投资分析意见：国泰航空经营韧性进一步确定，公司有望持续维持高盈利水平。公司2025年将持续释放 运力，提升飞机利用率，在供给增长下预计部分航线收益率将进一步常态化，货运业务受关税影响具有 一定不确定性，货运收益率相较24 年高基数将进一步下行，考虑公司运力扩张速度较高，且25H2 货运 业务可能持续受到关税冲击，我们下调2025 年盈利至77.92 亿港元（原预测为90.08 亿港元），下调 2026 年盈利预测至97.9 亿港元（原预测为102.48 亿港元），略调整2027 年盈利预测为109.06 亿港元 2025H1 集团运力运量大幅增长，收益水平持续常态化。根据公司公告，25H1 国泰航空集团ATK 同比 增长15.9%，RTK 同比增长18.1%。根据各公司披露口径：1）国泰航空25H1公司ASK 同比+26.3%； RPK 同比+30%，客座率同比+2.4 pct；国泰航空客运量同比+27.8%。受运力持续扩张影响，公司票价 水平进一步常态化，25H1 乘客收益率同比-12.3%。美洲/东南亚及大洋洲/北亚/欧洲/南非、中东及非洲 五大市场收益率分别-17.5%/-10.7%/-14.3%/-1 ...

Investors interested in Transportation stocks should always be looking to find the best-performing companies in the group. Has Cathay Pacific Airways Ltd. (CPCAY) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Transportation sector should help us answer this question.Cathay Pacific Airways Ltd. is one of 122 individual stocks in the Transportation sector. Collectively, these companies sit at #11 in the Zacks Sector Rank. The Zack ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value ...

Core Viewpoint - Cathay Pacific Group has successfully emerged from the pandemic's impact and is entering a sustained profit cycle, with significant investments planned to enhance its competitive position as Hong Kong's main airline hub [2][3]. Financial Performance - In the first half of 2025, Cathay Group reported revenues of HKD 54.3 billion, a 9.5% increase year-on-year, while net profit was HKD 3.7 billion, reflecting a 1.1% growth [3]. - The group's associated companies reduced their losses to HKD 181 million, down from HKD 342 million in the same period last year [3]. - Passenger volume for Cathay Pacific and HK Express increased by 27.8% and 33.5%, respectively, with available seat kilometers rising by 26.3% and 38.3% [3]. - However, there was a notable decline in yield, with seat kilometer revenue dropping by 9.9% for Cathay Pacific and 27.3% for HK Express [3]. Strategic Investments - Cathay Group announced a total investment exceeding HKD 100 billion for fleet upgrades, cabin products, lounges, and digital transformation [2]. - The group has placed an order for 14 Boeing 777-9 long-range wide-body aircraft, with a catalog price of USD 8.1 billion, increasing its total order for this model to 35 [6][8]. - The new aircraft are expected to be delivered starting in 2027, featuring upgraded first-class products [6]. Market Dynamics - Cathay's summer flight capacity to North America increased by 50%, although it faced challenges due to uncertainties affecting passenger numbers from mainland China [4]. - Despite overall growth, HK Express has not yet turned a profit, raising concerns within the industry [4][5]. - The group remains confident in its dual-brand strategy, particularly with the upcoming third runway at Hong Kong Airport expected to boost the low-cost market [5]. Operational Expansion - Cathay Group achieved its goal of opening 100 new destinations in the first half of the year, with over 300 round-trip flights to 23 mainland destinations and nearly 100 flights to Europe [7][8]. - The group plans to further enhance its network in mainland China, with additional routes and increased flight frequency [8].

Investment Rating - The report maintains a "Buy" rating for Cathay Pacific Airways [2][7]. Core Insights - Cathay Pacific Airways reported a 1.1% year-on-year increase in net profit for the first half of 2025, reaching HKD 3.651 billion, which aligns with expectations. The group's revenue grew by 9.5% year-on-year to HKD 54.309 billion [7]. - The airline's capacity and volume saw significant growth, with ATK increasing by 15.9% and RTK by 18.1% year-on-year. Passenger revenue per kilometer decreased by 12.3% due to increased capacity and competitive pricing [7]. - The company announced a mid-year dividend of HKD 0.20 per share, totaling HKD 1.288 billion, with a payout ratio reduced to 35% from 46% in 2024 [7]. Financial Data and Profit Forecast - Revenue projections for Cathay Pacific Airways are as follows: - 2023: HKD 94.485 billion - 2024: HKD 104.371 billion - 2025E: HKD 111.696 billion - 2026E: HKD 118.254 billion - 2027E: HKD 123.679 billion - Net profit forecasts are: - 2023: HKD 9.067 billion - 2024: HKD 9.607 billion - 2025E: HKD 7.792 billion - 2026E: HKD 9.790 billion - 2027E: HKD 10.906 billion - The report indicates a decrease in earnings per share for 2025 to HKD 1.21, with a projected PE ratio of 8.7 for 2025 [6][7].

该行指，若日本及泰国航线需求复苏优于预期，继而支持收益率表现，或会转向更积极看法。而中美贸 易前景亦是变动因素，将影响货运业务势头。另外，该行考虑到燃油成本占国泰航空总成本约30%，油 价走势亦是重要观察指标。 摩根士丹利发布研报称，基于国泰航空(00293)今年上半年业绩表现，将2025至2027年净利润预测分别 下调7%、5%及7%，主要反映客运收益率预测下调，部分被成本控制改善所抵销;同时上调资本支出预 测，目标价由12.1港元下调至10.8港元。在营运前景存在不确定性下，该行维持国泰航空"与大市同 步"评级，7%股息收益率或可限制下行风险。 ...

"过去一段时间，航空业需要面对很多不明朗的因素和挑战，但是过去几年，我们非常努力地建立了稳 固的基础，让国泰集团（603977）比以往更有弹性，更有适应力，让集团在风急浪高的环境下依然可以 稳健前行。"8月6日下午，国泰航空(HK00293，以下称国泰集团)行政总裁林绍波在中期业绩发布会上 总结道。 2025年上半年，国泰集团客货运业务营收均实现了增长。其中，客运服务收入372.12亿港元，同比增长 12.7%；运载旅客1362.7万人次，同比增长27.8%。 客运业务收入增长幅度不及运载量，票价变动是主要原因之一。 国泰集团顾客及商务总裁刘凯诗在回应记者提问时表示，票价主要是由供求决定。"今年夏季增加了很 多长途航线航班，北美航班增加了50%，欧洲也是增加了30%，南太平洋澳洲增加了20%。当我们大量 地增加航班的时候，票价当然就有下调的空间。"其表示，虽然长途航线和过境旅客增加会影响收益 率，不过集团运载的商务旅客入座率有所提升，这会对收益率产生正面影响。 此外，国泰集团旗下低成本航空公司香港快运上半年录得除财务支出净额及税前亏损5.24亿港元，与上 年同期相比由盈转亏。 国泰集团行政总裁林绍波解释称，香 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全 部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CATHAY PACIFIC AIRWAYS LIMITED 國泰航空有限公司 (於香港註冊成立的有限公司) (股份代號：293) 公告 與香港太古集團進行的持續關連交易 謹此提述公司二零零四年十二月一日、二零零七年十月一日、二零一零年十月 一日、二零一三年十一月十四日、二零一六年八月十九日、二零一九年八月九 日及二零二二年八月十一日的公告，該等公告是有關公司與香港太古集團於二 零零四年十二月一日訂立的服務協議。服務協議將於二零二五年十月一日續 期，以延長協議期限三年，自二零二六年一月一日至二零二八年十二月三十一 日。 由於香港太古集團為公司的關連人士，因此根據上市規則第14A.31條，按照服 務協議進行的交易構成公司的持續關連交易，須符合上市規則第14A章的申 報、年度審核及公告規定。 服務協議於二零零四年十二月一日訂立，於二零零八年九月十八日修訂及重 列，並於二零一九年八月九日進一步修訂及重列，及將 ...

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]

日前，国泰航空发布2025年中期业绩报告。今年上半年，国泰集团（含国泰航空及其附属公司）实现收 益543.09亿港元，同比增长9.5%；股东应占溢利36.51亿港元，同比增长1.1%；每股普通股基本盈利 0.567港元，同比增长8.2%。 国泰航空成立于1946年，是一家在中国香港注册及以中国香港为基地的航空公司。2024年，该航空集团 的净利接近百亿港元，是中国年度最赚钱航司。国泰航空有望凭借今年上半年大增的业绩，继续成为今 年最赚钱的国内航司。 粗略计算，今年上半年，国泰集团日赚约2017万港元。 另外，国泰航空财报显示，2025年上半年，国泰航空的客运收益为342.08亿港元，同比增长14%。运载 乘客1360万人次，平均每日载客7.53万人次，同比增长27.8%，运载率为84.8%，同比进一步上升，2024 年上半年为82.4%。 国泰航空在发布业绩的同时，也宣布增购14架波音777-9飞机的消息，国泰集团对该机型的总订购数量 将增至35架。国泰航空表示，此次增购的14架飞机基本价格约为81亿美元（约632亿港元）。由于制造 商给予大幅价格优惠，实际代价会较上述基本价格更低。 本文源自：金融界 作者： ...