan, increasing to 0.11 yuan by 2027 [7]