Core Viewpoint - Morgan Stanley has downgraded Cathay Pacific's net profit forecasts for 2025 to 2027 by 7%, 5%, and 7% respectively, primarily due to a reduction in passenger yield expectations, partially offset by improved cost control [1] Group 1: Financial Forecasts - The target price for Cathay Pacific has been lowered from HKD 12.1 to HKD 10.8 [1] - The company maintains a "market perform" rating amid operational uncertainties, with a 7% dividend yield potentially limiting downside risk [1] Group 2: Market Conditions - A more positive outlook may emerge if demand for routes to Japan and Thailand recovers better than expected, supporting yield performance [1] - The outlook for Sino-US trade is a variable that could impact cargo business momentum [1] Group 3: Cost Considerations - Fuel costs account for approximately 30% of Cathay Pacific's total costs, making oil price trends a significant observation indicator [1]

Core Viewpoint - Morgan Stanley has revised down its net profit forecasts for Cathay Pacific for 2025 to 2027 by 7%, 5%, and 7% respectively, primarily due to a reduction in passenger yield forecasts, partially offset by improvements in cost control [1] Group 1: Financial Performance - The downward revision in net profit forecasts reflects a decrease in passenger yield expectations [1] - Capital expenditure forecasts have been increased [1] Group 2: Market Conditions - If demand for routes to Japan and Thailand recovers better than expected, it could support yield performance and lead to a more positive outlook [1] - The outlook for US-China trade is a variable that may impact cargo business momentum [1] Group 3: Cost Considerations - Fuel costs account for approximately 30% of Cathay Pacific's total costs, making oil price trends a significant observation indicator [1] Group 4: Rating and Target Price - In light of operational uncertainties, Morgan Stanley maintains a "market perform" rating for Cathay Pacific, with a target price reduced from HKD 12.1 to HKD 10.8 [1] - A 7% dividend yield may help limit downside risks [1]

Group 1 - Morgan Stanley lowered Cathay Pacific's target price by 11%, from HKD 12.1 to HKD 10.8, with the highest target price reduced from HKD 18.3 to HKD 16.8, and the lowest target price from HKD 7.4 to HKD 6.3, maintaining a "market perform" rating [1] - The forecast for earnings in 2025-2027 was cut by 7%, 5%, and 7% respectively, due to a decline in passenger revenue assumptions and increased capital expenditures [1] - Cathay Pacific is expected to benefit from the recovery in demand in Hong Kong, but the cargo sector faces uncertainties [1] Group 2 - If the demand for routes to Japan and Thailand recovers faster than expected, the outlook could be more optimistic [1] - The outlook for the cargo business will be influenced by the Sino-U.S. trade prospects, and fluctuations in fuel prices are also critical [1] - There is a risk of a decline in the 2025 dividend yield, projected at 7% [1]

Group 1 - Cathay Pacific Group reported a revenue of HKD 54.309 billion for the first half of 2025, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of HKD 3.651 billion, up 1.1% [1] - The group experienced growth in both passenger and cargo capacity, aided by a decrease in fuel prices, although passenger ticket prices faced pressure, leading to a 12.3% decline in passenger yield and a 3.4% drop in cargo yield [1][2] - The group has opened 19 new routes in 2025, expanding its global passenger destinations to over 100, with a focus on strengthening connections with mainland China [2][3] Group 2 - Cathay Pacific's low-cost airline, HK Express, reported a net loss of HKD 524 million for the first half of 2025, transitioning from profit to loss compared to the previous year, primarily due to reduced travel demand to Japan [2] - The management expressed confidence in HK Express's long-term fundamentals, citing strong safety, punctuality, and cost efficiency metrics, while emphasizing the need for time to cultivate new routes [2][3] - The group is actively increasing its presence in mainland China, with plans to add new routes and enhance existing ones, including daily flights to Beijing and Shanghai [3][4] Group 3 - The proportion of mainland employees within Cathay Pacific is steadily increasing, with expectations to reach around 4,000 by the end of the year, contributing significantly to the overall workforce of over 30,000 [3][4] - The group is enhancing its digital and IT capabilities in the Greater Bay Area, with plans to double the size of its mainland IT team by the end of 2025 [4] - Cathay Pacific aims to facilitate travel for Greater Bay Area passengers to Hong Kong International Airport through improved logistics and services [4]

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]

摩根大通发布研报称，国泰航空(00293)上半年业绩未达市场预期，主要原因为上半年乘客收益率同比 下降12%，加上营运成本上升及竞争压力，与新加坡航空(SIA)相情况类似，反映亚洲高端全服务航空 公司面临的挑战。小摩将国泰航空股票评级从"中性"下调至"减持"，目标价从8.1港元略降至8.2港元， 意味较现价约25%下行空间。 小摩表示，尽管国泰航空上半年营运现金流强劲，其负债比率几乎未变，派息略有减少，但考虑到其相 关发展，下调国泰航空2025至2027财年预测，较市场共识低5%至8%。 ...

Group 1 - The core viewpoint of the article highlights that Cathay Pacific Group 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 net profit attributable to shareholders was HKD 3.651 billion, showing a growth of 1.1% compared to the previous year [1] - Basic earnings per share increased by 8.2% to HKD 0.567 [1] Group 2 - Cathay Pacific's passenger revenue for the first half of 2025 reached HKD 34.208 billion, marking a 14% year-on-year increase [2] - The airline carried 13.6 million passengers, averaging 75,300 passengers per day, which is a 27.8% increase year-on-year [2] - The passenger load factor improved to 84.8%, up from 82.4% in the same period last year [2] Group 3 - Cathay Pacific announced an additional order for 14 Boeing 777-9 aircraft, increasing the total order for this model to 35 [2] - The basic price for the new aircraft is approximately USD 8.1 billion (around HKD 63.2 billion), with expected discounts from the manufacturer [2] - The chairman of Cathay Pacific expressed optimism about future passenger demand and plans to increase flights and destinations [2] Group 4 - Despite the positive financial results, Cathay Pacific's stock price fell significantly, closing down 9.66% on the previous day and continuing to decline to HKD 10.44 per share, a nearly 4% drop [2] - The total market capitalization of the company is approximately HKD 67.3 billion [2]

作者 | 周智宇 编辑 | 张晓玲 如果说疫情后的强劲复苏是航空业的"上半场"，那么国泰航空于8月6日交出的2025年中期成绩单，无疑 吹响了"中场战事"的哨声。 财报显示，国泰上半年录得股东应占溢利36.51亿港元，与去年同期基本持平，并宣布派发13亿港元中 期股息，对于一家刚走出历史性困境的企业而言，这是一份稳健的答卷。 然而，在营收543.09亿港元，同比增长9.5%之时，国泰航空净利增速来到1.1%。这是个清晰的信号，宣 告着那个依靠供需失衡便能轻松获取高利润的"顺风局"已经结束。 所谓"中场战事"，核心已不再是关于"复苏"的速度，而是关于"博弈"的深度。当高票价成为过去，当全 球运力涌入导致竞争白热化，当宏观环境充满不确定性，如何守住盈利、争夺份额、布局未来，成为了 摆在国泰乃至整个行业面前的硬仗。这份财报，正是这场"硬仗"的开篇。 正如国泰集团主席贺以礼所言："过去几年建立的强大基础，让我们比以往更有韧性……但影响整个航 空业的这些波动，也会影响到我们公司。" 如果说收益率下滑是"共性难题"，那么子公司和货运业务的表现则反映了区域市场的特殊挑战。 子公司香港快运由盈转亏，亏损约5亿港元。国泰集团行 ...

Group 1 - The core point of the article highlights the recent stock performance of Cathay Pacific Airways, which experienced a decline of 2.76% on August 7, trading at HKD 10.55 per share with a transaction volume of HKD 300 million [1] - Cathay Pacific Airways is primarily engaged in passenger and cargo air transportation, as well as related services such as catering, ground handling, ramp services, and cargo station operations, with its business operations spanning across Asia, Europe, and North America [1] - As of the mid-year report in 2025, Cathay Pacific Airways reported total revenue of HKD 49.527 billion and a net profit of HKD 3.33 billion [2] Group 2 - On August 6, the company announced an interim dividend of HKD 0.2 per share for the mid-year of 2025, with the ex-dividend date set for September 3, 2025, and the payment date on October 9, 2025, as per the board's proposal [3]