Financial Performance - Cathay Pacific reported a revenue of HKD 54.309 billion for the first half of 2025, representing a year-on-year increase of 9.5% [1] - The company's profit reached HKD 3.651 billion, a slight increase of 1.1% compared to the same period last year [1] - The growth in performance was driven by an increase in passenger capacity and volume, despite a decline in yield [1] Passenger Business - Passenger revenue for the first half of 2025 was HKD 34.208 billion, showing a growth of 14.0% year-on-year [1] - The total number of passengers carried reached 13.6 million, with an average daily passenger count exceeding 75,300, marking a 27.8% increase from the previous year [1] - Although the yield decreased by 12.3%, the load factor improved to 84.8%, up from 82.4% year-on-year, indicating effective capacity management [1] Cargo Business - Cathay's cargo revenue was HKD 11.141 billion, reflecting a year-on-year growth of 2.2% [2] - The overall cargo tonnage increased by 11.4% to 801,000 tons, although the load factor slightly decreased to 58.6% [2] - The company adapted its route network to address challenges from tariff policies, demonstrating resilience in its cargo operations [2] Dividend and Aircraft Orders - Based on the first half performance, Cathay announced an interim dividend of HKD 0.2 per share, totaling HKD 1.3 billion, consistent with the previous year's interim dividend [2] - The company exercised an option to purchase 14 additional Boeing 777-9 aircraft, increasing the total order for this model to 35 [2] Fleet and Network Expansion - Cathay has implemented a fleet renewal and expansion plan, ordering over 100 new aircraft, which includes various types of planes [3] - The total investment for new aircraft, cabin products, airport lounges, and digital innovations exceeds HKD 100 billion [3] - Since the beginning of 2025, Cathay has announced or launched 19 new routes, expanding its network to over 100 destinations globally [3]

摩根大通发布研报称，国泰航空(00293)上半年业绩未达市场预期，主要原因为上半年乘客收益率同比 下降12%，加上营运成本上升及竞争压力，与新加坡航空(SIA)相情况类似，反映亚洲高端全服务航空 公司面临的挑战。小摩将国泰航空股票评级从"中性"下调至"减持"，目标价从8.1港元略降至8.2港元， 意味较现价约25%下行空间。 小摩表示，尽管国泰航空上半年营运现金流强劲，其负债比率几乎未变，派息略有减少，但考虑到其相 关发展，下调国泰航空2025至2027财年预测，较市场共识低5%至8%。 ...

Group 1 - The core viewpoint of the article highlights that Cathay Pacific Group reported a revenue of HKD 54.309 billion for the first half of 2025, representing a year-on-year increase of 9.5% [1] - The net profit attributable to shareholders was HKD 3.651 billion, showing a growth of 1.1% compared to the previous year [1] - Basic earnings per share increased by 8.2% to HKD 0.567 [1] Group 2 - Cathay Pacific's passenger revenue for the first half of 2025 reached HKD 34.208 billion, marking a 14% year-on-year increase [2] - The airline carried 13.6 million passengers, averaging 75,300 passengers per day, which is a 27.8% increase year-on-year [2] - The passenger load factor improved to 84.8%, up from 82.4% in the same period last year [2] Group 3 - Cathay Pacific announced an additional order for 14 Boeing 777-9 aircraft, increasing the total order for this model to 35 [2] - The basic price for the new aircraft is approximately USD 8.1 billion (around HKD 63.2 billion), with expected discounts from the manufacturer [2] - The chairman of Cathay Pacific expressed optimism about future passenger demand and plans to increase flights and destinations [2] Group 4 - Despite the positive financial results, Cathay Pacific's stock price fell significantly, closing down 9.66% on the previous day and continuing to decline to HKD 10.44 per share, a nearly 4% drop [2] - The total market capitalization of the company is approximately HKD 67.3 billion [2]

作者 | 周智宇 编辑 | 张晓玲 如果说疫情后的强劲复苏是航空业的"上半场"，那么国泰航空于8月6日交出的2025年中期成绩单，无疑 吹响了"中场战事"的哨声。 财报显示，国泰上半年录得股东应占溢利36.51亿港元，与去年同期基本持平，并宣布派发13亿港元中 期股息，对于一家刚走出历史性困境的企业而言，这是一份稳健的答卷。 然而，在营收543.09亿港元，同比增长9.5%之时，国泰航空净利增速来到1.1%。这是个清晰的信号，宣 告着那个依靠供需失衡便能轻松获取高利润的"顺风局"已经结束。 所谓"中场战事"，核心已不再是关于"复苏"的速度，而是关于"博弈"的深度。当高票价成为过去，当全 球运力涌入导致竞争白热化，当宏观环境充满不确定性，如何守住盈利、争夺份额、布局未来，成为了 摆在国泰乃至整个行业面前的硬仗。这份财报，正是这场"硬仗"的开篇。 正如国泰集团主席贺以礼所言："过去几年建立的强大基础，让我们比以往更有韧性……但影响整个航 空业的这些波动，也会影响到我们公司。" 如果说收益率下滑是"共性难题"，那么子公司和货运业务的表现则反映了区域市场的特殊挑战。 子公司香港快运由盈转亏，亏损约5亿港元。国泰集团行 ...

Group 1 - The core point of the article highlights the recent stock performance of Cathay Pacific Airways, which experienced a decline of 2.76% on August 7, trading at HKD 10.55 per share with a transaction volume of HKD 300 million [1] - Cathay Pacific Airways is primarily engaged in passenger and cargo air transportation, as well as related services such as catering, ground handling, ramp services, and cargo station operations, with its business operations spanning across Asia, Europe, and North America [1] - As of the mid-year report in 2025, Cathay Pacific Airways reported total revenue of HKD 49.527 billion and a net profit of HKD 3.33 billion [2] Group 2 - On August 6, the company announced an interim dividend of HKD 0.2 per share for the mid-year of 2025, with the ex-dividend date set for September 3, 2025, and the payment date on October 9, 2025, as per the board's proposal [3]

Group 1 - Yisou Technology (02550) rose nearly 12.63% after announcing a share subscription agreement with Lightnet Pte. Ltd., acquiring approximately 1.23% equity for $5 million [1] - Maifushi (02556) fell nearly 2.28% despite a profit forecast of RMB 31.8 million to RMB 41 million for the six months ending June 30, 2025, a significant turnaround from a loss of RMB 820 million in the same period last year [1] - New World Development (00086) increased nearly 4.19% after announcing a profit forecast of no less than HKD 800 million for the six months ending June 30, 2025, compared to HKD 75.4 million in the same period last year [2] Group 2 - Cao Cao Travel (02643) surged nearly 15.68% after signing a strategic cooperation memorandum with Victory Securities to explore virtual asset tokenization and stablecoin applications [2] - Boan Bio (06955) dropped nearly 5.06% after announcing a placement of 48 million shares at HKD 16.42 each, aiming to raise approximately HKD 780 million for R&D and operational purposes [2] - Huaxing Capital Holdings (01911) rose nearly 6%, with a year-to-date stock price increase of 1.1 times, as it plans to invest $100 million in Web 3.0 and cryptocurrency assets [3] Group 3 - Cathay Pacific Airways (00293) continued to decline nearly 3% after a report indicated an 8.3% year-on-year increase in net profit for the first half of the year, but operating profit fell short of market expectations [3] - Keep (03650) rose over 10%, with a cumulative increase of over 22% this week, reporting an adjusted net profit of approximately RMB 10 million for the first half of the year [4] - Smoore International (06969) increased nearly 5%, with BAT's new tobacco product revenue growing 2.4% year-on-year, and Smoore is expected to benefit from this growth [4] Group 4 - Xiaomi Group-W (01810) fell over 4% after Nomura raised its target price by 79% to HKD 61 but downgraded its rating to "Neutral" due to limited upside potential [5] - Apple (AAPL.US) rose 5.09% after announcing a commitment to invest an additional $100 billion in U.S. manufacturing, bringing its total investment commitment to $600 billion [6] - McDonald's (MCD.US) increased 2.98% with second-quarter revenue growing 5.4% year-on-year to $6.84 billion, exceeding analyst expectations [6]

Group 1 - The core viewpoint of the article is that Cathay Pacific's net profit for the first half of the year increased by 4% year-on-year to HKD 3.651 billion, benefiting from the cessation of profit sharing with preferred shareholders, which aligns with expectations [1] - The company maintains a dividend of HKD 0.2 per share, but the payout ratio has decreased from 38% in the first half of last year to 35% in the current half [1] - Daiwa has lowered its earnings per share forecast for the company by 1% and reduced the target price from HKD 10.5 to HKD 9.5, downgrading the rating from "Hold" to "Underperform" [1] Group 2 - Overall, management remains confident in travel demand and reiterates expectations for passenger yield recovery to normal levels by the second half of 2025, with plans to increase the frequency of long-haul flights [1] - Due to recent demand being below average, it is anticipated that the recovery of the Japan route may take time [1] - Management emphasized that cargo demand has been strong year-to-date and will actively reallocate capacity across its global route network [1]

Core Viewpoint - Cathay Pacific Airways (00293) reported a 4% year-on-year increase in net profit for the first half of the year, reaching HKD 3.651 billion, benefiting from the cessation of profit sharing with preferred shareholders, which aligns with expectations [1] Financial Performance - The company maintained a dividend of HKD 0.2 per share, but the payout ratio decreased from 38% in the first half of last year to 35% in the current period [1] - Daiwa has revised its earnings per share forecast for the company down by 1% and lowered the target price from HKD 10.5 to HKD 9.5, changing its rating from "Hold" to "Underperform" [1] Management Outlook - Management remains confident in travel demand and reiterated expectations for passenger yield recovery to normal levels by the second half of 2025 [1] - The company plans to increase the frequency of long-haul flights, although the recovery of Japanese routes may take time due to recent demand being below average [1] - Year-to-date, cargo demand has been strong, and the company will actively reallocate capacity across its global route network [1]

Core Viewpoint - Morgan Stanley's research report indicates that Cathay Pacific's performance in the first half of the year fell short of market expectations, primarily due to a 12% year-on-year decline in passenger yield, alongside rising operating costs and competitive pressures, similar to Singapore Airlines, highlighting challenges faced by high-end full-service airlines in Asia [1] Summary by Category Financial Performance - Cathay Pacific's operating cash flow remained strong in the first half of the year, with its debt ratio remaining almost unchanged [1] - The company slightly reduced its dividend payout [1] Market Outlook - Morgan Stanley has revised its forecasts for Cathay Pacific for the fiscal years 2025 to 2027, lowering them by 5% to 8% compared to market consensus [1] - The rating for Cathay Pacific has been downgraded from "Neutral" to "Underweight" [1]

大和发表研究报告指，国泰航空上半年纯利按年升4%至36.51亿港元，受惠于停止与优先股股东的利润 分享，符合预期。集团维持每股股息0.2港元，惟派息率由去年上半年的38%跌至今年上半年的35%。大 和将集团今年每股盈利预测下调1%，并将其目标价由10.5港元下调至9.5港元，评级由"持有"降至"跑输 大市"。 该行指，整体而言，管理层对旅游需求仍有信心，并重申其对2025年下半年客运收益率恢复正常的预 期。集团计划增加长途线班次频率。另外由于近期需求低于平均水平，料日本航线或需时恢复。管理层 强调，年初至今，货运需求强劲，将积极地重新分配其全球航线网络的运力。 ...