FF301 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Cathay Pacific Airways Limited 國泰航空有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 不適用 備註： 自新《公司條例》(香港法例第622章) 於2014年3月3日實施後，Cathay Pacific Airways Limited 國泰航空有限公司 (於香港註册成立的公司) 不再有法定股本及股份面值。 FF301 第 4 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00293 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份） ...

Group 1 - The aviation stocks have rebounded, with increases of over 4% for some companies as of the latest report [1] - China National Aviation Holdings reported a 11% year-on-year decrease in net profit for Q3, while China Eastern Airlines and China Southern Airlines reported increases of 34% and 20% respectively [2] - Morgan Stanley maintains a constructive outlook on mainland airlines despite China National's poor Q3 performance, believing that improving business travel demand will support pricing power due to high asset utilization [2] Group 2 - Cathay Pacific Securities noted that during recent important domestic meetings, passenger load factors and domestic ticket prices have shown year-on-year increases, with an estimated 3-4% rise in oil-inclusive ticket prices for October [3] - The airline industry is expected to see a reversal in performance growth in Q3 2025, surpassing Q3 2019 results, indicating a potential upward trend in profitability [3] - The "anti-involution" trend is expected to help reduce losses in Q4 and achieve profitability for the year, with a positive outlook for the airline sector driven by market-driven ticket pricing and steady demand growth [3]

Core Viewpoint - Hong Kong airline stocks have shown a recovery, with notable increases in share prices for major airlines as of November 3rd [1] Group 1: Stock Performance - China National Aviation (00753.HK) increased by 3.33%, reaching HKD 5.9 [1] - Eastern Airlines (00670.HK) rose by 3.01%, trading at HKD 4.11 [1] - Southern Airlines (01055.HK) saw a rise of 2.78%, priced at HKD 4.81 [1] - Cathay Pacific (00293.HK) gained 1.26%, with shares at HKD 11.21 [1]

Group 1 - The aviation stocks have shown a recovery, with China National Aviation (601111) up 3.33% to HKD 5.9, Eastern Airlines (00670) up 3.01% to HKD 4.11, Southern Airlines (600029) up 2.78% to HKD 4.81, and Cathay Pacific (00293) up 1.26% to HKD 11.21 [1] - Recent quarterly reports indicate that in Q3, China National Aviation's net profit attributable to the parent company decreased by 11%, while Eastern Airlines' net profit increased by 34% and Southern Airlines' net profit increased by 20% [1] - Morgan Stanley noted that despite the poor Q3 performance of China National Aviation and the parent company's suggestion for capital injection, these factors do not alter their constructive view on the upward cycle of mainland airlines [1] Group 2 - Cathay Securities pointed out that during recent important domestic meetings, passenger load factors and domestic ticket prices have shown a year-on-year increase, with estimates indicating a 3-4% rise in domestic oil-inclusive ticket prices for October [2] - The traditional seasonal impact on pre-sales is weaker than in previous years, and the industry remains optimistic about continued demand from business travelers [2] - A-share airline companies are expected to achieve counter-cyclical growth in Q3 2025, exceeding Q3 2019 levels for three consecutive years, indicating an upward trend and potential for profitability [2]

Core Insights - Cathay Pacific Group has officially received and launched a new Airbus A320neo full-flight simulator manufactured by CAE, enhancing its pilot training facilities and supporting fleet modernization and safety commitments [1][3] - The new simulator features CAE's advanced Prodigy visual system, significantly improving training efficiency and realism, addressing the growing demand for pilot training [1] - Cathay Pacific is implementing a comprehensive investment plan exceeding HKD 100 billion, which includes fleet renewal, cabin product upgrades, lounge renovations, and digital innovations, with orders for over 100 new aircraft [3] Group 1 - The new Airbus A320neo CAE 7000XR full-flight simulator will primarily be used to meet the increasing pilot training needs of Cathay Pacific Group [1] - Cathay Pacific has a long-standing partnership with CAE, focusing on safety and operations, and has continuously introduced CAE-manufactured training equipment at its Hong Kong training center [1] - The investment plan includes the acquisition of over 30 A320neo and A321neo aircraft, contributing to a fleet of more than 230 passenger and cargo aircraft [3] Group 2 - The ceremony for the simulator's unveiling was attended by key figures from Cathay Pacific and CAE, marking an important milestone in their collaboration [1] - Cathay Pacific currently operates 16 A321neo aircraft, while Hong Kong Express Airlines has a fleet of over 40 aircraft, all consisting of Airbus models [3] - The investment plan encompasses various areas, including fleet updates and digital innovations, indicating a strategic focus on modernization and enhanced customer experience [3]

Core Points - Cathay Pacific Airways launched the "Leap of Ideal Program - Sky Journey 2025" on November 1, allowing 180 participants from the "Co-creating Tomorrow 'Teen' Program" to experience a flight over Hong Kong [1][3][5] - The "Co-creating Tomorrow 'Teen' Program" was initiated by the Hong Kong SAR government in 2022 to support underprivileged children, aiming to broaden their horizons, enhance confidence, and provide opportunities for upward mobility [3][5] - The event was attended by Hong Kong SAR Chief Secretary Eric Chan, who encouraged the youth to seize the opportunity to expand their knowledge and make friends [3][5] Event Highlights - Students expressed excitement about their first flight experience, with many taking photos at the airport [3] - During the flight, the crew distributed meals and organized a quiz session, which engaged many students [5] - The "Leap of Ideal Program" was first launched in 2003 and has seen approximately 1,400 youth participants this year alone [5]

Core Insights - The integration of "digital intelligence" and "green" initiatives is advancing corporate ESG (Environmental, Social, and Governance) practices from conceptual advocacy to systematic and intelligent implementation [1][3] - The fourth annual forum on sustainable development for listed companies, themed "Digital Intelligence and Green Movement Leading New Journey," was held in Beijing, revealing the winners of the "Ernst & Young Sustainable Development Annual Best Awards 2025" [1][3] - The awards highlighted the innovative practices of Chinese companies in the ESG and AI integration space, showcasing their contributions to building a modern industrial system and achieving high-quality development [1][3] Group 1: Event Overview - The forum featured 2 special awards, 12 outstanding companies, 2 distinguished individuals, 16 excellent cases, and 1 special contribution award for technological innovation in ESG development [1][3] - The focus of this year's awards was on the role of digitalization as an innovative driving force, emphasizing zero-carbon technology and AI's role in enhancing productivity [1][3] Group 2: Industry Trends - Ernst & Young's China Chairman noted that 2023 is a pivotal year for global sustainable development, marking the 10th anniversary of the Paris Agreement and the 20th anniversary of the "Green Mountains and Clear Water are Gold and Silver Mountains" concept [3] - The rapid advancement of AI technology is accelerating the digital and green transformation of Chinese enterprises, positioning them as key players in sustainable development [3][4] Group 3: AI and ESG Integration - Companies are encouraged to integrate ESG into their core strategies and leverage technology to transform sustainable development into a quantifiable and operational value system [4][5] - Ernst & Young has introduced AI-driven solutions, including the DeepSeek model and the METIS AI platform, to support enterprises in their green transformation efforts [4][5] Group 4: Award Evaluation and Criteria - The evaluation framework for the awards includes nine dimensions, focusing on technological innovation, low-carbon benefits, and social responsibility [5] - This year, an AI assessment component was introduced to enhance the evaluation process, utilizing a comprehensive ESG information database [5] Group 5: Future Outlook - Ernst & Young aims to deepen its professional service capabilities, helping companies embed sustainable development into their strategic core and operational processes [6]

Core Insights - Cathay Pacific Group and Airbus have signed a joint investment agreement to invest up to $70 million (approximately HKD 545 million) to promote the development of Sustainable Aviation Fuel (SAF) in Asia and globally [1][3] Group 1: Investment Agreement - The agreement aims to identify, assess, and invest in commercially viable, technologically mature, and long-term supply potential SAF projects, targeting increased SAF production capacity by 2030 and beyond [1] - The collaboration reflects a commitment to scaling up the sustainable aviation fuel industry in the short term [3] Group 2: Historical Context and Commitment - The partnership between Cathay Pacific and Airbus dates back to 1989, with Cathay operating over 85 Airbus aircraft and more than 70 awaiting delivery [3] - Cathay's President of Operations and Service emphasizes that SAF is crucial for achieving carbon reduction goals in the aviation industry [3] Group 3: Policy Advocacy - Both companies advocate for the development of policies that promote the supply and demand of sustainable aviation fuel in Asia, leveraging the region's strong potential in raw material supply, production capacity, and aviation market [3] - The collaboration serves as a model for unprecedented cross-industry cooperation necessary for the global production and distribution of affordable sustainable aviation fuel [3]

Summary of Key Points Core Viewpoint - The analysis focuses on the performance and potential investment opportunities related to specific stocks, particularly Xiaomi, Jiangxi Copper, Standard Chartered, and Cathay Pacific, along with their corresponding financial products. Group 1: Xiaomi Group (01810) - Xiaomi's stock has seen a significant decline from a high of 59.9 HKD to a current price of 44.9 HKD, a drop of 15 HKD [1] - Technical signals currently indicate a "strong buy" for Xiaomi, suggesting a slight bullish outlook despite the recent downturn [1] - There are limited options for call products at the current price level, with some having exercise prices around 37 HKD and leverage between 2.1x to 2.6x [1] - If the stock price drops below 42.8 HKD, it may reach 38.2 HKD, making products with an exercise price of 37.15 HKD potentially attractive [2] - The market has few suitable out-of-the-money products, with exercise prices starting at 52 HKD, indicating a more than 10% out-of-the-money margin [3] Group 2: Jiangxi Copper (00358) - Jiangxi Copper's stock price closed at 32.82 HKD, slightly below the middle line of the Bollinger Bands, indicating mixed market sentiment [6] - There are four put options available with exercise prices ranging from 28.88 HKD to 20 HKD, with varying leverage and implied volatility [7] - A comparison of put options shows that the 28.88 HKD exercise price has better leverage and implied volatility than the 23.35 HKD option, highlighting the importance of product comparison [7] Group 3: Standard Chartered (02888) - Standard Chartered's stock price increased to 153 HKD, with investors speculating whether it will challenge the previous high of 158.5 HKD [9] - There are currently limited suitable put options available for Standard Chartered, indicating a lack of investment products for bearish strategies [9] Group 4: Cathay Pacific (00293) - Cathay Pacific's stock has shown upward movement, closing at 11.26 HKD and breaking through the upper Bollinger Band [12] - There are limited options for call products, with only two available that have an exercise price of around 13 HKD and leverage of approximately 9.3x [13][14] - Investors are advised to compare the available products carefully, as the selection is currently limited, and the stock has already experienced a price increase [14]

Core Insights - Cathay Pacific Group and Airbus have announced a joint investment agreement to support sustainable aviation fuel (SAF) projects, committing up to $70 million (approximately HKD 545 million) for development in Asia and globally [1][7]. Industry Trends - Major airlines are increasingly investing in the upstream SAF industry to address the financial challenges of achieving net-zero emissions, with initiatives like "green ticket pricing" being introduced [2][4]. - The International Air Transport Association (IATA) predicts that SAF will contribute over 65% of the aviation industry's emissions reductions by 2050, with a demand forecast of 35.8 million tons [4]. Financial Challenges - The aviation industry faces a significant gap between current profit margins and the costs associated with transitioning to net-zero emissions, with estimated annual costs of $174 billion compared to projected net profits of $36 billion [4][6]. - The supply of SAF is expected to fall short of demand, with a projected supply gap of 45% by 2030 due to economic uncertainties and capital-intensive production processes [4][8]. Consumer Engagement - Airlines are launching sustainable flight programs to encourage passengers and corporate clients to pay for SAF or carbon offset credits, with Cathay Pacific's additional charge for 100% SAF contribution on a round trip from Hong Kong to Beijing estimated at HKD 1,578.78 [5][6]. - The willingness of corporate clients with ESG commitments to pay for "green flights" is stronger compared to individual travelers, indicating a potential market for SAF initiatives [6][8]. Government Initiatives - Local governments in regions like Hong Kong, Sichuan, and Shanghai are actively working to establish SAF supply chains, with Hong Kong aiming to develop a local SAF industry and enhance its competitive edge [9][10]. - The Singapore government is exploring a sustainable aviation fuel tax to fund SAF procurement, which could serve as a model for other regions [6][7]. Market Opportunities - The strong raw material advantages in the Chinese mainland market are creating more opportunities for SAF development, with various projects underway to establish a comprehensive SAF industry chain [11].