[Huachuang Transportation & Performance Review] China Eastern Airlines: Net loss of 1.63 billion yuan in 2025, a reduction of 2.59 billion yuan year-on-year; Q4 2025 net loss of 3.74 billion yuan, a reduction of 350 million yuan year-on-year.

2026-04-06 19:12:48

（Source: Huachuang Transportation）

Company Announcement 2025 Annual Report:

Financial Data:

1）2025: Revenue was 139.94 billion yuan, year on year +5.9%; net loss was 16.3 billion yuan, with the loss narrowing by 25.9 billion yuan year on year; after non-recurring items, loss was 29.5 billion yuan, with the loss narrowing by 20.3 billion yuan year on year; for the full year, the RMB appreciated by 2.2 percentage points, and foreign exchange gains were 210 million yuan.

2）2025 Q4: Revenue was 33.53 billion yuan, year on year +13.5%; net loss was 3.74 billion yuan, with the loss narrowing by 350 million yuan year on year; after non-recurring items, loss was 4.35 billion yuan, with the loss narrowing by 90 million yuan year on year.

3）Other Income: In 2025, other income was 5.84 billion yuan, year on year +6.1%; in Q4, other income was 1.24 billion yuan, year on year +0.8%.

Operating Data:

1）2025: ASK was +6.7% year on year, RPK was +10.7% year on year, passenger load factor was 85.9%, up +3.0 percentage points year on year.

2）2025 Q4: ASK was +6.1% year on year, RPK was +9.5% year on year, passenger load factor was 86.9%, up +2.7 percentage points year on year.

Revenue Level:

1）2025: Estimated passenger-kilometer passenger revenue was 0.48 yuan, down -3.8% year on year; seat-kilometer revenue was 0.41 yuan, down -0.3% year on year. 2）2025 Q4: Estimated passenger-kilometer passenger revenue was 0.45 yuan, up +3.6% year on year; seat-kilometer revenue was 0.39 yuan, up +8.5% year on year.

Cost and Expenses:

1）In 2025, operating costs were 132.7 billion yuan, up +4.9% year on year. During the period, domestic oil price comprehensive mining and power generation cost was -9.4% year on year, and estimated aviation fuel cost was 43.7 billion yuan, down -4.0% year on year. Oil deduction cost was 89.0 billion yuan, up +9.8% year on year. Cost per seat-kilometer was 0.419 yuan, down -1.8% year on year; oil deduction cost per seat-kilometer was 0.281 yuan, up +2.9% year on year.

2）Operating costs in 2025 Q4 were 34.0 billion yuan, up +11.9% year on year. During the period, domestic oil price comprehensive mining and power generation cost was up +1.4% year on year, and estimated aviation fuel cost was 10.9 billion yuan, up +9.9% year on year. Oil deduction cost was 23.1 billion yuan, up +12.8% year on year. Cost per seat-kilometer was 0.440 yuan, up +5.4% year on year; oil deduction cost per seat-kilometer was 0.299 yuan, up +6.3% year on year.

3）In 2025, total “three expenses” (deducting FX) was 14.28 billion yuan, down -2.6% year on year, and the “three expenses” rate after deducting FX was 10.2%; in 2025 Q4, total “three expenses” (deducting FX) was 3.54 billion yuan, down -5.1% year on year, and the “three expenses” rate after deducting FX was 10.6% (Note: excluding R&D expenses).

Fleet introduction: The company expects net fleet increases of 29, 53, and 6 aircraft in 2026–2028, with year-on-year growth rates of 3.5%, 6.2%, and 0.7%, respectively.

Investment Recommendation:

Considering the recent level of oil prices, we expect the attributable net profits for 2026–2028 to be 1.0, 6.8, and 9.0 billion yuan, respectively, corresponding P/E ratios of 91, 14, and 11 times. Maintain a “Buy” rating.

Risk Warning: A major economic downturn, a major increase in oil prices, and a major depreciation of the exchange rate.

For specific content such as the investment recommendation, please refer to the report released on April 5, 2026 by the Huachuang Securities Research Institute: “China Eastern Airlines: Net loss of 1.63 billion yuan in 2025, narrowing by 2.59 billion yuan year on year; net loss of 3.74 billion yuan in 2025 Q4, narrowing by 350 million yuan year on year.”

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