China Eastern Airlines 中国东航
7 significant filings since 29 May 2026: 5 on buyback, 1 on earnings pre-announcement and 1 on guarantee or financial assistance. The latest, on 3 Sep 2026: 中国东方航空股份有限公司关于股份回购进展公告. On 15 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to fall by 25.79% to 67.71% from the same period a year earlier.
自 29 May 2026 起有 7 份重大公告：buyback 5 份、earnings pre-announcement 1 份、guarantee or financial assistance 1 份。最新一份（3 Sep 2026）：中国东方航空股份有限公司关于股份回购进展公告。15 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期下降 25.79% 至 67.71%。
As of 25 Sep 2026 截至2026年9月25日
China Eastern Airlines 中国东航 is an airline company listed on the Shanghai Stock Exchange since 1997. The company reported a narrower loss in 2025, with attributable net profit improving to -RMB1.63bn from -RMB4.23bn in 2024. Revenue rose 5.9% to RMB139.94bn. However, the first half of 2026 saw a wider loss of -RMB2.18bn, with profit down 52.3% year-on-year. The company operates with high leverage, as liabilities reached 87.7% of assets by 30 Jun 2026. Liquidity remains weak, with a current ratio of 0.21. Share price declined 17.3% over one year to RMB3.35. Despite improved cash flow per share in 2025 at RMB1.72, risks around profitability and solvency persist.
中国东航是一家于1997年在上交所上市的航空公司。2025年归母净利润亏损收窄至-16.33亿元，较2024年-42.26亿元改善，营业收入同比+5.9%至1,399.41亿元。但截至2026年6月30日的上半年亏损扩大至-21.79亿元，同比-52.3%。截至2026年6月30日，资产负债率达87.7%，流动比率0.21，流动性较弱。过去一年股价下跌17.3%至3.35元。尽管2025年每股经营现金流升至1.72元，但盈利与偿债能力风险仍存。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Attributable net loss in 2025 2025年归母净利润亏损 | The company reported a net loss attributable to owners in 2025. 公司2025年归属于母公司股东的净利润为亏损。 | A continued loss reduces retained earnings and weakens equity. It may limit the company's ability to invest or withstand demand shocks without external funding. 持续亏损会减少留存收益并削弱净资产。若无外部融资，可能限制公司投资能力或应对需求波动的韧性。 |
| Liabilities at 70% of assets or more 资产负债率达70%或以上 | Liabilities are at 87.7% of assets, indicating high financial leverage. 资产负债率达87.7%，显示财务杠杆较高。 | High leverage increases refinancing and interest rate risks. It may constrain access to credit and raise borrowing costs. 高杠杆增加再融资与利率风险，可能限制信贷获取并提高融资成本。 |
| Current ratio below 1: current liabilities exceed current assets 流动比率低于1：流动负债超过流动资产 | The current ratio is below 1, at 0.21, meaning current liabilities exceed current assets. 流动比率0.21，低于1，显示流动负债超过流动资产。 | This indicates a potential short-term liquidity shortfall. The company may struggle to meet maturing obligations without asset sales or new financing. 这表明可能存在短期流动性缺口。公司若无资产处置或新增融资，可能难以偿付到期债务。 |
- Attributable net profit for the full year 2026, to see if the loss continues to narrow or widens further.
2026全年归母净利润，观察亏损是否继续收窄或进一步扩大。 - Liabilities to assets ratio at year-end 2026, to assess whether leverage increases or decreases.
2026年末资产负债率，评估杠杆水平是否上升或下降。 - Operating cash flow per share in 2026, to monitor cash generation relative to profit trends.
2026年每股经营现金流，监测现金流生成能力与盈利趋势的匹配情况。 - Revenue growth in the second half of 2026, to determine if the +11.1% rise in the first half is sustained.
2026年下半年营业收入增速，判断上半年+11.1%的增长是否持续。 - Whether the actual attributable net profit for the period to 30 Jun 2026 falls within the forecast range of -68% to -26%.
截至2026年6月30日的实际归母净利润是否落在-68%至-26%的预告区间内。 - Any change in the controlling shareholder's stake, given its 41.15% holding at 30 Jun 2026.
控股股东持股比例变动情况，鉴于其2026年6月30日持股41.15%。
- Company: China Eastern Airlines 中国东航, Shanghai Stock Exchange 600115; industry Airlines and Airports; listed 5 Nov 1997.
公司：中国东航，上海证券交易所 600115；行业：航空机场；上市日期：1997年11月5日。 - Close on 24 Sep 2026 RMB3.35; close on 24 Sep 2025 RMB4.05; one-year change -17.3%.
2026年9月24日收盘价3.35元；2025年9月24日收盘价4.05元；一年涨跌幅-17.3%。 - 52-week range RMB3.33 to RMB6.39.
52周区间3.33元至6.39元。 - In the last 12 months 2 trading days closed 9% or more above or below the day before (all days, not only this year). The 2 most recent of them: 4 Feb 2026 +10.0%; 8 Apr 2026 +9.9%. No two of the 2 fell on consecutive trading days.
近12个月共有2个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近2个：2026年2月4日 +10.0%；2026年4月8日 +9.9%。其中任意两个交易日均不相邻。 - Market capitalisation RMB73.99bn; P/E TTM not meaningful (loss-making); price to book 7.41x.
总市值739.94亿元；市盈率（TTM）不适用（亏损）；市净率7.41倍。 - Revenue 2025 RMB139.94bn; 2024 RMB132.12bn; change +5.9%.
营业收入2025年1,399.41亿元；2024年1,321.20亿元；同比+5.9%。 - Attributable net profit 2025 -RMB1.63bn; 2024 -RMB4.23bn; change +61.4% (the loss narrowed).
归属于母公司股东的净利润2025年-16.33亿元；2024年-42.26亿元；同比+61.4%（亏损收窄）。 - Net profit excluding non-recurring items, 2025 change +40.8%.
2025年扣除非经常性损益后的净利润同比+40.8%。 - Basic EPS 2025 -RMB0.11; 2024 -RMB0.19.
基本每股收益2025年-0.11元；2024年-0.19元。 - Operating cash flow per share 2025 RMB1.72; 2024 RMB1.67.
每股经营现金流2025年1.72元；2024年1.67元。 - 2025 gross margin 5.2%; net margin -1.4%; ROE -16.8%.
2025年毛利率5.2%；净利率-1.4%；净资产收益率-16.8%。 - At 30 Jun 2026: liabilities to assets 87.7%; current ratio 0.21; quick ratio 0.18; receivable days 6; inventory days 7.
截至2026年6月30日：资产负债率87.7%；流动比率0.21；速动比率0.18；应收账款周转天数6；存货周转天数7。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB74.23bn, change +11.1%; attributable net profit -RMB2.18bn, change -52.3% (the loss widened); operating cash flow per share RMB0.48.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入742.34亿元，同比+11.1%；归母净利润-21.79亿元，同比-52.3%（亏损扩大）；每股经营现金流0.48元。 - Pre-announcement of 15 Jul 2026 for the period to 30 Jun 2026: attributable net profit change -68% to -26%.
2026年7月15日发布的截至2026年6月30日业绩预告：归母净利润同比-68%至-26%。 - Ownership: actual controller 国务院国有资产监督管理委员会; controlling shareholder 中国东方航空集团有限公司; largest holder at 30 Jun 2026: 中国东方航空集团有限公司, 41.15%.
股权：实际控制人：国务院国有资产监督管理委员会；控股股东：中国东方航空集团有限公司；2026年6月30日第一大股东：中国东方航空集团有限公司，持股41.15%。 - No distribution is held in this database, which begins on 1 Jan 2026; earlier distributions are not shown.
本数据库自2026年1月1日起记录，其中无该公司的分配记录；此前的分配未予显示。 - Aurelian Grade E, score 29.5 of 100, graded within a peer group of 13 companies in its industry; no rank among peers is given.
金源评级E，得分29.5（满分100），于行业同业13家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。