擬進行場外股份回購 延遲寄發通函 獨立董事委員會及獨立股東的獨立財務顧問 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内容概不負責，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部份内容而產生或因依賴該 等内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 (在香港註冊成立之有限公司) (股份代號：293) 本公司的股東及潛在投資者務請注意，建議的股份回購受限於該公告所載的條件，故建 議的股份回購可能會或可能不會進行。因此，本公司的股東及潛在投資者在買賣本公司 股份及其他證券時務須審慎行事。 本公告以中文及英文刊登。倘英文版本與中文版本有任何歧義，概以英文版本爲準。 於本公告日期，本公司董事爲： 常務董事： 賀以禮（主席）、林紹波、劉凱詩、麥皓雲、沈碧嘉； 非常務董事： 馬崇賢（副主席）、白德利、麥廣能、孫玉權、施銘倫、鄧健榮、 王明遠、肖烽；及 謹此提述國泰航空有限公司（「本公司」）於二零二五年十一月五日就股份回購等事宜 刊發之公告（「該公告」）。除文義另有所指外，本公告所用之詞彙與該公告所界定者 具有相同 ...

Group 1 - The core viewpoint of the articles highlights the robust growth in both passenger and cargo operations for Cathay Pacific Group, with significant increases in passenger numbers and cargo volume in October 2025 [1][2] Group 2 - In October 2025, Cathay Pacific and HK Express collectively carried over 3.2 million passengers, representing a month-on-month increase of 21% [1] - Cathay Pacific's passenger volume increased by 29% year-on-year in October, with a cumulative increase of 27% for the first ten months, achieving a passenger load factor of 86%, the highest for the same month in recent years [1] - HK Express carried over 680,000 passengers in October, marking a year-on-year growth of 32%, with a cumulative increase of 31% for the first ten months [1] - Cathay Pacific's cargo volume exceeded 150,000 tons in October, with a month-on-month increase of 12%, and a year-on-year growth of 6% [1] - The "Cathay Fresh Cargo" and "Cathay Priority Cargo" services performed well, driven by demand for fresh produce from Southeast Asia and Oceania, as well as seasonal cargo needs in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 3 - Cathay Pacific has expanded its route network, launching daily flights to Changsha and seasonal flights to Adelaide, with HK Express planning to add daily flights to Kota Kinabalu [1] - The group plans to operate approximately 330 pairs of domestic routes, nearly 100 pairs of Oceania routes, and over 430 pairs of Southeast Asia routes during the winter travel peak [1] Group 4 - Cathay's Customer and Business President, Ronald Lam, indicated strong bookings for the Christmas travel season, with expected increases in passenger flow to North America and Europe [2] - The demand for cargo is anticipated to remain high during the remaining peak season [2] - HK Express will closely monitor travel demand in Japan and continue to optimize its network layout [2]

Core Insights - Cathay Pacific Group reported a significant increase in passenger and cargo traffic for October 2025 compared to the same month in 2024, indicating a strong recovery in the aviation sector [1] Passenger Traffic - Cathay Pacific's passenger volume in October 2025 increased by 29% compared to October 2024, with available seat kilometers rising by 26% [1] - For the first ten months of 2025, passenger volume increased by 27% compared to the same period in 2024 [1] - Hong Kong Express recorded over 680,000 passengers in October 2025, a 32% increase from October 2024, with available seat kilometers increasing by 34% [1] - In the first ten months of 2025, Hong Kong Express's passenger volume rose by 31% compared to the same period in 2024 [1] Cargo Traffic - Cathay Pacific's cargo volume in October 2025 increased by 6% compared to October 2024, with available cargo ton kilometers rising by 8% [1] - For the first ten months of 2025, cargo volume increased by 10% compared to the same period in 2024 [1]

Core Insights - Cathay Group reported a robust performance in passenger and cargo operations for October, with over 3.2 million passengers carried, representing a 21% month-on-month increase [1] - Cathay Pacific's passenger volume increased by 29% year-on-year in October, while available seat kilometers rose by 26% [1] - Cargo operations saw a volume exceeding 150,000 tons in October, reflecting a 12% month-on-month growth [1] - For the first ten months of the year, passenger and cargo volumes increased by 27% and 10% respectively compared to the same period last year [1] - The demand for passenger travel was notably strong in October, driven by the National Day and Mid-Autumn Festival holidays, with significant growth in leisure travel from mainland China to Hong Kong and globally [1] - Looking ahead, strong bookings for the Christmas travel season are anticipated, particularly from inbound travelers visiting from North America, the UK, and other European countries [1] - Cathay Group is expanding its global route network, planning to operate approximately 330 round-trip flights to mainland China, nearly 100 flights to Oceania, and over 430 flights to Southeast Asia during the winter travel peak [1]

Core Insights - Cathay Pacific's passenger and cargo operations showed steady performance in October 2025, with over 3.2 million passengers carried, a month-on-month increase of 21% [1] - Cargo volume exceeded 150,000 tons in October, reflecting a month-on-month growth of 12% [1] - The airline is expanding its global route network, launching new services to Changsha and Adelaide, and increasing flight frequencies to mainland China and Southeast Asia [1] Passenger Operations - In October 2025, passenger volume increased by 29% compared to the same month in 2024, with available seat kilometers rising by 26% year-on-year [1] - The load factor reached 86%, the highest for the month in recent years, driven by strong demand during the National Day and Mid-Autumn Festival holidays [2] - Forward bookings for the Christmas travel season remain robust, with expectations of increased inbound travelers from North America, the UK, and other European regions [2] Cargo Operations - Cargo volume in October 2025 increased by 6% year-on-year, with available cargo ton kilometers up by 8% [2] - The demand for the "Cathay Fresh Cargo" service remains strong, particularly for fresh produce from Southeast Asia and Oceania, as well as for salmon shipments from South America to mainland China [2] - The company anticipates sustained strong demand in the remaining peak cargo season, especially on major cargo routes [3] Hong Kong Express - Hong Kong Express carried over 680,000 passengers in October 2025, a 32% increase compared to the same month in 2024, with available seat kilometers increasing by 34% [3] - The load factor for Hong Kong Express was nearly in line with the previous year's level, supported by strong demand during the National Day holiday [3] - The airline will closely monitor travel demand to Japan while focusing on enhancing overall network demand [3]

Core Viewpoint - Cathay Pacific Airways reported a steady performance in passenger and cargo operations for October 2025, with significant increases in both metrics compared to previous periods [1] Group 1: Passenger Operations - In October 2025, Cathay Pacific and Hong Kong Express collectively carried over 3.2 million passengers, representing a month-on-month increase of 21% [1] - The passenger load factor for October 2025 increased by 29% compared to the same month in 2024 [1] - Available seat kilometers (ASK) increased by 26% year-on-year in October 2025 [1] - For the first ten months of 2025, passenger numbers increased by 27% compared to the same period in 2024 [1] Group 2: Cargo Operations - Cathay Pacific's cargo volume exceeded 150,000 tons in October 2025, marking a month-on-month growth of 12% [1]

Core Insights - Cathay Pacific's passenger and cargo operations showed steady performance in October 2025, with over 3.2 million passengers carried, a month-on-month increase of 21% [1] - Cargo volume exceeded 150,000 tons, reflecting a month-on-month growth of 12% [1] - The airline is expanding its global route network, launching new services to Changsha and Adelaide, and increasing flight frequencies to various regions during the winter travel peak [1] Passenger Operations - In October 2025, Cathay Pacific's passenger volume increased by 29% compared to the same month in 2024, with available seat kilometers rising by 26% year-on-year [1] - The passenger load factor reached 86%, the highest for the month in recent years, driven by strong demand during the National Day and Mid-Autumn Festival holidays [2] - Forward bookings for the Christmas travel season remain robust, with expectations of increased inbound travelers from North America, the UK, and other European regions [2] Cargo Operations - Cathay Pacific's cargo volume in October 2025 increased by 6% year-on-year, with available cargo ton kilometers up by 8% [2] - The cargo business continues to show strong momentum, particularly in Southeast Asia and Oceania, driven by fresh produce shipments to Hong Kong and South American salmon exports to mainland China [2] - The company anticipates sustained strong demand in the remaining peak cargo season, especially on major cargo routes [3] Hong Kong Express - Hong Kong Express carried over 680,000 passengers in October 2025, a 32% increase compared to the same month in 2024, with available seat kilometers rising by 34% [3] - The airline's passenger load factor remained nearly in line with the previous year, supported by strong demand during the National Day holiday [3] - Future flight bookings indicate a continuation of this positive trend, with a focus on monitoring travel demand to Japan and enhancing overall network demand [3]

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) 二零二五年十月份客、貨運量數據 附上的新聞稿載列國泰航空有限公司（「公司」，連同其附屬公司，統稱「國泰集 團」或「集團」）的二零二五年十月份客、貨運量數據。新聞稿載列的資料可能為 股價敏感資料。因此，本公告附上新聞稿乃按《證券及期貨條例》第 XIVA 部發 出。新聞稿載列的資料乃在內部管理記錄的基礎上編制，未經外聘核數師審核或審 閱。 本公告乃公司根據《證券及期貨條例》第 XIVA 部發出。 本公告載列的資料乃在內部管理記錄的基礎上編制，未經外聘核數師審核或審閱。 投資者在買賣公司股票時務必審慎行事。 於本公告所載日期，公司的在任董事如下： 常務董事： 賀以禮（主席）、林紹波、劉凱詩、麥皓雲、沈碧嘉； 非常務董事： 馬崇賢（副主席）、白德利、麥廣能、孫玉權、施銘倫、 鄧健榮 ...

Group 1 - The core point of the article highlights a significant decline in Hong Kong airline stocks, particularly China Southern Airlines, China Eastern Airlines, Cathay Pacific, and Air China, due to the cancellation of numerous flights on Japan routes [1][2] - As of November 24, 2023, 12 routes between China and Japan have canceled all flights, with a projected cancellation rate of 21.6% for planned flights to Japan by December 27, marking the highest rate in a month [1] - Key routes with high cancellation rates include Tianjin Binhai to Kansai International (65.0%), Nanjing Lukou to Kansai International (59.4%), Guangzhou Baiyun to Kansai International (31.3%), and Shanghai Pudong to Kansai International (30.1%) [1] Group 2 - The stock performance of major airlines shows declines: China Southern Airlines down 3.07% to 5.060, China Eastern Airlines down 1.94% to 4.550, Cathay Pacific down 1.54% to 11.530, and Air China down 1.40% to 6.320 [2] - The cancellation of flights on these key routes is expected to directly impact ticket sales and cargo revenue, which are crucial income sources for airlines [1]

Core Insights - The report highlights a significant increase in VLCC (Very Large Crude Carrier) freight rates, reaching a new high, driven by a notable decline in Russian oil exports, which has created additional demand for oil transportation from the Middle East to India and China [3][4] - The report suggests a positive outlook for the transportation sector, particularly in shipping and aviation, with recommendations for specific companies such as China Merchants Energy and COSCO Shipping Energy [3][4] - The report emphasizes the importance of monitoring seasonal trends in freight rates, particularly the potential for a "not-so-dull" off-season from December to February [3] Industry Overview - The transportation index has decreased by 5.00%, underperforming the CSI 300 index by 1.23 percentage points, with the express delivery sector showing the smallest decline at -2.75% and the public transport sector experiencing the largest drop at -9.35% [4][11] - The shipping sector has shown mixed performance, with the Baltic Dry Index increasing by 5.67% while the coastal dry bulk freight index fell by 3.47% [4][11] - The report notes that the average freight rate for VLCCs has risen by 5% week-on-week, reaching $126,371 per day, with the Middle East to Far East route hitting a new high of $138,144 per day [3][4] Shipping Sector Insights - The report indicates that the average freight rate for the fourth quarter is approaching $99,000 per day, marking it as one of the highest quarterly averages in history [3] - The decline in Russian oil exports has been significant, dropping from nearly 4 million barrels per day to around 3 million barrels per day, which has increased demand for oil from the Middle East [3][4] - The report also highlights the recovery of chartering activities following the Bahri conference, with shipowners beginning to control capacity due to tightening supply [3] Aviation Sector Insights - The report discusses the unprecedented challenges in the aircraft manufacturing supply chain, with an aging fleet expected to persist over the next 5-10 years, leading to constrained supply [3] - It anticipates a significant improvement in airline profitability as capacity is allocated to international routes, suggesting a potential golden era for airlines [3] - Recommendations include major airlines such as China Eastern Airlines and Spring Airlines, which are expected to benefit from these trends [3] Express Delivery Sector Insights - The express delivery industry is entering a new phase of competition, with three potential scenarios outlined: price recovery leading to utility-like profitability, continued competitive pressure, or higher-level consolidation [3] - Companies such as Shentong Express and YTO Express are highlighted as having strong potential due to their competitive advantages and market positioning [3] High Dividend Stocks in Transportation - The report lists high dividend yield stocks in the transportation sector, including Bohai Ferry with a yield of 8.08% and China Railway with a yield of 3.95% [21] - The focus on high dividend stocks is seen as a stable investment strategy amidst market fluctuations [21]