Group 1 - The core viewpoint of the article highlights a collective rise in Hong Kong aviation stocks, with China National Aviation rising over 4%, and China Eastern Airlines and China Southern Airlines increasing over 3% [1] - According to Guojin Securities, the passenger volume for the summer transportation period in civil aviation has increased by 3.6%, and the BDTI has shown a month-on-month growth [1] - Supply growth is expected to slow down due to capacity constraints from aircraft manufacturers and upstream component suppliers, leading to an optimization of supply and demand that will drive ticket prices up, thereby releasing profit elasticity for airlines [1] Group 2 - The article mentions that domestic ticket prices have turned positive year-on-year, and it recommends the aviation sector, specifically China National Aviation and China Southern Airlines [1] - Russian President Putin announced a mutual visa exemption policy for citizens of China and Russia, which is expected to boost travel demand, as indicated by a doubling in ticket search volume for destinations like Moscow and St. Petersburg [1] - The average ticket price from Beijing to Moscow is reported to be 1,482 yuan, reflecting increased interest in travel between the two countries [1] Group 3 - China Southern Airlines reported a revenue of 86.29 billion yuan for the first half of the year, marking a year-on-year increase of 1.77% [1] - China Eastern Airlines is set to hold a joint mid-term performance briefing on September 12, 2023 [1] - Changes in management are noted, with Liu Tiexiang resigning from his positions as Vice Chairman and General Manager of China Eastern Airlines, and Gao Fei being proposed for appointment as an executive director of China Southern Airlines [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 截至月份: 2025年8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9月1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 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 (B). 承諾發行發行人股份的權證 不適用 | 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 | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

国泰客运董事彭彧在揭幕仪式上表示："首都机场是我们重要的国际航空枢纽。目前为止国泰每天有7对 航班往来北京首都国际机场，在这样的服务频率下，我们有大量的商务旅客，还有一些公务旅行的客人 等各类旅客。我们致力营造与香港和全球旗舰贵宾室一脉相承的温馨氛围，传递暖意与亲切感。让我们 的旅客及会员从踏上旅程开始就深切感受到贴心接待和照顾。" 升级改造之后的贵宾室虽然在面积上并没有增加，但相比此前的版本在空间布局上进行了彻底的改造， 国泰相关负责人在揭幕仪式上对包括《华夏时报》在内的媒体介绍时表示，"改造之后的贵宾室差不多 有一半的面积都有屋顶覆盖，同时也按照功能不同设置了多个分区，国泰希望所有的贵宾室都淡化一些 商务色彩，增加更多家的感觉，同时在风格和功能上保持一致。" 航空运输业经历新冠疫情的"洗礼"之后，已经出现了诸多颠覆以往运行模式的结构性变化，其中一个显 著的趋势就是以大量商旅客户为代表的"中间层"旅客受经济环境影响需求减弱，使得航空公司迫切需要 想办法留住那些数量并不庞大的以高等级会员及两舱旅客为代表的高收益客户群体。这也使得斥巨资进 行机上和地面设备的升级换代成为一个必然的选项。 作为近年来逐渐开始将重心 ...

Core Viewpoint - The aviation industry is undergoing structural changes post-COVID-19, with a notable decline in demand from business travelers, prompting airlines to focus on retaining high-revenue customers such as premium members and business class passengers [2][5]. Group 1: Company Strategy - Cathay Pacific is enhancing its route network in mainland China and upgrading airport lounges to attract high-end customers traveling through Hong Kong [2][3]. - The newly renovated lounge at Beijing Capital International Airport reflects Cathay Pacific's commitment to providing a consistent and welcoming experience for travelers, aligning with its global standards [3][4]. - Cathay Pacific's investment plan, amounting to HKD 100 billion, aims to upgrade its fleet, cabin products, and ground facilities to strengthen its competitiveness in the high-end aviation market [4][5]. Group 2: Market Dynamics - High-end travelers, despite being only 3-5% of total passengers, contribute 15-20% of passenger revenue, making them crucial for airlines' recovery post-pandemic [5][6]. - The demand for high-end travel is more resilient, driven by business needs such as attending meetings and events, which necessitates airlines to enhance both their service offerings and network accessibility [6][7]. - Cathay Pacific is expanding its presence in North America, with a significant increase in flight frequency and the establishment of a new lounge at New York's JFK Airport, reflecting the importance of this market for high-end revenue [7][8]. Group 3: Future Outlook - Cathay Pacific plans to offer 1.3 million round-trip seats on East Asia-North America routes from September 2024 to February 2025, aiming to attract more high-end travelers and improve business class seat occupancy [8]. - The airline's strategy includes continuous upgrades to its network and services, with a focus on expanding its presence in mainland China and enhancing customer experience through dedicated lounges [5][8].

Investment Rating - The report recommends a "Buy" rating for the aviation sector, highlighting potential long-term benefits from the civil aviation authority's "anti-involution" policy and the expected recovery in airline revenues [90][91]. Core Insights - The global aviation market is experiencing a normalization phase with a year-on-year increase in passenger turnover (RPK) of 5.1% in H1 2025, driven by a higher growth rate in international RPK at 7.0% compared to domestic RPK at 2.0% [3][5]. - The U.S. aviation industry shows signs of stabilization with a profit margin of 3.6% in H1 2025, an increase of 0.9 percentage points year-on-year, despite a 1% increase in revenue and a 1% rise in costs [30][32]. - The European aviation market faces uncertainties but shows potential for profit growth, with ticket prices fluctuating significantly due to seasonal factors [66][72]. - In Asia, key markets like Southeast Asia and Japan are witnessing a recovery in passenger volumes, with some airports exceeding pre-pandemic levels [78][81]. Summary by Sections Global Aviation Market Overview - The global aviation market's growth rate has slowed, with H1 2025 showing a 5.1% increase in RPK and a 4.8% increase in available seat kilometers (ASK) [3][5]. - The market's load factor improved to 82.5%, reflecting a 0.2 percentage point increase year-on-year [3]. U.S. Aviation Market Tracking - The U.S. aviation sector's profit margin reached 3.6% in H1 2025, with a 1% increase in revenue and a 1% rise in costs, including a 13% decrease in fuel costs [30][32]. - Ticket prices in the U.S. have seen a decline, with a 5.1% drop in inflation-adjusted prices from January to July 2025 [34][38]. European Aviation Market Tracking - The European aviation market's ticket prices showed volatility, with significant fluctuations in early 2025, but overall recovery in passenger volumes is noted [66][63]. - Major airlines like Lufthansa and IAG reported profit growth in Q2 2025, driven by increased ticket prices and demand recovery [66][72]. Asian Aviation Market Tracking - Southeast Asia and Japan's airports are experiencing a resurgence in passenger traffic, with notable increases in throughput compared to pre-pandemic levels [78][81]. - Key transit airports in the region, such as Singapore and Doha, also reported growth in passenger numbers [81]. Investment Analysis Opinion - The report suggests that the seasonal increase in passenger volume coupled with a decrease in ticket prices has been adequately reflected in market expectations, indicating a favorable outlook for airline profitability [90]. - The report recommends focusing on airlines such as China Southern Airlines, China Eastern Airlines, and Spring Airlines, as well as global aircraft leasing companies and airport operators [90][91].

此乃重要通函 請即處理 閣下如對本通函任何方面或對所要採取的行動有任何疑問，應諮詢持牌證券商、銀行經理、律師、 專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有國泰航空有限公司股份，應立即將本通函送交買主或承讓人，或送交 經手買賣或轉讓的銀行、持牌證券商或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通函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） 主要交易 購買十四架波音777-9型飛機 董事局函件載於本通函第9至第13頁。 公司已接獲一批有密切聯繫的股東對交易作出的書面批准，該批股東為太古公司及國航，兩者合共 擁有公司超過50%的投票權。此書面批准根據上市規則第14.44條可被接納為代替股東大會上的大多 數票。本通函寄發予股東，僅供其參考之用。 二零二五年八月二十七日 釋 義 於本通函內，除文義另有所指外，下列詞彙具備以下 ...

Group 1: Passenger Traffic - In July 2025, Cathay Pacific's passenger volume increased by 24% compared to the same month last year, with available seat kilometers rising by 30% [1] - For the first seven months of 2025, passenger volume increased by 27% compared to the same period in 2024 [1] - The passenger load factor in July reached 86%, driven by strong demand from students and family visits in the first half of the month, and leisure travel to destinations like South Korea and Southeast Asia in the latter half [1] Group 2: Cargo Traffic - In July 2025, Cathay Pacific's cargo volume increased by 11% year-on-year, with available cargo ton kilometers also rising by 11% [1] - The growth in cargo volume reflects a rush to transport goods before tariff adjustments, with a 6% increase in capacity compared to the previous month [2] - The demand for cargo transport from Southeast Asia to Hong Kong was particularly strong, supported by the seasonal transport needs for fresh produce, such as cherries from the U.S. [2] Group 3: Operational Developments - Cathay Pacific and Hong Kong Express collectively carried approximately 3.2 million passengers in July, marking a new monthly high for the year [1] - Hong Kong Express also saw a 22% increase in passenger volume in July 2025 compared to the same month in 2024, with available seat kilometers increasing by 38% [2] - The company has resumed weekly flights between Hong Kong and Brussels, and has expanded its route network with new destinations [1][2]

Group 1: Passenger Traffic - In July 2025, Cathay Pacific's passenger volume increased by 24% compared to the same month last year, with available seat kilometers rising by 30% [1] - For the first seven months of 2025, passenger volume increased by 27% compared to the same period in 2024 [1] - The passenger load factor in July reached 86%, driven by strong demand from students and leisure travelers [1] Group 2: Cargo Traffic - In July 2025, Cathay Pacific's cargo volume increased by 11% year-on-year, with available cargo ton kilometers also rising by 11% [1] - The growth in cargo volume reflects a rush to transport goods before tariff adjustments, with a 6% increase in capacity compared to the previous month [2] - The demand for cargo transport from Southeast Asia to Hong Kong was particularly strong, aided by seasonal demand for fresh produce [2] Group 3: Operational Developments - Cathay Pacific and Hong Kong Express carried approximately 3.2 million passengers in July, marking a new monthly high for the year [1] - The company resumed weekly flights between Hong Kong and Brussels starting in August [1] - Hong Kong Express also saw a 22% increase in passenger volume in July 2025 compared to the same month in 2024, with available seat kilometers up by 38% [2]

Group 1 - Cathay Pacific's passenger volume in July 2025 increased by 24% compared to the same month in 2024 [1] - Available seat kilometers increased by 30% year-on-year in July 2025 [1] - For the first seven months of 2025, passenger volume increased by 27% compared to the same period in 2024 [1] Group 2 - Cathay Pacific's cargo volume in July 2025 increased by 11% compared to July 2024 [1] - Available cargo ton kilometers also increased by 11% year-on-year [1] - For the first seven months of 2025, cargo volume increased by 11% compared to the same period last year [1] Group 3 - Hong Kong Express carried over 680,000 passengers in July 2025, representing a 22% increase compared to July 2024 [1] - Available seat kilometers for Hong Kong Express increased by 38% year-on-year [1] - For the first seven months of 2025, passenger volume increased by 32% compared to the same period in 2024 [1]

Group 1 - Cathay Pacific's passenger capacity in July 2025 is expected to increase by 24% compared to July 2024 [1] - Available seat kilometers are projected to rise by 30% year-on-year [1] - For the first seven months of 2025, passenger capacity is anticipated to grow by 27% compared to the same period in 2024 [1] Group 2 - Cathay Pacific's cargo volume in July 2025 is expected to increase by 11% compared to July 2024 [1] - Available cargo ton kilometers are also projected to rise by 11% year-on-year [1] - For the first seven months of 2025, cargo volume is anticipated to grow by 11% compared to the same period last year [1] Group 3 - Hong Kong Express recorded over 680,000 passengers in July 2025, with a 22% increase in passenger capacity compared to July 2024 [1] - Available seat kilometers for Hong Kong Express increased by 38% year-on-year [1] - For the first seven months of 2025, passenger capacity is expected to rise by 32% compared to the same period in 2024 [1]