2021
目錄
2
5
6
8
48
51
52
Air France-KLM https://www.airfranceklm.com/
http://www.caac.gov.cn/
COVID-19
http://www.csrc.gov.cn/
Delta Air Lines Inc IATA DL https://www.delta.com/
2021 2
2021 6 30
HKSCC (Hong Kong Securities Clearing Company Ltd.)
H
http://www.hkex.com.hk/
IATA International Air Transport Association
http://www.iata.org/
Japan Airlines Co., Ltd IATA JL http://www.jal.com/
IATA HO http://www.juneyaoair.com/
2020 2 26
Qantas Airways Ltd IATA QF https://www.qantas.com/
2021 1 1 6 30
3
http://www.sse.com.cn/
SkyTeam Alliance
http://www.skyteam.com/
2021 4
749 9 7.4
5
China Eastern Airlines Corporation Limited
CEA
66
201202
36
201100
www.ceair.com
(APP)
M m.ceair.com
ir@ceair.com
+86 95530
http://weibo.com/ceair
donghang_gw
A 600115
H 00670
ADR CEA CEA
36 36
021-22330930 021-22330930
021-62686116 021-62686116
ir@ceair.com ir@ceair.com
2021 6
183
1712–1716
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286 USA
188
95 19 D
7
6 34,710 25,159
7 3,031 2,201
(11,214) (10,630)
(9,773) (6,313)
(10,705) (9,441)
(5,399) (3,796)
(1,728) (1,537)
(876) (700)
(773) (971)
(487) (574)
(36) (102)
(481)
(3) (14)
3 (18)
(1,742) (1,845)
(43,214) (35,941)
(5,473) (8,581)
23 (85)
(9) 12
8 (2,771) (3,448)
950 69
(7,280) (12,033)
9 1,882 2,961
(5,398) (9,072)
(5,208) (8,542)
(190) (530)
(5,398) (9,072)
11 (0.32) (0.52)
2021 8
(5,398) (9,072)
(264) 51
42 (265)
3
(30) (60)
(252) (271)
(5,650) (9,343)
(5,457) (8,807)
(193) (536)
(5,650) (9,343)
9
13 98,833 101,043
161 166
14 121,248 118,210
15 11,733 11,718
15,235 17,240
561 594
1,771 1,793
910 995
37
4,238 5,345
7,054 5,011
261,744 262,152
2,061 2,054
16 1,937 1,124
98 95
11,764 11,198
13 12
362
15,547 7,651
2 2
31,422 22,498
17 4,580 3,220
3,998 3,671
21,032 21,619
18 48,873 57,150
19 14,570 14,073
18 48
32 24
4 3
93,107 99,808
(61,685) (77,310)
200,059 184,842
2021 10
18 51,444 30,745
19 81,386 82,178
7,104 6,966
1,218 1,320
90 138
2,381 2,373
13 13
1,891 1,955
145,527 125,688
54,532 59,154
20 16,379 16,379
33,724 39,870
50,103 56,249
4,429 2,905
54,532 59,154
11
16,379 34,643* 5,227* 56,249 2,905 59,154
(5,208) (5,208) (190) (5,398)
(249) (249) (3) (252)
(249) (5,208) (5,457) (193) (5,650)
(689) (689) 1,717 1,028
(106) 106
16,379 33,599* 125* 50,103 4,429 54,532
16,379 34,747 17,882 69,008 3,638 72,646
(8,542) (8,542) (530) (9,072)
(265) (265) (6) (271)
(265) (8,542) (8,807) (536) (9,343)
(819) (819) (819)
16,379 34,482 8,521 59,382 3,102 62,484
* 337.24 398.70
2021 12
25 8,353 (6,244)
(84) (476)
8,269 (6,720)
(6,193) (4,156)
52
157
141
96 1
(31) 12
3
3,856
(1,971) (4,091)
13
(40,500) (22,000)
(13,000) (5,473)
22,000 49,700
21,442 4,368
17,938 50
(9,007) (7,650)
8,996 1,998
(2,973)
(2,617) (2,747)
(954) (1,462)
284
10
1,609 16,794
7,907 5,983
7,651 1,350
(11) 16
15,547 7,349
2021 14
1.
66
A H
2.
34
616.85
353.10
15
3.
IFRSs
(a)
16
9 39 7
4 16
(b)
4.
5.
(a)
2021 16
5.
(a)
8
5(c)
*
6
34,611 99 34,710
372 (372)
34,611 471 (372) 34,710
(7,216) 66 (130) (7,280)
11,078 136 11,214
3 3
130 (7) 123
2,770 8 (7) 2,771
14,575 110 14,685
17
5.
(a)
*
6
25,012 117 25,129
840 (840)
25,012 957 (840) 25,129
(12,216) 274 (91) (12,033)
10,492 138 10,630
14 14
69 69
2,683 27 2,710
6,131 216 6,347
2021 18
5.
(a)
*
284,500 4.468 (1,384) 3,340 290,924
238,158 1,766 (1,384) 94 238,634
*
275,028 5,510 (1,736) 3,606 282,408
224,862 2,228 (1,736) 142 225,496
*
19
5.
(b)
(1)
(2)
29,764 16,211
4,743 8,582
203 366
34,710 25,159
(3)
2021 20
5.
(c)
34,710 25,129
(i) 30
34,710 25,159
(7,280) (12,033)
(7,280) (12,033)
290,924 282,408
(ii) 2,242 2,242
293,166 284,650
21
5.
(c)
238,634 225,496
238,634 225,496
(i)
(ii)
(d)
6.
34,582 25,042
128 117
34,710 25,159
2021 22
6.
28,466 28,466
3,945 3,945
1,051 1,051
440 440
4 4
577 99 676
34,483 99 34,582
29,537 99 29,636
4,743 4,743
203 203
34,483 99 34,582
23
6.
20,347 20,347
2,615 2,615
972 972
448 448
33 33
9 9
510 108 618
24,925 117 25,042
15,962 117 16,079
8,597 8,597
366 366
24,925 117 25,042
2021 24
7.
(a) 1,924 1,596
(b) 383 129
(c) 499 357
21 97
56 31
8
7
1
19
56 69
3,031 2,201
(a)
(b)
(c)
(d)
25
8.
1,618 2,132
723 515
620 311
42 43
30 (10)
(262) (281)
2,771 2,710
(b) 738
2,771 3,448
(a) 3.61% 3.51%
(b)
2021 26
9.
87 95
(1,969) (3,056)
(1,882) (2,961)
2020 23
15%
15%
15% 16.5%
16.5%
25% 25%
10.
11.
5,208
16,379
12.
27
13.
80,959 20,084 101,043
1,702 1,211 2,913
14 409 409
(4,094) (780) (4,874)
(516) (142) (658)
78,460 20,373 98,833
79,479 19,958 99,437
24 24
1,491 773 2,264
399 399
14 206 206
(3) (3)
(3,476) (684) (4,160)
(235) (87) (322)
77,489 20,356 97,845
2021 28
14.
115,678 2,532 118,210
8,779 1,327 10,106
13 (409) (409)
(673) (11) (684)
(5,532) (443) (5,975)
117,843 3,405 121,248
126,464 2,240 128,704
1,325 942 2,267
13 (206) (206)
(58) (69) (127)
(5,465) (649) (6,114)
122,060 2,464 124,524
29
15.
11,270 448 11,718
116 116
(100) (100)
(1) (1)
11,270 463 11,733
11,270 428 11,698
61 61
(86) (86)
(1) (1)
11,270 402 11,672
16.
2,023 1,210
(86) (86)
1,937 1,124
2021 30
16.
1,832 1,054
63 46
35 8
7 16
1,937 1,124
17.
4,315 2,868
33 35
74 109
48 111
110 97
4,580 3,220
31
18.
(a)
17,537 8,638
11,910 4,526
(b) 8,005 9,585
(c) 13,992 7,996
51,444 30,745
(a)
2,114 1,498
28
(b) 1,499 3,158
(c) 7,000 4,000
(d)
30,260 21,966
(e) 8,000 26,500
48,873 57,150
100,317 87,895
(a) 24,880 2021 7
2045 1
0.10% 4.28%
(b) 500
16/03/2018 100 0.33%
16/03/2018 200 0.64%
16/03/2018 200 0.64%
2021 32
18.
(c) 90
2021 100 11/03/2021 10(5+5) 30 3.95%
2021 100 11/03/2021 6(3+3) 60 3.68%
(d) 0.48% 3.00%
(e)
2021 30 60 14/05/2021 2.25%
2021 20 90 18/05/2021 2.33%
2021 30 90 24/06/2021 2.38%
19.
17,733 17,443
16,230 16,652
40,880 39,598
35,269 37,319
110,112 95,956 111,012 96,251
(17,733) (14,570) (17,443) (14,073)
92,379 81,386 93,569 82,178
33
20.
1.00
A A 11,202 11,202
H H 5,177 5,177
16,379 16,379
A H
21.
100% 97
117
(20)
97
22.
34,916 37,277
2,721 3,646
1,335 1,335
38,972 42,258
2021 34
22.
11,320 13,542
12,389 13,692
8,289 7,109
2,918 2,934
34,916 37,277
23.
30.97%
30.97%
16.03% 2.79% 16.03% 2.79%
24
(a)
35
23
(a)
CAE MELBOURNE FLIGHT TRAINING PTY LIMITED
Air France-KLM
5%
2021 36
23
(b)
* (i) 422 258
(i) 40 17
(i) 66 48
*
(i) 470 426
(i) 78 93
(i) 71 74
(i) 23 15
(i) 13
(i) 1 4
* (i) 10 8
(i) 8 11
* (i) 49 55
(i) 20 15
(i) 14 2
*
* (i) 72 95
* (i) 58 21
(i) 17 6
* (i) 59 6
** (i) 215 166
** (i) 59
(i) 30
37
23
(b)
** (i) 30 186
(i) 2 1
(i) 5 5
(i) 56 57
* (i) 188
* (i) 188 110
(i) 7 7
* (i) 3,945 2,615
* (i) 66 58
(i) 7 7
** (i) 8 100
(i) 8 5
(i) 22
(i) 18 15
* (ii) 41 39
* (ii) 14 9
(ii) 4
(ii) 3
(ii) 1
(ii) 2 2
2021 38
23
(b)
* (ii) 5,809 420
* (ii) 320
* (ii) 27
* (ii) 635 714
* (ii) 26 8
* (ii) 3 1
(iii) 17 16
(iii) 6
(iii) 13 7
100% (i) 97
(i) 8
49%
(i)
(ii)
(iii)
* 14A
**
39
23
(c)
(i)
963 630
8
1 4
964 642
118 240
74 36
64 49
39 158
7 4
6 11
6 6
1
13
228
8 22
322 768
2021 40
23.
(c)
(ii)
380 266
256 363
225 213
106 96
50 95
37 32
14 28
10 1
9 9
3
27
14
74
32
7
12 13
1,102 1,270
672 61
189 189
55 99
4 37
1 2
1
2
4 7
925 398
43,871 42,168
41
23.
(c)
(iii)
0.39% 0.35% 6,801 5,474
2.80% 4,000
3.87% 3.73% 800 828
8.00% 3.74% 9 11
(d)
78
78
2021 42
24.
(a)
405 505 910
98 98
503 505 1,008
94 94
43
24
(a)
457 538 995
399 399
95 95
552 399 538 1,489
141 141
2021 44
24
(a)
EV/EBITDA P/E
1%
1%
20%–35%
20%–35%
45
24
(a)
538
(141)
108
505
(b)
51,444 53,348
81,386 80,401
967 853
133,797 134,602
2021 46
25.
(a)
(7,280) (12,033)
13 4,874 4,160
14 5,975 6,114
5 4
260 266
15 100 86
1 (17)
(3) 18
(15)
(97)
3 14
2
2,771 2,710
(827) 660
(14) 73
(1)
(9) (53)
117 3,217
2,491 (11,463)
8,353 (6,244)
(84) (476)
8,269 (6,720)
47
(ASK) 85,927.80 61,753.11 39.15%
83,458.83 46,931.26 77.83%
2,120.64 14,158.67 -85.02%
1
348.33 663.18 -47.48%
(RPK) 60,836.62 41,192.72 47.69%
59,838.19 31,284.33 91.27%
804.73 9,535.11 -91.56%
193.70 373.28 -48.11%
44,308.73 25,780.41 71.87%
44,049.28 23,422.10 88.07%
130.91 2,072.60 -93.68%
128.53 285.72 -55.02%
% 70.80 66.71 4.09pts
71.70 66.66 5.04pts
37.95 67.34 -29.39pts
55.61 56.29 -0.68pts
0.500 0.533 -6.19%
0.485 0.488 -0.61%
1.541 0.666 131.38%
0.723 0.879 -17.75%
1
2021 48
(AFTK) 5,126.96 2,930.48 74.95%
1,776.90 823.92 115.66%
3,323.48 2,078.09 59.93%
26.59 28.47 -6.60%
(RFTK) 1,795.95 971.17 84.93%
421.34 302.68 39.20%
1,369.33 663.08 106.51%
5.28 5.41 -2.40%
463.03 293.59 57.71%
291.57 210.44 38.55%
166.12 78.17 112.51%
5.33 4.98 7.03%
% 35.03 33.14 1.89pts
23.71 36.74 -13.03pts
41.20 31.91 9.29pts
19.86 19.01 0.85pts
2.197 2.693 -18.42%
0.961 1.110 -13.42%
2.538 3.372 -24.73%
12.311 7.948 54.89%
49
(ATK) 12,860.47 8,488.26 51.51%
9,288.19 5,047.73 84.01%
3,514.34 3,352.37 4.83%
57.94 88.15 -34.27%
(RTK) 7,207.50 4,598.52 56.74%
5,744.25 3,066.95 87.30%
1,440.84 1,493.51 -3.53%
22.41 38.06 -41.12%
% 56.04 54.18 1.86pts
61.84 60.76 1.08pts
41.00 44.55 -3.55pts
38.69 43.17 -4.48pts
4.764 5.340 -10.79%
5.121 5.085 0.71%
3.272 5.752 -43.12%
9.148 9.748 -6.16%
2021 50
17 2 A350-900 B787-9 A320NEO
749 740 9 2
7
1 B777-300ER 10 10 0 20 5.4
2 B787-9 3 7 0 10 2.4
3 A350-900 1 8 0 9 1.8
4 A330 1
30 21 5 56 7.6
44 46 5 95 6.0
5 A320 2
138 140 71 349 8.3
6 B737 3
102 73 116 291 7.1
240 213 187 640 7.7
7 ARJ21 2 3 0 5 0.5
286 262 192 740 7.4
9
749
1. A330 A330-200 A330-300
2. A320 A319 A320 A320NEO A321
3. B737 B737-700 B737-800 B737 MAX 8 B737 MAX 8
51
72.1 4,430.9
347.1
56.7% 71.9% 38.0%
-52.1
33.3
95.0 40.6
(IATA) 57.3% 61.7%
80.8% 84.0%
477
2021 52
2
3
4
8,450
0.2 1.9 2.0
2
3
4
53
5 6
+
4,667 6.7%
400
5
6
2021 54
(APU)
5,907
MUC MU Communication
86.45%
Electric Log
Book ELB
ELB
108
220
90
55
347.10
37.96% 324.11
41.15% 22.99
4.64%
(IATA) (ICAO)
284.66
39.90% 87.83%
60,836.62
47.69%
271.09
96.00% 95.23%
59,838.19 91.27%
12.19
80.32% 4.28%
804.73 91.56%
1.38
2021 56
57.28% 0.48%
193.70 48.11% 107.05 13.39%
39.45 50.86% 17.28
12.17% 1,795.95 12.43%
84.93%
432.14 8.76 25.14%
20.24%
7.73 20.39%
97.73
54.81%
5.80 4.81
53.14%
33.54 7.09%
6.86
53.99
42.23% 30.31 37.71%
112.14
5.49% 9.50
8.81
57
27.71 6.77
-52.08
-85.42
-0.32
% % %
2,931.66 33,762 17.20 36,642 19.9 -7.86
2.99% 81.40% 2,331 1.19 2,672 1.45 -12.76
2.18 152,511 77.70 136,804 74.28 11.48
7,669 3.91 8,050 4.37 -4.73
314.22 196,273 100 184,168 100 6.57
10.72%
39.67% 2,617.44
89.28%
0.16%
1,003.17
879.17 14.10%
2,386.34 931.07
39.02% 1,455.27
60.98%
%
634.43
203 375 -45.87
10.93%
2,401 2,466 -2.64
2,317 2,664 -13.03
1,715 1,799 -4.67
1,328.30
2,916 3,162 -7.78
17.61%
90,765 77,451 17.19
100,317 87,917 14.10
2021 58
959.56 5.9
962.51 0.31% 6.9
437.62
77.15%
%
33,559 36,267 -7.47
61 85 -28.24
101 142 -28.87
292 346 -15.61 8.27
61,746 59,353 4.03
197 58 239.66 7.38 15.65
95,956 96,251 -0.31
1,962.73
1,841.68
32.32% 38.68%
5.80
2.52
17.20%
19.90%
77.70% 74.28%
59
79,913
349.63
261.49 33.71%
%
00696 18,503,000 29,055,000 405,191,174.54 80.54 0
600000 122,144,004 9,790,691 97,906,910.00 19.46 3,133,021.12
140,647,004 503,098,084.54 100.00 3,133,021.12
486,902 25% 658,856 38,477
486,902 25% 658,856 38,477
2021 60
-140,087 -93,695 46,392 -31,390
397,710 -397,710 580,242
94,774 97,907 3,133 3,133
995,057 910,077 -84,980 1,190
1,347,454 914,289 -433,165 553,175
% % %
2,946 63.76 -564 14,126 2,132 84.91
1,508 262.50 -52 7,381 3,190 56.78
3,517 57.50 33 18,368 7,602 58.61
3,561 39.48 -672 25,987 -1,201 104.62
2,024 108.23 -310 12,689 2,890 77.22
3,586 65.33 -218 6,559 2,347 64.22
1. 2.
1993 2002
20 2021 17.5 2021
29.46 15.08
63.76% -5.64 262.50% -0.52
2.17 6,811.13 3.53 2,976.22
68.05% 491.03 304.82% 270.77
68.94% 2021 6 30 304.82% 2021 6 30
A320 71 B737 32
61
3. 6.
2010 2014
36.62 2021 43 2021
35.17 35.86
57.50% 0.33 65.33% -2.18
7.95 6,998.03 8.38
82.31% 552.91
74.86% 2021 6 30
B787-9 B737 82
4.
2010
5 2021 1.
35.61 2.
39.48% -6.72 3.
4.88 6,574.68 4.
39.08% 474.60 5.
48.67% 2021 6 30
A330 B737 B787-9
95 1.
5.
1984
13.20 2021
20.24
108.23% -3.10
1.18 4,648.01
132.73% 336.40
111.32% 2021 6 30
B737 53
2021 62
4.
2.
5.
3.
63
2021
2021
5%
4.89
2021
2021
7.
6.
2021 64
2021 6 30 2021 6 30
1% 25
-242 242 0 0
-85 85 4 -4
2021
9.
8.
65
GDPR
11.
10.
2021 66
12.
(IMF)
IATA
13.
67
7
7
2021 68
MUC
69
B787-9 5 0 0 0 0 0
A350-900 3 0 5 0 3 0
A330 0 0 0 0 0 0
A320 13 5 34 5 0 4
B737 0 2 0 4 0 12
ARJ21 4 0 8 0 9 0
C919 1 0 2 0 2 0
26 7 49 9 14 16
1. B737 MAX 8
2. 2024 9 21
3.
2021 70
1.
%
A 11,202,731,426 68.39
1. 1,394,245,744 8.51
2. 9,808,485,682 59.88
H 5,176,777,777 31.61
1. 517,677,777 3.16
2. 4,659,100,000 28.44
16,379,509,203 100.00
A 11,202,731,426 1,394,245,744 273,972,602
1,120,273,142
9,808,485,682 H 5,176,777,777 517,677,777
4,659,100,000 16,379,509,203
2.
184,557
3.
XV 2 3
336
71
A 5,072,922,927(L) 1 2
45.28%(L) 30.97%(L)
457,317,073(L) 2
4.08%(L) 2.79%(L)
H 2,626,240,000(L) 3
50.73%(L) 16.03%(L)
H 2,626,240,000(L) 3
50.73%(L) 16.03%(L)
A 311,831,909 (L) 4
2.78%(L) 1.90%(L)
808,441,233(L) 4
7.22%(L) 4.94%(L)
H 558,769,777(L) 5
10.79%(L) 3.41%(L)
A 219,400,137(L) 4
1.96%(L) 1.34%(L)
589,041,096(L) 4
5.26%(L) 3.60%(L)
311,831,909(L) 4
2.78%(L) 1.90%(L)
H 12,000,000(L) 5
0.23%(L) 0.07%(L)
546,769,777(L) 5
10.56%(L) 3.34%(L)
H 546,769,777(L) 5
10.56%(L) 3.34%(L)
A 589,041,096(L) 4
5.26%(L) 3.60%(L)
A 1,120,273,142(L) 4
10%(L) 6.84%(L)
H 558,769,777(L) 5
10.79%(L) 3.41%(L)
A 1,120,273,142(L) 4
10%(L) 6.84%(L)
H 558,769,777(L) 5
10.79%(L) 3.41%(L)
A 1,120,273,142(L) 4
10%(L) 6.84%(L)
H 558,769,777(L) 5
10.79%(L) 3.41%(L)
1. (L) (www.hkexnews.hk)
2. 5,072,922,927 A 457,317,073 A
457,317,073 A
2021 72
3. 2,626,240,000 H
2,626,240,000 H
H 14.5
4. 311,831,909 A 219,400,137 A 589,041,096 A
35.63% 71.77%
219,400,137 A
589,041,096 A 589,041,096 A
311,831,909 A 219,400,137 A 589,041,096 A
1,120,273,142 H
311,831,909 A
311,831,909 A
A 311,831,909
5. 12,000,000 H 546,769,777 H
35.63% 71.77%
12,000,000 H 546,769,777 H 546,769,777 H
558,769,777 H
H 232,000,000
5%
73
4.
A
3,960
3,960
3,960 A
2021 74
XV
352
5.
9.
6.
7.
8.
75
10.
2021 76
77
11. 13.51B(1)
2021 78
12. 2. 2021 1 26 2021 1
2021 12 31
10
10
2020 1 27
1,938,030
13.
1,938,030
% 3.71% 14.
70% (1)
1,938,030
50%
1,938,030
90 80
1. 70%
19.38
79
(2) (4)
4.5 4.6
8
8.3
1.23
(3)
(5)
2.87 3.30 1.395
7.35
8.28
2021 80
(6)
11,059,286 13,000,000
3,000,000 13,000,000
422,098 4,310,000
746 8,000
2,638 190,000
13,935 90,000
192,522 1,640,000
1
147,138 1,996,000
66,046 840,000
74,418 287,000
2
270,171 735,000
9,862 73,000
52.31
3
6,153,075
4
5,809,309 20,712,000
5
192,591 963,000
6
4,586,000
7
4,016,000
81
65,585 450,000
188,311 800,000
3,944,702 9,000,000
AFK
8,449 1,320,000
AFK
29,887 1,000,000
214,996 1,500,000
1
2
3
4
5
6
7
2021 82