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Core Viewpoint - Hong Kong Express, known for its "affordable + local flavor" approach, is facing significant financial challenges, with losses in the first half of 2025 surpassing the total losses of 2024 [2][7]. Financial Performance - In the first half of 2025, Hong Kong Express reported a loss of 524 million HKD, exceeding the 400 million HKD loss recorded for the entirety of 2024 [7][8]. - The airline's passenger revenue remained flat at approximately 3.004 billion HKD despite a 38% increase in passenger capacity and a 28% rise in passenger numbers, due to a 22% drop in passenger yield [9][10]. Market Challenges - The airline's heavy reliance on Japanese routes has exposed it to risks, particularly following rumors of earthquakes in Japan, which led to a significant decline in travel demand from Hong Kong to Japan [9][11]. - The CEO of Cathay Pacific noted that the losses were primarily due to travelers avoiding traditional popular destinations and the need for new routes to mature before generating profit [11]. Strategic Expansion - Hong Kong Express is actively expanding its route network, moving from a reliance on Japan to a more diversified approach with multiple new destinations [12][13]. - In 2023, the airline announced 12 new routes, increasing its presence in South Korea, Taiwan, Vietnam, Malaysia, and expanding from 1 to 6 destinations in mainland China [14][15]. Operational Efficiency - The airline is expected to improve operational efficiency with the opening of the new terminal at Hong Kong International Airport, which may help reduce unit operating costs [17]. - The airline's innovative "pay-as-you-go" model aims to lower base ticket prices while enhancing revenue through add-on services, which could provide a competitive edge in a price-sensitive market [18][19]. Industry Context - Despite current challenges, the low-cost airline sector remains promising, with a growing demand for budget travel options in the post-pandemic era [20]. - Hong Kong Express ranks fifth globally in on-time performance among low-cost carriers, indicating strong operational reliability [21][23].