摩根士丹利发布研报称，国泰航空(00293)客运收益率低于预期，主要由于长途航线收益率持续正常化 及短途航线竞争加剧，尽管商务舱需求强劲且载客率同比提升。市场普遍预期2025年全年净利润将同比 下降，但该行认为下行风险有限。评级"与大市同步"，目标价12.1港元。 大摩表示，国泰航空公布2025年上半年普通股股东应占净利润为36.5亿港元，同比增长8.3%。经营利润 为59亿港元，与去年同期持平，但低于市场预期66亿港元。受可转债回购影响，摊薄每股盈利同比增长 16.6%。集团上半年总收入为543亿港元，同比增长9.5%。国泰航空上半年营运现金流为112亿港元(2024 年同期为106亿港元)。截至2025年6月，集团可动用流动资金达215亿港元。中期股息维持每股0.2港 元，同比持平。按公告前收盘价计算，股息收益率为1.7%。 ...

Group 1 - Morgan Stanley reports that Cathay Pacific's (00293) passenger yield is below expectations due to the normalization of long-haul route yields and intensified competition on short-haul routes, despite strong demand for business class and a year-on-year increase in passenger load factor [1] - The market generally anticipates a year-on-year decline in net profit for the full year of 2025, but Morgan Stanley believes the downside risk is limited [1] - The rating is "in line with the market," with a target price of HKD 12.1 [1] Group 2 - Cathay Pacific reported a net profit attributable to ordinary shareholders of HKD 3.65 billion for the first half of 2025, representing a year-on-year increase of 8.3% [1] - Operating profit for the first half was HKD 5.9 billion, unchanged from the same period last year but below market expectations of HKD 6.6 billion [1] - The diluted earnings per share increased by 16.6% year-on-year due to the impact of convertible bond repurchases [1] Group 3 - Total revenue for the first half reached HKD 54.3 billion, a year-on-year increase of 9.5% [1] - Operating cash flow for the first half was HKD 11.2 billion, compared to HKD 10.6 billion in the same period of 2024 [1] - As of June 2025, the group had available liquid funds of HKD 21.5 billion [1] Group 4 - The interim dividend remains at HKD 0.2 per share, unchanged year-on-year [1] - Based on the closing price before the announcement, the dividend yield is 1.7% [1]

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，概不對因公告全部或任何部份內 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) 6,740,000,000 港元 2.75%於二零二六年到期的有擔保可轉換債券轉換價調整 謹此提述日期爲二零二一年一月二十八日有關可轉換債券的公司公告及日期為二零二 一年二月八日的公司通函。 因公司宣佈派發二零二五年中期股息，轉換價將根據可轉換債券的條款及條件由每股 份 7.55 港元進一步調整爲每股份 7.42 港元，由二零二五年九月六日（即二零二五年中 期股息記錄日期翌日）起生效。 根據可轉換債券的條款及條件，公司於可轉換債券轉換時予以發行的股份數量是以通 過將該可轉換債券的本金除以當時有效的轉換價而確定。 - 1 - 於二零二五年八月五日，已接獲有關行使可轉換債券之轉換權的轉換通知，轉換價為 每股份 7.55 港元，涉及本金金額為 4.04 億港元（下稱「二零二五年轉換 ...

| 名称 | | 最新价 | 涨跌幅 | | --- | --- | --- | --- | | 恒生指数 | 1 - 1 - 1 - 1 W | 24910.63 | +0.03% | | 800000 | | | | | 国企指数 | mm | 8932.68 | -0.21% | | 800100 | | | | | 恒生科技指数 | | 5532.17 | +0.20% | | 800700 | | | | (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月6日｜港股三大指数收盘涨跌不一，恒生指数涨0.03%盘中一度重回25000点，恒生科技指数 涨0.2%，国企指数跌0.21%，三大指数全天呈现窄幅震荡行情。 盘面上，大型科技股涨跌不一，腾讯涨1.7%，快手、阿里巴巴涨幅在1%以内，美团跌1.46%，百度、小 米、京东飘绿；"反内卷"相关板块表现强势，涨价 ...

Core Viewpoint - Cathay Pacific maintains a robust financial performance in the first half of 2025 despite uncertainties in the business environment, with the group’s passenger airline having launched or announced 19 new routes, reaching over 100 destinations globally. However, the latest financial data indicates notable changes in key financial metrics amid rapid expansion [1]. Financial Performance - In 2024, Cathay Pacific's total revenue reached HKD 104.37 billion, a 10.5% increase from HKD 94.49 billion in 2023 [3]. - Shareholder profit attributable increased slightly by 5.9% to HKD 9.61 billion, showing a significant slowdown in growth [3]. - Earnings per share rose from HKD 14.68 to HKD 16.21, while earnings per share slightly decreased from HKD 2.24 to HKD 2.20 [3]. - Return on equity improved from 14.64% in 2023 to 17.08% in 2024, and return on total assets increased from 5.11% to 5.56% [3]. - However, net asset per share declined from HKD 9.32 to HKD 8.15, indicating adjustments in the company’s asset structure [3]. - Cash flow indicators showed deterioration, with net cash flow per share at negative HKD 0.37 compared to positive HKD 0.09 in 2023, and operating cash flow per share decreased from HKD 4.10 to HKD 3.66 [3]. Liquidity Concerns - Cathay Pacific's liquidity situation has worsened, with the current ratio dropping from 0.67 in 2021 to 0.38 in 2024, and the quick ratio falling from 0.64 to 0.36 [4]. - Net current liabilities increased significantly from HKD 14.24 billion in 2021 to HKD 30.99 billion in 2024, more than doubling [4]. - Total current liabilities reached HKD 50.24 billion, while current assets totaled only HKD 19.25 billion, indicating a significant mismatch in asset-liability duration [4]. - Cash and cash equivalents decreased from HKD 8.32 billion in 2023 to HKD 7.27 billion, which may affect the company's ability to respond to emergencies amid rapid expansion [4]. - Short-term debt rose to HKD 11.63 billion from HKD 10.52 billion in 2023, increasing short-term repayment pressure [4]. Business Expansion Challenges - The company plans to invest over HKD 100 billion in fleet, cabin, lounge products, and digital innovation, aiming to enhance customer experience through increased flights and destinations [6]. - However, this large-scale investment strategy faces risks given the current financial situation [6]. - Hong Kong Express, a key component of Cathay Pacific, reported a loss of HKD 400 million in 2024, a significant decline from a profit of HKD 433 million in 2023 [6]. - Although ticket bookings to Japan have shown recovery, they have not yet returned to normal levels, and new routes require time to mature [6]. - Cathay Cargo achieved revenue of HKD 24 billion in 2024, an 8.3% year-on-year increase, but faces challenges for sustainable growth amid a complex global trade environment [6]. - Overall, while revenue and profit growth are evident, liquidity deterioration, cash flow pressures, and losses from subsidiaries are critical issues that need careful financial risk management to ensure long-term sustainability [6].

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong 100 Industrial Index, which has shown significant growth over various time frames, including a 13.32% increase in the past month, a 21.36% increase in the past three months, and a 16.87% increase year-to-date [1] - The index is categorized based on the China Securities industry classification standards, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The index is fully composed of securities listed on the Hong Kong Stock Exchange, indicating a complete focus on this market [1] Group 2 - The index's holdings are primarily concentrated in the express delivery sector, which accounts for 58.05% of the index, followed by comprehensive logistics at 10.75%, industrial group enterprises at 10.63%, commercial vehicles at 7.49%, shipping at 7.08%, and air transportation at 5.99% [1] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in special circumstances, such as changes in the parent index or significant events affecting sample companies [2]

国泰航空(0293.HK)午后放量跳水，一度跌近11%，报10.72港元，截至目前成交额放大至4.1亿港元。 旗下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，去年同期溢利为6600万港元，主要是由于旅客受地震传闻影响而暂时避免前往日本等传 统热门目的地，以及新增的航线需时才发展成熟。集团提到，香港快运将继续面临短期挑战。前往日本的机票预订有所回升，但尚未恢复至正常水平。 摩根士丹利称，国泰上半年业绩未达市场高预期，因乘客收益率低于预期。 公司午间公布，截至6月底止中期股东应占溢利36.51亿港元，同比上升1.1%。每股基本盈利56.7港仙，派第一次中期股息每股20港仙。期内，收益543.09 亿港元，同比增长9.49%。国泰航空的客运收益为342.08亿港元，增加14%，以收入乘客千米计算的客运量则增加30%；上半年运载乘客共1360万人次，平 均每日载客7.53万人次，增加27.8%。国泰货运的收益为111.41亿港元，增加2.2%。 ...

Core Viewpoint - Cathay Pacific Airways (00293.HK) has exercised its purchase rights under the 2013 subscription agreement to acquire 14 Boeing 777-9 aircraft, with an option to purchase up to 7 additional aircraft from the manufacturer [1] Group 1: Aircraft Purchase Details - The basic price for the aircraft is approximately $8.1 billion, equivalent to about HKD 63.2 billion [1] - The manufacturer has granted significant price discounts to CPAS, resulting in a lower actual cost for the aircraft compared to the basic price [1] - Payment for each aircraft will be made in five installments, with the first four payments occurring before delivery, covering a substantial portion of the cost [1] Group 2: Financing and Delivery - Funding for the transaction may be sourced through commercial bank loans, financing leases, sale-leaseback arrangements, and/or cash generated from the company's operations [1] - The company anticipates that the aircraft will be delivered by 2034 or earlier [1] Group 3: Strategic Implications - The new aircraft will support future growth and gradually replace some of the existing long-haul wide-body fleet [1] - The aircraft will primarily serve long-haul routes while also servicing designated regional destinations [1]

国泰航空有限公司是一家主要从事航空客运、货运及相关业务的香港公司，同时也提供航空饮食、地 勤、停机坪服务和运营货运站。该公司的主要业务覆盖亚洲、欧洲和北美的国家。 8月6日，国泰航空(00293)盘中下跌10.24%，截至13:54，报10.78元/股，成交2.63亿元。 本文源自：金融界 作者：行情君 截至2024年年报，国泰航空营业总收入966.52亿元、净利润88.96亿元。 8月6日，国泰航空披露2025财年中报。 ...

消息面上，国泰航空午间发布2025年中期业绩，集团收益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%；中期息每股20港仙。公告指出，其全资拥有的低成本航空公司香港快运 于上半年录得除财务支出净额及税前亏损5.24亿港元，去年上半年除财务支出净额及税前溢利6600万港 元，主要是由于旅客受地震传闻影响而暂时避免前往日本等传统热门目的地，以及新增的航线需时才发 展成熟。 智通财经获悉，国泰航空(00293)午后跌超9%，截至发稿，跌8.99%，报10.93港元，成交额1.88亿港 元。 此外，国泰宣布行使2013年认购协议项下的购买权，购入14架波音777-9型飞机，同时获授额外最多7架 同型号飞机的认购权。14架飞机的基本价格约81亿美元，折合约632亿港元，由于制造商将提供大幅价 格优惠，预期实际代价较上述基本价格为低。 本文源自：智通财经网 ...