中国民航网讯：国泰航空今日宣布正式入驻上海机场苏州城市航站楼，并推出一站式"陆空联运"服务， 旨在通过优化空地衔接流程与提升服务质量，为旅客打造集高效、便捷、品质为一体的国际出行新体 验。 此次服务开通，也标志着国泰航空多式联运服务从粤港澳大湾区进一步拓展至长三角核心区域，是国泰 在内地多式联运布局的关键拓展。 作为多式联运服务的创新先行者，国泰航空近年来积极响应国家推动航空运输与其他交通方式融合发展 的相关战略部署。在粤港澳大湾区，国泰已成功探索包括"快船+客机""跨境车+客机""直升机+船+客 机"等多种创新模式，不断提升大湾区旅客国际出行的便利和效率。（国泰航空供稿）（编辑：王亚玲 校对：金杰妮 审核：韩磊） 国泰中国内地董事郑家驹表示："我们很高兴将国泰的多式联运服务进一步拓展至苏州及长三角地区。 苏州作为区域核心城市，拥有活跃的经贸生态与强劲的出行需求。此次合作是我们持续深耕内地市场， 积极拓展创新多式联运服务的又一成功实践，将有力的加强长三角与香港以及全球的互联互通，推动商 务及旅游等领域的协同发展。" 国泰航空正式入驻苏州城市航站楼（国泰航空供图） 为庆祝成功入驻苏州城市航站楼，助力旅客便捷出行 ...

华夏时报（www.chinatimes.net.cn）记者 王潇雨 北京报道 "因为距离比较远，老人家身体吃不消，所以这些年来基本都是我回家探亲或者找个中间点城市见面，最近忽然发 现香港和乌鲁木齐之间开了新的航班，有全平躺的商务舱，终于可以放心让他们飞来香港跟我团聚几天，"一位出 生于新疆，但已经在香港工作超过十年的金融从业者张先生5月8日把生活在新疆的父母送上了返程的航班之后， 在与《华夏时报》记者交流时感慨地说，"这个航班时刻也比较合适，半夜起飞，上飞机睡一觉起来正好落地。" 4月底开始，香港国泰航空公司（下称"国泰航空"）开通运营香港与乌鲁木齐之间一条最新的直飞航线，使用空中 客车A330-300宽体客机运营每周四个班次的服务。乌鲁木齐成为国泰航空在内地开通的第20个客运航点，同时也 是首次将其航线网络拓展至新疆。 国泰"西进" "中国内地一直是我们非常重要的市场，到今年夏天高峰期，我们每周将有300对航班覆盖内地22个客运航点，"国 泰集团中国内地董事郑家驹在乌鲁木齐接受包括《华夏时报》记者采访时表示，"我们也希望国泰可以利用香港这 一国际航空枢纽，把全球旅客带到大美新疆，也将内地的22个航点与世界相 ...

Core Viewpoint - Cathay Pacific Airways is facing public scrutiny after an incident where a flight attendant allegedly served white wine to a 3-year-old child on flight CX255 from Hong Kong to London on April 24 [1][1][1] Group 1: Incident Details - A passenger reported on social media that the flight attendant provided white wine to their 3-year-old child, who was traveling alone, mistaking it for water [1][1] - The child expressed that the drink was "sour," prompting the parent to taste it and discover it was white wine [1][1] - The passenger claimed that after reporting the issue to the flight attendant, there was no apology or acknowledgment of the mistake [1][1] Group 2: Company Response - On May 7, Cathay Pacific's corporate affairs department issued an apology for the incident, emphasizing the importance of passenger safety [1][1] - The airline stated that the crew contacted onboard medical personnel and consulted an independent medical institution to ensure the child's safety [1][1] - Cathay Pacific confirmed that the affected passenger and their family disembarked the aircraft as usual and that an internal investigation has been initiated, along with a compensation proposal [1][1]

Core Insights - Qingdao Airport ranked first in Cathay Pacific's 2024 Global Airport Passenger Service Satisfaction Survey, reflecting recognition from both domestic and international travelers for its service quality [1] Group 1: Service Efficiency Improvements - Qingdao Airport has implemented a paperless customs clearance service for international travelers, significantly enhancing travel efficiency by approximately 40% [3] - The airport has collaborated with various units to break down data barriers and innovate system functionalities to optimize the international passenger clearance process [3] Group 2: Service Quality Enhancements - The airport has improved signage and guidance in check-in areas, introduced differentiated signage, and established a communication mechanism with local immigration authorities to provide personalized solutions for travelers with expired or unprocessed travel documents [3] - Qingdao Airport has enhanced its "wheelchair door-to-door" service, offering comprehensive assistance to special passenger groups, ensuring they feel welcomed [3] Group 3: Recognition and Awards - In 2024, Qingdao Airport received over 70 commendation letters from various domestic and international airlines, including All Nippon Airways and Korean Air, and won more than 20 awards, such as the "All Nippon Airways 18th Quality Award for On-time Performance" and "Hainan Airlines 2024 Best Service Award" [5] - The airport aims to continue deepening cooperation with airlines to create a more efficient, warm, and human-centered travel experience for passengers [5]

Financial Performance - The total revenue for Cathay Pacific Group in 2024 was HKD 104,371 million, representing a 10.5% increase from HKD 94,485 million in 2023[11]. - The net profit attributable to shareholders was HKD 9,888 million, a slight increase of 1.0% compared to HKD 9,789 million in the previous year[11]. - Basic earnings per share rose to HKD 149.2, up 6.0% from HKD 140.8 in 2023, while diluted earnings per share increased by 5.9% to HKD 133.2[11]. - The group declared a dividend of HKD 0.69 per share, marking a significant increase of 60.5% from HKD 0.43 in the prior year[11]. - Cathay Pacific recorded a profit attributable to shareholders of HKD 9.888 billion for 2024, compared to HKD 9.789 billion in 2023, representing a year-on-year increase of approximately 1.01%[18]. - The earnings per share for 2024 was HKD 1.492, up from HKD 1.408 in 2023, indicating a growth of about 5.96%[18]. - The airline's subsidiary and associated companies recorded a profit of HKD 8.849 billion for 2024, down from HKD 9.225 billion in 2023, showing a decrease of approximately 4.08%[18]. - The company recorded a post-tax profit of HKD 9.799 billion in 2024, down from HKD 11.341 billion in 2023, indicating a decrease of approximately 13.6%[160]. Operational Metrics - The available tonne-kilometres increased by 17.0% to 24,836 million, while revenue tonne-kilometres rose by 15.1% to 17,362 million[12]. - The average age of the fleet increased to 11.8 years, up by 0.7 years from 11.1 years in 2023[12]. - The passenger load factor decreased by 2.5 percentage points to 83.2%, while passenger revenue per available seat-kilometre fell by 14.4% to HKD 56.0[12]. - The total number of passengers carried in 2024 was 22.8 million, averaging 62,500 passengers per day, which is a 26.9% increase from 2023[43]. - Available seat kilometers increased by 30.6% to 111.79 billion in 2024, while the load factor decreased by 2.5 percentage points to 83.2%[49]. - The cargo load factor averaged 59.9% in 2024, down from 62% in 2023[68]. Fleet and Capacity - The average age of the fleet is 11.1 years, with a total of 236 aircraft as of December 31, 2024[14]. - The group received over 100 new generation aircraft during the year, contributing to the expansion of its fleet[17]. - The company added 12 new Airbus A321neo aircraft to its fleet in 2024 and announced the purchase of 30 Airbus A330-900 aircraft, with deliveries starting in 2028[28]. - The new three-runway system at Hong Kong International Airport is now operational, enhancing Cathay Group's capacity and service offerings[33]. - The fleet restructuring plan aims to replace the remaining A300-600F aircraft with A330 freighters, expected to be completed by 2025[124]. Environmental Impact - The greenhouse gas emissions rose to 12.8 million tonnes CO2 equivalent, reflecting a 20.8% increase from 10.6 million tonnes[12]. - The total scope 1 and 2 emissions increased by 21.6% to 14.1 million tons of CO2 equivalent in 2024, compared to 11.6 million tons in 2023[143]. - The carbon emission intensity rose by 5.3% to 741 grams of CO2 equivalent per revenue ton kilometer in 2024, up from 704 grams in 2023[143]. - The percentage of sustainable aviation fuel in total fuel consumption increased to 0.15% in 2024, compared to 0.03% in 2023, marking a 0.12 percentage point increase[143]. - Cathay Pacific aims to achieve net-zero carbon emissions by 2050 and increase sustainable aviation fuel usage to 10% by 2030[145]. Workforce and Employment - The group employed over 30,100 staff globally, with approximately 25,300 based in Hong Kong as of December 31, 2024[10]. - The company hired and trained approximately 7,000 new employees in 2024, bringing the total workforce to over 30,000[27]. - The total number of employees reached 30,110 in 2024, reflecting a 26.5% increase from 23,801 in 2023[143]. - The proportion of female employees in senior positions rose to 30% in 2024, up from 27% in 2023[143]. Strategic Initiatives - The group plans to invest over HKD 100 billion in new projects, reflecting a strong commitment to enhancing capacity and customer experience at Hong Kong International Airport[17]. - The company aims to restore flight numbers to pre-pandemic levels by January 2025, achieving 100% of the previous capacity[17]. - The company is focused on digitalization and sustainable development as part of its strategic initiatives to enhance its market position[47]. - The company is investing in digital capabilities to enhance operational reliability and resilience, including the establishment of an integrated operations center[135]. Customer Experience - Cathay Pacific announced the introduction of a new menu in collaboration with Michelin-starred restaurants, enhancing the in-flight dining experience[64]. - The airline plans to extend free in-flight Wi-Fi service to first and business class passengers and Diamond card members by mid-2025[64]. - The company launched a new holiday booking website in collaboration with Expedia Group, offering over one million hotels and travel activities across multiple Asian markets[107]. - The upgraded online shopping experience for "Cathay Taste" was launched in October 2024, enhancing user interface and accessibility for customers[102]. Cargo Operations - Cargo revenue for 2024 was HKD 24 billion, up 8.3%, with overall cargo tonnage increasing by 10.9% to 1.5 million tons[29]. - Cathay Cargo handled 1.6 million tons of cargo in 2024, an 11% increase from 2023[128]. - Cathay Cargo has been recognized as one of the top ten cargo airlines globally, ranking fifth among all-cargo airlines based on scheduled freight ton-kilometers[86]. - The launch of the "Pharmaceutical Cargo Corridor" connecting Miami to Hong Kong aims to ensure safe and efficient transport of time-sensitive pharmaceuticals[86]. Financial Position - The net debt to equity ratio increased to 1.10 times, up from 0.88 times in the previous year, indicating a rise in financial leverage[11]. - The company's available unrestricted cash balance as of December 31, 2024, was HKD 19.073 billion[20]. - Total assets as of December 31, 2024, amount to HKD 171.124 billion[187]. - Shareholders' equity decreased by 12.5% to HKD 52.5 billion due to various factors including the redemption of preferred shares[193].

MIAMI, March 17, 2025 /PRNewswire/ -- Trax, a leading global provider of paperless aviation maintenance and engineering software products, announced today that Cathay Pacific, Hong Kong's home airline, selected Trax to power its Engineering Department's strategic digital transformation. The agreement expands Trax's customer base of leading global airlines and will enable Cathay Pacific's pursuit of next-generation aviation technology initiatives. Leaders from Trax and Cathay Pacific sign an agreement in ...

Financial Performance - Total revenue for 2024 reached HKD 104,371 million, representing a 10.5% increase from HKD 94,485 million in 2023[3] - Shareholders' profit attributable to Cathay Pacific Group was HKD 9,888 million, a slight increase of 1.0% compared to HKD 9,789 million in 2023[3] - Basic earnings per share rose to HKD 149.2, up 6.0% from HKD 140.8 in the previous year[3] - Cathay Group recorded a profit attributable to shareholders of HKD 9.888 billion in 2024, compared to HKD 9.789 billion in 2023, representing a slight increase[12] - The earnings per share for 2024 was HKD 1.492, up from HKD 1.408 in 2023[12] - The group achieved a solid financial performance in the second half of 2024, driven by increased cargo demand, passenger volume growth, and lower fuel prices[12] - The group reported a profit of HKD 8.849 billion from its airline and subsidiaries in 2024, down from HKD 9.225 billion in 2023[12] - The net profit attributable to shareholders was HKD 9,888 million in 2024, compared to HKD 10,000 million in 2023, indicating a slight decline[77] - Operating profit for 2024 was HKD 13,928 million, a decrease of 7.9% from HKD 15,125 million in 2023[65] - Total comprehensive income for the year was HKD 9,429 million, up from HKD 7,937 million in 2023[66] Revenue Breakdown - Passenger revenue for Cathay Pacific reached HKD 62.59 billion, an increase of 11.9% compared to 2023[26] - Cargo revenue increased by 8.3% to HKD 24 billion, with overall cargo tonnage rising by 10.9% to 1.5 million tons[26] - Passenger service revenue rose to HKD 68,589 million, up 11.0% from HKD 61,437 million in 2023[65] - The cargo service revenue rose to HKD 27,417 million, reflecting a growth of 7.1% from HKD 25,606 million in the previous year[50] Operational Metrics - The number of available tonne-kilometers increased by 17.0% to 24,836 million from 21,225 million in 2023[5] - Revenue passenger kilometers grew by 26.8% to 93,016 million, compared to 73,342 million in 2023[5] - The passenger load factor decreased by 2.5 percentage points to 83.2% from 85.7% in the previous year[5] - The average age of the fleet increased to 11.8 years from 11.1 years in 2023[5] - The company has hired and trained approximately 7,000 new employees in 2024, bringing the total workforce to over 30,000[23] Environmental Impact - The total greenhouse gas emissions rose by 20.8% to 12.8 million tonnes of CO2 equivalent[5] - The sustainable aviation fuel program achieved a total annual consumption of approximately 6,270 tons, increasing over ninefold compared to 2023[64] Debt and Financial Position - The net debt-to-equity ratio increased to 1.10 from 0.88, reflecting a rise in net borrowings to HKD 57,941 million, up 9.8% from HKD 52,764 million[3] - Borrowings increased to HKD 68.47 billion, a rise of 0.3%, with net borrowings (excluding cash) increasing by 9.8% to HKD 57.94 billion[60] - The group's equity attributable to shareholders decreased by 12.5% to HKD 52.5 billion due to various factors including the redemption of preferred shares[60] Dividends - The company declared a dividend of HKD 0.69 per share, a significant increase of 60.5% from HKD 0.43 in 2023[3] - The total dividend payout for ordinary shareholders for the year 2024 will be HKD 0.69 per share, amounting to HKD 4.44 billion[15] - The company has committed to maintaining a dividend policy of distributing approximately half of the consolidated after-tax profit, excluding non-cash special items, to ordinary shareholders[119] Future Plans and Investments - The group plans to invest over HKD 100 billion in 2024 to enhance passenger and cargo capacity, as well as customer experience[11] - The group is set to receive over 100 new generation aircraft during the year[11] - The group aims to restore flight numbers to pre-pandemic levels by January 2025[11] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[72] Challenges and Market Conditions - Despite challenges in 2025 and beyond, including trade conflicts and supply chain issues, Cathay remains committed to operational safety and quality[32] - The company reported a loss of HKD 400 million in 2024, compared to a profit of HKD 433 million in 2023, impacted by operational issues and market price normalization[28] Employee and Operational Growth - The company has maintained strong lobster exports to Hong Kong, contributing to the overall performance in fresh produce exports[49] - The company introduced new cabin products on the Boeing 777-300ER, receiving positive customer feedback[24] - Cathay Catering produced 23.6 million meals and handled 57,834 flights, representing increases of 21% and 33% respectively compared to 2023[62] Market Expansion - The company launched 15 new passenger routes in 2024, aiming to reach pre-pandemic flight levels by January 2025[22] - The group plans to add 11 new destinations to its network by 2025, enhancing its global reach[30] - The company announced the launch of direct flights to Munich starting June 2025, enhancing connectivity to major European cities[41]

Group 1 - Morgan Stanley has issued a research report giving Cathay Pacific an "overweight" rating with a target price of HKD 9.6 [1] - The report indicates that Cathay Pacific will benefit from rising air freight rates, strong cash flow, and improved financial conditions [1] - It is anticipated that a decrease in fuel costs will lead to an expansion in profit margins for Cathay Pacific [1]

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Investment Rating - Buy (首次评级) [3][6] Core Views - Cathay Pacific is a global airline with a strong presence in Hong Kong and the Greater Bay Area, operating both passenger and cargo services globally [3] - The company is expected to benefit from the recovery of international air travel, particularly from transit passengers from mainland China [5] - Cathay Pacific is well-positioned to capitalize on the long-term structural changes in the aviation industry, including the reopening of polar routes and the competitive advantage in long-haul routes [5] - The company is entering a new phase of growth starting in 2025, driven by the normalization of travel demand and the expansion of Hong Kong International Airport's third runway system [5] Business Overview Passenger Business - Cathay Pacific's passenger business has shown strong recovery post-pandemic, with passenger volume rebounding significantly in 2023 and continuing to grow in 2024 [4] - The company's passenger load factor and revenue per passenger kilometer (RPK) have improved, although ticket prices are expected to decline slightly as capacity increases [4] - Cathay Pacific is expected to maintain high ticket prices due to the supply-demand imbalance, with passenger demand still being released gradually [4] Cargo Business - Cathay Pacific is a leading player in the global air cargo market, with significant capacity deployed in Northeast Asia and North America [3] - The company's cargo business has remained strong, with cargo yields staying above pre-pandemic levels [4] - The company is expected to continue increasing cargo capacity, leveraging Hong Kong's position as a global air cargo hub [4] Financial Performance and Valuation - Cathay Pacific's net profit is expected to decline to HKD 7.133 billion in 2024 but rebound to HKD 9.008 billion and HKD 10.82 billion in 2025 and 2026, respectively [6] - The company's ROE is projected to reach 10.9%, 12.6%, and 13.7% in 2024, 2025, and 2026, respectively [6] - Based on the PB-ROE valuation model, the target PB ratio for 2025 is 1.1-1.2x, implying a valuation range of HKD 78.7-85.8 billion, representing an upside potential of 37-50% [6] Strategic Advantages - Cathay Pacific benefits from its dominant position in Hong Kong's aviation market, with a market share of over 55% [102] - The company is expected to gain from the expansion of Hong Kong International Airport's third runway system, which will significantly increase capacity and open up new growth opportunities [104] - Cathay Pacific's extensive global network and focus on international routes position it well to benefit from the recovery of long-haul travel and the competitive advantages in the post-pandemic aviation landscape [5] Industry Outlook - The global aviation industry is expected to see a recovery in passenger demand, particularly in international travel, with Cathay Pacific well-positioned to benefit from this trend [5] - The air cargo market remains strong, with global demand for air freight continuing to grow, providing further growth opportunities for Cathay Pacific [132] - The long-term growth of the Greater Bay Area and the expansion of infrastructure in the region will further support Cathay Pacific's growth, particularly in the cargo segment [112]