智通财经网·2025-08-07 03:54Group 1 - The core viewpoint of the article is that Cathay Pacific's net profit for the first half of the year increased by 4% year-on-year to HKD 3.651 billion, benefiting from the cessation of profit sharing with preferred shareholders, which aligns with expectations [1] - The company maintains a dividend of HKD 0.2 per share, but the payout ratio has decreased from 38% in the first half of last year to 35% in the current half [1] - Daiwa has lowered its earnings per share forecast for the company by 1% and reduced the target price from HKD 10.5 to HKD 9.5, downgrading the rating from "Hold" to "Underperform" [1] Group 2 - Overall, management remains confident in travel demand and reiterates expectations for passenger yield recovery to normal levels by the second half of 2025, with plans to increase the frequency of long-haul flights [1] - Due to recent demand being below average, it is anticipated that the recovery of the Japan route may take time [1] - Management emphasized that cargo demand has been strong year-to-date and will actively reallocate capacity across its global route network [1]